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Australian (ASX) Market Analysis & Valuation

UpdatedJul 14, 2026
DataAggregated Company Financials
Companies1566
  • 7D-0.3%
  • 3M-1.5%
  • 1Y2.0%
  • YTD-0.4%

The Energy sector gained 3.7% while the market remained flat over the last week. As for the longer term, the market has also been flat over the past year. Looking forward, 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
Wed, 15 Jul 2026AU$3.0tAU$1.2tAU$114.5b17.2x25.8x2.4x
Fri, 12 Jun 2026AU$2.9tAU$1.2tAU$114.2b17x25.3x2.4x
Sun, 10 May 2026AU$2.9tAU$1.2tAU$111.9b17.4x26.2x2.5x
Tue, 07 Apr 2026AU$2.9tAU$1.2tAU$114.5b17.2x25.1x2.4x
Thu, 05 Mar 2026AU$3.0tAU$1.2tAU$111.1b19.5x26.8x2.5x
Sat, 31 Jan 2026AU$3.0tAU$1.2tAU$108.1b21.5x27.9x2.5x
Mon, 29 Dec 2025AU$3.0tAU$1.2tAU$109.7b21.7x27.2x2.5x
Wed, 26 Nov 2025AU$2.9tAU$1.2tAU$110.0b21x26.2x2.4x
Fri, 24 Oct 2025AU$2.9tAU$1.2tAU$103.6b21.7x28.2x2.5x
Sun, 21 Sep 2025AU$3.0tAU$1.2tAU$110.9b20.7x26.8x2.5x
Tue, 19 Aug 2025AU$3.0tAU$1.2tAU$105.1b19.2x28.8x2.5x
Thu, 17 Jul 2025AU$2.9tAU$1.2tAU$102.5b18.4x28.1x2.4x
Sat, 14 Jun 2025AU$2.9tAU$1.2tAU$102.8b18.1x27.8x2.4x
Mon, 12 May 2025AU$2.8tAU$1.2tAU$103.5b17.8x26.6x2.3x
Wed, 09 Apr 2025AU$2.5tAU$1.2tAU$106.9b16.6x23.4x2x
Fri, 07 Mar 2025AU$2.7tAU$1.2tAU$104.6b17.8x25.8x2.2x
Sun, 02 Feb 2025AU$2.8tAU$1.2tAU$90.2b19.8x31.3x2.4x
Tue, 31 Dec 2024AU$2.7tAU$1.2tAU$89.9b20x30.3x2.3x
Thu, 28 Nov 2024AU$2.8tAU$1.2tAU$88.5b19.6x31.4x2.4x
Sat, 26 Oct 2024AU$2.7tAU$1.2tAU$88.2b19.9x30.8x2.3x
Mon, 23 Sep 2024AU$2.7tAU$1.2tAU$87.7b19.4x30.9x2.3x
Wed, 21 Aug 2024AU$2.6tAU$1.1tAU$89.0b19.9x29.6x2.3x
Fri, 19 Jul 2024AU$2.7tAU$1.1tAU$91.0b19.4x29.3x2.3x
Sun, 16 Jun 2024AU$2.6tAU$1.2tAU$92.4b18.9x27.9x2.2x
Tue, 14 May 2024AU$2.6tAU$1.2tAU$93.1b19.6x27.7x2.2x
Thu, 11 Apr 2024AU$2.6tAU$1.2tAU$94.7b20.4x27.7x2.2x
Sat, 09 Mar 2024AU$2.6tAU$1.2tAU$96.4b19.8x27.2x2.2x
Mon, 05 Feb 2024AU$2.6tAU$1.2tAU$116.2b19x22.1x2.2x
Wed, 03 Jan 2024AU$2.6tAU$1.2tAU$114.6b18.8x22.3x2.2x
Fri, 01 Dec 2023AU$2.4tAU$1.2tAU$116.1b18x20.4x2x
Sun, 29 Oct 2023AU$2.3tAU$1.2tAU$118.5b17.4x19.7x1.9x
Tue, 26 Sep 2023AU$2.4tAU$1.2tAU$120.0b17.7x19.9x2x
Thu, 24 Aug 2023AU$2.4tAU$1.2tAU$130.7b17x18.5x2x
Sat, 22 Jul 2023AU$2.5tAU$1.2tAU$144.6b16.6x17x2.1x
Price to Earnings Ratio

17x


Total Market Cap: AU$2.5tTotal Earnings: AU$144.6bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 26.2x202420252026
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 26.2x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.3% 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 Market-0.25%
Energy3.72%
Financials2.78%
Consumer Discretionary1.46%
Telecom0.73%
Consumer Staples0.64%
Utilities-0.14%
Real Estate-1.18%
Industrials-1.32%
Healthcare-2.07%
Tech-2.22%
Materials-4.33%
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 18.5%, 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
CBA Commonwealth Bank of AustraliaAU$169.301.6%
+AU$4.3b		-5.8%PB3.7xFinancials
WDS Woodside Energy GroupAU$30.208.0%
+AU$4.2b		24.8%PE14.7xEnergy
ANZ ANZ Group HoldingsAU$36.111.9%
+AU$2.0b		19.2%PB1.5xFinancials
STO SantosAU$7.708.6%
+AU$2.0b		-0.5%PE21.2xEnergy
FMG FortescueAU$19.023.5%
+AU$2.0b		13.3%PE10.9xMaterials
See more

Market Insights

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Latest News

WDS
AU$30.20
Woodside Energy Group
7D
8.0%
1Y
24.8%
Narrative Update • Jul 13

WDS: Future Cash Flows Will Rely On Executing Major LNG Projects

Analysts have lifted their price target for Woodside Energy Group to A$33.10 from A$31.69, citing updated assumptions for revenue growth, profit margins, a slightly higher discount rate, and a lower future P/E multiple. Analyst Commentary Recent research on Woodside Energy Group highlights both opportunities and risks that help explain the updated A$33.10 price target.
BHP
AU$58.71
BHP Group
7D
-0.3%
1Y
49.0%
New Narrative • Jul 11

Does BHP Have the Metal? More Ore in Store?

