No Change in 2027E & Target Price Despite 3% Miss as Fundamentals Remain Strong

研报英文原文证据摘录

No Change in 2027E & Target Price Despite 3% Miss as Fundamentals Remain Strong

May 14, 2026 | 18:13 ET~

Manulife Financial

MFC-TSX Rating Price: May-14 Target Total Rtn Canadian Insurance

MFC-NYSE Outperform $51.50 $57.00 14%

Tom MacKinnon, FSA, FCIA Analyst

Tom.MacKinnon@bmo.com (416) 359-4629

Cristian Cugini, CPA Associate

No Change in 2027E & Target Price Despite 3% Miss cristian.cugini@bmo.com (416) 263-2717

Legal Entity: BMO Nesbitt Burns Inc.as Fundamentals Remain Strong

2YR Price Volume Chart

Bottom Line: 60

Maintain Outperform on strong fundamentals (better sales/new business CSM growth/ 55

insurance experience gains) and attractive 11.4x NTM core EPS valuation, post a Q1/26 50

Core EPS miss ($1.06 versus our/consensus $1.09/$1.10 attributable to lower U.S. 45 30

investment spreads, in part due to lower ALDA backing this portfolio). While largely in- 40 20

line ex one-offs ($0.01 EPS one-time additional transitory eMPF expenses and $0.02 in 35 10

out-sized Canada LTD claims, both not indicative of a trend), our 2% go-forward core 30 Nov May Nov May 0

EPS reduction for rest of 2026E reflects return path to Canada LTD normalization, with LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

2027E/target price unchanged. Company Data in C$

Dividend $1.94 Shares O/S (mm) 1,676.7

Key Points

Yield 3.8% Market Cap (mm) $86,352

Core EPS $1.06 versus our/consensus $1.09/$1.10. Miss versus us on $0.03 EPS P/BV 2.0x Book Value $26.30

weaker U.S. core net investment result on lower investment spreads (combination BMO Estimates in C$

of lower yield pick-up from less ALDA backing this portfolio but also reflective of (FY-Dec.) 2024A 2025A 2026E 2027E

historically tight investment spreads – net net somewhat sustainable), $0.01 EPS in

Core EPS $3.88 $4.21 $4.40↓ $5.02