Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SAMPO OYJ-A SHS. We currently have 6 research reports from 1 professional analysts.
|09Dec16 09:30||GNW||Sampo's Christmas donation to Save the Children|
|08Dec16 02:20||GNW||Sampo plc: Managers' Transactions (Wennerklint)|
|08Dec16 02:20||GNW||Sampo plc: Managers' Transactions (Magnusson)|
|08Nov16 11:01||GNW||Sampo plc: Managers' Transactions (Palin-Lehtinen)|
|08Nov16 11:01||GNW||Sampo plc: Managers' Transactions (Niemisvirta)|
|08Nov16 11:01||GNW||Sampo plc: Managers' Transactions (Murto)|
|08Nov16 11:01||GNW||Sampo plc: Managers' Transactions (Vuorinen)|
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SAMPO OYJ-A SHS
SAMPO OYJ-A SHS
04 Nov 16
Sampo has posted a 9M 16 profit before tax of €1,343m, down 8.9% yoy (€450m in Q3 16, -2.1% relative to Q3 15). The ROE stood at 14.1% vs. 12.6% a year before. P&C posted a pre-tax profit decrease of 12.7% to €660m with a combined ratio of 84%. Net premiums reached €3,409m in 9M 16, down 2.4% yoy (-1.6% for Q3 16 at €851m) and net income from investments dropped by 48.7% to €120m (€40m in Q3 16, -34.4% yoy). Claims decreased 9.1% to €1,990m (+0.9% in Q3 16 to €678m) but staff costs jumped (+56.8% to €381m). The contribution of Topdanmark’s net profit amounted to €35m. Mandatum Life (the Life arm of the group) reported a 9M 16 pre-tax profit of €157m vs. €132m a year before. The ROE stood at 18% vs. 5.3% last year. Premium income decreased 20.1% to €669m. Sampo’s share of Nordea’s 9M 16 net profit amounted to €546m, -5.3% relative to September 2016 (€182m in the Q3 16, +14.4% yoy). Nordea’s ROE stood at 11.1% and its Core Tier 1 ratio strengthened to 17.9%. The group’s solvency II ratio reached 149% in September 2016. Mandatum Life benefited from the use of transitional measures to record a stronger capital ratio of 153% (estimated own funds at €1,743m). Without transitional measures on technical reserves, the own funds would have stood at €1,283m, leading to a capital ratio of 96%. Concerning If P&C, the economic capital requirement was €1,940m with a solvency ratio of 197%. On another side, and as a result of the mandatory bid to the shareholders of Topdanmark, Sampo acquired 7,374,306 shares and now its stake amounts to 41.1%. The Finnish insurer intends to propose a change in its distribution policy at the next AGM with the re-integration of the dividend to replace the discontinuation of the share buy-back programme. In addition, Mandatum Life has decided not to prolong the agency agreement with Danske Bank as of 31/12/2016. The portfolio will be sold to this bank.
Topdanmark to forget low growth?
26 Sep 16
Sampo has increased its stake in the Danish insurer Topdanmark to 33.34%. However, the Finnish company, which has owned more than a 21% stake in Topdanmark for years, offered no premium in making its mandatory offer, preferring to reinforce its ownership only at the right price. This was good news after the modest H1 16 figures with a profit before tax of €893m, down 12% yoy (€477m in Q2 16, -10% relative to Q1 15). THe ROE stood at 10.9% vs. 20.9% a year before. P&C (the Non-Life arm of the group) posted a pre-tax profit decrease of 15% to €436m with a combined ratio of 83.7%. Net premiums reached €2,558m in H1 16, down 3% yoy (-2% for Q2 16 at €1,040m) and net income from investments dropped by 54% to €80m (€44m in Q2 16, -53% yoy). Claims decreased 14% to €1,312m (-17% in Q2 16 to €699m) but staff costs jumped (+136% to €250m). The contribution of Topdanmark’s net profit amounted to €19m. Mandatum Life (the Life arm of the group) reported a H1 16 pre-tax profit of €103m vs. €81m a year before. The ROE stood at 6.5% vs. 21.8% last year. Premium income decreased 27% to €492m. Sampo’s share of Nordea’s H1 16 net profit amounted to €364m, -13% relative to June 2015 (€205m in the Q2 16, +5% year-on-year). Nordea’s ROE stood at 10.9% and its Core Tier 1 ratio strengthened to 16.8%. The group’s solvency II ratio reached 145% in June 2016. Mandatum Life benefited from the use of transitional measures to reach a stronger capital ratio of 154% (estimated own funds at €1,913m). Without transitional measures on technical reserves, the estimated own funds would have stood at €1,237m, leading to a capital ratio of 98%. Concerning If P&C, the economic capital requirement was €2,099m.
11 May 16
Sampo posted a profit before tax of €416m, down 15% yoy. ROE stood at 7.1% vs. 24.8% a year before. P&C’s pre-tax profit increased by 8% to €216m and it achieved its best-ever Q1 combined ratio of 83%. Net premiums reached €1,518m in Q1 16, down 3% year-on-year and net income from investments declined by 54% to €36m. This was offset by lower claims (-10% to €643m) and controlled staff costs (-5% to €127m). The contribution of Topdanmark’s net profit amounted to €5m. Mandatum Life reported a Q1 16 pre-tax profit of €53m vs. €39m a year before. Premium income decreased by 35% to €244m. Sampo’s share of Nordea’s net profit for 2014 amounted to €159m, -30% yoy. Nordea’s ROE stood at 10.3% and its Core Tier 1 ratio strengthened to 16.7%. The group’s solvency ratio reached 143.4%.
