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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%

In the last week, the market has been flat, with a notable exception in the Communication Services sector dropping 3.6%. As for the longer term, the market has risen 3.8% in the past 12 months. 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 34.6x 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
EBO EBOS GroupNZ$20.505.0%
+NZ$202.8m		-45.7%PE15.2xHealthcare
GNZ Goodman Property TrustNZ$2.063.0%
+NZ$91.8m		5.1%PB1xReal Estate
GXH Green Cross HealthNZ$2.0738.0%
+NZ$81.9m		165.4%PE14.6xConsumer Staples
GNE Genesis EnergyNZ$2.572.4%
+NZ$78.5m		12.5%PE17.3xUtilities
HGH Heartland Group HoldingsNZ$1.215.7%
+NZ$61.4m		47.0%PB0.9xFinancials
See more

Market Insights

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Latest News

MEL
NZ$5.77
Meridian Energy
7D
-1.7%
1Y
-1.0%
EBO
NZ$20.50
EBOS Group
7D
5.0%
1Y
-45.7%
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$2.57
Genesis Energy
7D
2.4%
1Y
12.5%
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.
RYM
NZ$2.28
Ryman Healthcare
7D
0.9%
1Y
1.3%
GXH
NZ$2.07
Green Cross Health
7D
38.0%
1Y
165.4%
IFT
NZ$15.23
Infratil
7D
-3.4%
1Y
48.6%
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
5.7%
1Y
47.0%
VGL
NZ$2.13
Vista Group International
7D
-17.8%
1Y
-40.5%
Narrative Update • Jun 03

VGL: Index Removal And Board Challenge Will Pressure Future Share Performance

Analysts have modestly adjusted their NZ$1.82 price target for Vista Group International, reflecting slightly updated assumptions for the discount rate, revenue growth, profit margin and future P/E, while keeping their overall valuation framework broadly unchanged. What's in the News Regal Cineworld Group, an existing client, agreed to transition 88 Cineworld sites with more than 950 screens in the United Kingdom to Vista Cloud’s Digital Enablement capability, with rollout expected during 2026, following the earlier transition of 25 Picturehouse Cinemas sites to Digital Enablement during 2025.
PEB
NZ$0.30
Pacific Edge
7D
7.1%
1Y
209.3%
MFT
NZ$62.00
Mainfreight
7D
-4.2%
1Y
-12.1%
FBU
NZ$3.03
Fletcher Building
7D
-3.5%
1Y
0.3%
GNZ
NZ$2.06
Goodman Property Trust
7D
3.0%
1Y
5.1%
GTK
NZ$3.98
Gentrack Group
7D
8.4%
1Y
-67.8%
AIA
NZ$8.12
Auckland International Airport
7D
-1.8%
1Y
3.5%
Narrative Update • May 26

AIA: Passenger Volumes Will Steady Outlook Despite Middle East Travel Risks

Analysts have trimmed Auckland International Airport's fair value estimate from NZ$8.66 to NZ$8.58, reflecting a lower NZ$8.25 price target, as they factor in a more uncertain near term outlook and the potential for travel disruptions linked to the Middle East conflict through fiscal 2027. Analyst Commentary Recent research updates on Auckland International Airport point to a more cautious stance, with attention on both valuation and the risk that travel patterns could be disrupted through fiscal 2027 by the ongoing Middle East conflict.
CNU
NZ$9.43
Chorus
7D
-3.3%
1Y
11.4%
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$1.90
Spark New Zealand
7D
-3.1%
1Y
-15.9%