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U.K. (FTSE) Capital Markets Industry Analysis

UpdatedJul 20, 2026
DataAggregated Company Financials
Companies140
  • 7D-0.6%
  • 3M-1.2%
  • 1Y-8.3%
  • YTD2.4%

Last week, the Capital Markets industry hasn't moved much but ICG is up 6.5% in that time. As for the longer term, the industry has declined 8.3% in the last 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
Mon, 20 Jul 2026UK£152.1bUK£74.3bUK£13.0b12x11.7x2x
Wed, 17 Jun 2026UK£149.5bUK£74.1bUK£13.0b12.7x11.5x2x
Fri, 15 May 2026UK£144.7bUK£73.9bUK£12.9b13x11.2x2x
Sun, 12 Apr 2026UK£149.1bUK£74.9bUK£13.9b14x10.7x2x
Tue, 10 Mar 2026UK£146.8bUK£74.5bUK£13.6b13.7x10.8x2x
Thu, 05 Feb 2026UK£146.8bUK£55.3bUK£12.6b14.7x11.7x2.7x
Sat, 03 Jan 2026UK£151.1bUK£55.4bUK£12.6b13.1x12x2.7x
Mon, 01 Dec 2025UK£152.8bUK£56.4bUK£13.3b13.1x11.5x2.7x
Wed, 29 Oct 2025UK£171.7bUK£55.0bUK£11.6b14.4x14.8x3.1x
Fri, 26 Sep 2025UK£156.0bUK£55.0bUK£11.6b12.9x13.4x2.8x
Sun, 24 Aug 2025UK£165.4bUK£54.8bUK£11.6b13.6x14.3x3x
Tue, 22 Jul 2025UK£173.5bUK£63.9bUK£10.8b13.8x16x2.7x
Thu, 19 Jun 2025UK£166.7bUK£63.8bUK£10.9b12.5x15.2x2.6x
Sat, 17 May 2025UK£168.1bUK£63.8bUK£10.9b12x15.4x2.6x
Mon, 14 Apr 2025UK£156.4bUK£63.2bUK£10.3b10.7x15.3x2.5x
Wed, 12 Mar 2025UK£168.1bUK£63.5bUK£10.3b11.3x16.3x2.6x
Fri, 07 Feb 2025UK£178.8bUK£64.8bUK£9.8b12x18.2x2.8x
Sun, 05 Jan 2025UK£168.6bUK£64.8bUK£9.7b11.6x17.3x2.6x
Tue, 03 Dec 2024UK£169.7bUK£64.6bUK£9.6b12.2x17.6x2.6x
Thu, 31 Oct 2024UK£159.5bUK£64.1bUK£9.3b12.7x17.2x2.5x
Sat, 28 Sep 2024UK£161.8bUK£64.1bUK£9.2b12.9x17.5x2.5x
Mon, 26 Aug 2024UK£156.2bUK£64.0bUK£9.0b12.7x17.4x2.4x
Wed, 24 Jul 2024UK£151.0bUK£53.9bUK£8.6b15.6x17.6x2.8x
Fri, 21 Jun 2024UK£152.3bUK£54.0bUK£8.4b15.9x18.1x2.8x
Sun, 19 May 2024UK£144.1bUK£53.1bUK£8.1b16.5x17.7x2.7x
Tue, 16 Apr 2024UK£139.9bUK£53.9bUK£8.7b15.2x16.1x2.6x
Thu, 14 Mar 2024UK£136.2bUK£53.4bUK£8.4b16.7x16.1x2.5x
Sat, 10 Feb 2024UK£130.8bUK£47.5bUK£8.7b14x15.1x2.8x
Mon, 08 Jan 2024UK£136.2bUK£48.6bUK£8.8b15.2x15.5x2.8x
Wed, 06 Dec 2023UK£134.0bUK£48.6bUK£8.8b14.9x15.2x2.8x
Fri, 03 Nov 2023UK£125.0bUK£48.5bUK£8.8b12.4x14.2x2.6x
Sun, 01 Oct 2023UK£127.8bUK£48.7bUK£8.8b12.9x14.5x2.6x
Tue, 29 Aug 2023UK£123.8bUK£48.7bUK£8.9b13.6x13.8x2.5x
Thu, 27 Jul 2023UK£124.6bUK£33.2bUK£8.8b13.8x14.2x3.8x
Price to Earnings Ratio

