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New Zealand (NZX) Market Analysis & Valuation

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies104
  • 7D-3.7%
  • 3M-2.4%
  • 1Y3.2%
  • YTD-3.9%

Over the last 7 days, the market has dropped 3.7%, driven by declines in the Healthcare and Industrials sectors of 6.6% and 5.8%, respectively. In the last 12 months the market has been flat overall. 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, 11 Mar 2026NZ$173.5bNZ$117.1bNZ$4.6b18x37.8x1.5x
Fri, 06 Feb 2026NZ$178.6bNZ$115.5bNZ$4.0b18.7x45.1x1.5x
Sun, 04 Jan 2026NZ$179.3bNZ$115.5bNZ$3.9b18.6x45.9x1.6x
Tue, 02 Dec 2025NZ$178.3bNZ$115.2bNZ$3.9b18.6x45.7x1.5x
Thu, 30 Oct 2025NZ$179.6bNZ$115.9bNZ$3.5b18.9x51.6x1.5x
Sat, 27 Sep 2025NZ$175.5bNZ$115.7bNZ$3.4b17.7x51.3x1.5x
Mon, 25 Aug 2025NZ$174.7bNZ$115.8bNZ$4.0b18.6x43.6x1.5x
Wed, 23 Jul 2025NZ$170.6bNZ$115.7bNZ$3.5b19.1x49.1x1.5x
Fri, 20 Jun 2025NZ$167.9bNZ$116.1bNZ$3.5b19.5x48.5x1.4x
Sun, 18 May 2025NZ$169.7bNZ$115.4bNZ$2.7b18.9x63.6x1.5x
Tue, 15 Apr 2025NZ$161.4bNZ$115.3bNZ$2.6b18.8x61.5x1.4x
Thu, 13 Mar 2025NZ$162.8bNZ$113.9bNZ$2.6b19.4x63.5x1.4x
Sat, 08 Feb 2025NZ$169.9bNZ$113.7bNZ$3.2b19.7x53.9x1.5x
Mon, 06 Jan 2025NZ$171.1bNZ$113.7bNZ$3.1b20.2x54.6x1.5x
Wed, 04 Dec 2024NZ$173.0bNZ$113.6bNZ$3.1b19.9x55.1x1.5x
Fri, 01 Nov 2024NZ$169.3bNZ$112.8bNZ$4.3b19.5x39.5x1.5x
Sun, 29 Sep 2024NZ$164.4bNZ$112.3bNZ$4.4b19.1x37.5x1.5x
Tue, 27 Aug 2024NZ$165.6bNZ$112.0bNZ$4.4b20.4x37.8x1.5x
Thu, 25 Jul 2024NZ$164.7bNZ$110.9bNZ$4.7b17.4x35.3x1.5x
Sat, 22 Jun 2024NZ$154.3bNZ$109.5bNZ$4.3b14.8x35.8x1.4x
Mon, 20 May 2024NZ$154.0bNZ$110.0bNZ$5.9b15.4x25.9x1.4x
Wed, 17 Apr 2024NZ$156.0bNZ$110.0bNZ$5.8b16.6x26.8x1.4x
Fri, 15 Mar 2024NZ$155.9bNZ$111.2bNZ$5.7b16.9x27.1x1.4x
Sun, 11 Feb 2024NZ$157.9bNZ$109.1bNZ$6.6b14.1x23.8x1.4x
Tue, 09 Jan 2024NZ$157.5bNZ$109.3bNZ$6.6b16.3x23.7x1.4x
Thu, 07 Dec 2023NZ$151.7bNZ$109.2bNZ$6.6b15.5x22.8x1.4x
Sat, 04 Nov 2023NZ$149.0bNZ$109.3bNZ$5.8b16.4x25.6x1.4x
Mon, 02 Oct 2023NZ$152.2bNZ$110.2bNZ$5.9b16.7x26x1.4x
Wed, 30 Aug 2023NZ$157.3bNZ$110.6bNZ$5.9b16.8x26.6x1.4x
Fri, 28 Jul 2023NZ$164.0bNZ$108.3bNZ$6.6b16.8x24.7x1.5x
Sun, 25 Jun 2023NZ$161.5bNZ$108.4bNZ$6.6b16.1x24.4x1.5x
Tue, 23 May 2023NZ$163.7bNZ$107.0bNZ$7.4b15.5x22x1.5x
Thu, 20 Apr 2023NZ$162.4bNZ$107.4bNZ$7.6b15.3x21.4x1.5x
Sat, 18 Mar 2023NZ$161.1bNZ$107.0bNZ$7.5b16.1x21.4x1.5x
Price to Earnings Ratio

