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New Zealand (NZX) Market Analysis & Valuation

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies104
  • 7D-0.3%
  • 3M-4.2%
  • 1Y4.0%
  • YTD-4.7%

The Financials sector gained 3.6% while the market remained flat over the last week. As for the longer term, the market has risen 4.0% in the past 12 months. Looking forward, earnings are forecast to grow by 16% annually.

Trending IndustriesSoftware

Market Valuation and Performance

Has the New Zealand Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026NZ$172.6bNZ$118.2bNZ$4.5b17.1x38x1.5x
Sun, 22 Feb 2026NZ$176.6bNZ$115.9bNZ$4.1b18.5x43.1x1.5x
Tue, 20 Jan 2026NZ$180.0bNZ$115.4bNZ$4.0b18.7x45.5x1.6x
Thu, 18 Dec 2025NZ$177.4bNZ$115.3bNZ$3.9b18.4x45.5x1.5x
Sat, 15 Nov 2025NZ$181.1bNZ$116.5bNZ$4.0b19.7x45x1.6x
Mon, 13 Oct 2025NZ$180.2bNZ$115.8bNZ$3.5b19x51.9x1.6x
Wed, 10 Sep 2025NZ$177.2bNZ$115.6bNZ$3.6b17.9x48.6x1.5x
Fri, 08 Aug 2025NZ$171.4bNZ$115.7bNZ$3.5b18.9x49.4x1.5x
Sun, 06 Jul 2025NZ$170.3bNZ$116.1bNZ$3.5b19.3x49.2x1.5x
Tue, 03 Jun 2025NZ$165.7bNZ$116.0bNZ$3.5b18.3x47.9x1.4x
Thu, 01 May 2025NZ$158.4bNZ$115.3bNZ$2.6b18.3x60.4x1.4x
Sat, 29 Mar 2025NZ$162.9bNZ$115.6bNZ$2.6b18.2x62x1.4x
Mon, 24 Feb 2025NZ$169.5bNZ$113.6bNZ$2.9b20.7x57.5x1.5x
Wed, 22 Jan 2025NZ$171.9bNZ$113.6bNZ$3.1b20.1x54.7x1.5x
Fri, 20 Dec 2024NZ$168.7bNZ$113.6bNZ$3.1b19.8x53.8x1.5x
Sun, 17 Nov 2024NZ$169.3bNZ$113.5bNZ$3.1b19.3x54x1.5x
Tue, 15 Oct 2024NZ$169.9bNZ$112.9bNZ$4.3b19.1x39.6x1.5x
Thu, 12 Sep 2024NZ$165.1bNZ$112.9bNZ$4.6b19.5x36.1x1.5x
Sat, 10 Aug 2024NZ$160.9bNZ$110.6bNZ$4.8b17.8x33.7x1.5x
Mon, 08 Jul 2024NZ$156.0bNZ$110.7bNZ$4.7b15.6x33.3x1.4x
Wed, 05 Jun 2024NZ$156.4bNZ$109.4bNZ$4.8b15.3x32.8x1.4x
Fri, 03 May 2024NZ$155.6bNZ$110.2bNZ$5.8b16.4x26.7x1.4x
Sun, 31 Mar 2024NZ$158.5bNZ$110.0bNZ$5.9b17.2x26.9x1.4x
Tue, 27 Feb 2024NZ$156.0bNZ$111.0bNZ$6.6b16.9x23.7x1.4x
Thu, 25 Jan 2024NZ$158.1bNZ$109.3bNZ$6.6b15.7x23.8x1.4x
Sat, 23 Dec 2023NZ$155.6bNZ$109.3bNZ$6.6b15.4x23.4x1.4x
Mon, 20 Nov 2023NZ$149.6bNZ$109.1bNZ$6.8b15.8x22x1.4x
Wed, 18 Oct 2023NZ$151.7bNZ$109.0bNZ$5.8b16.2x26x1.4x
Fri, 15 Sep 2023NZ$153.0bNZ$110.7bNZ$5.9b15.9x25.9x1.4x
Sun, 13 Aug 2023NZ$162.5bNZ$108.4bNZ$6.4b16.7x25.5x1.5x
Tue, 11 Jul 2023NZ$163.7bNZ$108.2bNZ$6.6b16.9x24.8x1.5x
Thu, 08 Jun 2023NZ$160.1bNZ$108.0bNZ$6.2b16.3x25.7x1.5x
Sat, 06 May 2023NZ$162.7bNZ$107.3bNZ$7.6b15.3x21.4x1.5x
Mon, 03 Apr 2023NZ$162.9bNZ$107.2bNZ$7.6b15.7x21.5x1.5x
Price to Earnings Ratio

21.5x


Total Market Cap: NZ$162.9bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.6x202420252026
Current Market PE
  • Investors are relatively neutral on the New Zealander market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading at a PE ratio close to its 3-year average PE ratio of 38.6x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 16% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the New Zealand Market?

