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U.K. (FTSE) Capital Markets Industry Analysis

UpdatedAug 24, 2026
DataAggregated Company Financials
Companies137
  • 7D0.6%
  • 3M2.6%
  • 1Y-4.1%
  • YTD2.6%

Last week, the Capital Markets industry hasn't moved much but 3i Group is up 3.7% in that time. As for the longer term, the industry has declined 4.1% in the last year. Looking forward, earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 24 Aug 2026UK£150.0bUK£93.9bUK£13.7b12.3x10.9x1.6x
Wed, 22 Jul 2026UK£148.8bUK£74.3bUK£13.0b12x11.5x2x
Fri, 19 Jun 2026UK£144.2bUK£74.2bUK£13.0b12.3x11.1x1.9x
Sun, 17 May 2026UK£144.8bUK£73.9bUK£12.9b12.9x11.2x2x
Tue, 14 Apr 2026UK£151.6bUK£74.9bUK£13.9b14.1x10.9x2x
Thu, 12 Mar 2026UK£146.3bUK£74.5bUK£13.6b13.7x10.8x2x
Sat, 07 Feb 2026UK£147.8bUK£55.3bUK£12.6b14.7x11.8x2.7x
Mon, 05 Jan 2026UK£151.1bUK£55.3bUK£12.6b13.1x12x2.7x
Wed, 03 Dec 2025UK£149.9bUK£56.4bUK£13.3b13x11.3x2.7x
Fri, 31 Oct 2025UK£170.0bUK£54.7bUK£11.7b14.4x14.6x3.1x
Sun, 28 Sep 2025UK£157.2bUK£55.0bUK£11.6b12.6x13.5x2.9x
Tue, 26 Aug 2025UK£165.3bUK£54.8bUK£11.6b13.6x14.3x3x
Thu, 24 Jul 2025UK£171.4bUK£63.8bUK£10.8b13.5x15.8x2.7x
Sat, 21 Jun 2025UK£165.5bUK£63.8bUK£10.9b12.7x15.2x2.6x
Mon, 19 May 2025UK£168.1bUK£63.8bUK£10.9b12x15.4x2.6x
Wed, 16 Apr 2025UK£163.2bUK£63.2bUK£10.2b10.8x16x2.6x
Fri, 14 Mar 2025UK£167.9bUK£63.5bUK£10.3b11.6x16.3x2.6x
Sun, 09 Feb 2025UK£177.8bUK£64.8bUK£9.8b12x18.2x2.7x
Tue, 07 Jan 2025UK£168.7bUK£64.8bUK£9.7b11.6x17.3x2.6x
Thu, 05 Dec 2024UK£171.1bUK£64.6bUK£9.6b12.3x17.8x2.6x
Sat, 02 Nov 2024UK£160.0bUK£64.1bUK£9.3b12.9x17.2x2.5x
Mon, 30 Sep 2024UK£161.8bUK£64.0bUK£9.2b12.9x17.5x2.5x
Wed, 28 Aug 2024UK£156.5bUK£64.0bUK£9.0b12.8x17.5x2.4x
Fri, 26 Jul 2024UK£149.1bUK£54.0bUK£8.6b15.1x17.3x2.8x
Sun, 23 Jun 2024UK£152.4bUK£54.1bUK£8.5b15.7x18x2.8x
Tue, 21 May 2024UK£144.4bUK£53.1bUK£8.1b16.7x17.8x2.7x
Thu, 18 Apr 2024UK£138.0bUK£53.9bUK£8.7b15x15.8x2.6x
Sat, 16 Mar 2024UK£136.1bUK£53.5bUK£8.4b16.8x16.2x2.5x
Mon, 12 Feb 2024UK£130.8bUK£47.5bUK£8.7b14x15.1x2.8x
Wed, 10 Jan 2024UK£136.4bUK£48.6bUK£8.8b15.2x15.6x2.8x
Fri, 08 Dec 2023UK£135.7bUK£48.6bUK£8.8b14.9x15.4x2.8x
Sun, 05 Nov 2023UK£125.7bUK£48.5bUK£8.8b12.4x14.3x2.6x
Tue, 03 Oct 2023UK£127.8bUK£48.7bUK£8.8b12.7x14.5x2.6x
Thu, 31 Aug 2023UK£125.7bUK£48.7bUK£9.0b13.8x14x2.6x
Price to Earnings Ratio

