Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Market Analysis & Valuation

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies1576
  • 7D0.6%
  • 3M-3.2%
  • 1Y11.5%
  • YTD-3.2%

The market has been flat over the last week. As for the longer term, the market has risen 12% in the past 12 months. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026AU$2.9tAU$1.2tAU$114.6b17.2x25x2.4x
Tue, 03 Mar 2026AU$3.1tAU$1.2tAU$110.5b20.9x27.9x2.6x
Thu, 29 Jan 2026AU$3.0tAU$1.2tAU$108.0b21.6x28.2x2.6x
Sat, 27 Dec 2025AU$3.0tAU$1.2tAU$109.7b21.7x27.1x2.5x
Mon, 24 Nov 2025AU$2.8tAU$1.2tAU$110.2b20.5x25.8x2.4x
Wed, 22 Oct 2025AU$2.9tAU$1.2tAU$103.7b21.8x28.4x2.5x
Fri, 19 Sep 2025AU$3.0tAU$1.2tAU$110.8b20.2x26.7x2.5x
Sun, 17 Aug 2025AU$3.0tAU$1.2tAU$105.6b19x28.5x2.5x
Tue, 15 Jul 2025AU$2.9tAU$1.2tAU$102.2b18.6x28.2x2.4x
Thu, 12 Jun 2025AU$2.9tAU$1.2tAU$102.6b18.1x28x2.4x
Sat, 10 May 2025AU$2.7tAU$1.2tAU$103.7b17.8x26.5x2.3x
Mon, 07 Apr 2025AU$2.5tAU$1.2tAU$106.9b16.8x23.8x2.1x
Wed, 05 Mar 2025AU$2.7tAU$1.2tAU$105.3b17.9x26x2.2x
Fri, 31 Jan 2025AU$2.8tAU$1.2tAU$90.1b19.5x31.1x2.4x
Sun, 29 Dec 2024AU$2.7tAU$1.2tAU$90.1b19.9x30.3x2.3x
Tue, 26 Nov 2024AU$2.8tAU$1.2tAU$88.3b19.5x31.4x2.4x
Thu, 24 Oct 2024AU$2.7tAU$1.2tAU$88.1b19.8x30.8x2.3x
Sat, 21 Sep 2024AU$2.7tAU$1.2tAU$87.7b19.4x30.9x2.3x
Mon, 19 Aug 2024AU$2.6tAU$1.2tAU$91.4b19.7x28.7x2.3x
Wed, 17 Jul 2024AU$2.7tAU$1.1tAU$90.9b19.3x29.2x2.3x
Fri, 14 Jun 2024AU$2.6tAU$1.2tAU$92.2b18.9x28x2.2x
Sun, 12 May 2024AU$2.6tAU$1.2tAU$93.2b19.8x27.7x2.2x
Tue, 09 Apr 2024AU$2.6tAU$1.2tAU$94.9b20.2x27.4x2.2x
Thu, 07 Mar 2024AU$2.6tAU$1.2tAU$96.9b19.7x26.7x2.2x
Sat, 03 Feb 2024AU$2.6tAU$1.2tAU$115.5b19x22.3x2.2x
Mon, 01 Jan 2024AU$2.6tAU$1.2tAU$114.5b18.8x22.3x2.2x
Wed, 29 Nov 2023AU$2.3tAU$1.2tAU$116.0b17.9x20.3x2x
Fri, 27 Oct 2023AU$2.3tAU$1.2tAU$120.1b17.4x19.1x1.9x
Sun, 24 Sep 2023AU$2.4tAU$1.2tAU$119.9b17.7x19.9x2x
Tue, 22 Aug 2023AU$2.4tAU$1.2tAU$141.5b16.8x17x2x
Thu, 20 Jul 2023AU$2.5tAU$1.2tAU$144.5b16.6x17x2.1x
Sat, 17 Jun 2023AU$2.4tAU$1.2tAU$143.6b16x16.9x2.1x
Mon, 15 May 2023AU$2.4tAU$1.2tAU$145.8b16.3x16.7x2.1x
Wed, 12 Apr 2023AU$2.5tAU$1.2tAU$144.8b16.1x16.9x2.1x
Price to Earnings Ratio

16.9x


Total Market Cap: AU$2.5tTotal Earnings: AU$144.8bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.4x202420252026
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 25.4x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.5% 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 Market0.63%
Materials2.89%
Energy1.77%
Consumer Staples1.69%
Utilities1.54%
Telecom1.29%
Industrials-0.15%
Real Estate-0.23%
Financials-0.29%
Consumer Discretionary-0.66%
Tech-0.97%
Healthcare-1.37%
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 20.8%, 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
NST Northern Star ResourcesAU$21.9118.1%
+AU$4.8b		16.2%PE20.2xMaterials
BHP BHP GroupAU$51.231.7%
+AU$4.4b		39.1%PE17.5xMaterials
GGP Greatland ResourcesAU$12.8531.7%
+AU$2.1b		n/aPE13.4xMaterials
S32 South32AU$4.429.7%
+AU$1.7b		57.3%PE34.6xMaterials
MQG Macquarie GroupAU$205.592.1%
+AU$1.5b		18.2%PE20.7xFinancials
See more

