Financial Analysis of Man Group Plc: CAPM, WACC, Dividend Policy

This report presents a financial analysis of Man Group Plc, focusing on key financial aspects such as the Capital Asset Pricing Model (CAPM) for determining the required rate of return and the Weighted Average Cost of Capital (WACC). The analysis reveals the company's financial leverage and its impact on the cost of capital. The report also examines Man Group's dividend policy, including its profit-based approach and its hybrid dividend strategy, and discusses factors influencing dividend distribution decisions. Furthermore, the report explores various valuation models, with a particular emphasis on the dividend valuation model to assess the future share price of the company. The analysis incorporates financial data, including net income, dividend payments, and share price fluctuations, to provide a comprehensive overview of Man Group's financial performance and strategic decisions. The report also discusses the impact of inflation and growth rates on shareholder returns.

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Financial analysis of Man Group Plc 1
Table of Contents
Answer to questions no-1................................................................................................................2
Capital assets pricing model........................................................................................................2
1 Answer to question no-2..........................................................................................................5
1.1 Dividend policy of the Man Group plc.............................................................................5
1.2 Valuation Models..............................................................................................................8
1.3 Dividend valuation model.................................................................................................8
2 Answer to question-3.............................................................................................................10
Fisher-Hirshleifer model............................................................................................................10
3 Conclusion.............................................................................................................................11
4 References..............................................................................................................................12
5 Appendix................................................................................................................................14
Income statement...........................................................................................................................16
5.1 Cash flow statement........................................................................................................17

Financial analysis of Man Group Plc 2
Answer to questions no-1
Capital assets pricing model
Capital assets pricing model is used to estimate the company's cost of equity, weighted
average cost of capital and its share price After analysing the annual report of company it is
revealed that the capital assets pricing model is the model used to determine the value of the
assets and required rate of return before investing in the particular project. This method assists
Man Group Plc Adr (Mngpy) to determine whether the earned profit should be plugged back into
the business or distributed to shareholders (Prasad, et al, (2015).
In order to compute the required rate of return through the CAPM, firstly beta of
company needs to be computed.
The computed beta of company is taken from the online sites.
The beta value of the company is 1.354 (Financial times, 2017).
After that by using the CAMP method, required rate of return of company will be
computed.
Computation of the required rate of return
CAPM= RF+ (Rm-RF)*B
An RF= Risk-free rate of return
RM= Market Risk
B= Beta of company
Computation of required rate of return
Calculation of Required rate of return

Financial analysis of Man Group Plc 3
Risk free rate (A) 2.0%
Beta (B) 1.3549
Market Risk rate(C) 12%
Required rate of return [A+(B*C)] 15.55%
Source: https://www.bloomberg.com/markets/rates-bonds/government-bonds/uk
It is observed that this required rate of return is the amount of cost of capital which is
required to be paid by the company to its shareholders. However, this rate is also used by the
company to set the present value of the future inflow and outflow from the business. This rate of
return plays the pivotal role in determining the dividend policy in the company. For instance, if
the company uses dividend discount model or Gordon model then it could use required rate of
return to compute the future share price and dividend growth rate of the company. This model
has reflected that if the company want to manage the cost and financial risk of its business then it
will first have to set up equilibrium point between the cost of capital and financial risk of the
business. The Man group company has high financial leverage and with the high decrease in its
total revenue, it may destruct the sustainability of the company and may result in the destruction
of its business at large (Sanlorenzo, et al. 2015).
Weighted average cost of capital
The Weighted average cost of capital is the rate that company expected to pay on average
to all its security holders to finance its assets. This WACC is highly influenced by the financial
leverage and cost of capital of the company. It is evaluated that company has more than 53% of
equity capital and 46% debt capital in its financial structure. It reflects that company has higher
financial leverage in its business. Ideally, the financial leverage of company should be low
otherwise at the time of sluggish market condition; it will destruct the business value of the
company. However, the cost of debt of the company is already way too low. Man group has used
this debt portion to keep its cost of capital low. At the same time, use of this debt portion will
also increase the financial risk of the organization. This weighted average cost of capital will
assist the company to identify the areas which could be improved to lower down its cost of
capital. However, the company has high financial leverage and due to the increased financial

