Mandatum Oyj (MANTA) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Mandatum Oyj €2.41, price €6.12, upside -60.6%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
36‑month range €2.35 – €6.47 · fair‑value band €1.81 – €3.02 · the €6.12 price screens above the €2.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
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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.
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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.
Stock analysis
Mandatum Oyj (MANTA) currently trades at €6.12, while our model-based Fair Value estimate is €2.41, implying the stock looks roughly 153.9% overvalued today.
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Valuation
How firm this estimate is: it rests on 24 models at a data quality of 96/100, which puts the evidence level at high.
Scenario range: €1.81 (bear) to €3.02 (bull), the price of €6.12 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Mandatum Oyj reported revenue of €453M in FY2025 versus €3.0B in FY2021, a compound −37.6%/yr. Reported net income was €156M in FY2025, compounding −5.6%/yr from FY2021.
Key figures
Market cap €3.1B · P/E ratio 24.5 · P/S ratio 8.43 · EPS (TTM) €0.2500 · Dividend yield 13.9% · Net margin 34.4% · Return on equity 10.8% · Return on assets (EBIT) 1.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at −61%, MANTA screens richer than that median.
Fair Value models
Bear €1.81Fair Value €2.41Bull €3.02
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+1.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−22.6%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+13.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.1%
Dividend (yield on the price)13.9%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.0% → 40%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +7.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Financial Conglomerates · 56 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−60.6% · Bottom 25%
Profitability
Return on equity (TTM)10.8% · Above median
Return on assets0.8% · Below median
Net margin (TTM)26.2% · Above median
Operating margin (TTM)56.7% · Top 25%
Growth and dividend
Revenue growth36.8% · Top 25%
Dividend yield (TTM)13.9% · Top 25%
Balance sheet
Debt / equity0.41× · Above median
Valuation Multiplesvs Financial Conglomerates median · lower = cheaper
P/E (TTM)24.5× · Priciest 25%
P/B2.15× · Pricier than median
P/S (TTM)6.25× · Priciest 25%
P/FCF24.9× · Priciest 25%
EV/EBITDA11.8× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 9
FUTURE (revenue growth)100· sector 64
PAST (return on equity)43· sector 37
HEALTH (low debt)79· sector 83
DIVIDEND (yield)100· sector 56
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Mandatum Oyj Fair Value". https://www.fairvalue-calculator.com/stock/MANTA
Frequently asked questions
Is Mandatum Oyj (MANTA) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of €2.41 versus a price of €6.12, about −61% upside (overvalued).
What is the fair value of MANTA?
Our model-based fair value for Mandatum Oyj is €2.41 (as of Sep 29, 2026), built from audited fundamentals. The current price: €6.12.
What is the quality score of MANTA?
Mandatum Oyj has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mandatum Oyj (MANTA)?
Our model-based price target is the fair value of €2.41 (as of Sep 29, 2026) from 2 valuation models. Cautious scenario €1.81, optimistic scenario €3.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Mandatum Oyj stock forecast for 2026?
Our models put fair value at €2.41, about −61% upside versus a price of €6.12 (overvalued). Cautious scenario €1.81, optimistic scenario €3.02. The calculation is refreshed regularly with new filings.
What is the revenue of Mandatum Oyj (MANTA)?
Mandatum Oyj reported trailing-twelve-month revenue of about €493M (latest available figure, as of Sep 29, 2026).
Does Mandatum Oyj pay a dividend?
Mandatum Oyj currently shows a dividend yield of about 13.89% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Mandatum Oyj (MANTA)?
For today's price to be fair in a discounted-cash-flow model, Mandatum Oyj would have to grow free cash flow by +10.0 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -22.6 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of MANTA use?
Our models discount Mandatum Oyj at 8.6 %: a base by market capitalisation (mid), damped by beta 0.02, country premium for Finland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mandatum Oyj that is +10.0 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Mandatum Oyj (MANTA) delivered so far?
