Sampo Oyj (Buy, TP: EUR41.00) - Back to stability
After a volatile quarter with uncertainty over dividends and Nordea’s roadmap, Sampo’s Q3 results were back to being stable and in line with market expectations. The combined ratio of 84.3% was in line with our and consensus, while EPS was negatively affected by the previously announced writedown in Nordea. Sampo reiterated its guidance for a 2019 DPS of EUR2.1–2.3, and reported a solid Q3 Solvency II ratio of 178%. We have made only minor EPS estimate changes, and reiterate our BUY and EUR41 target price, as we believe the current share price reflects too deep a discount to the SOTP.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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