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Sampo: Target price revised with dividend payment
Our target price is also in line with the company’s sum of the parts. Our estimates remain unchanged and we expect stable and good earnings development from Sampo in the next few years. The share’s expected return in the next few years consists of secure and evenly growing dividend flow and a slight discount compared to the sum of the parts. The expected return is not particularly high, but we feel that it is still very sufficient considering Sampo's low risk profile. In addition, Sampo is one of the few companies benefiting from interest rate increases and we consider the company a good choice in the current challenging investment environment.
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Sampo is the leading property and casualty insurance group in the Nordic region and a major operator in the growing digital P&C insurance market in the UK. Sampo Group has around 9 million customers, and it employs 15,000 people. The Group’s insurance revenue totalled EUR 9.1 billion in 2025 of which the Nordic market represented 75 per cent. The Group’s operations are diversified by geography, line of business, and customer group. Sampo Group operates in Sweden, Norway, Finland, Denmark, the UK, and the Baltic countries. Its largest customer groups are private customers in the Nordics and in the UK, representing in total over 65 per cent of the Group's insurance revenue. The Group is also a leading provider of P&C insurance in Nordic commercial and industrial businesses.
Read more on company pageKey Estimate Figures22.05.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 9,746.0 | 10,248.4 | 9,577.2 |
| growth-% | 15.9 % | 5.2 % | -6.5 % |
| EBIT (adj.) | 2,190.0 | 1,835.1 | 1,593.0 |
| EBIT-% (adj.) | 22.5 % | 17.9 % | 16.6 % |
| EPS (adj.) | 0.52 | 0.45 | 0.41 |
| Dividend | 0.74 | 0.33 | 0.52 |
| Dividend % | 9.3 % | 3.6 % | 5.8 % |
| P/E (adj.) | 15.4 | 20.1 | 22.0 |
| EV/EBITDA | 7.5 | 12.8 | 13.9 |
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