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  "documentTitle": "Elliott Management Sampo Group Presentation November 2020",
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  "presentationDate": "2020-11-01 00:00:00",
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  "notes": "The slide uses a 'before-after' comparison of valuation multiples to illustrate the 'decoupling' thesis.",
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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",
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      "text": "Source: Bloomberg as of 6th of November 2020",
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      "kind": "quote",
      "text": "We believe that investor caution on the stock has resulted from its sizeable ownership of Nordea.",
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      "kind": "quote",
      "text": "Nordea share price weakness is a near term distraction to Sampo's core dividend based investment thesis.",
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      "text": "Sampo is weighed down by the loss of the investment story and Nordea's weak development [...] associated company Nordea is pulling back the Group.",
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      "text": "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.",
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      "text": "Nordea and its dividend have been given too much weight in Sampo's share.",
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      "text": "THIS DE-RATING WAS DUE TO NORDIC BANKING EXPOSURE",
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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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