Manulife Financial Corporation

PSE:MFC Stock Report

Market Cap: ₱2.4t

Manulife Financial Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 (₱1150) is trading below our estimate of fair value (₱2224.07)

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?

Other financial metrics that can be useful for relative valuation.

MFC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.3x
Enterprise Value/EBITDA7.5x
PEG Ratio1.4x

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 Average14.5x
1299 AIA Group
18.2x17.9%HK$535.8b
AFL Aflac
10.3x-7.6%US$46.6b
PRU Prudential Financial
16.2x13.9%US$39.1b
2881 Fubon Financial Holding
13.6x18.9%NT$862.9b
MFC Manulife Financial
11.9x8.5%₱56.6b

Price-To-Earnings vs Peers: MFC is good value based on its Price-To-Earnings Ratio (11.9x) compared to the peer average (14.5x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a14.7%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a14.7%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: MFC is expensive based on its Price-To-Earnings Ratio (11.9x) compared to the Asian Insurance industry average (11.5x).


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 Ratio11.9x
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₱1,150.00
₱1,450.26
+26.1%
9.7%₱1,649.43₱1,237.07n/a15
Apr ’25₱1,250.00
₱1,443.98
+15.5%
9.1%₱1,658.01₱1,243.50n/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₱970.62n/a14
Nov ’24₱860.00
₱1,170.42
+36.1%
7.4%₱1,310.22₱982.66n/a14
Oct ’24₱1,100.00
₱1,201.63
+9.2%
7.6%₱1,376.86₱1,001.35n/a14
Sep ’24₱990.00
₱1,206.69
+21.9%
7.7%₱1,369.88₱996.28n/a16
Aug ’24₱1,020.00
₱1,199.13
+17.6%
8.2%₱1,449.87₱994.20n/a17
Jul ’24₱980.00
₱1,227.94
+25.3%
8.4%₱1,478.60₱1,013.90n/a15
Jun ’24₱1,035.00
₱1,190.63
+15.0%
7.9%₱1,443.18₱1,030.84n/a16
May ’24₱950.00
₱1,184.41
+24.7%
8.0%₱1,385.63₱1,018.85n/a16
Apr ’24₱900.00
₱1,153.99
+28.2%
7.4%₱1,365.51₱1,004.05₱1,250.0015
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
Nov ’23₱900.00
₱1,114.87
+23.9%
8.4%₱1,281.46₱982.46₱860.0015
Oct ’23₱991.00
₱1,178.55
+18.9%
8.5%₱1,351.48₱1,002.71₱1,100.0015
Sep ’23₱920.00
₱1,178.55
+28.1%
8.5%₱1,351.48₱1,002.71₱990.0015
Aug ’23₱925.00
₱1,167.03
+26.2%
10.0%₱1,348.24₱978.56₱1,020.0015
Jul ’23₱851.50
₱1,158.20
+36.0%
11.9%₱1,426.77₱965.17₱980.0015
Jun ’23₱950.00
₱1,119.38
+17.8%
11.9%₱1,378.94₱932.81₱1,035.0015
May ’23₱900.00
₱1,269.04
+41.0%
10.2%₱1,511.41₱1,021.22₱950.0015
Apr ’23₱1,050.00
₱1,300.22
+23.8%
11.2%₱1,603.01₱1,048.12₱900.0015

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


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