At A$47.93 per share, BHP Group (ASX: BHP) appears reasonably valued based on its current operating performance. For the six months to 31 December 2025, BHP reported revenue of US$27.9 billion, underlying EBITDA of US$15.5 billion and underlying attributable profit of US$6.2 billion, with an underlying EBITDA margin of 58.4%.
ANZ
AU$36.11
ANZ Group Holdings
7D
1.9%
1Y
19.2%
New Narrative • Jul 11

Is ANZ Holding Your Interest?

At A$32.162 per share, ANZ (ASX: ANZ) appears reasonably valued based on its current operating performance. Cash earnings per share were 126.1 cents for the six months to 31 March 2026; annualising this figure implies approximately 252 cents per share and a price-to-earnings multiple of around 12.8 times.
NST
AU$19.88
Northern Star Resources
7D
-3.8%
1Y
18.5%
STO
AU$7.70
Santos
7D
8.6%
1Y
-0.5%
Narrative Update • Jul 10

STO: Fair Outlook As Barossa Progress Supports Rebased Earnings Expectations

Analysts have adjusted their price target on Santos to A$7.65 from A$5.95, reflecting updated assumptions around revenue growth, profit margins and the stock’s future P/E profile. What’s in the News for Santos Santos shares moved sharply on July 8, 2026, with the stock up 5.78%, as investors reacted to progress at the Barossa gas development project, according to recent news reports.
PME
AU$194.84
Pro Medicus
7D
-7.5%
1Y
-40.0%
Narrative Update • Jul 10

PME: Elevated Market Share Expectations Will Pressure Future Share Returns

Pro Medicus' analyst price target has been revised to A$192.60 from A$147.00, with analysts pointing to updated assumptions around long term market share in the US PACS segment and a reassessment of how much growth is already reflected in the current share price. What's in the News for Pro Medicus Pro Medicus has drawn renewed attention after a 33.15% share price decline over the past year, with recent commentary highlighting a valuation reset as a key factor in shifting sentiment.
CBA
AU$169.30
Commonwealth Bank of Australia
7D
1.6%
1Y
-5.8%
Narrative Update • Jul 09

CBA: Premium P E And Margin Pressure Will Likely Cap Future Returns

Analysts have trimmed their fair value estimate for Commonwealth Bank of Australia to about A$97 from roughly A$100, reflecting updated assumptions that include a higher discount rate, slightly stronger revenue growth expectations, a lower profit margin outlook, and a higher future P/E multiple. Analyst Commentary Recent fair value adjustments for Commonwealth Bank of Australia point to a more mixed analyst backdrop, with some commentary highlighting risks around valuation, profit margins, and the balance between growth and capital discipline.
XRO
AU$70.80
Xero
7D
-5.4%
1Y
-59.4%
WTC
AU$34.75
WiseTech Global
7D
-7.0%
1Y
-69.2%
TLS
AU$4.99
Telstra Group
7D
-1.6%
1Y
0.8%
FMG
AU$19.02
Fortescue
7D
3.5%
1Y
13.3%
Narrative Update • Jul 08

FMG: Rising Decarbonisation Capex Will Pressure Future Cash Flows And Returns

Analysts have modestly lifted their fair value estimate for Fortescue to about A$15.33 from A$14.84, while noting that higher mine replacement and decarbonization spending could weigh on future cash flows and support a lower forward P/E assumption. What's in the News for Fortescue Chinese authorities, through China Mineral Resources Group, have extended restrictions on Fortescue’s lower grade iron ore shipments, limiting access for some steel mills from 15 July and raising commercial and geopolitical risks for one of Fortescue’s key export markets.
GMG
AU$29.11
Goodman Group
7D
-5.1%
1Y
-14.9%
WBC
AU$36.64
Westpac Banking
7D
1.4%
1Y
8.4%
PLS
AU$4.53
PLS Group
7D
-6.8%
1Y
187.6%
Narrative Update • Jul 01

PLS: Lithium Expansion And Ore Sorting Investments Will Support Stronger Future Pricing

Analysts have lifted their price target for PLS Group to A$7.70 from A$6.70, citing updated assumptions for fair value, discount rates, revenue growth, profit margins and future P/E multiples that reshape their view of the stock’s potential risk and reward profile. What’s in the News for PLS Group PLS Group reported a 47% revenue increase for the first half of 2026 and returned to profitability, supported by operations at its Pilgangoora hard rock lithium mine, which is described as one of the largest globally.
WES
AU$91.25
Wesfarmers
7D
1.7%
1Y
10.4%
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.
NAB
AU$39.71
National Australia Bank
7D
1.2%
1Y
0.3%