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New Zealand (NZX) Market Analysis & Valuation

UpdatedMay 22, 2026
DataAggregated Company Financials
Companies104
  • 7D-1.1%
  • 3M-2.6%
  • 1Y1.2%
  • YTD-4.6%

Over the last 7 days, the market has dropped 2.1%, driven by a pullback of 3.5% in the Industrials sector. Meanwhile, the Energy sector has outperformed, gaining 3.4% in that time. In the last 12 months the market has been flat overall. Looking forward, earnings are forecast to grow by 19% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 22 May 2026NZ$173.4bNZ$118.6bNZ$4.6b16.9x37.9x1.5x
Sun, 19 Apr 2026NZ$173.4bNZ$118.6bNZ$4.6b16.9x38x1.5x
Tue, 17 Mar 2026NZ$174.5bNZ$117.3bNZ$4.6b17.9x38x1.5x
Thu, 12 Feb 2026NZ$179.2bNZ$115.6bNZ$4.0b18.7x45.3x1.5x
Sat, 10 Jan 2026NZ$181.4bNZ$115.5bNZ$3.9b17.8x46.4x1.6x
Mon, 08 Dec 2025NZ$178.2bNZ$115.3bNZ$3.9b18.1x45.6x1.5x
Wed, 05 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.5x52.1x1.6x
Fri, 03 Oct 2025NZ$179.6bNZ$115.8bNZ$3.5b18.7x51.7x1.6x
Sun, 31 Aug 2025NZ$173.6bNZ$115.6bNZ$3.5b17.7x50x1.5x
Tue, 29 Jul 2025NZ$171.4bNZ$115.7bNZ$3.5b19.2x49.3x1.5x
Thu, 26 Jun 2025NZ$166.5bNZ$116.0bNZ$3.5b19.6x48.1x1.4x
Sat, 24 May 2025NZ$168.0bNZ$115.4bNZ$2.9b18.6x58.4x1.5x
Mon, 21 Apr 2025NZ$161.0bNZ$115.2bNZ$2.6b18.8x61.4x1.4x
Wed, 19 Mar 2025NZ$160.4bNZ$113.9bNZ$2.6b18.8x62.6x1.4x
Fri, 14 Feb 2025NZ$171.0bNZ$113.7bNZ$3.2b20.1x54.2x1.5x
Sun, 12 Jan 2025NZ$169.7bNZ$113.6bNZ$3.1b20.1x54.1x1.5x
Tue, 10 Dec 2024NZ$168.8bNZ$113.6bNZ$3.1b19.5x53.8x1.5x
Thu, 07 Nov 2024NZ$168.2bNZ$112.8bNZ$4.3b19.4x39.3x1.5x
Sat, 05 Oct 2024NZ$165.6bNZ$112.8bNZ$4.3b19.1x38.6x1.5x
Mon, 02 Sep 2024NZ$163.9bNZ$112.9bNZ$4.8b20.2x34.4x1.5x
Wed, 31 Jul 2024NZ$163.3bNZ$110.8bNZ$4.7b17.6x35x1.5x
Fri, 28 Jun 2024NZ$154.6bNZ$109.6bNZ$4.3b14.9x35.8x1.4x
Sun, 26 May 2024NZ$155.1bNZ$110.9bNZ$5.3b15.5x29.3x1.4x
Tue, 23 Apr 2024NZ$154.8bNZ$110.0bNZ$5.8b16.7x26.6x1.4x
Thu, 21 Mar 2024NZ$155.9bNZ$111.2bNZ$5.7b16.9x27.2x1.4x
Sat, 17 Feb 2024NZ$155.4bNZ$109.1bNZ$6.4b14.9x24.3x1.4x
Mon, 15 Jan 2024NZ$158.8bNZ$109.2bNZ$6.6b16x23.9x1.5x
Wed, 13 Dec 2023NZ$153.2bNZ$109.2bNZ$6.6b15.6x23.1x1.4x
Fri, 10 Nov 2023NZ$149.0bNZ$109.2bNZ$5.8b16.4x25.6x1.4x
Sun, 08 Oct 2023NZ$152.0bNZ$109.0bNZ$5.8b16.1x26.1x1.4x
Tue, 05 Sep 2023NZ$157.2bNZ$110.7bNZ$5.9b16.4x26.6x1.4x
Thu, 03 Aug 2023NZ$164.2bNZ$108.2bNZ$6.6b17x24.8x1.5x
Sat, 01 Jul 2023NZ$163.6bNZ$108.4bNZ$6.6b16.1x24.7x1.5x
Mon, 29 May 2023NZ$160.7bNZ$107.2bNZ$7.0b15.7x23.1x1.5x
Price to Earnings Ratio

