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Australian (ASX) Market Analysis & Valuation

UpdatedApr 15, 2026
DataAggregated Company Financials
Companies1577
  • 7D2.8%
  • 3M-0.08%
  • 1Y14.6%
  • YTD1.2%

Over the last 7 days, the market has risen 2.8%, driven by gains in the Financials and Materials sectors of 3.8% and 5.0%, respectively. Meanwhile, the Energy sector has underperformed, shrinking 3.1% in that time. In the last year, the market has climbed 15%. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Australian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026AU$3.0tAU$1.2tAU$113.5b17.6x26.4x2.5x
Fri, 13 Mar 2026AU$2.9tAU$1.2tAU$110.5b18.9x26.2x2.4x
Sun, 08 Feb 2026AU$2.9tAU$1.2tAU$108.1b20.6x27.2x2.5x
Tue, 06 Jan 2026AU$3.0tAU$1.2tAU$109.8b21.6x27.1x2.5x
Thu, 04 Dec 2025AU$2.9tAU$1.2tAU$110.0b21.5x26.5x2.4x
Sat, 01 Nov 2025AU$3.0tAU$1.2tAU$110.5b21.7x27.2x2.5x
Mon, 29 Sep 2025AU$3.0tAU$1.2tAU$111.0b20.9x26.7x2.5x
Wed, 27 Aug 2025AU$3.0tAU$1.2tAU$105.8b19x28.5x2.5x
Fri, 25 Jul 2025AU$2.9tAU$1.2tAU$101.9b19x28.8x2.4x
Sun, 22 Jun 2025AU$2.8tAU$1.2tAU$102.7b17.9x27.7x2.3x
Tue, 20 May 2025AU$2.8tAU$1.2tAU$102.8b17.8x26.9x2.3x
Thu, 17 Apr 2025AU$2.6tAU$1.2tAU$104.3b17.1x24.8x2.1x
Sat, 15 Mar 2025AU$2.6tAU$1.2tAU$105.0b17.6x24.7x2.1x
Mon, 10 Feb 2025AU$2.8tAU$1.2tAU$91.9b19.7x30.7x2.4x
Wed, 08 Jan 2025AU$2.7tAU$1.2tAU$89.7b19.8x30.6x2.3x
Fri, 06 Dec 2024AU$2.8tAU$1.2tAU$88.7b20.3x31.6x2.4x
Sun, 03 Nov 2024AU$2.7tAU$1.2tAU$88.7b19.5x30.2x2.3x
Tue, 01 Oct 2024AU$2.7tAU$1.2tAU$86.9b19.7x31.5x2.4x
Thu, 29 Aug 2024AU$2.7tAU$1.2tAU$87.5b19.2x30.4x2.3x
Sat, 27 Jul 2024AU$2.6tAU$1.2tAU$92.0b19.2x28.5x2.3x
Mon, 24 Jun 2024AU$2.6tAU$1.2tAU$92.1b18.9x28.2x2.2x
Wed, 22 May 2024AU$2.6tAU$1.2tAU$91.9b19.7x28.5x2.3x
Fri, 19 Apr 2024AU$2.5tAU$1.2tAU$95.9b19.8x26.6x2.2x
Sun, 17 Mar 2024AU$2.6tAU$1.2tAU$96.5b19.4x26.5x2.2x
Tue, 13 Feb 2024AU$2.5tAU$1.2tAU$119.1b19x21.3x2.2x
Thu, 11 Jan 2024AU$2.5tAU$1.2tAU$114.6b18.7x21.8x2.1x
Sat, 09 Dec 2023AU$2.4tAU$1.2tAU$116.1b18x20.7x2.1x
Mon, 06 Nov 2023AU$2.4tAU$1.2tAU$117.5b17.8x20x2x
Wed, 04 Oct 2023AU$2.4tAU$1.2tAU$119.8b17.6x19.8x2x
Fri, 01 Sep 2023AU$2.5tAU$1.2tAU$119.2b18x20.7x2.1x
Sun, 30 Jul 2023AU$2.5tAU$1.2tAU$145.4b16.9x17.1x2.1x
Tue, 27 Jun 2023AU$2.4tAU$1.1tAU$144.5b15.9x16.3x2x
Thu, 25 May 2023AU$2.4tAU$1.2tAU$146.5b16x16.4x2.1x
Sat, 22 Apr 2023AU$2.5tAU$1.2tAU$144.2b16.2x17.1x2.1x
Price to Earnings Ratio

17.1x


Total Market Cap: AU$2.5tTotal Earnings: AU$144.2bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.4x202420252026
Current Market PE
  • Investors are relatively neutral on the Australian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 25.4x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.7% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Australian Market?

