Market Ratios

Research evidence excerpt

Market Ratios

Macquarie Equity Research

19 May 2026

Database

AustraliaMarket Ratios

Slipping over

Sheridan

Key Points Maher

• The market was back in the red this week.

• Net revisions were negative, indicating more negative revisions than Market movements

positive revisions.

• Energy was the best performing sector, up 3.7%. Index 19/05/2026Index Value Change%

ASX 100 7,122 -1.8

ASX 300 8,444 -1.9

Event Small Ordinaries 3,365 -3.0

US S&P 500 7,403 0.0

• The ASX100 decreased 1.8%, the ASX300 was down 1.9%, and the Small Dow Jones 49,526 -0.5

Ordinaries decreased 3%. In the US, the S&P 500 had no change, while AU GICS Sectors

the Dow Jones was down 0.5%. Energy 10,705 3.7

Materials 23,888 -3.8

• Energy was the strongest performing sector, increasing 3.7%. This was Industrials 7,857 -2.4

led by Woodside Energy and Santos. Consumer Discretionary 3,338 1.9

Consumer Staples 11,334 -1.5

• Materials went from the highs of last week to the lows, down 3.8%. Healthcare 22,313 -1.4

Evolution Mining, Northern Star, and Mineral Resources being the major Financials 9,079 -2.3 Property Trusts 1,618 -1.0

contributors to this fall. Information Technology 1,732 0.4

• The market PER for June 2026 decreased to 17.9x, and the PER for CommunicationUtilities 10,0351,719 -1.80.2

December 2026 decreased to 17x. The market EPSg for June 2026

decreased to 9.5% and for December 2026 decreased to 11.7%. Source: IRESS, May 2026

• The four-week rolling FactSet Australian earnings net revisions were

negative, indicating more negative revisions than positive revisions. 15 FactSet Australian earnings revisions

• Block led the positive revisions table, while CSL led the negative revisions 105

table. -50

Revisions -10

Net

Revisions – Four-week rolling FactSet FY1 EPS net earnings revisions % -15-20