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Australian (ASX) Market Analysis & Valuation

UpdatedJul 27, 2026
DataAggregated Company Financials
Companies1567
  • 7D-0.4%
  • 3M-0.4%
  • 1Y0.2%
  • YTD-1.0%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 6.0% in that time. Similarly, the market is flat for the past 12 months. 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
Mon, 27 Jul 2026AU$2.9tAU$1.2tAU$114.4b17.2x25.7x2.4x
Wed, 24 Jun 2026AU$2.9tAU$1.2tAU$114.6b17.3x25.6x2.4x
Fri, 22 May 2026AU$2.9tAU$1.2tAU$113.5b17.1x25.5x2.4x
Sun, 19 Apr 2026AU$3.0tAU$1.2tAU$113.2b17.5x26.5x2.5x
Tue, 17 Mar 2026AU$2.9tAU$1.2tAU$111.5b18.7x25.9x2.4x
Thu, 12 Feb 2026AU$3.1tAU$1.2tAU$106.1b21.6x28.8x2.6x
Sat, 10 Jan 2026AU$3.0tAU$1.2tAU$109.7b21.7x27.1x2.5x
Mon, 08 Dec 2025AU$2.9tAU$1.2tAU$109.5b21.7x26.7x2.4x
Wed, 05 Nov 2025AU$3.0tAU$1.2tAU$110.7b21.1x26.9x2.5x
Fri, 03 Oct 2025AU$3.0tAU$1.2tAU$110.2b21.2x27.4x2.5x
Sun, 31 Aug 2025AU$3.0tAU$1.2tAU$110.5b19.6x27.4x2.5x
Tue, 29 Jul 2025AU$2.9tAU$1.2tAU$102.6b18.6x28.6x2.4x
Thu, 26 Jun 2025AU$2.9tAU$1.2tAU$102.7b18.1x27.9x2.4x
Sat, 24 May 2025AU$2.8tAU$1.2tAU$102.6b18x27.2x2.3x
Mon, 21 Apr 2025AU$2.6tAU$1.2tAU$104.3b17.1x25x2.1x
Wed, 19 Mar 2025AU$2.6tAU$1.2tAU$104.5b17.7x25.1x2.2x
Fri, 14 Feb 2025AU$2.8tAU$1.2tAU$94.9b19.9x29.7x2.4x
Sun, 12 Jan 2025AU$2.7tAU$1.2tAU$90.5b19.7x30.3x2.3x
Tue, 10 Dec 2024AU$2.8tAU$1.2tAU$88.7b20.5x31.4x2.4x
Thu, 07 Nov 2024AU$2.7tAU$1.2tAU$89.0b19.5x30.4x2.3x
Sat, 05 Oct 2024AU$2.7tAU$1.2tAU$87.1b19.6x31x2.3x
Mon, 02 Sep 2024AU$2.7tAU$1.2tAU$87.7b19.6x30.4x2.3x
Wed, 31 Jul 2024AU$2.6tAU$1.2tAU$91.9b19.2x28.7x2.3x
Fri, 28 Jun 2024AU$2.6tAU$1.2tAU$91.9b19x28.2x2.2x
Sun, 26 May 2024AU$2.6tAU$1.2tAU$92.3b19.1x27.9x2.2x
Tue, 23 Apr 2024AU$2.5tAU$1.2tAU$95.9b19.6x26.3x2.2x
Thu, 21 Mar 2024AU$2.6tAU$1.2tAU$96.0b19.3x26.8x2.2x
Sat, 17 Feb 2024AU$2.6tAU$1.2tAU$114.7b19.1x22.3x2.2x
Mon, 15 Jan 2024AU$2.5tAU$1.2tAU$114.8b18.6x21.9x2.2x
Wed, 13 Dec 2023AU$2.4tAU$1.2tAU$116.2b18.1x20.8x2.1x
Fri, 10 Nov 2023AU$2.3tAU$1.2tAU$118.1b17.7x19.9x2x
Sun, 08 Oct 2023AU$2.3tAU$1.2tAU$119.4b17.4x19.7x2x
Tue, 05 Sep 2023AU$2.5tAU$1.2tAU$120.0b18.2x20.5x2.1x
Thu, 03 Aug 2023AU$2.5tAU$1.2tAU$146.1b16.7x16.9x2.1x
Price to Earnings Ratio

16.9x


Total Market Cap: AU$2.5tTotal Earnings: AU$146.1bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 26.3x202420252026
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 26.3x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.8% 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-0.36%
Energy5.95%
Materials1.85%
Financials0.47%
Utilities0.38%
Consumer Staples0.28%
Industrials-1.57%
Real Estate-1.76%
Telecom-4.11%
Consumer Discretionary-4.21%
Healthcare-5.70%
Tech-6.86%
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 22.3%, 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 23% 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 4.6% 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$58.852.3%
+AU$6.7b		44.2%PE20.4xMaterials
CBA Commonwealth Bank of AustraliaAU$174.031.3%
+AU$3.8b		0.7%PB3.8xFinancials
WDS Woodside Energy GroupAU$32.376.3%
+AU$3.6b		23.5%PE15.8xEnergy
S32 South32AU$4.4915.1%
+AU$2.6b		47.2%PE35.6xMaterials
WBC Westpac BankingAU$37.141.6%
+AU$2.0b		12.4%PB1.8xFinancials
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

WDS
AU$32.37
Woodside Energy Group
7D
6.3%
1Y
23.5%
New Narrative • Jul 25

Does WDS Have More in the Tank?