21.4x


Total Market Cap: NZ$161.1bTotal Earnings: NZ$7.5bTotal Revenue: NZ$107.0bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.4x202420252026
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 38.4x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 15% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.0% 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-3.75%
Tech0.64%
Materials-0.31%
Consumer Staples-0.98%
Real Estate-1.52%
Telecom-2.26%
Utilities-2.76%
Consumer Discretionary-2.99%
Financials-3.26%
Energy-4.95%
Healthcare-5.69%
Industrials-6.21%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 40.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.9% 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 105% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 7.9% 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$10.931.7%
+NZ$179.9m		6.4%PE38.6xFinancials
ATM a2 MilkNZ$11.510.7%
+NZ$58.0m		30.8%PE40.3xConsumer Staples
VCT VectorNZ$4.791.1%
+NZ$50.0m		15.7%PE32xUtilities
PCT Precinct Properties NZ & Precinct Properties InvestmentsNZ$1.112.3%
+NZ$46.3m		-4.7%PB0.9xReal Estate
GTK Gentrack GroupNZ$8.004.8%
+NZ$41.6m		-23.8%PE43.1xTech
See more

Market Insights

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Latest News

AIR
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Air New Zealand
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Air New Zealand (NZX:AIR)

Company Overview Air New Zealand has struggled to regain stable profitability since the COVID‑19 pandemic severely disrupted global aviation. As an island nation with a heavy reliance on air travel, New Zealand was particularly exposed to prolonged border closures and suppressed passenger demand.
FCG
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Fonterra Co-operative Group
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AIA
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AIA: Passenger Trends And Margins Will Guide Steady Dividend-Focused Outlook

Analysts have nudged their price target for Auckland International Airport slightly higher to NZ$8.65 from NZ$8.64, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Auckland International Airport declared a dividend of NZ$0.07647059 per share for the six months ended December 31, 2025, with payment on April 2, 2026, ex date on March 18, 2026, and record date on March 19, 2026 (company announcement).
SUM
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Summerset Group Holdings
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1Y
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GMT
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Goodman Property Trust
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GXH
NZ$1.20
Green Cross Health
7D
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1Y
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IFT
NZ$10.65
Infratil
7D
-3.4%
1Y
3.5%

IFT: Stable Fair Value And Slight Assumption Shifts Will Support Upside

Analysts have kept their NZ$14.02 price target for Infratil unchanged, with slightly updated assumptions around the discount rate, revenue growth, profit margin, and future P/E multiples shaping their current view. Valuation Changes Fair Value: The fair value estimate remains unchanged at NZ$14.02.
PCT
NZ$1.09
Precinct Properties NZ & Precinct Properties Investments
7D
1.4%
1Y
-6.8%
MEL
NZ$5.39
Meridian Energy
7D
-3.9%
1Y
-2.4%
GTK
NZ$7.88
Gentrack Group
7D
1.0%
1Y
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MCY
NZ$6.20
Mercury NZ
7D
-3.9%
1Y
8.2%

MCY: Higher Assumed Margins And P/E Will Support Stronger Future Upside

Analysts have lifted their price target for Mercury NZ to NZ$7.02 from NZ$6.89, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. Valuation Changes Fair Value: revised slightly higher from NZ$6.89 to NZ$7.02.
SML
NZ$0.49
Synlait Milk
7D
3.2%
1Y
-47.3%

SML: Slightly Higher Required Return Will Still Support Upside Potential

Analysts have maintained their fair value estimate for Synlait Milk at NZ$0.57, making only small adjustments to assumptions such as a slightly higher discount rate, modestly weaker revenue growth and a marginally stronger profit margin, which together leave their overall valuation view largely unchanged. Valuation Changes Fair Value: NZ$0.57 remains unchanged, so the headline valuation point is the same as before.
FPH
NZ$38.07
Fisher & Paykel Healthcare
7D
-7.1%
1Y
8.9%

FPH: Improved Guidance And Rating Upgrade Will Support Fairly Valued Outlook

Analysts have lifted their NZ$ fair value estimate for Fisher & Paykel Healthcare from NZ$39.15 to NZ$40.81, citing improved company guidance and a recent upgrade in Street price targets as key supports for the higher range of outcomes. Analyst Commentary Bullish Takeaways Bullish analysts see the higher company guidance as a key support for the uplift in fair value to NZ$40.81, suggesting more confidence in the near term earnings outlook than previously reflected in models.
IKE
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ikeGPS Group
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8.3%
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18.1%
MFT
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FBU
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