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Australian (ASX) Market Analysis & Valuation

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies1575
  • 7D1.1%
  • 3M-4.0%
  • 1Y6.5%
  • YTD-4.2%

The market is up 1.1% over the last week, with the Materials sector leading the way, up 5.0%. As for the past 12 months, the market is up 6.5%. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Australian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026AU$2.8tAU$1.2tAU$114.9b17.2x24.7x2.3x
Fri, 27 Feb 2026AU$3.1tAU$1.2tAU$110.7b20.4x27.8x2.6x
Sun, 25 Jan 2026AU$3.0tAU$1.2tAU$108.6b21.7x27.9x2.5x
Tue, 23 Dec 2025AU$3.0tAU$1.2tAU$109.8b21.6x26.9x2.5x
Thu, 20 Nov 2025AU$2.8tAU$1.2tAU$110.0b20.7x25.9x2.4x
Sat, 18 Oct 2025AU$2.9tAU$1.2tAU$103.8b21.7x28.1x2.5x
Mon, 15 Sep 2025AU$3.0tAU$1.2tAU$110.8b20.4x27x2.5x
Wed, 13 Aug 2025AU$3.0tAU$1.2tAU$104.3b18.8x28.7x2.5x
Fri, 11 Jul 2025AU$2.9tAU$1.2tAU$102.2b18.6x28.2x2.4x
Sun, 08 Jun 2025AU$2.8tAU$1.2tAU$102.6b17.9x27.7x2.4x
Tue, 06 May 2025AU$2.7tAU$1.2tAU$100.0b17.7x27.2x2.3x
Thu, 03 Apr 2025AU$2.6tAU$1.2tAU$105.0b17.3x25.1x2.2x
Sat, 01 Mar 2025AU$2.7tAU$1.2tAU$105.8b18x25.8x2.2x
Mon, 27 Jan 2025AU$2.8tAU$1.2tAU$89.5b19.3x31x2.4x
Wed, 25 Dec 2024AU$2.7tAU$1.2tAU$89.9b19.9x30.2x2.3x
Fri, 22 Nov 2024AU$2.7tAU$1.2tAU$88.2b19.6x31.1x2.4x
Sun, 20 Oct 2024AU$2.7tAU$1.2tAU$87.8b19.7x31.2x2.4x
Tue, 17 Sep 2024AU$2.7tAU$1.2tAU$87.9b19.8x30.4x2.3x
Thu, 15 Aug 2024AU$2.6tAU$1.2tAU$92.1b19.3x28.1x2.2x
Sat, 13 Jul 2024AU$2.6tAU$1.1tAU$90.8b19.4x29.1x2.3x
Mon, 10 Jun 2024AU$2.6tAU$1.2tAU$92.5b19.2x28.3x2.3x
Wed, 08 May 2024AU$2.6tAU$1.2tAU$92.9b19.9x28x2.2x
Fri, 05 Apr 2024AU$2.6tAU$1.2tAU$94.8b20.2x27.6x2.2x
Sun, 03 Mar 2024AU$2.6tAU$1.2tAU$96.8b19.8x26.8x2.2x
Tue, 30 Jan 2024AU$2.5tAU$1.2tAU$115.5b19x21.9x2.2x
Thu, 28 Dec 2023AU$2.5tAU$1.2tAU$114.3b18.8x22.2x2.2x
Sat, 25 Nov 2023AU$2.4tAU$1.2tAU$116.3b17.9x20.3x2x
Mon, 23 Oct 2023AU$2.3tAU$1.2tAU$120.0b17.6x19.4x2x
Wed, 20 Sep 2023AU$2.4tAU$1.2tAU$119.8b18x20.3x2x
Fri, 18 Aug 2023AU$2.4tAU$1.2tAU$142.9b16.8x16.9x2x
Sun, 16 Jul 2023AU$2.5tAU$1.2tAU$143.9b16.5x17x2.1x
Tue, 13 Jun 2023AU$2.4tAU$1.2tAU$144.7b16x16.5x2.1x
Thu, 11 May 2023AU$2.4tAU$1.2tAU$144.9b16.3x16.8x2.1x
Sat, 08 Apr 2023AU$2.4tAU$1.2tAU$144.8b15.9x16.7x2.1x
Price to Earnings Ratio

16.7x


Total Market Cap: AU$2.4tTotal Earnings: AU$144.8bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.3x202420252026
Current Market PE
  • Investors are relatively neutral on the Australian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 25.3x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.4% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Australian Market?