14.2x


Total Market Cap: UK£124.6bTotal Earnings: UK£8.8bTotal Revenue: UK£33.2bTotal 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 11.7x 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 2.0x.
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 31% 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 Market0.97%
Financials1.02%
Capital Markets-0.60%
Financial Exchanges and Data-0.24%
Investment Banking and Brokerage-0.61%
Asset Management-0.78%
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 63.0x.
    • 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 7.1% 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
ICG ICGUK£18.554.5%
+UK£220.2m		-14.5%PE10.7x
RCP RIT Capital PartnersUK£25.955.9%
+UK£195.5m		36.3%PE7.6x
BPT Bridgepoint GroupUK£3.116.4%
+UK£162.8m		-4.4%PE97.1x
RAT Rathbones GroupUK£16.902.5%
+UK£42.9m		-12.0%PE15.4x
TAM Tatton Asset ManagementUK£7.829.2%
+UK£40.1m		11.7%PE25.2x

Latest News

BPT
UK£3.11
Bridgepoint Group
7D
6.4%
1Y
-4.4%
QLT
UK£2.04
Quilter
7D
1.2%
1Y
20.0%
Narrative Update • Jul 17

QLT: Elevated Future P/E Will Test Fragile Confidence In Share Sustainability

Quilter's analyst fair value estimate has edged up from £1.70 to £1.77 as analysts factor in a series of higher price targets, including moves to £1.80, £2.25 and £2.30, alongside generally supportive research commentary. Analyst Commentary Recent research on Quilter shows a mix of supportive and cautious views, with price targets clustered around the mid to high 100 GBp range.
ICG
UK£18.55
ICG
7D
4.5%
1Y
-14.5%
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.
EMG
UK£2.95
Man Group
7D
-2.8%
1Y
60.8%
Narrative Update • Jul 14

EMG: Future P/E And Abu Dhabi Office Plans Will Shape Balanced Outlook

The analyst price target for Man Group has moved higher, with recent Street estimates rising from £2.85 to a range of about £3.10 to £3.50. This reflects analysts factoring in updated fair value, revenue growth and P/E assumptions, while viewing the stock as closer to fairly priced.
PLUS
UK£40.46
Plus500
7D
-3.7%
1Y
20.4%
RAT
UK£16.90
Rathbones Group
7D
2.5%
1Y
-12.0%
Narrative Update • Jul 10

RAT: Weaker Revenue Outlook And Margin Pressure Will Restrain Future Upside

Rathbones Group’s analyst price target has been reduced from about £16.54 to £13.60. This reflects a series of lower Street targets around £17.00 to £19.50 as analysts factor in weaker revenue growth assumptions, softer profit margins and a slightly higher implied P/E multiple.
IHP
UK£3.91
IntegraFin Holdings
7D
2.9%
1Y
3.4%
Narrative Update • Jul 10

IHP: Rising Interim Dividend Will Support A More Optimistic Future Outlook

Analysts have modestly raised their fair value estimate for IntegraFin Holdings to £5.0, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. 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, compared with 3.3 pence per share for the half year of 2025.
CMCX
UK£6.95
CMC Markets
7D
-5.2%
1Y
189.6%
Narrative Update • Jul 09

CMCX: Future Returns Will Depend On Delivering High-End Operating Income

Analysts have raised their price expectations for CMC Markets, with recent upgrades citing higher assumed revenue growth, slightly better profit margins and new price targets of up to £7.00, supported by expectations for stronger operating income and new revenue-generating partnerships. Analyst Commentary Recent research on CMC Markets points to a more constructive tone, with bullish analysts raising price targets and focusing on execution around operating income and new partnerships.
STJ
UK£10.76
St. James's Place
7D
-5.6%
1Y
-10.9%
Narrative Update • Jul 07

STJ: Supportive Research Coverage Will Drive Future Upside From Current Levels

The analyst fair value estimate for St. James's Place has been raised modestly to £16.99 from £16.41, reflecting updated views from analysts who cite recent price target revisions and supportive research coverage as key drivers of this change. Analyst Commentary Recent Street research on St. James's Place shows a mix of optimism around long term potential and caution around near term execution, with a series of price target revisions and fresh coverage feeding into the updated fair value estimate.
FSG
UK£4.81
Foresight Group Holdings
7D
6.1%
1Y
5.3%
Narrative Update • Jul 07

FSG: Share Buybacks Will Support Future Upside Potential

Analysts have lifted their price target for Foresight Group Holdings to £7.68 from £7.00, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E, which together support a slightly higher estimated fair value. What's in the News Foresight Group Holdings updated investors on its share buyback activity, confirming a Buyback Tranche Update as a recent key development.
CGEO
UK£40.10
Georgia Capital
7D
-9.2%
1Y
87.8%
LSEG
UK£88.44
London Stock Exchange Group
7D
-1.8%
1Y
-17.0%
IGG
UK£17.33
IG Group Holdings
7D
-1.4%
1Y
62.4%
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.
III
UK£25.12
3i Group
7D
-6.5%
1Y
-42.2%
TAM
UK£7.82
Tatton Asset Management
7D
9.2%
1Y
11.7%
RCP
UK£25.95
RIT Capital Partners
7D
5.9%
1Y
36.3%