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U.K. (FTSE) Capital Markets Industry Analysis

UpdatedJul 30, 2026
DataAggregated Company Financials
Companies140
  • 7D3.7%
  • 3M4.0%
  • 1Y-2.7%
  • YTD4.5%

In the last week, the Capital Markets industry is up 4.6%, with 3i Group up 14%. Overall in the last year, the industry is flat. 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
Thu, 30 Jul 2026UK£155.2bUK£74.6bUK£13.1b11.7x11.8x2.1x
Sat, 27 Jun 2026UK£144.6bUK£74.2bUK£13.0b12x11.1x1.9x
Mon, 25 May 2026UK£149.8bUK£73.7bUK£12.7b13.3x11.8x2x
Wed, 22 Apr 2026UK£154.7bUK£74.9bUK£13.9b13.4x11.1x2.1x
Fri, 20 Mar 2026UK£144.8bUK£74.9bUK£13.8b13.3x10.5x1.9x
Sun, 15 Feb 2026UK£149.6bUK£55.7bUK£12.8b14.1x11.7x2.7x
Tue, 13 Jan 2026UK£153.1bUK£55.3bUK£12.6b13.6x12.2x2.8x
Thu, 11 Dec 2025UK£145.9bUK£55.4bUK£12.6b12.5x11.6x2.6x
Sat, 08 Nov 2025UK£163.6bUK£54.5bUK£11.6b13.5x14.1x3x
Mon, 06 Oct 2025UK£165.0bUK£55.0bUK£11.6b14.1x14.2x3x
Wed, 03 Sep 2025UK£158.1bUK£54.9bUK£11.6b12.5x13.6x2.9x
Fri, 01 Aug 2025UK£164.4bUK£63.9bUK£10.9b13.4x15x2.6x
Sun, 29 Jun 2025UK£168.8bUK£63.7bUK£10.8b12.6x15.6x2.6x
Tue, 27 May 2025UK£168.5bUK£63.7bUK£10.9b12.4x15.5x2.6x
Thu, 24 Apr 2025UK£164.5bUK£63.1bUK£10.2b11.1x16.1x2.6x
Sat, 22 Mar 2025UK£169.7bUK£63.5bUK£10.2b11.9x16.6x2.7x
Mon, 17 Feb 2025UK£178.7bUK£64.8bUK£9.8b11.8x18.3x2.8x
Wed, 15 Jan 2025UK£167.3bUK£64.8bUK£9.8b11.6x17.2x2.6x
Fri, 13 Dec 2024UK£170.0bUK£64.6bUK£9.6b12.1x17.7x2.6x
Sun, 10 Nov 2024UK£161.6bUK£64.1bUK£9.3b12.2x17.4x2.5x
Tue, 08 Oct 2024UK£158.2bUK£64.1bUK£9.3b12.7x17.1x2.5x
Thu, 05 Sep 2024UK£153.6bUK£63.9bUK£8.9b12.9x17.2x2.4x
Sat, 03 Aug 2024UK£149.9bUK£62.2bUK£8.9b14.1x16.9x2.4x
Mon, 01 Jul 2024UK£149.1bUK£54.0bUK£8.5b14.9x17.5x2.8x
Wed, 29 May 2024UK£144.7bUK£53.2bUK£8.2b16.8x17.6x2.7x
Fri, 26 Apr 2024UK£136.5bUK£53.9bUK£8.7b15x15.7x2.5x
Sun, 24 Mar 2024UK£140.1bUK£53.6bUK£8.4b16.7x16.6x2.6x
Tue, 20 Feb 2024UK£132.3bUK£47.5bUK£8.7b14x15.3x2.8x
Thu, 18 Jan 2024UK£136.6bUK£48.6bUK£8.8b15.4x15.6x2.8x
Sat, 16 Dec 2023UK£138.7bUK£48.6bUK£8.8b15.6x15.8x2.9x
Mon, 13 Nov 2023UK£126.8bUK£48.5bUK£8.7b12.7x14.6x2.6x
Wed, 11 Oct 2023UK£127.2bUK£48.7bUK£8.8b12.7x14.4x2.6x
Fri, 08 Sep 2023UK£124.6bUK£48.6bUK£9.0b13.9x13.9x2.6x
Sun, 06 Aug 2023UK£125.8bUK£45.4bUK£8.8b13.9x14.2x2.8x
Price to Earnings Ratio

14.2x


Total Market Cap: UK£125.8bTotal Earnings: UK£8.8bTotal Revenue: UK£45.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Capital Markets Industry Price to Earnings3Y Average 14.9x202420252026
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 14.9x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 18% 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 Market1.47%
Financials-0.25%
Capital Markets3.65%
Financial Exchanges and Data5.63%
Asset Management3.62%
Investment Banking and Brokerage-1.57%
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 62.8x.
    • Analysts are expecting annual earnings growth of 14.3%, which is lower than the prior year's growth of 55.7% per year.
  • Investors are most pessimistic about the Asset Management industry, which is trading below its 3-year average of 10.5x.
Forecasted Growth
  • Analysts are most optimistic on the Financial Exchanges and Data industry, expecting annual earnings growth of 14% over the next 5 years.
  • However this is lower than its past earnings growth rate of 56% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 7.3% 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£28.9713.5%
+UK£3.4b		-30.2%PE5.5x
LSEG London Stock Exchange GroupUK£91.985.9%
+UK£2.5b		-8.5%PE35.9x
EMG Man GroupUK£3.105.8%
+UK£186.9m		80.7%PE14.2x
ICG ICGUK£19.083.2%
+UK£162.4m		-11.7%PE11x
IIG Intuitive Investments GroupUK£2.6611.3%
+UK£64.8m		121.7%PE4.2x

