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U.K. (FTSE) Market Analysis & Valuation

UpdatedApr 28, 2026
DataAggregated Company Financials
Companies1080
  • 7D-2.6%
  • 3M0.4%
  • 1Y22.5%
  • YTD4.0%

Over the last 7 days, the market has dropped 2.1%, driven by losses in the Industrials and Healthcare sectors of 5.5% and 5.9%, respectively. As for the longer term, the market has actually risen by 23% in the last year. Earnings are forecast to grow by 13% annually.

Trending IndustriesOil and GasGoldBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 28 Apr 2026UK£2.9tUK£2.0tUK£157.4b16x18.5x1.5x
Thu, 26 Mar 2026UK£2.8tUK£2.0tUK£157.0b15x18.1x1.4x
Sat, 21 Feb 2026UK£3.0tUK£2.0tUK£148.4b16.8x20.6x1.6x
Mon, 19 Jan 2026UK£2.9tUK£2.0tUK£137.9b16.7x21.3x1.5x
Wed, 17 Dec 2025UK£2.8tUK£2.0tUK£138.0b15.9x20.1x1.4x
Fri, 14 Nov 2025UK£2.8tUK£2.0tUK£137.6b16.6x20.4x1.4x
Sun, 12 Oct 2025UK£2.7tUK£1.9tUK£135.8b16.6x20x1.4x
Tue, 09 Sep 2025UK£2.7tUK£1.9tUK£135.9b16.4x19.7x1.4x
Thu, 07 Aug 2025UK£2.7tUK£2.0tUK£134.9b16.2x19.8x1.4x
Sat, 05 Jul 2025UK£2.5tUK£1.9tUK£126.8b16.3x19.6x1.3x
Mon, 02 Jun 2025UK£2.5tUK£1.9tUK£127.3b16.2x19.5x1.3x
Wed, 30 Apr 2025UK£2.4tUK£2.0tUK£131.4b15.5x18.3x1.2x
Fri, 28 Mar 2025UK£2.5tUK£2.0tUK£135.5b15.5x18.2x1.2x
Sun, 23 Feb 2025UK£2.5tUK£2.0tUK£137.6b16.2x18.2x1.2x
Tue, 21 Jan 2025UK£2.5tUK£2.1tUK£124.3b16x20x1.2x
Thu, 19 Dec 2024UK£2.4tUK£2.0tUK£122.1b16.1x19.7x1.2x
Sat, 16 Nov 2024UK£2.4tUK£2.0tUK£121.4b16.3x19.6x1.2x
Mon, 14 Oct 2024UK£2.4tUK£2.0tUK£118.8b16.3x20.2x1.2x
Wed, 11 Sep 2024UK£2.4tUK£2.0tUK£119.4b16.5x20.2x1.2x
Fri, 09 Aug 2024UK£2.4tUK£2.0tUK£122.4b16.3x19.6x1.2x
Sun, 07 Jul 2024UK£2.4tUK£2.0tUK£130.7b16.8x18.5x1.2x
Tue, 04 Jun 2024UK£2.5tUK£2.0tUK£128.9b17.3x19.2x1.2x
Thu, 02 May 2024UK£2.4tUK£2.1tUK£143.0b16.4x16.9x1.2x
Sat, 30 Mar 2024UK£2.4tUK£2.1tUK£146.0b16.4x16.5x1.1x
Mon, 26 Feb 2024UK£2.3tUK£2.1tUK£196.4b15.6x11.8x1.1x
Wed, 24 Jan 2024UK£2.3tUK£2.1tUK£193.5b14.8x11.7x1.1x
Fri, 22 Dec 2023UK£2.3tUK£2.1tUK£193.9b15.1x12x1.1x
Sun, 19 Nov 2023UK£2.3tUK£2.1tUK£194.4b14.4x11.7x1.1x
Tue, 17 Oct 2023UK£2.3tUK£2.2tUK£186.6b13.8x12.5x1.1x
Thu, 14 Sep 2023UK£2.3tUK£2.2tUK£185.2b14.6x12.5x1.1x
Sat, 12 Aug 2023UK£2.3tUK£2.1tUK£184.8b14.3x12.6x1.1x
Mon, 10 Jul 2023UK£2.3tUK£2.2tUK£207.1b14x10.9x1x
Wed, 07 Jun 2023UK£2.4tUK£2.2tUK£212.1b14.3x11.3x1.1x
Fri, 05 May 2023UK£2.4tUK£2.1tUK£208.0b14.4x11.6x1.1x
Price to Earnings Ratio

11.6x


Total Market Cap: UK£2.4tTotal Earnings: UK£208.0bTotal Revenue: UK£2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 17.3x202420252026
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 17.3x.
Past Earnings Growth
  • The earnings for companies in the British industry have declined 8.9% per year over the last three years.
  • Revenues have also declined 2.3% 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-2.59%
Utilities1.45%
Tech0.70%
Energy0.60%
Real Estate-1.29%
Telecom-1.66%
Consumer Discretionary-1.68%
Materials-2.13%
Consumer Staples-2.23%
Financials-2.24%
Industrials-5.59%
Healthcare-5.88%
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 53.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.5%, 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 47% over the next 5 years.
  • This is better than its past earnings growth rate of 5.1% 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
LSEG London Stock Exchange GroupUK£99.425.6%
+UK£2.6b		-12.4%PE39.3xFinancials
BP. BPUK£5.722.8%
+UK£2.4b		58.1%PE2204.8xEnergy
SSE SSEUK£26.103.7%
+UK£1.1b		61.0%PE32.8xUtilities
CPG Compass GroupUS$29.313.0%
+US$1.4b		-10.2%PE26.7xConsumer Discretionary
NG. National GridUK£12.941.3%
+UK£855.4m		20.7%PE22.4xUtilities
See more