AU Market1.07%
Materials5.02%
Energy1.58%
Healthcare1.58%
Utilities1.54%
Industrials0.96%
Telecom0.33%
Consumer Staples0.29%
Real Estate-0.33%
Consumer Discretionary-0.46%
Financials-0.78%
Tech-2.32%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.0%, which is higher than its past year's earnings growth of 14.0% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 170x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.8% 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
BHP BHP GroupAU$52.564.9%
+AU$12.4b		37.2%PE18xMaterials
NST Northern Star ResourcesAU$22.1017.6%
+AU$4.7b		22.3%PE20.4xMaterials
FMG FortescueAU$21.095.2%
+AU$3.2b		36.9%PE12xMaterials
WDS Woodside Energy GroupAU$35.094.4%
+AU$2.8b		51.6%PE16.9xEnergy
GGP Greatland ResourcesAU$13.0325.2%
+AU$1.8b		n/aPE13.6xMaterials
See more

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Latest News

NST
AU$20.36
Northern Star Resources
7D
15.9%
1Y
10.8%
GGP
AU$11.34
Greatland Resources
7D
20.8%
1Y
n/a
BSL
AU$25.72
BlueScope Steel
7D
-5.1%
1Y
17.8%

BSL: Takeover Interest And Cash Returns Will Support Future Upside Potential

Analysts have kept their A$31.36 price target for BlueScope Steel broadly unchanged, with only minor tweaks to inputs such as a slightly lower discount rate and a small adjustment to the assumed future P/E multiple guiding this steady view. What's in the News BlueScope Steel received an unsolicited, non binding proposal from SGH and Steel Dynamics to acquire the company for A$13.2b on December 12, 2025, which was later revised to A$14.9b, structured as A$34 per share in cash, with SGH intending to on sell BlueScope’s North American businesses to Steel Dynamics.
WBC
AU$39.47
Westpac Banking
7D
-0.6%
1Y
25.0%

WBC: Refined Discount Rate And P/E Assumptions Will Constrain Future Upside

Analysts have nudged their Westpac Banking price target slightly lower to A$35.27 from A$35.33, citing small refinements to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the modest cut to the A$35.27 target as a technical clean up after updating discount rate and P/E inputs, rather than a shift in conviction on Westpac Banking's core franchise.
ANZ
AU$35.97
ANZ Group Holdings
7D
-1.3%
1Y
22.0%

ANZ: Mixed Broker Views And Payments JV Outcome Will Shape Forward Fairness

The analyst price target for ANZ Group Holdings has shifted slightly lower to around A$37.07. Analysts point to modest adjustments to revenue growth assumptions and the forward P/E multiple, partly offset by a slightly higher profit margin outlook and recent mixed broker views, including a downgrade to Neutral at A$38.14.
MQG
AU$201.93
Macquarie Group
7D
3.5%
1Y
2.5%

MQG: Neutral Upgrade And Asset Recycling Pipeline Will Support Constructive Future Repricing

Analysts have made only a small adjustment to Macquarie Group's implied price target, trimming it by about A$0.30. This change aligns with slightly higher profit margin assumptions and a modestly lower future P/E multiple following a recent upgrade to Neutral with a A$280.73 target.
S32
AU$4.27
South32
7D
8.7%
1Y
33.0%

S32: UBS Upgrade And West Musgrave Option Will Shape Bullish Outlook

South32's updated analyst price target has moved from A$4.69 to A$4.78, with analysts pointing to refreshed fair value estimates and slightly adjusted discount rate and P/E assumptions following recent target hikes and upgrades from the Street. Analyst Commentary Recent research points to a more refined view of South32, with target changes and an upgrade reflecting how analysts are reassessing valuation, execution risks and growth options rather than reacting to a single catalyst.
FMG
AU$20.31
Fortescue
7D
3.1%
1Y
29.8%

