GS starts Mandatum at 'neutral', sees flat earnings to 2027

Mandatum Oyj

05/10/2023 10:37

** Goldman Sachs initiates coverage of Finnish life
insurance and asset management provider Mandatum  MANTA.HE  with
a "neutral" rating and a target price of EUR 3.30
    ** It expects growth in the company's Capital-Light segment,
which includes institutional & wealth management, corporate and
retail, to be largely offset by the portfolio runoff in the
With-Profit segment
    ** The broker says this should result in broadly flat
earnings over 2023-2027
    ** Mandatum still offers an attractive capital return story,
GS says, noting its strong market position and long-running
corporate relationships
    ** It also points to the company's investment expertise
across different asset classes
    ** Mandatum, spun off from Sampo  SAMPO.HE , started trading
in Helsinki on Monday


 (Reporting by Marta Frąckowiak)
 ((marta.frackowiak@thomsonreuters.com))