M&G Plc (GB:MNG)
LSE:MNG
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M&G Plc
(LSE:MNG)
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Rating:52Neutral
Price Target:
334.00 p
▲(10.93% Upside)
Action:Reiterated
Date: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
Recurring fee and diversified revenue model
M&G’s core model combines recurring asset-management fees with life insurance and savings earnings, giving predictable fee income and multi-channel product flows. That structural mix supports steady revenue capture and resilience across market cycles over the next several months.
Negative Factors
Elevated leverage
Debt-to-equity of ~2.2x raises structural financial risk and reduces flexibility to invest or absorb shocks. With equity trending down and sizable balance-sheet assets, elevated leverage makes capital allocation and interest-cost sensitivity a persistent medium-term constraint.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring fee and diversified revenue model
M&G’s core model combines recurring asset-management fees with life insurance and savings earnings, giving predictable fee income and multi-channel product flows. That structural mix supports steady revenue capture and resilience across market cycles over the next several months.
Read all positive factors
M&G Plc (MNG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£7.96B
Dividend Yield7.09%
Average Volume (3M)6.11M
Price to Earnings (P/E)26.8
Beta (1Y)1.17
Revenue Growth52.52%
EPS GrowthN/A
CountryUK
Employees6,151
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.12
Shares Outstanding2,409,968,500
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
£304.14Price Target Upside1.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.28
Revenue Forecast (FY)£1.11B
M&G Plc Business Overview & Revenue Model
Company Description
M&G plc operates as a global savings and investment firm through its subsidiaries, serving clients within the United Kingdom and across international markets. The company's operations are divided into two main divisions: Asset Management, and Reta...
How the Company Makes Money
M&G plc primarily makes money through (1) asset management fees and (2) life insurance and savings-related earnings. In its asset management activities, the company earns recurring management fees calculated as a percentage of assets under managem...
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 | 1.94B | 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
301.10
Price Trends
308.36
Positive
299.48
Positive
279.02
Positive
Market Momentum
6.29
Negative
74.80
Negative
95.69
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 301.1 is below the 20-day moving average (MA) of 318.48, below the 50-day MA of 308.36, and above the 200-day MA of 279.02, indicating a bullish trend. The MACD of 6.29 indicates Negative momentum. The RSI at 74.80 is Negative, neither overbought nor oversold. The STOCH value of 95.69 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | £4.22B | 10.82 | 8.13% | 7.21% | -1.72% | 63.64% | |
76 Outperform | £9.09B | 17.42 | 12.35% | 5.37% | 12.45% | 28.89% | |
74 Outperform | £2.55B | 21.60 | 8.35% | 3.40% | 71.85% | ― | |
72 Outperform | £4.20B | 12.32 | 41.35% | 5.93% | 9.80% | 1.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.67B | 13.85 | 8.33% | 4.91% | 2.02% | 69.06% | |
52 Neutral | £7.96B | 26.76 | 9.49% | 7.09% | 52.52% | ― |
* Financial Sector Average
GB:MNG
M&G Plc
334.00
98.18
41.63%
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GB:ABDN
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GB:QLT
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GB:N91
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215.40
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28.78%
M&G Plc Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
M&G Executives Acquire Shares Under UK Incentive Plan
Neutral
Jun 11, 2026
MG plc has disclosed share transactions by senior executives under its UK Share Incentive Plan, underscoring ongoing use of equity-based remuneration to align management interests with shareholders. Group general counsel and company secretary Char...
Regulatory Filings and Compliance
M&G Discloses PDMR Share Dealings by Chief IT Officer
Neutral
Jun 4, 2026
MG plc has disclosed share transactions involving Chief Information Technology Officer Chris Cochrane, in line with regulatory requirements for senior managers. The notification highlights that his overall shareholding in the company remains uncha...
Business Operations and StrategyRegulatory Filings and Compliance
M&G updates share capital and voting rights after May Sharesave issuances
Neutral
Jun 1, 2026
MG plc has reported that as of 31 May 2026 its issued share capital comprised 2,413,382,518 ordinary shares, of which 3,414,030 are held in treasury and excluded from dividend payments and voting, resulting in 2,409,968,488 voting rights. The upda...
Regulatory Filings and Compliance
M&G Director Elisabeth Stheeman Buys Additional Company Shares
Positive
May 22, 2026
MG plc disclosed that Independent Non-Executive Director Elisabeth Stheeman has acquired 3,150 ordinary shares in the company. The shares, each with a nominal value of 5 pence, were purchased on 22 May 2026 at a price of £3.145 per share on t...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
M&G Publishes FCA-Approved Prospectus for £10bn Medium Term Note Programme
Positive
May 21, 2026
MG plc has published a prospectus for its £10 billion Medium Term Note Programme, following approval by the Financial Conduct Authority. The prospectus will also be filed with the National Storage Mechanism, providing investors and analysts w...
Executive/Board ChangesDividendsRegulatory Filings and Compliance
M&G Executives Receive Dividend-Linked Share Awards After Interim Payout
Neutral
May 14, 2026
MG plc has disclosed changes in the equity interests of several senior executives following the release of dividend equivalent shares linked to its interim dividend paid on 30 April 2026. The releases relate to awards under the MG Performance Shar...
