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 1,914 1,945 1,995
Underlying admin expenses -1,554 -1,610 -1,626 -1,654
Non-recurring expenses -137 -44 -42 -41
Total expenses -1,691 -1,654 -1,669 -1,696
Reported operating profit 142 260 276 299
Underlying operating profit 279 304 319 341
Net finance costs -49 -49 -48 -47
Reported PBT 93 212 228 252
Underlying PBT 230 256 271 293
Taxation -40 -58 -62 -68
Underlying Taxation -55 -63 -67 -73
Associates 15 14 14 14
Minorities -1 -2 -2 -2
Reported PAT 67 165 178 197
Underlying PAT 189 205 216 234
Per Share Data (p)
Reported EPS - Basic 12.0 29.5 31.8 35.0
Reported EPS - Diluted 11.9 29.3 31.5 34.7
Underlying EPS - Basic 33.8 36.6 38.6 41.6
Underlying EPS - Diluted 33.5 36.3 38.2 41.2
Dividend Per Share 16.85 17.42 18.27 19.40
Number of Shares
Average Basic (m) (2) 559 560 561 562
Average Diluted (m) 564 565 566 567
Reported Ratios
Cost/income Ratio (%) 92.3% 86.4% 85.8% 85.0%
Operating Profit margin (%) 7.7% 13.6% 14.2% 15.0%
Dividend Yield (%) (1) 5.0% 4.9% 5.1% 5.4%
Dividend Payout (%) (2) 140.7% 59.5% 58.1% 56.0%
Dividend Cover (x) (2) 0.7x 1.7x 1.7x 1.8x
Tax Rate (%) 43.0% 27.6% 27.3% 26.9%
Underlying Ratios
Cost/Income Ratio (%) 84.8% 84.1% 83.6% 82.9%
Operating Profit margin (%) 15.2% 15.9% 16.4% 17.1%
Dividend Payout (%) (2) 49.9% 47.7% 47.4% 46.6%
Dividend Cover (x) (2) 2.0x 2.1x 2.1x 2.1x
Tax Rate (%) 23.9% 24.8% 24.9% 24.8%
Other data
Number of Equity Analysts 9 9 9
Average Target Price (p) 425p
Closing Price as of [22nd June 2020] (p) 357p

Notes

(1) Dividend Yield is based on the Share Price of TP ICAP PLC as of 22 June 2020
(2) Dividend Payout and Dividend Cover are based on Average Basic Number of Shares

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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