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U.K. (FTSE) Market Analysis & Valuation

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies1083
  • 7D2.5%
  • 3M5.1%
  • 1Y37.6%
  • YTD6.3%

The market has climbed 1.7% in the last 7 days, lead by the Financials sector with a gain of 3.0%. The market is up 30% over the last 12 months. Earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftware

Market Valuation and Performance

Has the U.K. Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026UK£3.0tUK£2.0tUK£157.6b15.4x19x1.5x
Sat, 07 Mar 2026UK£2.9tUK£2.0tUK£153.9b16.3x18.9x1.5x
Mon, 02 Feb 2026UK£2.9tUK£1.9tUK£137.7b16.9x21.3x1.5x
Wed, 31 Dec 2025UK£2.8tUK£2.0tUK£138.0b16.3x20.6x1.5x
Fri, 28 Nov 2025UK£2.8tUK£2.0tUK£139.4b16.4x20x1.4x
Sun, 26 Oct 2025UK£2.8tUK£1.9tUK£135.7b16.7x20.4x1.4x
Tue, 23 Sep 2025UK£2.7tUK£1.9tUK£135.8b16.5x19.6x1.4x
Thu, 21 Aug 2025UK£2.7tUK£1.9tUK£134.4b16x20x1.4x
Sat, 19 Jul 2025UK£2.5tUK£1.9tUK£127.4b16x19.9x1.3x
Mon, 16 Jun 2025UK£2.5tUK£1.9tUK£127.3b16.1x19.7x1.3x
Wed, 14 May 2025UK£2.5tUK£2.0tUK£130.8b16.3x18.8x1.3x
Fri, 11 Apr 2025UK£2.3tUK£2.0tUK£136.4b14.5x16.5x1.1x
Sun, 09 Mar 2025UK£2.5tUK£2.0tUK£137.5b15.5x18.1x1.2x
Tue, 04 Feb 2025UK£2.5tUK£2.0tUK£123.8b15.8x20.3x1.2x
Thu, 02 Jan 2025UK£2.4tUK£2.0tUK£122.7b15.9x19.6x1.2x
Sat, 30 Nov 2024UK£2.4tUK£2.0tUK£122.8b16.2x19.9x1.2x
Mon, 28 Oct 2024UK£2.4tUK£2.0tUK£123.6b16.2x19.7x1.2x
Wed, 25 Sep 2024UK£2.4tUK£2.0tUK£117.5b16.7x20.7x1.2x
Fri, 23 Aug 2024UK£2.4tUK£2.0tUK£120.2b17x20.3x1.2x
Sun, 21 Jul 2024UK£2.4tUK£2.0tUK£129.3b16.7x18.6x1.2x
Tue, 18 Jun 2024UK£2.4tUK£2.1tUK£130.5b16.5x18.6x1.2x
Thu, 16 May 2024UK£2.5tUK£2.0tUK£127.2b16.9x19.8x1.2x
Sat, 13 Apr 2024UK£2.4tUK£2.1tUK£148.4b16x16.3x1.1x
Mon, 11 Mar 2024UK£2.3tUK£2.1tUK£144.3b15.8x16.2x1.1x
Wed, 07 Feb 2024UK£2.3tUK£2.1tUK£178.2b15x12.8x1.1x
Fri, 05 Jan 2024UK£2.3tUK£2.1tUK£193.8b15x12.1x1.1x
Sun, 03 Dec 2023UK£2.3tUK£2.1tUK£192.7b14.4x11.8x1.1x
Tue, 31 Oct 2023UK£2.2tUK£2.2tUK£188.8b13.4x11.7x1x
Thu, 28 Sep 2023UK£2.3tUK£2.2tUK£187.5b14.4x12.4x1.1x
Sat, 26 Aug 2023UK£2.3tUK£2.2tUK£184.0b14.4x12.3x1.1x
Mon, 24 Jul 2023UK£2.4tUK£2.2tUK£206.7b14.1x11.6x1.1x
Wed, 21 Jun 2023UK£2.4tUK£2.2tUK£207.9b14.3x11.3x1.1x
Fri, 19 May 2023UK£2.4tUK£2.2tUK£216.8b14.4x11.2x1.1x
Sun, 16 Apr 2023UK£2.5tUK£2.2tUK£179.8b14x13.7x1.1x
Price to Earnings Ratio

