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  "docSlug": "jarvis-elliott-management-sampo-group-presentation-november-2020",
  "documentTitle": "Elliott Management Sampo Group Presentation November 2020",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-11-01 00:00:00",
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  "pageNumber": 6,
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  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a 2-year forward (2BF) P/E multiple to demonstrate the valuation premium.",
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      "kind": "chart",
      "text": "2BF Avg. P/E Multiples Mid-15 to Mid-18",
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      "kind": "chart",
      "text": "2BF P/E Multiples Over Time",
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      "kind": "legend",
      "text": "Core Insurance Ops, GJF NO Equity, TRYG DC Equity",
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      "kind": "paragraph",
      "text": "Note: Core Insurance Operations value is calculated as the market capitalization less the value of listed and unlisted stakes... Average premium refers to mid-2015 to mid-2018, prior premium is volatile but reaches 3.5x",
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      "kind": "title",
      "text": "FOR MANY YEARS, THE MARKET REWARDED SAMPO'S 'CORE INSURANCE' BUSINESSES (IF P&C + MANDATUM) WITH A SUBSTANTIAL PREMIUM TO PEERS (>4X)",
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      "evidence": "The document identifies Sampo's underperformance and de-rating as a problem.",
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