<ul>
<li>想知道在经历大幅上涨后，宏利金融是否仍然是一个明智的投资选择，或者大部分上涨空间是否已经被市场定价？让我们来看看市场在当前股价中可能忽视了什么。</li>
<li>该股票在过去一年上涨了 17.9%，年初至今上涨了 11.7%，三年内累计增长了 133.9%，五年内增长了 178.8%。目前股价约为加元 49.10，已经不再是市场的隐形股。</li>
<li>最近的头条新闻集中在宏利金融加强对高利润业务的关注，并继续通过分红和回购向股东返还资本。同时，投资者对利率预期的变化和保险领域的监管动态作出了反应，这些因素可能迅速改变市场对其未来现金流的估值。</li>
<li>根据 Simply Wall St 的估值检查，宏利金融的估值得分为 3/6，表明一些指标仍然显示出低估，而其他指标则看起来更为合理。接下来，我们将分析不同的估值方法对该股票的看法，随后我们将探讨一种更深入的方式来理解其真实价值，超越通常的模型。</li>
</ul>
<p>了解为什么宏利金融在过去一年 17.9% 的回报落后于同行。</p>
<h3>方法一：宏利金融超额回报分析</h3>
<p>超额回报模型考察宏利金融如何高效地将股东资本转化为利润，然后根据其能够持续获得超过股本成本的回报的时间来对公司进行估值。</p>
<p>对于宏利金融，起始点是每股加元 28.96 的账面价值和每股加元 4.70 的稳定每股收益，基于 8 位分析师的加权未来股本回报率估计。平均股本回报率为 16.49%，而股本成本为每股加元 1.74，公司每股产生的超额回报为加元 2.96，表明其创造的价值超过了资金成本。</p>
<p>该模型还使用每股加元 28.50 的稳定账面价值，该值来自 6 位分析师的未来账面价值估计，以预测这些创造价值的回报如何随时间复合。综合这些输入，得出的内在价值估计约为每股加元 116.32。</p>
<p>与当前股价接近加元 49.10 相比，这意味着根据超额回报框架，宏利金融的估值约为 57.8% 的低估。这表明市场仍在低估其长期盈利能力。</p>
<p><strong>结果：低估</strong></p>
<p>我们的超额回报分析表明宏利金融被低估了 57.8%。将其添加到您的观察列表或投资组合中，或发现 914 只基于现金流的更多低估股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/dcf"/></p>
<p>截至 2025 年 12 月的 MFC 折现现金流</p>
<p>前往我们公司报告的估值部分，了解我们如何得出宏利金融的公允价值的更多细节。</p>
<h3>方法二：宏利金融市盈率分析</h3>
<p>对于像宏利金融这样盈利且成熟的企业，市盈率（PE）是衡量投资者是否为每一美元的收益支付合理价格的有用方式。一般而言，具有更强增长前景和较低风险的公司可以合理化更高的市盈率，而增长缓慢或风险较大的公司则往往以较低的倍数交易。</p>
<p>宏利金融目前的市盈率约为 15.3 倍。这略高于更广泛的保险行业平均水平约为 11.8 倍，并大致与其同行组的平均水平 15.1 倍相符。从表面上看，这表明该股票的定价与可比保险公司相似，而不是明显的折扣或溢价。</p>
<p>Simply Wall St 为宏利金融提供的专有公允比率为 16.0 倍。该指标估计了公司应以其特定的收益增长、盈利能力、风险特征、行业特征和市值组合进行交易的市盈率。由于它是针对公司量身定制的，而不仅仅是与广泛的行业或同行平均水平进行比较，因此为估值提供了更细致的基准。当前市盈率 15.3 倍略低于 16.0 倍的公允比率，表明宏利金融在这一指标上略显低估。</p>
<p><strong>结果：低估</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月的 TSX:MFC 市盈率</p>
<p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1454 家公司，内部人士正在大举押注于爆炸性增长。</p>
<h3>提升您的决策能力：选择您的宏利金融叙述</h3>
<p>我们之前提到过，还有一种更好的方式来理解估值。让我们介绍 Narratives，这是 Simply Wall St 社区页面上的一个简单工具，可以让您将对宏利金融的看法转化为一个有数字支持的故事。它将您对其亚洲扩张、数字执行和风险特征的看法与收入、收益和利润率的具体预测联系起来。然后，这将产生一个公允价值，您可以将其与当前股价进行比较，以帮助您的决策。Narratives 会随着新消息或收益的到来而动态更新。不同的投资者可以在同一简单、可访问的框架内表达非常不同的观点，从更乐观的看法（认为宏利金融的价值约为每股加元 51.94，基于强劲的长期增长）到更谨慎的立场（接近每股加元 39.00，关注监管、信用和遗留业务风险）。</p>
<p>您认为宏利金融的故事还有更多内容吗？前往我们的社区，看看其他人怎么说！</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/quote-price?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/quote-price"/></p>
<p>TSX:MFC 1 年股票价格走势图</p>
<p>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们提供的评论基于历史数据和分析师预测，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</p>
<p>国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

宏利金融-S

宏利金融

<p>宏利金融的股票在过去几年中大幅上涨，引发了对其当前估值的质疑。尽管过去一年回报率为 17.9%，但根据超额收益模型，其被认为低估了 57.8%，每股内在价值为 116.32 加元。市盈率分析也显示出轻微的低估。投资者在评估其潜力时，建议考虑其长期盈利能力和市场状况，包括利率预期和监管变化</p>

<ul>
<li>Wondering if Manulife Financial is still a smart buy after its big run, or if most of the upside is already priced in? Let us walk through what the market might be missing in the current share price.</li>