Financial analysis of Man Group Plc 4
risk, company needs make payment of its debts otherwise it may destruct the business in the long
run in case of loss of its business. It has shown that company has been bearing high financial
leverage due to increase debt portion in its capital structure. Man group first needs to reduce this
debt portion by decreasing the debt portion from its capital structure. However, it will increase
the overall cost of capital of company but also reduce the financial leverage of the company
Treanor, et al. (2014),
The computation of the weighted average cost of capital has been given as below.
WACC
Capital
Amount
Cost of
capital
% of
portion WACC
Equity 20285 15.55%
0.53783540
1 8.36%
Debt 17431 0.04%
0.46216459
9 0.02%
Total capital 37716 WACC 8.38%

Financial analysis of Man Group Plc 5
1 Answer to question no-2
There are several factors which may affect the dividend policy and adoption of the same
by the listed companies. It is very difficult to lay down an optimum dividend policy which would
maximize the long-run wealth of the shareholders resulted in increment and decrement of the
firm's value. In this case, Man group Company has been taken which followed profit based
dividend policy to distribute the return of the company to its shareholders.
The dividend policy is an important component of the corporate financial management
policy. It could be defined as the amount of profit or return earned by company distributed to
shareholders on their shareholding proportioned basis. For a long-term, the subject of dividend
policy has captivated the interest of many investors and researchers (Zhu, 2014). It is evaluated
that the dividend policy of the company is highly based on the profit earning capacity and the
future growth of the company. There are several factors which have been affecting the dividend
distribution decision of company such as nature of the business, the profitability of the company,
future growth, market share price and return on capital employed by the company and the
inflation rate the Inflation rate of UK is 2.7%. It is observed that the growth rate of the company
is 3% which is higher than the inflation rate. Inflation is generally defined as increase price of
goods and services over certain period. It divulges that if shareholders invest their capital in JB
Hi-Fi Company then it will increase the value of their capital investment and save them from the
time value present factors risk. Company should have higher growth rate as compared to
inflation rate if it wants to offer high return on capital value to its shareholder. As per the point of
views of the general investors, dividend serves an important indicator of the strength and future
perspective of the business (Brigham and Ehrhardt, (2013), if company reduce its dividend
offered rate then it has been decreasing its earning capabilities and vice-versa. Ideally, the big
organization such as GE capital, Wesfarmers, JB Hi-Fi Company are following stable dividend
policy to maintain an effective brand image in the mind of investors irrespective of their earning
capacity. However, in case of loss of its business, it keeps its dividend payout zero. Nonetheless,
extensive level of literature reviews and research papers have been formulated on determining
the optimum level of dividend policy for an organization but nothing such qualitative

Financial analysis of Man Group Plc 6
information has been collected which could be used to evaluate the best dividend policy of
company (Man Group, 2017).
1.1 Dividend policy of the Man Group plc
There are several factors which may influence the dividend policy and dividend payout
decisions such as cost of the equity, debt interest rate, inflation rate of market, growth available
in business, shareholders return, capital employed by company and financial leverage of
company. The share price fluctuation is based on the earning and market situation of the
company. However, the share price of the company has increased by 20% since last five years
(Duchin, and Sosyura, (2014)
Man group Company has followed profit based dividend policy. It is evaluated that the
net income of the company has increased from USD 72 million to 255 million in 2017. On the
other hand, it has decreased the dividend payment due to the sluggish market condition (Man
Group, 2017).
MAN GROUP PLC ADR (MNGPY)
Fiscal year ends in December. USD in millions
except per share data.
2013-
12
2014
-12
2015-
12
2016-
12
2017-
12
TT
M
Net income 72 365 171 -266 255 255
Dividend payment -277 -163 -193 -158 -158
-
158
Man Group Company has followed hybrid dividend policy. It is analyzed that the
company is offering the way too high dividend to its shareholders in the market. This strategy is
highly useful to attract investors for raising capital in the market (Ehrhardt, and Brigham, (2016)

