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Australian (ASX) Market Analysis & Valuation

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies1566
  • 7D1.0%
  • 3M3.2%
  • 1Y2.2%
  • YTD-0.06%

In the last week, the market has been flat, with a notable exception in the Utilities sector dropping 4.0%. As for the longer term, the market has also been flat over the past year. Earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Jul 2026AU$3.0tAU$1.2tAU$114.7b17.2x25.8x2.4x
Mon, 01 Jun 2026AU$2.9tAU$1.2tAU$113.3b17.3x25.9x2.4x
Wed, 29 Apr 2026AU$2.9tAU$1.2tAU$113.2b17.3x25.9x2.4x
Fri, 27 Mar 2026AU$2.9tAU$1.2tAU$114.6b17.2x24.9x2.4x
Sun, 22 Feb 2026AU$3.1tAU$1.2tAU$111.7b20.3x27.4x2.6x
Tue, 20 Jan 2026AU$3.0tAU$1.2tAU$109.7b21.9x27.6x2.5x
Thu, 18 Dec 2025AU$2.9tAU$1.2tAU$109.9b21.2x26.5x2.4x
Sat, 15 Nov 2025AU$2.9tAU$1.2tAU$110.2b21.1x26.4x2.4x
Mon, 13 Oct 2025AU$3.0tAU$1.2tAU$111.1b21.2x27.3x2.5x
Wed, 10 Sep 2025AU$3.0tAU$1.2tAU$111.1b20.5x26.7x2.5x
Fri, 08 Aug 2025AU$3.0tAU$1.2tAU$103.6b19.1x28.8x2.5x
Sun, 06 Jul 2025AU$2.9tAU$1.2tAU$102.3b18.4x28.2x2.4x
Tue, 03 Jun 2025AU$2.8tAU$1.2tAU$102.7b17.9x27.4x2.3x
Thu, 01 May 2025AU$2.7tAU$1.2tAU$104.1b17.2x26x2.2x
Sat, 29 Mar 2025AU$2.7tAU$1.2tAU$104.7b17.6x25.4x2.2x
Mon, 24 Feb 2025AU$2.8tAU$1.2tAU$99.1b18.9x27.9x2.3x
Wed, 22 Jan 2025AU$2.8tAU$1.2tAU$90.1b19.3x30.8x2.4x
Fri, 20 Dec 2024AU$2.7tAU$1.2tAU$89.8b19.8x30x2.3x
Sun, 17 Nov 2024AU$2.7tAU$1.2tAU$88.3b19.5x31x2.3x
Tue, 15 Oct 2024AU$2.7tAU$1.2tAU$87.5b19.5x31.1x2.4x
Thu, 12 Sep 2024AU$2.6tAU$1.2tAU$88.1b19.2x29.8x2.3x
Sat, 10 Aug 2024AU$2.6tAU$1.2tAU$92.4b18.9x27.7x2.2x
Mon, 08 Jul 2024AU$2.6tAU$1.2tAU$91.1b19.1x28.6x2.3x
Wed, 05 Jun 2024AU$2.6tAU$1.2tAU$92.3b19.4x27.9x2.2x
Fri, 03 May 2024AU$2.5tAU$1.2tAU$94.7b19.5x26.7x2.2x
Sun, 31 Mar 2024AU$2.6tAU$1.2tAU$95.3b20.2x27.7x2.2x
Tue, 27 Feb 2024AU$2.6tAU$1.2tAU$103.6b19.3x24.7x2.2x
Thu, 25 Jan 2024AU$2.5tAU$1.2tAU$115.4b18.8x21.8x2.1x
Sat, 23 Dec 2023AU$2.5tAU$1.2tAU$114.6b18.7x21.9x2.2x
Mon, 20 Nov 2023AU$2.4tAU$1.2tAU$116.7b18.1x20.2x2x
Wed, 18 Oct 2023AU$2.4tAU$1.2tAU$120.0b17.8x19.8x2x
Fri, 15 Sep 2023AU$2.4tAU$1.2tAU$120.3b18.2x20.1x2x
Sun, 13 Aug 2023AU$2.5tAU$1.2tAU$145.2b16.9x17x2.1x
Tue, 11 Jul 2023AU$2.4tAU$1.2tAU$145.7b16x16.2x2x
Price to Earnings Ratio

