Mandatum: The story is on track
Mandatum published a rather good operational Q4 result on Tuesday. The result was below our forecasts, but this was due to accounting technical issues, and we do not think the underperformance should be given substantial weight. In the capital-light businesses that are important for growth, the development was better than we expected. After the report, our earnings forecasts increased slightly, but this is mainly due to non-recurring items.
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Mandatum
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 pageKey Estimate Figures14.02.
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 135.0 | 140.3 | 147.6 |
growth-% | 7.14 % | 3.94 % | 5.17 % |
EBIT (adj.) | 210.4 | 216.8 | 208.1 |
EBIT-% (adj.) | 155.85 % | 154.49 % | 141.00 % |
EPS (adj.) | 0.32 | 0.35 | 0.33 |
Dividend | 0.33 | 0.35 | 0.35 |
Dividend % | 8.11 % | 8.32 % | 8.32 % |
P/E (adj.) | 12.71 | 12.17 | 12.68 |
EV/EBITDA | 7.19 | 8.56 | 7.52 |