Company Valuation: TP ICAP Group PLC

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,204 1,361 1,492 1,940 1,931 2,412 - -
Change - 13% 9.63% 30.03% -0.44% 24.88% - -
Enterprise Value (EV) 1 1,276 1,372 1,362 1,686 1,797 2,157 2,009 1,832
Change - 7.49% -0.73% 23.79% 6.61% 20.03% -6.89% -8.81%
P/E 218x 13.4x 21x 12.1x 10.7x 12.2x 11.2x 10.3x
PBR 0.59x 0.64x 0.74x 0.95x 0.96x 1.1x 1.05x 1x
PEG - 0x -0.7x 0x 0.8x 0.9x 1.27x 1.16x
Capitalization / Revenue 0.65x 0.64x 0.68x 0.86x 0.82x 0.98x 0.96x 0.93x
EV / Revenue 0.68x 0.65x 0.62x 0.75x 0.76x 0.88x 0.8x 0.7x
EV / EBITDA 4.05x 3.84x 3.65x 4.24x 4.25x 4.81x 4.36x 3.76x
EV / EBIT 5.48x 4.99x 4.54x 5.2x 5.17x 5.89x 5.23x 4.46x
EV / FCF - - 6.33x 4.18x 15.4x 7.24x 5.97x 5.21x
FCF Yield - - 15.8% 23.9% 6.51% 13.8% 16.8% 19.2%
Dividend per Share 2 0.095 0.124 0.148 0.161 0.168 0.1772 0.1888 0.2027
Rate of return 6.22% 7.11% 7.58% 6.24% 6.47% 5.32% 5.67% 6.09%
EPS 2 0.007 0.13 0.093 0.213 0.242 0.2738 0.298 0.3245
Distribution rate 1,357% 95.4% 159% 75.6% 69.4% 64.7% 63.3% 62.5%
Net sales 1 1,865 2,115 2,191 2,253 2,353 2,454 2,503 2,599
EBITDA 1 315 357 373 398 423 448.9 460.6 487.4
EBIT 1 233 275 300 324 348 366.1 383.8 410.5
Net income 1 5 103 74 167 186 202.3 217 233.9
Net Debt 1 72 11 -130 -254 -134 -254.6 -403.3 -580.2
Reference price 2 1.527 1.745 1.953 2.580 2.595 3.328 3.328 3.328
Nbr of stocks (in thousands) 788,671 779,861 763,891 751,902 744,287 724,767 - -
Announcement Date 3/15/22 3/14/23 3/12/24 3/11/25 3/12/26 - - -
1GBP in Million2GBP
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.15x0.88x4.81x5.32% 3.26B
16.78x7.33x - 1.97% 342B
14.68x10.71x - 1.83% 314B
12.31x - - 1.83% 231B
17.57x7.01x11.66x1.16% 189B
10.31x1.74x - 3.58% 62.78B
11.83x8.57x - 3.5% 31.26B
15.37x5.37x - 3.77% 30.59B
18.34x - - 0.34% 28.29B
7.1x - - 4.27% 26.43B
Average 13.64x 5.94x 8.23x 2.76% 125.9B
Weighted average by Cap. 14.89x 7.96x 11.54x 1.97%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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