Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.K. (FTSE) Capital Markets Industry Analysis

UpdatedApr 30, 2026
DataAggregated Company Financials
Companies140
  • 7D-3.4%
  • 3M-1.0%
  • 1Y-6.7%
  • YTD0.2%

Over the last 7 days, the Capital Markets industry has dropped 3.4%, driven by 3i Group declining 8.6%. In contrast, Intuitive Investments Group has gained 15%. Overall the industry is down 6.7% in 12 months. As for the next few years, earnings are expected to grow by 8.8% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 01 May 2026UK£149.4bUK£74.9bUK£13.9b12.6x10.7x2x
Sun, 29 Mar 2026UK£136.7bUK£74.9bUK£14.0b13.1x9.8x1.8x
Tue, 24 Feb 2026UK£148.5bUK£55.7bUK£12.8b14x11.6x2.7x
Thu, 22 Jan 2026UK£154.1bUK£55.4bUK£12.6b14.3x12.3x2.8x
Sat, 20 Dec 2025UK£151.3bUK£55.4bUK£12.6b13x12x2.7x
Mon, 17 Nov 2025UK£152.0bUK£55.9bUK£12.8b13.4x11.9x2.7x
Wed, 15 Oct 2025UK£165.8bUK£55.0bUK£11.6b14.3x14.3x3x
Fri, 12 Sep 2025UK£157.5bUK£54.8bUK£11.6b12.8x13.6x2.9x
Sun, 10 Aug 2025UK£167.3bUK£54.8bUK£11.6b13.4x14.4x3.1x
Tue, 08 Jul 2025UK£168.8bUK£63.7bUK£10.9b12.9x15.5x2.6x
Thu, 05 Jun 2025UK£169.7bUK£63.8bUK£10.9b12.4x15.6x2.7x
Sat, 03 May 2025UK£168.4bUK£62.9bUK£10.1b12.5x16.7x2.7x
Mon, 31 Mar 2025UK£165.3bUK£62.7bUK£9.9b12x16.8x2.6x
Wed, 26 Feb 2025UK£174.2bUK£64.7bUK£9.8b11.9x17.7x2.7x
Fri, 24 Jan 2025UK£176.2bUK£64.8bUK£9.8b11.7x18.1x2.7x
Sun, 22 Dec 2024UK£167.5bUK£64.8bUK£9.7b11.6x17.2x2.6x
Tue, 19 Nov 2024UK£162.5bUK£64.6bUK£9.6b12.7x16.9x2.5x
Thu, 17 Oct 2024UK£161.2bUK£64.1bUK£9.3b12.9x17.4x2.5x
Sat, 14 Sep 2024UK£157.4bUK£64.0bUK£9.0b12.8x17.6x2.5x
Mon, 12 Aug 2024UK£150.7bUK£64.2bUK£9.2b13.2x16.5x2.3x
Wed, 10 Jul 2024UK£148.1bUK£54.0bUK£8.5b15.1x17.4x2.7x
Fri, 07 Jun 2024UK£148.7bUK£54.0bUK£8.4b16.5x17.7x2.8x
Sun, 05 May 2024UK£141.4bUK£53.9bUK£8.8b16.2x16.1x2.6x
Tue, 02 Apr 2024UK£140.0bUK£53.8bUK£8.6b16.8x16.2x2.6x
Thu, 29 Feb 2024UK£130.4bUK£47.7bUK£8.6b13.8x15.2x2.7x
Sat, 27 Jan 2024UK£139.5bUK£48.6bUK£8.7b14.9x16x2.9x
Mon, 25 Dec 2023UK£140.8bUK£48.6bUK£8.8b15.7x16x2.9x
Wed, 22 Nov 2023UK£130.7bUK£48.6bUK£8.8b13.6x14.8x2.7x
Fri, 20 Oct 2023UK£123.3bUK£48.7bUK£8.8b12.5x14x2.5x
Sun, 17 Sep 2023UK£128.9bUK£48.7bUK£8.8b14.3x14.6x2.6x
Tue, 15 Aug 2023UK£126.9bUK£48.5bUK£8.9b13.9x14.3x2.6x
Thu, 13 Jul 2023UK£119.5bUK£33.2bUK£8.8b14x13.6x3.6x
Sat, 10 Jun 2023UK£131.6bUK£30.3bUK£9.0b14.4x14.7x4.3x
Mon, 08 May 2023UK£127.6bUK£29.5bUK£8.2b14.5x15.6x4.3x
Price to Earnings Ratio

15.6x


Total Market Cap: UK£127.6bTotal Earnings: UK£8.2bTotal Revenue: UK£29.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Capital Markets Industry Price to Earnings3Y Average 15.1x202420252026
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 10.7x which is lower than its 3-year average PE of 15.1x.
  • The 3-year average PS ratio of 2.8x is higher than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 20% per year over the last three years.
  • Revenues for these companies have grown 36% 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 Market-2.70%
Financials-2.00%
Capital Markets-3.44%
Financial Exchanges and Data-1.13%
Investment Banking and Brokerage-1.69%
Asset Management-4.94%
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 64.7x.
    • Analysts are expecting annual earnings growth of 13.6%, which is lower than the prior year's growth of 40.4% per year.
  • Investors are most pessimistic about the Asset Management industry, which is trading below its 3-year average of 10.6x.
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 40% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 4.9% 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
EMG Man GroupUK£2.553.8%
+UK£105.2m		53.7%PE22.2x
HICL HICL InfrastructureUK£1.282.4%
+UK£56.7m		9.6%PE20x
GROW Molten VenturesUK£5.604.4%
+UK£42.0m		110.5%PE9x
TCAP TP ICAP GroupUK£3.162.1%
+UK£37.6m		23.8%PE12.5x
IIG Intuitive Investments GroupUK£2.076.7%
+UK£31.2m		103.9%PB1.5x

