Rankings Financial data & insurance broking Mandatum
Mandatum
79
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−7
- Quality of growth−5
- Market and interest rate sensitivity−3
Strengths
- Solvency and net cash+2
- Segment of the future is growing+2
- Capital generation+2
How the score is built
From 100 to 79, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 5.89 EUR
- Median analyst target
- 5.80 EUR
- Upside to median
- −1.6%
- Analysts
- 6
- Target range
- 5.00 – 7.00 EUR
- 52-week change
- −6%
- P/E (trailing)
- 23.6
- Forward P/E
- 18.8
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−7 of −30
- −5Quality of growthEPS fell from EUR 0.33 (2024) to 0.31 (2025) and 0.25 TTM, and income has fallen three years in a row because the with-profit portfolio is being run off (result 102.7 → EUR 61.4m TTM). The capital-light business is growing but is still too small to replace the run-off.
- −2Return on equityROE 8.4% in H1 2026 vs 10.7% a year earlier and around 10% in 2023–2025; lower than Nordic non-life insurers.
Price
Today's multiples against the company's own history and its peers. · 1 finding−7 of −35
- −7Multiples vs own historyP/E 24.3 (forward 20.4) vs 12.7–22.2 in 2023–2025, and P/B 2.91 vs 1.28–2.42; the multiples have more than doubled since the listing, while EPS has fallen.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35
- −3Market and interest rate sensitivityEarnings swing with investment returns and discount rates: a changed interest rate assumption cost EUR 36.2m in Q1 2026, and H1 pre-tax profit fell 45% to EUR 53.2m.
- −2Dividend sustainabilityThe dividend yield of 14% (payout 331%) is carried by surplus capital from the sale of Saxo Bank (approx. EUR 308m), not by ongoing earnings; once the surplus capital has been distributed, the dividend falls.
- −1
Plus
Only documented strengths. · 3 findings+6 of +15
- +2Solvency and net cashSolvency II ratio 195% without transitional rules (210% with) vs a target of 160–180%; net cash and bank debt of EUR 200m repaid with the Saxo proceeds.
- +2Segment of the future is growingCustomer assets at a record EUR 16.7bn (+16%), fee income +15% in H1 and +21% in Q2, and the capital-light business +32% in Q2; management expects rising fee income in 2026.
- +2Capital generationOrganic capital generation EUR 0.28 per share in H1 2026 (approx. 0.56 annually), which covers an ordinary dividend; Q2 pre-tax result more than doubled to EUR 79.1m.
Caveats
What the score does not capture, or where the data is weak.
Life insurance/wealth management: IFRS 17 figures are noisy, and stockanalysis' revenue, FCF and share count change (+4.7%) are not meaningful. Listed since Oct. 2023, so the multiple history is only 3 years. Peers not looked up in detail
Also in Financial data & insurance broking
The highest scores in the same industry.