Latest News

EMG
UK£3.10
Man Group
7D
5.8%
1Y
80.7%
Narrative Update • Jul 28

EMG: Abu Dhabi Expansion And Stronger Flows Will Support Future Earnings Resilience

Analysts have lifted the Man Group price target to a range of about £3.10 to £3.50, reflecting updated views on fair value and modestly higher assumptions for revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent research on Man Group points to a mix of views, although there has been a cluster of optimistic signals around price targets and ratings.
III
UK£28.97
3i Group
7D
13.5%
1Y
-30.2%
BPT
UK£3.11
Bridgepoint Group
7D
-3.9%
1Y
-3.7%
LSEG
UK£91.98
London Stock Exchange Group
7D
5.9%
1Y
-8.5%
ABDN
UK£2.38
Aberdeen Group
7D
-4.1%
1Y
19.6%
Narrative Update • Jul 27

ABDN: Higher Earnings Power Expectations Will Support Future Cash Generation Repricing

The analyst price target for Aberdeen has been revised higher from £2.65 to £2.80, with analysts pointing to adjustments in fair value estimates, revenue growth assumptions, profit margins and future P/E expectations as key drivers of the change. Analyst Commentary Recent research on Aberdeen Group points to a cluster of higher price targets and rating upgrades, suggesting that several bullish analysts see scope for the stock to better reflect their fair value assessments and revenue and margin assumptions.
PBEE
UK£1.32
PensionBee Group
7D
6.9%
1Y
-19.0%
IHP
UK£3.72
IntegraFin Holdings
7D
-4.5%
1Y
3.5%
Narrative Update • Jul 24

IHP: Dividend Payout Will Highlight Compressed Returns At Current Share Price

Analysts have nudged their price target for IntegraFin Holdings higher to £3.32 from £3.13, citing updated assumptions that include a slightly different revenue growth outlook, a modestly improved profit margin profile, and a small adjustment to the future P/E used in their valuation work. What’s in the News for IntegraFin Holdings IntegraFin Holdings declared a first interim dividend of 3.8 pence per share for the six months ended 31 March 2026, covering the current financial period.
POLR
UK£7.91
Polar Capital Holdings
7D
-9.3%
1Y
68.8%
QLT
UK£1.94
Quilter
7D
-2.1%
1Y
16.7%
ICG
UK£19.08
ICG
7D
3.2%
1Y
-11.7%
Narrative Update • Jul 17

ICG: Rising Dividend Streak And Firm P/E Support Will Drive Future Returns

The analyst price target for ICG has been adjusted modestly higher, moving from £24.11 to £24.86. Analysts attribute this change to updated assumptions on discount rates, profitability and P/E expectations, as well as recent mixed price target revisions in Street research.
CLDN
UK£3.85
Caledonia Investments
7D
1.6%
1Y
8.8%
IGG
UK£16.89
IG Group Holdings
7D
-2.0%
1Y
52.9%
Narrative Update • Jul 07

IGG: Higher Earnings Multiples Will Support A Richer Future Share Rating

IG Group Holdings' updated analyst narrative reflects a higher implied price target, moving from about £17.55 to roughly £24.18, as analysts factor in revised assumptions on revenue growth, profit margins, and future P/E following a series of recent price target increases across the Street. Analyst Commentary Analysts covering IG Group Holdings have been revisiting their valuation frameworks, with several price targets now clustered between 1,750 GBp and 2,000 GBp. These moves indicate a more constructive stance on how the company can execute against its current business model and earnings profile.
AJB
UK£5.93
AJ Bell
7D
-3.7%
1Y
13.9%
Narrative Update • Jun 29

AJB: Future Returns Will Balance Buybacks Dividend Growth And Moderated Expectations

Analysts have raised their price target for AJ Bell to £6.11, up from a previous fair value of £5.41. They cite updated assumptions on discount rate, revenue growth, profit margin and future P/E as the main drivers of the change.
GROW
UK£6.00
Molten Ventures
7D
2.2%
1Y
83.0%
New Narrative • Jun 25

European Sovereignty And AI Infrastructure Will Shape Fair But Constrained Outcomes

Catalysts About Molten Ventures Molten Ventures invests in growth stage European technology companies across sectors such as fintech, deep tech, space, AI infrastructure and digital health. What are the underlying business or industry changes driving this perspective?
IIG
UK£2.66
Intuitive Investments Group
7D
11.3%
1Y
121.7%
RCP
UK£25.10
RIT Capital Partners
7D
-2.1%
1Y
31.4%