This article originally appeared on The DIV-Net October 13, 2008. Linked here is a PDF copy of my detailed analysis of Manulife Financial Corp (MFC) (alt.1, alt.2). Below are some highlights from the above linked analysis: Company Description: Manulife Financial Corporation is a life insurance company with customers in the United States, Canada and Asia. It is the holding company of The Manufacturers Life Insurance Company and John Hancock Financial Services. Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description: Avg. High Yield Price 20-Year DCF Price Avg. P/E Price Graham Number MFC is trading at a discount to 1.), 2.) and 3.) above. If I exclude the high and low valuations and average the remaining two, MFC is trading at a 21.0% discount. MFC earned a Star in this section since it is trading at a fair value. Dividend Analytical Data: In this section I consider five factors, see page 2 of the linked PDF for a detailed description: Rolling 4-yr Div. > 15% Dividend Growth Rate Years of Div. Growth 1-Yr. > 5-Yr Growth Payout 15% of avg. MFC earned two Stars in this section for 1.) and 2.) above. Rolling 4-yr Div.
