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U.K. (FTSE) Market Analysis & Valuation

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies1080
  • 7D-0.1%
  • 3M-0.2%
  • 1Y19.6%
  • YTD4.1%

In the last week, the market has been flat, with a notable exception in the Healthcare sector dropping 3.6%. More promisingly, the market is up 20% over the past year. 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
Tue, 05 May 2026UK£2.9tUK£2.0tUK£160.0b15.9x18.4x1.5x
Thu, 02 Apr 2026UK£2.9tUK£2.0tUK£158.2b15.1x18.4x1.5x
Sat, 28 Feb 2026UK£3.1tUK£2.0tUK£151.7b16.8x20.5x1.6x
Mon, 26 Jan 2026UK£2.9tUK£1.9tUK£137.0b16.8x21.3x1.5x
Wed, 24 Dec 2025UK£2.8tUK£2.0tUK£138.9b16x20.4x1.4x
Fri, 21 Nov 2025UK£2.7tUK£2.0tUK£139.6b16.2x19.6x1.4x
Sun, 19 Oct 2025UK£2.7tUK£1.9tUK£135.4b16.4x19.9x1.4x
Tue, 16 Sep 2025UK£2.7tUK£1.9tUK£135.2b16.6x19.8x1.4x
Thu, 14 Aug 2025UK£2.7tUK£1.9tUK£133.5b15.8x19.9x1.4x
Sat, 12 Jul 2025UK£2.5tUK£1.9tUK£127.0b16.2x19.9x1.3x
Mon, 09 Jun 2025UK£2.5tUK£1.9tUK£127.0b16.2x19.6x1.3x
Wed, 07 May 2025UK£2.4tUK£2.0tUK£130.3b16.1x18.8x1.3x
Fri, 04 Apr 2025UK£2.4tUK£2.0tUK£135.5b15x17.8x1.2x
Sun, 02 Mar 2025UK£2.5tUK£2.0tUK£139.0b15.7x18.2x1.2x
Tue, 28 Jan 2025UK£2.5tUK£2.1tUK£123.4b15.9x20.1x1.2x
Thu, 26 Dec 2024UK£2.4tUK£2.0tUK£122.9b15.9x19.5x1.2x
Sat, 23 Nov 2024UK£2.4tUK£2.1tUK£123.9b16.4x19.6x1.2x
Mon, 21 Oct 2024UK£2.4tUK£2.0tUK£118.7b16.5x20.5x1.2x
Wed, 18 Sep 2024UK£2.4tUK£2.0tUK£118.8b16.7x20.6x1.2x
Fri, 16 Aug 2024UK£2.5tUK£2.0tUK£122.2b16.6x20.1x1.2x
Sun, 14 Jul 2024UK£2.4tUK£2.0tUK£129.8b17x18.8x1.2x
Tue, 11 Jun 2024UK£2.5tUK£2.0tUK£129.9b16.7x18.9x1.2x
Thu, 09 May 2024UK£2.5tUK£2.1tUK£137.4b16.7x18.1x1.2x
Sat, 06 Apr 2024UK£2.4tUK£2.1tUK£146.0b16x16.4x1.1x
Mon, 04 Mar 2024UK£2.3tUK£2.0tUK£142.0b15.3x16.3x1.1x
Wed, 31 Jan 2024UK£2.3tUK£2.1tUK£192.5b14.9x12x1.1x
Fri, 29 Dec 2023UK£2.3tUK£2.1tUK£193.6b15x12.1x1.1x
Sun, 26 Nov 2023UK£2.3tUK£2.1tUK£193.7b14.4x11.7x1.1x
Tue, 24 Oct 2023UK£2.3tUK£2.2tUK£186.6b13.5x12.1x1x
Thu, 21 Sep 2023UK£2.4tUK£2.2tUK£185.2b14.6x12.8x1.1x
Sat, 19 Aug 2023UK£2.2tUK£2.1tUK£184.2b14.2x12.2x1.1x
Mon, 17 Jul 2023UK£2.3tUK£2.2tUK£204.7b14x11.3x1.1x
Wed, 14 Jun 2023UK£2.4tUK£2.2tUK£209.6b14.3x11.3x1.1x
Fri, 12 May 2023UK£2.4tUK£2.2tUK£210.8b14.4x11.5x1.1x
Price to Earnings Ratio

11.5x


Total Market Cap: UK£2.4tTotal Earnings: UK£210.8bTotal Revenue: UK£2.2tTotal 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 8.7% 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-0.13%
Tech1.26%
Utilities1.05%
Financials1.03%
Industrials0.93%
Consumer Staples0.75%
Energy-0.05%
Telecom-0.10%
Materials-0.85%
Real Estate-1.16%
Consumer Discretionary-2.20%
Healthcare-3.63%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 52.9x.
    • 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 7.7% 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
EXPN ExperianUK£27.31-0.4%
UK£26.0b		-29.1%PE50.4xIndustrials
HSBA HSBC HoldingsUK£13.592.9%
+UK£6.6b		60.8%PB1.6xFinancials
RR. Rolls-Royce HoldingsUK£11.996.2%
+UK£5.8b		53.0%PE17xIndustrials
ULVR UnileverUK£44.074.3%
+UK£4.0b		-17.8%PE19.6xConsumer Staples
STAN Standard CharteredUK£18.777.7%
+UK£2.9b		71.2%PB1xFinancials
See more

