Consensus

Consensus

Analyst Ratings and Forecasts

Consensus estimates (as at 15 October 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 11 analyst models updated and published since LSEG's H1 results (issued 6 August 2021) on a pro-forma and consistent basis.

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

Analyst ratings Buy Hold Sell
10 4 1
Consensus target share price (p)                    9,035
Share price as of 15/10/2021 (p)                    7,834

  

£m Pro-forma 2021 2022 2023
Revenue Consensus Low High Consensus Low High Consensus Low High
Trading & banking solutions 1,502 1,485 1,521 1,519 1,479 1,561 1,537 1,485 1,590
Enterprise data solutions 1,130 1,113 1,154 1,184 1,163 1,228 1,242 1,206 1,309
Investment solutions 1,143 1,119 1,157 1,238 1,210 1,296 1,331 1,283 1,440
Wealth solutions 480 471 503 508 481 548 536 489 597
Customer & third party Risk 357 345 365 395 372 416 434 395 463
Data & Analytics 4,612 4,590 4,679 4,844 4,792 4,949 5,079 4,973 5,258
Equities 234 226 239 240 229 252 248 228 260
FX 219 197 226 230 220 241 241 230 254
Fixed income, derivatives & other 776 736 814 852 781 900 924 827 998
Capital Markets 1,229 1,201 1,246 1,323 1,270 1,379 1,413 1,336 1,500
OTC Derivatives 340 334 347 360 345 372 379 365 400
Securities & Reporting 247 217 257 254 222 265 264 232 279
Non-Cash Collateral 95 87 122 100 91 127 104 93 131
Post Trade 682 669 694 716 694 739 752 728 787
NTI 216 210 221 226 215 235 244 217 275
Post Trade income 897 887 906 942 918 967 996 969 1,028
Other 26 15 35 23 - 31 23 - 32
Total Income (excl. recoveries) 6,765 6,710 6,825 7,139 7,025 7,229 7,525 7,379 7,689
Recoveries 349 337 358 348 308 363 350 292 377
Total Income (incl. recoveries) 7,114 7,051 7,182 7,487 7,352 7,568 7,875 7,697 8,031
Cost of Sales (925) (954) (893) (962) (1,034) (866) (995) (1,068) (871)
Gross Profit 6,189 6,125 6,228 6,525 6,390 6,610 6,880 6,691 7,026
Adjusted opex (2,974) (3,012) (2,932) (3,037) (3,088) (3,006) (3,087) (3,149) (3,039)
Income from equity investments 11 - 22 3 - 15 4 - 15
Share of profit / (loss) after tax of associates (1) (4) 2 - (4) 3 - (4) 3
Adjusted EBITDA 3,225 3,162 3,289 3,491 3,361 3,599 3,797 3,609 3,953
Adjusted EBITDA margin (%) ex-recoveries 47.7% 47.1% 48.5% 48.9% 47.8% 50.0% 50.4% 48.9% 51.8%
Underlying depreciation and amortisation (778) (793) (743) (808) (828) (781) (825) (859) (721)
Adjusted operating profit 2,447 2,391 2,501 2,683 2,574 2,797 2,972 2,784 3,137
Net finance expense (202) (205) (191) (160) (182) (119) (158) (180) (116)
Adjusted profit before tax 2,245 2,186 2,301 2,522 2,413 2,661 2,813 2,624 3,001
Tax (488) (505) (470) (579) (639) (551) (653) (750) (604)
Tax rate 21.7% 22.2% 21.4% 23.0% 24.0% 21.6% 23.2% 25.0% 22.0%
Adjusted profit after tax 1,758 1,716 1,804 1,943 1,858 2,022 2,161 2,020 2,282
Non-controlling interest (207) (215) (191) (225) (237) (211) (243) (265) (220)
Underlying profit from continuing operations 1,551 1,512 1,602 1,718 1,647 1,785 1,917 1,789 2,033
Weighted Average number of shares 556.1 555.4 557.2 556.3 554.0 559.5 556.5 554.0 562.6
Adjusted basic EPS 278.8 272.0 288.4 309.0 295.7 320.5 344.5 321.9 367.0
Total Dividend (p) 85.4 74.4 96.1 98.4 82.7 112.2 107.8 86.8 124.9

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).