Manulife - Public Comps and Valuation Multiples

Manulife Overview

About Manulife

Manulife Financial provides life insurance, annuities, and asset management products to individuals and group customers in Canada, the United States, and Asia. Its investment management business contributes approximately 20% of its earnings and has around CAD 1.05 trillion in assets under management and administration as of the end of 2023. The US business, which primarily operates under the John Hancock brand, contributes about 27% of earnings and is mainly focused on providing insurance products for estate, business, and income protection. The Asia segment provides insurance products and insurance-based wealth accumulation products in over 11 countries and contributes around 30% of earnings. The Canadian business segment contributes approximately 23% of earnings.

Founded

1999

HQ

Employees

38K+

Website

manulife.com

Sectors

Insurance Carriers

Financials

LTM Revenue $16.8B

LTM EBITDA $5.9B

EV

$44.5B

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Manulife Financials

Manulife has a last 12-month revenue of $16.8B and a last 12-month EBITDA of $5.9B.

In the most recent fiscal year, Manulife achieved revenue of $31.9B and an EBITDA of n/a.

Manulife expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Manulife P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$29.6B	$31.9B	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	n/a	n/a	XXX	XXX	XXX
EBITDA Margin	NaN%	NaN%	XXX	XXX	XXX
Net Profit	$5.0B	$3.8B	XXX	XXX	XXX
Net Margin	17%	12%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Manulife Stock Performance

As of April 15, 2025, Manulife's stock price is CAD 40 (or $28).

Manulife has current market cap of CAD 68.6B (or $48.0B), and EV of CAD 63.7B (or $44.5B).

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Manulife Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$44.5B	$48.0B	XXX	XXX	XXX	XXX	$2.75

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Manulife Valuation Multiples

As of April 15, 2025, Manulife has market cap of $48.0B and EV of $44.5B.

Manulife's trades at 2.7x LTM EV/Revenue multiple, and 7.6x LTM EBITDA.

Analysts estimate Manulife's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Manulife Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$44.5B	XXX	XXX	XXX
EV/Revenue	1.4x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	12.2x	XXX	XXX	XXX
P/E/Growth	0.7x	XXX	XXX	XXX
EV/FCF	2.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Manulife Valuation Multiples

Manulife's NTM/LTM revenue growth is 43%

Manulife's revenue per employee for the last fiscal year averaged $0.8M, while opex per employee averaged n/a for the same period.

Over next 12 months, Manulife's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Manulife's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Manulife Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	8%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.8M	XXX	XXX	XXX	XXX
Opex per Employee	n/a	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	11%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	n/a	XXX	XXX	XXX	XXX

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