Sampo Oyj (Hold, TP: EUR46.00) - Softer premiums growth
Sampo reported somewhat softer Q1 results than we had expected, with a ~3%-points miss on the combined ratio after adjusting for run-off gains, and 2% lower premiums than we and consensus had forecast. While we view the miss on the combined ratio as a temporary effect of a stronger negative impact from the harsh winter weather than we had forecast, the weaker than expected premiums growth in If… has contributed to us lowering 2019–2020e EPS by c1%. We have also trimmed our target price to EUR46 (47) on the back of a reduction in our SOTP valuation.
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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