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U.K. (FTSE) Market Analysis & Valuation

UpdatedSep 12, 2026
DataAggregated Company Financials
Companies1065
  • 7D-1.8%
  • 3M1.6%
  • 1Y15.2%
  • YTD7.1%

Over the last 7 days, the market has dropped 2.2%, driven by a pullback of 2.3% in the Financials sector. Meanwhile, the Energy sector has outperformed, gaining 3.0% in that time. In contrast to the last week, the market is actually up 14% over the past year. 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
Sat, 12 Sep 2026UK£3.0tUK£2.2tUK£173.4b15.7x17.3x1.4x
Mon, 10 Aug 2026UK£3.1tUK£2.1tUK£173.6b16x17.8x1.4x
Wed, 08 Jul 2026UK£3.0tUK£2.0tUK£164.8b15.9x18.1x1.5x
Fri, 05 Jun 2026UK£2.9tUK£2.0tUK£164.7b15.9x17.8x1.4x
Sun, 03 May 2026UK£3.0tUK£2.0tUK£160.3b15.9x18.4x1.5x
Tue, 31 Mar 2026UK£2.8tUK£2.0tUK£158.1b14.6x17.9x1.4x
Thu, 26 Feb 2026UK£3.1tUK£2.0tUK£148.3b16.5x20.8x1.6x
Sat, 24 Jan 2026UK£2.9tUK£1.9tUK£137.1b16.8x21.3x1.5x
Mon, 22 Dec 2025UK£2.8tUK£2.0tUK£138.3b16x20.4x1.4x
Wed, 19 Nov 2025UK£2.7tUK£2.0tUK£139.3b16.1x19.7x1.4x
Fri, 17 Oct 2025UK£2.7tUK£1.9tUK£135.4b16.7x20.1x1.4x
Sun, 14 Sep 2025UK£2.7tUK£1.9tUK£135.4b16.4x19.8x1.4x
Tue, 12 Aug 2025UK£2.7tUK£1.9tUK£134.1b16.1x19.8x1.4x
Thu, 10 Jul 2025UK£2.5tUK£1.9tUK£127.0b16.2x19.7x1.3x
Sat, 07 Jun 2025UK£2.5tUK£1.9tUK£127.1b16.2x19.6x1.3x
Mon, 05 May 2025UK£2.4tUK£2.0tUK£130.7b15.8x18.7x1.2x
Wed, 02 Apr 2025UK£2.5tUK£2.0tUK£136.1b15.3x18x1.2x
Fri, 28 Feb 2025UK£2.5tUK£2.0tUK£138.4b15.9x18.2x1.2x
Sun, 26 Jan 2025UK£2.5tUK£2.1tUK£123.3b15.8x20.1x1.2x
Tue, 24 Dec 2024UK£2.4tUK£2.0tUK£123.0b15.9x19.4x1.2x
Thu, 21 Nov 2024UK£2.4tUK£2.0tUK£122.6b16.2x19.4x1.2x
Sat, 19 Oct 2024UK£2.4tUK£2.0tUK£118.7b16.5x20.5x1.2x
Mon, 16 Sep 2024UK£2.4tUK£2.0tUK£119.3b16.5x20.4x1.2x
Wed, 14 Aug 2024UK£2.4tUK£2.0tUK£122.8b16.4x19.8x1.2x
Fri, 12 Jul 2024UK£2.4tUK£2.0tUK£130.2b16.8x18.7x1.2x
Sun, 09 Jun 2024UK£2.5tUK£2.0tUK£130.0b16.8x18.9x1.2x
Tue, 07 May 2024UK£2.4tUK£2.1tUK£141.7b16.5x17.3x1.2x
Thu, 04 Apr 2024UK£2.4tUK£2.1tUK£145.8b16.2x16.5x1.1x
Sat, 02 Mar 2024UK£2.3tUK£2.0tUK£140.7b15.3x16.4x1.1x
Mon, 29 Jan 2024UK£2.3tUK£2.1tUK£193.0b15x12x1.1x
Wed, 27 Dec 2023UK£2.3tUK£2.1tUK£193.8b15.2x12.1x1.1x
Fri, 24 Nov 2023UK£2.3tUK£2.1tUK£193.6b14.4x11.7x1.1x
Sun, 22 Oct 2023UK£2.3tUK£2.2tUK£187.2b13.5x12.1x1x
Tue, 19 Sep 2023UK£2.3tUK£2.2tUK£185.7b14.6x12.7x1.1x
Price to Earnings Ratio

12.7x


Total Market Cap: UK£2.3tTotal Earnings: UK£185.7bTotal Revenue: UK£2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 18x202420252026
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 18.0x.
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 Market-1.83%
Energy3.14%
Telecom-0.38%
Utilities-1.63%
Financials-1.74%
Industrials-2.64%
Consumer Staples-2.72%
Materials-2.75%
Consumer Discretionary-3.19%
Healthcare-3.28%
Tech-3.30%
Real Estate-3.45%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 50.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.0% which is higher than its past year's earnings decline of 1.7% 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 10.5x.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 5.3% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
SHEL ShellUK£35.513.3%
+UK£6.4b		34.7%PE10.6xEnergy
BP. BPUK£5.654.6%
+UK£3.8b		34.3%PE21.7xEnergy
STAN Standard CharteredUK£22.982.4%
+UK£1.1b		60.2%PB1.3xFinancials
VOD Vodafone GroupUK£1.292.5%
+UK£725.3m		46.6%PS0.9xTelecom
GLEN GlencoreUK£6.060.6%
+UK£446.0m		99.5%PE17.7xMaterials
See more

