Potential dual listing on Nasdaq Stockholm – Q&A
Sampo has today initiated an evaluation of a dual listing of its shares on Nasdaq Stockholm. In this blog entry we address the main questions regarding the potential listing.
Why is Sampo considering a dual listing on Nasdaq Stockholm?
Stockholm is the largest and most liquid market in the Nordic region, and Sampo has natural connections to Sweden via If P&C. However, Swedish shareholders hold only approximately 5 per cent of Sampo’s shares.
As a large cap P&C insurer, Sampo would be a unique asset on Nasdaq Stockholm – a resilient financial, with strong pricing power and positive interest rate gearing. A Stockholm listing could make available new pockets of demand for Sampo shares, such as Swedish funds, and would therefore benefit existing shareholders as much as potential new owners.
Would the dual listing affect Sampo’s presence in Finland?
The potential dual listing would not affect Sampo’s operational presence in Finland or the share’s listing on Nasdaq Helsinki.
What kind of process is a dual listing? What are the main steps?
At this stage, the option to list is being evaluated by Sampo’s Board of Directors. Should the Board decide to proceed, the trading on Nasdaq Stockholm could start during the fourth quarter.
Does Sampo plan to issue new shares?
There is no plan or need of issuing new shares. Sampo has excess capital that is currently being returned to shareholders via share buybacks.
What would be the costs related to the dual listing for Sampo?
The incremental costs would be very limited as Nasdaq has largely harmonised regulation across the Helsinki and Stockholm exchanges.
How would the dual listing impact Sampo’s existing Swedish shareholders?
The potential dual listing would not require any action from Swedish shareholders as it would not impact Sampo’s listing in Nasdaq Helsinki.
How would the dual listing impact Sampo’s Finnish shareholders?
The potential dual listing would not affect Sampo’s Finnish shareholders in any way. Finnish shareholders (natural or legal persons) are not allowed to own Finnish-domiciled companies through nominee-registration, or other similar, comparable structures. Thus, they could not own Sampo through the Stockholm stock exchange.
Mirko Hurmerinta, IR Manager, Sampo plc
Why invest in Sampo? IR Blog provides information about Sampo as an investment case and the Group's businesses and markets.
Sampo 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 Figures2022-08-03
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 9,746.0 | 10,615.3 | 9,510.3 |
| growth-% | 15.9 % | 8.9 % | -10.4 % |
| EBIT (adj.) | 2,190.0 | 1,749.8 | 1,675.8 |
| EBIT-% (adj.) | 22.5 % | 16.5 % | 17.6 % |
| EPS (adj.) | 0.52 | 0.44 | 0.43 |
| Dividend | 0.74 | 0.51 | 0.54 |
| Dividend % | 9.3 % | 5.5 % | 5.8 % |
| P/E (adj.) | 15.4 | 21.4 | 21.7 |
| EV/EBITDA | 7.5 | 13.3 | 14.1 |
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