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Australian (ASX) Market Analysis & Valuation

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies1576
  • 7D0.4%
  • 3M-3.2%
  • 1Y8.6%
  • YTD-3.2%

The market has been flat over the last week. Meanwhile, the market is actually up 8.6% over the past year. 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
Fri, 03 Apr 2026AU$2.9tAU$1.2tAU$114.8b17.2x25x2.4x
Sun, 01 Mar 2026AU$3.1tAU$1.2tAU$110.9b20.8x27.9x2.6x
Tue, 27 Jan 2026AU$3.0tAU$1.2tAU$108.5b21.7x27.9x2.5x
Thu, 25 Dec 2025AU$3.0tAU$1.2tAU$109.6b21.7x27.2x2.5x
Sat, 22 Nov 2025AU$2.8tAU$1.2tAU$110.3b20.5x25.7x2.4x
Mon, 20 Oct 2025AU$2.9tAU$1.2tAU$103.7b21.7x28.1x2.5x
Wed, 17 Sep 2025AU$3.0tAU$1.2tAU$110.7b20.3x27.1x2.5x
Fri, 15 Aug 2025AU$3.0tAU$1.2tAU$105.0b18.9x28.5x2.5x
Sun, 13 Jul 2025AU$2.9tAU$1.2tAU$102.1b18.4x28.2x2.4x
Tue, 10 Jun 2025AU$2.8tAU$1.2tAU$102.5b17.9x27.8x2.4x
Thu, 08 May 2025AU$2.7tAU$1.2tAU$103.4b17.8x26.4x2.3x
Sat, 05 Apr 2025AU$2.5tAU$1.2tAU$106.1b16.8x24x2.1x
Mon, 03 Mar 2025AU$2.7tAU$1.2tAU$105.5b17.7x25.9x2.2x
Wed, 29 Jan 2025AU$2.8tAU$1.2tAU$89.9b19.3x30.8x2.4x
Fri, 27 Dec 2024AU$2.7tAU$1.2tAU$90.0b19.9x30.2x2.3x
Sun, 24 Nov 2024AU$2.8tAU$1.2tAU$88.3b19.4x31.3x2.4x
Tue, 22 Oct 2024AU$2.8tAU$1.2tAU$87.9b19.5x31.3x2.4x
Thu, 19 Sep 2024AU$2.7tAU$1.2tAU$87.4b19.7x30.7x2.3x
Sat, 17 Aug 2024AU$2.6tAU$1.2tAU$91.5b19.7x28.7x2.3x
Mon, 15 Jul 2024AU$2.6tAU$1.1tAU$90.7b19.4x29.2x2.3x
Wed, 12 Jun 2024AU$2.6tAU$1.2tAU$92.4b19.2x28.3x2.3x
Fri, 10 May 2024AU$2.6tAU$1.2tAU$93.3b19.7x27.6x2.2x
Sun, 07 Apr 2024AU$2.6tAU$1.2tAU$94.9b20.2x27.4x2.2x
Tue, 05 Mar 2024AU$2.6tAU$1.2tAU$97.0b19.7x26.7x2.2x
Thu, 01 Feb 2024AU$2.6tAU$1.2tAU$115.6b19.1x22.2x2.2x
Sat, 30 Dec 2023AU$2.6tAU$1.2tAU$114.6b18.8x22.3x2.2x
Mon, 27 Nov 2023AU$2.4tAU$1.2tAU$116.1b17.9x20.3x2x
Wed, 25 Oct 2023AU$2.3tAU$1.2tAU$119.6b17.6x19.4x1.9x
Fri, 22 Sep 2023AU$2.4tAU$1.2tAU$120.2b17.7x19.8x2x
Sun, 20 Aug 2023AU$2.4tAU$1.2tAU$141.5b16.9x17x2x
Tue, 18 Jul 2023AU$2.5tAU$1.2tAU$144.1b16.5x17x2.1x
Thu, 15 Jun 2023AU$2.4tAU$1.2tAU$144.3b16x16.6x2.1x
Sat, 13 May 2023AU$2.4tAU$1.2tAU$145.6b16.3x16.7x2.1x
Mon, 10 Apr 2023AU$2.4tAU$1.2tAU$144.7b15.9x16.7x2.1x
Price to Earnings Ratio

16.7x


Total Market Cap: AU$2.4tTotal Earnings: AU$144.7bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.3x202420252026
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 25.3x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.4% 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 Market0.42%
Energy2.89%
Materials2.83%
Consumer Staples2.03%
Utilities1.93%
Telecom1.10%
Financials-0.52%
Industrials-0.62%
Consumer Discretionary-1.03%
Real Estate-1.10%
Healthcare-1.68%
Tech-2.73%
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 20.8%, 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 4.8% 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$51.232.0%
+AU$5.1b		38.4%PE17.4xMaterials
NST Northern Star ResourcesAU$21.9116.8%
+AU$4.5b		18.8%PE20.2xMaterials
GGP Greatland ResourcesAU$12.8527.1%
+AU$1.8b		n/aPE13.4xMaterials
S32 South32AU$4.428.3%
+AU$1.5b		48.8%PE34.5xMaterials
FMG FortescueAU$20.252.0%
+AU$1.2b		35.5%PE11.5xMaterials
See more

