Thanks!
MFC is now trading at 7.3x times the forward P/E. In the 3Q, MFC’s core EPS grew 35% to $0.92, beating estimates of $0.81. Core ROE is also quite healthy around 16.8%. The adjusted book value per share grew 4% to $30.67. The balance sheet is healthy, with long-term debt of $13B and long-term debt/equity stands at 0.21x. Overall, a solid quarter for MFC MFC has also ramped up share buybacks in recent quarters, which we like. One of the reasons we like SLF over MFC is due to its track record. SLF is more conservative in the way they run their business. For example, SLF did not have to cut its dividend in the financial crisis of 2008, while MFC did. It has, simply, proven more reliable over the past two decades. It is a bit more expensive, but we think the premium is justified.