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U.K. (FTSE) Capital Markets Industry Analysis

UpdatedDec 10, 2025
DataAggregated Company Financials
Companies146
  • 7D0.2%
  • 3M-3.3%
  • 1Y-8.0%
  • YTD-8.3%

Over the last 7 days, the Capital Markets industry has remained flat, although notably 3i Group gained 5.0%. As for the longer term, the industry has declined 8.3% in the last year. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Dec 2025UK£147.3bUK£55.4bUK£12.6b12.6x11.7x2.7x
Fri, 07 Nov 2025UK£165.6bUK£54.5bUK£11.6b13.7x14.3x3x
Sun, 05 Oct 2025UK£165.0bUK£55.0bUK£11.6b14.1x14.2x3x
Tue, 02 Sep 2025UK£161.3bUK£54.8bUK£11.6b12.7x13.9x2.9x
Thu, 31 Jul 2025UK£167.1bUK£64.0bUK£10.9b13.4x15.3x2.6x
Sat, 28 Jun 2025UK£168.8bUK£63.7bUK£10.8b12.7x15.6x2.6x
Mon, 26 May 2025UK£168.5bUK£63.7bUK£10.9b12.4x15.5x2.6x
Wed, 23 Apr 2025UK£163.9bUK£63.0bUK£10.2b11.1x16.1x2.6x
Fri, 21 Mar 2025UK£170.0bUK£63.5bUK£10.2b11.9x16.7x2.7x
Sun, 16 Feb 2025UK£178.7bUK£64.8bUK£9.8b11.8x18.3x2.8x
Tue, 14 Jan 2025UK£166.8bUK£64.8bUK£9.8b11.5x17.1x2.6x
Thu, 12 Dec 2024UK£169.9bUK£64.6bUK£9.6b12.2x17.7x2.6x
Sat, 09 Nov 2024UK£161.6bUK£64.1bUK£9.3b12.2x17.4x2.5x
Mon, 07 Oct 2024UK£158.9bUK£64.1bUK£9.2b13x17.2x2.5x
Wed, 04 Sep 2024UK£154.2bUK£64.0bUK£9.0b13x17.2x2.4x
Fri, 02 Aug 2024UK£154.2bUK£62.2bUK£8.8b14.3x17.6x2.5x
Sun, 30 Jun 2024UK£149.1bUK£54.0bUK£8.5b14.9x17.6x2.8x
Tue, 28 May 2024UK£146.1bUK£53.2bUK£8.2b17.1x17.8x2.7x
Thu, 25 Apr 2024UK£136.7bUK£53.9bUK£8.7b15x15.7x2.5x
Sat, 23 Mar 2024UK£140.1bUK£53.5bUK£8.4b16.8x16.7x2.6x
Mon, 19 Feb 2024UK£132.5bUK£47.5bUK£8.7b14x15.3x2.8x
Wed, 17 Jan 2024UK£137.9bUK£48.6bUK£8.8b15.5x15.7x2.8x
Fri, 15 Dec 2023UK£140.0bUK£48.6bUK£8.8b15.7x16x2.9x
Sun, 12 Nov 2023UK£126.8bUK£48.5bUK£8.7b12.7x14.6x2.6x
Tue, 10 Oct 2023UK£124.8bUK£48.7bUK£8.8b12.6x14.2x2.6x
Thu, 07 Sep 2023UK£125.3bUK£48.6bUK£8.9b14x14x2.6x
Sat, 05 Aug 2023UK£125.9bUK£45.4bUK£8.8b13.9x14.2x2.8x
Mon, 03 Jul 2023UK£122.0bUK£30.2bUK£8.9b14.4x13.7x4x
Wed, 31 May 2023UK£129.5bUK£30.3bUK£9.0b14x14.4x4.3x
Fri, 28 Apr 2023UK£125.4bUK£29.5bUK£8.2b14x15.3x4.2x
Sun, 26 Mar 2023UK£121.9bUK£30.0bUK£8.5b13.8x14.3x4.1x
Tue, 21 Feb 2023UK£128.6bUK£30.3bUK£9.9b14.6x13x4.2x
Thu, 19 Jan 2023UK£124.6bUK£30.1bUK£9.9b14x12.6x4.1x
Sat, 17 Dec 2022UK£118.4bUK£30.1bUK£9.9b13.8x12x3.9x
Price to Earnings Ratio

12x


Total Market Cap: UK£118.4bTotal Earnings: UK£9.9bTotal Revenue: UK£30.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Capital Markets Industry Price to Earnings3Y Average 15.4x202320242025
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 15.4x.
  • The 3-year average PS ratio of 3.0x is higher than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 8.3% per year over the last three years.
  • Revenues for these companies have grown 23% 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-0.72%
Financials-1.05%
Capital Markets0.23%
Asset Management2.05%
Investment Banking and Brokerage-0.74%
Financial Exchanges and Data-3.08%
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 65.7x.
    • Analysts are expecting annual earnings growth of 16.0%, which is lower than the prior year's growth of 19.3% per year.
  • Investors are most pessimistic about the Asset Management industry, which is trading below its 3-year average of 10.7x.
Forecasted Growth
  • Analysts are most optimistic on the Financial Exchanges and Data industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 3.8% 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£31.595.0%
+UK£1.5b		-12.7%PE5x
EMG Man GroupUK£2.165.4%
+UK£122.8m		3.3%PE17.4x
STJ St. James's PlaceUK£13.811.4%
+UK£101.4m		59.8%PE14x
ICG ICGUK£20.701.2%
+UK£69.8m		-6.2%PE10.1x
SDR SchrodersUK£3.910.9%
+UK£56.5m		24.5%PE17.1x

