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Research

There is value in the balance sheet

By Kasper MellasAnalyst
Mandatum
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Mandatum published Q1 figures that fell short of our expectations. The earnings miss is explained by investment returns, which were slightly below our expectations. However, the capital-light businesses developed better than expected, so overall the quarterly report left a good impression. 

Mandatum

4.50Target price
Accumulate
Changed from:Buy
Recommendation updated:09.05.2024

Mandatum has operations within 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 and rewards, pension plans and personal risk insurance. The largest operations are found in Finland.

Read more on company page

Key Estimate Figures09.05.2024

202324e25e
Revenue135.0147.7155.2
growth-%7.1 %9.4 %5.1 %
EBIT (adj.)210.4206.2196.4
EBIT-% (adj.)155.9 %139.6 %126.6 %
EPS (adj.)0.320.330.31
Dividend0.330.330.31
Dividend %8.1 %5.5 %5.2 %
P/E (adj.)12.718.319.2
EV/EBITDA7.213.813.0
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