Consensus

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).