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 2,380 - -
Change - 13% 9.63% 30.03% -0.44% 23.23% - -
Enterprise Value (EV) 1 1,276 1,372 1,362 1,686 1,797 2,131 1,985 1,808
Change - 7.49% -0.73% 23.79% 6.61% 18.58% -6.87% -8.91%
P/E 218x 13.4x 21x 12.1x 10.7x 11.4x 10.2x 8.97x
PBR 0.59x 0.64x 0.74x 0.95x 0.96x 1.08x 1.04x 0.99x
PEG - 0x -0.7x 0x 0.8x 0.6x 0.9x 0.7x
Capitalization / Revenue 0.65x 0.64x 0.68x 0.86x 0.82x 0.97x 0.95x 0.92x
EV / Revenue 0.68x 0.65x 0.62x 0.75x 0.76x 0.87x 0.79x 0.7x
EV / EBITDA 4.05x 3.84x 3.65x 4.24x 4.25x 4.88x 4.36x 3.71x
EV / EBIT 5.48x 4.99x 4.54x 5.2x 5.17x 5.82x 5.17x 4.4x
EV / FCF - - 6.33x 4.18x 15.4x 7.15x 5.9x 5.14x
FCF Yield - - 15.8% 23.9% 6.51% 14% 17% 19.4%
Dividend per Share 2 0.095 0.124 0.148 0.161 0.168 0.1772 0.1888 0.225
Rate of return 6.22% 7.11% 7.58% 6.24% 6.47% 5.4% 5.75% 6.85%
EPS 2 0.007 0.13 0.093 0.213 0.242 0.2881 0.3225 0.3662
Distribution rate 1,357% 95.4% 159% 75.6% 69.4% 61.5% 58.5% 61.4%
Net sales 1 1,865 2,115 2,191 2,253 2,353 2,454 2,502 2,599
EBITDA 1 315 357 373 398 423 436.4 455.6 487.3
EBIT 1 233 275 300 324 348 366.1 383.8 410.6
Net income 1 5 103 74 167 186 217.2 230.5 249.6
Net Debt 1 72 11 -130 -254 -134 -248.8 -395.2 -572.1
Reference price 2 1.527 1.745 1.953 2.580 2.595 3.284 3.284 3.284
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.($)
11.4x0.87x4.88x5.4% 3.15B
15.15x6.94x - 2.19% 308B
13.4x10.31x - 2.04% 283B
12.01x - - 1.87% 225B
15.92x6.38x10.61x1.28% 171B
9.73x1.43x - 3.79% 58.4B
15.48x5.33x - 3.78% 30.19B
10.47x7.69x - 3.95% 29.46B
16.26x - - 0.39% 24.75B
6.19x - - 4.69% 24.46B
Average 12.60x 5.56x 7.75x 2.94% 115.85B
Weighted average by Cap. 13.67x 7.50x 10.51x 2.15%

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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