Set for a solid Q3
We expect Sampo to report a solid underlying Q3 result (due 8:30 CET on 2 November), with a combined ratio of 84.1%, largely in line with Q3 2016, driven by relatively benign weather in the Nordics. We forecast Q3 EPS of ~EUR2.1, boosted by a EUR772m gain after Sampo reclassified its Topdanmark holding as a subsidiary. We continue to see Sampo as an attractive defensive stock, but struggle to see any material potential share price catalysts; we reiterate our HOLD recommendation with a EUR46 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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