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U.K. (FTSE) Market Analysis & Valuation

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies1083
  • 7D1.2%
  • 3M5.0%
  • 1Y28.9%
  • YTD7.4%

The market is up 1.2% over the last week, with the Financials sector leading the way, up 3.4%. On the other hand, with a decline of 6.4%, the Energy sector is lagging behind. As for the past 12 months, the market is up 29%. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasGoldBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 20 Apr 2026UK£3.0tUK£2.0tUK£157.4b16.2x19.2x1.5x
Wed, 18 Mar 2026UK£2.9tUK£2.0tUK£156.5b15.7x18.7x1.5x
Fri, 13 Feb 2026UK£3.0tUK£1.9tUK£140.4b16.7x21.3x1.5x
Sun, 11 Jan 2026UK£2.9tUK£2.0tUK£138.1b16.8x21x1.5x
Tue, 09 Dec 2025UK£2.8tUK£2.0tUK£138.5b16.1x19.9x1.4x
Thu, 06 Nov 2025UK£2.8tUK£2.0tUK£139.8b16.4x20x1.4x
Sat, 04 Oct 2025UK£2.7tUK£1.9tUK£135.4b16.8x20.2x1.4x
Mon, 01 Sep 2025UK£2.7tUK£1.9tUK£135.2b16x19.7x1.4x
Wed, 30 Jul 2025UK£2.6tUK£1.9tUK£127.0b16.1x20.2x1.3x
Fri, 27 Jun 2025UK£2.5tUK£1.9tUK£126.6b16.5x19.5x1.3x
Sun, 25 May 2025UK£2.5tUK£1.9tUK£125.8b16.2x19.7x1.3x
Tue, 22 Apr 2025UK£2.4tUK£2.0tUK£134.9b15.3x17.5x1.2x
Thu, 20 Mar 2025UK£2.5tUK£2.0tUK£135.3b15.5x18.5x1.3x
Sat, 15 Feb 2025UK£2.5tUK£2.0tUK£138.6b16.4x18.2x1.3x
Mon, 13 Jan 2025UK£2.4tUK£2.1tUK£124.6b15.8x19.3x1.2x
Wed, 11 Dec 2024UK£2.4tUK£2.0tUK£122.2b16.3x20x1.2x
Fri, 08 Nov 2024UK£2.4tUK£2.0tUK£118.3b16.3x20.3x1.2x
Sun, 06 Oct 2024UK£2.4tUK£2.0tUK£118.6b16.5x20.5x1.2x
Tue, 03 Sep 2024UK£2.5tUK£2.0tUK£119.1b17x20.7x1.2x
Thu, 01 Aug 2024UK£2.5tUK£2.0tUK£126.3b16.7x19.5x1.2x
Sat, 29 Jun 2024UK£2.4tUK£2.0tUK£132.2b16.2x18.2x1.2x
Mon, 27 May 2024UK£2.5tUK£2.0tUK£127.0b17.3x19.5x1.2x
Wed, 24 Apr 2024UK£2.4tUK£2.1tUK£148.6b15.9x16.4x1.2x
Fri, 22 Mar 2024UK£2.4tUK£2.0tUK£146.7b16.2x16.3x1.2x
Sun, 18 Feb 2024UK£2.3tUK£2.0tUK£147.0b15.2x15.6x1.1x
Tue, 16 Jan 2024UK£2.3tUK£2.1tUK£193.6b14.9x11.9x1.1x
Thu, 14 Dec 2023UK£2.3tUK£2.1tUK£194.4b14.8x11.8x1.1x
Sat, 11 Nov 2023UK£2.2tUK£2.2tUK£195.5b13.9x11.4x1x
Mon, 09 Oct 2023UK£2.3tUK£2.2tUK£186.3b13.9x12.3x1.1x
Wed, 06 Sep 2023UK£2.3tUK£2.2tUK£184.8b14.5x12.4x1.1x
Fri, 04 Aug 2023UK£2.3tUK£2.2tUK£189.9b14.6x12.3x1.1x
Sun, 02 Jul 2023UK£2.3tUK£2.2tUK£208.2b14.3x11.3x1.1x
Tue, 30 May 2023UK£2.4tUK£2.2tUK£213.9b14x11.2x1.1x
Thu, 27 Apr 2023UK£2.5tUK£2.2tUK£178.6b14.2x13.8x1.1x
Price to Earnings Ratio

