Today’s update from OP.
We have previously used 3% as the terminal growth for Sampo’s earnings per share, but the now outlined profit distribution policy could raise the terminal growth to 4.5%. The change is significant in terms of value creation, and our dividend discount model based on this would indicate a fair value of over 13 euros for the share. For now, however, our valuation still relies on valuation multiples derived from peer companies. Target price 10 → 10.4. Available in the OP service under investments, research.