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Analyst Comment

Mandatum completed sale of insurance portfolio to If

By Kasper MellasAnalyst
Mandatum

Translation: Original comment published in Finnish on 10/2/2024 at 8:29 am EEST.

Mandatum has announced that it has completed the sale of an insurance portfolio to If, as agreed last year. The insurance portfolio consisted of approximately 50,000 contracts sold and managed by If P&C Insurance. The transaction price was 17.5 MEUR.

Upon completion of the sale, Mandatum will book a return of 4 MEUR in its third quarter result. The rest of the price is already included in the results of the previous quarters. We had expected the impact of the remainder to be 3 MEUR, so the announcement has a positive impact of around 1 MEUR on our forecasts. However, the significance of this is very limited, as the positive impact of the forecast increase is only about 0.4% relative to our previous forecast.

Mandatum operates in the financial sector. The company offers various financial services to both private savers and corporate customers. The range is broad and mainly includes capital and wealth management, savings and investments, compensation, pension plans and personal risk insurance. The largest operations are in Finland.

Read more on company page

Key Estimate Figures13.08.2024

202324e25e
Revenue135.0155.9168.5
growth-%7.1 %15.5 %8.0 %
EBIT (adj.)210.4229.5200.5
EBIT-% (adj.)155.9 %147.2 %119.0 %
EPS (adj.)0.320.360.32
Dividend0.330.350.33
Dividend %8.1 %4.8 %4.6 %
P/E (adj.)12.720.123.0
EV/EBITDA7.215.015.8

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