14x


Total Market Cap: UK£125.7bTotal Earnings: UK£9.0bTotal Revenue: UK£48.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Capital Markets Industry Price to Earnings3Y Average 14.8x202420252026
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 10.9x which is lower than its 3-year average PE of 14.8x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 24% 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 Market0.93%
Financials-1.44%
Capital Markets0.63%
Financial Exchanges and Data1.43%
Asset Management0.63%
Investment Banking and Brokerage-1.67%
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 62.0x.
    • Analysts are expecting annual earnings growth of 13.1%, which is lower than the prior year's growth of 36.1% per year.
  • Investors are most pessimistic about the Asset Management industry, which is trading below its 3-year average of 10.4x.
Forecasted Growth
  • Analysts are most optimistic on the Financial Exchanges and Data industry, expecting annual earnings growth of 13% over the next 5 years.
  • However this is lower than its past earnings growth rate of 36% per year.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 8.1% 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
LSEG London Stock Exchange GroupUK£88.404.3%
+UK£1.8b		-6.6%PE30.3x
III 3i GroupUK£29.345.2%
+UK£1.5b		-28.6%PE5.6x
STJ St. James's PlaceUK£11.971.5%
+UK£88.5m		-8.6%PE10.8x
HICL HICL InfrastructureUK£1.402.0%
+UK£52.1m		12.4%PE9.8x
IPO IP GroupUK£0.726.4%
+UK£38.0m		17.3%PE9.5x

Latest News

HICL
UK£1.40
HICL Infrastructure
7D
2.0%
1Y
12.4%
CMCX
UK£7.09
CMC Markets
7D
-3.3%
1Y
207.6%
Narrative Update • Aug 20

CMCX: Future Returns Will Hinge On Delivering FY27 Income And Margin Targets

Analysts have raised the fair value estimate for CMC Markets to £7.30 from £6.30, reflecting higher Street price targets of £7.60 and £7.00, along with increased confidence in revenue growth, profit margins and future P/E assumptions. Analyst Commentary Recent Street research on CMC Markets points to a more constructive view on the stock, with several bullish analysts lifting ratings and price targets.
IGG
UK£13.54
IG Group Holdings
7D
-1.5%
1Y
17.4%
Narrative Update • Aug 19

IGG: Future Upside Hinges On Buybacks And Interest Income Execution

The analyst price target for IG Group Holdings has been raised from £17.50 to £20.00. Analysts attribute this change to updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E.
STJ
UK£11.97
St. James's Place
7D
1.5%
1Y
-8.6%
AC8
UK£0.85
Intuitive Investments Group
7D
-10.5%
1Y
n/a
PLUS
UK£36.98
Plus500
7D
-3.3%
1Y
19.7%
EMG
UK£3.04
Man Group
7D
-2.9%
1Y
83.6%
Narrative Update • Aug 12

EMG: Future Returns Will Depend On Flows And Higher Earnings Margins

Analysts have raised the fair value estimate for Man Group from £3.18 to £3.46, along with higher price targets in the £3.25 to £3.50 range, citing updated assumptions on discount rates, profit margins and future P/E multiples. Analyst Commentary Recent Street research on Man Group shows a cluster of price targets in the low to mid 300 GBp range.
ABDN
UK£2.46
Aberdeen Group
7D
0.7%
1Y
23.0%
Narrative Update • Aug 10

ABDN: Future Returns Will Depend On Margin Delivery And Evolving Broker Sentiment

Aberdeen Group's analyst price target has shifted to £2.70 from £2.80, as analysts factor in updated fair value assumptions, a slightly lower discount rate, more moderate revenue growth expectations, compressed profit margin forecasts and a higher future P/E multiple based on recent Street research. Analyst Commentary Recent Street research on Aberdeen Group points to a mixed but generally supportive view of the stock, with several price target revisions clustered in the £2.41 to £2.80 range.
RCP
UK£25.70
RIT Capital Partners
7D
-1.5%
1Y
28.6%
BPT
UK£3.21
Bridgepoint Group
7D
-2.3%
1Y
-5.8%
Narrative Update • Aug 07

BPT: Higher Margin Outlook Will Support Stronger Future Equity Returns

Analysts now set their Bridgepoint Group price target at £5.60 compared with a prior fair value view of £4.80. The change reflects updated assumptions for a slightly lower discount rate, a modestly adjusted revenue growth outlook, higher forecast profit margins and a small change in future P/E expectations.
LSEG
UK£88.40
London Stock Exchange Group
7D
4.3%
1Y
-6.6%
ICG
UK£20.26
ICG
7D
0.6%
1Y
-8.2%
Narrative Update • Jul 31

ICG: Rising Dividend Stream Will Support Premium Future Earnings Multiple

Analysts have nudged the ICG price target higher to £24.20 from £24.00, reflecting updated views on fair value, revenue growth assumptions, a slightly adjusted discount rate and future P/E outlook, even as profit margin expectations are moderated. Analyst Commentary Recent research on ICG shows a slight upward reset in price targets, which reflects how bullish analysts currently frame the risk and reward trade off for the stock.
III
UK£29.34
3i Group
7D
5.2%
1Y
-28.6%
IHP
UK£4.00
IntegraFin Holdings
7D
1.9%
1Y
13.2%
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.
CLDN
UK£3.87
Caledonia Investments
7D
-1.9%
1Y
1.7%
IPO
UK£0.72
IP Group
7D
6.4%
1Y
17.3%