Sampo Oyj (Buy, TP: EUR51.00) - Streamlining continues
Yesterday Sampo announced the completion of another block sale of Nordea shares, generating gross proceeds of cEUR1.73bn (EUR3.1/share), leaving its remaining ownership stake in Nordea at 6.1%. The proceeds are intended to be distributed to shareholders through a combination of cash dividends and buybacks, strengthening our confidence in the capital distribution story, with the potential for 30%+ of the current market cap being distributed over 2021–2023e. We reiterate our BUY and have lifted our target price to EUR51 (49).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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