ANZ Group Holdings Limited

ASX:ANZ Stock Report

Market Cap: AU$101.9b

ANZ Group Holdings Valuation

Is ANZ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ANZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AU$34.8
Fair Value
2.3% undervalued intrinsic discount
13
Number of Analysts

Below Fair Value: ANZ (A$34.02) is trading below our estimate of fair value (A$34.8)

Significantly Below Fair Value: ANZ is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ANZ?

Key metric: As ANZ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ANZ. This is calculated by dividing ANZ's market cap by their current earnings.
What is ANZ's PE Ratio?
PE Ratio15x
EarningsAU$6.77b
Market CapAU$101.90b

Price to Earnings Ratio vs Peers

How does ANZ's PE Ratio compare to its peers?

The above table shows the PE ratio for ANZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.9x
WBC Westpac Banking
19x0.04%AU$134.3b
NAB National Australia Bank
19.5x3.34%AU$136.3b
CBA Commonwealth Bank of Australia
28x4.14%AU$284.9b
BFL BSP Financial Group
9xn/aAU$3.6b
ANZ ANZ Group Holdings
15x3.13%AU$101.9b

Price-To-Earnings vs Peers: ANZ is good value based on its Price-To-Earnings Ratio (15x) compared to the peer average (18.9x).

Price to Earnings Ratio vs Industry

How does ANZ's PE Ratio compare vs other companies in the Global Banks Industry?

12 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ANZ 15.0xIndustry Avg. 10.3xNo. of Companies233PE0612182430+
12 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ANZ is expensive based on its Price-To-Earnings Ratio (15x) compared to the Global Banks industry average (10.3x).

Price to Earnings Ratio vs Fair Ratio

What is ANZ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ANZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15x
Fair PE Ratio18.5x

Price-To-Earnings vs Fair Ratio: ANZ is good value based on its Price-To-Earnings Ratio (15x) compared to the estimated Fair Price-To-Earnings Ratio (18.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ANZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$34.02
AU$31.23
-8.21%
8.03%AU$36.70AU$26.50n/a13
Sep ’26AU$33.57
AU$29.69
-11.56%
8.67%AU$34.65AU$26.39n/a13
Aug ’26AU$30.87
AU$28.56
-7.49%
8.58%AU$33.00AU$24.51n/a13
Jul ’26AU$29.89
AU$28.56
-4.45%
8.58%AU$33.00AU$24.51n/a13
Jun ’26AU$29.04
AU$28.83
-0.73%
8.33%AU$33.00AU$24.51n/a13
May ’26AU$29.74
AU$29.46
-0.94%
7.44%AU$34.00AU$26.33n/a13
Apr ’26AU$29.48
AU$29.90
+1.43%
9.12%AU$35.00AU$25.25n/a13
Mar ’26AU$29.79
AU$29.71
-0.25%
9.58%AU$35.00AU$25.25n/a13
Feb ’26AU$30.62
AU$30.00
-2.03%
9.96%AU$35.00AU$25.25n/a13
Jan ’26AU$28.54
AU$29.73
+4.17%
10.57%AU$35.00AU$25.25n/a13
Dec ’25AU$31.17
AU$29.46
-5.47%
9.65%AU$34.00AU$25.25n/a14
Nov ’25AU$31.07
AU$28.57
-8.04%
10.55%AU$33.20AU$22.00n/a14
Oct ’25AU$30.15
AU$28.56
-5.27%
10.15%AU$32.70AU$22.00AU$33.2815
Sep ’25AU$30.40
AU$28.48
-6.33%
10.36%AU$32.70AU$22.00AU$33.5715
Aug ’25AU$29.24
AU$28.21
-3.51%
9.90%AU$32.10AU$22.00AU$30.8715
Jul ’25AU$28.45
AU$28.04
-1.43%
9.00%AU$31.50AU$22.00AU$29.8915
Jun ’25AU$28.25
AU$28.04
-0.73%
9.00%AU$31.50AU$22.00AU$29.0415
May ’25AU$28.08
AU$27.71
-1.32%
8.03%AU$31.00AU$22.00AU$29.7414
Apr ’25AU$29.40
AU$27.71
-5.74%
8.62%AU$31.00AU$21.00AU$29.4814
Mar ’25AU$28.75
AU$26.90
-6.43%
9.33%AU$31.00AU$21.00AU$29.7914
Feb ’25AU$26.92
AU$26.12
-2.98%
8.77%AU$31.00AU$21.00AU$30.6214
Jan ’25AU$25.92
AU$25.60
-1.25%
8.43%AU$31.00AU$21.00AU$28.5414
Dec ’24AU$24.43
AU$25.56
+4.63%
8.38%AU$31.00AU$21.00AU$31.1714
Nov ’24AU$24.87
AU$26.14
+5.11%
7.99%AU$31.00AU$21.50AU$31.0714
Oct ’24AU$25.66
AU$26.19
+2.07%
7.85%AU$31.00AU$21.50AU$30.1514
AU$31.23
Fair Value
8.9% overvalued intrinsic discount
13
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/06 07:37
End of Day Share Price 2025/10/06 00:00
Earnings2025/03/31
Annual Earnings2024/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

ANZ Group Holdings Limited is covered by 34 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brett Le MesurierAxiome Equities
Craig StaffordBarrenjoey Markets Pty Limited
Jonathan MottBarrenjoey Markets Pty Limited