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U.K. (FTSE) Market Analysis & Valuation

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies1086
  • 7D-0.4%
  • 3M4.9%
  • 1Y18.3%
  • YTD4.7%

In the last week, the market has been flat, with a notable exception in the Materials sector dropping 4.8%. More promisingly, the market is up 18% over the past year. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Jun 2026UK£2.9tUK£2.0tUK£165.2b16x17.7x1.4x
Thu, 21 May 2026UK£2.9tUK£2.0tUK£164.8b15.8x17.9x1.5x
Sat, 18 Apr 2026UK£3.0tUK£2.0tUK£157.4b16.3x19.2x1.5x
Mon, 16 Mar 2026UK£2.9tUK£2.0tUK£156.8b16x18.4x1.4x
Wed, 11 Feb 2026UK£3.0tUK£1.9tUK£140.5b16.7x21.2x1.5x
Fri, 09 Jan 2026UK£2.9tUK£2.0tUK£138.0b16.6x20.8x1.5x
Sun, 07 Dec 2025UK£2.8tUK£2.0tUK£138.5b16.1x20.1x1.4x
Tue, 04 Nov 2025UK£2.8tUK£2.0tUK£138.7b16.4x20.1x1.4x
Thu, 02 Oct 2025UK£2.7tUK£1.9tUK£135.5b16.5x20.1x1.4x
Sat, 30 Aug 2025UK£2.7tUK£1.9tUK£135.3b15.9x19.7x1.4x
Mon, 28 Jul 2025UK£2.6tUK£1.9tUK£125.2b16.4x20.5x1.3x
Wed, 25 Jun 2025UK£2.5tUK£1.9tUK£126.9b16.3x19.5x1.3x
Fri, 23 May 2025UK£2.5tUK£2.0tUK£126.6b16.3x19.6x1.3x
Sun, 20 Apr 2025UK£2.4tUK£2.0tUK£134.9b15.3x17.5x1.2x
Tue, 18 Mar 2025UK£2.5tUK£2.0tUK£136.0b15.2x18.3x1.2x
Thu, 13 Feb 2025UK£2.5tUK£2.0tUK£121.9b16.4x20.9x1.3x
Sat, 11 Jan 2025UK£2.4tUK£2.1tUK£124.7b15.8x19.3x1.2x
Mon, 09 Dec 2024UK£2.4tUK£2.0tUK£122.3b16.5x20x1.2x
Wed, 06 Nov 2024UK£2.4tUK£2.0tUK£118.0b16.3x20.4x1.2x
Fri, 04 Oct 2024UK£2.4tUK£2.0tUK£118.5b16.6x20.5x1.2x
Sun, 01 Sep 2024UK£2.5tUK£2.0tUK£119.2b16.9x20.7x1.2x
Tue, 30 Jul 2024UK£2.4tUK£2.0tUK£127.1b16.5x19.2x1.2x
Thu, 27 Jun 2024UK£2.4tUK£2.0tUK£132.3b16.3x18.3x1.2x
Sat, 25 May 2024UK£2.5tUK£2.0tUK£126.3b17.2x19.6x1.2x
Mon, 22 Apr 2024UK£2.4tUK£2.1tUK£149.1b15.6x16x1.1x
Wed, 20 Mar 2024UK£2.3tUK£2.1tUK£145.0b15.9x16.1x1.1x
Fri, 16 Feb 2024UK£2.3tUK£2.0tUK£144.9b15.2x15.6x1.1x
Sun, 14 Jan 2024UK£2.3tUK£2.1tUK£193.4b14.9x12x1.1x
Tue, 12 Dec 2023UK£2.3tUK£2.1tUK£194.1b14.7x11.8x1.1x
Thu, 09 Nov 2023UK£2.2tUK£2.2tUK£194.8b13.8x11.5x1x
Sat, 07 Oct 2023UK£2.3tUK£2.2tUK£186.2b13.9x12.3x1.1x
Mon, 04 Sep 2023UK£2.3tUK£2.2tUK£184.9b14.5x12.5x1.1x
Wed, 02 Aug 2023UK£2.4tUK£2.2tUK£194.8b14.5x12.2x1.1x
Fri, 30 Jun 2023UK£2.3tUK£2.2tUK£209.0b14.1x11.1x1.1x
Price to Earnings Ratio

