PE, EVM, DPS, EPS Growth & Yield By Market (Global Indices): Equity Strategy Equity Research

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PE, EVM, DPS, EPS Growth & Yield By Market (Global Indices): Equity Strategy Equity Research

Australia | Equity Strategy EquityJulyResearch3, 2026

STRATEGY NOTEAustralia vs Global Equities: Valuation &

Earnings Growth - 3 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 1.5%

S&P500 9.3%

Nasdaq 16.2%

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

FTSE 100 7.3%

S&P/ASX 200 PE (12MFwd) Hang Seng -8.8%

. Nikkei 225 38.5%

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: FY26 Earnings Revisions ASX 200 1.5%

Earnings Revisions ASX 200 Industrials -3.6%

ASX 200 Resources 13.6%

1 month 3 Months 6 Months 12 Months

ASX 200 REITs -7.2%

Market 1.0% 0.5% 3.7% 6.6% . ASX Small Ords -8.7%

Market ex Resources 0.6% -1.9% -4.4% -8.7% Source: Bloomberg, Factset, Jefferies research

Market ex Resources & Banks 0.6% -1.7% -4.9% -9.8%. Exhibit 7 - ASX Sector Indices: Price-Earnings

Source: Bloomberg, Factset, Jefferies research Ratio's

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 -0.8% 23.1% 81.5% 59.8% 5.0

0.0

Materials 2.0% 2.7% 15.4% 45.0% ASX 200 ASX 200 ASX 200 ASX 200 REITs ASX Small

. Industrials Resources Ords