Financial analysis of Man Group Plc 7
However, in 2016 and 2015 company followed dividend policy and kept its dividend payment
stable. It reflects that company has been following stable divided policy since last three year. On
the contrary to that, the company has been increasing its profit throughout the time.
There is below share price of Man group and LSE have been given.
Date Average return-Man Group Average Return LSE
Average
Return
01-03-2017 null
01-01-1900 215.9657
217.965
7
01-05-2017 234.2261 8.5%
240.226
1 10.2%
01-06-2017 227.9371 -2.7%
237.937
1 -1.0%
01-07-2017 242.2759 6.3%
245.275
9 3.1%
01-08-2017 247.5898 2.2%
255.261
7 4.1%
01-09-2017 238.2291 -3.8%
263.225
8 3.1%
01-10-2017 260.2789 9.3%
271.190
0 3.0%
01-11-2017 274.1159 5.3%
279.154
2 2.9%
01-12-2017 253.3654 -7.6%
245.275
9 -12.1%
01-01-2018 246.2391 -2.8%
255.261
7 4.1%
01-02-2018 244.6804 -0.6%
263.225
8 3.1%
01-03-2018 240.7291 -1.6%
245.275
9 -6.8%
23-03-2018 242.4800 0.7%
255.261
7 4.1%
The main important point is related to the fact that in spite of having lost in its business,
company consistently offered dividend to its shareholders. This reflects that company is more
inclined towards attracting the shareholders and keep them attracted toward its business (Garrett,
Hoitash, and Prawitt, (2014) It is analyzed that if the company is having high growth in its
business then it should instead of offering its dividend amount to its shareholders, put more
efforts to plug back its profit in its business. It will not only help the organization to provide

Financial analysis of Man Group Plc 8
capital for the business growth but also establish the proper linkage between organization
development and economic growth. After evaluating the annual report of Man group Company,
it is analyzed that company has been following hybrid dividend policy to distribute its dividend
to its shareholders. This policy reveals that company keeps its dividend payment stable in some
years and at the point of time it follows residual dividend policy. This strategy is highly
attractive towards investors. It is used by the company to maintain an effective brand image to
attract more investors. The cash flow statement of Man group Company has shown that company
has increased its dividend payout amount with the increase in its profitability. Nonetheless, in
several years, the company has increased its retained earning with a view to plug back its profit
for the future growth of the company. Company is having high profitability and will give offer
high dividend to its shareholders.
1.2 Valuation Models
There are several valuation models. However, these models could be used by company to
value the shares of Man Group Plc. There are several valuation models such as dividend
valuation model, free cash flow to equity model, price earnings ratio model and value ratio
model. This valuation model reflects that company has issued good amount of dividend to its
shareholders. However, there are several valuation modes which could be used by the company
to assess the value of its company. Nonetheless, the dividend valuation model is the most
suitable method to analyse the future value of the company.
1.3 Dividend valuation model
The market share, profit, dividend, share price index, and current inflation rate have been
used to determine the future share price of the company by using dividend growth model. This
model is used to identify the true value of the company based on the stock price and sum of all
the future dividend payments. This model is used to evaluate the net present value of the future
dividend available to shareholders (Kundakchyan, and Zulfakarova, 2014).
Future value of stock =

Financial analysis of Man Group Plc 9
VS = Stock Value
D0
= Dividend at time
0 (most recent)
G = Growth rate
Computation of the future value of stock
DO 0.49
G 3%
RF 15.52%
Future value of stock 4.029862664
(Yahoo finance, 2017).
With the help of dividend discount model, the future stock price of the Man group of the
company would be USD $ 4.02. It is evaluated that Man group Company has overvalued its
shares in the market as compared to its book value. As per the point of view of the investors, it
will give less return to investors on their investment. Nonetheless, with the increasing
profitability of the Man group company, investors would be having more value creation on their
investment (Laeven, and Valencia, (2013).
After analyzing the given model, it is inferred that share price of company is
undervalued; the required rate of return of company is 15.22%. The dividend growth model is
used to identify the future value of inflow in the business. The share price of company has been
determined as $4 which is way too lower than its market value. The weighted average cost of
capital is computed on the basis of capital assets pricing model.
The dividend policy, payment, and managerial decision play the pivotal role in the
success of organization influence the value of the firm in determined approach. In this ramified
economic, investors are more inclined towards investing their capital in those companies which

