LSEG analyst consensus - 15 July 2025
Basis of consensus
Consensus has been compiled from financial estimates (models) provided by 12 third-party research analysts. Models which include material errors in calculation have been excluded.
Where models do not reflect the intra-company reclassification of revenues, relevant line items have been adjusted to ensure comparisons are on a consistent basis.
Download LSEG's 2025-2027 consensus, including highs and lows for each year.
| Analyst ratings | Buy | Hold | Sell |
| 15 | 3 | 0 | |
| Consensus target share price (p) | 12,751 | ||
| Closing share price as of 14/07/2025 (p) | 10,870 |
| £m Revenue |
2025 Consensus |
2026 Consensus |
2027 Consensus |
| Total income excl recoveries Organic constant currency growth % |
7.3% | 7.1% | |
| Workflows | 1,931 | 1,998 | 2,110 |
| Data & Feeds | 1,820 | 1,938 | 2,103 |
| Analytics | 230 | 243 | 260 |
| Data & Analytics | 3,981 | 4,179 | 4,473 |
| Subscription | 641 | 694 | 763 |
| Asset based | 324 | 346 | 377 |
| FTSE Russell | 965 | 1,040 | 1,140 |
| Risk Intelligence | 574 | 631 | 703 |
| Equities | 402 | 416 | 428 |
| Fixed income, derivatives & other | 1,535 | 1,665 | 1,825 |
| FX | 273 | 281 | 297 |
| OTC Derivatives | 635 | 678 | 734 |
| Securities & Reporting | 222 | 233 | 246 |
| Non-Cash Collateral | 112 | 116 | 122 |
| NTI | 262 | 268 | 276 |
| Markets | 3,441 | 3,658 | 3,927 |
| Other | 9 | 10 | 10 |
| Total Income (excl. recoveries) | 8,969 | 9,518 | 10,253 |
| Organic (constant currency) growth % | 7.3% | 7.1% | |
| Recoveries | 366 | 368 | 372 |
| Total Income (incl. recoveries) | 9,335 | 9,886 | 10,624 |
| Cost of Sales | (1,204) | (1,248) | (1,310) |
| Gross Profit | 8,131 | 8,638 | 9,314 |
| Adjusted opex | (3,725) | (3,879) | (4,139) |
| Income from equity investments | - | - | - |
| Share of profit / (loss) after tax of associates | (1) | (1) | (1) |
| Adjusted EBITDA | 4,406 | 4,758 | 5,175 |
| Adjusted EBITDA margin (%) ex-recoveries | 49.1% | 50.0% | 50.5% |
| Underlying depreciation and amortisation | (1,008) | (1,027) | (1,035) |
| Adjusted operating profit | 3,397 | 3,731 | 4,140 |
| Net finance expense | (223) | (235) | (236) |
| Adjusted profit before tax | 3,175 | 3,497 | 3,904 |
| Tax | (777) | (856) | (957) |
| Tax rate | 24.5% | 24.5% | 24.5% |
| Adjusted profit after tax | 2,398 | 2,640 | 2,948 |
| Non-controlling interest | (329) | (361) | (394) |
| Underlying profit | 2,069 | 2,279 | 2,553 |
| Weighted Average number of shares | 528.0 | 522.9 | 518.5 |
| Adjusted basic EPS | 392.4 | 435.9 | 492.6 |
| Total dividend (£m) | 730 | 802 | 894 |
| Dividend per share (p) | 138.7 | 153.9 | 173.0 |
Please note that any opinions, estimates or forecasts regarding London Stock Exchange Group plc performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the London Stock Exchange Group plc or its management. The number of analysts that are included in the above consensus may differ from the total number of analysts that cover the London Stock Exchange Group plc, due to out of date forecasts (from before the latest set of results) or change at the analysts' company.
H1 Consensus
| £m Revenue |
H1-25 Consensus |
Low | High |
| Total income excl recoveries Organic constant currency growth % |
7.5% | ||
| Workflows | 968 | 964 | 975 |
| Data & Feeds | 908 | 903 | 918 |
| Analytics | 116 | 115 | 117 |
| Data & Analytics | 1,992 | 1,982 | 2,011 |
| Subscription | 312 | 308 | 314 |
| Asset based | 163 | 160 | 173 |
| FTSE Russell | 475 | 469 | 487 |
| Risk Intelligence | 284 | 281 | 288 |
| Equities | 203 | 199 | 207 |
| Fixed income, derivatives & other | 773 | 765 | 782 |
| FX | 137 | 133 | 141 |
| OTC Derivatives | 317 | 306 | 327 |
| Securities & Reporting | 111 | 106 | 114 |
| Non-Cash Collateral | 55 | 54 | 56 |
| NTI | 129 | 124 | 133 |
| Markets | 1,726 | 1,714 | 1,740 |
| Other | 5 | 4 | 6 |
| Total Income (excl. recoveries) | 4,481 | 4,466 | 4,503 |
| Organic (constant currency) growth % | 7.5% | ||
| Recoveries | 185 | 183 | 187 |
| Total Income (incl. recoveries) | 4,666 | 4,653 | 4,687 |
| Cost of Sales | (608) | (617) | (599) |
| Gross Profit | 4,058 | 4,045 | 4,080 |
| Adjusted opex | (1,848) | (1,868) | (1,835) |
| Income from equity investments | - | - | - |
| Share of profit / (loss) after tax of associates | (0) | (2) | - |
| Adjusted EBITDA | 2,210 | 2,196 | 2,233 |
| Adjusted EBITDA margin (%) ex-recoveries | 49.3% | 49.0% | 49.7% |
| Underlying depreciation and amortisation | (498) | (519) | (479) |
| Adjusted operating profit | 1,712 | 1,690 | 1,753 |
| Net finance expense | (99) | (117) | (90) |
| Adjusted profit before tax | 1,613 | 1,587 | 1,649 |
| Tax | (395) | (404) | (382) |
| Tax rate | 24.5% | 24.8% | 24.0% |
| Adjusted profit after tax | 1,218 | 1,198 | 1,245 |
| Non-controlling interest | (168) | (196) | (156) |
| Underlying profit | 1,050 | 1,010 | 1,077 |
| Weighted Average number of shares | 530.4 | 524.3 | 552.0 |
| Adjusted basic EPS | 198.0 | 192.7 | 202.6 |
| Total dividend (£m) | 238 | 225 | 249 |
| Dividend per share (p) | 45.2 | 42.7 | 47.0 |
Please note that any opinions, estimates or forecasts regarding London Stock Exchange Group plc performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of the London Stock Exchange Group plc or its management. The number of analysts that are included in the above consensus may differ from the total number of analysts that cover the London Stock Exchange Group plc, due to out of date forecasts (from before the latest set of results) or change at the analysts' company.