DB:PR4

Stock Analysis Report

Protector Forsikring

Executive Summary

Protector Forsikring ASA, a general insurance company, provides various insurance products to the commercial and public sectors, and the affinity insurance markets in Norway, Sweden, Denmark, the United Kingdom, and Finland.


Snowflake Analysis

Moderate growth potential and slightly overvalued.

Share Price & News

How has Protector Forsikring's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PR4's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.4%

PR4

-1.1%

DE Insurance

-0.2%

DE Market


1 Year Return

-26.1%

PR4

25.8%

DE Insurance

13.7%

DE Market

Return vs Industry: PR4 underperformed the German Insurance industry which returned 25.8% over the past year.

Return vs Market: PR4 underperformed the German Market which returned 13.7% over the past year.


Shareholder returns

PR4IndustryMarket
7 Day-1.4%-1.1%-0.2%
30 Day-28.2%3.4%0.3%
90 Day-15.6%6.8%3.7%
1 Year-26.1%-26.1%31.3%25.8%17.2%13.7%
3 Yearn/a64.4%44.5%15.4%5.3%
5 Yearn/a98.0%58.5%21.3%4.7%

Price Volatility Vs. Market

How volatile is Protector Forsikring's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Protector Forsikring undervalued compared to its fair value and its price relative to the market?

45.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PR4 (€3.9) is trading below our estimate of fair value (€7.13)

Significantly Below Fair Value: PR4 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: PR4 is unprofitable, so we can't compare its PE Ratio to the Insurance industry average.

PE vs Market: PR4 is unprofitable, so we can't compare its PE Ratio to the German market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PR4's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PR4 is overvalued based on its PB Ratio (1.6x) compared to the DE Insurance industry average (1.2x).


Next Steps

Future Growth

How is Protector Forsikring forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

55.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PR4 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.4%).

Earnings vs Market: PR4 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: PR4's is expected to become profitable in the next 3 years.

Revenue vs Market: PR4's revenue (3.9% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: PR4's revenue (3.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PR4's Return on Equity is forecast to be low in 3 years time (18.1%).


Next Steps

Past Performance

How has Protector Forsikring performed over the past 5 years?

-38.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PR4 is currently unprofitable.

Growing Profit Margin: PR4 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: PR4 is unprofitable, and losses have increased over the past 5 years at a rate of -38.5% per year.

Accelerating Growth: Unable to compare PR4's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: PR4 is unprofitable, making it difficult to compare its past year earnings growth to the Insurance industry (7.8%).


Return on Equity

High ROE: PR4 has a negative Return on Equity (-3.76%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Protector Forsikring's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: PR4 has a low level of unsold assets or inventory.

Debt Coverage by Assets: PR4's debt is covered by short term assets (assets are 4.5x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: PR4 has been profitable on average in the past, therefore cash runway is not a concern.

Forecast Cash Runway: PR4 has been profitable on average in the past, therefore cash runway is not a concern.


Financial Institutions Analysis

Asset Level: PR4's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if PR4 has a sufficient allowance for bad loans.

Low Risk Liabilities: PR4 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if PR4 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: PR4 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if PR4 has an appropriate level of bad loans.


Next Steps

Dividend

What is Protector Forsikring's current dividend yield, its reliability and sustainability?

2.09%

Forecast Dividend Yield


Dividend Yield vs Market

company0%marketbottom25%1.3%markettop25%3.7%industryaverage3.6%forecastin3Years2.1%

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate PR4's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate PR4's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if PR4's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if PR4's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: PR4 is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of PR4's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.4yrs

Average management tenure


CEO

Sverre Bjerkeli (59yo)

14.1yrs

Tenure

kr11,531,000

Compensation

Mr. Sverre Bjerkeli has been the Chief Executive Officer of Protector Forsikring ASA since 2006. Mr. Bjerkeli joined Protector since 2004. He served position as Chief Executive Officer in Torrino and Ement ...


CEO Compensation Analysis

Compensation vs Market: Sverre's total compensation ($USD1.24M) is above average for companies of similar size in the German market ($USD792.68K).

Compensation vs Earnings: Sverre's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Sverre Bjerkeli
Chief Executive Officer14.1yrskr11.53m3.9% NOK12.5m
Ditlev de Vibe Vanay
Chief Financial Officer1.1yrskr3.77mno data
Dag Nereng
Chief Investment Officer - Equities0yrsno data0.13% NOK407.1k
Trond Høye
Chief Technology Officer and Insurance Director0yrskr2.33mno data
Erik Sand
Director of Business Development3.4yrsno datano data
Leonard Bijl
IT Director0yrsno datano data
Anders Palm
Executive Assistant & IR0yrsno data0.013% NOK42.3k

3.4yrs

Average Tenure

52yo

Average Age

Experienced Management: PR4's management team is considered experienced (3.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Else Fougner
Independent Director9.1yrsno datano data
Randi Røed
Independent Director6.1yrsno datano data
Jostein Sørvoll
Chairman of the Board0yrsno datano data
Anders Lenborg
Deputy Chairman0yrskr90.00kno data
Alexander Amsrud
Deputy Board member0yrsno datano data
Jørgen Stenshagen
Independent Director6.1yrsno datano data
Line Engelmann-Kokkim
Director1.9yrsno data0.00086% NOK2.8k
Mathews Ambalathil
Director0yrsno datano data
Adele Bugge Pran
Independent Director0yrsno datano data

6.1yrs

Average Tenure

53yo

Average Age

Experienced Board: PR4's board of directors are considered experienced (6.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: PR4 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Protector Forsikring ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Protector Forsikring ASA
  • Ticker: PR4
  • Exchange: DB
  • Founded: 2003
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: kr3.238b
  • Listing Market Cap: kr321.572m
  • Shares outstanding: 81.76m
  • Website: https://www.protectorforsikring.no

Number of Employees


Location

  • Protector Forsikring ASA
  • Støperigata 2
  • Oslo
  • Oslo
  • 113
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PROTCTOB (Oslo Bors)YesA SharesNONOKJul 2006
0JXFLSE (London Stock Exchange)YesA SharesGBNOKJul 2006
PROTCoBATS-CHIXE (BATS 'Chi-X Europe')YesA SharesGBNOKJul 2006
PSKR.FOTCPK (Pink Sheets LLC)YesA SharesUSUSDJul 2006
PR4DB (Deutsche Boerse AG)YesA SharesDEEURJul 2006

Biography

Protector Forsikring ASA, a general insurance company, provides various insurance products to the commercial and public sectors, and the affinity insurance markets in Norway, Sweden, Denmark, the United Kingdom, and Finland. It also offers change of ownership insurance. The company sells its products to non-marine industries through insurance brokers, and real estate agents and lawyers. Protector Forsikring ASA was founded in 2003 and is based in Oslo, Norway. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 23:16
End of Day Share Price2020/02/20 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.