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TP ICap
(LSE:TCAP)
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Rating:72Outperform
Price Target:
383.00 p
▲(9.43% Upside)
Action:Upgraded
Date:08/06/26
GB:TCAP scores well primarily on improving financial performance (profitability rebound and stable leverage) and a constructive earnings-call outlook (transformation savings ahead of plan and continued capital returns). Valuation is also supportive (moderate P/E and high dividend yield). The score is held back by variability in cash flow and earnings-quality signals (gross margin inconsistency), plus only neutral technical momentum.
Positive Factors
Diversified, scalable business model
TP ICAP's mix of Global Broking, Liquidnet, Parameta and platform/electronic services creates multiple, partly uncorrelated revenue engines. A scalable tech platform and explicit mid‑to‑high single‑digit growth target support durable top‑line expansion and lower client concentration risk.
Negative Factors
Working-capital and cash-flow variability
Cash conversion is uneven: operating cash swings and a year‑over‑year fall in operating cash reflect settlement timing and receivables volatility. Such working‑capital swings constrain predictability of free cash flow, limiting capacity for reinvestment or buybacks during quieter market periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, scalable business model
TP ICAP's mix of Global Broking, Liquidnet, Parameta and platform/electronic services creates multiple, partly uncorrelated revenue engines. A scalable tech platform and explicit mid‑to‑high single‑digit growth target support durable top‑line expansion and lower client concentration risk.
Read all positive factors
TP ICap (TCAP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.29B
Dividend Yield5.14%
Average Volume (3M)1.29M
Price to Earnings (P/E)12.6
Beta (1Y)0.74
Revenue Growth3.88%
EPS Growth11.86%
CountryUK
Employees5,549
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)0.26
Shares Outstanding725,141,660
10 Day Avg. Volume1,113,840
30 Day Avg. Volume1,288,426
Financial Highlights & Ratios
PEG Ratio0.76
Price to Book (P/B)0.95
Price to Sales (P/S)0.81
P/FCF Ratio7.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£366.00Price Target Upside4.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.35
Revenue Forecast (FY)£2.47B
TP ICap Business Overview & Revenue Model
Company Description
TP ICAP Group PLC provides intermediary services, contextual insights, trade execution, pre-trade and settlement services, and data-led solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through Global Br...
How the Company Makes Money
TP ICAP primarily makes money by intermediating trades between professional market participants and charging transaction-based fees (commissions/brokerage) when trades are executed. Key revenue streams generally include: (1) Interdealer broking / ...
TP ICap Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 17, 2027
Earnings Call Sentiment Positive
The call presents strong underlying operating performance and several clear achievements: double-digit growth and margin expansion in Global Broking, stable-to-improving performance in Liquidnet and Parameta, accelerated transformation delivering material cost savings, and continued capital returns (dividends and buybacks). Offsetting these positives are meaningful near-term headwinds: a sharp drop in Energy & Commodities profitability driven by geopolitical disruption and higher costs from strategic hires, elevated significant items and restructuring charges tied to accelerated transformation, working capital and net cash reductions driven by settlement timing and higher receivables, and ongoing sensitivity to foreign exchange and market volatility. On balance, the positives—particularly the outsized Global Broking performance, transformation progress and medium-term growth plan—significantly outweigh the lowlights, supporting a constructive outlook despite near-term noise.Positive Updates
Group financial performance
Group revenue increased 8% to GBP 1.3 billion; adjusted EBIT rose 9% to GBP 196 million; group adjusted EBIT margin improved to 15.2%; basic adjusted EPS grew 10% to GBP 0.193. Interim dividend increased 8% to GBP 0.056.
Negative Updates
Energy & Commodities profitability decline
Energy & Commodities revenue was broadly stable at GBP 233 million (+2%) but adjusted EBIT fell from ~GBP 27 million to GBP 12 million (≈ -56%), largely due to weak market conditions in Q2 following Middle East conflict and elevated costs from 2025 hires and broker retention.
Read all updates
Q2-2026 Updates
Positive
Negative
Group financial performance
Group revenue increased 8% to GBP 1.3 billion; adjusted EBIT rose 9% to GBP 196 million; group adjusted EBIT margin improved to 15.2%; basic adjusted EPS grew 10% to GBP 0.193. Interim dividend increased 8% to GBP 0.056.
