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New Zealand (NZX) Market Analysis & Valuation

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies104
  • 7D0.2%
  • 3M-6.3%
  • 1Y6.3%
  • YTD-5.5%

The Energy sector gained 5.6% while the market remained flat over the last week. Meanwhile, the market is actually up 6.3% over the past year. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026NZ$173.3bNZ$118.5bNZ$4.6b17.3x38x1.5x
Fri, 06 Mar 2026NZ$179.3bNZ$117.0bNZ$4.6b18.2x39.1x1.5x
Sun, 01 Feb 2026NZ$178.1bNZ$115.4bNZ$4.0b18.6x45.1x1.5x
Tue, 30 Dec 2025NZ$178.8bNZ$115.4bNZ$3.9b18.5x45.8x1.5x
Thu, 27 Nov 2025NZ$179.4bNZ$115.2bNZ$4.0b17.7x44.7x1.6x
Sat, 25 Oct 2025NZ$179.4bNZ$115.8bNZ$3.5b18.7x51.6x1.5x
Mon, 22 Sep 2025NZ$175.7bNZ$115.8bNZ$3.6b17.7x48.3x1.5x
Wed, 20 Aug 2025NZ$171.8bNZ$116.1bNZ$3.6b19.7x47.8x1.5x
Fri, 18 Jul 2025NZ$171.4bNZ$115.7bNZ$3.5b19.4x49.5x1.5x
Sun, 15 Jun 2025NZ$168.0bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Tue, 13 May 2025NZ$168.6bNZ$115.4bNZ$2.6b18.8x65.2x1.5x
Thu, 10 Apr 2025NZ$157.5bNZ$115.4bNZ$2.6b17.7x60x1.4x
Sat, 08 Mar 2025NZ$164.3bNZ$114.0bNZ$2.5b19x65.8x1.4x
Mon, 03 Feb 2025NZ$171.3bNZ$113.6bNZ$3.2b20.2x54.4x1.5x
Wed, 01 Jan 2025NZ$171.6bNZ$113.6bNZ$3.1b20.3x54.8x1.5x
Fri, 29 Nov 2024NZ$173.4bNZ$113.4bNZ$3.2b20.3x54.3x1.5x
Sun, 27 Oct 2024NZ$170.2bNZ$112.8bNZ$4.3b19.4x39.7x1.5x
Tue, 24 Sep 2024NZ$162.7bNZ$113.0bNZ$4.6b19x35.6x1.4x
Thu, 22 Aug 2024NZ$164.5bNZ$111.4bNZ$4.8b20x34x1.5x
Sat, 20 Jul 2024NZ$163.1bNZ$110.8bNZ$4.7b16.8x34.8x1.5x
Mon, 17 Jun 2024NZ$155.7bNZ$109.4bNZ$4.3b15x36.2x1.4x
Wed, 15 May 2024NZ$152.2bNZ$110.1bNZ$5.8b15.3x26.1x1.4x
Fri, 12 Apr 2024NZ$156.4bNZ$110.0bNZ$5.8b17.2x26.9x1.4x
Sun, 10 Mar 2024NZ$157.6bNZ$111.1bNZ$5.7b17.2x27.4x1.4x
Tue, 06 Feb 2024NZ$158.4bNZ$109.2bNZ$6.6b14x23.8x1.5x
Thu, 04 Jan 2024NZ$157.1bNZ$109.3bNZ$6.6b15.8x23.6x1.4x
Sat, 02 Dec 2023NZ$152.2bNZ$109.3bNZ$6.6b15.6x22.9x1.4x
Mon, 30 Oct 2023NZ$144.9bNZ$109.3bNZ$5.8b16.2x24.8x1.3x
Wed, 27 Sep 2023NZ$153.5bNZ$109.1bNZ$5.9b15.9x26.2x1.4x
Fri, 25 Aug 2023NZ$157.1bNZ$110.8bNZ$6.4b16.2x24.7x1.4x
Sun, 23 Jul 2023NZ$163.3bNZ$108.4bNZ$6.6b16.7x24.6x1.5x
Tue, 20 Jun 2023NZ$160.3bNZ$108.6bNZ$6.6b16x24.2x1.5x
Thu, 18 May 2023NZ$163.5bNZ$107.4bNZ$7.6b15.4x21.4x1.5x
Sat, 15 Apr 2023NZ$162.5bNZ$107.3bNZ$7.6b15.7x21.4x1.5x
Price to Earnings Ratio