11.1x


Total Market Cap: UK£2.3tTotal Earnings: UK£209.0bTotal Revenue: UK£2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 17.6x202420252026
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 17.6x.
Past Earnings Growth
  • The earnings for companies in the British industry have declined 7.5% per year over the last three years.
  • Revenues have also declined 2.4% 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 Market-0.40%
Financials2.98%
Industrials0.43%
Utilities-0.089%
Healthcare-0.13%
Tech-0.36%
Consumer Staples-1.14%
Consumer Discretionary-1.49%
Real Estate-1.57%
Energy-2.57%
Telecom-2.87%
Materials-4.85%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 52.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.9%, which is higher than its past year's earnings growth of 7.6% per year.
  • The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 10.2x.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings growth rate of 3.1% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 6.9% 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£14.514.8%
+UK£11.5b		68.7%PB1.7xFinancials
BARC BarclaysUK£5.167.5%
+UK£4.9b		61.9%PB0.9xFinancials
RR. Rolls-Royce HoldingsUK£14.123.9%
+UK£4.4b		59.2%PE20xIndustrials
NWG NatWest GroupUK£6.637.8%
+UK£3.8b		34.1%PB1.2xFinancials
LLOY Lloyds Banking GroupUK£1.096.4%
+UK£3.8b		45.8%PB1.3xFinancials
See more

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Latest News

BP.
UK£4.99
BP
7D
-2.9%
1Y
35.5%
SHEL
UK£30.05
Shell
7D
-2.1%
1Y
16.3%
Narrative Update • Jun 22

SHEL: Future Returns Will Reflect ARC Deal And Integrated Gas Expansion

Shell's analyst price target is nudging higher by about £0.11 per share as analysts factor in the ARC Resources acquisition, reflecting updated assumptions around integrated gas earnings, cash flow, and medium term upstream visibility, despite some offsetting target cuts from more cautious houses. Analyst Commentary Recent research updates on Shell present a split picture, with some analysts adjusting targets higher after the ARC Resources acquisition and others trimming their numbers or downgrading the stock.
AZN
UK£135.90
AstraZeneca
7D
2.3%
1Y
31.5%
Analysis Article • Jun 19

AstraZeneca (LSE:AZN) Stock Could Be 20.2% Below Fair Value After Recent Pullback

AstraZeneca (LSE:AZN) is back in focus after recent share price pressure, with the stock down about 5% over the past month and past 3 months. This has prompted investors to reassess its long term profile. See our latest analysis for AstraZeneca. Despite the recent share price decline, with the stock down 5.3% on a 90 day share price return basis and currently trading at £131.54, AstraZeneca still shows a 73.7% total shareholder return over five years. This suggests long term holders have seen...
GLEN
UK£5.35
Glencore
7D
-9.4%
1Y
94.6%
New Narrative • Jun 19

Copper Expansion And Political Risks Will Reshape Long Term Earnings Profile

Catalysts About Glencore Glencore is a diversified natural resources group involved in mining, processing and marketing of metals, energy products and other commodities. What are the underlying business or industry changes driving this perspective?
RIO
UK£72.64
Rio Tinto Group
7D
-8.0%
1Y
73.2%
Narrative Update • Jun 18

RIO: Fair Value View Balances EV Metals Upside And China Demand Risks

The analyst fair value estimate for Rio Tinto Group has been raised from £69.66 to £77.68, reflecting a series of higher Street price targets in the £6,400 to £9,300 range and updated assumptions for discount rate, revenue growth, and future P/E. Analyst Commentary Recent research on Rio Tinto Group points to a mixed but generally constructive stance on the stock, with most price targets clustering between £64 and £93 per share equivalent, and several analysts adjusting their models around valuation, execution on projects and commodity exposure.
STAN
UK£20.71
Standard Chartered
7D
3.7%
1Y
74.0%
Narrative Update • Jun 18