Latest News

RAT
UK£19.72
Rathbones Group
7D
-3.8%
1Y
23.4%

RAT: Recent Upgrade And Execution Progress Will Support More Constructive Future Pricing

Rathbones' analyst price target has edged lower by about £0.10, as analysts factor in slightly softer revenue growth and profit margin assumptions, along with a marginally higher discount rate, even while some recent research updates express renewed confidence in the company’s direction. Analyst Commentary Recent research updates on Rathbones Group present a mix of optimism and caution, with changes in price targets and ratings reflecting different views on how well the current plan can translate into value for shareholders.
GROW
UK£5.60
Molten Ventures
7D
4.4%
1Y
110.5%
IIG
UK£2.07
Intuitive Investments Group
7D
6.7%
1Y
103.9%
AJB
UK£5.20
AJ Bell
7D
-4.1%
1Y
20.9%
ASHM
UK£2.08
Ashmore Group
7D
-3.7%
1Y
41.8%

ASHM: Emerging Market Turn Will Support Earnings While Recent Revisions Limit P E Upside

Narrative Update The updated analyst price target for Ashmore Group reflects a modest reduction in fair value to £1.96, with analysts pointing to slightly softer revenue growth and profit margin assumptions, a higher discount rate, and a higher future P/E multiple, alongside recent Street moves that include several £0.05 to £0.15 target cuts and a Jefferies upgrade with a £2.85 target. Analyst Commentary Recent research updates on Ashmore Group point to a mixed but constructive tone, with price targets moving in both directions and views splitting between valuation appeal and execution risk.
CGEO
UK£39.20
Georgia Capital
7D
-5.1%
1Y
137.0%
SDR
UK£5.80
Schroders
7D
0.3%
1Y
74.4%

SDR: Nuveen Cash Offer Will Continue To Restrain Future Share Price

Narrative Update Analyst price targets for Schroders have moved into a tight range around £5.90 to £6.12 per share, with the latest updates reflecting analysts' view that Nuveen's mostly cash offer and the current share price leave only limited additional upside based on revised fair value, discount rate and profit margin inputs. Analyst Commentary Recent research reads as cautious, with several bearish analysts shifting ratings lower even as headline price targets cluster around the implied offer value from Nuveen.
TCAP
UK£3.16
TP ICAP Group
7D
2.1%
1Y
23.8%

TCAP: Stable Assumptions And Future P/E Expectations Will Likely Sustain Fair Pricing

Analysts have nudged their price target on TP ICAP Group slightly higher to £14.56, from £13.87. The revision reflects updated views on the stock's future P/E multiple, while key assumptions on fair value, discount rate, revenue growth and profit margin remain broadly unchanged.
HICL
UK£1.28
HICL Infrastructure
7D
2.4%
1Y
9.6%
BPT
UK£2.50
Bridgepoint Group
7D
-6.8%
1Y
-8.4%
STJ
UK£12.19
St. James's Place
7D
-5.8%
1Y
21.5%

STJ: Share Buybacks And Higher P E Will Counter AI Concerns

Analyst price targets for St. James's Place have edged lower, with the new fair value estimate moving from £16.62 to about £16.40 as analysts factor in slightly higher discount rates, a softer revenue outlook, and a modestly lower profit margin, alongside recent Street updates that include several downward target revisions and mixed rating changes. Analyst Commentary Recent Street research on St. James's Place shows a mix of optimism and caution, with several firms adjusting price targets both higher and lower and making rating changes that reflect differing views on the balance of risks and rewards.
EMG
UK£2.55
Man Group
7D
3.8%
1Y
53.7%

EMG: Future Returns Will Hinge On AI Partnership Execution

Man Group's analyst price target has shifted, with recent Street research showing a mix of increases and cuts around the £2.90 to £2.91 range as analysts reassess assumptions on fair value, discount rate, revenue growth, profit margins and future P/E. Analyst Commentary Recent research around Man Group clusters in the £2.90 to £2.91 price target area, with both upward and downward revisions as analysts fine tune their assumptions on valuation and execution.
LSEG
UK£95.50
London Stock Exchange Group
7D
-2.7%
1Y
-15.9%

LSEG: Activist Buybacks And AI Partnerships Will Support Future Upside Potential

Narrative update The analyst price target for London Stock Exchange Group has been raised by £1.00. Analysts point to updated assumptions for revenue growth, profit margins and future P/E as key drivers for the change.
III
UK£25.62
3i Group
7D
-4.3%
1Y
-39.4%

III: Updated Margin Outlook Will Support Durable Returns And Dividend Visibility

Narrative Update on 3i Group The analyst price target for 3i Group has been trimmed by £2.87 to reflect a lower fair value estimate of £38.44. Analysts are factoring in a slightly reduced profit margin outlook, an updated future P/E of 8.27, and mixed recent target changes from Citi, Barclays, Deutsche Bank, and RBC Capital.
SIHL
US$0.42
Symphony International Holdings
7D
6.0%
1Y
26.2%
FGEN
UK£0.72
Foresight Environmental Infrastructure
7D
2.1%
1Y
-2.9%