13.8x


Total Market Cap: UK£2.5tTotal Earnings: UK£178.6bTotal 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 optimistic on the British market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 19.2x which is higher than its 3-year average PE of 17.2x.
Past Earnings Growth
  • The earnings for companies in the British industry have declined 4.1% per year over the last three years.
  • Revenues have also declined 2.7% 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 Market1.21%
Tech9.11%
Real Estate5.36%
Industrials4.49%
Consumer Discretionary4.39%
Financials3.41%
Materials2.35%
Telecom1.32%
Healthcare0.51%
Consumer Staples-0.96%
Utilities-4.45%
Energy-6.39%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 53.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.8%, which is higher than its past year's earnings growth of 7.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 2.9% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 6.6% 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£13.652.5%
+UK£5.6b		73.0%PB1.6xFinancials
REL RELXUK£27.208.4%
+UK£3.8b		-30.9%PE23.5xIndustrials
RR. Rolls-Royce HoldingsUK£13.113.2%
+UK£3.4b		83.5%PE18.6xIndustrials
LLOY Lloyds Banking GroupUK£1.054.4%
+UK£2.6b		49.5%PB1.3xFinancials
BARC BarclaysUK£4.534.1%
+UK£2.4b		63.3%PB0.8xFinancials
See more

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Latest News

BP.
UK£5.41
BP
7D
-6.6%
1Y
50.5%
BATS
UK£41.42
British American Tobacco
7D
-4.7%
1Y
30.9%

BATS: Future Returns Will Reflect Dividend Dependability And Strengthened Leadership Outlook

Analysts have nudged their price target for British American Tobacco up slightly to £46.21 from £45.85, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News British American Tobacco appointed Dragos Constantinescu as Chief Financial Officer, effective 1 September 2026, with Javed Iqbal to continue as Interim CFO until then and thereafter remain Director, Digital & Information (company announcement).
SHEL
UK£31.96
Shell
7D
-7.9%
1Y
31.0%

SHEL: Future Returns Will Reflect Middle East Supply Risk Premiums

Shell’s analyst fair value estimate has been revised higher from £34.65 to £37.17, as analysts factor in updated commodity price assumptions, refined revenue growth expectations, and slightly higher margin and P/E inputs following a mix of recent target hikes and downgrades across the Street. Analyst Commentary Recent research on Shell has been active, with several firms revising price targets and a mix of upgrades and downgrades.
AAL
UK£37.11
Anglo American
7D
5.8%
1Y
61.4%

AAL: Teck Merger And Commodity Risks Will Shape Balanced Future Profile

The analyst fair value estimate for Anglo American edges up to £35.09 from £35.05 as analysts weigh slightly higher assumed revenue growth and a modestly higher discount rate against a small trim to projected profit margins and future P/E, informed by a mix of recent target cuts and upgrades following the Teck merger progress and shifting sector risk views. Analyst Commentary Recent Street research around Anglo American is mixed, with several price target changes, rating shifts and comments on the proposed Teck merger feeding into the updated fair value estimate.
GSK
UK£21.44
GSK
7D
-1.2%
1Y
60.4%

GSK: Respiratory And Vaccine Portfolio Execution Will Support Higher Future Upside

Analysts have lifted their GSK price targets by £100 to £350, or to around £17.00 to £19.00 per share, citing slightly higher assumptions for revenue growth and profit margins alongside a modestly lower future P/E multiple in updated models. Analyst Commentary Recent research on GSK has tilted more constructive, with several bullish analysts revisiting their models and adjusting price targets in light of updated assumptions on revenue growth, profitability and valuation multiples.
HSBA
UK£13.65
HSBC Holdings
7D
2.5%
1Y
73.0%

HSBA: Future Returns Will Depend On Conviction List Status And Cost Discipline

Analysts have raised HSBC Holdings' price targets by £170 to £290 per share in recent weeks, supported by updated models that show relatively stable fair value, discount rate, revenue growth, profit margin and future P/E assumptions. The stock has also been added to a key European conviction list.
RR.
UK£13.11
Rolls-Royce Holdings
7D
3.2%
1Y
83.5%
BARC
UK£4.53
Barclays
7D
4.1%
1Y
63.3%

BARC: Evelyn Bid And Wealth Expansion Will Support Stronger Future Returns

Analysts have nudged their price target on Barclays slightly higher, from £5.30 to roughly £5.30, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels as support for the revised view. What's in the News Barclays and Sage agreed a new partnership aimed at helping UK small businesses manage day-to-day administration, improve visibility of their finances and keep up with Making Tax Digital requirements through combined banking and accounting tools (Client announcement).
LLOY
UK£1.05
Lloyds Banking Group
7D
4.4%
1Y
49.5%

