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Mandatum: Balance sheet full of dividends

MANTAExtensive research12.10.2023, 18.18
Kasper Mellas, Sauli Vilén
Discuss
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Mandatum’s investor story is based on two cornerstones: growth in capital-light asset management and a significant release of capital from a continuously declining with-profit business. With our estimates, we find the share's valuation to be very attractive from several angles, and an exceptionally attractive dividend outlook clearly supports the share.

Mandatum operates in the financial sector. The company offers various financial services to both private savers and corporate customers. The range is broad and mainly includes capital and wealth management, savings and investments, compensation, pension plans and personal risk insurance. The largest operations are in Finland.

Read more on company page

Key Estimate Figures12.10.2023

202223e24e
Revenue126.0127.7137.8
growth-%-58.8 %1.3 %7.9 %
EBIT (adj.)75.7184.7214.0
EBIT-% (adj.)60.1 %144.7 %155.3 %
EPS (adj.)0.150.290.34
Dividend0.390.330.35
Dividend %5.1 %5.5 %
P/E (adj.)-22.018.8
EV/EBITDA-17.315.0

Forum discussions

Something wrong with the distribution of the latest video? @Sauli_Vilen @Yu_Gong Edit: it works now
2 hours ago
by JJKiuru
0
I tried to delve into Cliens’ current profitability. First of all, the competition in Sweden is really fierce, because there, employees can ...
3 hours ago
by Riskinsietäjä
10
EV/EBIT ~7x vs. Mandatum ~25x. Hopefully, we’ll see some valuation multiple arbitrage soon!
4 hours ago
by Osinkoseilaaja
3
Here are Sale’s quick comments on Manta’s earnings and acquisition in video format
4 hours ago
by Sijoittaja-alokas
12
Mandatum’s IR team results video has been released! The video briefly reviews Mandatum’s second-quarter results and key achievements.
6 hours ago
by Hanna Valonen / Mandatum IR
19
Inderes – 13 Aug 26 Mandatumin kauan odotettu yrityskauppa vaikuttaa strategisesti hyvältä... Mandatumin kansainvälistyminen ottaa ison harppauksen...
7 hours ago
by Sauli Vilen
45
I personally view the result a bit more skeptically; if the market is providing a boost to the earnings, then new sales should be developing...
7 hours ago
by aj.puranen@gmail.com
2