13.7x


Total Market Cap: UK£2.5tTotal Earnings: UK£179.8bTotal Revenue: UK£2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 17.2x202420252026
Current Market PE
  • Investors are relatively neutral on the British market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 17.2x.
Past Earnings Growth
  • The earnings for companies in the British industry have declined 4.2% per year over the last three years.
  • Revenues have also declined 2.5% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the U.K. Market?

GB Market2.47%
Telecom4.47%
Real Estate3.88%
Financials3.72%
Tech3.36%
Industrials3.34%
Materials3.20%
Consumer Staples2.75%
Consumer Discretionary2.48%
Utilities2.07%
Healthcare1.09%
Energy-1.49%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 53.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 17.1%, which is higher than its past year's earnings growth of 7.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings growth rate of 0.7% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 6.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
HSBA HSBC HoldingsUK£13.353.7%
+UK£8.3b		87.2%PB1.5xFinancials
RR. Rolls-Royce HoldingsUK£12.785.9%
+UK£5.9b		92.6%PE18.1xIndustrials
BARC BarclaysUK£4.366.6%
+UK£3.7b		80.4%PB0.8xFinancials
RIO Rio Tinto GroupUK£73.323.0%
+UK£3.5b		78.1%PE16xMaterials
AZN AstraZenecaUK£152.161.3%
+UK£3.0b		57.4%PE30.9xHealthcare
See more

Market Insights

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Latest News

HLN
UK£3.69
Haleon
7D
-0.7%
1Y
3.2%

HLN: Execution And Cash Returns Will Support Future Re Rating Potential

Haleon's analyst price targets have edged higher, with recent moves such as Berenberg's lift to £5.12 and Morgan Stanley's increase to £4.40. These changes reflect analysts' updated views on slightly stronger revenue growth and profit margin assumptions, alongside modestly adjusted future P/E expectations.
KAP
US$79.80
National Atomic Company Kazatomprom JSC
7D
-1.8%
1Y
167.8%
BP.
UK£5.63
BP
7D
-2.3%
1Y
69.0%
HBR
UK£2.72
Harbour Energy
7D
-5.5%
1Y
72.3%

HBR: Higher Production Guidance Will Support Reappraisal Of Future Cash Flows

Harbour Energy's analyst price targets have moved higher, with recent revisions such as Berenberg's £0.30 uplift and JPMorgan's increases to £2.70 and £2.78 reflecting updated views on fair value, discount rates, revenue trajectory and margins, even as some houses, including Goldman Sachs and Peel Hunt, have taken a more cautious stance. Analyst Commentary Recent research on Harbour Energy points to a split in views, with some bullish analysts lifting targets and initiating positive ratings, while others, including major banks such as JPMorgan and Goldman Sachs, take a more cautious approach.
BA.
UK£22.89
BAE Systems
7D
-0.3%
1Y
45.6%

BA.: Sector Caution Around Softer 2026 Outlook Will Restrain Overheated Expectations

BAE Systems' analyst fair value has moved from £15.83 to £18.76 per share, with the change supported by higher Street price targets clustered around £19.50 to £24.38 and analyst commentary referencing recent results that were slightly ahead of expectations and updated outlooks. Analyst Commentary Recent research points to a mixed tone around BAE Systems, with several price target increases sitting alongside rating downgrades and more cautious framing of future results.
AZN
UK£152.16
AstraZeneca
7D
1.3%
1Y
57.4%
SHEL
UK£34.01
Shell
7D
-1.2%
1Y
48.4%