AU Market2.79%
Materials5.00%
Real Estate4.58%
Financials3.78%
Telecom1.46%
Healthcare1.19%
Consumer Discretionary0.83%
Industrials0.69%
Consumer Staples0.39%
Tech0.029%
Utilities-2.05%
Energy-3.09%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.0%, which is higher than its past year's earnings growth of 14.0% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 170x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
BHP BHP GroupAU$56.112.9%
+AU$8.0b		55.6%PE19.9xMaterials
CBA Commonwealth Bank of AustraliaAU$183.191.7%
+AU$5.0b		15.0%PB4xFinancials
MQG Macquarie GroupAU$235.134.9%
+AU$4.0b		30.8%PE23.7xFinancials
WDS Woodside Energy GroupAU$33.163.4%
+AU$2.1b		71.6%PE16.5xEnergy
NST Northern Star ResourcesAU$24.693.2%
+AU$1.1b		11.8%PE22.8xMaterials
See more

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Latest News

YAL
AU$7.23
Yancoal Australia
7D
-12.4%
1Y
48.2%
WDS
AU$33.96
Woodside Energy Group
7D
-5.1%
1Y
71.8%

WDS: Future Cash Flows And Lower P/E Multiple May Support Upside

Analysts have lifted their fair value estimate for Woodside Energy Group from A$39.73 to A$43.08, reflecting updated assumptions for revenue growth, profit margins and a slightly lower future P/E multiple. Analyst Commentary Recent fair value work on Woodside Energy Group points to a more constructive tone from bullish analysts, who are focusing on execution, earnings quality and how these feed into valuation assumptions over time.
GMG
AU$28.05
Goodman Group
7D
6.9%
1Y
0.9%

GMG: Data Center Expansion And Asset Sale Will Support Stronger Future Returns

Analysts have trimmed their fair value estimate for Goodman Group slightly from A$34.96 to A$34.79, reflecting minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Goodman Group and DataBank formed a joint venture to launch a new 32MW data center facility in Vernon, Los Angeles, targeting demand from cloud, AI, and enterprise customers in a supply constrained U.S. data center market (Key Developments).
WBC
AU$41.48
Westpac Banking
7D
1.7%
1Y
34.9%

WBC: Slight Discount Rate Shift Will Limit Upside Potential

Analysts have slightly reduced their Westpac Banking price target by about A$0.06, reflecting updated assumptions around discount rates, revenue growth and profit margins in their valuation models. Analyst Commentary Analysts are using the small A$0.06 trim to Westpac Banking's price target as a chance to fine tune their views on how much risk, growth and profitability to build into their models rather than signaling a major shift in stance.
ANZ
AU$38.46
ANZ Group Holdings
7D
3.2%
1Y
39.2%

ANZ: Mixed Broker Views And Payments JV Review Will Shape Forward Balance

Narrative Update on ANZ Group Holdings The analyst price target for ANZ Group Holdings has been adjusted marginally to A$37.07 from A$37.07 as analysts factor in slightly lower revenue growth and profit margin assumptions, along with a modestly reduced discount rate and a small uptick in future P/E, following mixed recent research views including a Neutral stance with an A$38.14 target. Analyst Commentary Recent research on ANZ Group Holdings shows a mix of optimism and caution, with some analysts adjusting ratings and targets as they reassess the balance between growth prospects, revenue headwinds and current valuation.
ORA
AU$1.38
Orora
7D
-27.9%
1Y
-20.5%

Expanded Beverage Can Capacity And Premium Glass Demand Will Drive Stronger Future Performance

Catalysts About Orora Orora supplies beverage packaging, focused on aluminum cans and premium glass for wine and spirits customers across key global markets. What are the underlying business or industry changes driving this perspective?
TCL
AU$13.50
Transurban Group
7D
-1.4%
1Y
-1.9%

TCL: Tunnel Opening And 2025 Distribution Will Support A Fairly Valued Outlook

Analysts have trimmed their price target on Transurban Group from A$14.36 to A$13.99, reflecting adjustments to fair value, discount rate, revenue growth assumptions, profit margin outlook and the future P/E multiple. Valuation Changes Fair Value: Trimmed slightly from A$14.36 to A$13.99.
MQG
AU$232.00
Macquarie Group
7D
9.3%
1Y
28.8%

