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

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 17.8x.

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

Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 51.3x. The market's confidence is likely because analysts are expecting annual earnings growth of 17.6%, which is higher than its past year's earnings growth of 7.7% 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 10.3x.

U.K. (FTSE) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 27 Jul 2026	UK£3.0t	UK£2.0t	UK£166.2b	16x	18.1x	1.5x
Wed, 24 Jun 2026	UK£2.9t	UK£2.0t	UK£165.4b	15.7x	17.7x	1.4x
Fri, 22 May 2026	UK£3.0t	UK£2.0t	UK£165.2b	15.9x	17.9x	1.5x
Sun, 19 Apr 2026	UK£3.0t	UK£2.0t	UK£157.4b	16.2x	19.2x	1.5x
Tue, 17 Mar 2026	UK£2.9t	UK£2.0t	UK£156.8b	16x	18.4x	1.4x
Thu, 12 Feb 2026	UK£3.0t	UK£1.9t	UK£140.3b	16.9x	21.4x	1.5x
Sat, 10 Jan 2026	UK£2.9t	UK£2.0t	UK£138.0b	16.8x	21x	1.5x
Mon, 08 Dec 2025	UK£2.8t	UK£2.0t	UK£138.5b	16.1x	20.1x	1.4x
Wed, 05 Nov 2025	UK£2.8t	UK£2.0t	UK£139.1b	16.2x	20x	1.4x
Fri, 03 Oct 2025	UK£2.7t	UK£1.9t	UK£135.7b	16.7x	20x	1.4x
Sun, 31 Aug 2025	UK£2.7t	UK£1.9t	UK£135.2b	16x	19.7x	1.4x
Tue, 29 Jul 2025	UK£2.6t	UK£1.9t	UK£126.3b	16.2x	20.2x	1.3x
Thu, 26 Jun 2025	UK£2.5t	UK£1.9t	UK£126.8b	16.4x	19.4x	1.3x
Sat, 24 May 2025	UK£2.5t	UK£1.9t	UK£125.8b	16.2x	19.7x	1.3x
Mon, 21 Apr 2025	UK£2.4t	UK£2.0t	UK£134.9b	15.3x	17.5x	1.2x
Wed, 19 Mar 2025	UK£2.5t	UK£2.0t	UK£135.8b	15.6x	18.4x	1.3x
Fri, 14 Feb 2025	UK£2.5t	UK£2.0t	UK£121.8b	16.4x	20.8x	1.2x
Sun, 12 Jan 2025	UK£2.4t	UK£2.1t	UK£124.7b	15.8x	19.3x	1.2x
Tue, 10 Dec 2024	UK£2.5t	UK£2.0t	UK£122.1b	16.5x	20.1x	1.2x
Thu, 07 Nov 2024	UK£2.4t	UK£2.0t	UK£118.6b	16.3x	20.3x	1.2x
Sat, 05 Oct 2024	UK£2.4t	UK£2.0t	UK£118.4b	16.5x	20.5x	1.2x
Mon, 02 Sep 2024	UK£2.5t	UK£2.0t	UK£119.2b	16.9x	20.7x	1.2x
Wed, 31 Jul 2024	UK£2.4t	UK£2.0t	UK£127.6b	16.8x	19.1x	1.2x
Fri, 28 Jun 2024	UK£2.4t	UK£2.0t	UK£132.3b	16.3x	18.2x	1.2x
Sun, 26 May 2024	UK£2.5t	UK£2.0t	UK£128.9b	17.2x	19.3x	1.2x
Tue, 23 Apr 2024	UK£2.4t	UK£2.1t	UK£149.1b	15.6x	16x	1.1x
Thu, 21 Mar 2024	UK£2.4t	UK£2.1t	UK£146.1b	16x	16.1x	1.1x
Sat, 17 Feb 2024	UK£2.3t	UK£2.0t	UK£144.5b	15.2x	15.9x	1.1x
Mon, 15 Jan 2024	UK£2.3t	UK£2.1t	UK£193.4b	14.9x	12x	1.1x
Wed, 13 Dec 2023	UK£2.3t	UK£2.1t	UK£194.2b	14.6x	11.7x	1.1x
Fri, 10 Nov 2023	UK£2.2t	UK£2.2t	UK£195.0b	13.9x	11.5x	1x
Sun, 08 Oct 2023	UK£2.3t	UK£2.2t	UK£186.3b	13.9x	12.3x	1.1x
Tue, 05 Sep 2023	UK£2.3t	UK£2.1t	UK£184.5b	14.5x	12.5x	1.1x
Thu, 03 Aug 2023	UK£2.4t	UK£2.1t	UK£189.2b	14.6x	12.4x	1.1x


GB Market	1.20%
Materials	3.65%
Energy	3.14%
Industrials	2.53%
Real Estate	2.18%
Financials	2.00%
Tech	1.86%
Healthcare	0.051%
Consumer Discretionary	-1.23%
Consumer Staples	-1.65%
Utilities	-2.04%
Telecom	-2.08%

Company	Last Price	7D	1Y	Valuation	Sector
HSBA HSBC Holdings	UK£15.53	4.9% +UK£12.3b	61.8%	PB1.8x	Financials
SHEL Shell	UK£33.06	2.7% +UK£4.8b	23.0%	PE13.1x	Energy
RR. Rolls-Royce Holdings	UK£14.16	4.2% +UK£4.6b	44.2%	PE19.9x	Industrials
AZN AstraZeneca	UK£126.70	2.3% +UK£4.5b	17.4%	PE25.2x	Healthcare
BP. BP	UK£5.48	5.1% +UK£4.1b	34.9%	PE35.2x	Energy

