Sampo Oyj (Buy, TP: EUR51.00) - Continued strong underwriting
Sampo’s Q4 EPS was 19% above consensus, driven by continued strong underwriting performance led by a 1%-point improvement in the underlying combined ratio for If P&C. The Solvency II ratio ended within the target range at 185%, and the board proposed a EUR4.10 DPS for 2021. We continue to see potential for considerable distributions as the company reduces its stake in Nordea. We have raised our 2022–2023e EPS by 1–3%, and reiterate our BUY with a target price of EUR51.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.