MQG: Neutral Upgrade And Deal Pipeline Will Support Future Repricing Potential

Narrative Update on Macquarie Group Analysts have lifted Macquarie Group's price target to A$280.73, with the change linked to valuation support and what they describe as an improving outlook for the bank. Analyst Commentary Recent research updates on Macquarie Group highlight a shift in tone, with at least one major firm upgrading the stock and setting a price target of A$280.73.
CSL
AU$138.08
CSL
7D
-1.6%
1Y
-43.4%

CSL: Manufacturing Expansion And CEO Transition Will Support Future Share Recovery

Analysts have slightly increased CSL's fair value estimate to A$208.11, citing modest adjustments to the discount rate, revenue growth, profit margin and a higher assumed future P/E multiple as they reassess the stock following recent rating changes. Analyst Commentary Recent rating actions around CSL highlight a split in views on how much investors should pay for the stock at this stage, which feeds directly into the updated fair value estimate of A$208.11.
ORG
AU$12.35
Origin Energy
7D
-3.4%
1Y
22.2%

ORG: Updated Guidance And Margin Outlook Will Support Measured Fair Value View

Analysts have nudged their fair value estimate for Origin Energy slightly higher to A$12.17 from A$12.15, reflecting updated assumptions around revenue growth, profit margins, and a modestly lower future P/E multiple. What's in the News Origin Energy held an Analyst/Investor Day, giving the market a closer look at its plans and assumptions across the business (Key Developments).
CBA
AU$183.52
Commonwealth Bank of Australia
7D
3.7%
1Y
16.1%

CBA: Elevated P/E And Margin Risks May Restrain Fully Franked Dividend Appeal

Analysts have trimmed their fair value estimate for Commonwealth Bank of Australia by A$1.27 to A$126.17, reflecting slightly lower assumed future P/E multiples, as well as marginally higher revenue growth and profit margin forecasts under a modestly reduced discount rate. Analyst Commentary Recent valuation work on Commonwealth Bank of Australia sits against a backdrop of broadly constructive research across other financials, where several global insurers have seen higher price targets and, in some cases, rating upgrades.
BXB
AU$22.43
Brambles
7D
-2.1%
1Y
7.8%

BXB: Dividend Increase And Updated Guidance Will Support A Positive Outlook

Analysts have nudged their Brambles price target slightly higher to A$26.06 from A$25.84, reflecting updated assumptions around discount rate, modest revenue growth adjustments, stable profit margins and a slightly higher future P/E multiple. What's in the News Brambles declared an ordinary dividend of US$0.23 per share for the six months ended 31 December 2025, with an ex date of 11 March 2026, a record date of 12 March 2026 and a payment date of 9 April 2026 (company announcement).
BHP
AU$56.10
BHP Group
7D
6.0%
1Y
53.7%

BHP: Commodity Mix And China Stabilization Will Shape Fairly Valued Outlook

The analyst fair value estimate for BHP Group has increased modestly to A$53.37 from A$52.50, reflecting updated assumptions about slightly stronger revenue growth and a refreshed set of mixed but generally constructive price targets from recent Street research. Analyst Commentary Recent Street research on BHP Group shows a mix of optimism on long term prospects and caution around valuation and execution risks, which helps explain the modest adjustment in the fair value estimate.
NAB
AU$44.69
National Australia Bank
7D
4.2%
1Y
32.3%

NAB: Future Earnings Multiple Will Reflect Improved Margin And Revenue Assumptions

Analysts now set their fair value estimate for National Australia Bank at A$50.64, up from A$46.31, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions, even as some firms have recently issued downgrades. Analyst Commentary Recent broker moves on National Australia Bank send a mixed message, with some high profile downgrades from firms like JPMorgan and Morgan Stanley sitting alongside a higher fair value estimate of A$50.64.
NST
AU$23.97
Northern Star Resources
7D
7.2%
1Y
10.1%

NST: Higher Long Term Gold Pricing Is Expected To Support Upside

Analysts lifted their price target for Northern Star Resources to A$35 from A$30, citing updated long-term commodity price assumptions for gold and other metals as the main reason for the change. Analyst Commentary Recent research points to revised long term commodity price assumptions for gold and other metals as a key driver behind the higher A$35 price target for Northern Star Resources, compared with the prior A$30 level.
WOW
AU$37.07
Woolworths Group
7D
-1.2%
1Y
20.0%

WOW: Bullish Coverage And Dividend Stability Will Shape A Balanced Outlook

Analysts have updated their Woolworths Group price target to A$35.39, reflecting slight tweaks to discount rate, revenue growth, profit margin and future P/E assumptions following recent bullish research coverage. Analyst Commentary Bullish Takeaways Bullish analysts highlight that a higher A$35.39 target price implies confidence in Woolworths Group’s ability to support its current P/E assumptions through consistent execution on core supermarket operations.