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Research

There is value in the balance sheet

By Kasper MellasAnalyst
Mandatum
Download report (PDF)

Mandatum published Q1 figures that fell short of our expectations. The earnings miss is explained by investment returns, which were slightly below our expectations. However, the capital-light businesses developed better than expected, so overall the quarterly report left a good impression. 

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Mandatum operates in the financial sector. The company offers various financial services to both private savers and corporate customers. The range is broad and mainly includes capital and wealth management, savings and investments, compensation, pension plans and personal risk insurance. The largest operations are in Finland.

Read more on company page

Key Estimate Figures09.05.2024

202324e25e
Revenue135.0147.7155.2
growth-%7.1 %9.4 %5.1 %
EBIT (adj.)210.4206.2196.4
EBIT-% (adj.)155.9 %139.6 %126.6 %
EPS (adj.)0.320.330.31
Dividend0.330.330.31
Dividend %8.1 %4.6 %4.4 %
P/E (adj.)12.721.622.7
EV/EBITDA7.216.515.8

Forum discussions

News Powered by Cision Mandatumin MAMCO II -rahasto kasvoi yli 300 miljoonaan euroon Mandatum Oyj, Lehdistötiedote, 2.4.2026 klo 10.00 Mandatumin...
4/2/2026, 7:10 AM
by Cadel
32
I’ll leave this timely analysis here in case anyone following Mandatum missed it. “In this article, we focus purely on the impact of rising ...
3/25/2026, 6:31 AM
by Snorri
27
…and the dividend to be paid in spring 2028 probably won’t be that small either if the forecasts are to be trusted - and why wouldn’t they be...
3/24/2026, 3:15 PM
by Bösaboi
19
Mandatum’s (Mandatum) dividend is likely not just a one-time thing, but a two-tiered one Next year, a dividend of 0.87 is predicted, with over...
3/24/2026, 2:34 PM
by Ari
20
SalkunRakentaja – 20 Mar 26 Helsingin pörssin parhaat osinko-osakkeet: Mandatum omassa luokassaan Mandatumin kertaluonteinen jättiosinko nostaa...
3/20/2026, 4:44 PM
by Bösaboi
25
News Powered by Cision Mandatum Managed Futures -rahastolle arvostettu 2026 UCITS Hedge Awards -... Lehdistötiedote, 19.3.2026 klo 13.00 Mandatum...
3/19/2026, 11:31 AM
by Cadel
28
Nominee register -17.7M. Osakkeenomistajat - Mandatum
3/2/2026, 5:33 PM
by Ari
9
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