Sampo Oyj (Buy, TP: EUR47.00) - Changing of the guard
Sampo reported solid Q4 results, and proposed a DPS of EUR2.85 for 2018, which not only beat consensus (EUR2.75) but in our view also raises the trajectory for future payouts given its policy of raising dividends nominally. As important was the announcement that Torbjörn Magnusson will succeed Kari Stadigh as CEO at Sampo and is nominated to replace Björn Wahlroos as chairman at Nordea. We have made negligible changes to our estimates and reiterate our BUY, and have raised our target price to EUR47 (46), driven by the appreciation in Nordea since the start of the year.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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