The table below lists the current and historical price-earnings and CAPE ratio of the FTSE 100 index. The current trailing P/E of the index is 14.46 (July 1st, 2024) and the cyclically adjusted (CAPE) ratio is 18.64. The earnings of many of the UK’s major companies plummeted during the COVID pandemic (for example, Shell plc reported a net loss of £-16,906 million and BP plc a loss of £-15,834 million for the fiscal year 2020). However, the profits of UK firms have bounced back strongly and the FTSE 100 index is currently very reasonably priced when compared to earnings.
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FTSE 100 – P/E (TTM), EPS & CAPE Ratio
| Date | FTSE 100 Price | P/E (TTM) | EPS (TTM) * | Forward P/E | CAPE Ratio |
|---|---|---|---|---|---|
| 6/30/2024 | 8,164.12 | 14.46 | 140.35 | 11.54 | 18.64 |
| 12/31/2023 | 7,733.24 | 10.51 | 183.01 | 10.65 | 18.33 |
| 6/30/2023 | 7,531.53 | 10.85 | 172.53 | 10.14 | 18.42 |
| 12/31/2022 | 7,451.74 | 13.88 | 133.44 | 9.99 | 19.28 |
| 6/30/2022 | 7,169.28 | 15.34 | 116.18 | 10.14 | 19.31 |
| 12/31/2021 | 7,384.54 | 17.10 | 107.34 | 11.71 | 20.40 |
| 6/30/2021 | 7,037.47 | 45.07 | 38.82 | 12.65 | 19.41 |
| 12/31/2020 | 6,460.52 | 169.52 ** | 9.48 | 14.09 | 17.09 |
* EPS (earnings per share) in the table above has been indexed to start from the base value of “100” in 1/1/2020.
** The trailing P/E is highly elevated as the total earnings of the FTSE 100 companies were barely positive for the fiscal year 2020. Negative earnings have been included in the calculations.
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FTSE 100 & 250 indices
FTSE 100 stock index is the most followed indicator for the performance of the London Stock Exchange and for the UK’s stock market. The combined market value of the companies part of the index is £1,937,408 million. (December, 2023). The largest index constituents are Shell Plc, AstraZeneca plc, Unilever plc, HSBC Holdings and Unilever plc. Among the ICB sectors, Industrial Goods & Services has the largest weighting, followed by Health Care and Financial Services. Majority of the earnings of the index companies come from abroad so the index is rarely used as a benchmark for the economic conditions in the UK.
For domestic market conditions, FTSE 250 index is a much better indicator. This index represents 250 mid-cap stocks traded on the LSE and has the total market cap of £324,527 million (December, 2023). The largest index consituents are Weir Group, Greencoat UK Wind, Beazley and Johnson Matthey .
Cyclically Adjusted (Shiller) P/E ratio
The idea behind the CAPE ratio is that one year earnings are too volatile to be used to estimate the real market value of a company. Considering the average longer term earnings can often give a more accurate view of a firm’s capacity to create value. The ratio has become an essential indicator for value investors to estimate the valuations of a certain market/index/country.