At A$36.602 per share, Woodside Energy Group (ASX: WDS) appears reasonably valued based on its existing operations and near-term production growth. Woodside reports in US dollars and recorded 2025 operating revenue of US$12.9 billion, underlying profit of US$2.65 billion and earnings of US$1.43 per share.
S32
AU$4.49
South32
7D
15.1%
1Y
47.2%
New Narrative • Jul 25

S32 on Solid Ground

At A$4.167 per share, South32 (ASX: S32) appears reasonably valued based on its current operating performance. South32 reports in US dollars and recorded first-half FY26 underlying earnings of US$435 million, or approximately US 9.7 cents per share.
MQG
AU$255.04
Macquarie Group
7D
-1.3%
1Y
19.1%
Narrative Update • Jul 24

MQG: Leadership Transition And Capital Decisions Will Shape Future Repricing Balance

Analysts have lifted the implied fair value for Macquarie Group from A$250.14 to A$255.84, citing updated assumptions around revenue growth, profit margins, the discount rate and future P/E estimates. Analyst Commentary Analysts reviewing Macquarie Group are focusing on how valuation assumptions, including P/E estimates and discount rates, line up with the company’s ability to execute on its growth plans and maintain profitability.
PME
AU$159.82
Pro Medicus
7D
-14.6%
1Y
-50.2%
Narrative Update • Jul 24

PME: Long Term US PACS Share Assumptions Will Drive Future Upside

Analysts have trimmed their fair value estimate for Pro Medicus to A$250.00 from A$300.00, citing more cautious assumptions about the company’s long term US PACS market share, even as recent Street research points to a higher near term price target. What's in the News for Pro Medicus Pro Medicus Limited continues to build its position as a healthcare informatics company, supported by rapid organic growth, strong cash conversion and a debt free balance sheet.
CSL
AU$114.22
CSL
7D
-7.4%
1Y
-57.4%
Narrative Update • Jul 23

CSL: Cost Pressures And Margin Strain Will Drive A Tougher Repricing Phase

Analysts have reduced their price target on CSL to A$103.54 from A$180.87, citing updated assumptions for the discount rate, profit margin and future P/E in light of recent sector research and mixed signals around roofing demand and input costs. Analyst Commentary Recent Street research around Carlisle Companies, or CSL, reflects a more cautious tone as roofing demand signals remain mixed and cost pressures stay in focus.
WTC
AU$30.02
WiseTech Global
7D
-14.1%
1Y
-75.0%
EVN
AU$11.29
Evolution Mining
7D
7.2%
1Y
54.7%
Narrative Update • Jul 21

EVN: Copper And Lithium Credits Will Support Future Margin Resilience

Analysts have trimmed their fair value estimate for Evolution Mining from A$19.45 to A$18.90, reflecting updated assumptions on growth, margins and valuation in light of recent rating changes and price targets around A$12.25 to A$12.70. Analyst Commentary Recent Street research on Evolution Mining shows a mix of views, but there are clear points of optimism that some investors may find useful when thinking about valuation, execution and growth potential.
BHP
AU$58.85
BHP Group
7D
2.3%
1Y
44.2%
Narrative Update • Jul 20

BHP: Potash Overruns And Impairment Will Restrain Future Project Returns

The analyst fair value estimate for BHP Group has been raised from A$40.94 to A$43.59 as analysts recalibrate their models following a series of mixed price target revisions that reflect updated views on project capex, impairment charges, and sector risk. Analyst Commentary Recent research on BHP Group shows a mix of cautious and supportive views, with several firms adjusting price targets and ratings as new information on project spending, impairments, and macro risks has emerged.
CBA
AU$174.03
Commonwealth Bank of Australia
7D
1.3%
1Y
0.7%
WES
AU$87.25
Wesfarmers
7D
-6.0%
1Y
5.8%
Narrative Update • Jul 15

WES: Execution Discipline And Integration Plans Will Shape Future Pricing Confidence

Analysts have lifted their fair value estimate for Wesfarmers to A$89.00 from A$85.00, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations, even as some research houses flag a less favourable risk reward at current valuation levels. Analyst Commentary on Wesfarmers Recent research on Wesfarmers highlights a split in views, with some investors focusing on the raised A$89.00 fair value estimate while others point to more cautious commentary around the current share price.
ANZ
AU$36.47
ANZ Group Holdings
7D
1.1%
1Y
20.7%
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.
TLS
AU$4.89
Telstra Group
7D
-3.0%
1Y
-0.4%
XRO
AU$61.58
Xero
7D
-11.7%
1Y
-65.4%
GMG
AU$28.61
Goodman Group
7D
-2.7%
1Y
-17.9%
WBC
AU$37.14
Westpac Banking
7D
1.6%
1Y
12.4%
NAB
AU$40.39
National Australia Bank
7D
1.4%
1Y
7.7%