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U.K. (FTSE) Market Analysis & Valuation

UpdatedSep 20, 2026
DataAggregated Company Financials
Companies1061
  • 7D0.04%
  • 3M2.3%
  • 1Y15.9%
  • YTD7.2%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 5.8% in that time. As for the longer term, the market has risen 16% in the past 12 months. Earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasGoldBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 21 Sep 2026UK£3.0tUK£2.2tUK£174.4b15.8x17.2x1.4x
Wed, 19 Aug 2026UK£3.0tUK£2.1tUK£173.8b16.3x17.4x1.4x
Fri, 17 Jul 2026UK£3.0tUK£2.0tUK£164.4b15.7x18x1.5x
Sun, 14 Jun 2026UK£3.0tUK£2.0tUK£164.5b15.9x18x1.5x
Tue, 12 May 2026UK£2.9tUK£2.0tUK£161.1b16x18.1x1.5x
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
Price to Earnings Ratio

12.4x


Total Market Cap: UK£2.3tTotal Earnings: UK£187.5bTotal Revenue: UK£2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 18.1x202420252026
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 18.1x.
Past Earnings Growth
  • The earnings for British listed companies have declined 2.3% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

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

GB Market0.038%
Healthcare5.76%
Utilities2.03%
Industrials1.08%
Tech1.04%
Consumer Staples0.77%
Real Estate-0.093%
Energy-0.61%
Consumer Discretionary-0.75%
Financials-1.50%
Telecom-2.10%
Materials-2.94%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 50.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.6%, which is higher than its past year's earnings growth of 0.7% 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 10.6x.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 4.0% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 2.2% 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
AZN AstraZenecaUK£125.006.8%
+UK£12.3b		10.6%PE24.9xHealthcare
GSK GSKUK£18.786.0%
+UK£4.3b		25.5%PE15.6xHealthcare
BA. BAE SystemsUK£20.256.7%
+UK£3.6b		3.8%PE27.1xIndustrials
BATS British American TobaccoUK£41.962.3%
+UK£2.1b		4.1%PE14.3xConsumer Staples
ULVR UnileverUK£46.211.5%
+UK£1.5b		-9.8%PE20.7xConsumer Staples
See more

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Latest News

BA.
UK£20.25
BAE Systems
7D
6.7%
1Y
3.8%
ANTO
UK£36.57
Antofagasta
7D
-3.5%
1Y
57.4%
Narrative Update • Sep 18

ANTO: Copper Guidance Resilience And 2028 Free Cash Flow Shift Will Balance Returns

Antofagasta's updated analyst price target has shifted slightly higher to around £38.88 per share from about £37.87. This reflects modest tweaks to growth, profitability and P/E assumptions as analysts respond to recent target changes across the Street, including JPMorgan, Citi, Barclays, Morgan Stanley, Deutsche Bank and Berenberg.
AZN
UK£125.00
AstraZeneca
7D
6.8%
1Y
10.6%
Narrative Update • Sep 18

AZN: Mixed Trial Outcomes And China Expansion Will Shape Future Perception

For AstraZeneca, the analyst price target in the model has moved higher to a fair value estimate of £118.07. Street research reflects a mixed but generally constructive tone, as some firms trim targets such as to £150 and £13,750, while others lift or initiate around £13,920 to £14,500, citing valuation resets, sector risk premium tweaks and confidence in the pipeline.
GLEN
UK£5.57
Glencore
7D
-8.0%
1Y
77.9%
Narrative Update • Sep 18

GLEN: Coal Windfall Will Not Offset Iron Ore Earnings Pressure

Glencore's updated analyst price targets now cluster around the £5.30 to £7.80 range, with recent changes reflecting mixed views as some analysts cite commodity leverage, earnings potential and valuation support, while others flag sector headwinds following recent results. Analyst Commentary Recent research on Glencore presents a split picture.
RIO
UK£72.18
Rio Tinto Group
7D
-2.1%
1Y
56.9%
Narrative Update • Sep 18

RIO: Weakening Iron Ore And Aluminum Fundamentals Will Pressure Future Returns

Analysts have lifted the fair value estimate for Rio Tinto Group from £60.16 to £64.09. The change reflects updated assumptions on profit margins and P/E multiples, along with a mix of higher and lower Street price targets that factor in commodity supply dynamics, capital return prospects, and potential cost and asset initiatives.
SSE
UK£24.32
SSE
7D
3.0%
1Y
45.9%
BATS
UK£41.96
British American Tobacco
7D
2.3%
1Y
4.1%
Narrative Update • Sep 17

BATS: Legal Overhang And Buybacks Will Shape Balanced Future Returns

Analysts have lifted their fair value estimate for British American Tobacco from about £39.51 to roughly £42.50, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E as the key drivers of the change. What's in the News for British American Tobacco ITC Infotech announced a multi year technology services deal with British American Tobacco that covers Poland, Romania and India, and continues support for the company’s technology hubs in Malaysia and Mexico, aiming to streamline end to end technology delivery and service quality.
GSK
UK£18.78
GSK
7D
6.0%
1Y
25.5%
LLOY
UK£1.09
Lloyds Banking Group
7D
-2.0%
1Y
32.6%
HSBA
UK£15.13
HSBC Holdings
7D
-2.6%
1Y
47.2%
BARC
UK£4.62
Barclays
7D
-6.4%
1Y
21.1%
CPG
US$29.97
Compass Group
7D
-2.9%
1Y
-11.6%
Narrative Update • Sep 10

CPG: Fair Value View Will Balance Data Center Contract Opportunities

Analysts have nudged their fair value estimate for Compass Group higher from $32.00 to about $33.07, citing updated models that reflect recent positive views on earnings potential linked to U.S. data center related hospitality contracts and reaffirmed upbeat price targets near $40. Analyst Commentary Recent research on Compass Group highlights a mix of optimism around U.S. data center related hospitality contracts and more reserved signals on valuation and execution risk.
KAP
US$64.70
National Atomic Company Kazatomprom JSC
7D
-8.2%
1Y
29.1%
Narrative Update • Sep 08

KAP: Uranium Market Support And Headwinds Pricing Will Drive Future Upside

Analysts have raised their fair value estimate for National Atomic Company Kazatomprom JSC from $98.08 to $100.94, citing recent Street research that suggests company specific headwinds already appear to be reflected in the stock, while uranium market fundamentals remain supportive of the updated price target of $91. What's in the News for National Atomic Company Kazatomprom JSC National Atomic Company Kazatomprom JSC updated its 2026 consolidated revenue guidance to KZT 2,100b to KZT 2,200b, which is lower than the previous range of KZT 2,200b to KZT 2,300b.
TSCO
UK£4.76
Tesco
7D
2.3%
1Y
9.5%
ULVR
UK£46.21
Unilever
7D
1.5%
1Y
-9.8%
Narrative Update • Sep 03

ULVR: Q2 Volume Execution And Merger Progress Will Drive Upside Case

Unilever's updated fair value estimate rises by about £2 to £60.24 per share, reflecting analysts' higher long term earnings assumptions after recent volume led beats and modestly stronger margin expectations. Analyst Commentary Recent research updates on Unilever highlight a mix of optimism on execution and caution on medium term margins.
NG.
UK£11.48
National Grid
7D
1.5%
1Y
10.9%