Financial analysis of Man Group Plc 10
are offering the high dividend to shareholders. However, long-term shareholders are more
inclined towards the long-term value creation of the company.
In simple words, dividend policy could be described as the set of guidelines which
company uses to decide how much of its earning and amount of profit it will pay out to its
shareholders. However, some of the researchers are of the view that investors are not concerned
with the dividend policy of company since they could sell a portion of their portfolio of equities
if they want to earn money.
The Man Group Plc Adr (Mngpy) has been paying the dividend since last five years.
However, there is no such detail which could be used to determine as the basis on which this
dividend payment was done. However, Capital assets pricing model could be used to analyze the
dividend policy and true value firm in the market.
2 Answer to question-3
Fisher-Hirshleifer model
Fisher-Hirshleifer model has been used to examine the firm's investment decision and role
of the capital market The Fisher-Hirshleifer model, stipulates that the goal of any firm is to
increase the future value of the company and increase the overall return on capital employed.
This Fisher-Hirshleifer model could be broken down into three key assentation such as firm’s
investment decisions are separate from the preference of firm’s owners. As per the Fisher-
Hirshleifer model, it is considered that consumption and investment decisions of an individual
are examined in the presence of frictionless of the capital market Vogel, (2014) in the simple
words, Fisher-Hirshleifer model revealed that total investment of the investors should be
equivalent to his saving. However, the interest rate should be more than saving interest rate when
investors want to invest his funds in the market. The Fisher-Hirshleifer model provides the
conceptual frameworks for the Net present value model. As per this model, the only way to
increase the value of its investment is to invest in the market so that it could compensate the time
value of money. In context with the dividend case, it is inferred that investors would be inclined
towards investing money only in those firms which offer the good amount of return to its

Financial analysis of Man Group Plc 11
investors. On the other part, if the company is having the good option to create value on its
investment then instead of distributing the dividend to shareholders, it would plug back its funds
in its business. The Fisher-Hirshleifer model clarifies all the possibilities and issues of the capital
market. It also helps investors to assume that the capital market is offering the good amount of
return and less fluctuated.
The investment decision of Man's Group is aggressive. It has been plugging back most of its
funds in its business to expand the business chains in the market. Nonetheless, the role of capital
market in the investment decision is very pivotal. The capital market is highly unstable and as
per the Fisher-Hirshleifer model if investment made in the capital market in the particular time
period then the yield output would be received only in the next period (Weygandt, Kimmel, and
Kieso, 2015). The investment decisions of the Man’s group is highly based on the present value,
discounting factors and return available in the capital market. It has invested most of its capital
market with a view to increasing the overall return on this investment. However, hedging process
has also been used as per the Fisher-Hirshleifer model with a view to mitigating the market
transactional risk factors. Fisher only focuses on the consumption of the value and investment. If
the company keeps its capital idol in it a business then it will destruct the value of the
investment. Nonetheless, the capital market offers the good amount of return. The company
needs to opt best option to save its capital from the capital market loss and risk arise from the
inflation rate.
After evaluating all the details and theory given by the Fisher-Hirshleifer model, it is clear that
Man group needs to keep its capital investment decision active. It needs to assess all the
available profits and competitor’s offering in the market.
3 Conclusion
The dividend policy of company should be based on the profit, inflation rate, interest rate and
external factors of the business. The Man group company has followed hybrid dividend policy to
offer the dividend to its shareholders. This dividend policy is used to attract the investors. The
Man group has used this dividend policy to attract more investors in the market. Now, in the end,
it could be inferred that Man group plc should lower down its dividend payment otherwise it
would have to face the high amount of loss in its business. The company should plug back its

Financial analysis of Man Group Plc 12
investment to expand its business instead of offering the dividend to its shareholders. It is
analyzed that for the long-term sustainability, Man Group Company should use this retained
earnings in its business. It is analyzed that retained earnings are the cheapest source of finance
available to the company. It will assist in increasing the overall return on capital employed in
determined approach.

