Sampo Oyj (Buy, TP: EUR46.00) - Improvements in Nordea
Sampo reported a relatively uneventful Q4, with an If P&C combined ratio of 85%, 1%-point better than we had forecast when adjusting for technical reserve releases. Nordea reported solid Q4 results the same morning, causing a positive share price reaction of 7%. Sampo’s new dividend policy entails a payout ratio of at least 70%, starting with a EUR2.2 DPS proposed for 2019. We reiterate our BUY and have raised our target price to EUR46 (43) to account for the appreciation in Nordea and a further If P&C re-rating.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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