Sanlam - "A sound result from Sanlam's Santam stake"
In the Politics Proofing note, Ingham Analytics rated Sanlam and Santam as shares to consider owning as they have historically been relatively resilient and historically well-managed businesses. Sanlam is a traditional insurer in life and general insurance and furthermore owns 61.5% of short-term insurer Santam. Whilst Ingham Analytics have observed that earnings growth in the prevailing economic situation will be difficult to achieve, they think that earnings quality should remain sound. Sanlam reports interim results on 5 September and Santam reported interim results on 29 August. In this detailed note, Ingham Analytics analyse the Santam result, which they say is much in line with their expectations and see no reason to alter their outlook or valuation. Ingham Analytics also assesses what impact the new accounting standard IFRS 16 Leases has. They also indicate what they believe Sanlam is potentially capable of delivering this year.
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