STAN: Fair Value Now Balances Rating Upgrades With Execution Delivery Risks

Standard Chartered's analyst price target has been revised slightly higher to £21.08 from £21.07, with analysts citing recent price target increases and rating upgrades as support for the updated valuation assumptions. Analyst Commentary Recent Street research on Standard Chartered reflects a mix of optimism on the stock's valuation potential and some lingering caution around execution and earnings delivery.
HSBA
UK£14.46
HSBC Holdings
7D
2.6%
1Y
63.1%
DGE
UK£15.52
Diageo
7D
3.0%
1Y
-16.5%
Narrative Update • Jun 17

DGE: Affordability Pivot And World Cup Exposure Will Support Future Cash Generation

Diageo's analyst price target has been nudged lower to £19.55 from £19.81 as analysts factor in a slightly higher discount rate and modestly lower profit margin assumptions, even as revenue growth expectations and future P/E inputs are adjusted. Analyst Commentary Recent research around Diageo highlights a mixed backdrop, with the modest trimming of the price target reflecting a balance between constructive long term views on the business and more cautious assumptions on margins and discount rates.
LSEG
UK£83.70
London Stock Exchange Group
7D
-7.8%
1Y
-21.4%
Narrative Update • Jun 17

LSEG: Digital Expansion And Share Buybacks Will Support Future Share Price Upside

Analysts have nudged their price targets for London Stock Exchange Group higher, with one recent move adding £1.00 to the prior level. The change reflects updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions.
AAL
UK£37.10
Anglo American
7D
-9.4%
1Y
80.5%
Narrative Update • Jun 16

AAL: Copper Shift And Iron Ore Risks Will Shape Fairly Balanced Outlook

Anglo American's fair value estimate has moved from £36.80 to £38.39 as analysts adjust price targets higher by several hundred pence and highlight a shift in growth focus toward copper over iron ore, while also reflecting updated assumptions for revenue growth, profit margins and future P/E. Analyst Commentary Recent research on Anglo American highlights a split view, with several bullish analysts lifting price targets while more cautious voices flag earnings pressure in iron ore and execution risks around the shift toward copper.
FRES
UK£28.53
Fresnillo
7D
-12.6%
1Y
102.3%
Narrative Update • Jun 16

FRES: Higher Revenue Assumptions And Cost Discipline Will Support Re Rating Potential

The analyst price target for Fresnillo has shifted to reflect a modest fair value adjustment to £54.36, as analysts reassessed assumptions for revenue growth, profit margins and future P/E following a series of mixed target changes from Citi, Morgan Stanley, JPMorgan and Berenberg. Analyst Commentary Recent research on Fresnillo highlights a split in opinion, but there are clear areas where bullish analysts see room for the stock to better reflect their reassessed fair value assumptions.
BARC
UK£5.12
Barclays
7D
5.0%
1Y
53.4%
NWG
UK£6.57
NatWest Group
7D
4.5%
1Y
28.9%
LLOY
UK£1.09
Lloyds Banking Group
7D
4.8%
1Y
42.3%
Narrative Update • Jun 11

LLOY: Motor Finance Uncertainty And Buybacks Will Still Limit Future Upside

Analysts have adjusted their price target for Lloyds Banking Group slightly, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E. Investors should note that the move in the target, while modest in £ terms, is supported by these refreshed inputs.
ULVR
UK£44.54
Unilever
7D
1.3%
1Y
-13.4%
Narrative Update • Jun 06

ULVR: Planned Foods Combination And Innovation Hub Will Support Further Upside

Unilever's analyst price target has been trimmed by £600 to £3,700 as analysts factor in slightly higher long term earnings expectations, while also questioning how far the stock can stretch toward U.S. peer valuation levels. Analyst Commentary Recent research on Unilever points to a mixed setup, with some analysts leaning more constructive on execution and earnings potential, while others remain cautious on how far the valuation can stretch versus U.S. peers.
ANTO
UK£37.40
Antofagasta
7D
-11.6%
1Y
115.6%
Narrative Update • Jun 05

ANTO: Copper And Geopolitical Risks Will Restrain Future Share Performance

Narrative Update The analyst price target for Antofagasta is now set slightly higher at about £35.96 per share, up from £35.00, as analysts factor in updated assumptions on revenue, profit margins and future P/E, alongside a series of recent price target revisions across the Street. Analyst Commentary Recent research on Antofagasta shows a wide range of views, with some firms lifting targets and ratings while others trim targets or move to more cautious stances.