Sampo Oyj (Hold, TP: EUR46.00) - Steady performance
Sampo reported solid Q3 results, largely in line with our estimates and consensus. The combined ratio excluding run-off gains was 88.2%, slightly above our forecast. Sampo lowered its 2018e combined ratio guidance from 86–88% to 85–87% (we and consensus forecast ~86%). We have made only minor changes to our estimates and have lowered our SOTP-based target price to EUR46 (47) on depreciation in the market value of the Nordea holding. We reiterate HOLD.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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