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M&G Plc
(LSE:MNG)
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Rating:55Neutral
Price Target:
374.00 p
▲(7.47% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by mixed financial performance: a 2025 recovery is evident, but earnings/cash-flow volatility and elevated leverage add risk. Technicals are supportive with the stock trading above major moving averages, though momentum looks overbought. Valuation is balanced by a strong dividend yield versus a relatively high P/E.
Positive Factors
Diversified business model
M&G's mix of asset management fees and long-term savings/wealth products creates diversified, recurring revenue streams. The combination of fee-based AUM income and policy/retirement margins supports structural resilience across market cycles and multiple distribution channels.
Negative Factors
Elevated leverage
Debt-to-equity near 2.2x and a historical trend of higher leverage raise structural financial risk. Elevated leverage limits strategic flexibility, increases interest exposure, and raises refinancing and solvency risk if earnings prove volatile or if interest rates rise again.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
M&G's mix of asset management fees and long-term savings/wealth products creates diversified, recurring revenue streams. The combination of fee-based AUM income and policy/retirement margins supports structural resilience across market cycles and multiple distribution channels.
Read all positive factors
M&G Plc (MNG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£8.51B
Dividend Yield5.69%
Average Volume (3M)6.03M
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue Growth67.89%
EPS Growth-87.40%
CountryUK
Employees6,455
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-0.05
Shares Outstanding2,410,056,000
10 Day Avg. Volume6,080,884
30 Day Avg. Volume6,027,139
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
£315.63Price Target Upside-9.30% Downside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.28
Revenue Forecast (FY)£1.14B
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:Mar 19, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Mar 09, 2027
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 | 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
Positive
348.00
Price Trends
350.95
Positive
331.26
Positive
306.62
Positive
Market Momentum
0.56
Negative
60.31
Neutral
99.08
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 348 is below the 20-day moving average (MA) of 351.15, below the 50-day MA of 350.95, and above the 200-day MA of 306.62, indicating a bullish trend. The MACD of 0.56 indicates Negative momentum. The RSI at 60.31 is Neutral, neither overbought nor oversold. The STOCH value of 99.08 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | £4.46B | 11.44 | 7.37% | 5.87% | 2.19% | 19.78% | |
74 Outperform | £2.47B | 21.20 | 8.39% | 3.46% | 191.46% | ― | |
74 Outperform | £9.07B | 13.30 | 15.55% | 3.76% | 17.81% | 93.71% | |
69 Neutral | £4.10B | 12.22 | 28.08% | 6.27% | 9.80% | 1.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.69B | 13.35 | 8.95% | 6.06% | 5.39% | 85.13% | |
55 Neutral | £8.51B | -77.53 | -3.86% | 5.69% | 67.89% | -87.40% |
* Financial Sector Average
GB:MNG
M&G Plc
360.00
120.09
50.06%
GB:RAT
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1,650.00
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GB:SDR
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585.00
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GB:ABDN
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248.60
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45.51%
GB:QLT
Quilter
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GB:N91
Ninety One
213.60
32.53
17.96%
M&G Plc Corporate Events
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 ...
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...
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.