Mandatum

Mandatum's Q2 earnings exceeded our estimates, driven by investment income, and the fee result, the most important bottom line for the group's value, continued its impressive growth.

Mandatum's internationalization takes a big leap with the acquisition of Swedish Cliens. The terms of the deal seem reasonable, and the target complements Mandatum well.

The stronger-than-expected result was due to the net finance result, which fluctuates with capital markets.

Overall, we expect a strong quarter driven by growth in assets under management and investment income.

We have updated our target price for Mandatum to account for the dividend payout. Our estimates and view of the company remain unchanged.

Despite the strong growth outlook, we still consider the stock highly priced.

Mandatum published a Q1 result that was clearly below our expectations.