Sampo Oyj (Buy, TP: EUR55.00) - All focus on P&C
We expect Q4 EPS of EUR0.74, following a rebound in financial markets and continued strong underwriting in Topdanmark and If P&C (results due at 08:30 CET on 10 February). On 7 December, Sampo’s board announced that it was considering strategic alternatives for its life insurance business Mandatum, to further narrow its P&C focus. We have made modest changes to our 2023–2024e EPS. We reiterate our EUR55 target price and our BUY.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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