FMG: Sector Price Deck Reset Will Shape Fair Value And Payouts

Analysts have nudged their fair value estimate for Fortescue slightly lower, trimming the implied price target by around A$0.12. Updated commodity price forecasts and a more cautious stance on the Australia metals and mining sector have fed into modestly softer revenue growth assumptions and a slightly lower future P/E.
EVN
AU$12.62
Evolution Mining
7D
6.1%
1Y
74.6%

EVN: Higher Commodity Decks Will Likely Support Repriced Earnings Power

Analysts have lifted the fair value estimate for Evolution Mining from A$13.17 to A$13.91, reflecting higher price targets across the Street as they refresh commodity price decks and factor in updated views on gold and broader metals markets. Analyst Commentary Street research on Evolution Mining has shifted meaningfully in recent weeks as analysts refresh commodity price assumptions and update valuation models.
CBA
AU$167.70
Commonwealth Bank of Australia
7D
-2.0%
1Y
9.4%

CBA: Margin And Pricing Risks Will Limit Premium Multiple Sustainability

Analysts have raised the Commonwealth Bank of Australia fair value estimate from A$139.60 to A$143.07, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E. These updates align with recent sector research trends on pricing, margin durability and selective positioning in financials.
LYC
AU$18.96
Lynas Rare Earths
7D
-3.1%
1Y
168.6%
EDV
AU$3.26
Endeavour Group
7D
-9.4%
1Y
-15.5%

EDV: Recent Trading Update And Citi Upgrade Will Support Future Upside Potential

The analyst price target for Endeavour Group has been revised to A$5.25 from A$5.50, with analysts citing the recent Citi upgrade to Buy and the view that the latest trading update could be the last near term downgrade, unless conditions weaken further or extra investment is needed. Analyst Commentary Bullish analysts are leaning into a more constructive view on Endeavour Group, pointing to recent stock calls that frame the latest trading update as a potential clearing event rather than the start of a new downgrade cycle.
JHX
AU$26.10
James Hardie Industries
7D
-6.1%
1Y
-29.4%

JHX: Margin Repricing And Lower P/E Assumptions Will Drive Future Multiple Rerating

Analysts have lifted their price target on James Hardie Industries by A$0.36, reflecting updated assumptions on fair value, profit margins and future P/E, as echoed in recent target increases from firms such as Barclays and Truist. Analyst Commentary Bullish analysts are pointing to the latest price target revisions as a sign of growing confidence in how James Hardie Industries is positioned, especially around margins and the P/E profile that underpins their fair value work.
BHP
AU$50.39
BHP Group
7D
3.9%
1Y
29.6%

BHP: Commodity Cycles And China Recovery Will Shape Fairly Valued Outlook

Analysts have adjusted the BHP Group fair value estimate slightly higher to A$52.50. This reflects refreshed price targets that balance updated revenue and margin assumptions with mixed views on commodity exposure and valuation.
NAB
AU$41.44
National Australia Bank
7D
-3.1%
1Y
20.5%

NAB: Leadership Transitions Will Shape Risk Outlook Within A Fair Valuation Range

Analysts have raised their price target for National Australia Bank from A$39.23 to A$43.01, citing updated assumptions that include adjusted discount rates, revised revenue growth and profit margin estimates, and an updated future P/E multiple. What's in the News Long serving Group Executive Shaun Dooley plans to retire from National Australia Bank by the end of 2026 after a 33 year career with the bank, including serving as Group Chief Risk Officer since 2018 and acting Group Chief Financial Officer since March 2025 (Key Developments).
PLS
AU$5.12
PLS Group
7D
12.8%
1Y
222.0%

PLS: Higher Margins And Steady Output Will Support Stronger Share Pricing

Analysts have modestly revised their price target on PLS Group to A$5.80. This reflects slightly updated assumptions around discount rate, revenue growth, profit margin and future P/E, while keeping their overall valuation view broadly unchanged.