olivLaw · European equity research
Mandatum Oyj MANTA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Mandatum Oyj is a Finnish financial group active in life insurance, asset management and services for corporate and private clients, listed on Nasdaq Helsinki since 2023. Its profile matters now as the group manages its capital and market risks in a setting of interest rate shifts and geopolitical tension, with a gearing ratio of 23.8% at the end of 2025.
At the close of 05 Nov 2026, Mandatum Oyj (MANTA.HE) stock was 6.03 EUR (+0.50% on the day), with market capitalisation 3.0 k EUR, P/E 0.0 on diluted EPS of 310,000.00 EUR over the last 12 months, dividend yield 10,948,417.38%, beta 0.58, 52-week range 5.39–7.41 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.7
- neutral
- Bollinger (20, 2)
- 5.76 – 6.08
- in the upper half of the band · %B 0.82 · band width 5.5%
- SMA 50 / 200
- 6.09 / 6.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.9% | −0.6% | −0.3 pp | — |
| 3 months | +1.3% | −4.2% | +5.5 pp | — |
| 6 months | −8.1% | +4.3% | −12.4 pp | — |
| Year to date | −12.5% | +7.5% | −20.0 pp | — |
| 1 year | −0.3% | +9.9% | −10.3 pp | −1.9% |
| 3 years | +60.2% | +49.8% | +10.4 pp | +5.4% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 0.0, median 0.0, max 0.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 160.7 m | 164.9 m | 156.0 m |
| Net income YoY | unavailable | +2.6% | −5.4% |
| Diluted EPS | 320,000.00 | 330,000.00 | 310,000.00 |
| Diluted EPS YoY | unavailable | +3.1% | −6.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 687.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.4 bn EUR
- Total assets
- 18.8 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.3%
- ROA
- 0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Interest expense | 11.6 m | 16.0 m | 23.0 m | esef· 24 Mar 2026verified |
| Pre-tax income | 210.4 m | 202.9 m | 182.1 m | esef· 24 Mar 2026verified |
| Income tax | 49.9 m | 38.0 m | 26.1 m | esef· 24 Mar 2026verified |
| Net income | 160.7 m | 164.9 m | 156.0 m | esef· 24 Mar 2026verified |
| Diluted EPS | 320,000.00 | 330,000.00 | 310,000.00 | esef· 24 Mar 2026verified |
| Dividend per share | 298,804.78 | 331,200.00 | 659,642.15 | esef· 24 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 738.4 m | 890.4 m | 687.6 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 27.4 m | 25.1 m | — | esef· 15 Apr 2025verified |
| Total assets | 16.3 bn | 18.1 bn | 18.8 bn | esef· 24 Mar 2026verified |
| Total liabilities | 14.7 bn | 16.5 bn | 17.4 bn | esef· 24 Mar 2026verified |
| Equity | 1.6 bn | 1.6 bn | 1.4 bn | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 502 | 500 | 503 | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 280.2 m | 72.2 m | 126.9 m | esef· 24 Mar 2026verified |
| Investing cash flow | 14.2 m | -2.3 m | 15.3 m | esef· 24 Mar 2026verified |
| Financing cash flow | -280.6 m | 82.0 m | -345.1 m | esef· 24 Mar 2026verified |
| Dividends paid | 150.0 m | 165.6 m | 331.8 m | esef· 24 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.0 k EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2,578,700.18 – 12,233,363.46 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2,578,700.18 – 5,706,644.46 (Mid 3,521,021.83)24 companies used · median multiple 11.4x · quartiles 8.3x – 18.4xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)8,971,133.20 – 12,233,363.46 (Mid 10,351,307.54)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 10,948,417.4% | 100 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Mandatum Oyj (MANTA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.3%.
The estimated value range is 5,774,916.69–8,970,003.96 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6,936,164.68 EUR, the price of 6.03 EUR leaves a potential of 115,122,965.3% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 0.0x
- Shareholder yield (distributions): 10,948,417.4%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for MANTA.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Mandatum Oyj is a Finnish financial group active in life insurance, asset management and services for corporate and private clients, listed on Nasdaq Helsinki since 2023. Its profile matters now as the group manages its capital and market risks in a setting of interest rate shifts and geopolitical tension, with a gearing ratio of 23.8% at the end of 2025 1.
SWOT
Strengths
- Solid position in the Finnish life insurance market, supported by a stable credit rating and stable outlook from S&P 1.
