Manulife Financial Corp (MNQFF)
ValueMarkers Composite Index
50% below intrinsic value ($23)
Manulife Financial Corp (MNQFF) — VMCI valuation read
Manulife Financial Corp sits at VMCI 65/100, with the Financial Services sector median at 50. That 15-point spread is the first thing to note on MNQFF: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.
Form 4 disclosures on MNQFF are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.
**Investor frame.** The Value read on MNQFF: MNQFF trades at 20.0x earnings, 11% above the Financial Services median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 12.0% sits 2.0pp above the Financial Services median (10.0%). The Risk read: net debt to EBITDA of 1.0x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.
MNQFF fell 2.4% over the trailing 7 days, with a -1.4% read on a 30-day basis.
Manulife Financial provides life insurance, annuities, and asset management products to individuals and group customers in Canada, the United States, and Asia. Its investment management business contributes approximately 20% of its earnings and has around CAD 1.05 trillion in assets under management and administration as of the end of 2023. The US business, which primarily operates under the John Hancock brand, contributes about 27% of earnings and is mainly focused on providing insurance products for estate, business, and income protection. The Asia segment provides insurance products and insurance-based wealth accumulation products in over 11 countries and contributes around 30% of earnings. The Canadian business segment contributes approximately 23% of earnings.
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