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There is value in the balance sheet

MANTAResearch2024-05-10 13:28
Kasper MellasAnalyst
Discuss
Download report (PDF)

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 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 Figures2024-05-09

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 %5.6 %5.3 %
P/E (adj.)12.717.918.8
EV/EBITDA7.213.512.7

Forum discussions

Sarvikivi, Head of Asset Management at Mandatum, interviewed by AMWatch (paywall). Attached are the key takeaways, followed by my comments below...
yesterday
by Sauli Vilen
28
Confidently holding Mandatum in the portfolio and buying more if Visa yields a bit more profit than it would right now. 1–9/2026 my own highlights...
11/11/2026, 7:49 AM
by Ari
13
Even an experienced analyst doesn’t understand the question right now, could you clarify a bit what you mean by this?
11/11/2026, 7:41 AM
by Sauli Vilen
8
@Sauli_Vilen what would the asset management P/E be when factoring in the capital equalization via dividends? After all, that is the long-term...
11/11/2026, 6:37 AM
by JBulli
0
Kassu and Sale have published a new company report on Mandatum following Q3 Mandatum’s Q3 result beat our forecast, driven by net financial ...
11/11/2026, 6:22 AM
by Sijoittaja-alokas
20
Petri Niemisvirta interviewed by Sauli Vilén: Mandatum Q3’26: Stormy capital markets The quarter turned stormy in the capital markets, and net...
11/10/2026, 1:47 PM
19
Mandatum’s interim report numbers were, on average, quite reasonable despite a slight quiet spell in wealth management sales. But a positive...
11/10/2026, 10:30 AM
by PörssiPatruuna
30