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Latest News

PXA
AU$12.09
PEXA Group
7D
-22.7%
1Y
7.3%
S32
AU$4.42
South32
7D
8.3%
1Y
48.8%
SUN
AU$15.80
Suncorp Group
7D
-3.7%
1Y
-18.1%

SUN: Future Upside Will Hinge On Earnings Delivery And Dividend Support

Analysts have made a small downward adjustment to Suncorp Group's assessed fair value to about A$18.18 per share, citing a minor refinement in profit margin and forward P/E assumptions, while also pointing to recent research that highlights what is viewed as a compelling valuation at current share levels. Analyst Commentary Recent commentary from Goldman Sachs, alongside the updated fair value of about A$18.18 per share, gives you a clearer view of how the market is framing Suncorp Group at current prices.
NST
AU$21.91
Northern Star Resources
7D
16.8%
1Y
18.8%

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.
REH
AU$13.15
Reece
7D
-7.7%
1Y
-10.2%
GGP
AU$12.85
Greatland Resources
7D
27.1%
1Y
n/a
WDS
AU$34.93
Woodside Energy Group
7D
1.6%
1Y
55.4%

WDS: Higher Multiple Assumptions Will Expose Earnings To Execution Risks

Analysts have lifted their fair value estimate for Woodside Energy Group from about A$27.16 to about A$31.69, reflecting updated assumptions for modest revenue growth, slightly higher profit margins and a somewhat higher future P/E multiple. Analyst Commentary Analysts have refreshed their views around Woodside Energy Group's fair value based on updated assumptions for revenue, margins and the future P/E multiple, and the new estimate of about A$31.69 captures both optimism about execution and caution around risks to that outlook.
WBC
AU$39.85
Westpac Banking
7D
-1.5%
1Y
25.6%

WBC: Refined Discount Rate And P/E Assumptions Will Constrain Future Upside

Analysts have nudged their Westpac Banking price target slightly lower to A$35.27 from A$35.33, citing small refinements to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the modest cut to the A$35.27 target as a technical clean up after updating discount rate and P/E inputs, rather than a shift in conviction on Westpac Banking's core franchise.
SOL
AU$41.34
WHSP Holdings
7D
7.8%
1Y
18.4%

SOL: Fair Value View Will Balance Lower Margins With Higher Future P/E

Analysts have lifted their fair value estimate for WHSP Holdings from A$39.08 to A$40.83, citing adjustments to discount rates, revenue growth assumptions, profit margins, and a higher future P/E as key drivers of the new price target. Valuation Changes Fair Value: Revised from A$39.08 to A$40.83, a modest uplift in the central valuation estimate.
CSL
AU$138.93
CSL
7D
-3.8%
1Y
-46.1%

CSL: Manufacturing Expansion And Horizon 2 Rollout Will Support Future Share Recovery

Narrative Update on CSL Analysts have adjusted CSL's fair value estimate from A$205.16 to A$207.81. This reflects updated views on its discount rate, revenue growth, profit margins and future P/E assumptions, alongside recent mixed rating actions on the stock.
FMG
AU$20.25
Fortescue
7D
2.0%
1Y
35.5%

FMG: Sector Price Deck Reset Will Shape Fair Value And Payouts

Analysts have nudged their fair value estimate for Fortescue slightly lower, trimming the implied price target by around A$0.12. Updated commodity price forecasts and a more cautious stance on the Australia metals and mining sector have fed into modestly softer revenue growth assumptions and a slightly lower future P/E.
CBA
AU$172.80
Commonwealth Bank of Australia
7D
-0.2%
1Y
10.5%

CBA: Margin And Pricing Risks Will Limit Premium Multiple Sustainability

Analysts have raised the Commonwealth Bank of Australia fair value estimate from A$139.60 to A$143.07, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E. These updates align with recent sector research trends on pricing, margin durability and selective positioning in financials.
BHP
AU$51.23
BHP Group
7D
2.0%
1Y
38.4%

BHP: Commodity Cycles And China Recovery Will Shape Fairly Valued Outlook

Analysts have adjusted the BHP Group fair value estimate slightly higher to A$52.50. This reflects refreshed price targets that balance updated revenue and margin assumptions with mixed views on commodity exposure and valuation.
TLS
AU$5.42
Telstra Group
7D
2.1%
1Y
24.9%
NAB
AU$41.80
National Australia Bank
7D
-1.8%
1Y
22.3%

NAB: Leadership Transitions Will Shape Risk Outlook Within A Fair Valuation Range

Analysts have raised their price target for National Australia Bank from A$39.23 to A$43.01, citing updated assumptions that include adjusted discount rates, revised revenue growth and profit margin estimates, and an updated future P/E multiple. What's in the News Long serving Group Executive Shaun Dooley plans to retire from National Australia Bank by the end of 2026 after a 33 year career with the bank, including serving as Group Chief Risk Officer since 2018 and acting Group Chief Financial Officer since March 2025 (Key Developments).
NXT
AU$11.26
NEXTDC
7D
-9.3%
1Y
-1.1%