Financial analysis of Man Group Plc 13
4 References
Brigham, E.F., and Ehrhardt, M.C., 2013. Financial management: Theory & practice. Cengage
Learning.
Duchin, R. and Sosyura, D., 2014. Safer ratios, riskier portfolios: Banks׳ response to government
aid. Journal of Financial Economics, 113(1), pp.1-28.
Ehrhardt, M .C. and Brigham, E.F., 2016. Corporate finance: A focused approach. Cengage
Learning.
Garrett, J., Hoitash, R. and Prawitt, D.F., 2014. Trust and financial reporting quality. Journal of
Accounting Research, 52(5), pp.1087-1125.
Gitman, L.J., Juchau, R. and Flanagan, J., 2015. Principles of managerial finance. Pearson
Higher Education AU.
Kundakchyan, R.M. and Zulfakarova, L.F., 2014. Current issues of optimal capital structure
based on forecasting financial performance of the company. Life Science Journal, 11(6s),
pp.368-371.
Laeven, L. and Valencia, F., 2013. The real effects of financial sector interventions during
crises. Journal of money, credit and Banking, 45(1), pp.147-177.
Laudon, K.C. and Traver, C.G., 2013. E-commerce. Pearson.
Man Group, 2017, annual report, Retrieved on 29th March, 2018 from
https://www.man.com/investor-relations
Prasad, E., Rogoff, K., Wei, S.J. and Kose, M.A., 2005. Effects of financial globalization on
developing countries: some empirical evidence. In India’s and China’s Recent Experience with
Reform and Growth (pp. 201-228). Palgrave Macmillan UK.

Financial analysis of Man Group Plc 14
Sanlorenzo, M., Wehner, M.R., Linos, E., Kornak, J., Kainz, W., Posch, C., Vujic, I., Johnston,
K., Gho, D., Monico, G. and McGrath, J.T., 2015. The risk of melanoma in airline pilots and
cabin crew: a meta-analysis. JAMA dermatology, 151(1), pp.51-58.
Treanor, S.D., Rogers, D.A., Carter, D.A. and Simkins, B.J., 2014. Exposure, hedging, and
value: New evidence from the US airline industry. International Review of Financial
Analysis, 34, pp.200-211.
Vogel, H.L., 2014. Entertainment industry economics: A guide for financial analysis. Cambridge
University Press.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & Managerial Accounting. John
Wiley & Sons.
Yahoo finance, 2017 retrieved on 29th March, 2018 from https://in.finance.yahoo.com/
Zhu, J., 2014. Quantitative models for performance evaluation and benchmarking: data
envelopment analysis with spreadsheets (Vol. 213). Springer
Financial times, 2017 retrieved on 1st April, 2018 from
https://markets.ft.com/data/equities/tearsheet/summary?s=EMG:LSE
Bloomberg, 2017 retrieved on 1st April, 2018 from
https://www.bloomberg.com/markets/rates-bonds/government-bonds/uk

Financial analysis of Man Group Plc 15
5 Appendix
Computation of financial data of MAN GROUP PLC ADR (MNGPY)
Details Man Group _financial data AUD $ in million)
2013-10 2014-10 2015-10
2016-
10 2017-10
Total revenue 1160 1150 1135 827 1068
Cost of
goods sold 58 0 0 0 0
Gross profit 1102 1150 1135 827 1068
Operating
profit 105 -13 -22 -21 -26
Net profit 72 0.2 0.1 -0.16 0.15
Interest 22 -16 -31 -30 -35
Inventory 0 0 0 0 0
Current
assets 992 36 69 47 48
Cash and
cash
equivalents 992 2359 2371 588 648
Receivables 0 3349 3388 2946 2977
Current
liabilities 423 1016 1119 3078 2529
Payables 278 515 617 1261 1105
Shares
outstadning 2886 3243 4714
1889
2 20285
Equity 2886 3243 4714
1889
2 20285
Total
liabilities 529 7248 5878
3107
4 34133
Total assets 3233 10491 10592
4996
6 54418
Market share
price 165 168 170 173 174
Description Formula Man Group
2013-10 2014-10 2015-10
2016-
10 2017-10
Profitability
Rqturn on
equity Net profit/revenues 6% 0% 0% 0% 0%
Return on Net profit/Equity 2% 0% 0% 0% 0%