Over the past 5 years revenue at Mandatum Oyj grew -22.6 % a year. The price currently implies +10.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mandatum Oyj (MANTA) growing?
The median revenue growth in the sector is +2.1 % a year. That is the yardstick for the growth priced into Mandatum Oyj (+10.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mandatum Oyj (MANTA)?
The free-cash-flow yield on the price is 4.02 %: that much free cash flow Mandatum Oyj produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mandatum Oyj (MANTA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mandatum Oyj it is €2.41 per share (as of Sep 29, 2026), against a price of €6.12. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Mandatum Oyj stock overvalued or undervalued in 2026?
As of Sep 29, 2026, MANTA trades above its calculated fair value: price €6.12, fair value €2.41, a gap of about −61% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MANTA?
No. The price is what the market pays today (€6.12); the fair value is what the company's own numbers justify (€2.41). For Mandatum Oyj the two are €3.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mandatum Oyj worth?
The market values Mandatum Oyj at about €3.1B (market capitalisation, as of Sep 29, 2026). Per share that is €6.12; our models calculate a fair value of €2.41 per share.
What do the bullish and bearish scenarios say about MANTA?
Our models span a range for Mandatum Oyj: cautious scenario €1.81, base €2.41, optimistic €3.02 per share (as of Sep 29, 2026, price €6.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MANTA?
Mandatum Oyj trades at a price-to-earnings ratio of 24.5 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €2.41 is built from several models across several years. Other multiples: P/B 2.2, P/S 6.2, EV/EBITDA 11.8.
How solid is the balance sheet of Mandatum Oyj (MANTA)?
Balance-sheet figures for Mandatum Oyj (as of Sep 29, 2026): return on equity 10.8%, debt of 0.41 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is MANTA from its 52-week high?
Mandatum Oyj trades at €6.12, about 5% below its 52-week high of €6.47 and 24% above the low of €4.94 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of €2.41 is for.
Which stocks are comparable to Mandatum Oyj?
From the same area (Financial Services) we also value ORIX Corporation, Bajaj Finserv Ltd, China Galaxy Securities Co, Guosen Securities Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mandatum Oyj stock attractive at the current price?
The data as of Sep 29, 2026: price €6.12, calculated fair value €2.41 (−61%), Quality Score 59/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MANTA calculated?
We run Mandatum Oyj through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €2.41, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.9 % above its aggregate fair value. Mandatum Oyj itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mandatum Oyj (MANTA)?
The closing price on Sep 29, 2026 was €6.12. Our model-based fair value is €2.41, about −61% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mandatum Oyj right now?
The price sits above even our optimistic bull case (€3.02). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Mandatum Oyj
How large is the market capitalisation of Mandatum Oyj (MANTA)?
The market capitalisation of Mandatum Oyj is €3.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mandatum Oyj (MANTA)?
The price-to-sales ratio of Mandatum Oyj is 8.43 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mandatum Oyj (MANTA)?
Earnings per share at Mandatum Oyj are €0.2500 (price ÷ EPS = P/E 24.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mandatum Oyj (MANTA)?
The dividend yield of Mandatum Oyj is 13.9%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mandatum Oyj (MANTA)?
The net margin of Mandatum Oyj is 34.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mandatum Oyj (MANTA)?
The return on equity (ROE) of Mandatum Oyj is 10.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mandatum Oyj (MANTA)?
On an EBIT basis the return on assets of Mandatum Oyj is 1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mandatum Oyj (MANTA)?
The operating margin of Mandatum Oyj is 56.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mandatum Oyj (MANTA)?
Revenue at Mandatum Oyj is growing +36.8% versus a year earlier (3y avg +9.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mandatum Oyj (MANTA)?
Earnings per share at Mandatum Oyj are growing +166% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Mandatum Oyj (MANTA) hold?
Mandatum Oyj holds more cash than debt, €389M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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