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.



Average dividend payer and fair value.

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

Market Performance

7 Day Return




DK Insurance


DK Market

1 Year Return




DK Insurance


DK Market

Return vs Industry: ALMB underperformed the Danish Insurance industry which returned 12.3% over the past year.

Return vs Market: ALMB underperformed the Danish Market which returned 16.3% over the past year.

Shareholder returns

7 Day-2.0%0.7%0.3%
30 Day-6.6%1.6%-0.6%
90 Day-16.8%0.1%1.3%
1 Year1.6%-3.0%19.6%12.3%19.8%16.3%
3 Year19.3%-0.4%48.0%26.0%37.1%25.7%
5 Year108.3%61.3%68.4%28.9%73.4%48.6%

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 (DKK51.3) is trading below our estimate of fair value (DKK92.4)

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 (14.8x) compared to the Insurance industry average (12.4x).

PE vs Market: ALMB is good value based on its PE Ratio (14.8x) compared to the Danish market (14.5x).

Price to Earnings Growth Ratio

PEG Ratio: ALMB is poor value based on its PEG Ratio (3x)

Price to Book Ratio

PB vs Industry: ALMB is overvalued based on its PB Ratio (1.8x) 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?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALMB's forecast earnings growth (4.9% per year) is above the savings rate (0.2%).

Earnings vs Market: ALMB's earnings (4.9% per year) are forecast to grow slower than the Danish market (11.9% 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 (-7.2% per year).

High Growth Revenue: ALMB's revenue is forecast to decline over the next 3 years (-7.2% 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 (13.7%).

Next Steps

Past Performance

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


Historical annual earnings growth

Earnings and Revenue History

Past Earnings Growth Analysis

Earnings Trend: ALMB's earnings have grown by 12.8% 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 (-22.7%) over the past year, making it difficult to compare to the Insurance industry average (11%).

Return on Equity

High ROE: ALMB's Return on Equity (12%) is considered low.

Return on Assets

ROA vs Industry: ALMB has a higher Return on Assets than the Insurance industry average last year.

Return on Capital Employed

ROCE Improving: ALMB is currently unprofitable, so its Return on Capital Employed is negative.

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 covered by short term assets (assets are 1.134020x 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


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


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Stability and Growth of Payments

Notable Dividend: ALMB's dividend (5.85%) is higher than the bottom 25% of dividend payers in the Danish market (1.69%).

High Dividend: ALMB's dividend (5.85%) is in the top 25% of dividend payers in the Danish market (5.19%)

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 reasonably low payout ratio (43.2%), ALMB's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: ALMB's dividends in 3 years are forecast to be covered by earnings (68.9% payout ratio).

Next Steps


What is the CEO of Alm. Brand's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


Søren Mortensen (64yo)





Mr. Søren Boe Mortensen has been the Chief Executive Officer of Alm. Brand A/S since December 2001. He serves as Member of Management Board at Alm. Brand A/S. Mr. Mortensen serves as the Chief Executive Of ...

CEO Compensation Analysis

Compensation vs. Market: Søren's total compensation ($USD1.44M) is about average for companies of similar size in the Danish market ($USD1.01M).

Compensation vs Earnings: Søren's compensation has been consistent with company performance over the past year.

Management Age and Tenure


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 Age and Tenure


Average Tenure


Average Age

Experienced Board: ALMB's board of directors are considered experienced (9.5 years average tenure).

Insider Trading

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

Ownership Breakdown

Management Team

  • Bjarne Schønfeld

    Executive Vice President of Region Jylland Nord

    • Tenure: 0yrs
  • Søren Mortensen (64yo)

    CEO & Member of Management Board

    • Tenure: 17.8yrs
    • Compensation: ø9.68m
  • Henrik Gundorph (62yo)

    Director of Human Resources

    • Tenure: 0yrs
  • Mark Oswald (45yo)

    Senior VP & Regional Manager of Copenhagen - Private Non-life Insurance Sales

    • Tenure: 0.3yrs
  • Jesper Sørensen (61yo)

    Executive Vice President of Non-life Insurance

    • Tenure: 0yrs
  • Peter Flemmer (48yo)

    Senior Vice President of Non-life Insurance - Commercial

    • Tenure: 0.3yrs
  • Pia Steffensen (56yo)

    Senior Vice President of Non-life Insurance - Private

    • Tenure: 0.3yrs
  • Susanne Biltoft (56yo)

    Head of Information & Investor Relations and Director of Communications

    • Tenure: 0yrs
  • Rasmus Nielsen (50yo)

    Executive VP & CFO

    • Tenure: 2.3yrs
  • Tue Christensen (48yo)

    Director & Senior VP of Group Legal

    • Tenure: 2.7yrs

Board Members

  • Flemming Jørgensen (66yo)


    • Tenure: 1.5yrs
    • Compensation: ø355.00k
  • Jørgen Mikkelsen (65yo)

    Chairman of the Board

    • Tenure: 10.8yrs
    • Compensation: ø1.07m
  • Boris Kjeldsen (60yo)


    • Tenure: 16.5yrs
    • Compensation: ø450.00k
  • Per Hasling Frandsen (67yo)


    • Tenure: 10.5yrs
    • Compensation: ø355.00k
  • Susanne Larsen (55yo)

    Employee Representative Director

    • Tenure: 13.5yrs
    • Compensation: ø275.00k
  • Anette Eberhard (58yo)


    • Tenure: 4.5yrs
    • Compensation: ø610.00k
  • Ebbe Castella (69yo)


    • Tenure: 6.5yrs
    • Compensation: ø450.00k
  • Helle Frederiksen (57yo)

    Employee Representative Director

    • Tenure: 9.5yrs
    • Compensation: ø275.00k
  • Jan Pedersen (63yo)

    Deputy Chairman of the Board

    • Tenure: 0yrs
    • Compensation: ø795.00k
  • Karen Hansen-Hoeck (54yo)


    • Tenure: 6.5yrs
    • Compensation: ø275.00k

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: ø8.790b
  • Shares outstanding: 171.35m
  • 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 Analysis2019/10/22 20:45
End of Day Share Price2019/10/22 00:00
Annual Earnings2018/12/31

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.