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U.K. (FTSE) Capital Markets Industry Analysis

UpdatedJun 28, 2026
DataAggregated Company Financials
Companies141
  • 7D0.4%
  • 3M5.0%
  • 1Y-10.5%
  • YTD-2.9%

The Capital Markets is pretty flat in the last 7 days, but 3i Group has stood out, gaining 15%. As for the longer term, the industry has declined 10% in the last year. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Jun 2026UK£144.6bUK£74.2bUK£13.0b12x11.1x1.9x
Wed, 27 May 2026UK£149.1bUK£73.7bUK£12.7b13.5x11.7x2x
Fri, 24 Apr 2026UK£153.5bUK£74.9bUK£13.9b13x11x2x
Sun, 22 Mar 2026UK£143.7bUK£74.9bUK£13.8b13.1x10.4x1.9x
Tue, 17 Feb 2026UK£150.0bUK£55.7bUK£12.8b14x11.7x2.7x
Thu, 15 Jan 2026UK£151.3bUK£55.3bUK£12.6b13.9x12.1x2.7x
Sat, 13 Dec 2025UK£145.9bUK£55.4bUK£12.6b12.6x11.6x2.6x
Mon, 10 Nov 2025UK£163.6bUK£54.4bUK£11.6b13.5x14.1x3x
Wed, 08 Oct 2025UK£163.8bUK£55.0bUK£11.6b13.9x14.1x3x
Fri, 05 Sep 2025UK£160.3bUK£54.8bUK£11.6b12.6x13.8x2.9x
Sun, 03 Aug 2025UK£163.6bUK£55.3bUK£11.3b13.2x14.5x3x
Tue, 01 Jul 2025UK£167.4bUK£63.7bUK£10.8b12.8x15.4x2.6x
Thu, 29 May 2025UK£168.1bUK£63.8bUK£10.9b12.7x15.5x2.6x
Sat, 26 Apr 2025UK£165.7bUK£63.0bUK£10.2b11x16.2x2.6x
Mon, 24 Mar 2025UK£169.6bUK£63.5bUK£10.2b11.9x16.7x2.7x
Wed, 19 Feb 2025UK£179.8bUK£64.8bUK£9.8b11.9x18.4x2.8x
Fri, 17 Jan 2025UK£172.4bUK£64.8bUK£9.7b12x17.7x2.7x
Sun, 15 Dec 2024UK£170.1bUK£64.6bUK£9.6b12x17.7x2.6x
Tue, 12 Nov 2024UK£163.7bUK£64.1bUK£9.3b12.4x17.6x2.6x
Thu, 10 Oct 2024UK£158.7bUK£64.1bUK£9.3b12.8x17.1x2.5x
Sat, 07 Sep 2024UK£152.9bUK£64.0bUK£9.0b12.8x17.1x2.4x
Mon, 05 Aug 2024UK£149.9bUK£62.4bUK£8.8b14.1x17x2.4x
Wed, 03 Jul 2024UK£147.8bUK£54.0bUK£8.5b14.9x17.4x2.7x
Fri, 31 May 2024UK£143.7bUK£53.3bUK£8.3b16.7x17.4x2.7x
Sun, 28 Apr 2024UK£138.1bUK£53.9bUK£8.7b14.8x15.8x2.6x
Tue, 26 Mar 2024UK£139.9bUK£53.6bUK£8.4b16.7x16.6x2.6x
Thu, 22 Feb 2024UK£131.3bUK£47.5bUK£8.7b14.4x15.2x2.8x
Sat, 20 Jan 2024UK£137.0bUK£48.6bUK£8.8b15.2x15.6x2.8x
Mon, 18 Dec 2023UK£138.6bUK£48.6bUK£8.8b15.6x15.8x2.9x
Wed, 15 Nov 2023UK£128.0bUK£48.4bUK£8.7b13.3x14.7x2.6x
Fri, 13 Oct 2023UK£127.5bUK£48.7bUK£8.8b12.9x14.5x2.6x
Sun, 10 Sep 2023UK£125.4bUK£48.6bUK£9.0b13.9x14x2.6x
Tue, 08 Aug 2023UK£126.6bUK£45.4bUK£8.8b13.8x14.3x2.8x
Thu, 06 Jul 2023UK£119.9bUK£30.2bUK£8.8b14.1x13.6x4x
Price to Earnings Ratio

