Consensus

Consensus

Analyst Ratings and Forecasts

Consensus estimates (as at 14 May 2021)

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 9 analyst models updated and published since LSEG's Q1 results (issued 28 April 2021) on a pro-forma and consistent basis.

To download LSEG's latest 2021-23 consensus please click here.

 

Analyst ratings Buy Hold Sell
8 5 2
Consensus target share price (p)                       8,646
Share price as of 14/05/2021 (p)                       7,190
£m Pro-forma 2021 2022 2023
Revenue Consensus Low High Consensus Low High Consensus Low High
Trading and banking solutions 1,517 1,500 1,548 1,534 1,507 1,564 1,556 1,522 1,608
Enterprise data solutions 1,144 1,108 1,192 1,205 1,141 1,294 1,272 1,187 1,395
Investment solutions 1,135 1,108 1,211 1,221 1,174 1,329 1,309 1,244 1,464
Wealth solutions 502 492 515 537 506 556 578 532 611
Customer and third party risk 334 306 359 366 327 392 399 350 427
Data & Analytics 4,632 4,576 4,749 4,863 4,771 5,042 5,114 4,977 5,376
Equities 231 221 241 238 219 254 246 225 262
FX 226 193 234 236 216 244 247 231 258
Fixed income, derivatives & other 766 722 816 828 758 863 898 796 939
Capital Markets 1,223 1,191 1,286 1,303 1,255 1,351 1,391 1,313 1,437
OTC Derivatives 336 319 353 354 340 378 372 350 407
Securities & Reporting 248 231 260 253 245 265 263 254 271
Non-Cash Collateral 87 84 89 91 86 97 96 90 105
Post Trade 676 640 698 710 675 774 748 713 835
NTI 223 216 231 234 222 256 249 224 273
Post Trade income 899 856 929 944 906 1,013 997 950 1,088
Other 21 2 32 22 2 33 22 2 34
Total Income (excl. recoveries) 6,776 6,671 6,915 7,138 6,981 7,304 7,538 7,298 7,777
Recoveries 340 318 358 341 309 362 344 300 378
Total Income (incl. recoveries) 7,116 7,003 7,257 7,480 7,290 7,627 7,882 7,598 8,103
Cost of Sales (935) (958) (924) (971) (1,000) (939) (1,010) (1,051) (956)
Gross Profit 6,181 6,066 6,299 6,509 6,336 6,651 6,873 6,610 7,081
Adjusted opex (2,973) (3,059) (2,927) (3,014) (3,113) (2,951) (3,049) (3,155) (2,969)
Income from equity investments 4 - 21 1 - 11 1 - 11
Share of profit / (loss) after tax of associates (2) (5) 3 (2) (5) 3 (2) (5) 3
Adjusted EBITDA 3,209 3,102 3,270 3,495 3,336 3,610 3,822 3,603 4,011
Adjusted EBITDA margin (%) ex-recoveries 47.4% 46.4% 48.2% 49.0% 47.8% 50.1% 50.7% 49.4% 51.9%
Underlying depreciation and amortisation (807) (830) (785) (829) (872) (793) (852) (915) (793)
Adjusted operating profit 2,402 2,272 2,479 2,666 2,464 2,778 2,970 2,688 3,179
Net finance expense (201) (215) (187) (175) (223) (107) (172) (205) (103)
Adjusted profit before tax 2,201 2,079 2,282 2,491 2,357 2,604 2,799 2,585 3,005
Tax (510) (537) (477) (578) (616) (540) (665) (758) (592)
Tax rate 23.2% 24.0% 22.9% 23.2% 24.0% 22.9% 23.7% 26.0% 22.9%
Adjusted profit after tax 1,691 1,602 1,757 1,913 1,817 2,005 2,134 1,993 2,314
Non-controlling interest (174) (196) (129) (190) (217) (146) (211) (256) (160)
Underlying profit from continuing operations 1,517 1,473 1,570 1,723 1,651 1,805 1,923 1,833 2,083
Weighted Average number of shares 555.3 554.0 557.5 555.9 554.0 560.3 556.2 554.0 563.3
Adjusted basic EPS 273.2 265.1 281.7 310.0 297.2 325.9 345.6 329.7 376.1
Total Dividend (p) 88.5 82.5 98.4 101.8 90.8 110.9 113.5 99.8 122.5

The sell-side analysts who cover London Stock Exchange Group plc are listed here.

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 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 

* 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).