Sampo Oyj (Buy, TP: EUR51.00) - Few surprises
Sampo delivered a Q3 report on a par with consensus, with a EUR0.93 EPS aided by solid underwriting. As Sampo continued to strengthen its balance sheet and restated its intention to distribute excess capital through a mix of cash dividends and buybacks, we remain confident in the capital-distribution story and continue to see potential for more than 30% of the current market cap to be distributed over 2021–2023e. We have kept our underlying 2022–2023e net profit largely unchanged, and reiterate our BUY and EUR51 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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