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Deutsche bank starts TP Icap at ‘buy’.

Deutsche Bank initiated coverage of interdealer broker TP Icap at ‘buy’ with a 415p price target on Monday as it said it was "more than a cyclical broker".

  • TP Icap Group
  • 08 June 2026 09:47:20
TP ICAP

Source: Sharecast

The bank said that trading on circa 9x FY26 and 8x FY27 consensus price-to-earnings, TP Icap remains valued like a structurally challenged broker.

"We think that misses the point," DB said. "The group remains broker-led, but our analysis suggests electronification is supporting productivity rather than simply displacing the franchise.

"Our buy case does not require TP Icap to become a scaled electronic trading platform or a pure data analytics provider."

Deutsche said the market appears to be applying one broker multiple to a more resilient earnings mix.

"Global Broking is still cyclical but more productive, E&C has low-bar margin-repair potential, Liquidnet adds agency execution and buy-side workflow, and Parameta is a higher-margin subscription-led data asset," the bank said.

At 0946 BST, the shares were 1.5% higher at 320.80p.

FTSE 250 ( MCX )

ISIN: N/A
Exchange: London Stock Exchange
Sell:
0.00
Buy:
0.00
Change: 355.07 ( 1.55 %)
Date:
Prices delayed by at least 15 minutes

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