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 18.0x.

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 50.5x. The market's confidence is likely because analysts are expecting annual earnings growth of 18.2% 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.

U.K. (FTSE) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 14 Sep 2026	UK£3.0t	UK£2.2t	UK£173.4b	15.8x	17.3x	1.4x
Wed, 12 Aug 2026	UK£3.1t	UK£2.1t	UK£173.6b	16.1x	17.7x	1.4x
Fri, 10 Jul 2026	UK£2.9t	UK£2.0t	UK£164.5b	15.8x	17.8x	1.4x
Sun, 07 Jun 2026	UK£2.9t	UK£2.0t	UK£165.1b	15.9x	17.7x	1.4x
Tue, 05 May 2026	UK£3.0t	UK£2.0t	UK£160.4b	15.9x	18.4x	1.5x
Thu, 02 Apr 2026	UK£2.9t	UK£2.0t	UK£158.2b	15.1x	18.4x	1.5x
Sat, 28 Feb 2026	UK£3.1t	UK£2.0t	UK£151.7b	16.8x	20.5x	1.6x
Mon, 26 Jan 2026	UK£2.9t	UK£1.9t	UK£137.0b	16.8x	21.3x	1.5x
Wed, 24 Dec 2025	UK£2.8t	UK£2.0t	UK£138.9b	16x	20.4x	1.4x
Fri, 21 Nov 2025	UK£2.7t	UK£2.0t	UK£139.6b	16.2x	19.6x	1.4x
Sun, 19 Oct 2025	UK£2.7t	UK£1.9t	UK£135.4b	16.4x	19.9x	1.4x
Tue, 16 Sep 2025	UK£2.7t	UK£1.9t	UK£135.2b	16.6x	19.8x	1.4x
Thu, 14 Aug 2025	UK£2.7t	UK£1.9t	UK£133.5b	15.8x	19.9x	1.4x
Sat, 12 Jul 2025	UK£2.5t	UK£1.9t	UK£127.0b	16.2x	19.9x	1.3x
Mon, 09 Jun 2025	UK£2.5t	UK£1.9t	UK£127.0b	16.2x	19.6x	1.3x
Wed, 07 May 2025	UK£2.4t	UK£2.0t	UK£130.3b	16.1x	18.8x	1.3x
Fri, 04 Apr 2025	UK£2.4t	UK£2.0t	UK£135.5b	15x	17.8x	1.2x
Sun, 02 Mar 2025	UK£2.5t	UK£2.0t	UK£139.0b	15.7x	18.2x	1.2x
Tue, 28 Jan 2025	UK£2.5t	UK£2.1t	UK£123.4b	15.9x	20.1x	1.2x
Thu, 26 Dec 2024	UK£2.4t	UK£2.0t	UK£122.9b	15.9x	19.5x	1.2x
Sat, 23 Nov 2024	UK£2.4t	UK£2.1t	UK£123.9b	16.4x	19.6x	1.2x
Mon, 21 Oct 2024	UK£2.4t	UK£2.0t	UK£118.7b	16.5x	20.5x	1.2x
Wed, 18 Sep 2024	UK£2.4t	UK£2.0t	UK£118.8b	16.7x	20.6x	1.2x
Fri, 16 Aug 2024	UK£2.5t	UK£2.0t	UK£122.2b	16.6x	20.1x	1.2x
Sun, 14 Jul 2024	UK£2.4t	UK£2.0t	UK£129.8b	17x	18.8x	1.2x
Tue, 11 Jun 2024	UK£2.5t	UK£2.0t	UK£129.9b	16.7x	18.9x	1.2x
Thu, 09 May 2024	UK£2.5t	UK£2.1t	UK£137.4b	16.7x	18.1x	1.2x
Sat, 06 Apr 2024	UK£2.4t	UK£2.1t	UK£146.0b	16x	16.4x	1.1x
Mon, 04 Mar 2024	UK£2.3t	UK£2.0t	UK£142.0b	15.3x	16.3x	1.1x
Wed, 31 Jan 2024	UK£2.3t	UK£2.1t	UK£192.5b	14.9x	12x	1.1x
Fri, 29 Dec 2023	UK£2.3t	UK£2.1t	UK£193.6b	15x	12.1x	1.1x
Sun, 26 Nov 2023	UK£2.3t	UK£2.1t	UK£193.7b	14.4x	11.7x	1.1x
Tue, 24 Oct 2023	UK£2.3t	UK£2.2t	UK£186.6b	13.5x	12.1x	1x
Thu, 21 Sep 2023	UK£2.4t	UK£2.2t	UK£185.2b	14.6x	12.8x	1.1x