Q4 15 signs raises some concerns
10 Feb 16
Sampo posted a Q4 15 profit before tax of €413m, down 7.6% yoy and bringing FY 15 profits to €1,888m (+7.3% yoy). FY 15 EPS stood at €2.79 (€2.11 in FY 14). ROE stood at 14% vs. 10.9% a year before. By business area, P&C posted a pre-tax profit decline of 6.8% to €204m in Q4 but a ytd increase of 3.1% to €960m. The combined ratio stood at 85.4% in 2015 vs. 87.1% a year before. Net premiums reached €4,378m in 9M 15, down 1.9% yoy, and Q3 has confirmed the negative trend with a 1.6% decrease to €885m. Ytd net income from investments declined by 13.9% to €304m. FY 15 claims remained stable at €2,894m. Staff costs were largely controlled with a 30.1% decline to €371m. The contribution of Topdanmark’s net profit amounted to €43m ytd (€53m in 2014). Mandatum Life reported a FY 15 pre-tax profit of €181m vs. €163m a year before. However, Q4 was negative as earnings before tax showed a 4% decrease to €50m. ROE stood at 12.7% vs. 11.4% last year. Premium income decreased in Q4 by 8.1% to €306m but kept a positive trend since the beginning of the year with a FY 15 increase of 3.5% to €1,144m. Sampo’s share of Nordea’s 2014 net profit amounted to €173m in Q4, -3.3% yoy (€751m ytd, +10.4% yoy). Nordea’s ROE stood at 12.3% and its Core Tier 1 ratio strengthened to 16.5%. The group’s solvency ratio reached 192.6%. With Solvency II rules applied to the insurance subsidiaries, the group's solvency ratio would have been 145%. The board will propose to the Annual General Meeting a dividend of €2.15/ share and authorisation for the board to decide on repurchasing a maximum of 50,000,000 Sampo A shares using funds available for profit distribution.
Towards a quiet year-end
06 Nov 15
Sampo posted a Q3 15 profit before tax of €460m, up 1.8% year-on-year and bringing 9M 15 profits to €1,475m (+12.3% yoy). 9M 15 EPS stood at €2.31 (€2.05 in 9M 14). ROE stood at 12.6% vs. 13.6% a year before. P&C posted a pre-tax profit increase of 7.4% to €245m in Q3 and 6.3% in 9M to €756m. The combined ratio stood at 84.6% in September 2015 vs. 87.8% a year before. Net premiums reached €3,493m in 9M 15, down 2% year-on-year, and Q3 has confirmed the negative trend with a 2% decrease to €865m. Ytd net income from investments declined by 15.8% to €234m. Claims remained stable at €2,191m after a 7.7% decrease in Q3 to €672m. Staff costs are always contained with a 40.4% decline to €243m. The contribution of Topdanmark’s net profit amounted to €37m ytd. Mandatum Life reported a 9M 15 pre-tax profit of €132m vs. €112m a year before. Q3 was also positive with profit before tax at €52m, up 27.5% yoy. ROE stood at 5.3% vs. 10.8% last year. Premium income decreased in Q3 by 13.8% to €162m but kept a positive trend since the beginning of the year with a 9M 15 increase of 8.5% to €838m. Sampo’s share of Nordea’s 2014 net profit amounted to €159m in Q3, -17.1% yoy (€577m ytd). Nordea’s ROE stood at 12.6% and its Core Tier 1 ratio strengthened to 18.2%. The group's solvency ratio reached 192%.
Continuing strong performances
05 Oct 15
Sampo posted a profit before tax of €1,015m, up 17.8% year-on-year. ROE stood at 20.9% vs. 14.9% a year before. P&C's (Non-Life arm of the group) posted a pre-tax profit increase of 5.8% to €511m with a combined ratio of 85.0%. Net premiums reached €2,628 in H1 15, down 1.9% year-on-year and net income from investments declined by 17.2% to €173m. Claims increased 3.9% to €1,519m but staff costs were contained (-61.4% to €106m). The contribution of Topdanmark’s net profit amounted to €24m. Mandatum Life (the Life arm of the group) reported a H1 2015 pre-tax profit of €81m vs. €73m a year before. ROE stood at 21.8% vs. 17.9% last year. Premium income increased 15.7% to €676m. Sampo’s share of Nordea’s 2014 net profit amounted to €195m, +40.3% relative to June 2014. Nordea’s ROE stood at 13.7% and its Core Tier 1 ratio strengthened to 16%. The group's solvency ratio reached 193.9% vs. 187.4% in June 2014. Concerning Solvency II, Mandatum Life benefited from Finnish FSA's decision to approve the use of transitional measures on 11 August 2015 to reach a strong capital ratio of 155% (estimated own funds at €2,095m). Without transitional measures on technical reserves, the estimated own funds would stand at €1,542m leading to a capital ratio of 114%. Concerning If P&C, Sampo estimates that its internal model will not materially differ from the authorities’ requirements. The P&C Group’s economic capital requirement was €1,939m and adjusted solvency capital amounted to €3,800m.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.