Sampo Oyj (Buy, TP: EUR38.00) - Set for continued strong underwriting
While Q1 EPS missed consensus due to a softer than expected ROI, the announcement of a 2019 DPS of EUR1.5 and a comforting ~187% pro-forma solvency ratio at end-April provided some relief. The underlying combined ratio was slightly better than our estimate, warranting minor positive changes to our 2021–2022e EPS. We still find the implicit discount of If P&C versus Nordic peers exaggerated and keep Sampo as our preferred Nordic P&C insurer. 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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