GB Market	-1.80%
Energy	2.06%
Telecom	0.12%
Utilities	-1.44%
Financials	-1.84%
Industrials	-2.34%
Consumer Staples	-2.35%
Materials	-2.67%
Real Estate	-3.03%
Consumer Discretionary	-3.05%
Healthcare	-3.08%
Tech	-3.23%

Company	Last Price	7D	1Y	Valuation	Sector
SHEL Shell	UK£35.82	2.9% +UK£5.6b	36.4%	PE10.7x	Energy
BP. BP	UK£5.71	4.5% +UK£3.8b	36.3%	PE21.9x	Energy
BATS British American Tobacco	UK£42.50	3.7% +UK£3.3b	2.9%	PE14.4x	Consumer Staples
AZN AstraZeneca	UK£121.54	0.9% +UK£1.7b	6.5%	PE24.3x	Healthcare
VOD Vodafone Group	UK£1.30	3.9% +UK£1.1b	49.4%	PS0.9x	Telecom

Announcement • 2h

GSK Plc Presents Positive Registrational Data To Potentially Expand Jideytro (Zidesamtinib) To First-Line ROS1-Positive Non-Small Cell Lung Cancer

GSK plc presented positive registrational data to potentially expand Jideytro (zidesamtinib) to first-line ROS1-positive non-small cell lung cancer. 94% objective response rate at 15.2 months follow-up. 90% of patients were progression free at 12 months, with median PFS rate still to be reached. 70% of patients with measurable brain metastases achieved complete clearance of detectable brain tumours. Results support potential to address key efficacy and tolerability needs in ROS1-positive NSCLC with US regulatory submission planned in 2026. GSK plc announced positive results from the registrational phase I/II ARROS-1 trial evaluating Jideytro (zidesamtinib) in patients with advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC) who had not received previous treatment with a tyrosine kinase inhibitor (TKI-naive). The data were presented in a Presidential Symposium session at the 2026 World Conference on Lung Cancer (WCLC) in Seoul, South Korea, and will support a planned supplemental New Drug Application to the US FDA this year to expand the indication for Jideytro to include first-line treatment. In the 94 TKI-naive patients included in the analysis, zidesamtinib achieved a clinically meaningful 94% objective response rate (ORR) (88/94; 95% CI: 87-98), including a 15% complete response rate (14/94), after a median follow-up of 15.2 months (range 1.1-30.5). Responses were durable, with 94% of patients continuing to respond to treatment at nine months and 86% at 12 months. Progression-free survival (PFS) was 90% at 12 months. Median duration of response (DOR) and median PFS had not been reached at the time of analysis. In the trial, 100% of patients with measurable brain metastases at baseline (n=10) responded to zidesamtinib (10/10, 95% CI: 69-100), and 70% achieved a complete clearance of detectable brain tumours (7/10). At 12 months, 78% of patients maintained an intracranial response, and no central nervous system progression events were observed among patients without brain metastases at baseline. Low rates of treatment discontinuation were observed, consistent with previous safety reports for zidesamtinib. The most common (15%) treatment-related adverse events (TRAEs) were peripheral oedema, weight increase, blood creatine phosphokinase increase, dysgeusia and aspartate aminotransferase increase; most were low grade. TRAEs led to dose reductions in 11% of patients and discontinuation in 1%. Zidesamtinib is not approved anywhere in the world for use as first-line therapy. In July 2026, the FDA approved zidesamtinib for patients with ROS1-positive NSCLC previously treated with a TKI. The global, single-arm, first-in-human phase I/II ARROS-1 study (NCT05118789) included a phase II cohort of patients with locally advanced or metastatic ROS1-positive NSCLC who were naive to ROS1 tyrosine kinase inhibitor (TKI) therapy, with up to one prior line of chemotherapy and/or immunotherapy permitted. Of 532 patients with ROS1-positive NSCLC who received zidesamtinib 100 mg once daily across all lines of therapy, 183 were receiving their first TKI-targeted treatment. The efficacy-evaluable population (n=94) included patients with measurable disease (by blinded independent central review) who initiated treatment by 15 June 2025, to allow at least nine months of follow-up for duration of response. 27% had received prior chemotherapy, 17% of whom also had prior immunotherapy. 17% had baseline central nervous system metastases by BICR. Data cut-off was 16 April 2026. ROS1 mutations occur in approximately 2% of non-small cell lung cancers, contributing to an estimated 50,000 new diagnoses worldwide each year, typically in younger patients and more often in non-smokers. The disease has a high propensity to spread to the central nervous system, with brain metastases present in up to 40% of patients at diagnosis and remaining a common site of disease progression during treatment. Despite advances in targeted therapies, unmet need remains due to challenges including central nervous system progression, acquired resistance and treatment tolerability. Jideytro (zidesamtinib), part of GSK’s portfolio from the recently completed acquisition of Nuvalent Inc., was designed as a ROS1 TKI with broad coverage of ROS1 resistance mutations, activity against disease that has spread to the brain, durable treatment responses and a tolerable profile. Together, these features aim to help patients maintain disease control for longer while reducing the treatment challenges that can emerge over time. Jideytro is FDA approved for the treatment of adult patients with locally advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC) who received a prior ROS1 TKI.

