LSEG stock forecast
LSEG's weighted forecast is 125.96 in October 2027, implying a 1% return including dividends. It hinges on paid AI adoption, renewals, cash generation and disciplined capital allocation.
Where could LSEG's shares be in each forecast year?
The forecast's weighted outcome is modest, but its scenario range is wide. At October 2027, the weighted figure is 125.96, implying a 1% return including dividends. At October 2028, it is 132.83, again implying 1%. At October 2029, it is 139.48, also implying 1%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30% | 9430.69 (+15%) | 8510.14 (+6%) | 7448.16 (-5%) |
| Base | 55% | 13243.79 (+61%) | 14002.64 (+72%) | 14706.95 (+83%) |
| Bull | 15% | 16552.39 (+100%) | 20189.28 (+146%) | 24166.78 (+196%) |
| Weighted | 100% | 125.96 (+1%) | 132.83 (+1%) | 139.48 (+1%) |
What has to go right, and what could go wrong for LSEG?
Bear earnings fall to £2,228m initially and £2,215m in the following year. They reach £2,173m at the final date. The case reflects 92.8% retention and AI engagement that fails to become paid expansion. Bull earnings reach £2,575m first and £2,904m next, before reaching £3,224m. That requires Microsoft distribution, licensed AI products and operating leverage to generate paid growth.
How much cash does LSEG really make?
In 2025, cash from operations was £3,622 million. After capital spending and lease payments, free cash flow was £1,555 million. This measures cash left after operating needs and the investments counted in the company’s definition.
Clearing collateral is different again. Cash collateral supports clearing obligations and is not a reserve for shareholders. Finally, stock-based pay reduced analytical free cash flow by £176 million because it dilutes existing owners even without an immediate cash payment.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 3,622 | 3,396 | 2,942 | 2,700 | 2,492 |
| − Capital spending | 1,906 | 1,008 | 1,084 | 966 | 632 |
| − Lease payments | 161 | 156 | 156 | 150 | 118 |
| = Free cash flow | 1,555 | 2,232 | 1,702 | 1,584 | 1,742 |
| − Stock pay | 176 | 162 | 143 | 158 | 141 |
| = Real free cash flow | 1,379 | 2,070 | 1,559 | 1,426 | 1,601 |
What this means. The company's own free cash flow is higher than ours because it leaves out some spending, especially the £921 million SwapClear software purchase, while our count includes it.
What does an investor pay for LSEG today?
A price-to-earnings ratio, or P/E, compares the share price with earnings per share. LSEG’s trailing P/E is 30.0x and its forward P/E is 17.4x, but the comparison is clouded by acquisition accounting. Amortisation spreads the cost of acquired customer relationships and databases across several years. In H1 2026, reported EPS was 163.8p while adjusted EPS was 244.9p. The apparent gap between the multiples may therefore reflect different earnings definitions rather than genuine profit growth.
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 8,350.00 |
| Market value (calculated) | 40,214.942597 |
| Enterprise value (calculated) | 48,869.942597 |
| P/E, last 12 months (calculated) | 30.0x |
| P/E, next 12 months (calculated) | 17.4x |
| Real free cash flow yield (calculated) | 3.4% |