Market Insights

Header cover image
What’s happening with Renewables & EVs?
Richard Bowman avatar
Richard Bowman
Part 1 of 3 in our “What’s happening with…” series, where we look back on the investment themes that were all the rage just a few years ago and see how they're doing now.
Continue reading
How to spot the winners in 2026's IPOs

Latest News

TLS
AU$5.42
Telstra Group
7D
1.7%
1Y
25.2%

TLS: Future Returns Will Rely On Buybacks Dividends And Execution Resilience

Analysts have slightly lifted their fair value estimate for Telstra Group, taking the implied price target from about A$5.21 to around A$5.27. This reflects modest adjustments to discount rate, revenue growth, profit margin and future P/E assumptions in light of recent research commentary on peers facing software sector pressure but still reporting solid results and in-line guidance.
MQG
AU$205.59
Macquarie Group
7D
2.1%
1Y
18.2%
S32
AU$4.42
South32
7D
9.7%
1Y
57.3%
SUN
AU$15.80
Suncorp Group
7D
-3.8%
1Y
-17.5%

SUN: Future Upside Will Hinge On Earnings Delivery And Dividend Support

Analysts have made a small downward adjustment to Suncorp Group's assessed fair value to about A$18.18 per share, citing a minor refinement in profit margin and forward P/E assumptions, while also pointing to recent research that highlights what is viewed as a compelling valuation at current share levels. Analyst Commentary Recent commentary from Goldman Sachs, alongside the updated fair value of about A$18.18 per share, gives you a clearer view of how the market is framing Suncorp Group at current prices.
NST
AU$21.91
Northern Star Resources
7D
18.1%
1Y
16.2%

NST: Higher Long Term Gold Pricing Is Expected To Support Upside

Analysts lifted their price target for Northern Star Resources to A$35 from A$30, citing updated long-term commodity price assumptions for gold and other metals as the main reason for the change. Analyst Commentary Recent research points to revised long term commodity price assumptions for gold and other metals as a key driver behind the higher A$35 price target for Northern Star Resources, compared with the prior A$30 level.
LYC
AU$19.41
Lynas Rare Earths
7D
-3.3%
1Y
165.5%

LYC: Revised Offtake Floor Price And Full Operations Will Support Rare Earth Upside

Analysts have lifted their price target on Lynas Rare Earths to A$26.00, citing the revised Lynas JARE offtake deal with its A$110/kg NdPr floor price and the capacity for additional higher return Western contracts as key supports for the updated assumptions on margins and valuation multiples. Analyst Commentary Bullish analysts are highlighting the revised Lynas JARE offtake deal and the company's operating position as key supports for more constructive views on the stock.
MIN
AU$52.68
Mineral Resources
7D
-7.1%
1Y
178.0%

MIN: Fair Value Will Reflect Balanced Profitability Assumptions And Revised Earnings Multiple

Analysts have trimmed their price target for Mineral Resources slightly to reflect a new fair value estimate of about A$59.38 per share, compared with roughly A$59.85 previously, citing refreshed assumptions for the discount rate, revenue growth, profit margin and future P/E. Valuation Changes Fair Value: A$59.38 per share, slightly below the previous estimate of A$59.85.
REH
AU$13.15
Reece
7D
-7.7%
1Y
-7.6%
GGP
AU$12.85
Greatland Resources
7D
31.7%
1Y
n/a
WBC
AU$39.85
Westpac Banking
7D
-2.2%
1Y
28.6%

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.
GMG
AU$26.08
Goodman Group
7D
2.6%
1Y
-5.4%

GMG: Asset Sale And Lower P/E Assumptions Will Support Stronger Future Returns

Analysts have trimmed their price target on Goodman Group to A$34.96 from A$35.86 as they factor in slightly different assumptions for revenue growth, profit margins and future P/E multiples. What's in the News Goodman Group is in discussions to sell Melbourne's Moorabbin Airport Corporation to the Australian arm of Barings and a consortium of four major investment funds for more than A$1.5b, with the deal subject to multiple approvals (Key Developments).
CSL
AU$138.93
CSL
7D
-3.0%
1Y
-45.2%

CSL: Manufacturing Expansion And Horizon 2 Rollout Will Support Future Share Recovery

Narrative Update on CSL Analysts have adjusted CSL's fair value estimate from A$205.16 to A$207.81. This reflects updated views on its discount rate, revenue growth, profit margins and future P/E assumptions, alongside recent mixed rating actions on the stock.
EVN
AU$13.02
Evolution Mining
7D
4.5%
1Y
86.3%

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$172.80
Commonwealth Bank of Australia
7D
-0.5%
1Y
12.2%

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.
BHP
AU$51.23
BHP Group
7D
1.7%
1Y
39.1%

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.
TCL
AU$13.86
Transurban Group
7D
-1.5%
1Y
1.2%