Business Operations and StrategyRegulatory Filings and Compliance
M&G executives acquire shares under UK incentive plan
Positive
May 13, 2026
MG plc has disclosed that senior executives participated in its UK Share Incentive Plan, purchasing partnership shares and receiving matching shares in the company. Group General Counsel and Company Secretary Charlotte Heiss and Chief People Offic...
Regulatory Filings and Compliance
M&G Executives Trim Personal Stakes in Share Sales
Neutral
May 12, 2026
MG plc has disclosed that two senior executives have sold portions of their personal shareholdings in the company. Chief Information Technology Officer Chris Cochrane sold 40,000 ordinary shares at £3.048 per share, while Chief People Officer...
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
M&G posts Q1 net inflows and launches with-profits BPA amid market volatility
Positive
May 7, 2026
MG plc reported a resilient start to 2026, with £0.6 billion of net inflows from open business in the first quarter, reversing net outflows a year earlier, and group assets under management and administration holding broadly steady at £3...
DividendsRegulatory Filings and Compliance
M&G executives add shares via interim dividend reinvestment
Neutral
May 5, 2026
MG plc has disclosed routine share transactions by several senior executives following the automatic reinvestment of its interim dividend of 13.8 pence per share, paid on 30 April 2026. Under the MG UK Share Incentive Plan, Christopher Cochrane, S...
Executive/Board ChangesDividendsRegulatory Filings and Compliance
M&G Executives Receive Dividend-Linked Share Awards After Interim Payout
Neutral
May 1, 2026
MG plc has reported changes in share interests for several senior executives after paying an interim dividend of 13.8 pence per share on 30 April 2026. The adjustments arise from the accrual of dividend equivalent shares on existing awards held un...
Business Operations and StrategyRegulatory Filings and Compliance
M&G Updates Share Capital and Voting Rights After Sharesave Issuance
Neutral
May 1, 2026
MG plc reported that as of 30 April 2026 its issued share capital stood at 2,413,328,863 ordinary shares, of which 3,414,030 are held in treasury and therefore excluded from voting and dividend rights. This leaves a total of 2,409,914,833 voting r...
Business Operations and StrategyStock BuybackShareholder Meetings
M&G Wins Full Shareholder Backing for All Resolutions at 2026 AGM
Positive
Apr 30, 2026
MG plc shareholders approved all 22 resolutions at the company’s 2026 annual general meeting, including the receipt of the annual report, the directors’ remuneration report, and the re-election of all board members. Investors also back...
Regulatory Filings and Compliance
M&G Executives Add to Holdings Through UK Share Incentive Plan
Positive
Apr 13, 2026
MG plc has disclosed that senior executives participated in the company’s UK Share Incentive Plan, acquiring ordinary shares and receiving matching share awards. Group General Counsel and Company Secretary Charlotte Heiss and Chief People Of...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
M&G Publishes 2025 Group Solvency and Financial Condition Report
Positive
Apr 8, 2026
MG plc has submitted its single group Solvency and Financial Condition Report for the year ended 31 December 2025 to the Prudential Regulation Authority. The report, which is now available on the company’s website, provides regulatory stakeh...
Regulatory Filings and Compliance
M&G Discloses Regulatory Share Transaction by Chief People Officer
Neutral
Apr 7, 2026
MG plc has disclosed a management share transaction involving Chief People Officer Matthew Howells, in line with regulatory requirements for persons discharging managerial responsibilities. The company, which must report such dealings under the Ma...
Executive/Board ChangesRegulatory Filings and Compliance
M&G Discloses Executive Share Awards and New Holding Periods
Neutral
Apr 2, 2026
MG plc has reported a series of share awards vesting and releases for senior executives under its Deferred Incentive Plan and Performance Share Plan, including recruitment and performance-based grants made in 2023. Shares were partly sold to settl...
Business Operations and StrategyExecutive/Board Changes
M&G grants long-term share awards to senior executives
Neutral
Apr 1, 2026
MG plc has granted deferred incentive plan and performance share plan awards to a group of senior executives, including the CEO, CFO and other key PDMRs, using an average share price of £2.747. The awards, which consist of conditional share a...
Business Operations and StrategyRegulatory Filings and Compliance
M&G Updates Total Voting Rights After Sharesave Issuance
Neutral
Apr 1, 2026
MG plc has reported its total voting rights and issued share capital as at 31 March 2026, confirming an issued share capital of 2,413,259,874 ordinary shares of 5 pence each, of which 3,414,030 are held in treasury and excluded from voting and div...
Regulatory Filings and ComplianceShareholder Meetings
M&G Publishes Notice and Details for 2026 Annual General Meeting
Positive
Mar 26, 2026
MG plc has published the Notice of its 2026 Annual General Meeting, which will take place on 30 April 2026 at its London headquarters, with both in-person and virtual attendance options. The company is also distributing printed AGM materials and w...
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.