<li>The stock has climbed 17.9% over the last year and is up 11.7% year to date, adding to an impressive 133.9% gain over three years and 178.8% over five years. At around CA$49.10, it is no longer flying under the radar.</li>
<li>Recent headlines have focused on Manulife sharpening its focus on higher margin businesses and continuing to return capital to shareholders through dividends and buybacks. At the same time, investors have been reacting to shifts in interest rate expectations and regulatory developments in the insurance space, which can quickly change how the market values its future cash flows.</li>
<li>On Simply Wall St's valuation checks, Manulife scores a 3/6 valuation score, suggesting some metrics still point to undervaluation while others look more fully priced. Next, we will break down what different valuation approaches say about the stock, and later, we will explore an even more insightful way to think about its true value beyond the usual models.</li>
</ul>
<div class="lb-trans"><ul>
<li>想知道在经历大幅上涨后，宏利金融是否仍然是一个明智的投资选择，或者大部分上涨空间是否已经被市场定价？让我们来看看市场在当前股价中可能忽视了什么。</li>
<li>该股票在过去一年上涨了 17.9%，年初至今上涨了 11.7%，三年内累计增长了 133.9%，五年内增长了 178.8%。目前股价约为加元 49.10，已经不再是市场的隐形股。</li>
<li>最近的头条新闻集中在宏利金融加强对高利润业务的关注，并继续通过分红和回购向股东返还资本。同时，投资者对利率预期的变化和保险领域的监管动态作出了反应，这些因素可能迅速改变市场对其未来现金流的估值。</li>
<li>根据 Simply Wall St 的估值检查，宏利金融的估值得分为 3/6，表明一些指标仍然显示出低估，而其他指标则看起来更为合理。接下来，我们将分析不同的估值方法对该股票的看法，随后我们将探讨一种更深入的方式来理解其真实价值，超越通常的模型。</li>
</ul>
</div><p>Find out why Manulife Financial's 17.9% return over the last year is lagging behind its peers.</p>
<div class="lb-trans"><p>了解为什么宏利金融在过去一年 17.9% 的回报落后于同行。</p>
</div><h3>Approach 1: Manulife Financial Excess Returns Analysis</h3>
<div class="lb-trans"><h3>方法一：宏利金融超额回报分析</h3>
</div><p>The Excess Returns model looks at how efficiently Manulife turns shareholder capital into profits, and then values the company based on how long it can keep earning returns above its cost of equity.</p>
<div class="lb-trans"><p>超额回报模型考察宏利金融如何高效地将股东资本转化为利润，然后根据其能够持续获得超过股本成本的回报的时间来对公司进行估值。</p>
</div><p>For Manulife, the starting point is a Book Value of CA$28.96 per share and a Stable EPS of CA$4.70 per share, based on weighted future Return on Equity estimates from 8 analysts. With an Average Return on Equity of 16.49% versus a Cost of Equity of CA$1.74 per share, the company is generating an Excess Return of CA$2.96 per share, indicating it is creating value over and above its funding cost.</p>
<div class="lb-trans"><p>对于宏利金融，起始点是每股加元 28.96 的账面价值和每股加元 4.70 的稳定每股收益，基于 8 位分析师的加权未来股本回报率估计。平均股本回报率为 16.49%，而股本成本为每股加元 1.74，公司每股产生的超额回报为加元 2.96，表明其创造的价值超过了资金成本。</p>
