Stock MFC.PR.K MANULIFE FINANCIAL CORPORATION
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Financials Manulife Financial Corporation Toronto S.E.

Equities

MFC.PR.K

CA56501R7426

Life & Health Insurance

Market Closed - Toronto S.E.
Other stock markets
 20:59:59 02/07/2024 BST 		5-day change 1st Jan Change
23.75 CAD -0.13% Intraday chart for Manulife Financial Corporation +2.72% +6.26%
06-28 Manulife Financial Price Target Raised to $40 at TD MT
06-27 Manulife In Industrial Outdoor Storage Venture With Foundry Commercial MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 51,381 43,947 46,837 45,278 52,881 64,698 - -
Enterprise Value (EV) 1 31,081 31,773 46,837 32,359 45,281 50,023 44,986 64,698
P/E ratio 9.52 x 7.73 x 6.81 x 6.56 x 11.2 x 11.1 x 9.12 x 8.16 x
Yield 3.79% 4.94% 4.65% 5.47% 4.99% 4.47% 4.77% 4.99%
Capitalization / Revenue 0.65 x 0.56 x 0.76 x 2.64 x 1.08 x 1.22 x 1.15 x 1.1 x
EV / Revenue 0.39 x 0.4 x 0.76 x 1.89 x 0.93 x 0.94 x 0.8 x 1.1 x
EV / EBITDA - - - - - 7.3 x 6.19 x -
EV / FCF - - - - - 6.43 x 5.82 x -
FCF Yield - - - - - 15.6% 17.2% -
Price to Book 1.13 x 0.91 x 0.9 x 0.91 x 1.31 x 1.48 x 1.34 x 1.27 x
Nbr of stocks (in thousands) 1,949,212 1,940,249 1,942,637 1,874,847 1,806,039 1,789,707 - -
Reference price 2 26.36 22.65 24.11 24.15 29.28 36.15 36.15 36.15
Announcement Date 12/02/20 10/02/21 09/02/22 15/02/23 14/02/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 79,570 78,908 61,821 17,147 48,739 52,997 56,473 58,922
EBITDA 1 - - - - - 6,856 7,268 -
EBIT 1 5,541 6,056 9,553 10,541 8,006 6,645 6,749 8,033
Operating Margin 6.96% 7.67% 15.45% 61.47% 16.43% 12.54% 11.95% 13.63%
Earnings before Tax (EBT) 1 6,408 6,771 8,125 8,747 6,452 7,544 8,549 8,779
Net income 1 5,430 5,700 6,890 7,294 5,103 5,778 6,864 7,046
Net margin 6.82% 7.22% 11.15% 42.54% 10.47% 10.9% 12.16% 11.96%
EPS 2 2.770 2.930 3.540 3.680 2.610 3.262 3.965 4.430
Free Cash Flow 1 - - - - - 7,785 7,728 -
FCF margin - - - - - 14.69% 13.68% -
FCF Conversion (EBITDA) - - - - - 113.55% 106.33% -
FCF Conversion (Net income) - - - - - 134.75% 112.58% -
Dividend per Share 2 1.000 1.120 1.120 1.320 1.460 1.615 1.723 1.803
Announcement Date 12/02/20 10/02/21 09/02/22 15/02/23 14/02/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 - - - - - - 1,722 1,783 14,917 12,798 6,132 6,742 7,114 6,478 6,186
EBITDA - - - - - - - - - - - - - - -
EBIT 2,824 - 1,680 - 2,671 - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 2,481 3,711 1,257 1,637 2,142 1,719 1,436 1,174 2,123 2,244 1,684 1,764 1,679 1,646 1,631
Net income 1 2,013 2,918 1,026 1,347 1,891 1,406 1,025 1,013 1,659 866 1,409 1,470 1,446 1,193 1,180
Net margin - - - - - - 59.52% 56.81% 11.12% 6.77% 22.98% 21.8% 20.33% 18.42% 19.08%
EPS 2 1.030 1.500 0.5300 0.6800 0.9500 0.7300 0.5000 0.5200 0.8600 0.4500 0.8528 0.9506 0.9412 0.9911 1.000
Dividend per Share 2 0.2800 0.3300 0.3300 0.3300 0.3300 0.3650 0.3650 0.3650 0.3650 - 0.4000 0.4000 0.4000 0.4320 -
Announcement Date 09/02/22 11/05/22 10/08/22 09/11/22 15/02/23 10/05/23 09/08/23 08/11/23 14/02/24 08/05/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 20,300 12,174 - 12,919 7,600 14,674 19,712 -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - - - - 7,785 7,728 -
ROE (net income / shareholders' equity) 13.1% 10.9% 13% 11.9% 15.9% 15.3% 14.9% 14.6%
ROA (Net income/ Total Assets) 0.75% 0.63% 0.7% 0.67% 0.78% 0.9% 1% 1.2%
Assets 1 725,955 900,844 979,918 1,087,942 652,482 641,952 686,447 587,125
Book Value Per Share 2 23.30 25.00 26.80 26.50 22.40 24.40 26.90 28.40
Cash Flow per Share - 10.30 - 9.510 - - - -
Capex 1 - - - - - 4,751 6,325 -
Capex / Sales - - - - - 8.96% 11.2% -
Announcement Date 12/02/20 10/02/21 09/02/22 15/02/23 14/02/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Manulife Financial Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
36.15 CAD
Average target price
36.97 CAD
Spread / Average Target
+2.27%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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