CPSE:ALMB

Stock Analysis Report

Executive Summary

Alm. Brand A/S, together with its subsidiaries, provides non-life insurance, banking, and life and pension insurance products and services in Denmark.


Snowflake Analysis

Second-rate dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Alm. Brand's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ALMB has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.3%

ALMB

-0.7%

DK Insurance

2.2%

DK Market


1 Year Return

11.1%

ALMB

13.4%

DK Insurance

28.4%

DK Market

Return vs Industry: ALMB underperformed the Danish Insurance industry which returned 13.4% over the past year.

Return vs Market: ALMB underperformed the Danish Market which returned 28.4% over the past year.


Shareholder returns

ALMBIndustryMarket
7 Day0.3%-0.7%2.2%
30 Day-1.7%2.5%6.0%
90 Day13.1%5.3%14.9%
1 Year16.4%11.1%20.7%13.4%32.2%28.4%
3 Year29.4%8.0%41.9%21.1%62.6%48.8%
5 Year101.0%55.6%55.0%18.8%71.6%47.7%

Price Volatility Vs. Market

How volatile is Alm. Brand's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Alm. Brand undervalued compared to its fair value and its price relative to the market?

41.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ALMB (DKK62.1) is trading below our estimate of fair value (DKK105.28)

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


Price To Earnings Ratio

PE vs Industry: ALMB is poor value based on its PE Ratio (21.4x) compared to the Insurance industry average (12.9x).

PE vs Market: ALMB is poor value based on its PE Ratio (21.4x) compared to the Danish market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: ALMB is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: ALMB is overvalued based on its PB Ratio (2.1x) compared to the XE Insurance industry average (1.2x).


Next Steps

Future Growth

How is Alm. Brand forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

14.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALMB's forecast earnings growth (14.8% per year) is above the savings rate (-0.3%).

Earnings vs Market: ALMB's earnings (14.8% per year) are forecast to grow faster than the Danish market (12.1% per year).

High Growth Earnings: ALMB's earnings are forecast to grow, but not significantly.

Revenue vs Market: ALMB's revenue is expected to decline over the next 3 years (-11.9% per year).

High Growth Revenue: ALMB's revenue is forecast to decline over the next 3 years (-11.9% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ALMB's Return on Equity is forecast to be low in 3 years time (14.4%).


Next Steps

Past Performance

How has Alm. Brand performed over the past 5 years?

3.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ALMB has high quality earnings.

Growing Profit Margin: ALMB's current net profit margins (5.4%) are lower than last year (7.1%).


Past Earnings Growth Analysis

Earnings Trend: ALMB's earnings have grown by 3.8% per year over the past 5 years.

Accelerating Growth: ALMB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ALMB had negative earnings growth (-20.6%) over the past year, making it difficult to compare to the Insurance industry average (14.2%).


Return on Equity

High ROE: ALMB's Return on Equity (9.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Alm. Brand'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: ALMB has a low level of unsold assets or inventory.

Debt Coverage by Assets: ALMB's debt is not covered by short term assets (assets are 0.9x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

What is Alm. Brand's current dividend yield, its reliability and sustainability?

4.83%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Alm. Brand before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company4.8%marketbottom25%1.4%markettop25%4.6%industryaverage4.5%forecastin3Years6.0%

Current dividend yield vs market & industry

Notable Dividend: ALMB's dividend (4.83%) is higher than the bottom 25% of dividend payers in the Danish market (1.41%).

High Dividend: ALMB's dividend (4.83%) is in the top 25% of dividend payers in the Danish market (4.58%)


Stability and Growth of Payments

Stable Dividend: ALMB has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: ALMB's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (103.4%), ALMB's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ALMB's dividends in 3 years are forecast to be covered by earnings (80.5% payout ratio).


Next Steps

Management

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

0.7yrs

Average management tenure


CEO

Rasmus Nielsen (50yo)

0.3yrs

Tenure

0

Mr. Rasmus Werner Nielsen has been a Member of the Management Board at Alm. Brand A/S since 2019. He serves as Vice Chairman of the Board at Alm. Brand Forsikring A/S and serves as its Acting Chief Executi ...


