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Australian (ASX) Market Analysis & Valuation

UpdatedJul 24, 2026
DataAggregated Company Financials
Companies1567
  • 7D-0.2%
  • 3M0.2%
  • 1Y0.5%
  • YTD-0.2%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 6.6%. 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
Fri, 24 Jul 2026AU$3.0tAU$1.2tAU$114.3b17.3x25.9x2.5x
Sun, 21 Jun 2026AU$3.0tAU$1.2tAU$114.3b17.3x25.9x2.5x
Tue, 19 May 2026AU$2.9tAU$1.2tAU$113.3b17.1x25.2x2.4x
Thu, 16 Apr 2026AU$3.0tAU$1.2tAU$113.4b17.6x26.5x2.5x
Sat, 14 Mar 2026AU$2.9tAU$1.2tAU$111.0b18.7x26.1x2.4x
Mon, 09 Feb 2026AU$2.9tAU$1.2tAU$108.1b20.6x27.2x2.5x
Wed, 07 Jan 2026AU$3.0tAU$1.2tAU$109.6b21.3x27x2.5x
Fri, 05 Dec 2025AU$2.9tAU$1.2tAU$109.9b21.5x26.6x2.4x
Sun, 02 Nov 2025AU$3.0tAU$1.2tAU$110.6b21.7x27.2x2.5x
Tue, 30 Sep 2025AU$3.0tAU$1.2tAU$110.8b20.9x27x2.5x
Thu, 28 Aug 2025AU$3.0tAU$1.2tAU$106.1b19x28.5x2.5x
Sat, 26 Jul 2025AU$2.9tAU$1.2tAU$102.2b18.7x28.5x2.4x
Mon, 23 Jun 2025AU$2.8tAU$1.2tAU$103.0b17.9x27.6x2.3x
Wed, 21 May 2025AU$2.8tAU$1.2tAU$103.0b17.9x27.1x2.3x
Fri, 18 Apr 2025AU$2.6tAU$1.2tAU$104.4b17.1x24.9x2.1x
Sun, 16 Mar 2025AU$2.6tAU$1.2tAU$104.9b17.5x24.7x2.1x
Tue, 11 Feb 2025AU$2.8tAU$1.2tAU$91.9b19.8x30.6x2.4x
Thu, 09 Jan 2025AU$2.8tAU$1.2tAU$90.2b19.8x30.6x2.3x
Sat, 07 Dec 2024AU$2.8tAU$1.2tAU$88.9b20.3x31.3x2.4x
Mon, 04 Nov 2024AU$2.7tAU$1.2tAU$88.7b19.5x30.2x2.3x
Wed, 02 Oct 2024AU$2.7tAU$1.2tAU$87.0b19.8x31.3x2.4x
Fri, 30 Aug 2024AU$2.7tAU$1.2tAU$87.4b19.7x30.4x2.3x
Sun, 28 Jul 2024AU$2.6tAU$1.2tAU$92.1b19.2x28.5x2.3x
Tue, 25 Jun 2024AU$2.6tAU$1.2tAU$92.1b18.9x28x2.2x
Thu, 23 May 2024AU$2.6tAU$1.2tAU$91.9b19.5x28.4x2.3x
Sat, 20 Apr 2024AU$2.5tAU$1.2tAU$95.9b19.8x26.6x2.2x
Mon, 18 Mar 2024AU$2.6tAU$1.2tAU$96.5b19.4x26.5x2.2x
Wed, 14 Feb 2024AU$2.5tAU$1.2tAU$118.7b19x21.4x2.2x
Fri, 12 Jan 2024AU$2.5tAU$1.2tAU$114.7b18.6x21.8x2.1x
Sun, 10 Dec 2023AU$2.4tAU$1.2tAU$116.3b18x20.7x2.1x
Tue, 07 Nov 2023AU$2.4tAU$1.2tAU$117.6b17.9x20.1x2x
Thu, 05 Oct 2023AU$2.4tAU$1.2tAU$120.0b17.5x19.8x2x
Sat, 02 Sep 2023AU$2.5tAU$1.2tAU$119.5b18.5x20.5x2.1x
Mon, 31 Jul 2023AU$2.5tAU$1.2tAU$145.4b16.9x17.1x2.1x
Price to Earnings Ratio

17.1x


Total Market Cap: AU$2.5tTotal Earnings: AU$145.4bTotal 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 7.7% 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 Market-0.16%
Energy6.58%
Materials1.72%
Utilities1.30%
Consumer Staples0.85%
Real Estate0.26%
Financials-0.44%
Industrials-0.51%
Telecom-1.13%
Consumer Discretionary-2.96%
Healthcare-5.44%
Tech-5.45%
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 22.2%, 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

MQG
AU$253.75
Macquarie Group
7D
-1.2%
1Y
18.7%
PME
AU$162.13
Pro Medicus
7D
-16.3%
1Y
-49.3%
S32
AU$4.66
South32
7D
15.3%
1Y
49.4%
LYC
AU$15.11
Lynas Rare Earths
7D
-7.0%
1Y
41.9%
WTC
AU$31.48
WiseTech Global
7D
-10.0%
1Y
-73.8%
EVN
AU$11.57
Evolution Mining
7D
5.2%
1Y
53.4%
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$60.63
BHP Group
7D
2.5%
1Y
45.7%
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.
YAL
AU$6.19
Yancoal Australia
7D
14.2%
1Y
-5.6%
CBA
AU$172.30
Commonwealth Bank of Australia
7D
-0.5%
1Y
-0.7%
WES
AU$88.11
Wesfarmers
7D
-4.2%
1Y
6.7%
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.
NST
AU$20.74
Northern Star Resources
7D
3.3%
1Y
27.5%
Narrative Update • Jul 14

NST: Leadership Upheaval And Activist Demands Will Sustain Overvaluation Risk

Analysts have trimmed their price target for Northern Star Resources from A$15.58 to A$15.20, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple in their valuation work. What’s in the News for Northern Star Resources Northern Star Resources has appointed Suresh Vadnagra, a Glencore executive with over 25 years of mining experience, as its next Managing Director and CEO from 5 October 2026, with CFO Ryan Gurner acting as interim CEO during the transition period.
WDS
AU$31.80
Woodside Energy Group
7D
7.8%
1Y
25.9%
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.
COL
AU$23.43
Coles Group
7D
3.9%
1Y
15.6%
Narrative Update • Jul 13

COL: Digital Expansion And Automation Are Expected To Sustain Fair Value

Analysts have nudged their fair value estimate for Coles Group higher, with the price target moving from A$22.94 to about A$23.40. This reflects updated assumptions around revenue growth, discount rate and future P/E, alongside a slightly lower profit margin outlook.
STO
AU$7.85
Santos
7D
4.1%
1Y
1.9%
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.
CSL
AU$115.75
CSL
7D
-5.1%
1Y
-57.1%
Narrative Update • Jul 09

CSL: Roofing Platform Repricing Will Drive Future Rebound Case

Analysts have reduced their price target on CSL to about A$196.66 from about A$289.37, citing updated assumptions around discount rates, profit margins, and future P/E expectations. Analyst Commentary Recent research around CSL highlights a split in views, with some cautious adjustments to assumptions and at least one downgrade, while other coverage of the broader roofing sector points to potential catalysts that investors may still weigh when assessing CSL.
SIG
AU$2.87
Sigma Healthcare
7D
-2.4%
1Y
0.3%