Here’s a new, solid analysis of the much-discussed Mandatum. Worth reading. 
Mandatum published a Q3 report that was slightly below our expectations in terms of earnings figures. The miss was due to quarter-on-quarter volatility in investment performance, and the Group’s growth engine, the capital-light businesses, performed well ahead of our expectations. While the strong performance has raised the outlook for these businesses, our EBIT forecasts for the coming years have been slightly lowered due to the lower investment performance forecast. On the other hand, Mandatum’s valuation has become attractive following the share price decline, so we raise our recommendation to Accumulate and reiterate our target price of EUR 4.5.