16.2x


Total Market Cap: AU$2.4tTotal Earnings: AU$145.7bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 26.1x202420252026
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 26.1x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.6% 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 Market0.98%
Healthcare5.62%
Tech2.39%
Materials2.27%
Financials1.74%
Energy1.01%
Telecom-0.15%
Consumer Discretionary-1.02%
Industrials-1.27%
Consumer Staples-1.95%
Real Estate-3.65%
Utilities-5.44%
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 18.6%, which is higher than its past year's earnings growth of 10.8% 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 22% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.7% 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$60.502.6%
+AU$7.7b		56.2%PE20.8xMaterials
CBA Commonwealth Bank of AustraliaAU$165.021.9%
+AU$5.0b		-7.3%PB3.6xFinancials
CSL CSLAU$121.816.0%
+AU$3.3b		-49.8%PE29xHealthcare
NAB National Australia BankAU$38.572.8%
+AU$3.2b		-1.5%PB1.9xFinancials
NST Northern Star ResourcesAU$22.167.6%
+AU$2.2b		20.5%PE20.5xMaterials
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

NST
AU$22.16
Northern Star Resources
7D
7.6%
1Y
20.5%
FMG
AU$18.36
Fortescue
7D
-3.7%
1Y
12.4%
CBA
AU$165.02
Commonwealth Bank of Australia
7D
1.9%
1Y
-7.3%
GMG
AU$30.78
Goodman Group
7D
-3.8%
1Y
-12.2%
CSL
AU$121.81
CSL
7D
6.0%
1Y
-49.8%
BHP
AU$60.50
BHP Group
7D
2.6%
1Y
56.2%
WBC
AU$35.69
Westpac Banking
7D
1.6%
1Y
6.1%
ALL
AU$61.40
Aristocrat Leisure
7D
4.6%
1Y
-9.5%
Narrative Update • Jul 01

ALL: Buybacks And Gaming Execution Will Support Future Shareholder Returns

Analysts have nudged their fair value estimate for Aristocrat Leisure to A$64.36 from A$63.04, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent research around Aristocrat Leisure points to a generally constructive stance from the Street, even as analysts highlight areas where execution, competition and valuation need watching.
COL
AU$23.28
Coles Group
7D
-4.6%
1Y
11.3%
WES
AU$88.25
Wesfarmers
7D
-2.7%
1Y
4.6%
Narrative Update • Jun 30

WES: Execution Discipline And Digital Expansion Will Shape Future Pricing Confidence

Analysts have reduced their Wesfarmers fair value estimate from A$95.70 to A$85.00. This reflects small adjustments to growth, margins and the assumed future P/E multiple in their updated price target work.
TCL
AU$14.48
Transurban Group
7D
-5.9%
1Y
5.8%
PME
AU$209.65
Pro Medicus
7D
11.0%
1Y
-31.9%
Narrative Update • Jun 26

PME: Record Contracts And Index Removal Will Shape Future Returns

Analysts have revised their fair value estimate for Pro Medicus to A$180.44 from A$326.49, reflecting updated assumptions for revenue growth, profit margins and a lower future P/E multiple. What’s in the News for Pro Medicus Pro Medicus reported a record half year, with revenue up 28.4% and underlying profit before tax up 29.7%, supported by demand for its Visage 7 enterprise medical imaging software (source: recent company reporting).
TLS
AU$4.98
Telstra Group
7D
-3.3%
1Y
2.9%
Narrative Update • Jun 25

TLS: Future Returns Will Rely On Buybacks Dividends And Pricing Power

Analysts have nudged their fair value estimate for Telstra Group slightly higher to about A$5.28 from A$5.27, reflecting updated assumptions around discount rates, margin potential and longer term valuation that align with a recent Neutral initiation carrying a A$5.50 price target. What’s in the News for Telstra Group Telstra Group reported an 8.1% change in underlying NPAT for the first half of FY2026, alongside higher interim dividends, as part of its Connected Future 30 plan, according to recent earnings coverage.
NAB
AU$38.57
National Australia Bank
7D
2.8%
1Y
-1.5%
APA
AU$9.93
APA Group
7D
-7.8%
1Y
18.8%
ORG
AU$10.36
Origin Energy
7D
-5.5%
1Y
-4.3%
Narrative Update • Jun 05

ORG: Smart Gas Upgrade And Stable Margins Will Support Re Rating Potential

Analysts have nudged their fair value estimate for Origin Energy slightly higher to A$12.19, reflecting modest updates to revenue growth, profit margin and future P/E assumptions in their price target work. What's in the News Origin Energy is working with technology firm Landis+Gyr on a large-scale smart gas upgrade across its Australian gas network over the next 18 months.