Manchester and London Investment Trust plc (MNL) fair value: what the stock is really worth
We calculate from audited financials what Manchester and London Investment Trust plc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
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MAManchester and London Investment Trust plcMNL · LSE
Price£9.90
Fair Value£20.40
Upside+106.1%
Quality55/100
A solid business, trading 51% below our fair value of £20.40.
As of Aug 31, 2026, the fair value of Manchester and London Investment Trust plc is £20.40 per share against a price of £9.90, so the fair value sits 106% above the price. A model estimate from reported figures, not an analyst target.
!Mixed Growth (revenue 5y +34.0 %/yr)
✓Highly profitable · 91.8% net margin
!Low debt · negative free cash flow
·2.73% dividend yield
✓Ranks above peers (8/12)
✓Wide moat 81/100
Evidence: HighRange £10.67 to £25.50
Fair value as of: Aug 31, 2026
From 8 valuation models · updated 9 days ago
Share price +2.1% over the past month.
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What matters now
The price is below even our cautious bear case (£10.67). The market is more pessimistic than our downside scenario.
Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range (£10.67 to £25.50) leaves room in how you read the outcome.
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
60‑month range £2.80 – £11.90 · fair‑value band £10.67 – £25.50 · the £9.90 price screens below the £20.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 31, 2026.
Manchester and London Investment Trust plc (MNL) currently trades at £9.90, while our model-based Fair Value estimate is £20.40, implying the stock looks roughly 51.5% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of £93.30 per share, and 5 of the 8 models we run sit above the £9.90 price. Bear case: the Dividend Discount group reads lowest at £2.79, and 3 of the 8 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Manchester and London Investment Trust plc generated revenue of £80.5M at a net margin of 91.8%. Revenue grew 18.2% year over year. It earns a return on equity of 19.7%. The balance sheet holds a net cash position of £17.3M. Fundamentals as of Aug 31, 2026
Scenario range: £10.67 (bear) to £25.50 (bull), the price of £9.90 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at 106%, MNL screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (£1.59 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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.Evidence
Highest evidence
Gordon GGM£1.69£3.05£4.2066
DDM Multi-Stage£1.69£2.79£3.2665
P/E Multiple£25.99£34.65£43.3263
All 8 models by family
Earnings-Based
Graham-Dodd£18.13£126.41£177.4061
Lynch FV£65.31£93.30£121.2959
Dividend Discount
Gordon GGM£1.69£3.05£4.2066
DDM Multi-Stage£1.69£2.79£3.2665
Multiples
P/E Multiple£25.99£34.65£43.3263
P/B Multiple£11.41£15.21£19.0155
Asset-Based
NCAV (Graham)£5.43£7.28£10.8654
Economic Profit
Residual Income£16.00£23.12£140.3361
Widest divergence: Earnings-Based (£93.30) versus Dividend Discount (£2.79). Highest evidence: Gordon GGM (66).
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Key figures & financial health
P/E ratio5.3
P/S ratio5.01P/E × margin
EPS (TTM)£1.86price ÷ EPS = P/E 5.3
Dividend yield2.7%payout 14.5%
Net margin94.2%FY2025
Return on equity19.7%TTM
More key figures
Profitability
Return on assets (EBIT)10.9%avg 5y
Operating margin179%TTM
Growth
Revenue (TTM)£80.5MTTM
Revenue growth (YoY)+18.2%
EPS growth (YoY)+22.5%
Balance sheet & cash flow
Free cash flow−393K GBXFY2025
Net cash17.3M GBXFY2025
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality55/100
Of which business quality 52
· Market factors (momentum, volatility) 58
Profitability68
Margins and returns on capital today
Quality Growth22
Are margins and returns improving?
Cashflow14
Earnings quality: real cash, not paper profit
Fin. Strength78
Balance sheet, leverage, solvency risk
Investment31
Disciplined investing over empire-building
Low Volatility63
Calm price path (market factor)
Momentum56
Price trend over the last 3–12 months (market factor)
52W Momentum55
Distance to the 52-week high (market factor)
Net Issuance92
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Manchester & London Investment Trust plc is a close-ended fund launched and managed by M&L Capital Management Limited. The fund primarily invests in the public equity markets of the United Kingdom. It makes its investments across diversified sectors. The fund primarily invests in growth stocks of companies by employing a fundamental analysis.
Full company description
Manchester & London Investment Trust plc is a close-ended fund launched and managed by M&L Capital Management Limited. The fund primarily invests in the public equity markets of the United Kingdom. It makes its investments across diversified sectors. The fund primarily invests in growth stocks of companies by employing a fundamental analysis. It benchmarks the performance of its portfolios against the FTSE Actuaries All-Share Index. Manchester & London Investment Trust was formed on January 1, 1972 and is domiciled in the United Kingdom.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Manchester and London Investment Trust plc reported revenue of £108M in FY2025 versus £23.0M in FY2021, a compound +47.1%/yr. Reported net income was £101M in FY2025, compounding +46.1%/yr from FY2021.
