# Manchester & London Investment Trust Plc (MNL.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 990p, market value 376 millionp.

## Valuation
- **P/E (trailing): 5.3×** (5-yr avg 559.1×, 3-yr avg 410.4×). Manchester & London Investment Trust Plc trades at 5.3× trailing earnings, well below its own five-year average of 559.1×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 2.1×**. Each dollar of revenue is priced at 2.1×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 2.1×**. Enterprise value is 2.1× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -0.8%** (5-yr avg -0.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 18.8%**. The inverse of the P/E: 18.8% of the price is earned each year.

## Profitability
- **Gross margin: 98.4%**. Manchester & London Investment Trust Plc keeps 98.4% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 96.7%**. 96.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 94.2%**. 94.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 24.5%**. 24.5% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 42.8%**. Return on all capital, debt included, is 42.8%: comfortably above what that capital costs.
- **Return on assets: 38.5%**. Each dollar of assets produces 38.5% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -14.8%** (5-yr 34.0%/yr). Revenue fell 14.8% over the last year, against 34.0% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -15.0%** (5-yr 27.8%/yr). Earnings per share fell 15.0%, roughly in step with revenue.

## Financial health
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: 17 millionp**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. Manchester & London Investment Trust Plc does not currently pay a dividend, but it returned 4.0% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 17.0%** (YTD 27.7%, 3-mo -9.7%). The shares are up 17.0% over twelve months including dividends.
- **From 52-week high: -18.9%** (39.5% above the low). Trading 19% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 54**. An RSI of 54 is neutral.
- **Beta (1 yr): 0.80** (volatility 39%). Beta of 0.80 against the FTSE All-Share: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MNL.L · Page: https://foliofundamentals.com/stocks/mnl.l

Not investment advice.