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Latest News

CPG
US$29.31
Compass Group
7D
3.0%
1Y
-10.2%

CPG: Margin Resilience And Premium P/E Will Support Future Upside

Analysts have made a small trim to Compass Group's fair value estimate, moving their price target from about $38.60 to roughly $38.50. This adjustment reflects updated views on discount rates, profit margins and P/E assumptions following recent research, including an upgrade and a separate target cut.
GSK
UK£20.16
GSK
7D
-6.0%
1Y
43.1%

GSK plc (GSK): The Vaccine Sentinel Faces a Critical Pivot Toward Specialty Mastery

GSK plc (GSK) , the global vanguard of vaccine innovation and high-science biopharmaceuticals, enters the weekend of Sunday, April 26, 2026 , in a state of disciplined transformation. The company is set to release its Q1 2026 earnings report on Wednesday, April 29, 2026, before the London market opens.
HSBA
UK£13.20
HSBC Holdings
7D
-2.2%
1Y
58.4%
AZN
UK£139.72
AstraZeneca
7D
-6.6%
1Y
32.7%
CCC
UK£38.00
Computacenter
7D
11.8%
1Y
59.7%
SSE
UK£26.10
SSE
7D
3.7%
1Y
61.0%

SSE: Fair Value View Balances Mixed Rating Shifts And Execution Risks

The updated analyst price target for SSE has moved higher to reflect a fair value of about £27.34 per share, up from roughly £26.98, with analysts pointing to slightly stronger assumptions for revenue growth, profit margins and a modestly lower future P/E multiple to support the change. Analyst Commentary Recent Street research on SSE reflects a mix of optimism and caution, with several firms updating price targets and at least one high profile downgrade.
NG.
UK£12.94
National Grid
7D
1.3%
1Y
20.7%

NG.: Grid AI Collaboration And Margin Discipline Will Shape Earnings Resilience

Analysts have nudged their fair value estimate for National Grid to £13.78, reflecting updated assumptions around slightly lower revenue growth, a modestly higher profit margin, and a marginally richer future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts point to the updated fair value estimate of £13.78 as support for National Grid's role as a regulated utility with relatively visible earnings, which can help anchor valuation assumptions.
BA.
UK£20.36
BAE Systems
7D
-9.1%
1Y
21.2%
BP.
UK£5.72
BP
7D
2.8%
1Y
58.1%
FRES
UK£33.06
Fresnillo
7D
-9.7%
1Y
231.3%

FRES: Execution Risks Around Multi Year Production Guidance Will Likely Intensify

The analyst price target for Fresnillo has increased to £23.88 from £21.82, with analysts citing adjusted expectations for revenue growth, profit margins and future P/E, along with mixed recent target changes from major banks, as support for the new fair value. Analyst Commentary Recent research shows a split in sentiment on Fresnillo, with some major banks lifting targets while others have taken a more cautious stance on valuation and execution.
ITH
UK£2.67
Ithaca Energy
7D
7.1%
1Y
99.4%

ITH: Future Returns Will Balance Dividend Payouts And Production Execution Risks

The analyst price target for Ithaca Energy has been adjusted slightly higher to £2.24 from £2.21. Analysts cite updated fair value estimates, along with changes in revenue growth, profit margin expectations and future P/E assumptions, as key drivers of the move.
NWG
UK£5.74
NatWest Group
7D
-5.5%
1Y
20.2%

NWG: Evelyn Acquisition And Buybacks Will Support Future Share Upside

NatWest Group's updated analyst price target has inched higher to £7.32 from £7.31. This reflects a blend of recent target increases from several banks and more cautious expectations from others, as analysts factor in slightly different views on revenue growth, profitability and valuation multiples.
LSEG
UK£99.42
London Stock Exchange Group
7D
5.6%
1Y
-12.4%

LSEG: Activist Buybacks And AI Partnerships Will Support Future Upside Potential

Narrative update The analyst price target for London Stock Exchange Group has been raised by £1.00. Analysts point to updated assumptions for revenue growth, profit margins and future P/E as key drivers for the change.
RR.
UK£11.30
Rolls-Royce Holdings
7D
-10.5%
1Y
49.8%
LLOY
UK£0.97
Lloyds Banking Group
7D
-5.1%
1Y
33.7%

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).
III
UK£25.90
3i Group
7D
-8.7%
1Y
-38.0%

III: Updated Margin Outlook Will Support Durable Returns And Dividend Visibility

Narrative Update on 3i Group The analyst price target for 3i Group has been trimmed by £2.87 to reflect a lower fair value estimate of £38.44. Analysts are factoring in a slightly reduced profit margin outlook, an updated future P/E of 8.27, and mixed recent target changes from Citi, Barclays, Deutsche Bank, and RBC Capital.