Australian equities have begun shifting away from the momentum-driven extremes of recent years, with valuation gaps narrowing as once‑popular market darlings undergo meaningful de‑rating. In an environment where headline multiples remain elevated, value investor Dougal Maple‑Brown sees the most compelling opportunities emerging beneath the surface as overstretched stocks reset and long‑term fundamentals reassert themselves. From select names like CSL and Woolworths, where expectations have sharply recalibrated, to areas such as energy that still trade below long‑run pricing assumptions, Maple‑Brown argues that valuation discipline is finally being rewarded—while caution remains essential in parts of the market where prices continue to imply unrealistic growth.