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M&G Plc
(LSE:MNG)
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Rating:58Neutral
Price Target:
345.00 p
▼(-0.86% Downside)
Action:Reiterated
Date:09/15/26
Overall score reflects improved but still volatile fundamentals with elevated leverage (financial performance), partially offset by a strong and confident earnings-call outlook and a high dividend yield. Technical indicators are the main near-term drag due to weak momentum and the price sitting below key moving averages.
Positive Factors
Operating profit and inflows
Strong profit growth alongside higher net inflows indicates improving client demand and operating momentum across M&G’s core franchises. If sustained, this combination can expand recurring fee income, support reinvestment, and strengthen earnings over the next several quarters.
Negative Factors
Elevated leverage and uneven equity returns
Elevated leverage and a shrinking equity base increase financial sensitivity and can constrain strategic flexibility. Volatile returns on equity further suggest that the group has not yet established consistently attractive profitability, which may limit dependable internal capital generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating profit and inflows
Strong profit growth alongside higher net inflows indicates improving client demand and operating momentum across M&G’s core franchises. If sustained, this combination can expand recurring fee income, support reinvestment, and strengthen earnings over the next several quarters.
Read all positive factors
M&G Plc (MNG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£7.34B
Dividend Yield6.77%
Average Volume (3M)6.42M
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth67.89%
EPS Growth-87.40%
CountryUK
Employees6,455
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-0.05
Shares Outstanding2,410,109,100
10 Day Avg. Volume5,737,229
30 Day Avg. Volume6,424,177
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
£315.88Price Target Upside-9.23% Downside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.28
Revenue Forecast (FY)£5.92B
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 makes money mainly through (1) asset-management-related fees and (2) earnings from its long-term savings and retirement solutions business. In asset management, revenue is primarily driven by recurring management fees calculated as a percentag...
M&G Plc Earnings Call Summary
Earnings Call Date:Sep 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 09, 2027
Earnings Call Sentiment Positive
The call was strongly positive, characterized by record first-half operating profit, improving Asset Management and Life performance, strong net inflows, growing capital-light earnings, robust solvency, and confidence in achieving the group's 2027 and 2030 targets. The main negatives were lower operating and underlying capital generation, declining annuity profit, a 1-basis-point private markets margin reduction, higher year-on-year Asset Management costs, and a stated future ground-rent impact. Overall, the highlights significantly outweighed the lowlights.Positive Updates
Record Operating Profit
Group adjusted operating profit increased 15% year-on-year to GBP 435 million, the best first-half result since M&G's 2019 listing. Asset Management earnings rose 24%, while Life profits increased 9%.
Negative Updates
Volatile Macro Environment
Management repeatedly noted that results and flows were delivered despite a volatile and uncertain macro environment.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Operating Profit
Group adjusted operating profit increased 15% year-on-year to GBP 435 million, the best first-half result since M&G's 2019 listing. Asset Management earnings rose 24%, while Life profits increased 9%.
Read all positive updates
Company Guidance
M&G said it is on track to deliver low double-digit profit growth this year, achieve the GBP 2.7 billion cumulative capital generation target, and reach a 70% cost-income ratio by the end of next year, with Asset Management costs expected to stay in line with the first six months of the year and corporate center costs roughly GBP 10 million higher; it expects further improvements in operating leverage, management actions of GBP 100 million-GBP 200 million annually, at least GBP 50 billion attracted through With-Profits solutions by 2030 generating at least GBP 100 million of annual operating profit by 2030, BPA+ sales to scale at least by 50% this year and next year toward target volumes of GBP 3 billion-GBP 4 billion in 2027, and PruFund to deliver improved inflows in the second half, while it expects to operate above the top of its target Solvency II range over the medium term, with leverage guidance of around 30%, and a modest GBP 10 million AOP impact from ground rents at the end of 2028 onwards.M&G Plc Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
49
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.02B | 21.68B | 11.26B | 10.66B | -7.94B | 16.25B |
| Gross Profit | 25.02B | 21.68B | 11.26B | 15.15B | -7.94B | 16.25B |
| EBITDA | 1.60B | 1.94B | 754.00M | 1.27B | -2.58B | 1.09B |
| Net Income | -111.00M | 302.00M | -360.00M | 297.00M | -1.63B | 83.00M |
Balance Sheet | ||||||