13.6x


Total Market Cap: UK£119.9bTotal Earnings: UK£8.8bTotal Revenue: UK£30.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Capital Markets Industry Price to Earnings3Y Average 15x202420252026
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 11.1x which is lower than its 3-year average PE of 15.0x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 1.9x.
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 35% 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 Market1.14%
Financials1.02%
Capital Markets0.45%
Asset Management3.55%
Investment Banking and Brokerage-2.70%
Financial Exchanges and Data-4.59%
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 63.4x.
    • Analysts are expecting annual earnings growth of 14.1%, 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 5.6% 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£25.3215.0%
+UK£3.3b		-39.1%PE4.8x
STJ St. James's PlaceUK£11.944.2%
+UK£244.2m		0.5%PE11.4x
QLT QuilterUK£1.921.6%
+UK£41.3m		22.5%PE21.3x
ABDN Aberdeen GroupUK£2.360.9%
+UK£35.8m		24.2%PE10.9x
TAM Tatton Asset ManagementUK£7.466.0%
+UK£25.5m		11.3%PE24x

Latest News

LIO
UK£3.37
Liontrust Asset Management
7D
11.8%
1Y
-15.4%
III
UK£25.32
3i Group
7D
15.0%
1Y
-39.1%
Narrative Update • Jun 26

III: Share Buyback And Dividend Framework Will Support Future Upside Potential

The latest Narrative Update on 3i Group reflects a lower analyst price target, with one key firm cutting its view from £43.00 to £35.27 per share. Analysts are factoring in a revised fair value of £43.00, an 8.16% discount rate, updated revenue growth of 21.54%, a profit margin of 70.31% and a future P/E of 8.63.
ICG
UK£16.53
ICG
7D
-4.2%
1Y
-17.8%
Narrative Update • Jun 26

ICG: Dividend Reliability Will Support Premium Earnings Multiple Going Forward

The analyst price target for ICG has been reduced by £1.00 to reflect updated views on revenue growth, profit margins and the appropriate P/E multiple, with analysts citing recent target cuts from the Street as key inputs to their revised valuation work. Analyst Commentary Recent Street research around ICG highlights a mixed but still constructive backdrop, with price targets adjusted to reflect updated assumptions on earnings power and the P/E multiple.
RAT
UK£16.06
Rathbones Group
7D
1.5%
1Y
-8.1%
Narrative Update • Jun 26

RAT: Higher P/E Assumptions Will Support More Constructive Pricing

Rathbones Group's analyst price target has been reduced by roughly £3.17 per share as analysts factor in softer revenue growth assumptions, slightly lower profit margins and updated sector P/E expectations following a series of downward target revisions and rating changes across the Street. Analyst Commentary Recent Street research on Rathbones Group points to a more cautious stance on valuation, with several firms cutting price targets and adjusting ratings as they reassess revenue and margin assumptions alongside sector P/E levels.
BPT
UK£2.33
Bridgepoint Group
7D
-3.6%
1Y
-26.5%
Narrative Update • Jun 26

BPT: Higher Margins And Dividend Will Support Future Upside Potential

Analysts have trimmed their price target on Bridgepoint Group to £3.00 from £3.17, citing updated assumptions that include a lower discount rate, more moderate revenue growth, a higher projected profit margin, and a reduced future P/E multiple. What’s in the News for Bridgepoint Group Energy Solutions, LLC and Bridgepoint Group plc filed an application on April 24, 2026, seeking U.S. Nuclear Regulatory Commission approval for an indirect transfer of multiple NRC licenses, with no physical or operational changes to licensed activities proposed.
IGG
UK£18.26
IG Group Holdings
7D
-3.6%
1Y
71.0%
Narrative Update • Jun 23

