Sampo: The share is still correctly priced
Sampo's Q4 result was a disappointment to the market as non-recurring items depressed the result and If’s result was soft. The Q4 report does not change the big picture, however. We revised our estimates upward slightly thanks to investment income that rose with interest levels but our view of the sum of the parts remains unchanged. The share still seems quite correctly priced and the expected return still relies mainly on dividends, which does not provide a sufficient risk/return ratio.
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 Figures12.02.2023
2022 | 23e | 24e | |
---|---|---|---|
Omsætning | 10.726,2 | 9.585,6 | 9.983,6 |
vækst-% | 10,06 % | -10,63 % | 4,15 % |
EBIT (adj.) | 1.725,0 | 1.747,3 | 1.819,9 |
EBIT-% (adj.) | 16,08 % | 18,23 % | 18,23 % |
EPS (adj.) | 2,43 | 2,49 | 2,65 |
Udbytte | 2,60 | 2,90 | 2,00 |
Udbytte % | 5,85 % | 7,62 % | 5,26 % |
P/E (adj.) | 18,27 | 15,30 | 14,34 |
EV/EBITDA | 10,62 | 9,03 | 8,83 |