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U.K. (FTSE) Market Analysis & Valuation

UpdatedApr 29, 2026
DataAggregated Company Financials
Companies1080
  • 7D-1.7%
  • 3M0.8%
  • 1Y21.8%
  • YTD3.9%

Over the past 7 days, the market has dropped 1.7% with the Industrials sector contributing the most to the decline. As for the longer term, the market has actually risen by 22% in the last year. Looking forward, 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
Wed, 29 Apr 2026UK£2.9tUK£2.0tUK£159.9b15.9x18.3x1.5x
Fri, 27 Mar 2026UK£2.8tUK£2.0tUK£157.1b14.8x17.8x1.4x
Sun, 22 Feb 2026UK£3.0tUK£2.0tUK£148.3b16.8x20.6x1.6x
Tue, 20 Jan 2026UK£2.9tUK£2.0tUK£137.7b16.6x21.2x1.5x
Thu, 18 Dec 2025UK£2.8tUK£2.0tUK£138.2b15.9x20.2x1.4x
Sat, 15 Nov 2025UK£2.8tUK£2.0tUK£139.4b16.3x19.9x1.4x
Mon, 13 Oct 2025UK£2.7tUK£1.9tUK£135.8b16.6x20x1.4x
Wed, 10 Sep 2025UK£2.7tUK£1.9tUK£136.0b16.4x19.7x1.4x
Fri, 08 Aug 2025UK£2.7tUK£2.0tUK£134.5b16.3x19.8x1.4x
Sun, 06 Jul 2025UK£2.5tUK£1.9tUK£126.8b16.3x19.6x1.3x
Tue, 03 Jun 2025UK£2.5tUK£1.9tUK£127.1b16.2x19.5x1.3x
Thu, 01 May 2025UK£2.4tUK£2.0tUK£131.0b15.5x18.5x1.2x
Sat, 29 Mar 2025UK£2.5tUK£2.0tUK£135.6b15.5x18.2x1.2x
Mon, 24 Feb 2025UK£2.5tUK£2.0tUK£137.6b16.2x18.2x1.2x
Wed, 22 Jan 2025UK£2.5tUK£2.1tUK£124.1b15.9x20.1x1.2x
Fri, 20 Dec 2024UK£2.4tUK£2.0tUK£123.0b15.7x19.4x1.2x
Sun, 17 Nov 2024UK£2.4tUK£2.0tUK£121.8b16.3x19.5x1.2x
Tue, 15 Oct 2024UK£2.4tUK£2.0tUK£118.8b16.3x20.2x1.2x
Thu, 12 Sep 2024UK£2.4tUK£2.0tUK£119.6b16.5x20.2x1.2x
Sat, 10 Aug 2024UK£2.4tUK£2.0tUK£123.3b16.4x19.6x1.2x
Mon, 08 Jul 2024UK£2.4tUK£2.0tUK£130.8b16.8x18.5x1.2x
Wed, 05 Jun 2024UK£2.5tUK£2.0tUK£129.6b16.7x19x1.2x
Fri, 03 May 2024UK£2.4tUK£2.1tUK£141.8b16.4x17.2x1.2x
Sun, 31 Mar 2024UK£2.4tUK£2.1tUK£145.9b16.4x16.5x1.1x
Tue, 27 Feb 2024UK£2.3tUK£2.0tUK£140.4b15.4x16.4x1.1x
Thu, 25 Jan 2024UK£2.3tUK£2.1tUK£193.3b14.9x11.8x1.1x
Sat, 23 Dec 2023UK£2.3tUK£2.1tUK£193.4b15.2x12.1x1.1x
Mon, 20 Nov 2023UK£2.3tUK£2.1tUK£194.4b14.4x11.7x1.1x
Wed, 18 Oct 2023UK£2.3tUK£2.2tUK£186.6b13.8x12.5x1.1x
Fri, 15 Sep 2023UK£2.4tUK£2.2tUK£185.8b14.7x12.7x1.1x
Sun, 13 Aug 2023UK£2.3tUK£2.1tUK£184.8b14.4x12.6x1.1x
Tue, 11 Jul 2023UK£2.3tUK£2.2tUK£207.1b13.8x10.9x1x
Thu, 08 Jun 2023UK£2.4tUK£2.2tUK£211.7b14.3x11.3x1.1x
Sat, 06 May 2023UK£2.4tUK£2.1tUK£208.9b14.4x11.7x1.1x
Price to Earnings Ratio

