M&G Plc (MNG) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of M&G Plc stock £3.80, price £3.25, upside +17.0%, quality 54 out of 100. Rating: undervalued. Calculated from audited financials with 13 of our 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. As of Nov 5, 2026.
How to read this chart
60‑month range £1.15 – £3.64 · fair‑value band £1.73 – £7.00 · the £3.25 price screens below the £3.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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M&G plc, through its subsidiaries, provides investment and savings products to institutional clients and individual policyholders in the United Kingdom and internationally. The company operates through Asset Management and Life segments.
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The Asset Management segment offers managed investment products, such as equities, fixed income, and multi-asset, as well as real estate investment products and services to wholesale clients and institutional investors.
The Life segment provides corporate pension solutions, individual life and pensions, and international solutions and advice; and Prudential guaranteed income plan.
This segment also offers level annuities, which provide a fixed annuity payment; fixed increase annuities, which incorporate a periodic automatic fixed increase in annuity payments; inflation-linked annuities, which incorporate a periodic increase based on a defined inflation index; and with-profits annuities, written in the with-profits fund, combining income features of annuity contracts with the investment-smoothing features of with-profits products.
The company was formerly known as M&G Prudential PLC and changed its name to M&G plc in September 2019. M&G plc was founded in 1848 and is headquartered in London, the United Kingdom.
Stock analysis
M&G Plc (MNG) currently trades at £3.25, while our model-based Fair Value estimate is £3.80, implying the stock looks roughly 15% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of £5.38 per share, and 7 of the 13 models we run sit above the £3.25 price.
Bear case: the Asset-Based group reads lowest at £0.3900, and 6 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: £1.73 (bear) to £7.00 (bull), the price of £3.25 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 54/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
M&G Plc reported revenue of £21.7B in FY2025 versus £16.2B in FY2021, a compound +7.5%/yr. Reported net income was £302M in FY2025, compounding +38.1%/yr from FY2021.
Key figures
Market cap £7.8B Large · P/S ratio 1.05 · EPS (TTM) £−0.0500 · Dividend yield 6.3% · Net margin −1.6% · Return on equity −3.3% · Return on assets (EBIT) 0.2% · Operating margin 15.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 17%, MNG screens cheaper than that median.
Fair Value models
Bear£1.73Fair Value £3.80Bull£7.00
Price £3.25 · Upside +17.0%
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.57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+92.6%
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.
+6.6%
Start year 2020 (pandemic)
Revenue growth 9 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.
−2.6%
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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.
−15.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−22.2%
Dividend (yield on the price)6.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−22.2% vs −11.9%, slowing
Profit margin 2016 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.8% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 8.1%/yr over ~7Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+5.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +3.5% a year for the price.
News mood ⓘNews mood, the average tone of recent news (65 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.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: The business quality rests on a pivot to capital-light asset management and with-profits products that now drive most profits and inflows, offset by limited durable moat signals and high leverage to equity.
Main risk: Low-cost passive funds from providers such as BlackRock and Vanguard could draw assets from M&G's active strategies and force lower fees on its asset management products.
Bull case: M&G could counter passive pressure by launching active ETFs and blending quant or AI tools with human oversight to deliver competitive performance at scale.
Bear case: If passive and low-cost digital models continue to gain share, M&G might see sustained outflows from its active funds and compressed margins on its core asset management earnings.
M&G has pivoted hard toward capital-light earnings from asset management and with-profits products. These now drive most of the profit and supported solid net inflows in the first half even in volatile markets. Our models see the stock as undervalued. Will this shift deliver steadier growth than the legacy insurance book can provide?
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.Asset Management · 593 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+17.0% · Below median
Profitability
Return on assets0.2% · Bottom 25%
Net margin (12 months)−1.6% · Bottom 25%
Operating margin (12 months)15.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)−6.6% · Below median
Dividend yield (12 months)6.3% · Above median
Balance sheet
Debt / equity2.08× · Highest 25%
Valuation Multiplesvs Asset Management 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). "M&G Plc Fair Value". https://www.fairvalue-calculator.com/stock/MNG
Frequently asked questions
Is M&G Plc (MNG) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of £3.80 versus a price of £3.25, about +17% upside (undervalued).
What is the fair value of MNG?
Our model-based fair value for M&G Plc is £3.80 (as of Nov 5, 2026), built from audited fundamentals. The current price: £3.25.
