Sampo Oyj Series A

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.
  • TickerSAMAS
  • ISINFI0009003305
  • ExchangeNasdaq Nordic Helsinki
  • SectorNonlife Insurance
  • CountryFinland

Analysts

Niclas Gehin

Sampo Oyj (Hold, TP: EUR41.00) - Sticking to its plan

The Q2 results were largely in line with expectations. Focus was instead on management comments that Nordea’s possible dividend guidance cut should not affect Sampo’s dividend guidance. Also, the distribution of Nordea shares as an extraordinary dividend was approved by Sampo’s board, meaning the Solvency II ratio should rise from 137% to 170%. We have cut our 2020–2021e EPS by 5% and DPS by 3–5% to account for weaker earnings prospects at Nordea and a reduced number of shares, and we have reduced our SOTP-based target price to EUR41 (44) due to the lower value of the Nordea holding.

Niclas Gehin

Steady yielders at a premium

The Nordic P&C insurers have seen their share prices appreciate c29% YTD, of which 26%-points stem from multiples expansion. We believe this premium pricing is linked to their stable dividend streams, low dependency on economic cycles, and relative safe-haven classification. While we find current valuations demanding, we struggle to identify any potential negative catalysts. The Q2 results look set to be relatively solid due to benign weather in the Nordics. We reiterate our HOLDs and continue to favour Sampo (HOLD, TP EUR44) as If… is trading at a considerable discount on 2020e P/E at 19x ver...

SAMPO - If P&C towards new records with price hikes

Niclas Gehin

Sampo Oyj (Hold, TP: EUR44.00) - Solvency issues and slight Q1 miss

We have lowered our 2020–2021e EPS for Sampo by ~1% after the underlying combined ratio in Q1 appeared somewhat lower than we and consensus had forecast. We have also cut our SOTP fair value and target price from EUR47 to EUR44, as a result of depreciation in the value of Nordea and a reduction in the excess capital position due to the increased capital requirement for Nordea in Sampo. We maintain our HOLD. Sampo is our preferred Nordic P&C insurers, as If… is implicitly priced at a P/E 2020e of 17x vs peers at 19-23x.

SAMPO - Nordea darkens an otherwise bright big picture

1 director bought

A director at Sampo bought 25,888 shares at 37.950EUR and the significance rating of the trade was 78/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jesper Ingildsen
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jesper Ingildsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Jørgen Lian
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northen Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

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MarketLine Department

Gjensidige Forsikring ASA  - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Gjensidige Forsikring ASA  - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Gjensidige Forsikring ASA  Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Gjensidige Forsikring ASA  since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the...

Expert Corporate Governance Service (ECGS)

Sampo April 09th, 2019

In general, Sampo is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 8b, authorisation is sought to distribute a special dividend of up to EUR 500 million, which corresponds to EUR 0.90 per share. Although the authority requested does not jeopardize the Company's financial position, ECGS does not approve of the motivation provided (i.e. to counter the impacts of expected changes in the Company's capital requirements). Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 12, the (re-)election of the board of d...

Sampo – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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