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  "documentTitle": "Sampo Oyj (SAMPO)",
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  "authorName": "Elliott",
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  "presentationDate": "2020-11-11 00:00:00",
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      "kind": "callout",
      "text": "As Nordea (and other Nordic Banks) have fallen out of favour, Sampo’s share price has been collateral damage",
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      "text": "Comparison of P/E ratios for Nordic Insurers vs Nordic Banks in 2017 and 2020",
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      "text": "P/E ratio: 10x",
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      "text": "We believe that investor caution on the stock has resulted from its sizeable ownership of Nordea. — Credit Suisse, 11 Dec. 2019; Nordea share price weakness is a near term distraction to Sampo's core dividend based investment thesis. — Merrill Lynch, 25 Jan. 2018; Sampo is weighed down by the loss of the investment story and Nordea's weak development [...] associated company Nordea is pulling back the Group. — Kauppalehti, 9 Jul. 2020; The shares have been weak due to its 20% Nordea holding, dragging on the dividend prospects which is key to the Nordics' safe haven appeal. — Citi, 29 Jul. 2020; Nordea and its dividend have been given too much weight in Sampo's share. — Antti Saari, 7 Aug. 2019",
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      "text": "Nordic Insurers Blended 24 months P/E: Average of Topdanmark, Gjensidige and Tryg. Nordic Banking Blended 24 months P/E: Average of Nordea, DNB, Danske, SEB and Swedbank. Source: Bloomberg as of 6th of November 2020",
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      "text": "Over the past 3 years, the valuation of Nordic Banks has decoupled from that of Nordic Insurers. Sampo’s stake in Nordea has been a key source of negative sentiment",
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      "kind": "title",
      "text": "THIS DE-RATING WAS DUE TO NORDIC BANKING EXPOSURE",
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