Latest News

BPT
UK£2.81
Bridgepoint Group
7D
2.3%
1Y
-23.2%
N91
UK£2.09
Ninety One Group
7D
-3.0%
1Y
32.1%

N91: Dividend Progress And Margin Resilience Will Shape Future Share Performance

Analysts have nudged their price target on Ninety One Group slightly higher to GBp 226 from GBp 223, citing modestly improved profit margin expectations and a marginally richer future P/E multiple, despite a small trim to long term revenue growth assumptions. Analyst Commentary Recent research updates on Ninety One Group reflect a more constructive stance on valuation, tempered by ongoing execution and growth concerns.
ABDN
UK£1.99
Aberdeen Group
7D
-3.3%
1Y
40.6%

ABDN: Future Returns Will Depend On Profitability Amid Mixed Broker Conviction

The Analyst Price Target for Aberdeen Group has been raised from 200 GBp to 245 GBp, reflecting analysts' expectations for slightly stronger revenue growth and improving profit margins despite a modest uptick in the assumed discount rate. Analyst Commentary Recent research updates show a steady progression of target price increases for Aberdeen Group, but with a notable dispersion in conviction levels.
AJB
UK£4.88
AJ Bell
7D
-7.7%
1Y
2.4%

Analysts Have Made A Financial Statement On AJ Bell plc's (LON:AJB) Full-Year Report

Dec 08
Analysts Have Made A Financial Statement On AJ Bell plc's (LON:AJB) Full-Year Report
STJ
UK£13.81
St. James's Place
7D
1.4%
1Y
59.8%

STJ: Incremental Price Hike Signals Firm Yet Balanced Future Return Potential

Our analyst price target for St. James's Place has been nudged higher in line with recent Street moves, with multiple analysts lifting their targets into the 1,510 GBP to 1,620 GBP range, as they cite resilient margins and a slightly richer fair value outlook despite a modestly higher discount rate. Analyst Commentary Recent Street research points to a broadly constructive stance on St. James's Place, with successive price target increases reflecting confidence in the group’s ability to sustain growth and protect profitability despite a firmer rate environment.
TCAP
UK£2.50
TP ICAP Group
7D
-1.0%
1Y
-4.2%
SDR
UK£3.91
Schroders
7D
0.9%
1Y
24.5%

SDR: Gradual Price Increases And Mixed Ratings Will Shape Medium-Term Outlook

The analyst price target for Schroders has been nudged higher, reflecting analysts' modest upward revisions to fair value and profit margin assumptions, supported by a series of recent target increases across the Street from roughly 340 to 420 GBp to about 360 to 435 GBp despite more cautious revenue growth and discount rate inputs. Analyst Commentary Recent Street research on Schroders presents a mixed picture, with price target revisions clustering in a moderately higher range and rating stances differing depending on views of growth durability, competitive pressures, and valuation.
III
UK£31.59
3i Group
7D
5.0%
1Y
-12.7%

III: European Discount Retail Exposure Will Drive Compounding Returns Amid Mixed Momentum

Analysts have trimmed their price target on 3i Group, reflecting a reduced fair value estimate of approximately £44.44 from about £46.07. This change factors in slightly higher discount rates, softer revenue growth assumptions, and moderating profit margins, despite continued conviction in the long term compounding potential of its core assets.
BRK
UK£16.05
Brooks Macdonald Group
7D
-4.7%
1Y
3.5%
EMG
UK£2.16
Man Group
7D
5.4%
1Y
3.3%
LSEG
UK£84.66
London Stock Exchange Group
7D
-3.2%
1Y
-24.4%
ICG
UK£20.70
ICG
7D
1.2%
1Y
-6.2%

ICG: Rising Price Outlook Will Support Long-Term Upside Potential

Analysts have raised their price target on ICG from £26.12 to £26.28. This reflects slightly higher profit margin expectations and a modestly richer future valuation multiple that more than offset a small increase in the discount rate and marginally lower revenue growth assumptions.
FGEN
UK£0.66
Foresight Environmental Infrastructure
7D
-5.9%
1Y
-13.6%
CLDN
UK£3.81
Caledonia Investments
7D
-1.0%
1Y
11.7%
PLUS
UK£34.36
Plus500
7D
2.1%
1Y
32.3%

PLUS: Expanded Market Access Will Drive Renewed Interest In Shares

Analysts have modestly raised their price target for Plus500, increasing the fair value estimate from $33.69 to $34.61. This adjustment is due to improved revenue growth forecasts, even though there is a slight dip in profit margin projections.
HICL
UK£1.18
HICL Infrastructure
7D
1.9%
1Y
1.6%

HICL Infrastructure (LON:HICL) Is Increasing Its Dividend To £0.0209

Nov 21
HICL Infrastructure (LON:HICL) Is Increasing Its Dividend To £0.0209