Announcement • 3h

Astrazeneca plc Provides Update on Ultomiris Phase Iii Trial in Hsct-Tma

Astrazeneca PLC provided an update on the Phase III trial of Ultomiris in adults and adolescents with thrombotic microangiopathy after haematopoietic stem cell transplant. High-level results from the ALXN1210-TMA-313 Phase III clinical trial showed that Ultomiris (ravulizumab) did not achieve statistical significance for the primary endpoint of event-free survival through 26 weeks compared to placebo in adults and adolescents (aged 12 years or older) with thrombotic microangiopathy after haematopoietic stem cell transplant (HSCT-TMA). The primary endpoint was defined as the time from randomisation until TMA-related clinical worsening or death, whichever occurred first. In paediatric patients with HSCT-TMA, the ALXN1210-TMA-314 open-label Phase III trial of Ultomiris demonstrated clinically meaningful overall survival of 87.2% at 26 weeks and 73.4% at 52 weeks, as previously disclosed. Alexion, Astrazeneca Rare Disease is advancing regulatory filings for Ultomiris in paediatric patients with HSCT-TMA, based on these results and data from ALX-TMA-502, an external control study, which further supports clinically meaningful benefit on overall survival. Ultomiris showed a trend toward treatment benefit in adults and adolescents with HSCT-TMA at 26 weeks compared to placebo. Discussions with health authorities are ongoing regarding the interpretation of these data, including in the context of real-world evidence. Following HSCT, a procedure used with increasing frequency to treat some types of cancers and other diseases, the devastating and potentially life-threatening complication of TMA may occur. TMA can result in blood clots and damage to the walls of the smallest blood vessels in the circulatory system, which may lead to organ failure and death. HSCT-TMA is estimated to affect fewer than 6,000 people in the US. Haematopoietic stem cell transplant-associated thrombotic microangiopathy (HSCT-TMA) is a rare, severe and potentially life-threatening type of TMA that occurs following HSCT, a procedure used with increasing frequency to treat some types of cancers and other diseases. It is thought that factors associated with HSCT (i.e., conditioning regimens and other complications) induce overactivation and/or dysregulation of the complement system, driving HSCT-TMA. Symptoms of HSCT-TMA can overlap with those of other conditions, which can lead to a misdiagnosis and/or a significant delay in receiving an accurate diagnosis. HSCT-TMA can be fatal, with one-year survival rates in paediatric patients estimated between 17% and 44% and one-year overall survival rates ranging from approximately 17% to 58% in adults, based upon scientific literature. TMAs are a group of severe and potentially life-threatening rare disorders that cause blood clots and damage to the walls of the smallest blood vessels in the circulatory system. These blood clots can cause injury to organs that may lead to organ failure and death. Signs, symptoms and complications of TMA include organ damage (most commonly in the kidneys), low platelet count, red blood cell abnormalities [i.e. anaemia, fragmented red cells (schistocytes)], blood clots and high blood pressure. ALXN1210-TMA-313 is a global, Phase III, randomised, double-blind, placebo-controlled, multicentre trial evaluating the safety and efficacy of Ultomiris in adult and adolescent (aged 12 years or older) participants who have thrombotic microangiopathy (TMA) after haematopoietic stem cell transplant (HSCT). Participants were required to have received HSCT within the past 12 months at the time of screening, as well as a diagnosis of TMA that persisted for at least 72 hours after the initial management of any triggering condition or agent. The dosing regimen was confirmed in an open-label, single-arm period (Stage 1) based on data analysis after 14 participants had completed 21 days of treatment. Patients enrolled thereafter in the study were randomised 1:1 to receive either Ultomiris or placebo administered intravenously for a total of 26 weeks, in addition to best supportive care (Stage 2). Patients in the Stage 2 treatment arm received a loading dose of Ultomiris on Days 1, 5 and 10, followed by regular weight-based maintenance dosing of Ultomiris beginning on Day 15, every eight weeks through the treatment period. Upon completion of the treatment period, participants were followed for an additional 26 weeks. The primary endpoint is event-free survival during the 26-week treatment period, defined as the time from randomisation until clinical worsening or death. Key secondary endpoints include overall survival, non-relapse mortality and TMA response criteria. The trial enrolled 146 patients from 18 countries across North America, South America, Europe, Asia and Australia. ALXN1210-TMA-314 is a global, Phase III, open-label, single-arm, multicentre study evaluating the safety and efficacy of Ultomiris in paediatric patients (aged 28 days to less than 18 years of age) with thrombotic microangiopathy (TMA) after haematopoietic stem cell transplantation (HSCT). Participants were required to have received HSCT within the past 12 months at the time of screening, as well as a diagnosis of TMA that persisted for at least 72 hours after the initial management of any triggering condition or agent. The dosing regimen was confirmed based on data analysis after at least 10 participants had completed 21 days of treatment. All patients received a loading dose of Ultomiris on Days 1, 5 and 10, followed by regular weight-based maintenance dosing of Ultomiris beginning on Day 15 and administered every four weeks for patients weighing less than 20 kg or every eight weeks for patients weighing at least 20 kg through the 26-week treatment period, in addition to best supportive care. The administration of supplemental doses of Ultomiris between maintenance doses was guided by prespecified protocol requirements. The primary endpoint is complete TMA response (defined as a composite measure of haematologic and renal parameters) at 26 weeks. Secondary endpoints include overall survival, non-relapse mortality and TMA response criteria.

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