Mandatum

We expect Mandatum's fee result growth to have remained strong in Q3.

The day's key takeaways focused on the progress of the company's strategy, the Cliens acquisition, and more technical topics such as organic capital generation and net financial result.

The company's current development is extremely impressive, but the current price tag sets the bar too high.

Mandatum's Q2 earnings exceeded our estimates, driven by investment income, and the fee result, the most important bottom line for the group's value, continued its impressive growth.