23.1x


Total Market Cap: NZ$160.7bTotal Earnings: NZ$7.0bTotal Revenue: NZ$107.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39.4x202420252026
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 39.4x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 13% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.4% 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-1.11%
Energy3.81%
Tech3.36%
Financials3.33%
Materials1.37%
Real Estate0.038%
Telecom-0.41%
Healthcare-0.87%
Industrials-1.61%
Utilities-2.37%
Consumer Staples-2.82%
Consumer Discretionary-4.38%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 29.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.7% which is higher than its past year's earnings decline of 19.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 104% over the next 5 years.
  • In contrast, the Industrials sector is expected to see its earnings grow 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$15.904.4%
+NZ$669.5m		38.1%PE56.1xFinancials
PEB Pacific EdgeNZ$0.2857.1%
+NZ$143.3m		223.5%PS17.7xHealthcare
FBU Fletcher BuildingNZ$3.014.2%
+NZ$128.6m		-8.8%PS0.5xIndustrials
CNU ChorusNZ$10.151.5%
+NZ$65.1m		24.8%PE183.5xTelecom
PCT Precinct Properties NZ & Precinct Properties InvestmentsNZ$1.043.5%
+NZ$64.8m		-9.6%PB0.9xReal Estate
See more

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Latest News

CHI
NZ$3.27
Channel Infrastructure NZ
7D
3.8%
1Y
61.9%
New Narrative • May 20

Long Term Jet Fuel Infrastructure Expansion Will Support Future Earnings Stability

Catalysts About Channel Infrastructure NZ Channel Infrastructure NZ operates fuel import, storage and pipeline infrastructure, anchored by the Marsden Point site in New Zealand and a stake in the Somerton jet fuel pipeline to Melbourne Airport. What are the underlying business or industry changes driving this perspective?
CEN
NZ$9.34
Contact Energy
7D
-5.7%
1Y
0.9%
Narrative Update • May 20

CEN: Equity Raise And Margins Are Expected To Support Future Returns

Analysts have trimmed their price target for Contact Energy slightly to NZ$10.51 from NZ$10.64, reflecting updated assumptions around discount rates, profit margins and future P/E expectations. What's in the News Contact Energy completed a follow on equity offering totaling NZ$125 million in ordinary shares.
VGL
NZ$2.33
Vista Group International
7D
12.6%
1Y
-36.2%
Narrative Update • May 20

VGL: Index Exit And Board Contest Will Shape Future Balanced Outlook

Analysts have maintained their fair value estimate for Vista Group International at NZ$1.82, while refining assumptions around the discount rate, revenue growth, profit margin and future P/E, which contributes to the updated price target narrative. What's in the News Vista Group International scheduled its annual shareholders’ meeting for May 21, 2026, and filed the related notice with shareholders.
EBO
NZ$20.30
EBOS Group
7D
-2.2%
1Y
-47.5%
Narrative Update • May 19

EBO: Index Removal And Discount Rate Shift Will Support Capital Efficiency Reassessment

