Mandatum MANTA.HE
FinlandFinancial Services · Financial ConglomeratesNasdaq Helsinki · EUR
5.81 EUR (−3.1%)
6 analysts
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Mandatum Oyj is a Finnish financial conglomerate offering life and non-life insurance, wealth management, and investment solutions, with a business model focused on the Nordic market.
Listed on Nasdaq Helsinki · Symbol MANTA.HE · HEL: MANTA · Currency EUR
Key points
from its scores- ✓Strong growth9.3
- ✓High-quality business9.2
- ✓Favourable backdrop9.1
- ✕Demanding valuation1.7
- ✕Fragile balance sheet4.4
AI analysis
bottom line, main risk, context and newsThe high dividend yield is a lure if the payout is not normalized; monitor earnings trends and dividend policy.
Mandatum shows a very attractive dividend yield (12.05% net) and exceptional earnings growth (165.90%), but its valuation is demanding (P/E 26.07) and the payout ratio of 362.80% is unsustainable, casting doubt on the sustainability of the dividend and future growth.
The main risk is the unsustainability of the dividend, with a payout ratio of 362.80% that far exceeds earnings, which could force a cut and erode the attractive dividend yield.
Context and risks
Mandatum is a Finnish financial conglomerate with an insurance and wealth management business. Its exposure to interest rates is relevant: a higher interest rate environment in the eurozone (the ECB raised rates in June and the market prices in another hike) can widen its investment margins, but it can also pressure the valuation of its longer-duration assets. The main risk is the concentration of its business in the Nordic market, with dependence on Finland's economic performance and capital markets.
Is Mandatum stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 73% above the Financial Services median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 26.1 | 13.7 | +90% |
| EV / EBITDA | 0.4 | 10.1 | −96% |
| Price / book | 2.9 | 1.9 | +55% |
| Price / sales | 6.1 | 3.5 | +77% |
Sector: median of the 351 Financial Services companies analysed. In bold, the multiples used for the comparison.
Valuation score: 1.7 out of 10 (median for Financial Services: 5.2).
Average analyst target: 5.81 EUR, −3.1% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 9.2 (sector 8.8), Growth 9.3 (sector 6.9).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Financial Services medianValuation
- P/E
- 26.1
- Forward P/E
- 18.0
- EV / EBITDA
- 0.4
- Price / book
- 2.9
- Price / sales
- 6.1
- PEG
- 0.52
- Market cap
- 3.0B EUR
- Enterprise value
- 104.8M EUR
Profitability
- ROE
- 10.8%
- ROA
- 0.8%
- ROIC (approx.)
- 19.2%
- Gross margin
- 49.5%
- Operating margin
- 56.7%
- Net margin
- 26.2%
- Free cash flow
- 622.9M EUR
- FCF yield
- 20.6%
- Cash conversion
- 247%
Solvency
- Total debt
- 410.1M EUR
- Net debt
- −2.9B EUR
- Cash
- 3.3B EUR
- EBITDA
- 251.7M EUR
- Net debt / EBITDA
- −11.57
- Debt / equity
- 39.06
- Current ratio
- 207.81
- Quick ratio
- 207.68
Growth
- Revenue growth
- +36.8%
- Earnings growth
- +165.9%
- EPS (TTM)
- 0.23 EUR
- EPS (forward)
- 0.33 EUR
Dividend
- Dividend yield
- 14.2%
- Payout
- 362.8%
Risk and market
- Beta
- 0.08
- Analyst consensus
- none (6)
- Target price
- 5.81 EUR
- 52-week range
- 5.36 – 7.46
Recent news
All MANTA.HE news →Compare it with its sector
All 351 in Financial Services →Frequently asked questions about Mandatum
Is Mandatum stock cheap or expensive?
On P/E and Price / book, it trades 73% above the Financial Services median on average. Valuation score: 1.7 out of 10 (median for Financial Services: 5.2). Average analyst target: 5.81 EUR, −3.1% versus the price. This is not investment advice.
What score does Mandatum get on MeridIAn Screener?
It scores 6.2 out of 10, rank 822 of 2,130 (better than 60% of the companies analysed). Its strongest category is Growth (9.3) and its weakest, Valuation (1.7). Analysis of 08/10/2026.
What is Mandatum's P/E ratio?
Its P/E is 26.1: the share price equals 26.1 times earnings per share over the last 12 months. The Financial Services median is 13.7. Based on the earnings analysts expect, the forward P/E is 18.0.
How much is Mandatum worth on the stock market?
Its market capitalisation is 3.0B EUR.
Does Mandatum pay a dividend?
Yes: its dividend yield is 14.18% and it pays out 363% of its earnings.
How has Mandatum stock performed over the last year?
It has risen 16.8% over the last year, excluding dividends. Over the last 52 weeks it has traded between 5.36 and 7.46 EUR. Past performance does not guarantee future results.
What do analysts think of Mandatum?
6 analysts cover it; their average recommendation is “none” and their average target is 5.81 EUR (−3.1% versus the price). It is an estimate, not market data.