# Mandatum Oyj (MANTA.HE)

Canonical: https://gigainvestors.com/s/MANTA.HE

Analysis as of: 2026-10-16T07:38:48.117Z. 

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 5.99 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

## Price story

Up 64% since Oct 2023 · "Why Mandatum Oyj (HLSE:MANTA) Is Up 8.3% After Record Q3 Earnings and Luxembourg Expansion" (finance.yahoo.com, Nov 2025)

Story as of 2026-10-16T10:00:10.238Z; price observation 2026-10-15.

- 2025-11-14: Why Mandatum Oyj (HLSE:MANTA) Is Up 8.3% After Record Q3 Earnings and Luxembourg Expansion ([finance.yahoo.com](https://finance.yahoo.com/news/why-mandatum-oyj-hlse-manta-181304889.html))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in financial conglomerates; annual sales are EUR 453.1 million.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2025-12-31 (filed 2026-10-16T07:38:48.117Z); FY2025: revenue 453100000; grossProfit 430100000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 94.9% to 96.5% during 2023–25.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2023-12-31 (filed 2026-10-16T07:38:48.117Z); FY2023: grossProfit / revenue = 96.5%.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2024-12-31 (filed 2026-10-16T07:38:48.117Z); FY2024: grossProfit / revenue = 96.4%.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2025-12-31 (filed 2026-10-16T07:38:48.117Z); FY2025: grossProfit / revenue = 94.9%.

### Where the cash goes

Paid dividends in 5 of 6 years.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2020-12-31 (filed 2026-10-16T07:38:48.117Z); FY2020: growth capex 0; upkeep 1400000; owner earnings 123100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2021-12-31 (filed 2026-10-16T07:38:48.117Z); FY2021: growth capex 0; upkeep 0; owner earnings 200900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2022-12-31 (filed 2026-10-16T07:38:48.117Z); FY2022: growth capex 0; upkeep 4200000; owner earnings 542800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2023-12-31 (filed 2026-10-16T07:38:48.117Z); FY2023: growth capex 0; upkeep 5500000; owner earnings 155400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2024-12-31 (filed 2026-10-16T07:38:48.117Z); FY2024: growth capex 0; upkeep 2300000; owner earnings 162940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MANTA.HE.json#2025-12-31 (filed 2026-10-16T07:38:48.117Z); FY2025: growth capex 0; upkeep 3100000; owner earnings 153800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:48.117Z); Dividend observations: [[2020,0],[2021,200000000],[2022,150000000],[2023,150000000],[2024,165600000],[2025,331800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MANTA.HE SharesStats.PercentInsiders = 2.239 percentage points; cache date 2026-10-16.

### What the price says

The price is 6.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:48.117Z); Closing price 5.99 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 0.90133862651255; price multiple 6.645671031736923. FY2025 cash earnings/share 0.30594985821591303. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2023-10: EUR 3.65 per share

- 2023-11: EUR 3.93 per share

- 2023-12: EUR 4.07 per share

- 2024-01: EUR 4.20 per share

- 2024-02: EUR 4.06 per share

- 2024-03: EUR 4.14 per share

- 2024-04: EUR 4.35 per share

- 2024-05: EUR 4.13 per share

- 2024-06: EUR 4.18 per share

- 2024-07: EUR 4.28 per share

- 2024-08: EUR 4.28 per share

- 2024-09: EUR 4.45 per share

- 2024-10: EUR 4.24 per share

- 2024-11: EUR 4.26 per share

- 2024-12: EUR 4.48 per share

- 2025-01: EUR 4.76 per share

- 2025-02: EUR 5.46 per share

- 2025-03: EUR 5.59 per share

- 2025-04: EUR 6.21 per share

- 2025-05: EUR 5.17 per share

- 2025-06: EUR 5.54 per share

- 2025-07: EUR 5.96 per share

- 2025-08: EUR 5.87 per share

- 2025-09: EUR 5.71 per share

- 2025-10: EUR 6.22 per share

- 2025-11: EUR 6.48 per share

- 2025-12: EUR 6.88 per share

- 2026-01: EUR 6.88 per share

- 2026-02: EUR 6.83 per share

- 2026-03: EUR 6.88 per share

- 2026-04: EUR 6.81 per share

- 2026-05: EUR 5.70 per share

- 2026-06: EUR 5.49 per share

- 2026-07: EUR 5.95 per share

- 2026-08: EUR 6.35 per share

- 2026-09: EUR 6.07 per share

- 2026-10: EUR 6.03 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations