Sampo Oyj (Buy, TP: EUR47.00) - Solidifying leading position
Sampo has offered to acquire the remaining ~50% stake in Topdanmark, valuing the shares at a 2025e P/E of ~22x. The proposed transaction marks the final step in transforming Sampo from a conglomerate to a pure Nordic P&C company, with If P&C’s market share in Denmark set to increase from ~5% to ~20%, cementing it as the largest non-life company in the Nordics. We reiterate our BUY and EUR47 target price.Co. is the parent company of a group engaged in the provision of insurance services and the marketing and sale of insurance policies such as worker's compensation insurance, personal accident insurance, motor vehicle insurance, motor third party liability insurance, fire and other property insurance; and cargo insurance.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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