reports
- Alexander Aukner
- Antti Kansanen
- Eivind Sars Veddeng
- Håkon Astrup
- Jon Masdal
- Karl-Johan Bonnevier
- Martin Huseby Karlsen
- Mattias Holmberg
- Niclas Gehin
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Simen Mortensen
DHT DHT HOLDINGS INC.
S0QA SCORPIO TANKERS INC.
TYRES NOKIAN RENKAAT OYJ
LUN H. LUNDBECK A/S
SPOG SPAREBANKEN OST ASA
HEX HEXAGON COMPOSITES ASA
NONG SPAREBANK 1 NORD-NORGE
MOWI MOWI ASA
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
NRS NORWAY ROYAL SALMON ASA
SBANK SBANKEN
TEC TECHNIPFMC PLC
TRVX TARGOVAX AS
SKA SKANSKA
SAMPO SAMPO OYJ
MMGRB MOMENTUM GROUP
WWL WALLENIUS WILHELMSEN LOGISTICS
ELK ELKEM ASA
- Niclas Gehin
Sampo Oyj (Hold, TP: EUR46.00) - Softer premiums growth
Sampo reported somewhat softer Q1 results than we had expected, with a ~3%-points miss on the combined ratio after adjusting for run-off gains, and 2% lower premiums than we and consensus had forecast. While we view the miss on the combined ratio as a temporary effect of a stronger negative impact from the harsh winter weather than we had forecast, the weaker than expected premiums growth in If… has contributed to us lowering 2019–2020e EPS by c1%. We have also trimmed our target price to EU...
- Niclas Gehin
Weather and financial market chills
We expect the Nordic non-life insurers’ Q1 results to reveal a general negative impact following relatively harsh winter weather in Q1 versus previous years. Examples of 90-year snow depth records being broken indicate increased claims frequency in the quarter, while sluggish equity markets together with rising interest rates are likely to weigh on investment returns, leaving reported EPS below normalised levels. We maintain our HOLD recommendations on the stocks covered; Gjensidige remains ou...
- Alexander Aukner
- Antti Kansanen
- Eivind Sars Veddeng
- Håkon Astrup
- Helge André Martinsen
- Mattias Holmberg
- Niclas Gehin
- Nicolas McBeath
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Stefan Gauffin
NOVA NOVO NORDISK A/S ADS
VWS VESTAS WIND SYSTEMS A/S
STB STOREBRAND ASA
FLS FLSMIDTH & CO. A/S
SRBNK SPAREBANK 1 SR-BANK ASA
GN GN STORE NORD A/S
LUN H. LUNDBECK A/S
KOG KONGSBERG GRUPPEN ASA
MING SPAREBANK 1 SMN
HEXA B HEXAGON AB CLASS B
2LJ AXACTOR SE
MOWI MOWI ASA
NZYMB NOVOZYMES
SHB SVENSKA HANDELSBANKEN
SAMPO SAMPO OYJ
TIGO MILLICOM INTERNATIONAL CELLULAR S.A.
- Niclas Gehin
Sampo Oyj (Hold, TP: EUR48.00) - Wrapping up 2017 nicely
Sampo reported strong Q4 results with a 6% higher than expected DPS of EUR2.6 and a ~3%-points beat on the combined ratio. We have raised our 2018–2020e EPS estimates by ~1% on the report. We have also raised our 2018–2020e DPS estimates by 4–6% on the higher than expected dividend. We have increased our SOTP valuation from EUR46 to EUR48 with If.. trading at a 18x P/E. As the stock is trading at a 2018e P/E of 16x and a P/B of 1.9x, and a c6% 2017e dividend yield, we believe Sampo is fair...
- Niclas Gehin
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