21.4x


Total Market Cap: NZ$162.5bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.8x202420252026
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 38.8x.
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 Market1.14%
Energy5.86%
Industrials2.45%
Telecom2.30%
Healthcare2.15%
Utilities1.29%
Tech0.98%
Materials0.84%
Financials-0.25%
Consumer Staples-0.61%
Real Estate-0.74%
Consumer Discretionary-3.39%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 42.0x.
    • 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 11% 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
FPH Fisher & Paykel HealthcareNZ$38.091.9%
+NZ$411.6m		13.5%PE51.2xHealthcare
MFT MainfreightNZ$61.115.7%
+NZ$334.3m		7.7%PE24.3xIndustrials
EBO EBOS GroupNZ$23.354.9%
+NZ$227.6m		-37.7%PE17.3xHealthcare
CEN Contact EnergyNZ$9.462.3%
+NZ$223.8m		5.5%PE25.7xUtilities
POT Port of TaurangaNZ$8.053.5%
+NZ$183.7m		28.6%PE29.9xIndustrials
See more

Market Insights

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Latest News

KPG
NZ$0.90
Kiwi Property Group
7D
-1.6%
1Y
2.3%

KPG: Stable NZ$1.12 Fair Value Will Support Future Share Repricing

Analysts have kept their NZ$1.12 fair value estimate for Kiwi Property Group broadly unchanged, making only slight tweaks to inputs such as the discount rate and future P/E assumptions to support this stable price target view. Valuation Changes Fair Value: The NZ$1.12 fair value estimate is unchanged, reflecting a consistent central valuation point.
ATM
NZ$11.26
a2 Milk
7D
-2.5%
1Y
32.3%

ATM: Dividend Payout And FY26 Guidance Will Support Steady Returns

Analysts have maintained their NZ$10.93 price target for a2 Milk, highlighting only minor adjustments to revenue growth, profit margin and future P/E assumptions, rather than any major change in the outlook. What's in the News a2 Milk raised its earnings guidance for FY26, with management indicating that revenue is trending ahead of prior expectations across all segments and products, and that NPAT is expected to be up on FY25 reported on a continuing operations basis (Corporate Guidance: Raised).
AIA
NZ$8.02
Auckland International Airport
7D
0.6%
1Y
4.0%

AIA: Steady Traffic And Dividend Payout Will Support A Balanced Outlook

Analysts have kept their NZ$8.65 price target for Auckland International Airport steady, pointing to only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions rather than any shifts in the core valuation view. What's in the News Auckland International Airport reported February 2026 traffic results, with Auckland Airport handling 1,612,458 total passengers, 13,076 aircraft movements and 637,621 tonnes of MCTOW, while Queenstown Airport saw 228,905 passengers and 1,525 aircraft movements (company traffic update, February 2026).
KMD
NZ$0.075
KMD Brands
7D
-61.5%
1Y
-77.3%
BGP
NZ$4.45
Briscoe Group
7D
-4.3%
1Y
9.3%
IFT
NZ$11.58
Infratil
7D
-0.6%
1Y
20.6%

IFT: Reinstated Buy Coverage Will Support Confidence In Cash Flow Durability

Analysts have raised their Infratil fair value estimate slightly from NZ$13.98 to NZ$14.00, reflecting updated assumptions for discount rates, revenue trends, margins and future P/E, with recent Street research support behind this recalibration. Analyst Commentary Street research has supported the recent fine tuning of the NZ$14.00 fair value estimate, with recent coverage indicating a constructive view on the long term opportunity while still highlighting a few areas that readers may want to watch closely.
ARG
NZ$1.11
Argosy Property
7D
-2.2%
1Y
11.6%
CEN
NZ$9.46
Contact Energy
7D
2.3%
1Y
5.5%

CEN: Recent Equity Raises And Stable Metrics Will Support Future Upside

Analysts have kept their NZ$10.53 price target for Contact Energy unchanged. This reflects consistent views on fair value, discount rate, revenue growth and profit margins despite the latest review of their models.
FRW
NZ$12.70
Freightways Group
7D
5.8%
1Y
25.1%

FRW: Upcoming Dividend Schedule Will Support A More Confident Earnings Outlook

Analysts have nudged their price target for Freightways Group slightly higher to NZ$15.31 from NZ$15.28. This reflects updated assumptions around the discount rate, long-term revenue growth, profit margins and future P/E multiples.
VCT
NZ$4.86
Vector
7D
3.0%
1Y
22.7%

VCT: Future Fair Value View Will Rely On Stable Distribution Volumes

Analysts have kept their NZ$4.98 price target for Vector unchanged. This reflects steady assumptions around fair value, discount rate, revenue growth, profit margin and future P/E.
EBO
NZ$23.35
EBOS Group
7D
4.9%
1Y
-37.7%

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$38.09
Fisher & Paykel Healthcare
7D
1.9%
1Y
13.5%

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.
PCT
NZ$1.02
Precinct Properties NZ & Precinct Properties Investments
7D
-1.9%
1Y
-8.6%
POT
NZ$8.05
Port of Tauranga
7D
3.5%
1Y
28.6%
VHP
NZ$1.77
Vital Healthcare Property Trust
7D
-2.5%
1Y
2.6%
MFT
NZ$61.11
Mainfreight
7D
5.7%
1Y
7.7%