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 7 research reports from 1 professional analysts.
|08Feb17 08:45||GNW||Proposals of Sampo plc's Board of Directors, its Committees and Shareholders of Sampo plc to the Annual General Meeting|
|08Feb17 07:35||GNW||Sampo Group's results very good, dividend proposal highest ever|
|08Feb17 07:30||GNW||Sampo Group's results for 2016|
|09Dec16 09:30||GNW||Sampo's Christmas donation to Save the Children|
|08Dec16 14:20||GNW||Sampo plc: Managers' Transactions (Wennerklint)|
|08Dec16 14:20||GNW||Sampo plc: Managers' Transactions (Magnusson)|
|08Nov16 11:01||GNW||Sampo plc: Managers' Transactions (Murto)|
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SAMPO OYJ-A SHS
SAMPO OYJ-A SHS
A reassuring Q4 16 but challenges to be met in 2017
13 Feb 17
Sampo posted a Q4 16 profit before tax of €528m, up 23.8% yoy and bringing FY 16 profits to €1,871m (-0.9% yoy). ROE stood at 15% vs. 14% a year before. By business area, P&C posted a pre-tax profit up 9.3% to €223m in Q4 but an annual decrease of 8% to €883m. The combined ratio stood at 84.4% in 2016 vs. 85.4% a year before. Net premiums reached €4,292m in FY 16 down 1.9% yoy, with stable Q4 sales at €883m. FY 16 net income from investments declined by 43% to €173m. Total claims decreased by 7.7% to €2,670m. Staff costs jumped by 38% to €512m. The contribution of Topdanmark’s net profit amounted to €65m (€43m in 2015). Mandatum Life reported a FY 16 pre-tax profit of €210m vs. €181m a year before with a good Q4 (+10.4% to €53m). ROE stood at 15.9% vs. 12.7% last year. Premium income increased in Q4 by 45.7% to €446m but has kept a negative trend since the beginning of the year with a FY 16 decrease of 2.4% to €1,116m. Sampo’s share of Nordea’s 2016 net profit amounted to €227m in Q4, +31.2% yoy (€773m in FY 16, +2.9% yoy). Nordea’s ROE stood at 11.5% and its Core Tier 1 ratio strengthened to 18.4%. The group’s Solvency II ratio stood at 154%. The board will propose at the Annual General Meeting a dividend of €2.30/ share.
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%.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.