# Sampo Oyj A (SAMPO.HE)

Canonical: https://gigainvestors.com/s/SAMPO.HE

Analysis as of: 2026-10-16T07:34:27.963Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 9.01 per share; close as of 2026-10-15.

Estimated value: low EUR 1.11 per share, central EUR 1.31 per share, high EUR 1.60 per share. Buy at or below the central value EUR 1.31 per share. Valuation as of 2026-10-16T07:34:27.963Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.43×

Chart: Net income; fiscal year observations.

- FY2016: EUR 1.7B

- FY2017: EUR 2.2B

- FY2018: EUR 1.7B

- FY2019: EUR 1.1B

- FY2020: EUR 37M

- FY2021: EUR 2.6B

- FY2022: EUR 1.4B

- FY2023: EUR 1.3B

- FY2024: EUR 1.2B

- FY2025: EUR 2.0B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 15.6%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 9.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 13.8%

- FY2017: 17.2%

- FY2018: 13.6%

- FY2019: 9.5%

- FY2020: 0.3%

- FY2021: 20.1%

- FY2022: 14.8%

- FY2023: 18.2%

- FY2024: 16.3%

- FY2025: 25.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 8.7%

- Book return interval: 10 years

- Starting book value per share: EUR 4.08

- Ending book value per share: EUR 2.90

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 15.0%

- FY2017: 11.1%

- FY2018: 15.5%

- FY2019: 10.2%

- FY2020: 1.6%

- FY2021: 20.8%

- FY2022: -3.6%

- FY2023: -6.4%

- FY2024: 8.3%

- FY2025: 17.6%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.7%

- Share growth excluding flagged crisis recapitalisations: -0.4%

- Five-year share growth excluding flagged crisis recapitalisations: -0.7%

- Flagged crisis recapitalisations: 0

- Book value created per share: EUR -1.17

- Earnings retained per share after dividends and buybacks: EUR -0.28

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 2.3 times annual sales · "Full Year Growth Outlook Increase: EUR100 million increase." (finance.yahoo.com, May 2025) · net income +73.1%

Story as of 2026-10-16T10:00:00.715Z; price observation 2026-10-15.

The price is 2.3 times annual sales

- 2025-11-06: Sampo (HLSE:SAMPO) Margin Beat Challenges Cautious Narratives Despite Weak Earnings Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/sampo-hlse-sampo-margin-beat-201612478.html))

- 2026-09-28: Is Sampo Oyj (HLSE:SAMPO) Cheap As Its Topdanmark Integration Impairment Comes Into View? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sampo-oyj-hlse-sampo-cheap-120812217.html))

### Net income · FY2025

net income +73.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.7B 

- FY2017: EUR 2.2B 

- FY2018: EUR 1.7B 

- FY2019: EUR 1.1B 

- FY2020: EUR 37M 

- FY2021: EUR 2.6B 

- FY2022: EUR 1.4B 

- FY2023: EUR 1.3B 

- FY2024: EUR 1.2B 

- FY2025: EUR 2.0B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are EUR 10.6 billion.

- Source: https://eodhd.com/api/fundamentals/SAXPF.US.json#2025-12-31 (filed 2026-10-16T07:34:27.963Z); FY2025: revenue 10635000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAMPO.HE: Sampo Oyj, together with its subsidiaries, provides non-life insurance products and services in Finland, Sweden, Norway, Denmark, Estonia, Lithuania, Latvia, Spain, Gibraltar, Germany, the Netherlands, France, and the United Kingdom. The company operates through Private Nordic, Private UK, Nordic Commercial, and Nordic Industrial segments. It offers property, casualty, liability, accident, sickness, household, homeowner, motor, travel, marine, aviation, transport, forest, livestock, health, workers compensation, car, van, and bike insurance, as well as reinsurance products under the If, Topdanmark, and Hastings brand names. Sampo Oyj was founded in 1909 and is based in Helsinki, Finland.

### Why customers stay

It earns 15.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.963Z); 10-year return on tangible equity observations [[2016,0.13826043237807945],[2017,0.17247820672478206],[2018,0.13620216373324723],[2019,0.09489418878065166],[2020,0.0032404974601506395],[2021,0.20073506412261496],[2022,0.14836764400083177],[2023,0.1821561338289963],[2024,0.16347924635217453],[2025,0.25644708353051393]]; median 0.15592344517650314. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 289.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.963Z); Dividend observations: [[2016,1192000000],[2017,1286000000],[2018,1444000000],[2019,1588000000],[2020,833000000],[2021,944000000],[2022,2186000000],[2023,1321000000],[2024,903000000],[2025,914657296]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SAXPF.US.json#2025-12-31 (filed 2026-10-16T07:34:27.963Z); FY2025: cash repurchases 289891383 EUR.

### Are managers owners

Insiders own 5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAMPO.HE SharesStats.PercentInsiders = 5.0009999999999994 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.963Z); Closing price 9.006 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 3.9608938547486034; price multiple 2.273729196050776. FY2025 cash earnings/share 0.7610106033519554. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 7.49 per share

