Australia vs Global Equities: Valuation & Earnings Growth - 17 July 2026: Australian Equities Wrap: Valuation Metrics, PE Dispersion, & Australian Market FY26 Earnings Revisions.

Research evidence excerpt

Australia vs Global Equities: Valuation & Earnings Growth - 17 July 2026: Australian Equities Wrap: Valuation Metrics, PE Dispersion, & Australian Market FY26 Earnings Revisions.

Australia | Equity Strategy EquityJulyResearch17, 2026

STRATEGY NOTEAustralia vs Global Equities: Valuation &

Earnings Growth - 17 July 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 0.9%

S&P500 10.1%

Nasdaq 15.0%

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

FTSE 100 6.5%

S&P/ASX 200 PE (12MFwd) Hang Seng -4.6%

. Nikkei 225 26.7%

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 0.9%

Earnings Revisions ASX 200 Industrials -1.4%

ASX 200 Resources 7.3%

1 month 3 Months 6 Months 12 Months

ASX 200 REITs -8.3%

Market -1.8% -1.7% 0.7% 4.8% . ASX Small Ords -12.2%

Market ex Resources -0.7% -2.9% -5.2% -9.7% Source: Bloomberg, Factset, Jefferies research

Market ex Resources & Banks -0.8% -3.0% -5.7% -10.9%. Exhibit 7 - ASX Sector Indices: Price-Earnings

Source: Bloomberg, Factset, Jefferies research Ratio's

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 -3.3% 10.5% 87.2% 59.1% 5.0

0.0