contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Kasper Mellas

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.

Other countries, primarily the Baltics. Filling the character count with this sentence.

Other countries 1,534 pcs? Who exactly are these? We hardly need that many Luxembourgish bankers.

OP’s chief analyst Antti Saari discussed Sampo’s performance in a video  Sampo once again succeeded in delivering a strong result, even though the conditions during the quarter were challenging. The company’s new distribution policy supports its quality label as a stable long-term dividend grower, bringing the model closer to American dividend aristocrats. OP’s chief analyst Antti Saari reviews the company’s Q4 results and guidance in the video.

At least the UK headcount has been expanded, but gross written premiums haven’t shot up in the same proportion, at least. Well, I’ll keep monitoring.

On an annual level, the results were very good in my opinion, and the guidance was typical Sampo. What I think received relatively little attention (and it could be normal variation, especially when entering new markets) was Hastings’ increased expense ratio for 2025, which was still heading in the completely wrong direction in Q4. My expectation has been a “parade march” for Sampo into the UK insurance market (due to excellent IT systems, pricing expertise, low fixed costs, etc.), but competitors seem to have woken up. I will continue to follow Hastings’ success, and yes, this is a bit annoying.

Report updated, target unchanged at €10.0 & Accumulate  Expected return just about sufficient We consider it justified to price Sampo in line with high-quality Nordic insurance peers (P/E 16-18x). Based on realized earnings, we believe Sampo’s stock is fully priced, and in our view, there is no room for multiples to rise (P/E ~18x). Consequently, Sampo’s expected return must come entirely from earnings growth and dividends. We forecast the average operational EPS for the next three years to grow by approximately 10%, and on top of this, investors receive a growing dividend yield of over 4%. Overall, we believe Sampo’s stock is correctly priced at the current level, but the attractive earnings growth outlook combined with a steadily growing dividend offers a sufficient expected return. Although the company’s earnings outlook for the coming years is undeniably very good, the current valuation level sets the bar high and there is no room for slippage. As we already stated in our previous report, the discussion about the threats posed by self-driving cars to traditional insurance companies has ramped up too much, and we are not particularly worried about the matter in Sampo’s case.                    Inderes              Sampo Q4'25: Paljon melua tyhjästä - Inderes    Sammon Q4-raportti tarjoili pitkästä aikaa markkinoille pettymyksen, kun ohjeistus jäi markkinoiden odotuksista ja hautasi hyvän Q4-tuloksen alleen.

A question related to this previous reflection was asked not only in the Inderes interview but also in the conference call at 14:54 (answer at 17:43–21:20). Largely similar reflections in both, but the topic is clearly of interest.

Sampo

Q3 results were soft as If P&C fell slightly short of market expectations. However, in the big picture, this hasn’t led to major estimate changes and our view on the sum of the parts has remained unchanged. 

<p>Q3 results were soft as If P&amp;C fell slightly short of market expectations. However, in the big picture, this hasn’t led to major estimate changes and our view on the sum of the parts has remained unchanged. </p> 

	2021	22e	23e
Revenue	9,746.0	10,595.9	9,497.7
growth-%	15.9 %	8.7 %	-10.4 %
EBIT (adj.)	2,190.0	1,759.4	1,673.6
EBIT-% (adj.)	22.5 %	16.6 %	17.6 %
EPS (adj.)	0.52	0.45	0.43
Dividend	0.74	0.51	0.54
Dividend %	9.3 %	5.5 %	5.8 %
P/E (adj.)	15.4	20.8	21.7
EV/EBITDA	7.5	13.2	14.1

Sampo: Strong development continues

Key Estimate Figures2022-10-27

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