Sampo: The stock is correctly priced
Sampo's Q3 report was well ahead of market expectations figure-wise, but under the hood the operational numbers were broadly in line with expectations as the earnings beat came mainly from investments. We have kept our estimates practically unchanged, and we expect Sampo to deliver stable earnings growth. In our view, the stock is correctly priced on several metrics, and we no longer see the risk/return ratio as sufficient.
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Sampo
Sampo Group is a Nordic property and casualty insurer operating also in the UK and in the Baltics. In the Nordics, Sampo provides insurance services across all countries, customer segments and products. In the UK, the company offers motor and home insurance for private individuals. The Group is made up of If P&C, Topdanmark, Hastings, and the parent company Sampo plc. Sampo was founded in 1909 and it is headquartered in Helsinki, Finland.
Read more on company pageKey Estimate Figures08.11.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 8,267.0 | 7,467.6 | 8,202.3 |
growth-% | -15.18 % | -9.67 % | 9.84 % |
EBIT (adj.) | 1,786.0 | 1,498.3 | 1,616.1 |
EBIT-% (adj.) | 21.60 % | 20.06 % | 19.70 % |
EPS (adj.) | 3.71 | 2.38 | 2.33 |
Dividend | 2.60 | 2.10 | 2.20 |
Dividend % | 5.85 % | 5.23 % | 5.48 % |
P/E (adj.) | 11.96 | 16.85 | 17.23 |
EV/EBITDA | 12.28 | 14.52 | 13.21 |