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Latest News

HSBA
UK£15.53
HSBC Holdings
7D
-1.7%
1Y
54.2%
SHEL
UK£35.51
Shell
7D
3.3%
1Y
34.7%
RIO
UK£73.74
Rio Tinto Group
7D
-3.5%
1Y
60.2%
BP.
UK£5.65
BP
7D
4.6%
1Y
34.3%
Narrative Update • Sep 10

BP.: Future Returns Will Reflect Upstream Refocus And Measured Balance Sheet Repair

Analysts have lifted the BP price target by £0.13 per share, reflecting recent target increases across the Street as they factor in updated commodity assumptions, a higher future P/E profile, and mixed views on revenue growth and margins. Analyst Commentary Street research on BP over the past months has been mixed, with price targets and ratings shifting as analysts react to company updates, commodity assumptions, and changes in capital allocation.
REL
UK£24.75
RELX
7D
-5.5%
1Y
-28.1%
Narrative Update • Sep 10

REL: AI Content And Workflows Will Support Durable Margins And Re Rating

RELX's updated analyst price target has edged lower by about £1.04, reflecting slightly softer revenue growth assumptions and a higher discount rate. Analysts still point to the company’s proprietary data and AI driven tools as key supports for margins and long term demand.
GSK
UK£17.71
GSK
7D
-4.1%
1Y
17.8%
HBR
UK£2.73
Harbour Energy
7D
5.3%
1Y
23.0%
Narrative Update • Sep 10

HBR: Buyback And Production Delivery Will Support Future Reappraisal

Analysts have inched up their fair value estimate for Harbour Energy to £4.20 from £4.05, citing a slightly lower discount rate, a modestly higher assumed profit margin, a somewhat softer revenue outlook and a higher future P/E assumption. These changes are in line with recent price target moves in the £2.50 to £2.80 range and with broader sector coverage updates.
ITH
UK£2.85
Ithaca Energy
7D
4.5%
1Y
48.7%
Narrative Update • Sep 09

ITH: Rich Multiple Will Outlast Near-Term Benefit From Higher Margins

Analysts have lifted their price target on Ithaca Energy from £2.04 to £2.25, citing updated assumptions that combine slightly higher discount and revenue decline rates with a stronger profit margin outlook and a lower future P/E multiple. What’s in the News for Ithaca Energy Ithaca Energy reported record quarterly production of 131 kboe/d in the second quarter of 2026, with H1 2026 average production of 128 kboe/d, according to its operating results announcement.
AZN
UK£117.08
AstraZeneca
7D
-2.5%
1Y
-0.7%
GLEN
UK£6.06
Glencore
7D
0.6%
1Y
99.5%
VOD
UK£1.29
Vodafone Group
7D
2.5%
1Y
46.6%
Narrative Update • Sep 04

VOD: Fair Value View Weighs German Strain And UK Repair Potential

Analysts have lifted their price targets for Vodafone Group toward a range of about £1.10 to £1.55 per share, citing improving return on invested capital trends and gradual progress on market repair as key supports for the higher fair value estimate. Analyst Commentary Recent research on Vodafone Group shows a split between more optimistic and more cautious voices.
RR.
UK£14.55
Rolls-Royce Holdings
7D
-2.3%
1Y
28.7%
Narrative Update • Sep 04

RR.: Defence-Focused Engine Contracts Will Support Measured Re Rating Potential

Analysts have raised the Rolls-Royce Holdings fair value estimate from £16.27 to £17.18, citing updated Street price targets between about £16.47 and £20.00, as well as assumptions for slightly higher revenue growth, improved profit margins and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Rolls-Royce Holdings points to a cluster of higher price targets and generally constructive views on execution and earnings power.
LSEG
UK£82.38
London Stock Exchange Group
7D
-6.7%
1Y
-4.6%
Narrative Update • Sep 03

LSEG: Improving Data Ownership Will Support Future Upside Potential

Analysts have trimmed their fair value estimate for London Stock Exchange Group to about £118 from about £121. This reflects a slightly higher discount rate, more cautious assumptions on revenue growth and profit margins, and a higher future P/E multiple in the context of a recent downgrade to Neutral at a £104 price target.
SEPL
UK£7.77
Seplat Energy
7D
6.7%
1Y
198.8%
Narrative Update • Sep 03

SEPL: Steady Output Guidance And Special Dividend Will Shape Fairly Balanced Outlook

Analysts have trimmed their price target for Seplat Energy to reflect a slightly lower fair value estimate of £6.82 compared with the prior £7.08. They point to revised assumptions for revenue growth, profit margins and future P/E multiples.
ULVR
UK£45.52
Unilever
7D
-4.4%
1Y
-12.6%
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.
STAN
UK£22.98
Standard Chartered
7D
2.4%
1Y
60.2%
Narrative Update • Sep 03

STAN: Fair Value Case Will Test Repricing Against Indonesia Exposure And Efficiency Execution

The analyst price target for Standard Chartered has moved higher by about £1.13 to £22.84, supported by Street research that cites firmer expectations around revenue growth, profit margins and medium term P/E assumptions despite a mix of rating changes across banks. Analyst Commentary Recent research on Standard Chartered points to a more constructive tone overall, with several price target lifts in the £22 to £24 range and a mix of Overweight, Neutral and Buy views.