Analyst Consensus Report

Analyst Consensus

Review the latest company collated consensus and find all analyst coverage details here.

£m Reported Consensus*
2019 2020 2021 2022
Income Statement
Revenues 1,833 1,824 1,864 1,909
Underlying admin expenses -1,554 -1,552 -1,571 -1,597
Non-recurring expenses -137 -80 -39 -34
Total expenses -1,691 -1,632 -1,611 -1,631
Reported operating profit 142 193 254 278
Underlying operating profit 279 272 293 312
Net finance costs -49 -48 -47 -47
Reported PBT 93 144 207 232
Underlying PBT 230 224 246 265
Taxation -40 -48 -59 -64
Underlying Taxation -55 -56 -61 -66
Associates 15 17 15 15
Minorities -1 -1 -2 -2
Reported PAT 67 112 162 182
Underlying PAT 189 183 198 213
Per Share Data (p)
Reported EPS - Basic 12 19.9 28.8 32.4
Reported EPS - Diluted 11.9 19.8 28.6 32.2
Underlying EPS - Basic 33.8 32.8 35.4 38.0
Underlying EPS - Diluted 33.5 32.6 35.1 37.7
Dividend Per Share 16.85 8.43 16.32 18.13
Number of Shares
Average Basic (m) (2) 559 559 560 561
Average Diluted (m) 564 564 564 565
Reported Ratios
Cost/income Ratio (%) 92.3% 89.4% 86.4% 85.4%
Operating Profit margin (%) 7.7% 10.6% 13.6% 14.6%
Dividend Yield (%) (1) 5.0% 2.4% 4.6% 5.1%
Dividend Payout (%) (2) 140.7% 42.6% 57.0% 56.4%
Dividend Cover (x) (2) 0.7x 2.3x 1.8x 1.8x
Tax Rate (%) 43.0% 33.3% 28.4% 27.5%
Underlying Ratios
Cost/Income Ratio (%) 84.8% 85.1% 84.3% 83.7%
Operating Profit margin (%) 15.2% 14.9% 15.7% 16.3%
Dividend Payout (%) (2) 49.9% 25.7% 46.1% 47.7%
Dividend Cover (x) (2) 2.0x 3.9x 2.2x 2.1x
Tax Rate (%) 23.9% 24.9% 24.9% 24.9%
Other data
Number of Equity Analysts 6 6 6
Average Target Price (p) 350p
Closing Price as of [date-here] (p) 229p

Notes

(1) Dividend Yield is based on the Share Price of TP ICAP PLC as of 12 January 2021
(2) Dividend Payout and Dividend Cover are based on Average Basic Number of Shares
(3)HSBC, JPMorgan Chase and Peel Hunt are restricted due to their participation in the Liquidnet Acquisition

Analyst Coverage

FirmAnalystE-mail
Canaccord GenuityJustin BatesJBates@cgf.com
HSBCPiers Brownpiers.brown@hsbc.com
Numis Securities Bill Barnardb.barnard@numis.com
Peel HuntStuart DuncanStuart.Duncan@peelhunt.com
RBC Capital Markets Ben BathurstBen.Bathurst@rbccm.com
RedburnNicholas WattsNicholas.Watts@redburn.com
Shore Capital  Vivek Raja Vivek.Raja@shorecap.com
JP Morgan Chase  Gurjit Kambo Gurjit.s.kambo@jpmchase.com
BarclaysMichalis Onisiforoumichalis.onisiforou@barclays.com

    This is a Company collated consensus. 

    This communication provided by TP ICAP (“TP ICAP”) and all information contained in or attached to it including, but not limited to market prices/levels and market commentary, (the “Information”) is for informational purposes only, is confidential and may be legally privileged. All intellectual property rights in the Information are, and shall remain, the property of TP ICAP. The Information is subject to TP ICAP’s terms of business as published or communicated to clients from time to time and is directed to Eligible Counterparties and Professional Customers only and is not intended for Retail Clients (as each term is defined by the rules of the Financial Conduct Authority (“FCA”)).

    The Information is not, and should not be construed as, an offer, bid, recommendation or solicitation in relation to any financial instrument or investment or to participate in any particular trading strategy. The Information is not to be relied upon and is not warranted, either expressly or by implication, as to completeness, timeliness, accuracy, merchantability or fitness for any particular purpose. All representations and warranties are expressly disclaimed. Access to the Information by anyone other than the intended recipient is unauthorised and any disclosure, copying or redistribution is prohibited without TP ICAP’s prior written approval.
    In no circumstances will TP ICAP be liable for any indirect or direct loss, or consequential loss or damages including without limitation, loss of business or profits arising from the use of, any inability to use, or any inaccuracy in the Information. 

    TP ICAP is Authorised and Regulated by the Financial Conduct Authority. For further regulatory information and our terms of business, please see http://www.tpicap.com/tpicap ©TP ICAP 2020

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