Stock Analysis Report

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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. More Details

Snowflake Analysis

Adequate balance sheet with limited growth.

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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




DK Insurance


DK Market

1 Year Return




DK Insurance


DK Market

Return vs Industry: ALMB exceeded the Danish Insurance industry which returned -24.1% over the past year.

Return vs Market: ALMB exceeded the Danish Market which returned 32.2% over the past year.

Shareholder returns

7 Day-3.3%-2.9%-3.6%
30 Day16.7%-2.9%5.0%
90 Day19.5%-9.3%5.2%
1 Year51.7%51.7%-21.8%-25.3%32.8%30.3%
3 Year36.8%24.6%-9.0%-22.2%51.0%39.6%
5 Year157.7%101.8%11.9%-13.7%66.2%45.5%

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


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


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: ALMB (DKK79.1) is trading above our estimate of fair value (DKK69.94)

Significantly Below Fair Value: ALMB is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: ALMB is poor value based on its PE Ratio (26.2x) compared to the XE Insurance industry average (10.4x).

PE vs Market: ALMB is poor value based on its PE Ratio (26.2x) compared to the Danish market (16.6x).

Price to Earnings Growth Ratio

PEG Ratio: ALMB is poor value based on its PEG Ratio (2x)

Price to Book Ratio

PB vs Industry: ALMB is overvalued based on its PB Ratio (2.5x) compared to the XE Insurance industry average (1x).

Next Steps

Future Growth

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


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALMB's forecast earnings growth (12.8% per year) is above the savings rate (0.3%).

Earnings vs Market: ALMB's earnings (12.8% per year) are forecast to grow faster than the Danish market (12% 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 (-10.1% per year).

High Growth Revenue: ALMB's revenue is forecast to decline over the next 3 years (-10.1% 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 (16.9%).

Next Steps

Past Performance

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


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%) are lower than last year (7.1%).

Past Earnings Growth Analysis

Earnings Trend: ALMB's earnings have declined by 4.9% 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 (-14.2%) over the past year, making it difficult to compare to the Insurance industry average (-4.4%).

Return on Equity

High ROE: ALMB's Return on Equity (9.6%) is considered low.

Next Steps

Financial Health

How is Alm. Brand's financial position?

Financial Position Analysis

Short Term Liabilities: ALMB's short term assets (DKK1.6B) exceed its short term liabilities (DKK1.2B).

Long Term Liabilities: ALMB's short term assets (DKK1.6B) do not cover its long term liabilities (DKK36.5B).

Debt to Equity History and Analysis

Debt Level: ALMB's debt to equity ratio (40%) is considered satisfactory.

Reducing Debt: ALMB's debt to equity ratio has increased from 34.8% to 40% over the past 5 years.

Debt Coverage: ALMB's debt is well covered by operating cash flow (65.4%).

Interest Coverage: ALMB's interest payments on its debt are well covered by EBIT (26.6x coverage).

Balance Sheet

Next Steps


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


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ALMB's dividend (3.79%) is higher than the bottom 25% of dividend payers in the Danish market (1.27%).

High Dividend: ALMB's dividend (3.79%) is in the top 25% of dividend payers in the Danish market (3.41%)

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 6 years.

Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (99.3%), ALMB's dividend payments are not well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: ALMB's dividends in 3 years are not forecast to be well covered by earnings (91.3% payout ratio).

Next Steps


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


Average management tenure


Rasmus Nielsen (51 yo)



Mr. Rasmus Werner Nielsen serves as the Chief Executive Officer of Alm. Brand A/S since June 22, 2020. He has been a Member of the Management Board at Alm. Brand A/S since 2019 and also served as its Actin ...

Leadership Team

Rasmus Nielsen
CEO & Member of the Management Board1yrno data0.013%
DKK 1.6m
Andreas Madsen
Group Chief Financial Officer1yrno datano data
Kristian Hjort-Madsen
Executive VP of Business Development & Digitalization and COOno datano datano data
Lars Holm
First VP & Senior VP of Investor Relationsno datano datano data
Tue Christensen
Director & Senior VP of Group Legal3.67yrsno datano data
Claus Christensen
Chief Communication Officerno datano datano data
Henrik Gundorph
Senior Vice President of Human Resourcesno datano datano data
Bjarne Schønfeld
Executive Vice President of Region Jylland Nordno datano datano data
Peter Flemmer
Senior Vice President of Non-life Insurance - Commercial1.33yrsno datano data
Pia Steffensen
Senior Vice President of Non-life Insurance - Private1.33yrsno datano data
Brian Olsen
Senior Vice Director of Claims Processing14.5yrsno datano data
Mark Oswald
Senior VP & Regional Manager of Copenhagen - Private Non-life Insurance Sales1.33yrsno datano data


Average Tenure


Average Age

Experienced Management: ALMB's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.

Board Members

Flemming Jørgensen
Director2.5yrskr.340.00kno data
Jørgen Mikkelsen
Chairman of the Board11.75yrskr.1.12m0.19%
DKK 22.7m
Boris Kjeldsen
DKK 685.9k
Susanne Larsen
Employee Representative Director14.5yrskr.300.00k0.0023%
DKK 277.0k
Anette Eberhard
DKK 257.5k
Helle Frederiksen
Employee Representative Director10.5yrskr.300.00k0.0016%
DKK 190.4k
Jan Pedersen
Deputy Chairman of the Boardno datakr.840.00k0.0078%
DKK 951.9k
Karen Hansen-Hoeck
Director7.5yrskr.300.00kno data
Brian Egested
Employee Representative Director6.5yrskr.300.00k0.00065%
DKK 79.3k
Pia Laub
Director0.17yrno datano data
Per Viggo Frandsen
DKK 2.5m
Claus Jensen
Employee Representative Director2.58yrskr.300.00k0.0056%
DKK 682.2k


Average Tenure


Average Age

Experienced Board: ALMB's board of directors are considered experienced (7.5 years average tenure).


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:
  • Industry: Property and Casualty Insurance
  • Sector: Insurance
  • Market Cap: kr.12.204b
  • Shares outstanding: 153.90m
  • Website: https://www.almbrand.dk

Number of Employees


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


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


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 pr ...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/21 21:23
End of Day Share Price2020/10/21 00:00
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.