Market Insights

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Latest News

ULVR
UK£44.07
Unilever
7D
4.3%
1Y
-17.8%
SHEL
UK£32.90
Shell
7D
-0.5%
1Y
32.3%

SHEL: Future Returns Will Reflect Middle East Risk Driven Cash Flows

Shell's analyst price target has been adjusted slightly lower to £37.02 from £37.17, as analysts weigh mixed rating actions and price target changes against updated assumptions for margins and future P/E levels. Analyst Commentary Recent research on Shell shows a split tape, with several firms lifting price targets while others turn more cautious or trim estimates.
STAN
UK£18.77
Standard Chartered
7D
7.7%
1Y
71.2%

Standard Chartered PLC Just Beat EPS By 23%: Here's What Analysts Think Will Happen Next

May 03
Standard Chartered PLC Just Beat EPS By 23%: Here's What Analysts Think Will Happen Next
AZN
UK£135.12
AstraZeneca
7D
-3.2%
1Y
25.6%
AAL
UK£35.90
Anglo American
7D
-2.8%
1Y
48.0%

AAL: Geopolitical And Commodity Risks Will Limit Post Teck Merger Upside

Analysts have raised the fair value estimate for Anglo American from £21.07 to £21.89 per share. This reflects a combination of recent price target changes, rating revisions, and updated views on revenue, margins and future P/E assumptions across the Street.
EXPN
UK£27.31
Experian
7D
-0.4%
1Y
-29.1%
NWG
UK£5.66
NatWest Group
7D
-2.4%
1Y
17.3%

NWG: Evelyn Deal And Buybacks Will Support Future Re Rating

The analyst price target for NatWest Group has been nudged higher to reflect a slightly increased fair value estimate of £7.33. Analysts point to updated assumptions around revenue growth, profit margins and future P/E, while balancing mixed recent broker revisions across the Street.
GLEN
UK£5.63
Glencore
7D
1.0%
1Y
128.0%
GSK
UK£19.01
GSK
7D
-5.9%
1Y
31.2%

GSK: Expanding Respiratory And Vaccine Portfolio Approvals Will Support Future Upside

Analysts have lifted their GSK price target by £1 to £27.50, citing a slightly lower long term revenue growth path, a reduced profit margin assumption and a higher future P/E multiple that together keep fair value unchanged overall. Analyst Commentary Recent Street research around GSK has tilted more constructive, with several bullish analysts lifting price targets and pointing to drivers that they see as supportive of the current valuation framework.
HSBA
UK£13.59
HSBC Holdings
7D
2.9%
1Y
60.8%

HSBA: Future Returns Will Depend On Conviction Status And Cost Cutting Execution

HSBC Holdings' updated analyst price target rises by £0.45 per share, with analysts pointing to slightly higher assumed revenue growth, a modestly stronger profit margin profile and a marginally lower discount rate, while Street research has recently moved price targets into a higher £11.50 to £15.40 range and added the stock to conviction and buy lists. Analyst Commentary Recent Street research on HSBC Holdings has focused on recalibrated price targets across a range of investment banks, combined with fresh or reaffirmed ratings that frame how analysts see the balance between upside potential and execution risk.
RR.
UK£11.99
Rolls-Royce Holdings
7D
6.2%
1Y
53.0%
BARC
UK£4.34
Barclays
7D
2.3%
1Y
44.1%

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

Analysts have lifted their price target on Barclays to £X from £Y, reflecting updated views on revenue growth, profit margins, and a higher forward P/E assumption. What's in the News Barclays PLC has announced a new share repurchase program of up to £500 million, adding to its existing capital return activity (Buyback Transaction Announcements).
ANTO
UK£35.51
Antofagasta
7D
-3.7%
1Y
108.6%

ANTO: Mixed Broker Views Will Shape Outlook As Copper Conditions Steer Expectations

Antofagasta's analyst fair value has shifted from £26.26 to £35.00, as analysts factor in revised assumptions on revenue growth, profit margins and discount rates, alongside a mix of recent target changes, including multiple raises from Citi, Morgan Stanley, JPMorgan and others, set against several downgrades and target cuts. Analyst Commentary Recent research on Antofagasta presents a mixed picture, with both bullish and bearish analysts adjusting ratings and price targets in quick succession.
CPG
US$28.25
Compass Group
7D
-3.6%
1Y
-16.7%

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.
NG.
UK£13.09
National Grid
7D
1.1%
1Y
22.7%

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.
LSEG
UK£96.24
London Stock Exchange Group
7D
-3.7%
1Y
-16.8%

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.