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New Zealand (NZX) Market Analysis & Valuation

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies103
  • 7D-1.3%
  • 3M0.5%
  • 1Y2.8%
  • YTD-3.5%

Over the last 7 days, the market has dropped 1.3%, driven by a pullback of 2.5% in the Industrials sector. Overall the market has been flat in the last year. 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
Tue, 09 Jun 2026NZ$175.1bNZ$117.9bNZ$5.1b16.4x34.3x1.5x
Thu, 07 May 2026NZ$175.7bNZ$118.5bNZ$4.6b17.2x38.5x1.5x
Sat, 04 Apr 2026NZ$171.2bNZ$118.4bNZ$4.6b17.1x37.6x1.4x
Mon, 02 Mar 2026NZ$181.3bNZ$116.9bNZ$4.5b17.9x39.8x1.6x
Wed, 28 Jan 2026NZ$178.6bNZ$115.4bNZ$4.0b19x45.2x1.5x
Fri, 26 Dec 2025NZ$178.8bNZ$115.3bNZ$3.9b18.5x45.8x1.6x
Sun, 23 Nov 2025NZ$179.1bNZ$116.6bNZ$4.0b20.2x45x1.5x
Tue, 21 Oct 2025NZ$177.6bNZ$115.8bNZ$3.5b18.7x51.1x1.5x
Thu, 18 Sep 2025NZ$176.2bNZ$115.7bNZ$3.6b17.9x48.4x1.5x
Sat, 16 Aug 2025NZ$171.0bNZ$115.9bNZ$3.5b19.1x48.4x1.5x
Mon, 14 Jul 2025NZ$169.0bNZ$115.7bNZ$3.5b19.6x48.8x1.5x
Wed, 11 Jun 2025NZ$168.4bNZ$116.0bNZ$3.5b19.2x48.6x1.5x
Fri, 09 May 2025NZ$165.7bNZ$115.3bNZ$2.6b18.6x63.1x1.4x
Sun, 06 Apr 2025NZ$162.5bNZ$115.3bNZ$2.6b18.1x61.9x1.4x
Tue, 04 Mar 2025NZ$166.9bNZ$114.1bNZ$2.5b19.6x67.1x1.5x
Thu, 30 Jan 2025NZ$171.1bNZ$113.6bNZ$3.2b20.4x54.3x1.5x
Sat, 28 Dec 2024NZ$171.5bNZ$113.6bNZ$3.1b20x54.7x1.5x
Mon, 25 Nov 2024NZ$171.5bNZ$113.5bNZ$3.0b19.9x57.2x1.5x
Wed, 23 Oct 2024NZ$170.2bNZ$112.8bNZ$4.3b19.3x39.7x1.5x
Fri, 20 Sep 2024NZ$164.3bNZ$113.0bNZ$4.6b19.2x35.9x1.5x
Sun, 18 Aug 2024NZ$167.0bNZ$110.8bNZ$4.8b19.9x35.1x1.5x
Tue, 16 Jul 2024NZ$159.7bNZ$110.9bNZ$4.7b16.6x34.1x1.4x
Thu, 13 Jun 2024NZ$155.1bNZ$109.5bNZ$4.3b15x36x1.4x
Sat, 11 May 2024NZ$154.0bNZ$110.1bNZ$5.8b15.3x26.4x1.4x
Mon, 08 Apr 2024NZ$157.6bNZ$110.0bNZ$5.8b17.2x27.1x1.4x
Wed, 06 Mar 2024NZ$155.9bNZ$111.1bNZ$5.8b17.3x27.1x1.4x
Fri, 02 Feb 2024NZ$158.0bNZ$109.2bNZ$6.6b15.6x23.8x1.4x
Sun, 31 Dec 2023NZ$157.6bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Tue, 28 Nov 2023NZ$149.6bNZ$109.2bNZ$6.6b16x22.7x1.4x
Thu, 26 Oct 2023NZ$146.6bNZ$109.3bNZ$5.8b16.2x25.1x1.3x
Sat, 23 Sep 2023NZ$153.9bNZ$109.4bNZ$5.9b16x26.1x1.4x
Mon, 21 Aug 2023NZ$159.4bNZ$108.1bNZ$6.4b17.1x24.9x1.5x
Wed, 19 Jul 2023NZ$163.3bNZ$108.3bNZ$6.6b17.1x24.7x1.5x
Fri, 16 Jun 2023NZ$159.7bNZ$108.0bNZ$6.2b15.9x25.7x1.5x
Price to Earnings Ratio

25.7x


Total Market Cap: NZ$159.7bTotal Earnings: NZ$6.2bTotal Revenue: NZ$108.0bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39.6x202420252026
Current Market PE
  • Investors are pessimistic on the New Zealander market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 34.3x which is lower than its 3-year average PE of 39.6x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 6.3% 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-1.34%
Healthcare0.46%
Consumer Staples-0.48%
Real Estate-0.62%
Utilities-0.98%
Materials-2.17%
Consumer Discretionary-2.41%
Industrials-2.53%
Financials-2.73%
Energy-3.16%
Telecom-3.17%
Tech-5.18%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 30.3x.
    • 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 103% over the next 5 years.
  • In contrast, the Industrials sector is expected to see its earnings grow by 14% 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$38.304.1%
+NZ$880.9m		4.2%PE48xHealthcare
EBO EBOS GroupNZ$20.906.1%
+NZ$248.3m		-43.5%PE15.5xHealthcare
CNU ChorusNZ$9.691.8%
+NZ$73.8m		13.7%PE175.2xTelecom
FCG Fonterra Co-operative GroupNZ$4.420.7%
+NZ$72.2m		37.6%PE10.2xConsumer Staples
GNZ Goodman Property TrustNZ$2.062.0%
+NZ$61.2m		3.3%PB1xReal Estate
See more