- High ESG ratings from MSCI, Sustainalytics and ISS that reinforce the group's reputation 1.
- Shareholder base including institutional pension investors, which brings long-term stability 1.
Weaknesses
Opportunities
- Strategic priorities for 2025–2028 include clear growth and financial targets that could support expansion of investment products 1.
- Demand for pension and sustainable investment products could grow, especially if the ESG portfolio expands 1.
- Higher interest rates could improve investment returns and ease pressure on margins 1.
Risks
- Balance sheet market riskhigh
Combined volatility in equities, bonds and insurance liabilities could affect group profitability 1.
- Longevity riskhigh
Pensions paid for longer than estimated could increase liabilities, especially in the fixed-return portfolio 1.
- Climate risk in the portfoliomedium
Extreme weather events and business model changes in high-emission industries could cause valuation losses 1.
- Operational and cyber riskmedium
Inadequate processes, systems or cyber threats could cause losses and reputational damage 1.
- Liquidity risklow
Although considered limited at group level, liquidity risk matters for the parent company regarding dividend capacity and loan maturities 1.
Investment thesis
What would need to be true (bull case)
- If the solid Finnish market position and stable credit rating persist, the group could benefit from a predictable client base and steady fee income 1.
- If the 2025–2028 strategic targets are met, growth in investment products could support long-term value 1.
- High ESG ratings may attract sustainability-focused investors and reduce reputational risk 1.
What would break the thesis
What to watch
- Development of equity and CSM compared with 2025next 10-K
- Outcome of the general meeting on auditor and sustainability assurance appointments2026
- Progress toward the target to reduce portfolio carbon intensity2030
- Shareholding changes notified by large investors2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Mandatum Oyj is the parent company of a group offering life insurance, pensions and investment solutions, as well as asset management services for clients. The company has been listed on Nasdaq Helsinki since 2023 and had 502,696,752 shares outstanding at 31 December 2025 1. The group operates through licensed subsidiaries, each with its own risk policy, under parent-company supervision 1.
At 31 December 2025 the group's equity stood at 1,430 million EUR, down from 1,601 million EUR a year earlier, and financial liabilities at 588.9 million EUR 1. The contractual service margin (CSM) plus risk adjustment, after tax, was 450.7 million EUR 1. These figures show the balance sheet structure supporting the life insurance business.
Mandatum publishes a sustainability report and has set emission reduction targets for both its investment portfolio and its own operations through 2030 1. The board proposes a re-tender of the auditor for the 2026 general meeting, indicating an ongoing formal governance process 1.
Segments
Market context
The Finnish life insurance market is dominated by a few large players, and Mandatum holds a solid position, according to an S&P assessment expecting it to keep that position over the next two years 1. Market development depends on interest rate levels, demand for pension products and the investment climate in Europe 1.
The shareholder structure shows that Finnish institutional investors, including pension funds, hold a significant share of the stock, which affects liquidity on Nasdaq Helsinki 1. The share price rose in 2025, but the stock remains sensitive to quarterly results and dividend decisions 1.
Trends
- Interest ratesmixed
Lower rates increase fixed-guarantee insurance liabilities and weigh on group margins, while higher rates could improve investment returns 1.
- Geopolitical tensions and capital market riskheadwind
The war in Ukraine and other political tensions could indirectly affect capital markets and inflation, with effects on managed assets 1.
- Sustainability and climate regulationmixed
CSRD reporting requirements and emission targets create compliance pressure but also opportunities for sustainable investment products 1.
- Digitalisation and artificial intelligencemixed
Digitalisation and artificial intelligence change sales and administration processes, but also raise exposure to the cyber threats the group acknowledges 1.
Competitive position
Mandatum competes in Finland with other life insurance groups and with banks offering investment funds, particularly in group pensions and investment-linked products 1. Competitive pressure varies with each player's ability to offer returns and retain corporate clients.
The group's competitive edge rests on active portfolio risk management and high ESG ratings, which can attract sustainability-focused investors 1. If these advantages weaken, market share could be affected.
- Varma
Finnish pension insurer and the largest shareholder of Mandatum according to the shareholder register 1.
- Ilmarinen
Finnish pension company that appears among Mandatum's principal shareholders 1.
- OP Financial Group
Finnish cooperative financial group active in insurance and asset management, also present in the shareholder register 1.
- Nordea
Nordic banking group with Finnish operations, competing on investment funds and pension products 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Mandatum Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.