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U.K. (FTSE) Capital Markets Industry Analysis

UpdatedJul 16, 2026
DataAggregated Company Financials
Companies140
  • 7D1.5%
  • 3M1.7%
  • 1Y-6.0%
  • YTD3.8%

In the last week, the Capital Markets industry is up 1.5%, with London Stock Exchange Group up 3.7%. In the same time, St. James's Place was down 12%. However, the industry is down 6.0% over the past year. Earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 16 Jul 2026UK£154.3bUK£74.1bUK£13.0b11.9x11.9x2.1x
Sat, 13 Jun 2026UK£149.3bUK£74.1bUK£13.0b12.8x11.5x2x
Mon, 11 May 2026UK£148.5bUK£74.9bUK£13.8b12.9x10.7x2x
Wed, 08 Apr 2026UK£144.0bUK£74.9bUK£13.9b12.8x10.4x1.9x
Fri, 06 Mar 2026UK£148.8bUK£74.6bUK£13.6b13.8x10.9x2x
Sun, 01 Feb 2026UK£150.5bUK£55.3bUK£12.6b14.4x12x2.7x
Tue, 30 Dec 2025UK£151.3bUK£55.4bUK£12.6b13.1x12x2.7x
Thu, 27 Nov 2025UK£152.7bUK£56.4bUK£13.3b12.9x11.5x2.7x
Sat, 25 Oct 2025UK£171.8bUK£55.0bUK£11.6b14.2x14.8x3.1x
Mon, 22 Sep 2025UK£154.8bUK£54.8bUK£11.5b13.6x13.4x2.8x
Wed, 20 Aug 2025UK£163.5bUK£54.8bUK£11.6b13.4x14.1x3x
Fri, 18 Jul 2025UK£172.4bUK£63.8bUK£10.9b13x15.9x2.7x
Sun, 15 Jun 2025UK£167.0bUK£63.8bUK£10.9b12.4x15.3x2.6x
Tue, 13 May 2025UK£167.5bUK£63.0bUK£10.1b12.2x16.6x2.7x
Thu, 10 Apr 2025UK£148.2bUK£63.3bUK£10.3b10.4x14.4x2.3x
Sat, 08 Mar 2025UK£170.4bUK£63.4bUK£10.2b12x16.6x2.7x
Mon, 03 Feb 2025UK£178.6bUK£64.8bUK£9.8b11.9x18.2x2.8x
Wed, 01 Jan 2025UK£168.2bUK£64.8bUK£9.5b11.6x17.8x2.6x
Fri, 29 Nov 2024UK£168.7bUK£64.6bUK£9.6b12.4x17.5x2.6x
Sun, 27 Oct 2024UK£160.8bUK£64.1bUK£9.3b12.6x17.4x2.5x
Tue, 24 Sep 2024UK£157.6bUK£64.0bUK£9.1b13.1x17.3x2.5x
Thu, 22 Aug 2024UK£155.5bUK£64.1bUK£9.0b13.1x17.4x2.4x
Sat, 20 Jul 2024UK£150.9bUK£53.9bUK£8.6b15.5x17.5x2.8x
Mon, 17 Jun 2024UK£147.7bUK£54.0bUK£8.4b15.7x17.6x2.7x
Wed, 15 May 2024UK£142.4bUK£53.1bUK£8.1b16.3x17.5x2.7x
Fri, 12 Apr 2024UK£140.0bUK£53.9bUK£8.7b15.5x16.1x2.6x
Sun, 10 Mar 2024UK£135.5bUK£56.4bUK£8.6b16.5x15.8x2.4x
Tue, 06 Feb 2024UK£130.2bUK£47.5bUK£8.7b14.2x15x2.7x
Thu, 04 Jan 2024UK£136.8bUK£48.6bUK£8.8b15.2x15.6x2.8x
Sat, 02 Dec 2023UK£133.5bUK£48.6bUK£8.8b14.6x15.2x2.7x
Mon, 30 Oct 2023UK£122.0bUK£48.7bUK£8.8b12.2x13.8x2.5x
Wed, 27 Sep 2023UK£128.2bUK£48.8bUK£8.9b14.3x14.4x2.6x
Fri, 25 Aug 2023UK£124.1bUK£48.7bUK£8.9b13.6x13.9x2.5x
Sun, 23 Jul 2023UK£123.7bUK£33.2bUK£8.8b14x14.1x3.7x
Price to Earnings Ratio

14.1x


Total Market Cap: UK£123.7bTotal 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 11.9x 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 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 Market0.70%
Financials3.03%
Capital Markets1.55%
Financial Exchanges and Data2.44%
Asset Management2.10%
Investment Banking and Brokerage-3.76%
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 63.1x.
    • 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
LSEG London Stock Exchange GroupUK£90.943.7%
+UK£1.6b		-16.2%PE35.5x
ICG ICGUK£19.078.2%
+UK£397.3m		-9.4%PE11x
BPT Bridgepoint GroupUK£3.1411.1%
+UK£275.7m		-11.5%PE66.4x
EMG Man GroupUK£3.083.4%
+UK£111.5m		68.5%PE26.5x
ABDN Aberdeen GroupUK£2.532.1%
+UK£93.0m		29.3%PE11.7x

Latest News

EMG
UK£3.08
Man Group
7D
3.4%
1Y
68.5%
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.
BPT
UK£3.14
Bridgepoint Group
7D
11.1%
1Y
-11.5%
PLUS
UK£43.10
Plus500
7D
-13.4%
1Y
28.7%
ABDN
UK£2.53
Aberdeen Group
7D
2.1%
1Y
29.3%
Narrative Update • Jul 13

ABDN: Future Returns Will Hinge On Margin Delivery And Mixed Broker Views

The analyst price target for Aberdeen Group has been raised by £0.15 to £2.80, with analysts pointing to updated expectations for revenue, margins and a slightly adjusted discount rate in their revised outlook. Analyst Commentary Recent research on Aberdeen Group points to a generally constructive stance, with several firms revising price targets higher and a smaller number trimming expectations.
RAT
UK£16.94
Rathbones Group
7D
3.9%
1Y
-10.3%
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.
PBEE
UK£1.20
PensionBee Group
7D
-8.7%
1Y
-26.8%
STJ
UK£11.10
St. James's Place
7D
-12.1%
1Y
-7.1%
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.
CGEO
UK£41.45
Georgia Capital
7D
-3.0%
1Y
94.1%
LSEG
UK£90.94
London Stock Exchange Group
7D
3.7%
1Y
-16.2%
IGG
UK£17.73
IG Group Holdings
7D
-1.6%
1Y
66.0%
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.
QLT
UK£2.06
Quilter
7D
2.8%
1Y
22.4%
Narrative Update • Jul 03

QLT: Higher Margin Outlook And Outperform Ratings Should Support Future Repricing

The updated analyst price target for Quilter has been revised to £2.44 from £2.25. This follows recent Street research in which several firms raised their targets into the £1.80 to £2.30 range and cited supportive views on margins and valuation assumptions.
III
UK£26.43
3i Group
7D
-0.6%
1Y
-37.7%
AJB
UK£6.06
AJ Bell
7D
-1.2%
1Y
15.3%
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.
ICG
UK£19.07
ICG
7D
8.2%
1Y
-9.4%
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.
IIG
UK£2.50
Intuitive Investments Group
7D
-9.1%
1Y
106.6%
RCP
UK£25.00
RIT Capital Partners
7D
1.8%
1Y
30.6%