olivLaw · European equity research
M&G plc MNG.L
United Kingdom · London Stock Exchange · ISIN GB00BKFB1C65 · Vertical: Listed companies from United Kingdom
M&G plc is a UK asset manager and life insurer with a strong position in private markets and in savings and pensions. In fiscal 2025 it recorded £7 billion of net client inflows, and Dai-ichi Life HD is increasing its stake, which makes the company relevant to investors following its international growth.
At the close of 05 Nov 2026, M&G plc (MNG.L) stock was 3.25 GBP (−0.58% on the day), with market capitalisation 7.8 bn GBP, P/E 26.4 on diluted EPS of 0.12 GBP over the last 12 months, dividend yield 6.31%, beta 0.81, 52-week range 2.61–3.64 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.4
- strong (55–70)
- Bollinger (20, 2)
- 3.02 – 3.28
- in the upper half of the band · %B 0.87 · band width 8.2%
- SMA 50 / 200
- 3.26 / 3.20
- mixed trend
- MACD (12, 26, 9)
- 0.01 / -0.02
- 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 | +4.0% | −0.6% | +4.6 pp | — |
| 3 months | −10.8% | −4.2% | −6.6 pp | — |
| 6 months | +6.0% | +4.3% | +1.7 pp | — |
| Year to date | +13.4% | +7.5% | +5.9 pp | — |
| 1 year | +19.3% | +9.9% | +9.4 pp | +6.7% |
| 3 years | +58.7% | +49.8% | +8.9 pp | +24.8% |
| 5 years | +61.1% | +42.8% | +18.3 pp | — |
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 100 percentile of its own 2-quarter history (min 17.9, median 20.6, max 23.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 297.0 m | -360.0 m | 302.0 m |
| Net income YoY | unavailable | −221.2% | unavailable |
| Diluted EPS | 0.12 | -0.15 | 0.12 |
| Diluted EPS YoY | unavailable | −221.8% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 1.2 bn | 388.0 m | 778.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.9 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 3.2 bn GBP
- Total assets
- 190.6 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 9.3%
- ROA
- 0.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Interest expense | 160.0 m | 121.0 m | 138.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 749.0 m | 145.0 m | 1.3 bn | esef· 18 Mar 2026verified |
| Income tax | 440.0 m | 492.0 m | 996.0 m | esef· 18 Mar 2026verified |
| Net income | 297.0 m | -360.0 m | 302.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.12 | -0.15 | 0.12 | esef· 18 Mar 2026verified |
| Dividend per share | 0.20 | 0.20 | 0.21 | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.1 bn | 4.8 bn | 4.9 bn | esef· 18 Mar 2026verified |
| Total assets | 189.2 bn | 184.2 bn | 190.6 bn | esef· 18 Mar 2026verified |
| Total liabilities | 185.1 bn | 180.9 bn | 187.4 bn | esef· 18 Mar 2026verified |
| Equity | 4.1 bn | 3.3 bn | 3.2 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 2.3 bn | 2.4 bn | 2.4 bn | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.7 bn | 677.0 m | 953.0 m | esef· 18 Mar 2026verified |
| Capex | 496.0 m | 289.0 m | 175.0 m | esef· 18 Mar 2026verified |
| Free cash flow | 1.2 bn ≈ | 388.0 m ≈ | 778.0 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -603.0 m | 152.0 m | -152.0 m | esef· 18 Mar 2026verified |
| Financing cash flow | -680.0 m | -1.1 bn | -697.0 m | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.8 bn GBP
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 257.6% | 100 (on a fixed band) | 25% |
| 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 | 26.4x | 16 (vs peers) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.0% | 100 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| 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· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation53/100 · 2/3 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
M&G PLC (MNG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 9.4%.
The estimated value range is 1.73–2.56 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2.05 GBP, the price of 3.25 GBP leaves a potential of -36.7% (value / price − 1) and a margin of safety of -58.1% (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: 3 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 257.6%
- FCF yield: 10.0%
What contradicts it
- P/E (TTM): 26.4x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · 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 | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for MNG.L 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
M&G plc is a UK asset manager and life insurer with a strong position in private markets and in savings and pensions. In fiscal 2025 it recorded £7 billion of net client inflows, and Dai-ichi Life HD is increasing its stake, which makes the company relevant to investors following its international growth.
SWOT
Strengths
- The integrated model between Asset Management and Life, a solid With-Profits Fund, and the ability to fund innovation from its own capital.
- Strong position in private markets and European fixed income, with investment performance that generally exceeds institutional client objectives.
- A brand with a heritage of more than a century and a rising customer satisfaction score in Life show client loyalty.
Weaknesses
- Operating costs remain above the group's targets, and reducing the cost-to-income ratio requires careful execution.
- Dependence on the PruFund proposition and on flows through the intermediated channel exposes the company to shifts in client preferences.
- Transformation programmes have demanded considerable effort from employees, which could affect morale and people risk.
Opportunities
- The Dai-ichi partnership could bring new flows from Japan and Asia and extend distribution to other markets.
- Demand for retirement solutions and BPA could keep growing, especially if volumes hold.
- Private markets, including impact investments, could become a growth source if semi-liquid funds attract new investors.
Threats
- Geopolitical volatility and uncertainty about inflation and interest rates could affect demand and investment results.
- Competitive pressure on asset management fees could reduce margins over the long term.
- Regulatory and tax changes in the UK, including those on ground rent, could affect some products.
Risks
- Changing client preferences and economic conditionshigh
If client preferences shift or economic conditions worsen, flows into PruFund and active funds could fall, affecting performance against the strategy 1.
- Private markets risksmedium
Greater exposure to private markets could lead to valuation and liquidity issues, especially if investors seek redemptions in stressed periods 1.
- UK regulatory and tax risksmedium
The proposed legislative changes, including caps on ground rent charges, could affect certain assets and related income 1.
- Execution risk on transformationmedium
If simplification and automation programmes do not deliver the expected savings, the cost-to-income ratio could remain above target 1.
- Cyber security and compliance risksmedium
Cyber threats and the enhancement of the financial crime framework are persistent risks that could affect reputation if incidents occur 1.
Investment thesis
What would need to be true (bull case)
- If the Dai-ichi partnership delivers the announced flows, the company could accelerate international growth in Asia and Europe.
- If cost reduction continues, Asset Management margins could move toward the group's 2027 target.
- If demand for BPA and retirement solutions holds, the Life division could support adjusted operating profit growth.
What would break the thesis
- If market volatility and fee pressure persist, asset management revenues could remain below expectations.
- If dependence on PruFund and the intermediated channel stays high, the company could be exposed to rapid shifts in client preferences.
- If UK regulatory changes expand, some products could become less profitable.
What to watch
- Progress toward the Asset Management cost-to-income target2027
- Net client flows and the development of the Dai-ichi partnershipnext 10-K
- BPA volumes and whether PruFund returns to consistent net inflowsQ1 2027
- Solvency II ratio and operating capital generation against the 2025-2027 target2027
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
The group strategy rests on three pillars: maintaining financial strength, simplifying the business and delivering profitable growth. The company targets average adjusted operating profit growth of at least 5% over 2025-2027 and has moved to a progressive dividend policy 1.
The long-term partnership with Dai-ichi Life HD, one of Japan's largest listed life insurers, made M&G its preferred asset management partner in Europe and opens flow opportunities in Japan and Asia. Acquisitions such as BauMont and P Capital Partners strengthen the private markets capabilities 1.
Segments
Asset Management
The division manages assets of over £345 billion, most of which come from Life and from external institutional clients. Public markets, especially fixed income, are the core strength, and private markets (real estate, private credit, infrastructure, private equity) are a growth direction 1.
Life
The Life division serves UK savings and pensions customers with the PruFund proposition, annuities and Bulk Purchase Annuities for corporates. The advice business has a national adviser network, and international operations include Ireland and Poland 1.
Asset Management and Life - combined
The two divisions work together on new vehicles, such as semi-liquid evergreen funds, which combine access to private markets with quarterly liquidity. The company presents this collaboration as a source of competitive advantage for the group 1.
Market context
Growing need for retirement solutions and support for sustainability challenges through private markets are long-term opportunities. The outcome, however, depends on market volatility and on tax policies, including the proposed UK changes to ground rent 1.
Trends
- Demand for retirement solutionstailwind
Clients increasingly seek flexible annuities and retirement advice, which supports sales of Life products and BPA. If this trend continues, advice activity and distribution through new channels could grow 1.
- Pressure on asset management feesheadwind
The asset management market is becoming more competitive and fees are under pressure. The company responds by reducing costs and growing private markets assets, where margins may be better 1.
- International expansion and private marketstailwind
Global investors' demand for diversification, especially in Europe and Asia, supports M&G's cross-border expansion. Investments in private markets such as infrastructure and real estate can offer stable income but also carry liquidity risks 1.
Competitive position
M&G competes in asset management with other European and global managers across fixed income, equities and private assets. In savings and pensions, competition comes from UK insurers and distribution platforms. The company's advantage is the combination of Asset Management and Life in one integrated model 1.
Competitive position depends on investment performance, operating costs and the ability to attract new flows through partnerships such as the one with Dai-ichi. If these elements hold, the company could strengthen its position in Europe and Asia 1.
- Aviva
UK insurer and asset manager active in savings and pensions, which competes with M&G in the UK Life market. Not named as a direct rival in the source, so the comparison is general.
- Legal & General
UK asset management and life insurance group active in annuities and retirement solutions, a relevant competitor in the BPA segment.
- Schroders
UK asset manager with international presence, competing in public and private fund areas.
- Prudential plcPUK
Insurance group active in Asia, competing with M&G in savings and advice in that region.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / M&G plc · 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.