NZ Market-0.28%
Financials3.58%
Consumer Staples0.53%
Utilities-0.03%
Healthcare-0.094%
Industrials-0.74%
Consumer Discretionary-1.04%
Energy-1.67%
Telecom-2.15%
Tech-2.73%
Real Estate-3.56%
Materials-5.73%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 41.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.7% which is higher than its past year's earnings decline of 6.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 106% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 13% 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
IFT InfratilNZ$11.718.1%
+NZ$879.4m		11.3%PE41.3xFinancials
FPH Fisher & Paykel HealthcareNZ$37.202.2%
+NZ$463.9m		10.5%PE50xHealthcare
GNE Genesis EnergyNZ$2.16-2.7%
NZ$260.7m		0%PE14.6xUtilities
EBO EBOS GroupNZ$22.603.4%
+NZ$151.7m		-40.4%PE16.9xHealthcare
CEN Contact EnergyNZ$9.090.3%
+NZ$81.8m		1.1%PE24.6xUtilities
See more

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Latest News

EBO
NZ$22.60
EBOS Group
7D
3.4%
1Y
-40.4%

EBO: Index Removal And P/E Outlook Will Support Future Capital Efficiency Reassessment

Analysts have made a small upward adjustment to EBOS Group's fair value estimate, with the price target moving from around NZ$33.56 to NZ$33.59 as they fine tune assumptions on long term profitability and the future P/E multiple. What's in the News EBOS Group Limited was dropped from the S&P/ASX 200 Index, which may affect index fund ownership and trading volumes for the stock (Key Developments).
FPH
NZ$37.20
Fisher & Paykel Healthcare
7D
2.2%
1Y
10.5%

FPH: Updated Guidance And Sector Perform Rating Will Shape Balanced Future Expectations

Analysts have trimmed their fair value estimate for Fisher & Paykel Healthcare to NZ$40.89 from NZ$41.12. The modest shift reflects updated assumptions for the discount rate, profit margin and future P/E, following recent guidance and a price target move to NZ$36 from NZ$31 in Street research.
GNE
NZ$2.16
Genesis Energy
7D
-2.7%
1Y
0%
CNU
NZ$9.34
Chorus
7D
-3.3%
1Y
15.2%

CNU: Stable Assumptions And Minor Model Tweaks Will Guide Balanced Outlook

Analysts have kept their NZ$9.46 fair value estimate for Chorus broadly unchanged, with only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions to reflect updated modelling rather than a shift in overall conviction. Valuation Changes Fair Value: The fair value estimate of NZ$9.46 per share is unchanged in both the prior and updated models.
AIA
NZ$7.97
Auckland International Airport
7D
-2.8%
1Y
-1.1%

AIA: Passenger Volumes And Stable Margins Will Support A Steady Dividend Outlook

Analysts have kept their NZ$8.65 price target for Auckland International Airport steady, citing only marginal tweaks to the discount rate, profit margin assumptions and future P/E inputs rather than any shift in the core outlook. What's in the News Traffic data for February 2026 shows Auckland Airport handling 1,612,458 total passengers and 13,076 aircraft movements, with maximum certified take off weight (MCTOW) of 637,621 tonnes.
IFT
NZ$11.71
Infratil
7D
8.1%
1Y
11.3%

IFT: Slight Model Refinements Will Support Future Upside Potential

Analysts have nudged their price target for Infratil slightly lower from NZ$14.02 to NZ$13.98. This reflects small tweaks to fair value estimates, discount rate assumptions and forward P/E expectations rather than any major shift in the investment case.
RYM
NZ$2.13
Ryman Healthcare
7D
-5.3%
1Y
-22.8%

RYM: Higher Margins And Steady Sales Guidance Will Support Bullish Outlook

Analysts have nudged their NZ$ fair value estimate for Ryman Healthcare from NZ$2.94 to NZ$2.95, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Ryman Healthcare reaffirmed its sales guidance for occupation right agreements for fiscal 2026 at 1,300 to 1,400 agreements, indicating no change to its previously communicated range (Key Developments).
CEN
NZ$9.09
Contact Energy
7D
0.3%
1Y
1.1%

CEN: Recent Equity Raises Will Support Future Margin Upside

Analysts have kept their NZ$ price target on Contact Energy unchanged, reflecting consistent assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Completed a follow on equity offering of NZ$125 million, issuing 14,285,714 ordinary shares at NZ$8.75 per share under Regulation S (Key Developments).
FRW
NZ$12.30
Freightways Group
7D
-5.4%
1Y
17.4%

FRW: Dividend Timeline Will Support A More Confident Forward Earnings Outlook

Freightways Group's analyst price target has been adjusted slightly higher to around NZ$15.28 from NZ$15.27. Analysts point to updated assumptions on discount rates, revenue growth, profit margins and future P/E as the key drivers of this fine tuning.
VCT
NZ$4.76
Vector
7D
1.7%
1Y
21.7%

VCT: Future Fair Value View Will Reflect Stable Network Volumes

Analysts have kept their NZ$ fair value estimate for Vector unchanged, reflecting consistent assumptions for discount rate, revenue growth, profit margin and future P/E that support a steady price target outlook. What's in the News Vector reported unaudited operating results for the six months ended 31 December 2025, providing investors with updated data on its electricity and gas distribution activities (company announcement).
MCY
NZ$6.38
Mercury NZ
7D
-2.0%
1Y
14.6%

MCY: Slightly Lower Fair Value Will Be Balanced By Upcoming Distribution

Analysts have slightly reduced their 12 month price target for Mercury NZ, with their estimate of fair value moving from NZ$7.02 to NZ$6.99. This revision reflects updated assumptions around revenue growth, profit margins and a modestly higher future P/E multiple.
GMT
NZ$1.85
Goodman Property Trust
7D
-5.6%
1Y
-2.9%
POT
NZ$7.93
Port of Tauranga
7D
1.0%
1Y
20.2%
MFT
NZ$59.01
Mainfreight
7D
-2.2%
1Y
-6.6%
FBU
NZ$3.12
Fletcher Building
7D
-4.9%
1Y
-5.5%
HLG
NZ$9.85
Hallenstein Glasson Holdings
7D
6.4%
1Y
19.4%