Sampo Oyj (Buy, TP: EUR44.00) - More transparent road ahead
Sampo communicated a clear path ahead, including its intention to reduce its Nordea exposure, confident financial targets for its P&C operations, and a clear strategy for distributing excess capital. Outside the surprisingly detailed roadmap for the Nordea exit, we consider the increased transparency on the road ahead the main takeaway. Improved clarity should, in our view, contribute to closing the discount to our SOTP. We have thus raised our target price to EUR44 (40), while we reiterate our BUY.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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