IGG: Future Execution On Buybacks And Interest Income Will Shape Fair Value

The analyst price target for IG Group Holdings has been raised from £17.85 to £20.00, with analysts citing an updated fair value estimate of £17.89, a revised discount rate, and refreshed assumptions for revenue growth, profit margins, and future P/E to support the change. Analyst Commentary Recent research on IG Group Holdings points to a more constructive stance on the stock, with several bullish analysts lifting their price targets into the 1,750 GBp to 2,000 GBp range.
STJ
UK£11.94
St. James's Place
7D
4.2%
1Y
0.5%
Narrative Update • Jun 23

STJ: Higher Future P E And Stable Fair Value Will Support Upside

St. James's Place enters this Narrative Update with a slightly adjusted analyst price target, reflecting a mix of lowered targets from Citi and JPMorgan, as well as a higher £2,000 target from Deutsche Bank, as analysts reassess the stock using a modestly higher discount rate and steady fair value assumptions. Analyst Commentary Analyst updates on St. James's Place have recently centred on a series of adjusted price targets, with some firms trimming their expectations and others lifting them.
PLUS
UK£46.84
Plus500
7D
-2.7%
1Y
38.1%
Narrative Update • Jun 23

PLUS: Steady Fair Value With Minor Discount Rate And P/E Adjustments

Analysts have held their £46.38 fair value estimate for Plus500 steady, with only small adjustments to the discount rate and assumed forward P/E multiple shaping the updated price target narrative. What’s in the News for Plus500 No recent Plus500 specific news items were identified in the provided sources.
ABDN
UK£2.36
Aberdeen Group
7D
0.9%
1Y
24.2%
TAM
UK£7.46
Tatton Asset Management
7D
6.0%
1Y
11.3%
QLT
UK£1.92
Quilter
7D
1.6%
1Y
22.5%
Narrative Update • Jun 19

QLT: Future P/E Reset Will Challenge Confidence In Elevated Share Price

Quilter's analyst fair value estimate has been raised from £1.50 to £1.70, reflecting recent price target adjustments around £2.20 to £2.25 as analysts update their assumptions on discount rates, revenue trends, profit margins and future P/E expectations. Analyst Commentary Recent research on Quilter shows a mixed backdrop, with some price target increases alongside more cautious revisions.
N91
UK£2.08
Ninety One Group
7D
-3.3%
1Y
13.9%
Narrative Update • Jun 18

N91: Future Dividend Timetable Supports Fair Balance Of Risks And Opportunities

Analysts have trimmed their price target on Ninety One Group to about £2.37 from roughly £2.43, reflecting updated assumptions for revenue growth, profit margins and the P/E multiple used in their valuation models. What’s in the News for Ninety One Group Ninety One Group has announced a recommended gross final dividend of 7.4 pence per ordinary share from income reserves for the financial year ended 31 March 2026.
IIG
UK£3.10
Intuitive Investments Group
7D
2.0%
1Y
161.6%
LSEG
UK£80.62
London Stock Exchange Group
7D
-4.7%
1Y
-24.7%
Narrative Update • Jun 17

LSEG: Digital Expansion And Share Buybacks Will Support Future Share Price Upside

Analysts have nudged their price targets for London Stock Exchange Group higher, with one recent move adding £1.00 to the prior level. The change reflects updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions.
EMG
UK£2.86
Man Group
7D
-2.5%
1Y
61.4%
Narrative Update • Jun 16

EMG: Abu Dhabi Expansion Will Support Higher Earnings Resilience

The updated analyst price target for Man Group reflects a modest uplift of about £0.04, as analysts factor in slightly adjusted assumptions on fair value, discount rate, revenue growth, profit margin and future P/E. Analyst Commentary on Man Group Recent Street research on Man Group shows a mix of adjustments to price targets, with some bullish analysts focusing on potential upside in the shares despite a series of target trims from other firms.
CGEO
UK£38.85
Georgia Capital
7D
-6.8%
1Y
104.5%