Australia vs Global Equities: Valuation & Earnings Growth - 19 June 2026

Research evidence excerpt

Australia vs Global Equities: Valuation & Earnings Growth - 19 June 2026

Australia | Equity Strategy EquityJuneResearch19, 2026

STRATEGY NOTEAustralia vs Global Equities: Valuation &

Earnings Growth - 19 June 2026

Australian Equities Wrap: Valuation Metrics, PE Dispersion, & Australian Exhibit 4 - Global Indices: Year-to-Date

Returns

Market FY26 Earnings Revisions.

YTD return

S&P/ASX 200 Price-Earnings Ratio: ASX200 1.3%

S&P500 9.6%

Nasdaq 20.4%

Exhibit 1 - S&P/ASX 200: Price-Earnings Ratio

FTSE 100 4.7%

S&P/ASX 200 PE (12MFwd) Hang Seng -6.7%

. Nikkei 225 40.9%

21 +2sd Source: Bloomberg, Factset, Jefferies research

Exhibit 5 - Global Indices: Price-Earnings

17 Ratio's

15 30.0 PE FY1

13 25.0

20.0

11 15.0

9 10.05.0

7 0.0 ASX200 S&P500 Nasdaq FTSE 100 Hang Seng Nikkei 225

.

2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Source: Bloomberg, Factset, Jefferies research

Source: Bloomberg, Factset, Jefferies research

Exhibit 6 - ASX Sector Indices: Year-to Date

Australian Market FY26 Earnings Revisions:

Exhibit 2 - ASX: FY25 Earnings Revisions ASX 200 1.3%

Earnings Revisions ASX 200 Industrials -4.1%

ASX 200 Resources 16.7% 1 month 3 Months 6 Months 12 Months

ASX 200 REITs -5.3%

Market 0.6% 0.3% 2.8% 5.1%

. ASX Small Ords -5.7%

Market ex Resources -0.1% -3.1% -5.0% -9.3% Source: Bloomberg, Factset, Jefferies research

Market ex Resources & Banks -0.1% -3.0% -5.5% -10.5%. Exhibit 7 - ASX Sector Indices: Price-Earnings

Source: Bloomberg, Factset, Jefferies research Ratio's

PE FY1

Exhibit 3 - ASX Sector Indices: FY25 Earnings Revisions 25.0

GICS Earnings Revisions 20.0

15.0

1 month 3 Months 6 Months 12 Months 10.0

Energy 4.2% 53.9% 81.4% 57.8% 5.0

0.0

Materials 1.7% 2.6% 13.5% 40.1% ASX 200 ASX 200 ASX 200 ASX 200 REITs ASX Small

. Industrials Resources Ords