Mandatum Oyj (MANTA) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Mandatum Oyj stock €6.61, price €5.89, upside +12.2%, quality 56 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
37‑month range €2.35 – €6.47 · fair‑value band €4.96 – €8.26 · the €5.89 price screens below the €6.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 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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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 €5.89, while our model-based Fair Value estimate is €6.61, implying the stock looks roughly 11% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of €12.33 per share, and 3 of the 6 models we run sit above the €5.89 price.
Bear case: the Asset-Based group reads lowest at €1.77, and 3 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: €4.96 (bear) to €8.26 (bull), the price of €5.89 sits inside 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 56/100 (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 €3.0B Mid · P/E ratio 31.0 · P/S ratio 7.40 · EPS (TTM) €0.1900 · Dividend yield 14.4% · Net margin 25.7% · Return on equity 9.2% · Return on assets (EBIT) 1.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at 12%, MANTA screens cheaper than that median.
Fair Value models
Bear€4.96Fair Value €6.61Bull€8.26
Price €5.89 · Upside +12.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.
+14.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.1%
Dividend (yield on the price)14.4%
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%
News mood ⓘNews mood, the average tone of recent news (4 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: High margins from long-standing advisory services in wealth and asset management form the core strength, yet thin public evidence leaves durability of those margins unconfirmed amid limited transparency.
Main risk: Dependence on equity market activity for incentive-plan adoption could constrain capital-light earnings growth if client demand for share-based programs weakens.
Mandatum is broadening its corporate clients' choices for share-based incentive plans through a new partnership with Optio Incentives alongside Lago Kapital. This adds digital administration and reporting tools to a segment that already draws on over twenty years of advisory experience. Our models see the company as overvalued, yet will the incentives push meaningfully lift capital-light earnings or stay a modest extension of the core wealth and asset management activities?
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 · 57 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+12.2% · Above median
Profitability
Return on equity (12 months)9.2% · Below median
Return on assets0.8% · Below median
Net margin (12 months)25.7% · Above median
Operating margin (12 months)45.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−12.3% · Bottom 25%
Dividend yield (12 months)14.4% · Top 25%
Balance sheet
Debt / equity0.41× · Above median
Valuation Multiplesvs Financial Conglomerates median · lower = cheaper
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 Nov 13, 2026, our model estimates a fair value of €6.61 versus a price of €5.89, about +12% upside (undervalued).
What is the fair value of MANTA?
Our model-based fair value for Mandatum Oyj is €6.61 (as of Nov 13, 2026), built from audited fundamentals. The current price: €5.89.
What is the quality score of MANTA?
Mandatum Oyj has a Quality Score of 56/100. 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 €6.61 (as of Nov 13, 2026) from 6 valuation models. Cautious scenario €4.96, optimistic scenario €8.26. 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 €6.61, about +12% upside versus a price of €5.89 (undervalued). Cautious scenario €4.96, optimistic scenario €8.26. 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 €443M (latest available figure, as of Nov 13, 2026).
Does Mandatum Oyj pay a dividend?
Mandatum Oyj currently shows a dividend yield of 14.43% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of Mandatum Oyj (MANTA) and when is the ex-dividend date?
Mandatum Oyj pays a dividend of €0.85 per share a year, a dividend yield of 14.4%. The last ex-dividend date was May 13, 2026. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
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 €6.61 per share (as of Nov 13, 2026), against a price of €5.89. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Mandatum Oyj stock overvalued or undervalued in 2026?
As of Nov 13, 2026, MANTA trades below its calculated fair value: price €5.89, fair value €6.61, a gap of about +12% (undervalued). 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 (€5.89); the fair value is what the company's own numbers justify (€6.61). For Mandatum Oyj the two are €0.7200 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 €3.0B (market capitalisation, as of Nov 13, 2026). Per share that is €5.89; our models calculate a fair value of €6.61 per share.
What do the bullish and bearish scenarios say about MANTA?
Our models span a range for Mandatum Oyj: cautious scenario €4.96, base €6.61, optimistic €8.26 per share (as of Nov 13, 2026, price €5.89). 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 31.0 (as of Nov 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €6.61 is built from several models across several years. Other multiples: P/B 2.3, P/S 7.4, EV/EBITDA 15.6.
How solid is the balance sheet of Mandatum Oyj (MANTA)?
Balance-sheet figures for Mandatum Oyj (as of Nov 13, 2026): return on equity 9.2%, debt of 0.41 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is MANTA from its 52-week high?
Mandatum Oyj trades at €5.89, about 9% below its 52-week high of €6.47 and 9% above the low of €5.40 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of €6.61 is for.
Which stocks are comparable to Mandatum Oyj?
From the same area (Financial Services) we also value ORIX Corporation, Bajaj Finserv Ltd, Yuanta Financial Holding, China Galaxy 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 Nov 13, 2026: price €5.89, calculated fair value €6.61 (+12%), Quality Score 56/100, from 6 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 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €6.61 builds on their evidence-weighted average, 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 14.3% above its aggregate fair value. Mandatum Oyj currently trades 11% below its own fair value, and the market average says nothing about that. 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 Nov 13, 2026 was €5.89. Our model-based fair value is €6.61, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mandatum Oyj right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Mandatum Oyj
How large is the market capitalisation of Mandatum Oyj (MANTA)?
The market capitalisation of Mandatum Oyj is €3.0B. 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 7.40 (last twelve months). 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 €0.1900 (price ÷ EPS = P/E 31.0). 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 14.4%. 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 25.7% (last twelve months). 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 9.2% (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 45.6% (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 −12.3% 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 −33.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Mandatum Oyj (MANTA) generate?
The free cash flow of Mandatum Oyj is €124M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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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Broad data
Nov 13, 2026