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Consensus

Analyst Ratings and Forecasts

Consensus estimates (as at 1 November 2022)

Basis of consensus

Consensus has been compiled from financial estimates (models) provided by third-party research analysts. Models which include material errors in calculation have been excluded.

Consensus is based on 15 analyst models updated and published since LSEG's Q3 2022 trading update (issued 21 October 2022) on a pro-forma and consistent basis.

Download LSEG's 2022-24 consensus, including highs and lows for each year. 

Analyst ratings Buy Hold Sell
  14 3 1
Consensus target share price (p)            9,304    
Share price as of 1/11/2022 (p) 7,566    

 

£m 2022 2023 2024
Revenue Consensus Consensus Consensus
       
Trading & Banking Solutions 1,614 1,724 1,750
Enterprise Data Solutions 1,301 1,438 1,511
Investment Solutions 1,334 1,498 1,610
Wealth Solutions 277 303 316
Customer & Third-Party Risk Solutions 422 492 543
Data & Analytics 4,948 5,455 5,729
       
Equities 250 252 258
FX 261 283 295
Fixed Income, Derivatives & Other 967 1,135 1,252
Capital Markets 1,477 1,669 1,806
       
OTC Derivatives 395 426 450
Securities & Reporting 237 243 248
Non-Cash Collateral 100 105 108
Post Trade 732 774 807
NTI 252 266 277
Post Trade income 983 1,040 1,084
       
Other 31 30 31
Total Income (excl. recoveries) 7,439 8,194 8,651
Recoveries 332 337 338
Total Income (incl. recoveries) 7,771 8,532 8,989
       
Cost of Sales (1,082) (1,173) (1,216)
Gross Profit 6,689 7,358 7,773
       
Adjusted opex (3,113) (3,344) (3,404)
       
Income from equity investments 7 7 8
Share of profit / (loss) after tax of associates 1 1 1
Adjusted EBITDA 3,584 4,023 4,377
Adjusted EBITDA margin (%) ex-recoveries 48.2% 49.1% 50.6%
       
Underlying depreciation and amortisation (809) (850) (866)
Adjusted operating profit 2,775 3,173 3,511
       
Net finance expense (180) (199) (189)
Adjusted profit before tax 2,596 2,974 3,322
       
Tax (551) (678) (767)
Tax rate 21.2% 22.8% 23.1%
Adjusted profit after tax 2,044 2,296 2,555
       
Non-controlling interest (267) (300) (330)
Underlying profit from continuing operations 1,777 1,997 2,225
       
Weighted Average number of shares 555.3 548.6 546.6
       
Adjusted basic EPS 320.0 364.0 407.1
       
Total Dividend (p) 106.0 117.3 130.5

See list of sell-side analysts who cover London Stock Exchange Group plc.

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.

Actuals        
Continuing operations only: Income* Adjusted
operating
profit
Adjusted
basic EPS
Dividend
  £m £m (pence) (pence)
Dec 2021** 6,416 2,384 286.5 95.0
Dec 2020** 2,444 1,118 209.7 75.0
Dec 2019 2,314 1,065 200.3 70.0
Dec 2018 2,135 931 173.8 60.4
Dec 2017 1,955 812 148.7 51.6
Dec 2016^ 1,657 686 124.7 43.2
Dec 2015^ 1,419 585 103.4 36.0
Dec 2014*** 1,381 558 103.3 22.5
         
Mar 2014 1,213 515 98.6 28.4
Mar 2013 853 430 97.0 27.2
Mar 2012 815 442 92.6 26.1
Mar 2011 675 341 67.9 24.7
Mar 2010 628 280 55.4 22.5
Mar 2009 671 341 68.3 22.5
Mar 2008 Pro Forma # 667 345 67.3 22.1
Mar 2007 350 188 51.8 16.6
Mar 2006 298 122 34.5 11.1

^ 2015 and 2016 continuing operations exclude businesses sold, being Russell Investment Management and Proquote

*From 2021 onwards, Income represents Total Income excluding recoveries

**2020 and 2021 financials stated on a statutory basis, as reported

*** Change of financial year with effect from 1 April 2014, Dec 2014 dividend declared of 22.5p is in respect of 9 month period April to December 2014.

Adjusted earnings per share and dividends have been restated for the year ended 31 March 2014 and prior years, for the September 2014 rights issue

# Financial information for the year ended 31 March 2008 includes information for the Italian group and its subsidiaries on a pro forma basis as if Borsa Italiana was part of the Group since 1 April 2007 (actual merger date 1 October 2007).