Consensus
Analyst Ratings and Forecasts
Consensus estimates (as at 29 March 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. As of 25 March 2021, consensus includes models with different, or no, assumptions around the treatment of currency movements across LSEG's P&L. This consensus does not include any models reflecting LSEG's bond issuance process which began on Wednesday 24 March 2021, following the publication of a debt offering circular on the 23 March 2021.
Consensus is based on 10 analyst models published post LSEG Preliminary 2020 results (issued 5 March 2021) on a pro-forma and consistent basis.
To download LSEG's latest 2021-23 consensus please click here.
| Buy | Hold | Sell | |||||||||
| Analyst ratings | 8 | 5 | 2 | ||||||||
| Consensus target share price (p) | 8,896 | ||||||||||
| Share price as of 29/03/2021 (p) | 6,976 | ||||||||||
| £m | Pro-forma 2021 | 2022 | 2023 | ||||||||
| Revenue | Consensus | Low | High | Consensus | Low | High | Consensus | Low | High | ||
| Trading and banking | 1,568 | 1,502 | 1,651 | 1,580 | 1,501 | 1,654 | 1,597 | 1,505 | 1,704 | ||
| Enterprise data | 1,195 | 1,155 | 1,252 | 1,257 | 1,200 | 1,334 | 1,323 | 1,212 | 1,414 | ||
| Investment solutions | 1,166 | 1,108 | 1,206 | 1,245 | 1,149 | 1,296 | 1,329 | 1,194 | 1,427 | ||
| Wealth | 528 | 507 | 550 | 570 | 544 | 605 | 614 | 579 | 653 | ||
| Risk | 305 | 285 | 320 | 331 | 302 | 356 | 360 | 320 | 399 | ||
| Data & Analytics | 4,762 | 4,557 | 4,929 | 4,983 | 4,700 | 5,195 | 5,223 | 4,858 | 5,477 | ||
| Equities | 234 | 217 | 249 | 243 | 224 | 255 | 252 | 232 | 267 | ||
| FX | 233 | 203 | 244 | 245 | 223 | 259 | 257 | 236 | 276 | ||
| FI, derivs and other | 750 | 686 | 803 | 807 | 707 | 864 | 869 | 728 | 950 | ||
| Capital Markets | 1,217 | 1,179 | 1,267 | 1,295 | 1,218 | 1,359 | 1,378 | 1,259 | 1,468 | ||
| Post Trade | 671 | 640 | 692 | 708 | 680 | 718 | 748 | 710 | 768 | ||
| NTI | 234 | 215 | 254 | 245 | 220 | 262 | 258 | 224 | 275 | ||
| Post Trade income | 905 | 872 | 929 | 953 | 924 | 977 | 1,006 | 963 | 1,038 | ||
| Other revenue | 3 | - | 20 | 4 | - | 20 | 4 | - | 20 | ||
| Other income | 1 | - | 3 | 1 | - | 3 | 1 | - | 3 | ||
| Total Income (excl. recoveries) | 6,892 | 6,680 | 7,076 | 7,248 | 6,995 | 7,442 | 7,630 | 7,334 | 7,870 | ||
| Recoveries | 331 | 310 | 354 | 330 | 294 | 368 | 329 | 280 | 382 | ||
| Total Income (incl. recoveries) | 7,218 | 7,003 | 7,409 | 7,575 | 7,302 | 7,797 | 7,955 | 7,626 | 8,213 | ||
| Cost of Sales | (981) | (1,021) | (940) | (1,017) | (1,064) | (942) | (1,054) | (1,121) | (950) | ||
| Gross Profit | 6,241 | 6,063 | 6,412 | 6,559 | 6,360 | 6,741 | 6,902 | 6,676 | 7,163 | ||
| Adjusted opex | (3,004) | (3,084) | (2,911) | (3,051) | (3,161) | (2,957) | (3,087) | (3,224) | (2,968) | ||
| Income from equity investments | 2 | - | 14 | 1 | - | 7 | 1 | - | 7 | ||
| Share of profit / (loss) after tax of associates | (2) | (5) | 3 | (2) | (5) | 3 | (2) | (5) | 3 | ||
| Adjusted EBITDA | 3,237 | 3,126 | 3,350 | 3,508 | 3,330 | 3,682 | 3,814 | 3,496 | 4,038 | ||
| Adjusted EBITDA margin (%) ex-recoveries | 47.0% | 45.7% | 47.8% | 48.4% | 46.2% | 49.7% | 50.0% | 46.8% | 51.5% | ||
| Underlying depreciation and amortisation | (829) | (830) | (821) | (854) | (884) | (828) | (875) | (942) | (830) | ||
| Adjusted operating profit | 2,408 | 2,296 | 2,520 | 2,654 | 2,470 | 2,850 | 2,940 | 2,606 | 3,197 | ||
| Net finance expense | (196) | (279) | (120) | (138) | (189) | (50) | (122) | (179) | (46) | ||
| Adjusted profit before tax | 2,212 | 2,078 | 2,305 | 2,516 | 2,334 | 2,690 | 2,818 | 2,476 | 3,104 | ||
| Tax | (516) | (543) | (480) | (587) | (625) | (549) | (685) | (807) | (594) | ||
| Tax rate | 23.3% | 24.6% | 22.5% | 23.3% | 24.4% | 22.9% | 24.3% | 26.4% | 22.9% | ||
| Adjusted profit after tax | 1,697 | 1,579 | 1,775 | 1,929 | 1,774 | 2,071 | 2,133 | 1,882 | 2,339 | ||
| Non-controlling interest | (180) | (215) | (165) | (197) | (251) | (176) | (210) | (274) | (174) | ||
| Underlying profit from continuing operations | 1,517 | 1,397 | 1,597 | 1,732 | 1,584 | 1,864 | 1,923 | 1,708 | 2,105 | ||
| Weighted Average number of shares | 555.3 | 554.0 | 557.5 | 555.6 | 554.0 | 560.3 | 555.9 | 554.0 | 563.3 | ||
| Adjusted basic EPS | 273.1 | 251.3 | 288.3 | 311.7 | 286.0 | 336.5 | 345.9 | 308.3 | 379.8 | ||
| Total Dividend (p) | 86.5 | 78.2 | 96.9 | 99.3 | 86.6 | 113.6 | 110.6 | 91.7 | 127.0 |
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 (more than 6 months since update) 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).