M&G Plc (GB:MNG)
LSE:MNG
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M&G Plc
(LSE:MNG)
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Rating:52Neutral
Price Target:
299.00 p
▲(4.91% Upside)
Action:ReiteratedDate:03/14/26
The score is driven primarily by mixed financial performance: a strong 2025 rebound, but with thin margins, volatile multi-year results, and elevated leverage. Technical indicators add near-term caution with weak momentum, while valuation is supported by a high dividend yield but moderated by a P/E near ~22.8.
Positive Factors
Diversified business mix (asset management + life insurance)
Operating both asset management and life insurance provides durable revenue diversification: management fees offer recurring, fee-based income tied to AUM, while life insurance generates spread and underwriting profits. This mix helps smooth cycles and supports multiple cash generation levers across market environments.
Negative Factors
Elevated leverage (debt-to-equity ~2.20x)
High leverage materially raises financial risk and constrains strategic flexibility. For an insurer/asset manager, elevated debt-to-equity increases sensitivity to interest and market swings, limits capacity to absorb underwriting or investment shocks, and can hamper capital returns or reinvestment during stressed periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business mix (asset management + life insurance)
Operating both asset management and life insurance provides durable revenue diversification: management fees offer recurring, fee-based income tied to AUM, while life insurance generates spread and underwriting profits. This mix helps smooth cycles and supports multiple cash generation levers across market environments.
Read all positive factors
M&G Plc (MNG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£6.76B
Dividend Yield7.09%
Average Volume (3M)6.11M
Price to Earnings (P/E)22.8
Beta (1Y)1.14
Revenue Growth9.86%
EPS Growth-134.41%
CountryUK
Employees6,151
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.13
Shares Outstanding2,409,846,000
10 Day Avg. Volume6,592,555
30 Day Avg. Volume6,106,488
Financial Highlights & Ratios
PEG Ratio-0.12
Price to Book (P/B)2.20
Price to Sales (P/S)0.32
P/FCF Ratio11.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£305.43Price Target Upside7.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.28
Revenue Forecast (FY)£1.09B
M&G Plc Business Overview & Revenue Model
Company Description
M&G plc, through its subsidiaries, engages in savings and investment businesses in the United Kingdom and internationally. The company operates through two segments, Asset Management, and Retail and Savings. It offers retirement, savings, and inve...
How the Company Makes Money
M&G primarily makes money from (1) fees earned for managing assets and (2) profits generated within its life insurance operations. In asset management, revenue is largely driven by ongoing management fees calculated as a percentage of assets under...
M&G Plc Earnings Call Summary
Earnings Call Date:Mar 19, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance with impressive capital generation, asset management growth, and successful cost-saving measures. However, the challenges of client outflows and market volatility were also evident. The overall sentiment leans positive due to the strength in growth areas and strategic achievements.Positive Updates
Record-Breaking Capital Generation
M&G generated over £900 million of capital, exceeding the upgraded OCG target and allowing for debt reduction and increased dividend cash spend.
Negative Updates
Net Client Outflows
Net client outflows of £1.9 billion were mainly due to U.K. institutional asset management and PruFund, although PruFund outflows halved in the final 6 months.
Read all updates
Q4-2024 Updates
Positive
Negative
Record-Breaking Capital Generation
M&G generated over £900 million of capital, exceeding the upgraded OCG target and allowing for debt reduction and increased dividend cash spend.
Read all positive updates
Company Guidance
During the call, M&G provided comprehensive guidance on their financial performance and strategic priorities for the fiscal year 2024. They announced over £900 million in capital generation, surpassing their upgraded capital generation (OCG) target, which enabled them to reduce debt and increase dividend cash spend for the first time since their listing in 2019. They declared a shift to a progressive dividend policy, starting with a 2% increase in dividend per share (DPS) for 2024. M&G also reported £188 million in savings over the first two years of their simplification program and upgraded their cost-saving target to £230 million by the end of 2025. Their asset management segment achieved a 20% improvement in results, contributing to a 5% year-on-year increase in group operating profit. M&G is poised to expand its presence in private markets, leveraging its competitive advantage of combining an international active asset manager with a scaled life business. They also highlighted their £185 billion in life operations assets and the strategic use of their With-Profit fund’s nearly £6 billion of surplus capital to drive long-term growth without adding risk to the balance sheet.M&G Plc Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
49
Neutral
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 21.68B | 11.26B | 10.66B | -7.94B | 16.25B |
| Gross Profit | 21.68B | 11.26B | 15.15B | -7.94B | 16.25B |
| EBITDA | 1.77B | 754.00M | 1.27B | -2.58B | 1.09B |
| Net Income | 302.00M | -360.00M | 297.00M | -1.63B | 83.00M |
Balance Sheet | |||||
| Total Assets | 190.60B | 184.22B | 189.62B | 190.37B | 217.47B |
| Cash, Cash Equivalents and Short-Term Investments | 4.90B | 4.84B | 5.59B | 4.88B | 6.91B |
| Total Debt | 6.91B | 6.91B | 8.03B | 7.96B | 9.34B |
| Total Liabilities | 187.41B | 180.90B | 185.10B | 187.54B | 212.12B |
| Stockholders Equity | 3.14B | 3.28B | 4.04B | 2.78B | 5.30B |
Cash Flow | |||||
| Free Cash Flow | 612.00M | 388.00M | 1.52B | -1.27B | 352.00M |
| Operating Cash Flow | 787.00M | 677.00M | 2.02B | -694.00M | 1.12B |
| Investing Cash Flow | -152.00M | 152.00M | -603.00M | -368.00M | -466.00M |
| Financing Cash Flow | -531.00M | -1.14B | -680.00M | -1.01B | -501.00M |
M&G Plc Technical Analysis
Positive
285.00
Price Trends
290.75
Negative
279.45
Positive
261.64
Positive
Market Momentum
-3.53
Negative
51.78
Neutral
81.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MNG, the sentiment is Positive. The current price of 285 is above the 20-day moving average (MA) of 280.62, below the 50-day MA of 290.75, and above the 200-day MA of 261.64, indicating a neutral trend. The MACD of -3.53 indicates Negative momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 81.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:MNG.