Growth Quality 52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£108M
Latest YoY
−14.8%
Avg. revenue growth/yr (5Y) ⓘ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.
+34.0%
Avg. revenue growth/yr (21Y) ⓘ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.
+15.3%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+36.9%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+34.2%
Dividend yield2.7%
Trend ⓘ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.5Y 34.2% vs 10Y 21.3%, picking up
Operating margin (EBIT) ⓘ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.96.6% (2020) → 97.7% (2025) · rising
Worst earnings drop350% (2014) (loss year, drop beyond 100%) · in GBP
Revenue+47.1%/yr
FY21£23.0M
FY22−£60.5M
FY23£29.3M
FY24£126M
FY25£108M
Net income+46.1%/yr
FY21£22.2M
FY22−£61.2M
FY23£28.8M
FY24£121M
FY25£101M
Character of growth · EPS growth decomposed (2015-2025)+22.7 % p.a.
Revenue per share+22.5 %
of which total revenue +31.8 % · buybacks/dilution −7.0 %
EBIT margin+0.1 %
Tax rate+8.8 %
Residual (interest, one-offs)−8.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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.
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE0· sector 40
FUTURE91· sector 18
PAST79· sector 24
HEALTH100· sector 95
DIVIDEND55· sector 81
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Is Manchester and London Investment Trust plc (MNL) overvalued or undervalued?
As of Aug 31, 2026, our model estimates a fair value of £20.40 versus a price of £9.90, about +106% upside (undervalued).
What is the fair value of MNL?
Our model-based fair value for Manchester and London Investment Trust plc is £20.40 (as of Aug 31, 2026), built from audited fundamentals. The current price: £9.90.
What is the quality score of MNL?
Manchester and London Investment Trust plc has a Quality Score of 55/100. 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 Manchester and London Investment Trust plc (MNL)?
Our model-based price target is the fair value of £20.40 (as of Aug 31, 2026) from 8 valuation models. Cautious scenario £10.67, optimistic scenario £25.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Manchester and London Investment Trust plc stock forecast for 2026?
Our models put fair value at £20.40, about +106% upside versus a price of £9.90 (undervalued). Cautious scenario £10.67, optimistic scenario £25.50. The calculation is refreshed regularly with new filings.
What is the revenue of Manchester and London Investment Trust plc (MNL)?
Manchester and London Investment Trust plc reported trailing-twelve-month revenue of about £80.5M (latest available figure, as of Aug 31, 2026).
What is the net profit margin of MNL?
The net profit margin of Manchester and London Investment Trust plc is about 91.8%, meaning it keeps roughly 91.8% of revenue as net income. Based on the latest reported figures.
Does Manchester and London Investment Trust plc pay a dividend?
Manchester and London Investment Trust plc currently shows a dividend yield of about 2.73% relative to its recent price (as of Aug 31, 2026).
What is the intrinsic value of Manchester and London Investment Trust plc (MNL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Manchester and London Investment Trust plc it is £20.40 per share (as of Aug 31, 2026), against a price of £9.90. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Manchester and London Investment Trust plc stock overvalued or undervalued in 2026?
As of Aug 31, 2026, MNL trades below its calculated fair value: price £9.90, fair value £20.40, a gap of about +106% (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 MNL?
No. The price is what the market pays today (£9.90); the fair value is what the company's own numbers justify (£20.40). For Manchester and London Investment Trust plc the two are £10.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is Manchester and London Investment Trust plc worth?
The market values Manchester and London Investment Trust plc at about 382M GBX (market capitalisation, as of Aug 31, 2026). Per share that is £9.90; our models calculate a fair value of £20.40 per share.
What do the bullish and bearish scenarios say about MNL?
Our models span a range for Manchester and London Investment Trust plc: cautious scenario £10.67, base £20.40, optimistic £25.50 per share (as of Aug 31, 2026, price £9.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MNL?
Manchester and London Investment Trust plc trades at a price-to-earnings ratio of 5.3 (as of Aug 31, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £20.40 is built from several models across several years. Other multiples: P/B 1.3, P/S 6.4, EV/EBITDA 4.8.
How solid is the balance sheet of Manchester and London Investment Trust plc (MNL)?
Balance-sheet figures for Manchester and London Investment Trust plc (as of Aug 31, 2026): return on equity 19.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
Which stocks are comparable to Manchester and London Investment Trust plc?
From the same area (Financial Services) we also value Blackstone Inc, Investor AB, Brookfield Corporation, KKR & 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 Manchester and London Investment Trust plc stock attractive at the current price?
The data as of Aug 31, 2026: price £9.90, calculated fair value £20.40 (+106%), Quality Score 55/100, from 8 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 MNL calculated?
We run Manchester and London Investment Trust plc through 8 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 £20.40, with the spread shown as a cautious and an optimistic scenario.
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