Read all positive updates
Company Guidance
TP ICAP guided that full‑year adjusted EBIT is expected to be in line with current market expectations (subject to foreign exchange), with group net finance expense of around £35m, an effective tax rate of ~27% and significant items of about £80m before tax (ex‑legal/regulatory), ~£10m higher than previously indicated due to accelerated transformation; management now expects to exceed its 2027 transformation target a year early, delivering at least £50m of annualized savings by year‑end and targeting a further ~£15m of savings in 2027 at no more than 1x cost. For context, H1 revenue was £1.3bn (+8% cc) with adjusted EBIT £196m (+9%) and a 15.2% margin; interim dividend £0.056 (+8%) and a £30m buyback were announced, with net cash of £652m at 30 June.TP ICap Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.52B | 2.36B | 2.25B | 2.21B | 2.12B | 1.86B |
| Gross Profit | 2.41B | 2.25B | 793.00M | 762.00M | 2.06B | 792.00M |
| EBITDA | 444.00M | 433.00M | 378.00M | 352.00M | 293.00M | 277.00M |
| Net Income | 191.00M | 186.00M | 167.00M | 74.00M | 103.00M | 5.00M |
Balance Sheet | ||||||
| Total Assets | 8.98B | 8.18B | 6.45B | 6.21B | 5.86B | 5.45B |
| Cash, Cash Equivalents and Short-Term Investments | 3.26B | 2.25B | 1.22B | 1.79B | 1.33B | 1.06B |
| Total Debt | 1.15B | 1.00B | 974.00M | 1.09B | 1.07B | 1.14B |
| Total Liabilities | 6.96B | 6.14B | 4.37B | 4.14B | 3.70B | 3.47B |
| Stockholders Equity | 2.00B | 2.02B | 2.06B | 2.05B | 2.14B | 1.96B |
Cash Flow | ||||||
| Free Cash Flow | 147.00M | 242.00M | 289.00M | 274.00M | 271.00M | 53.00M |
| Operating Cash Flow | 156.00M | 247.00M | 353.00M | 286.00M | 324.00M | 111.00M |
| Investing Cash Flow | -86.00M | -110.00M | -30.00M | 15.00M | -78.00M | -289.00M |
| Financing Cash Flow | -297.00M | -264.00M | -277.00M | -130.00M | -163.00M | 296.00M |
TP ICap Technical Analysis
Neutral
350.00
Price Trends
341.79
Negative
321.78
Positive
283.18
Positive
Market Momentum
-5.26
Positive
40.40
Neutral
36.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TCAP, the sentiment is Neutral. The current price of 350 is above the 20-day moving average (MA) of 338.04, above the 50-day MA of 341.79, and above the 200-day MA of 283.18, indicating a neutral trend. The MACD of -5.26 indicates Positive momentum. The RSI at 40.40 is Neutral, neither overbought nor oversold. The STOCH value of 36.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:TCAP.
TP ICap Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £2.29B | 12.58 | 9.51% | 4.80% | 3.88% | 11.86% | |
68 Neutral | £12.65B | 8.76 | 13.48% | 5.91% | -3.55% | 5.64% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £109.66M | 7.48 | 14.26% | 5.05% | 57.11% | ― | |
60 Neutral | £37.26M | 59.71 | 1.45% | 8.42% | 2.19% | -26.09% | |
47 Neutral | £627.54M | -12.23 | -2.03% | ― | -18.61% | 48.41% |
* Financial Sector Average
GB:TCAP
TP ICap
327.00
67.49
26.01%
GB:CBG
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428.00
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-17.05%
GB:INVP
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674.50
159.53
30.98%
GB:CAV
finnCap Group plc
10.15
-1.29
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GB:PEEL
Peel Hunt Limited
94.00
2.00
2.18%
TP ICap Corporate Events
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
TP ICAP Launches Seventh £30m Share Buyback, Extending Capital Return Programme
Positive
Aug 6, 2026
TP ICAP Group plc has launched its seventh share buyback programme, authorising the repurchase of up to £30 million of ordinary shares to reduce capital and meet obligations under employee share schemes. Any repurchased shares that are not ca...