SHEL: Future Returns Will Reflect LNG Disruptions And Middle East Supply Risks

Shell's updated analyst price target has moved higher to £34.65 from £32.62, as analysts factor in revised oil and gas price assumptions, tighter projected crude balances linked to Middle East supply risks, and a slightly higher future P/E multiple, offset in part by more modest profit margin expectations. Analyst Commentary Recent research on Shell shows a mix of optimism and caution, with several firms adjusting price targets in response to commodity assumptions, geopolitical risks and company specific execution.
LLOY
UK£1.02
Lloyds Banking Group
7D
4.5%
1Y
58.6%
HSBA
UK£13.35
HSBC Holdings
7D
3.7%
1Y
87.2%

HSBA: Future Returns Will Hinge On Cost Discipline And Execution Quality

Analysts have raised their price targets on HSBC Holdings, reflecting a higher internal fair value estimate of £13.53 from £13.17, supported by updated assumptions for revenue growth, profit margins and future P/E, as well as recent target increases from several major banks. Analyst Commentary Recent research updates on HSBC Holdings show a cluster of higher price targets from major banks, giving you a clearer picture of how the market is thinking about the shares on valuation, execution and growth potential.
CPG
US$29.14
Compass Group
7D
-1.4%
1Y
-5.2%

Slower Outsourcing Benefits And Incremental Margins Will Shape A Balanced Long Term Outlook

Catalysts About Compass Group Compass Group is a global food and support services provider, focused on sector based onsite catering, vending, and facilities services for clients across business, education, health care, sports and leisure, and remote sites. What are the underlying business or industry changes driving this perspective?
BARC
UK£4.36
Barclays
7D
6.6%
1Y
80.4%

BARC: Future Income Guidance And Buybacks Will Support Higher Share Price

Analysts have trimmed their Barclays price target slightly to £5.90. This reflects updated assumptions on revenue growth, profit margins and future P/E that are now broadly in line with previous fair value estimates.
RIO
UK£73.32
Rio Tinto Group
7D
3.0%
1Y
78.1%

RIO: Cautious Outlook As Copper And Iron Ore Assumptions Turn More Conservative

Analysts have raised the fair value estimate for Rio Tinto Group to £58.52 from £41.00. This change reflects updated views on revenue growth, profit margins and sector valuation following a series of mixed price target revisions and rating downgrades across the Street.
ANTO
UK£37.77
Antofagasta
7D
8.5%
1Y
172.1%

ANTO: Copper Upswing And Centinela Expansion Will Support Medium Term Earnings Power

Antofagasta's analyst fair value estimate has shifted from £40.28 to £47.82, as analysts balance higher assumed revenue growth with lower profit margins and a mixed series of recent target changes and rating moves across the Street. Analyst Commentary Recent research on Antofagasta shows a mix of upgrades, downgrades and price target resets, with views split on valuation, risk and execution.
RR.
UK£12.78
Rolls-Royce Holdings
7D
5.9%
1Y
92.6%

RR.: FY25 Beat And New Buyback Plan Will Support Stronger Outlook

Narrative Update The updated analyst price target for Rolls-Royce Holdings reflects a shift in valuation inputs, with a slightly lower fair value estimate and P/E assumption, alongside higher projected revenue growth and profit margins. Analysts are responding to recent price target increases to £12.50 and £16.00 following the company's FY25 performance and 2026 guidance.
STAN
UK£17.25
Standard Chartered
7D
7.0%
1Y
96.3%

STAN: Future Returns Will Rely On Crypto Brokerage Expansion And Capital Return Discipline

Analysts have made a modest upward adjustment to the fair value estimate for Standard Chartered to £19.25 from £18.94, reflecting updated assumptions on revenue growth, profit margins and future P/E multiples, alongside mixed but generally supportive price target changes from JPMorgan, Morgan Stanley and Citi. Analyst Commentary Recent research updates present a mixed but generally constructive picture, with several price target revisions clustering around the current fair value estimate and reinforcing a relatively tight valuation range for Standard Chartered.
N91
UK£2.17
Ninety One Group
7D
-8.5%
1Y
77.7%

N91: Higher Future P/E And Stable Margins Will Support Upside

Analysts have nudged their Ninety One Group price target higher to £2.51 from £2.44, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E as the basis for the revision. Valuation Changes Fair value has been revised to £2.51 from £2.44, representing a small upward adjustment in the analysts’ estimate.