Här är en högkvalitativ analys av Mandatum. 
Mandatum published Q2 figures that were significantly better than our expectations. The earnings beat was mainly driven by investment performance, but the capital-light businesses also performed better than expected. Based on the Q2 report, we have raised our earnings forecasts for the coming years. However, we see that the best of the stock’s expected returns have been left behind by the recent rise in the share price, so we downgrade our recommendation to Reduce (was Accumulate) and reiterate our target price of EUR 4.5.
