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U.K. (FTSE) Capital Markets Industry Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies143
  • 7D-1.4%
  • 3M-6.8%
  • 1Y-8.0%
  • YTD1.1%

Over the last 7 days, the Capital Markets industry has dropped 2.2%, driven by a pullback from London Stock Exchange Group of 6.9%. However, the industry is down 7.5% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

Has the U.K. Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026UK£151.2bUK£55.3bUK£12.5b14.5x12.1x2.7x
Sun, 28 Dec 2025UK£151.1bUK£55.4bUK£12.6b13x12x2.7x
Tue, 25 Nov 2025UK£149.2bUK£56.2bUK£13.1b12.8x11.4x2.7x
Thu, 23 Oct 2025UK£164.8bUK£55.0bUK£11.6b14.3x14.2x3x
Sat, 20 Sep 2025UK£154.8bUK£54.8bUK£11.5b13.6x13.4x2.8x
Mon, 18 Aug 2025UK£162.1bUK£54.8bUK£11.6b13.4x14x3x
Wed, 16 Jul 2025UK£170.7bUK£63.8bUK£10.9b13.1x15.7x2.7x
Fri, 13 Jun 2025UK£168.8bUK£63.8bUK£10.9b12.6x15.5x2.6x
Sun, 11 May 2025UK£167.3bUK£62.9bUK£10.1b12.4x16.6x2.7x
Tue, 08 Apr 2025UK£145.5bUK£63.3bUK£10.3b10.4x14.1x2.3x
Thu, 06 Mar 2025UK£173.1bUK£64.3bUK£10.3b12x16.8x2.7x
Sat, 01 Feb 2025UK£178.6bUK£64.8bUK£9.8b11.9x18.2x2.8x
Mon, 30 Dec 2024UK£168.1bUK£64.8bUK£9.5b11.6x17.8x2.6x
Wed, 27 Nov 2024UK£167.7bUK£64.7bUK£9.7b12.3x17.3x2.6x
Fri, 25 Oct 2024UK£160.3bUK£64.1bUK£9.3b12.6x17.3x2.5x
Sun, 22 Sep 2024UK£157.6bUK£64.0bUK£9.1b13.1x17.3x2.5x
Tue, 20 Aug 2024UK£155.5bUK£64.0bUK£9.0b13x17.3x2.4x
Thu, 18 Jul 2024UK£149.8bUK£53.9bUK£8.6b15.4x17.4x2.8x
Sat, 15 Jun 2024UK£147.7bUK£54.0bUK£8.4b15.7x17.6x2.7x
Mon, 13 May 2024UK£141.8bUK£53.2bUK£8.1b16.1x17.4x2.7x
Wed, 10 Apr 2024UK£138.3bUK£53.9bUK£8.7b15.2x15.9x2.6x
Fri, 08 Mar 2024UK£136.4bUK£56.4bUK£8.6b16.5x15.9x2.4x
Sun, 04 Feb 2024UK£136.2bUK£48.6bUK£8.7b14.8x15.6x2.8x
Tue, 02 Jan 2024UK£140.6bUK£48.6bUK£8.8b15.3x16.1x2.9x
Thu, 30 Nov 2023UK£132.8bUK£48.6bUK£8.8b14.4x15.1x2.7x
Sat, 28 Oct 2023UK£122.1bUK£48.7bUK£8.8b12.2x13.9x2.5x
Mon, 25 Sep 2023UK£128.8bUK£48.8bUK£8.9b14.3x14.5x2.6x
Wed, 23 Aug 2023UK£122.7bUK£48.7bUK£8.9b13.6x13.7x2.5x
Fri, 21 Jul 2023UK£124.7bUK£33.2bUK£8.8b14.1x14.2x3.8x
Sun, 18 Jun 2023UK£131.3bUK£30.2bUK£8.9b14.6x14.8x4.3x
Tue, 16 May 2023UK£128.9bUK£30.5bUK£9.3b14.4x13.8x4.2x
Thu, 13 Apr 2023UK£124.4bUK£29.5bUK£8.2b14.5x15.2x4.2x
Sat, 11 Mar 2023UK£123.7bUK£30.1bUK£8.6b14.4x14.4x4.1x
Mon, 06 Feb 2023UK£129.9bUK£30.2bUK£9.9b14.5x13.1x4.3x
Price to Earnings Ratio

13.1x


Total Market Cap: UK£129.9bTotal Earnings: UK£9.9bTotal Revenue: UK£30.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Capital Markets Industry Price to Earnings3Y Average 15.4x202420252026
Current Industry PE
  • Investors are pessimistic on the British Capital Markets industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 11.9x which is lower than its 3-year average PE of 15.4x.
  • The industry is trading close to its 3-year average PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 8.1% per year over the last three years.
  • Revenues for these companies have grown 22% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.K. Financials industry?

