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  • Investec Bank (UK) PLC has maintained a 'Buy' recommendation on TP ICAP Group PLC with a price target of AUD 6.39.

  • TP ICAP reported a 7% year-on-year increase in revenue and EBIT for HY 2025, alongside a 12% rise in basic earnings per share.

  • The company has launched its fifth share buyback programme valued at £30 million, following the near completion of its fourth programme.

TP ICAP Group PLC (LSE:TCAPI.L), a United Kingdom-based financial services firm, continues to receive positive sentiment from analysts, with Investec Bank (UK) PLC reaffirming a 'Buy' rating on the stock. The recommendation is accompanied by a price target of AUD 6.39, reflecting a 10.28% potential upside from current levels.

According to the latest analyst report, the recommendation was issued on 4 March 2024 and reviewed on 6 August 2025 by analyst Jens Ehrenberg of Investec. The target price has been converted from GBP using an exchange rate of 0.021, resulting in the AUD figure. 

This affirmation might come on the back of the company's financial results for the first half of fiscal year 2025. TP ICAP posted revenue of £1,224 million, up 7% from £1,144 million in HY 2024. Earnings before interest and taxes (EBIT) also rose 7% to £140 million. Basic earnings per share increased 12% to 13.4p, while attributable earnings improved by 9% to £99 million. The interim dividend per share was recorded at 5.2p, marking an 8% rise compared to the previous year.

The EBIT margin, however, slightly declined to 11.4% from 11.5%, a 0.1 percentage point change. Profit before tax rose to £123 million, an increase of 3% year-on-year. The weighted average number of shares in issue (basic) decreased by 3% to 737.9 million, partially due to ongoing share repurchase initiatives.

In a strategic capital management move, TP ICAP has announced the commencement of its fifth share buyback programme. This buyback, valued at £30 million, will begin following the completion of the fourth buyback, which had already repurchased over 10.5 million shares at a gross consideration of £28 million. The new buyback aims to further reduce the company's capital base and meet obligations under employee share schemes.

The company stated that Peel Hunt LLP has been appointed to manage the Fifth Buyback as a matched principal under pre-set parameters. Purchases may occur both within and, if necessary, outside the "safe harbour" conditions.

TP ICAP’s outlook remains sensitive to broader macroeconomic conditions, including global trade policies, inflation, and interest rate movements. These variables are expected to influence trading volumes in the over-the-counter (OTC) markets. 

Approximately 60% of the company’s revenue and 40% of its costs are denominated in US dollars, which adds an additional layer of currency impact to its financial performance. Despite current US dollar weakness, the board remains comfortable with existing 2025 adjusted EBIT expectations.