Manulife Financial Corp (MFC) is overvalued and Prudential plc ADR (PUK) is undervalued.
Against our estimates of intrinsic value, PUK trades at the wider discount: a margin of safety of +35%, against -30% for MFC.
Values as of the 22 Sept 2026 close.
Book value at 1.57x, the multiple a 13.0% return on equity justifies, blended with earnings, values the shares at $33.92; the price of $44.17 is 30% above that value.
Leak Score 43/100 on 3 of 12 signals
Book value at 2.50x, the multiple a 19.2% return on equity justifies, blended with earnings, values the shares at $39.78; the price of $25.85 is 35% below that value.
Leak Score 100/100 on 3 of 12 signals
| Metric | MFC | PUK |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $44.17 | $25.85 |
| Intrinsic value | $33.92 | $39.78 |
| Margin of safety | -30% | +35% |
| Leak Score | 43/100 (3/12) | 100/100 (3/12) |
| Market cap | $73.3B | $31.9B |
| Revenue growth, 5 years | -5.5% | -5.3% |
| Operating margin | 15.2% | 9.3% |
| Net margin | 9.5% | 12.1% |
| Return on equity | 13.0% | 19.2% |
| Debt to equity | 0.27 | 0.30 |
| P/E | 16.5x | 9.1x |
| Forward P/E | 12.2x | 9.1x |
| P/B | 2.3x | 1.6x |
| Dividend yield | 3.1% | 2.4% |