3.79 GBP (+17.2%)
7 analysts
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TP ICAP Group is a global interdealer broker that facilitates trading in financial instruments (fixed income, FX, commodities, and derivatives) between banks and other institutions, and provides market data and information services.
Listed on London Stock Exchange · Symbol TCAP.L · LON: TCAP · Currency GBP
Key points
from its scores- ✓Favourable backdrop9.2
- ✓Attractive dividend8.2
- ✓Good share-price trend7.0
- ✕Fragile balance sheet4.7
- ✕Little competitive advantage4.9
AI analysis
bottom line, main risk, context and newsThe dividend and valuation offer good support, but growth depends on trading volumes in the markets.
TP ICAP presents an attractive valuation (P/E 12.92, forward 8.62) with moderate growth (revenue +6.0%, earnings +7.8%) and a very attractive net dividend yield of 5.26%. Financial health is sound (ROE 9.76%) and momentum is positive (+23.19% over 12 months), although the 11.36% operating margin reflects the competitive nature of its business.
The main risk is dependence on trading volumes in global financial markets; a low-volatility, stable-rate environment could reduce intermediation activity and pressure revenue.
Context and risks
TP ICAP is an interdealer broker domiciled in Jersey, a financial center with a stable regulatory framework and strong minority shareholder protection. Its capital markets intermediation business has no material exposure to interest rates, oil prices, or conflict-affected shipping routes. Contained volatility (low VIX) is a headwind for its trading volumes, but it does not constitute a company-specific risk not already reflected in its beta.
Is TP ICAP Group stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 21% below the Financial Services median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 12.9 | 13.7 | −6% |
| Price / book | 1.2 | 1.9 | −36% |
| Price / sales | 1.0 | 3.5 | −72% |
Sector: median of the 351 Financial Services companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.8 out of 10 (median for Financial Services: 5.2).
Average analyst target: 3.79 GBP, +17.2% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 4.7 (sector 5.5), Growth 5.9 (sector 6.9).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Financial Services medianValuation
- P/E
- 12.9
- Forward P/E
- 8.6
- Price / book
- 1.2
- Price / sales
- 1.0
- PEG
- 0.89
- Market cap
- 2.3B GBP
- Enterprise value
- 3.1B GBP
Profitability
- ROE
- 9.8%
- ROA
- 2.4%
- ROIC (approx.)
- 3.9%
- Gross margin
- 100.0%
- Operating margin
- 11.4%
- Net margin
- 8.1%
Solvency
- Total debt
- 5.0B GBP
- Net debt
- 726.0M GBP
- Cash
- 4.2B GBP
- Debt / equity
- 245.91
- Current ratio
- 1.16
- Quick ratio
- 0.80
Growth
- Revenue growth
- +6.0%
- Earnings growth
- +7.8%
- EPS (TTM)
- 0.25 GBP
- EPS (forward)
- 0.37 GBP
Dividend
- Dividend yield
- 5.3%
- Payout
- 66.7%
Risk and market
- Beta
- 0.29
- Analyst consensus
- Buy (7)
- Target price
- 3.79 GBP
Recent news
All TCAP.L news →Compare it with its sector
All 351 in Financial Services →Frequently asked questions about TP ICAP Group
Is TP ICAP Group stock cheap or expensive?
On P/E and Price / book, it trades 21% below the Financial Services median on average. Valuation score: 5.8 out of 10 (median for Financial Services: 5.2). Average analyst target: 3.79 GBP, +17.2% versus the price. This is not investment advice.
What score does TP ICAP Group get on MeridIAn Screener?
It scores 6.4 out of 10, rank 666 of 2,130 (better than 68% of the companies analysed). Its strongest category is Risk & Context (9.2) and its weakest, Financial health (4.7). Analysis of 08/10/2026.
What is TP ICAP Group's P/E ratio?
Its P/E is 12.9: the share price equals 12.9 times earnings per share over the last 12 months. The Financial Services median is 13.7. Based on the earnings analysts expect, the forward P/E is 8.6.
How much is TP ICAP Group worth on the stock market?
Its market capitalisation is 2.3B GBP.
Does TP ICAP Group pay a dividend?
Yes: its dividend yield is 5.26% and it pays out 67% of its earnings.
How has TP ICAP Group stock performed over the last year?
It has risen 22.8% over the last year, excluding dividends. Over the last 52 weeks it has traded between 0.00 and 3.55 GBP. Past performance does not guarantee future results.
What do analysts think of TP ICAP Group?
7 analysts cover it; their average recommendation is “Buy” and their average target is 3.79 GBP (+17.2% versus the price). It is an estimate, not market data.