- 2016-11: EUR 7.48 per share

- 2016-12: EUR 7.63 per share

- 2017-01: EUR 7.69 per share

- 2017-02: EUR 7.71 per share

- 2017-03: EUR 7.97 per share

- 2017-04: EUR 7.89 per share

- 2017-05: EUR 8.11 per share

- 2017-06: EUR 8.04 per share

- 2017-07: EUR 8.29 per share

- 2017-08: EUR 7.95 per share

- 2017-09: EUR 8.02 per share

- 2017-10: EUR 8.06 per share

- 2017-11: EUR 7.96 per share

- 2017-12: EUR 8.21 per share

- 2018-01: EUR 8.38 per share

- 2018-02: EUR 8.36 per share

- 2018-03: EUR 8.11 per share

- 2018-04: EUR 8.02 per share

- 2018-05: EUR 7.54 per share

- 2018-06: EUR 7.49 per share

- 2018-07: EUR 7.79 per share

- 2018-08: EUR 7.90 per share

- 2018-09: EUR 8.00 per share

- 2018-10: EUR 7.29 per share

- 2018-11: EUR 7.07 per share

- 2018-12: EUR 6.89 per share

- 2019-01: EUR 7.17 per share

- 2019-02: EUR 7.59 per share

- 2019-03: EUR 7.24 per share

- 2019-04: EUR 7.31 per share

- 2019-05: EUR 6.95 per share

- 2019-06: EUR 7.44 per share

- 2019-07: EUR 6.75 per share

- 2019-08: EUR 6.58 per share

- 2019-09: EUR 6.64 per share

- 2019-10: EUR 6.68 per share

- 2019-11: EUR 6.68 per share

- 2019-12: EUR 7.08 per share

- 2020-01: EUR 7.44 per share

- 2020-02: EUR 6.71 per share

- 2020-03: EUR 4.84 per share

- 2020-04: EUR 5.50 per share

- 2020-05: EUR 5.84 per share

- 2020-06: EUR 5.57 per share

- 2020-07: EUR 5.58 per share

- 2020-08: EUR 6.14 per share

- 2020-09: EUR 6.15 per share

- 2020-10: EUR 5.89 per share

- 2020-11: EUR 6.59 per share

- 2020-12: EUR 6.29 per share

- 2021-01: EUR 6.31 per share

- 2021-02: EUR 6.71 per share

- 2021-03: EUR 7.00 per share

- 2021-04: EUR 7.19 per share

- 2021-05: EUR 6.93 per share

- 2021-06: EUR 7.05 per share

- 2021-07: EUR 7.39 per share

- 2021-08: EUR 7.96 per share

- 2021-09: EUR 7.81 per share

- 2021-10: EUR 8.37 per share

- 2021-11: EUR 7.89 per share

- 2021-12: EUR 8.02 per share

- 2022-01: EUR 7.98 per share

- 2022-02: EUR 7.71 per share

- 2022-03: EUR 8.07 per share

- 2022-04: EUR 8.44 per share

- 2022-05: EUR 7.66 per share

- 2022-06: EUR 7.55 per share

- 2022-07: EUR 7.67 per share

- 2022-08: EUR 8.21 per share

- 2022-09: EUR 7.96 per share

- 2022-10: EUR 8.42 per share

- 2022-11: EUR 8.83 per share

- 2022-12: EUR 8.88 per share

- 2023-01: EUR 8.76 per share

- 2023-02: EUR 8.38 per share

- 2023-03: EUR 7.91 per share

- 2023-04: EUR 8.36 per share

- 2023-05: EUR 7.83 per share

- 2023-06: EUR 7.48 per share

- 2023-07: EUR 7.29 per share

- 2023-08: EUR 7.37 per share

- 2023-09: EUR 7.46 per share

- 2023-10: EUR 7.42 per share

- 2023-11: EUR 8.03 per share

- 2023-12: EUR 7.92 per share

- 2024-01: EUR 7.76 per share

- 2024-02: EUR 8.27 per share

- 2024-03: EUR 7.90 per share

- 2024-04: EUR 7.58 per share

- 2024-05: EUR 7.89 per share

- 2024-06: EUR 8.02 per share

- 2024-07: EUR 8.09 per share

- 2024-08: EUR 8.08 per share

- 2024-09: EUR 8.38 per share

- 2024-10: EUR 8.14 per share

- 2024-11: EUR 8.11 per share

- 2024-12: EUR 7.88 per share

- 2025-01: EUR 7.96 per share

- 2025-02: EUR 8.46 per share

- 2025-03: EUR 8.85 per share

- 2025-04: EUR 8.82 per share

- 2025-05: EUR 9.40 per share

- 2025-06: EUR 9.13 per share

- 2025-07: EUR 9.42 per share

- 2025-08: EUR 9.81 per share

- 2025-09: EUR 9.78 per share

- 2025-10: EUR 9.67 per share

- 2025-11: EUR 10.14 per share

- 2025-12: EUR 10.33 per share

- 2026-01: EUR 9.40 per share

- 2026-02: EUR 9.39 per share

- 2026-03: EUR 9.20 per share

- 2026-04: EUR 8.85 per share

- 2026-05: EUR 9.06 per share

- 2026-06: EUR 9.19 per share

- 2026-07: EUR 9.62 per share

- 2026-08: EUR 9.73 per share

- 2026-09: EUR 8.73 per share

- 2026-10: EUR 8.91 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 7.21 per share, central EUR 8.99 per share, high EUR 11.93 per share

- FY2017: low EUR 6.41 per share, central EUR 7.99 per share, high EUR 10.61 per share

- FY2018: low EUR 6.57 per share, central EUR 8.19 per share, high EUR 10.87 per share

- FY2019: low EUR 6.33 per share, central EUR 7.89 per share, high EUR 10.47 per share

- FY2020: low EUR 4.68 per share, central EUR 5.71 per share, high EUR 7.32 per share

- FY2021: low EUR 5.74 per share, central EUR 7.07 per share, high EUR 9.21 per share

- FY2022: low EUR 3.21 per share, central EUR 3.53 per share, high EUR 3.92 per share

- FY2023: low EUR 2.37 per share, central EUR 2.73 per share, high EUR 3.21 per share

- FY2024: low EUR 2.26 per share, central EUR 2.48 per share, high EUR 2.76 per share

- FY2025: low EUR 4.92 per share, central EUR 5.81 per share, high EUR 7.09 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations