Manulife Financial Corporation

PSE:MFC Stock Report

Market Cap: ₱3.1t

Manulife Financial Valuation

Is MFC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MFC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MFC (₱1997) is trading below our estimate of fair value (₱3789.17)

Significantly Below Fair Value: MFC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MFC?

Key metric: As MFC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MFC. This is calculated by dividing MFC's market cap by their current earnings.
What is MFC's PE Ratio?
PE Ratio15.1x
EarningsCA$5.10b
Market CapCA$77.10b

Price to Earnings Ratio vs Peers

How does MFC's PE Ratio compare to its peers?

The above table shows the PE ratio for MFC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.8x
1299 AIA Group
16.2x13.9%HK$605.8b
GWO Great-West Lifeco
12.2x5.2%CA$44.3b
AFL Aflac
15x-3.8%US$57.4b
MET MetLife
15.8x14.0%US$57.0b
MFC Manulife Financial
15.1x13.4%₱77.1b

Price-To-Earnings vs Peers: MFC is expensive based on its Price-To-Earnings Ratio (15.1x) compared to the peer average (14.8x).

Price to Earnings Ratio vs Industry

How does MFC's PE Ratio compare vs other companies in the Asian Insurance Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MFC 15.1xIndustry Avg. 11.2xNo. of Companies43PE0816243240+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MFC is expensive based on its Price-To-Earnings Ratio (15.1x) compared to the Asian Insurance industry average (11.1x).

Price to Earnings Ratio vs Fair Ratio

What is MFC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MFC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.1x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MFC's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MFC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₱1,997.00
₱1,922.81
-3.7%
9.2%₱2,061.21₱1,401.62n/a14
Dec ’25₱1,990.00
₱1,966.45
-1.2%
9.1%₱2,111.22₱1,435.63n/a14
Nov ’25₱1,780.00
₱1,748.81
-1.8%
10.2%₱2,011.41₱1,424.75n/a15
Oct ’25₱1,600.00
₱1,633.79
+2.1%
6.8%₱1,795.22₱1,419.48n/a15
Sep ’25₱1,499.00
₱1,631.97
+8.9%
7.0%₱1,792.78₱1,417.55n/a14
Aug ’25₱1,450.00
₱1,608.37
+10.9%
10.0%₱1,818.24₱1,268.54n/a15
Jul ’25₱1,445.00
₱1,583.11
+9.6%
9.7%₱1,841.32₱1,284.64n/a15
Jun ’25₱1,538.00
₱1,569.10
+2.0%
9.5%₱1,831.63₱1,277.88n/a15
May ’25₱1,250.00
₱1,492.19
+19.4%
9.6%₱1,690.71₱1,268.03n/a15
Apr ’25₱1,250.00
₱1,431.00
+14.5%
9.1%₱1,643.09₱1,232.32n/a15
Mar ’25₱1,200.00
₱1,417.82
+18.2%
10.8%₱1,653.59₱1,083.10n/a16
Feb ’25₱1,002.00
₱1,267.54
+26.5%
6.4%₱1,422.32₱1,096.02n/a14
Jan ’25₱1,130.00
₱1,209.56
+7.0%
7.7%₱1,390.03₱1,062.96n/a14
Dec ’24₱1,098.00
₱1,170.53
+6.6%
8.2%₱1,375.05₱970.62₱1,990.0014
Nov ’24₱860.00
₱1,170.42
+36.1%
7.4%₱1,310.22₱982.66₱1,780.0014
Oct ’24₱1,100.00
₱1,201.63
+9.2%
7.6%₱1,376.86₱1,001.35₱1,600.0014
Sep ’24₱990.00
₱1,206.69
+21.9%
7.7%₱1,369.88₱996.28₱1,499.0016
Aug ’24₱1,020.00
₱1,199.13
+17.6%
8.2%₱1,449.87₱994.20₱1,450.0017
Jul ’24₱980.00
₱1,227.94
+25.3%
8.4%₱1,478.60₱1,013.90₱1,445.0015
Jun ’24₱1,035.00
₱1,190.63
+15.0%
7.9%₱1,443.18₱1,030.84₱1,538.0016
May ’24₱950.00
₱1,184.41
+24.7%
8.0%₱1,385.63₱1,018.85₱1,250.0016
Apr ’24₱900.00
₱1,142.70
+27.0%
7.3%₱1,345.52₱989.35₱1,250.0016
Mar ’24₱950.00
₱1,172.43
+23.4%
7.4%₱1,385.03₱1,018.40₱1,200.0016
Feb ’24₱990.00
₱1,115.29
+12.7%
8.2%₱1,386.79₱1,019.70₱1,002.0016
Jan ’24₱920.00
₱1,115.42
+21.2%
7.0%₱1,295.33₱993.09₱1,130.0015
Dec ’23₱900.00
₱1,115.42
+23.9%
7.0%₱1,295.33₱993.09₱1,098.0015

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/31 11:50
End of Day Share Price 2024/12/27 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Manulife Financial Corporation is covered by 41 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mark RosenAccountability Research Corporation
Ishan MajumdarBaptista Research
Alex ScottBarclays