Announcement • 8h

AstraZeneca Reports Updated Eight-Year Survival Data For Tagrisso In Adaura Phase III Trial

AstraZeneca’s TAGRISSO® (osimertinib) demonstrated a sustained, clinically meaningful overall survival (OS) benefit at eight years compared to placebo in the adjuvant treatment of patients with early-stage (IB, II and IIIA) epidermal growth factor receptor-mutated (EGFRm) non-small cell lung cancer (NSCLC) after complete tumor resection with curative intent. Updated exploratory results from the ADAURA Phase III trial showed that at eight years of follow-up, TAGRISSO continued to show an OS benefit, reducing the risk of death compared to placebo by 47% in the primary population (Stages II-IIIA) (based on a hazard ratio [HR] of 0.53; 95% confidence interval [CI] 0.38-0.75). In the overall trial population (Stages IB-IIIA), TAGRISSO reduced the risk of death compared to placebo by 48% (HR 0.52; 95% CI 0.39-0.71). An estimated 74% of patients treated with TAGRISSO were alive at eight years versus 58% of those treated with placebo in the primary population. In the overall trial population, an estimated 79% of patients treated with TAGRISSO were alive at eight years versus 64% of those treated with placebo. OS benefit with TAGRISSO versus placebo was observed across all predefined subgroups. Summary of updated OS results: ADAURA: TAGRISSO (n=233), Placebo (n=237), Median duration of follow-up, in months: 92, 68.5; OS HR (95% CI): 0.53 (0.38, 0.75); OS rate at 96 months (95% CI), %: 74 (67, 80), 58 (50, 65). Stage IB-IIIA (overall population): TAGRISSO (n=339), Placebo (n=343), Median duration of follow-up, in months: 93.3, 79.6; OS HR (95% CI): 0.52 (0.39, 0.71); OS rate at 96 months (95% CI), %: 79 (74, 83), 64 (58, 70). The updated analysis data cut-off (DCO) date was May 4, 2026. This exploratory long-term OS analysis was conducted in all randomized patients. 127 patients did not have additional survival data and remained censored, with survival time unchanged from the planned final OS analysis until May 4, 2026. Final safety data for ADAURA were collected at the planned final OS analysis, at which time the safety and tolerability of TAGRISSO were consistent with its established profile with no new safety concerns. Real-world evidence presented at WCLC26 from a retrospective cohort study of US patients with early-stage (I-IIIA) EGFRm NSCLC showed that early discontinuation of TAGRISSO before completion of the three-year treatment course more than doubled the risk of disease recurrence or death. These results reinforce the importance of maintaining the full treatment duration established in ADAURA and underscore the need for clinician-patient communication to support treatment persistence. In the advanced disease setting, additional data presented at WCLC26 from the FLAURA2 Phase III trial reinforced the benefits of backbone therapy TAGRISSO in combination with platinum-pemetrexed chemotherapy in patients with 1st-line advanced EGFRm NSCLC. Results from a novel safety analysis showed that with long-term follow-up (median 42.6 months), the safety and tolerability of TAGRISSO plus platinum–pemetrexed remained consistent with the established safety profiles of these medicines, with clear reductions in new adverse event onset following the initial induction period. Additionally, an exploratory analysis showed that progression-free survival and OS HRs numerically favored TAGRISSO plus platinum–pemetrexed versus TAGRISSO monotherapy regardless of baseline TP53 co-mutation status. TAGRISSO