Market Insights

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Latest News

MEL
NZ$5.80
Meridian Energy
7D
-1.5%
1Y
-0.3%
EBO
NZ$20.90
EBOS Group
7D
6.1%
1Y
-43.5%
Narrative Update • Jun 07

EBO: Discount Rate Shift Will Support Future Capital Efficiency Reassessment

Analysts have trimmed their NZ$ fair value estimate for EBOS Group from NZ$33.31 to NZ$31.32, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. What's in the News No recent company specific news, periodical coverage or key development items were provided for EBOS Group, so there are currently no additional news highlights to summarize.
GNE
NZ$2.53
Genesis Energy
7D
-1.6%
1Y
10.5%
Narrative Update • Jun 07

GNE: Future Returns Will Strain Under Softer Margins And Higher Discount Rate

Analysts have lifted their NZ$ price target for Genesis Energy, pointing to a modestly higher assumed P/E multiple and updated views on revenue growth, margins and discount rate, while keeping their fair value estimate unchanged at NZ$2.18. What's in the News Genesis Energy has reached Final Investment Decision on the second stage of its Battery Energy Storage System programme at Huntly Power Station, adding 100 MW / 200 MWh of capacity for a total of 200 MW / 400 MWh at the site, with an estimated project cost of about NZ$106 million and funding planned on balance sheet.
MCY
NZ$6.80
Mercury NZ
7D
-3.5%
1Y
10.8%
Narrative Update • Jun 04

MCY: Geothermal Investment And Margin Improvements Will Support A Steady Forward Outlook

Analysts have nudged their price target for Mercury NZ slightly higher to around NZ$7.12, citing updated assumptions that pair more conservative revenue growth with a modestly stronger profit margin and an essentially unchanged forward P/E multiple. What's in the News Mercury NZ held an Analyst/Investor Day, giving the market a closer look at its plans and assumptions, including updates on growth projects and capital allocation.
IFT
NZ$15.17
Infratil
7D
-0.8%
1Y
49.9%
Narrative Update • Jun 04

IFT: Capital Recycling Into Digital And Renewable Assets Will Support Future Returns

Narrative Update on Infratil Analysts have lifted their NZ$ fair value estimate for Infratil from NZ$14.01 to NZ$17.21, citing updated assumptions for revenue growth, profit margins and a lower discount rate following recent Street research. What's in the News Infratil has agreed to sell a 5% stake in Contact Energy, equal to 53.5 million shares, via a fully underwritten block trade at NZ$9.25 per share.
HGH
NZ$1.21
Heartland Group Holdings
7D
-4.7%
1Y
45.8%
CEN
NZ$9.52
Contact Energy
7D
-0.8%
1Y
3.6%
Narrative Update • Jun 04

CEN: Equity Raise And Stake Sale Are Expected To Support Future Returns

Analysts have kept their NZ$10.51 price target for Contact Energy broadly unchanged, citing only very small tweaks to inputs such as discount rate, profit margin and future P/E assumptions that do not materially alter their overall valuation view. What's in the News Infratil Limited, via Infratil Investments Limited, agreed to sell 53.5 million Contact Energy shares, equal to 5% of the company’s issued share capital, through a fully underwritten block trade at NZ$9.25 per share, raising about NZ$495.2 million in gross proceeds.
FPH
NZ$38.30
Fisher & Paykel Healthcare
7D
4.1%
1Y
4.2%
Narrative Update • Jun 02

FPH: Strong Earnings And Higher Dividend Will Support Balanced Future Repricing

Analysts have trimmed their price target on Fisher & Paykel Healthcare from NZ$40.59 to NZ$39.63, citing updated assumptions for revenue growth, profit margins, and future P/E multiples. What's in the News Fisher & Paykel Healthcare reported a 14% gain in operating revenue for the 2026 financial year, according to its full year 2026 earnings call highlights.
FBU
NZ$3.16
Fletcher Building
7D
1.3%
1Y
5.0%
GNZ
NZ$2.06
Goodman Property Trust
7D
2.0%
1Y
3.3%
ATM
NZ$6.30
a2 Milk
7D
-6.0%
1Y
-28.9%
Narrative Update • May 28

ATM: Settlement Resolution And FY26 Guidance Will Support Further Upside Potential

Analysts have maintained their NZ$10.53 price target for a2 Milk, citing only minor adjustments to underlying assumptions such as revenue growth, profit margins and the future P/E multiple, rather than any change in the core outlook. What's in the News a2 Milk has updated its earnings guidance for fiscal 2026, now expecting revenue growth in the low to mid double digit range of about 10% to 20% compared with fiscal 2025.
FCG
NZ$4.42
Fonterra Co-operative Group
7D
0.7%
1Y
37.6%
CNU
NZ$9.69
Chorus
7D
1.8%
1Y
13.7%
Narrative Update • May 25

CNU: Future Returns Will Depend On Dividend Settings And Stable Assumptions

Analysts have maintained their NZ$ price target for Chorus, with only minor tweaks to assumptions such as a slightly higher discount rate and small adjustments to revenue growth, profit margin, and future P/E, resulting in an unchanged fair value estimate of NZ$9.46. What's in the News Chorus has set the foreign exchange rate for its HY26 unimputed interim dividend to Australian investors at NZD/A$ 0.82484, clarifying the payout conversion for cross border holders.
SPK
NZ$1.85
Spark New Zealand
7D
-1.6%
1Y
-18.7%
AIR
NZ$0.44
Air New Zealand
7D
2.3%
1Y
-24.8%
VHP
NZ$1.88
Vital Healthcare Property Trust
7D
2.2%
1Y
-2.6%