GB Market0.36%
Financials0.57%
Capital Markets-1.44%
Asset Management0.98%
Investment Banking and Brokerage-0.74%
Financial Exchanges and Data-6.77%
Industry PE
  • Investors are most optimistic about the Financial Exchanges and Data industry even though it's trading below its 3-year average PE ratio of 65.8x.
    • Analysts are expecting annual earnings growth of 16.3%, which is lower than the prior year's growth of 21.8% per year.
  • Investors are most pessimistic about the Asset Management industry, which is trading below its 3-year average of 10.7x.
Forecasted Growth
  • Analysts are most optimistic on the Financial Exchanges and Data industry, expecting annual earnings growth of 16% over the next 5 years.
  • However this is lower than its past earnings growth rate of 22% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 6.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
III 3i GroupUK£34.234.6%
+UK£1.5b		-11.3%PE5.4x
N91 Ninety One GroupUK£2.587.3%
+UK£156.1m		71.1%PE14.5x
ASHM Ashmore GroupUK£2.404.0%
+UK£60.0m		43.3%PE19.3x
CGEO Georgia CapitalUK£33.605.2%
+UK£57.3m		175.9%PE2.5x
STJ St. James's PlaceUK£15.200.6%
+UK£44.2m		47.5%PE15.4x

Latest News

III
UK£34.23
3i Group
7D
4.6%
1Y
-11.3%
RAT
UK£22.15
Rathbones Group
7D
1.1%
1Y
29.8%

Platform Synergies And Scalable Advice Capabilities Will Transform Long-Term Earnings Power

Catalysts About Rathbones Group Rathbones Group is a U.K. wealth and asset manager providing investment management, financial planning and related services to private clients, charities and professional partners. What are the underlying business or industry changes driving this perspective?
ASHM
UK£2.40
Ashmore Group
7D
4.0%
1Y
43.3%

ASHM: Higher Profit Assumptions Will Face Ongoing P/E Discount Risk

The analyst price target for Ashmore Group has moved higher to £1.74 from £1.56, as analysts point to updated assumptions around revenue growth, profit margins and a lower future P/E, alongside recent mixed Street research that includes a £0.10 price target increase at one firm and a £0.01 trim at another. Analyst Commentary Bullish Takeaways Bullish analysts see the higher £1.74 target as more in line with updated assumptions on revenue potential and profit margins, which they view as better reflected in the revised P/E framework.
N91
UK£2.58
Ninety One Group
7D
7.3%
1Y
71.1%
SDR
UK£4.48
Schroders
7D
-3.0%
1Y
28.2%

SDR: Firmer Margins And Steady P/E Will Guide Balanced Medium-Term Outlook

Analysts have nudged their Schroders price targets higher, with recent moves to around £3.60 to £4.50 per share. This supports a modestly higher fair value estimate of £4.38, underpinned by slightly firmer profit margin assumptions and a broadly steady forward P/E outlook.
BPT
UK£2.75
Bridgepoint Group
7D
-3.5%
1Y
-23.5%
STJ
UK£15.20
St. James's Place
7D
0.6%
1Y
47.5%
ICG
UK£18.20
ICG
7D
-6.2%
1Y
-21.9%
QLT
UK£1.97
Quilter
7D
1.0%
1Y
21.7%

QLT: Higher P/E Assumptions Should Support Further Share Rerating

Narrative update on Quilter Analysts have lifted their price targets on Quilter, with recent moves including a £0.03 increase to £1.89. This reflects updated views on revenue trends, profit margins and a P/E multiple now closer to 19.4x versus 14.9x previously.
ABDN
UK£2.18
Aberdeen Group
7D
-1.4%
1Y
42.4%

ABDN: Higher Street Assumptions Are Expected To Support Stronger Medium-Term Cash Generation

Narrative Update on Aberdeen Group The updated analyst price target for Aberdeen Group moves modestly higher, with the revised fair value of £2.55 supported by Street research that has gradually raised price targets. This includes recent increases at major banks citing adjusted discount rates, slightly higher revenue growth assumptions, a lower profit margin outlook, and a higher future P/E multiple.
RCP
UK£21.80
RIT Capital Partners
7D
-1.8%
1Y
11.5%

Insufficient Growth At RIT Capital Partners Plc (LON:RCP) Hampers Share Price

Jan 20
Insufficient Growth At RIT Capital Partners Plc (LON:RCP) Hampers Share Price
EMG
UK£2.60
Man Group
7D
-2.0%
1Y
21.5%

EMG: Future Returns Will Rely On Revenue Execution And P E Assumptions

Analysts have nudged their price targets on Man Group higher, with a blended increase from around £2.09 to roughly £2.41 per share, reflecting updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent research points to a cluster of higher price targets for Man Group, with reference points ranging from £2.09 to £2.70 per share among the brokers cited.
LSEG
UK£81.18
London Stock Exchange Group
7D
-6.9%
1Y
-32.6%

LSEG: Data Partnerships And AI Integration Will Support Long-Term Upside Potential

Our updated narrative on London Stock Exchange Group reflects a modest reset in the consolidated analyst price target to £122.84 per share, informed by a mixed set of recent Street revisions between £11.90 and £134.00 and small tweaks to long term assumptions on the discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent Street research around London Stock Exchange Group highlights a mix of optimism and caution, with price targets now clustered between £11.90 and £134.00 per share.
CGEO
UK£33.60
Georgia Capital
7D
5.2%
1Y
175.9%
OCI
UK£5.28
Oakley Capital Investments
7D
-5.0%
1Y
9.4%
BPCR
US$0.93
BioPharma Credit
7D
2.2%
1Y
11.6%