</div><p>The model also uses a Stable Book Value of CA$28.50 per share, derived from future book value estimates from 6 analysts, to project how these value creating returns compound over time. Together, these inputs drive an intrinsic value estimate of roughly CA$116.32 per share.</p>
<div class="lb-trans"><p>该模型还使用每股加元 28.50 的稳定账面价值，该值来自 6 位分析师的未来账面价值估计，以预测这些创造价值的回报如何随时间复合。综合这些输入，得出的内在价值估计约为每股加元 116.32。</p>
</div><p>Against a current share price near CA$49.10, this implies Manulife is about 57.8% undervalued according to the Excess Returns framework. This suggests the market is still discounting its long term profitability.</p>
<div class="lb-trans"><p>与当前股价接近加元 49.10 相比，这意味着根据超额回报框架，宏利金融的估值约为 57.8% 的低估。这表明市场仍在低估其长期盈利能力。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：低估</strong></p>
</div><p>Our Excess Returns analysis suggests Manulife Financial is undervalued by 57.8%. Track this in your watchlist or portfolio, or discover 914 more undervalued stocks based on cash flows.</p>
<div class="lb-trans"><p>我们的超额回报分析表明宏利金融被低估了 57.8%。将其添加到您的观察列表或投资组合中，或发现 914 只基于现金流的更多低估股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/dcf" alt="" original-src="https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/dcf"/></p>
<p>MFC Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 MFC 折现现金流</p>
</div><p>Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Manulife Financial.</p>
<div class="lb-trans"><p>前往我们公司报告的估值部分，了解我们如何得出宏利金融的公允价值的更多细节。</p>
</div><h3>Approach 2: Manulife Financial Price vs Earnings</h3>
<div class="lb-trans"><h3>方法二：宏利金融市盈率分析</h3>
</div><p>For a profitable, mature business like Manulife Financial, the Price to Earnings (PE) ratio is a useful way to gauge whether investors are paying a reasonable price for each dollar of earnings. In general, companies with stronger growth prospects and lower perceived risk can justify a higher PE, while slower-growing or riskier firms tend to trade on lower multiples.</p>
<div class="lb-trans"><p>对于像宏利金融这样盈利且成熟的企业，市盈率（PE）是衡量投资者是否为每一美元的收益支付合理价格的有用方式。一般而言，具有更强增长前景和较低风险的公司可以合理化更高的市盈率，而增长缓慢或风险较大的公司则往往以较低的倍数交易。</p>
</div><p>Manulife currently trades on a PE of about 15.3x. That is slightly above the broader Insurance industry average of around 11.8x, and broadly in line with its peer group, which averages roughly 15.1x. On the surface, this suggests the stock is priced similarly to comparable insurers rather than at a clear discount or premium.</p>
<div class="lb-trans"><p>宏利金融目前的市盈率约为 15.3 倍。这略高于更广泛的保险行业平均水平约为 11.8 倍，并大致与其同行组的平均水平 15.1 倍相符。从表面上看，这表明该股票的定价与可比保险公司相似，而不是明显的折扣或溢价。</p>
</div><p>Simply Wall St's proprietary Fair Ratio for Manulife is 16.0x. This metric estimates the PE the company should trade on given its specific combination of earnings growth, profitability, risk profile, industry characteristics and market cap. Because it is tailored to the company rather than just comparing it to broad industry or peer averages, it provides a more nuanced anchor for valuation. With the current PE of 15.3x modestly below the 16.0x Fair Ratio, Manulife appears slightly undervalued on this measure.</p>