What is the quality score of MNG?
M&G Plc has a Quality Score of 54/100. 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 M&G Plc (MNG)?
Our model-based price target is the fair value of £3.80 (as of Nov 5, 2026) from 13 valuation models. Cautious scenario £1.73, optimistic scenario £7.00. It is a calculation from audited fundamentals, not an analyst target.
What is the M&G Plc stock forecast for 2026?
Our models put fair value at £3.80, about +17% upside versus a price of £3.25 (undervalued). Cautious scenario £1.73, optimistic scenario £7.00. The calculation is refreshed regularly with new filings.
Does M&G Plc pay a dividend?
M&G Plc currently shows a dividend yield of 6.34% relative to its recent price (as of Nov 5, 2026).
What growth is priced into M&G Plc (MNG)?
For today's price to be fair in a discounted-cash-flow model, M&G Plc would have to grow free cash flow by +5.9 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.6 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of MNG use?
Our models discount M&G Plc at 9.7 %: a base by market capitalisation (large), damped by beta 0.97, country premium for United Kingdom. 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 M&G Plc that is +5.9 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has M&G Plc (MNG) delivered so far?
Over the past 5 years revenue at M&G Plc grew +6.6 % a year. The price currently implies +5.9 % 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 M&G Plc (MNG) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into M&G Plc (+5.9 % 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 M&G Plc (MNG)?
The free-cash-flow yield on the price is 7.85 %: that much free cash flow M&G Plc produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of M&G Plc (MNG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For M&G Plc it is £3.80 per share (as of Nov 5, 2026), against a price of £3.25. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is M&G Plc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, MNG trades below its calculated fair value: price £3.25, fair value £3.80, a gap of about +17% (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 MNG?
No. The price is what the market pays today (£3.25); the fair value is what the company's own numbers justify (£3.80). For M&G Plc the two are £0.5520 per share apart. That gap is exactly why we show both numbers side by side.
How much is M&G Plc worth?
The market values M&G Plc at about £7.8B (market capitalisation, as of Nov 5, 2026). Per share that is £3.25; our models calculate a fair value of £3.80 per share.
What do the bullish and bearish scenarios say about MNG?
Our models span a range for M&G Plc: cautious scenario £1.73, base £3.80, optimistic £7.00 per share (as of Nov 5, 2026, price £3.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of M&G Plc (MNG)?
Balance-sheet figures for M&G Plc (as of Nov 5, 2026): return on equity −3.3%, debt of 2.08 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is MNG from its 52-week high?
M&G Plc trades at £3.25, about 11% below its 52-week high of £3.64 and 30% above the low of £2.49 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of £3.80 is for.
Which stocks are comparable to M&G Plc?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 M&G Plc stock attractive at the current price?
The data as of Nov 5, 2026: price £3.25, calculated fair value £3.80 (+17%), Quality Score 54/100, from 13 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 MNG calculated?
We run M&G Plc through 13 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 £3.80, 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 15.5% above its aggregate fair value. M&G Plc currently trades 15% 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 M&G Plc (MNG)?
The closing price on Nov 5, 2026 was £3.25. Our model-based fair value is £3.80, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with M&G Plc right now?
The model range is unusually wide (£1.73 to £7.00). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 M&G Plc
How large is the market capitalisation of M&G Plc (MNG)?
The market capitalisation of M&G Plc is £7.8B. 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 M&G Plc (MNG)?
The price-to-sales ratio of M&G Plc is 1.05 (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 M&G Plc (MNG)?
Earnings per share at M&G Plc are £−0.0500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of M&G Plc (MNG)?
The dividend yield of M&G Plc is 6.3%. 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 M&G Plc (MNG)?
The net margin of M&G Plc is −1.6% (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 M&G Plc (MNG)?
The return on equity (ROE) of M&G Plc is −3.3% (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 M&G Plc (MNG)?
On an EBIT basis the return on assets of M&G Plc is 0.2% (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 M&G Plc (MNG)?
The operating margin of M&G Plc is 15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at M&G Plc (MNG)?
Revenue at M&G Plc is growing −6.6% versus a year earlier. 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 M&G Plc (MNG)?
Earnings per share at M&G Plc are growing +5.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does M&G Plc (MNG) carry?
The net debt of M&G Plc is £2.0B (fiscal year 2025, ≈ 3.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 5, 2026