Mandatum Oyj
Mandatum Oyj provides various financial services in Finland. The company offers asset and wealth management, savings and investment, compensation, and rewards consultation, as well as pension plans and personal risk insurance solutions. It also operates online trading platform. The company serves c…
Mandatum Oyj provides various financial services in Finland. The company offers asset and wealth management, savings and investment, compensation, and rewards consultation, as well as pension plans and personal risk insurance solutions. It also operates online trading platform. The company serves corporate, retail, institutional, and wealth management clients. Mandatum Oyj was founded in 1874 and is headquartered in Helsinki, Finland.Looks overvalued
Other models: EUR 3.45–12.02 (median 4.00). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price above modeled range
Justified P/B (ROE) using TTM through 30 Jun 2026 net income and book equity: return on equity of 12.3% gives a fair price-to-book of 1.36x, with 2% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 2%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.4%, own revenue history -10.0%).
5-year outlook: relative outlook of about 4.8% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — EUR 2.83 (-52.2%)
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EPS-based Gordon proxy
— EUR 3.45 (-41.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 11.81 (+99.6%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— EUR 12.02 (+103.0%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— EUR 4.00 (-32.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 11.82 (+99.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— EUR 8.06 (+36.1%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 2.46 | -140.9% |
| Base EUR 2.83 | -109.2% |
| Bull EUR 3.47 | -70.7% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 70 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 9% | 0 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| MANTA.HE (this company) | EUR 5.92 | -109.2% | 23.1 | 2.8 | 11.1% | 70 |
| BRK-B Berkshire Hathaway Inc. (Class B) | USD 563.68 | 99.9% | 0.0 | 0.0 | – | 92 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.6 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.88 | 45.6% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.73 | 36.6% | 6.7 | 0.7 | 7.0% | 78 |
| V Visa Inc. | USD 414.00 | 34.6% | 8.7 | – | 0.2% | 100 |
| PRU.L Prudential plc | GBP 9.24 | 34.3% | 8.0 | 1.6 | 1.9% | 78 |
| AGS.BR ageas SA/NV | EUR 76.95 | 33.0% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.86 | 30.3% | 8.2 | 1.3 | 5.0% | 88 |
| Peer median | 7.6 | 1.3 | ||||
Dividends
Paid in the last 12 months: EUR 0.85 per share · yield 14.36% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.850 |
| 2025 | 0.660 |
| 2024 | 0.330 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 14:39
| Revenue | EUR 1,809,300,000 |
|---|---|
| EBITDA | EUR 164,499,999 |
| EBIT | EUR 160,099,999 |
| Net income | EUR 129,200,000 |
| Free cash flow | EUR 422,300,000 |
| Capital expenditures | EUR 3,400,000 |
| Debt | EUR 404,500,000 |
| Cash | EUR 445,400,000 |
| Working capital | EUR |
| Shares outstanding | 503,211,761 |