LLOY: Buyback And Dividend Policy Will Support A More Attractive Return Profile

Analysts have lifted their price target for Lloyds Banking Group by around £0.02, reflecting small adjustments to fair value estimates, discount rate assumptions, revenue growth expectations, and a lower future P/E multiple in their models. What's in the News The Board of Lloyds Banking Group has authorized a share buyback plan, allowing the company to repurchase its own shares as part of a capital management program, subject to regulatory approval (Key Developments).
GLEN
UK£5.47
Glencore
7D
-3.0%
1Y
113.9%

GLEN: Fair Outlook Weighs Ended Megamerger Talks And Mixed Earnings Expectations

The analyst price target for Glencore has been revised higher, with recent moves such as Morgan Stanley’s £0.40 increase and several other target lifts pointing to analysts factoring in slightly stronger revenue growth, modestly higher profit margins and a marginally richer future P/E assumption, despite a higher discount rate. Analyst Commentary Recent research on Glencore shows a mix of optimism and caution, with several target changes and rating adjustments reflecting differing views on how execution, commodity exposure and capital allocation might influence the share price over time.
SSE
UK£24.70
SSE
7D
-8.5%
1Y
50.5%

Future Prosperity Awaits with SSE's Impressive 11% Revenue Growth

SSE plc — Investment Memo Investment Thesis SSE is a core UK infrastructure compounder positioned to benefit from the energy transition. It combines: Regulated electricity networks → stable, inflation-linked returns Renewables pipeline → long-term growth Dividend yield → immediate income Hybrid profile: defensive base + structural growth Business Model 1.
STAN
UK£18.30
Standard Chartered
7D
6.5%
1Y
80.0%

STAN: Future Returns Will Depend On Crypto Brokerage And Disciplined Capital Returns

The analyst price target for Standard Chartered has been trimmed by about £0.29 per share, reflecting updated fair value, discount rate and profitability assumptions as analysts balance slightly higher revenue growth and margin expectations against modestly lower valuation multiples. Analyst Commentary Recent Street research on Standard Chartered reflects a mix of optimism on the bank's earnings potential and some pushback on how much investors should be willing to pay for that growth.
EXPN
UK£28.66
Experian
7D
10.1%
1Y
-16.8%

EXPN: Data And AI Expansion Will Support Future Upside Despite Higher Required Returns

Experian's updated analyst price target edges lower to £4,100 from £4,700 as analysts adjust their views in line with slightly softer growth assumptions, a modestly higher discount rate and a small reduction in expected future P/E multiples. Analyst Commentary Bullish Takeaways Bullish analysts are comfortable maintaining positive ratings even with the lower £4,100 target, which suggests they still see upside potential relative to current fundamentals and execution.
NG.
UK£12.75
National Grid
7D
-3.4%
1Y
18.1%

NG.: Grid Optimization And Execution Discipline Will Shape Earnings Resilience And Future P/E

Analysts have raised their price target on National Grid to £13.63 from £13.53, citing slightly higher assumptions for revenue growth, profit margin and future P/E as the main drivers of the change. Analyst Commentary Analysts are updating their views on National Grid in light of the revised price target, with attention on how the company can support its valuation through consistent execution and disciplined capital allocation.
REL
UK£27.20
RELX
7D
8.4%
1Y
-30.9%

REL: Q4 Resilience To AI Concerns Will Support Future Multiple Re Rating

Narrative Update on RELX The updated analyst price target for RELX has shifted slightly, with fair value moving from about £37.14 to around £36.67. Analysts are factoring in a marginally higher discount rate and a slightly lower future P/E multiple, while recent research highlights steady guidance and limited immediate impact from AI related concerns.
IMB
UK£27.77
Imperial Brands
7D
-9.9%
1Y
-6.5%

IMB: Stronger Margins And Higher Future P E Multiple Will Support Upside

Analysts have adjusted their price target on Imperial Brands to £41.80, reflecting updated views on a higher discount rate, a slightly softer revenue growth outlook, a modestly stronger profit margin, and a marginally higher future P/E assumption. What's in the News Reports indicate that progress on a U.S. fast track scheme for nicotine pouches has slowed, affecting the timing of regulatory review for products in this category (Reuters).