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Manx Financial Group
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== Valuation: Undemanding multiples == There are currently no consensus forecasts for MFG. However, MFG is currently trading at an FY20 P/BV of 0.49x, which is 32% below the selection of peers in Exhibit 8 despite MFGβs last reported full fiscal year (FY20) ROE being above their average. We note that MFG usually delivers ROEs that are above its COE (we would estimate this at 10β11%). We think that if this type of profitability continues after the end of the pandemic, the bank would likely deserve to be at a premium to its book value and not such a large discount, despite its relatively small market capitalisation. [[Category:Thesis]] [[Category:Equities]] __INDEX__
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