Sampo Oyj (Hold, TP: EUR41.00) - Sticking to its plan
The Q2 results were largely in line with expectations. Focus was instead on management comments that Nordea’s possible dividend guidance cut should not affect Sampo’s dividend guidance. Also, the distribution of Nordea shares as an extraordinary dividend was approved by Sampo’s board, meaning the Solvency II ratio should rise from 137% to 170%. We have cut our 2020–2021e EPS by 5% and DPS by 3–5% to account for weaker earnings prospects at Nordea and a reduced number of shares, and we have reduced our SOTP-based target price to EUR41 (44) due to the lower value of the Nordea holding.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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