| Total Assets | 194.96B | 190.60B | 184.22B | 189.62B | 190.37B | 217.47B |
| Cash, Cash Equivalents and Short-Term Investments | 5.42B | 4.90B | 4.84B | 5.59B | 4.88B | 6.91B |
| Total Debt | 6.46B | 6.91B | 6.91B | 8.03B | 7.96B | 9.34B |
| Total Liabilities | 192.29B | 187.41B | 180.90B | 185.10B | 187.54B | 212.12B |
| Stockholders Equity | 2.62B | 3.14B | 3.28B | 4.04B | 2.78B | 5.30B |
Cash Flow | ||||||
| Free Cash Flow | 565.00M | 612.00M | 388.00M | 1.52B | -1.27B | 352.00M |
| Operating Cash Flow | 703.00M | 787.00M | 677.00M | 2.02B | -694.00M | 1.12B |
| Investing Cash Flow | -83.00M | -152.00M | 152.00M | -603.00M | -368.00M | -466.00M |
| Financing Cash Flow | -528.00M | -531.00M | -1.14B | -680.00M | -1.01B | -501.00M |
M&G Plc Technical Analysis
Negative
348.00
Price Trends
337.47
Negative
331.88
Negative
308.74
Negative
Market Momentum
-8.36
Positive
25.52
Positive
13.71
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MNG, the sentiment is Negative. The current price of 348 is above the 20-day moving average (MA) of 324.53, above the 50-day MA of 337.47, and above the 200-day MA of 308.74, indicating a bearish trend. The MACD of -8.36 indicates Positive momentum. The RSI at 25.52 is Positive, neither overbought nor oversold. The STOCH value of 13.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | £9.13B | 13.39 | 15.55% | 3.74% | 17.81% | 93.71% | |
74 Outperform | £4.18B | 10.84 | 7.37% | 6.16% | 2.19% | 19.78% | |
74 Outperform | £2.29B | 19.82 | 8.39% | 3.67% | 191.46% | ― | |
71 Outperform | £3.85B | 11.59 | 28.08% | 6.61% | 9.80% | 1.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.56B | 12.24 | 8.95% | 6.59% | 5.39% | 85.13% | |
58 Neutral | £7.34B | -66.03 | -3.86% | 6.77% | 67.89% | -87.40% |
* Financial Sector Average
GB:MNG
M&G Plc
304.40
66.22
27.80%
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M&G Plc Corporate Events
Regulatory Filings and Compliance
M&G Executives Acquire Shares Under UK Incentive Plan
Neutral
Sep 11, 2026
MG plc has disclosed share transactions by 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 Matth...
DividendsFinancial DisclosuresRegulatory Filings and Compliance
M&G Publishes 2026 Interim Results and Declares 6.8p Dividend
Positive
Sep 3, 2026
MG plc has published its 2026 Interim Financial Report and interim results for the six months to 30 June 2026, making the full document available on its website and via the UK regulator’s National Storage Mechanism. The release underscores t...
Business Operations and StrategyRegulatory Filings and Compliance
M&G Updates Market on Share Capital and Voting Rights After Sharesave Issuance
Neutral
Sep 1, 2026
MG plc has updated the market on its issued share capital and voting rights, confirming that as of 31 August 2026 it has 2,413,469,964 ordinary shares in issue, of which 3,414,030 are held in treasury and therefore excluded from voting and dividen...
Business Operations and StrategyExecutive/Board Changes
M&G strengthens Daiichi Life partnership with board appointment
Positive
Aug 19, 2026
MG plc has appointed Hitoshi Yamaguchi, Group Chief Human Resources Officer at Daiichi Life Group, Inc., to its Board as a Non-Executive Director and member of the Nomination and Governance Committee, effective 3 September 2026. Yamaguchi brings o...
Executive/Board ChangesRegulatory Filings and Compliance
M&G Executives Boost Holdings Through UK Share Incentive Plan
Positive
Aug 12, 2026
MG plc has disclosed that senior executives participated in the company’s UK Share Incentive Plan by purchasing partnership shares and receiving matching share awards. Group General Counsel and Company Secretary Charlotte Heiss acquired a to...
Business Operations and StrategyRegulatory Filings and Compliance
M&G Updates Share Capital and Voting Rights After Sharesave Issuance
Neutral
Aug 3, 2026
MG plc has confirmed that its issued share capital stood at 2,413,448,120 ordinary shares of 5 pence each as of 31 July 2026, with 3,414,030 shares held in treasury and excluded from voting and dividend rights. This leaves a total of 2,410,034,090...
Executive/Board ChangesRegulatory Filings and Compliance
M&G Executives Receive Matching Shares Under UK Incentive Plan
Positive
Jul 13, 2026
MG plc has disclosed transactions by senior executives under its UK Share Incentive Plan, in line with Market Abuse Regulation requirements. Group General Counsel and Company Secretary Charlotte Heiss, and Chief People Officer Matthew Howells, bot...
Business Operations and StrategyRegulatory Filings and Compliance
M&G updates market on voting rights and June share issuance
Neutral
Jul 2, 2026
MG plc has confirmed that its issued share capital stands at 2,413,425,551 ordinary shares of 5 pence each, of which 3,414,030 are held in treasury and excluded from dividends and voting. This leaves 2,410,011,521 voting rights in circulation, a k...
Executive/Board Changes
M&G Announces Senior Board Changes and New Audit Committee Chair
Neutral
Jun 24, 2026
MG plc has announced upcoming changes to its board, with Senior Independent Non-Executive Director and Audit Committee Chair Clare Thompson set to step down on 3 September 2026 after seven years of service. The move follows the publication of the ...
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.