Leadership Team

NamePositionTenureCompensationOwnership
Rasmus Nielsen
Executive VP of Insurance Non-Life0.3yrsno datano data
Andreas Madsen
Chief Group Risk Officer & CFO0.3yrsno datano data
Lars Holm
Head of Investor Relations0yrsno datano data
Tue Christensen
Director & Senior VP of Group Legal3yrsno datano data
Kristjan Jørgensen
Chief Press & Communication Officer1.1yrsno datano data
Henrik Gundorph
Senior Vice President of Human Resources0yrsno datano data
Bjarne Schønfeld
Executive Vice President of Region Jylland Nord0yrsno datano data
Peter Flemmer
Senior Vice President of Non-life Insurance - Commercial0.7yrsno datano data
Pia Steffensen
Senior Vice President of Non-life Insurance - Private0.7yrsno datano data
Brian Olsen
Senior Vice Director of Claims Processing13.8yrsno datano data

0.7yrs

Average Tenure

50yo

Average Age

Experienced Management: ALMB's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Flemming Jørgensen
Director1.8yrsø355.00kno data
Jørgen Mikkelsen
Chairman of the Board11.1yrsø1.07m0.19% DKK17.8m
Boris Kjeldsen
Director16.8yrsø450.00k0.0056% DKK537.3k
Per Hasling Frandsen
Director10.8yrsø355.00k0.020% DKK1.9m
Susanne Larsen
Employee Representative Director13.8yrsø275.00k0.0042% DKK401.5k
Anette Eberhard
Director4.8yrsø610.00k0.0021% DKK201.7k
Ebbe Castella
Director6.8yrsø450.00k0.0013% DKK124.3k
Helle Frederiksen
Employee Representative Director9.8yrsø275.00k0.0016% DKK149.1k
Jan Pedersen
Deputy Chairman of the Board0yrsø795.00k0.0078% DKK745.7k
Karen Hansen-Hoeck
Director6.8yrsø275.00kno data

9.8yrs

Average Tenure

61.5yo

Average Age

Experienced Board: ALMB's board of directors are considered experienced (9.8 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

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


Top Shareholders

Company Information

Alm. Brand A/S's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Alm. Brand A/S
  • Ticker: ALMB
  • Exchange: CPSE
  • Founded: 1792
  • Industry: Property and Casualty Insurance
  • Sector: Insurance
  • Market Cap: ø9.560b
  • Shares outstanding: 153.94m
  • Website: https://www.almbrand.dk

Number of Employees


Location

  • Alm. Brand A/S
  • Midtermolen 7
  • Copenhagen
  • Capital Region of Denmark
  • 2100
  • Denmark

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ALMBCPSE (OMX Nordic Exchange Copenhagen)YesRegistered SharesDKDKKJan 1992
0DJILSE (London Stock Exchange)YesRegistered SharesGBDKKJan 1992
ALMBCBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBDKKJan 1992
1AMDB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992

Biography

Alm. Brand A/S, together with its subsidiaries, provides non-life insurance, banking, and life and pension insurance products and services in Denmark. The company offers banking products and services to private customers and small and medium-sized enterprises; and financial markets services comprising bonds, equity and currency trading and research, and asset management services, as well as leases cars to private and commercial customers. It also provides advisory services. The company offers its non-life insurance products for the personal, commercial, and agricultural segments through insurance shops, independent insurance shops, and business partners. Its life and pension insurance products include coverage for death, disability, and critical illness; and savings comprising capital pension plans, installment pensions, and annuity schemes for private individuals, farmers, and owners and employees of small businesses. The company operates 19 branches in Denmark. Alm. Brand A/S was founded in 1792 and is headquartered in Copenhagen, Denmark. Alm. Brand A/S is a subsidiary of Alm. Brand af 1792 Fmba. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/21 21:06
End of Day Share Price2020/02/21 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.