Financial analysis of Man Group Plc 16
assets
Financial
leverage EBIT / EBIT - Interest 1.3 -4.3 -2.4 -2.3 -2.9
Asset
turnover
total assets / total sales
*365 1017.3 3329.8 3406.2
2205
2.7 18597.9
Earkings per
share
Net income - pref div /
shares outstanding 0.0 0.0 0.0 0.0 0.0
Liquidity
cash ratio
cash equivalents + cash
/ current liabilities
2.34515
3664
2.321850
394
2.118856
122
0.191
0331
0.256227
758
Current ratio
Current assets/current
liabilities 2.35 0.04 0.06 0.02 0.02
Quick Ratio
Current assets-
Inventory/current
liabilities 2.35 0.04 0.06 0.02 0.02
Receivable
turnover
Receivables/ Total
sales*365 - 116.52 116.75 21.52 19.97
Inventory
turnover
Inventory / cost of
goods sold *365 - #DIV/0! #DIV/0!
#DIV
/0! #DIV/0!
Market
based ratios
Price /
earings ratio
Market value per
share / earnings per
share 6,613.75
27,24,12
0.00
80,13,80
0.00
####
####
#
2,35,30,6
00.00
Dividend
yield ratio
dividend / current share
price (0.14) 1.42 0.54 0.34 0.11
Solvency
Times inteest
earned
EBIT / Interest
expenses
4.77272
7273 0.8125
0.709677
419 0.7
0.742857
143
Cash
coverage
ratio
EBIT + non cash
expenses / interest
expenses 106.00 (12.00) (21.00)
(20.0
0) (25.00)
Debt to
Equity Ratio Debt/ Equity 0.18 2.23 1.25 1.64 1.68

Financial analysis of Man Group Plc 17
Income statement
MAN GROUP PLC ADR (MNGPY) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions
except per share data.
2013-
12
2014-
12
2015-
12
2016-
12
2017-
12
TT
M
Revenue 1160 1150 1135 827 1068
106
8
Operating expenses
Advertising and promotion 151 110 83 67 61 61
Nonrecurring expense 58 4 41 404 -13 -13
Other expenses 846 636 805 598 713 713
Total operating expenses 1055 750 929 1069 761 761
Operating income 105 400 206 -242 307 307
Nonoperating income
Interest expense 22 3 9 9 9 9
Other income (expense) -26 -13 -22 -21 -26 -26
Total nonoperating income, net -48 -16 -31 -30 -35 -35
Income before taxes 57 384 175 -272 272 272
Provision for income taxes -16 19 13 -6 17 17
Other income (expense) -1 9
Net income 72 365 171 -266 255 255
Net income available to common shareholders 72 365 171 -266 255 255
Earnings per share
Basic 0.03 0.2 0.1 -0.16 0.15
0.1
5
Diluted 0.03 0.2 0.1 -0.16 0.15
0.1
5
Weighted average shares outstanding
Basic 1788 1754 1694 1679 1640
164
0
Diluted 1818 1779 1715 1696 1660
166
0
EBITDA 244 496 303 -154 383 383
Basic 247 251 264 366 405 408
Diluted 252 267 281 383 421 418
EBITDA 757 1077 2620 2520 7016
768
6

Financial analysis of Man Group Plc 18
5.1 Cash flow statement
MAN GROUP PLC ADR (MNGPY) Statement of CASH FLOW
Fiscal year ends in December. USD in millions
except per share data.
2013
-12
2014
-12
2015
-12
2016
-12
2017
-12
TT
M
Cash Flows From Operating Activities
Deferred tax (benefit) expense -16 19 13 -6 17 17
(Gains) loss on disposition of businesses -11
Stock based compensation 36 11 53 55 59 59
Receivable -9 12 101 87 -241
-
24
1
Other operating activities 448 87 188 -52 396
39
6
Net cash provided by operating activities 448 129 355 84 231
23
1
Cash Flows From Investing Activities
Sales/maturity of investments 45 40
Purchases of investments -51 -45
Property, and equipments, net -1 -3 -5 -11 -12 -12
Acquisitions and dispositions 9 -235 -38 -18 4 4
Other investing activities 21 4 -48 -30 -12 -12
Net cash used for investing activities 23 -239 -91 -59 -20 -20
Cash Flows From Financing Activities
Debt issued 149
Debt repayment
-
1159
Common stock issued 4 2 7 5 7 7
Repurchases of treasury stock -22 -132 -209 -53 -111
-
11
1
Dividend paid -277 -163 -193 -158 -158
-
15
8
Other financing activities -25
Net cash provided by (used for) financing
activities
-
1479 -144 -395 -206 -262
-
26
2
Effect of exchange rate changes 4 4
Net change in cash
-
1008 -254 -131 -181 -47 -47
Cash at beginning of period 2000 992 738 607 426
42
6

Financial analysis of Man Group Plc 19
Cash at end of period 992 738 607 426 379
37
9
Free Cash Flow
Operating cash flow 448 129 355 84 231
23
1
Capital expenditure -5 -12 -12 -19 -24 -24
Free cash flow 443 117 343 65 207
20
7