Market Ratios

Research evidence excerpt

Market Ratios

Macquarie Equity Research

23 June 2026

Database

AustraliaMarket Ratios

Markets were down slightly

Sheridan

Key Points Maher

• The market went back to negative returns this week.

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

positive revisions.

• Healthcare was the best performing sector, up 3.4%. Index 22/06/2026Index Value Change%

ASX 100 7,369 -1.3

ASX 300 8,756 -1.1

Event Small Ordinaries 3,554 0.0

US S&P 500 7,473 -0.1

• The ASX100 decreased 1.3%, the ASX300 was down 1.1%, and the Small Dow Jones 51,713 -0.8

Ordinaries had no change. In the US, the S&P 500 fell 0.1%, while the Dow AU GICS Sectors

Jones was down 0.8%. Energy 9,749 -3.3

Materials 24,416 -4.7

• The best performing sector this week was Healthcare, up 3.4%. CSL, Pro Industrials 8,489 0.6

Medicus, and Cochlear all contributed to this result. Consumer Discretionary 3,850 2.1

Consumer Staples 12,948 1.1

• Materials took the biggest hit, falling 4.7%. BHP Group, Rio Tinto, and PLS Healthcare 24,836 3.4

were the main contributors. Financials 9,289 0.5

Property Trusts 1,722 -1.5

• The market PER for June 2026 decreased to 18.6x, and the PER for Information Technology 1,763 -3.4

December 2026 decreased to 17.4x. The market EPSg for June 2026 CommunicationUtilities 1,6189,695 -1.8-2.3

increased to 9.7%, and the EPSg for December 2026 increased to 13.1%.

Source: FactSet, June 2026

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

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

10• Sims led the positive revisions table, while Flight Centre led the negative 5

revisions table. 0

Revisions – Four-week rolling FactSet FY1 EPS net earnings revisions Revisions -10-5

Net

% -15