Analysts now cite a slightly lower fair value estimate for EBOS Group, trimming the indicative price target from around NZ$33.63 to NZ$33.31 as modest adjustments to the discount rate, profit margin and assumed future P/E feed through their models. What's in the News EBOS Group Limited (ASX:EBO) was removed from the S&P/ASX 200 Index.
PEB
NZ$0.28
Pacific Edge
7D
57.1%
1Y
223.5%
MCY
NZ$6.90
Mercury NZ
7D
-1.8%
1Y
11.8%
PCT
NZ$1.04
Precinct Properties NZ & Precinct Properties Investments
7D
3.5%
1Y
-9.6%
IFT
NZ$15.90
Infratil
7D
4.4%
1Y
38.1%
FBU
NZ$3.01
Fletcher Building
7D
4.2%
1Y
-8.8%
ATM
NZ$6.89
a2 Milk
7D
-7.9%
1Y
-22.1%
Narrative Update • May 07

ATM: Dividend Policy And FY26 Guidance Will Support Upside Potential

Analysts have kept their NZ$10.53 price target for a2 Milk steady, citing only slight adjustments in discount rate, long term revenue growth, profit margin and future P/E assumptions as the rationale for leaving the valuation unchanged. What's in the News a2 Milk updated FY26 earnings guidance, now expecting revenue growth in the low to mid double-digit range versus FY25, with double-digit defined as 10% to 20%, compared with previous guidance of mid double-digit growth (Corporate Guidance, New/Confirmed).
GNE
NZ$2.42
Genesis Energy
7D
-3.2%
1Y
5.4%
CNU
NZ$10.15
Chorus
7D
1.5%
1Y
24.8%
Narrative Update • May 05

CNU: Future Returns Will Rely On Dividend Settings And Refined Assumptions

Analysts have kept their NZ$9.46 price target for Chorus steady, with only small tweaks to inputs such as the discount rate and future P/E assumption, reflecting fine tuning rather than a change in overall view. What's in the News Chorus has set the foreign exchange rate for its HY26 unimputed interim dividend to Australian investors at NZ$1 to A$0.82484.
AIA
NZ$8.03
Auckland International Airport
7D
-4.3%
1Y
2.8%
Narrative Update • May 03

AIA: Passenger Volumes And Dividend Policy Will Support A Steady Outlook

Analysts have nudged their 12 month price target for Auckland International Airport slightly lower from about NZ$8.67 to around NZ$8.66, reflecting small adjustments to fair value, discount rate, expected revenue growth, profit margins and future P/E assumptions. What's in the News Reported March 2026 traffic data, with Auckland Airport handling 1,719,050 passengers and 13,961 aircraft movements, and Queenstown Airport handling 247,220 passengers and 1,671 aircraft movements (company traffic update).
VCT
NZ$5.03
Vector
7D
-3.3%
1Y
22.7%
Narrative Update • May 01

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

Analysts have kept their NZ$4.98 price target for Vector steady, reflecting unchanged assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Vector reported unaudited operating results for the nine months ended 31 March 2026, including 637,247 electricity customers compared with 630,004 a year earlier and 9,670 new electricity connections compared with 9,480 a year earlier (Key Developments).
FPH
NZ$33.84
Fisher & Paykel Healthcare
7D
-0.9%
1Y
-7.9%
Narrative Update • Apr 23

FPH: Upgraded Guidance And Sector Perform Rating Will Support Bullish Repricing

Analysts have trimmed their fair value estimate for Fisher & Paykel Healthcare by about NZ$0.10 to reflect slightly higher discount rate assumptions, while also acknowledging improved profit margin expectations and recent upgrades in Street price targets, including a move to NZ$36 at one major firm. Analyst Commentary Bullish Takeaways Bullish analysts point to the company’s updated guidance as a key reason for shifting to a more neutral stance, seeing this as support for the revised fair value and the NZ$36 price target.
AIR
NZ$0.42
Air New Zealand
7D
4.9%
1Y
-29.2%