Australia vs Global Equities: Valuation & Earnings Growth - 12 June 2026

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Australia vs Global Equities: Valuation & Earnings Growth - 12 June 2026

Australia | Equity Strategy EquityJuneResearch12, 2026

STRATEGY NOTEAustralia vs Global Equities: Valuation &

Earnings Growth - 12 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 1.0%

S&P500 8.0%

Nasdaq 16.6%

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

FTSE 100 3.8%

S&P/ASX 200 PE (12MFwd) Hang Seng -3.9%

. Nikkei 225 31.3%

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: FY26 Earnings Revisions ASX 200 1.0%

Earnings Revisions ASX 200 Industrials -6.2%

ASX 200 Resources 18.5% 1 month 3 Months 6 Months 12 Months

ASX 200 REITs -5.2%

Market 1.3% 1.1% 3.5% 5.3%

. ASX Small Ords -8.1%

Market ex Resources 0.2% -2.7% -4.9% -9.0% Source: Bloomberg, Factset, Jefferies research

Market ex Resources & Banks 0.3% -2.6% -5.4% -10.2%. Exhibit 7 - ASX Sector Indices: Price-Earnings

Source: Bloomberg, Factset, Jefferies research Ratio's

PE FY1

Exhibit 3 - ASX Sector Indices: FY26 Earnings Revisions 25.0

GICS Earnings Revisions 20.0

15.0

1 month 3 Months 6 Months 12 Months 10.0

Energy 7.0% 66.7% 85.0% 59.2% 5.0

0.0

Materials 2.5% 3.4% 15.7% 39.9% ASX 200 ASX 200 ASX 200 ASX 200 REITs ASX Small

. Industrials Resources Ords