Australia vs Global Equities: Valuation & Earnings Growth - 26 June 2026: Australian Equities Wrap: Valuation Metrics, PE Dispersion, & Australian Market FY26 Earnings Revisions.

Research evidence excerpt

Australia vs Global Equities: Valuation & Earnings Growth - 26 June 2026: Australian Equities Wrap: Valuation Metrics, PE Dispersion, & Australian Market FY26 Earnings Revisions.

Australia | Equity Strategy EquityJuneResearch26, 2026

STRATEGY NOTEAustralia vs Global Equities: Valuation &

Earnings Growth - 26 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 0.6%

S&P500 7.5%

Nasdaq 16.6%

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

FTSE 100 6.0%

S&P/ASX 200 PE (12MFwd) Hang Seng -11.6%

. Nikkei 225 37.1%

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

Exhibit 5 - Global Indices: Price-Earnings

17 Ratio's

PE FY1

15 30.0

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 0.6%

Earnings Revisions ASX 200 Industrials -3.0%

ASX 200 Resources 11.0%

1 month 3 Months 6 Months 12 Months

ASX 200 REITs -3.7%

Market 1.4% 0.2% 3.9% 6.6% . ASX Small Ords -9.7%

Market ex Resources 0.6% -2.9% -4.5% -8.6% Source: Bloomberg, Factset, Jefferies research

Market ex Resources & Banks 0.6% -2.8% -4.9% -9.7%. Exhibit 7 - ASX Sector Indices: Price-Earnings

Source: Bloomberg, Factset, Jefferies research Ratio's

Exhibit 3 - ASX Sector Indices: Earnings Revisions 25.0

GICS Earnings Revisions 20.0

15.0

1 month 3 Months 6 Months 12 Months 10.0

Energy 5.3% 39.8% 83.8% 60.7% 5.0

0.0