<div class="lb-trans"><p>Simply Wall St 为宏利金融提供的专有公允比率为 16.0 倍。该指标估计了公司应以其特定的收益增长、盈利能力、风险特征、行业特征和市值组合进行交易的市盈率。由于它是针对公司量身定制的，而不仅仅是与广泛的行业或同行平均水平进行比较，因此为估值提供了更细致的基准。当前市盈率 15.3 倍略低于 16.0 倍的公允比率，表明宏利金融在这一指标上略显低估。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：低估</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/pe-multiple-vs-industry"/></p>
<p>TSX:MFC PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 TSX:MFC 市盈率</p>
</div><p>PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1454 companies where insiders are betting big on explosive growth.</p>
<div class="lb-trans"><p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1454 家公司，内部人士正在大举押注于爆炸性增长。</p>
</div><h3>Upgrade Your Decision Making: Choose your Manulife Financial Narrative</h3>
<div class="lb-trans"><h3>提升您的决策能力：选择您的宏利金融叙述</h3>
</div><p>Earlier we mentioned that there is an even better way to understand valuation. Let us introduce Narratives, an easy tool on Simply Wall St's Community page that lets you turn your view of Manulife Financial into a story backed by numbers. It links what you believe about its Asia expansion, digital execution and risk profile to a concrete forecast for revenue, earnings and margins. This then produces a Fair Value you can compare to the current share price to inform your decision. Narratives are updated dynamically as new news or earnings arrive. Different investors can express very different perspectives, from a more bullish view that Manulife is worth around CA$51.94 per share based on strong long term growth, to a more cautious stance closer to CA$39.00 that focuses on regulatory, credit and legacy business risks, all within the same simple, accessible framework.</p>
<div class="lb-trans"><p>我们之前提到过，还有一种更好的方式来理解估值。让我们介绍 Narratives，这是 Simply Wall St 社区页面上的一个简单工具，可以让您将对宏利金融的看法转化为一个有数字支持的故事。它将您对其亚洲扩张、数字执行和风险特征的看法与收入、收益和利润率的具体预测联系起来。然后，这将产生一个公允价值，您可以将其与当前股价进行比较，以帮助您的决策。Narratives 会随着新消息或收益的到来而动态更新。不同的投资者可以在同一简单、可访问的框架内表达非常不同的观点，从更乐观的看法（认为宏利金融的价值约为每股加元 51.94，基于强劲的长期增长）到更谨慎的立场（接近每股加元 39.00，关注监管、信用和遗留业务风险）。</p>
</div><p>Do you think there's more to the story for Manulife Financial? Head over to our Community to see what others are saying!</p>
<div class="lb-trans"><p>您认为宏利金融的故事还有更多内容吗？前往我们的社区，看看其他人怎么说！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/quote-price" alt="" original-src="https://images.simplywall.st/company/ee0a8723-90a5-4f9d-a35b-2bf638a8695c/chart/quote-price"/></p>
<p>TSX:MFC 1-Year Stock Price Chart</p>
<div class="lb-trans"><p>TSX:MFC 1 年股票价格走势图</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们提供的评论基于历史数据和分析师预测，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

在宏利金融经历多年强劲股价上涨后，现在考虑是否为时已晚？