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.

Snowflake Analysis

Adequate balance sheet with moderate growth potential.

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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's share price has been volatile over 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 -19.3% over the past year.

Return vs Market: ALMB underperformed the Danish Market which returned 19.7% over the past year.

Shareholder returns

7 Day4.9%2.8%1.8%
30 Day5.9%-5.5%2.1%
90 Day25.5%14.0%16.0%
1 Year9.1%9.1%-15.0%-19.3%22.1%19.7%
3 Year21.1%10.3%1.3%-12.7%47.8%35.2%
5 Year91.6%50.0%21.8%-5.3%53.0%33.8%

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?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: ALMB (DKK64.5) is trading below our estimate of fair value (DKK69.9)

Significantly Below Fair Value: ALMB is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: ALMB is poor value based on its PE Ratio (33.3x) compared to the Insurance industry average (9.6x).

PE vs Market: ALMB is poor value based on its PE Ratio (33.3x) compared to the Danish market (16.1x).

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 (2.2x) 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 (23.8% per year) is above the savings rate (0.3%).

Earnings vs Market: ALMB's earnings (23.8% per year) are forecast to grow faster than the Danish market (13.8% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ALMB's revenue is expected to decline over the next 3 years (-11.7% per year).

High Growth Revenue: ALMB's revenue is forecast to decline over the next 3 years (-11.7% 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 (14.5%).

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 (3.2%) are lower than last year (7.2%).

Past Earnings Growth Analysis

Earnings Trend: ALMB's earnings have declined by -1.7% 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 (-46.8%) over the past year, making it difficult to compare to the Insurance industry average (10%).

Return on Equity

High ROE: ALMB's Return on Equity (6.6%) 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 (DKK2.1B) exceed its short term liabilities (DKK1.1B).

Long Term Liabilities: ALMB's short term assets (DKK2.1B) do not cover its long term liabilities (DKK36.9B).

Debt to Equity History and Analysis

Debt Level: ALMB's debt to equity ratio (40.9%) is considered high.

Reducing Debt: ALMB's debt to equity ratio has reduced from 41.2% to 40.9% over the past 5 years.

Debt Coverage: ALMB's debt is well covered by operating cash flow (60%).

Interest Coverage: ALMB's interest payments on its debt are well covered by EBIT (33.7x coverage).

Balance Sheet

Next Steps


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


Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: ALMB's dividend (4.65%) is higher than the bottom 25% of dividend payers in the Danish market (1.44%).

High Dividend: ALMB's dividend (4.65%) is in the top 25% of dividend payers in the Danish market (3.45%)

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 (154.7%), 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 (86.7% payout ratio).

Next Steps


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


Average management tenure


Rasmus Nielsen (51yo)



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 Board0.75yrno data0.013% DKK1.3m
Andreas Madsen
Group Chief Financial Officer0.75yrno datano data
Kristian Hjort-Madsen
Executive VP of Business Development & Digitalization and COOno datano datano data
Lars Holm
First VP & Head of Investor Relationsno datano datano data
Tue Christensen
Director & Senior VP of Group Legal3.42yrsno 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 - Commercial1.08yrsno datano data
Pia Steffensen
Senior Vice President of Non-life Insurance - Private1.08yrsno datano data


Average Tenure


Average Age

Experienced Management: ALMB's management team is not considered experienced ( 1.1 years average tenure), which suggests a new team.

Board Members

Flemming Jørgensen
Director2.25yrsø340.00kno data
Jørgen Mikkelsen
Chairman of the Board11.5yrsø1.12m0.19% DKK18.6m
Boris Kjeldsen
Director17.25yrsø485.00k0.0056% DKK560.1k
Per Hasling Frandsen
Director11.25yrsø340.00k0.020% DKK2.0m
Susanne Larsen
Employee Representative Director14.25yrsø300.00k0.0023% DKK226.2k
Anette Eberhard
Director5.25yrsø615.00k0.0021% DKK210.3k
Ebbe Castella
Director7.25yrsø485.00k0.0013% DKK129.6k
Helle Frederiksen
Employee Representative Director10.25yrsø300.00k0.0016% DKK155.5k
Jan Pedersen
Deputy Chairman of the Boardno dataø840.00k0.0078% DKK777.4k
Karen Hansen-Hoeck
Director7.25yrsø300.00kno data


Average Tenure


Average Age

Experienced Board: ALMB's board of directors are seasoned and experienced ( 10.3 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: ø9.967b
  • Shares outstanding: 153.81m
  • 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 private customers and small and medium-sized enterprises; and financial markets services comprising bonds, equity and currency trading and research, private banking, 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 private customers, small and medium-sized enterprises, property owners and administrators, agricultural customers, and the public sectors 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 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 Analysis2020/07/05 20:47
End of Day Share Price2020/07/03 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.