can cause severe and fatal interstitial lung disease (ILD)/pneumonitis. ILD/pneumonitis occurred in 4% of the 1,813 patients treated with TAGRISSO monotherapy who had not received recent definitive chemoradiation therapy; 0.4% of cases were fatal. In the FLAURA2 study, ILD/pneumonitis occurred in 3.3% of the 276 patients who received TAGRISSO in combination with pemetrexed and platinum-based chemotherapy; 0.4% of cases were fatal. In the LAURA study, following definitive platinum-based CRT, ILD/pneumonitis including radiation pneumonitis, occurred in 80 of the 143 patients (56%) who received TAGRISSO monotherapy and 28 of the 73 patients (38%) who received placebo. There was one fatal case (0.7%), 3.5% Grade 3, 34% Grade 2, and 18% Grade 1 adverse reactions of ILD/pneumonitis in TAGRISSO-treated patients. For TAGRISSO-treated patients, ILD/pneumonitis led to permanent discontinuation of TAGRISSO in 7% of patients and dosage interruptions of TAGRISSO in 35% of patients. Among the 46 patients who were rechallenged with TAGRISSO, 11% had recurrence of ILD/pneumonitis. In the 80 TAGRISSO-treated patients, ILD/pneumonitis resolved in 40%, resolved with sequelae in 1.3%, were resolving in 16%, did not resolve in 41%, and resulted in death in 1.3%. For patients receiving TAGRISSO who have not received recent definitive platinum-based CRT, withhold TAGRISSO and promptly investigate for ILD in patients who present with worsening of respiratory symptoms which may be indicative of ILD (e.g., dyspnea, cough, and fever). Permanently discontinue TAGRISSO if ILD/pneumonitis is confirmed. For patients who have received recent definitive platinum-based CRT with Grade 1 ILD/pneumonitis, continue TAGRISSO or interrupt and restart, as appropriate. Permanently discontinue TAGRISSO in patients diagnosed with Grade =2 ILD/pneumonitis. TAGRISSO can cause heart rate-corrected QT (QTc) interval prolongation. Of the 1,813 TAGRISSO monotherapy-treated patients in clinical trials, 1.1% were found to have a QTc >500 msec, and 4.3% of patients had an increase from baseline QTc >60 msec. Of the 276 patients treated with TAGRISSO in combination with pemetrexed and platinum-based chemotherapy in the FLAURA2 study, 1.8% were found to have a QTc >500 msec, and 10.5% of patients had an increase from baseline QTc >60 msec. No QTc-related arrhythmias were reported. Clinical trials of TAGRISSO did not enroll patients with baseline QTc of >470 msec. Conduct periodic monitoring with ECGs and electrolytes in patients with congenital long QTc syndrome, congestive heart failure, electrolyte abnormalities, or those who are taking medications known to prolong the QTc interval. Permanently discontinue TAGRISSO in patients who develop QTc interval prolongation with signs/symptoms of life-threatening arrhythmia. TAGRISSO can cause cardiomyopathy, including cardiac failure, chronic cardiac failure, congestive heart failure, pulmonary edema or decreased ejection fraction. Cardiomyopathy occurred in 3.8% of the 1,813 TAGRISSO-treated patients; 0.1% of cardiomyopathy cases were fatal. In the FLAURA2 study, cardiomyopathy occurred in 9% of the 276 patients who received TAGRISSO in combination with pemetrexed and platinum-based chemotherapy; 1.1% of cardiomyopathy cases were fatal.

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GSK Plc Presents Positive Registrational Data To Potentially Expand Jideytro (Zidesamtinib) To First-Line ROS1-Positive Non-Small Cell Lung Cancer

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