DividendsFinancial DisclosuresRegulatory Filings and Compliance
TP ICAP posts interim results and declares 5.6p interim dividend
Positive
Aug 6, 2026
TP ICAP Group plc has published its interim results for the six months to 30 June 2026, making the full report available via the UK Financial Conduct Authority’s National Storage Mechanism and the company’s website. Management is holdi...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
TP ICAP Lifts Treasury Stock Through Ongoing Share Buyback
Positive
Jul 20, 2026
TP ICAP Group has continued its share buyback activity, repurchasing a total of 520,850 ordinary shares between 13 and 17 July 2026 via broker Peel Hunt at prices around 346.8p to 350p, to be held in treasury rather than cancelled. The transaction...
Stock BuybackRegulatory Filings and Compliance
TP ICAP boosts treasury stock and updates voting rights after July buybacks
Neutral
Jul 13, 2026
TP ICAP Group plc has continued its share buyback activity, repurchasing around 2.16 million ordinary shares between 6 and 10 July 2026 through broker Peel Hunt LLP to be held in treasury. The purchases were executed at prices broadly in the 342p ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
TP ICAP Boosts Treasury Stock Through Latest Share Buyback
Positive
Jul 6, 2026
TP ICAP Group plc has continued its share buyback programme, purchasing a total of 1,881,795 ordinary shares between 29 June and 3 July 2026 on the London Stock Exchange to be held in treasury. The trades, executed via broker Peel Hunt LLP at volu...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
TP ICAP boosts treasury stock with latest share buyback
Positive
Jun 29, 2026
TP ICAP Group plc has repurchased 458,100 of its 25p ordinary shares on the London Stock Exchange between 22 and 26 June 2026, at a volume-weighted average price of 338.76p, to be held in treasury. Following this latest buyback, the group’s ...
Stock BuybackRegulatory Filings and Compliance
TP ICAP boosts treasury stock with early June share buybacks
Neutral
Jun 8, 2026
TP ICAP Group plc has repurchased 300,000 of its own 25p shares between 1 and 3 June 2026 via broker Peel Hunt, paying volume-weighted average prices between 306.86p and 310.00p per share, with the shares to be held in treasury. Following these tr...
Executive/Board ChangesRegulatory Filings and Compliance
TP ICAP CEO Exercises Share Options Under Savings Plan
Neutral
Jun 2, 2026
TP ICAP Group plc has disclosed that director and PDMR Nicolas Breteau has exercised 12,726 options over ordinary shares under the company’s Savings-Related Share Option Plan. The options, granted in May 2023 at an exercise price of £1....
Business Operations and StrategyExecutive/Board Changes
TP ICAP refreshes board with two new independent non-executive directors
Positive
May 13, 2026
TP ICAP has strengthened its board with the appointment of Jane Guyett and Paul Newman as independent non-executive directors, effective in July and August 2026, respectively. Guyett will chair the remuneration committee and join the audit and nom...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
TP ICAP investors back all AGM resolutions, confirm dividend and capital powers
Positive
May 13, 2026
TP ICAP shareholders backed all 22 resolutions at the company’s 13 May annual general meeting, including the advisory receipt of the 2025 annual report, approval of the remuneration committee report, and a final dividend of 11.6p per share. ...
Business Operations and StrategyFinancial Disclosures
TP ICAP Delivers Record Q1 Revenue on Volatile Markets and Strong Broking Growth
Positive
May 13, 2026
TP ICAP reported record first-quarter 2026 revenue of £689 million, up 13% year on year at constant currency, driven by strong performances in Global Broking and Energy Commodities, which grew 15% and 13% respectively amid volatile markets a...
Business Operations and StrategyFinancial Disclosures
TP ICAP posts record Q1 revenue on strong broking and Energy & Commodities growth
Positive
May 13, 2026
TP ICAP Group reported a record first‑quarter 2026 performance, with total revenue rising 13% year on year at constant currency to £689 million, driven by strong growth in Global Broking and Energy Commodities, which posted gains of 15...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.