M&G Plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £4.30B | 5.71 | 41.35% | 5.93% | 4.28% | 5.18% | |
77 Outperform | £3.48B | 9.24 | 6.50% | 7.21% | -7.11% | 0.45% | |
76 Outperform | £8.97B | 11.95 | 12.35% | 5.37% | 4.78% | -4.86% | |
74 Outperform | £2.40B | 8.36 | 8.35% | 3.40% | -28.04% | -102.43% | |
70 Outperform | £2.09B | 17.89 | 4.75% | 4.91% | 14.05% | -3.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
52 Neutral | £6.76B | 22.80 | 9.49% | 7.09% | 9.86% | -134.41% |
* Financial Sector Average
GB:MNG
M&G Plc
285.00
124.38
77.44%
GB:RAT
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2,030.00
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GB:SDR
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578.50
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GB:ABDN
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GB:QLT
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GB:N91
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232.60
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106.56%
M&G Plc Corporate Events
DividendsFinancial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
M&G Publishes 2025 Annual Report and Raises Total Dividend to 20.5p
Positive
Mar 12, 2026
MG plc has published its 2025 Annual Report and Accounts, making the full document available on its website and through the UK financial regulator’s national storage platform, ahead of mailing the 2026 Annual General Meeting notice to shareh...
Regulatory Filings and Compliance
M&G Executives Acquire Shares Under UK Incentive Plan
Positive
Mar 10, 2026
MG plc has disclosed that Group General Counsel and Company Secretary Charlotte Heiss and Chief People Officer Matthew Howells have both acquired ordinary shares in the company through its UK Share Incentive Plan. The transactions, executed on 9 M...
Regulatory Filings and Compliance
M&G Updates Share Capital and Voting Rights After Sharesave Issuance
Neutral
Mar 2, 2026
MG plc has reported that, as of 28 February 2026, its issued share capital stands at 2,412,962,560 ordinary shares, of which 3,414,030 are held in treasury and therefore do not carry voting or dividend rights. This leaves a total of 2,409,548,530 ...
Business Operations and StrategyRegulatory Filings and Compliance
M&G Executives Acquire Shares Under UK Incentive Plan
Neutral
Feb 11, 2026
MG plc has disclosed transactions by two senior executives under its UK Share Incentive Plan, in line with Market Abuse Regulation reporting requirements. Group General Counsel and Company Secretary Charlotte Heiss and Chief People Officer Matthew...
Regulatory Filings and Compliance
M&G Updates Market on Total Voting Rights and Share Capital
Neutral
Feb 2, 2026
MG plc has reported that, as at 31 January 2026, its issued share capital consisted of 2,412,720,000 ordinary shares of 5 pence each, of which 3,414,030 shares are held in treasury and therefore do not carry voting or dividend rights. As a result,...
Business Operations and StrategyDividendsFinancial DisclosuresRegulatory Filings and Compliance
M&G Warns on Leasehold Reform Impact but Reaffirms Profit and Dividend Targets
Negative
Jan 27, 2026
MG plc has outlined the expected financial impact of the UK Government’s proposed Leasehold Reform Bill, which would cap existing annual ground rents at £250 from 2028 for 40 years before reducing them to zero, on its £722 million ...
Executive/Board ChangesRegulatory Filings and Compliance
M&G Discloses Share Awards to Senior Executives Under UK Incentive Plan
Neutral
Jan 13, 2026
MG plc has disclosed share transactions by senior executives under its UK Share Incentive Plan, a scheme designed to align management interests more closely with those of shareholders. On 9 January 2026, Group General Counsel and Company Secretary...
Regulatory Filings and Compliance
M&G Confirms Total Voting Rights and Share Capital Structure
Neutral
Jan 2, 2026
MG plc has confirmed that, as at 31 December 2025, its issued share capital consisted of 2,412,524,010 ordinary shares of 5 pence each, of which 3,414,030 shares are held in treasury and therefore excluded from dividend payments and voting at shar...
Regulatory Filings and Compliance
M&G Discloses Share Sale by Chief Information Technology Officer
Neutral
Dec 22, 2025
MG plc has disclosed that its Chief Information Technology Officer, Christopher Cochrane, sold 1,261 ordinary shares in the company on 18 December 2025 via his MG Share Incentive Plan holdings, at a price of £2.8169 per share. The transaction...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.