Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markeder
    • Aktieoversigt
    • Finanskalender
    • Dividends Calendar
    • Research
    • Artikler
  • InderesTV
  • Forum
  • Om os
    • Fulgte selskaber
    • Team
Analytikerkommentar

Mandatum exits Saxo Bank

Mandatum

Translation: Original published in Finnish on 3/10/2025 at 9:28 am EET.

Mandatum announced that it will sell all of its shares in Saxo Bank for approximately 319 MEUR. The move did not come as a surprise as Mandatum has emphasized since its IPO its intention to exit its non-strategic PE investments. The Saxo shares are the result of the partial demerger in which Mandatum acquired them from Sampo.

Purchase price met expectations

The value of the Saxo Bank shares on Mandatum's balance sheet is 302 MEUR, so the company expects to record a minor gain after transaction costs in Q1. The transaction is subject to standard regulatory approvals and is expected to be finalized before the end of 2025. After the closing, Mandatum will repay the 200 MEUR bank loan that was originally drawn to finance the Saxo shares.

The transaction will have a minor impact on our earnings forecasts, as we had estimated that the exit from Saxo would not take place until next year. However, the transaction price was roughly in line with expectations, so the announcement has no material impact on our view of the company.

Balance sheet overcapitalization increases again

Mandatum's solvency will increase significantly with the transaction, as the company estimates that its solvency ratio would have increased to 242% from a reported 210% if the transaction had been completed by the end of last year. As a result, Mandatum will again have a lot of excess capital on its balance sheet, which we expect it will distribute to its shareholders primarily in the form of dividends. The game of unwinding the balance sheet was indeed opened in connection with the financial statements release, when the company proposed to distribute a dividend for the past financial year that was significantly higher than the accumulated profit.

Mandatum

5,48EUR07.03.2025, 18.00
4,80EURKursmål
Reducer
Anbefaling opdateret:13.02

Mandatum has operations within the financial sector. The company offers various financial services to both private savers and corporate customers. The range is broad and mainly includes capital and wealth management, savings and investments, compensation and rewards, pension plans and personal risk insurance. The largest operations are found in Finland.

Read more on company page

Key Estimate Figures13.02

202425e26e
Omsætning153,0175,0189,2
vækst-%13,3 %14,4 %8,1 %
EBIT (adj.)202,9192,4179,0
EBIT-% (adj.)132,6 %109,9 %94,6 %
EPS (adj.)0,330,310,28
Udbytte0,660,400,36
Udbytte %12,2 %7,8 %7,1 %
P/E (adj.)16,516,717,9
EV/EBITDA10,511,212,3
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Tag kontakt
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • Om os
  • Our team
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Servicevilkår
  • Privatlivspolitik
  • Disclaimer
Inderes’ ansvarsfraskrivelse kan findes her. Detaljeret information om hver aktie, der aktivt overvåges af Inderes og HC Andersen Capital, er tilgængelig på de virksomhedsspecifikke sider på Inderes' hjemmeside. © Inderes Oyj. All rights reserved.
  • Latest
  • Markeder
    • Aktieoversigt
    • Finanskalender
    • Dividends Calendar
    • Research
    • Artikler
  • InderesTV
  • Forum
  • Om os
    • Fulgte selskaber
    • Team