11.7x


Total Market Cap: UK£2.4tTotal Earnings: UK£208.9bTotal 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 8.5% per year over the last three years.
  • Revenues have also declined 2.2% 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-1.73%
Utilities2.35%
Energy0.93%
Consumer Staples0.49%
Telecom-1.07%
Tech-1.33%
Financials-1.92%
Real Estate-1.97%
Materials-2.05%
Consumer Discretionary-3.55%
Healthcare-3.74%
Industrials-4.12%
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 17.1%, 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
BATS British American TobaccoUK£43.124.9%
+UK£4.3b		36.6%PE12.2xConsumer Staples
BP. BPUK£5.792.7%
+UK£2.4b		63.9%PE37.5xEnergy
NG. National GridUK£13.003.7%
+UK£2.3b		20.4%PE22.5xUtilities
ULVR UnileverUK£42.570.9%
+UK£829.8m		-19.3%PE18.9xConsumer Staples
LSEG London Stock Exchange GroupUK£98.021.6%
+UK£628.7m		-14.1%PE38.7xFinancials
See more

Market Insights

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Latest News

AZN
UK£139.00
AstraZeneca
7D
-4.5%
1Y
30.9%
BA.
UK£20.47
BAE Systems
7D
-4.6%
1Y
18.3%
SHEL
UK£32.88
Shell
7D
0.4%
1Y
34.6%
BP.
UK£5.79
BP
7D
2.7%
1Y
63.9%
GSK
UK£20.28
GSK
7D
-2.6%
1Y
41.6%
RR.
UK£11.34
Rolls-Royce Holdings
7D
-3.9%
1Y
50.7%

RR.: FY25 Beat And New Buyback Plan Will Underpin Higher P E Expectations

Analysts have reduced the average price target for Rolls-Royce Holdings by £0.50, reflecting slightly more cautious assumptions on growth and margins, even as recent research notes support from higher P/E expectations and a mix of both higher and lower broker targets. Analyst Commentary Recent research shows a split in opinion, with some bullish analysts lifting their price targets while others trim expectations, resulting in a more balanced but still supportive backdrop for valuation debates around Rolls-Royce Holdings.
HSBA
UK£13.32
HSBC Holdings
7D
-1.7%
1Y
55.7%
SSE
UK£26.19
SSE
7D
1.4%
1Y
59.3%

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.
EXPN
UK£26.70
Experian
7D
-8.4%
1Y
-26.5%

EXPN: Data And AI Expansion Will Support Future Upside As Market Rerates Shares

Analysts have trimmed their average Experian price target by about £1.74 to reflect slightly lower fair value and revenue growth assumptions, along with a modestly lower future P/E multiple, as seen in recent target cuts from £4,700 to £4,100 and by £0.83 at major banks. Analyst Commentary Recent target reductions around Experian highlight a more measured stance on valuation, even as some analysts maintain a constructive view on the shares.
NG.
UK£13.00
National Grid
7D
3.7%
1Y
20.4%

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.
FRES
UK£32.40
Fresnillo
7D
-9.8%
1Y
220.2%

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.
BATS
UK£43.12
British American Tobacco
7D
4.9%
1Y
36.6%

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).
ULVR
UK£42.57
Unilever
7D
0.9%
1Y
-19.3%

ULVR: Planned Foods Separation With Margin Discipline Is Expected To Unlock Upside

Unilever's updated analyst fair value has shifted slightly lower to about £52.14 per share, as analysts factor in a higher discount rate and slightly more cautious revenue growth assumptions, while still recognizing stable profit margins and a broadly unchanged view of its future P/E ratio. Analyst Commentary Recent Street research on Unilever points to a mixed but engaged view, with analysts revisiting both ratings and price targets in light of the latest results and valuation reset.
VOD
UK£1.15
Vodafone Group
7D
1.4%
1Y
59.8%

VOD: Higher Price Hopes Will Continue To Face Execution Risks

Narrative Update: Vodafone Group The analyst price target for Vodafone Group has moved higher to £1.04 from £1.02, with analysts pointing to updated assumptions around revenue growth, profitability and a lower future P/E. This is reflected in a series of recent target lifts from major banks.
LSEG
UK£98.02
London Stock Exchange Group
7D
1.6%
1Y
-14.1%

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.
III
UK£25.92
3i Group
7D
-8.7%
1Y
-38.2%

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.