Sampo Oyj (Buy, TP: EUR38.00) - Broadening its non-life exposure
Sampo’s Q2 results were overshadowed by its cash offer to acquire a 70% stake in Hastings, as Sampo seeks to further reposition towards its core area of expertise and broaden its non-life reach outside the Nordics. While the offer price seems a bit rich, we find the deal structure attractive and believe a mid-single-digit EPS accretion to be highly achievable. We reiterate our BUY and EUR38 target price.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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