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Topdanmark Valuation

Q: What is the Fair Price of TOP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TOP (DKK364.6) is trading below our estimate of [[fair value]] (DKK471.08)

Is TOP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TOP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TOP (DKK364.6) is trading below our estimate of fair value (DKK471.08)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TOP?

Key metric: As TOP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TOP. This is calculated by dividing TOP's market cap by their current earnings.
What is TOP's PE Ratio?
PE Ratio	29.4x
Earnings	DKK 1.10b
Market Cap	DKK 4.32b

TOP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.4x
Enterprise Value/EBITDA	2.5x
PEG Ratio	2.1x

Price to Earnings Ratio vs Peers

How does TOP's PE Ratio compare to its peers?

The above table shows the PE ratio for TOP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	32.3x
ALMB Alm. Brand	26x	23.0%	DKK 20.5b
TRYG Tryg	18.1x	3.7%	DKK 91.9b
FAF First American Financial	69.7x	50.6%	US$6.3b
KMPR Kemper	15.3x	16.9%	US$4.1b
TOP Topdanmark	29.4x	13.8%	DKK 4.3b

Price-To-Earnings vs Peers: TOP is good value based on its Price-To-Earnings Ratio (29.4x) compared to the peer average (40.7x).

Price to Earnings Ratio vs Industry

How does TOP's PE Ratio compare vs other companies in the European Insurance Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TOP is expensive based on its Price-To-Earnings Ratio (29.4x) compared to the European Insurance industry average (11.6x).

Price to Earnings Ratio vs Fair Ratio

What is TOP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TOP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	29.4x
Fair PE Ratio	24.9x

Price-To-Earnings vs Fair Ratio: TOP is expensive based on its Price-To-Earnings Ratio (29.4x) compared to the estimated Fair Price-To-Earnings Ratio (24.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TOP forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	DKK 368.10 0%	0.5%	DKK 370.00	DKK 366.00	n/a	4
Dec ’25	n/a	DKK 368.10 0%	0.5%	DKK 370.00	DKK 366.00	n/a	4
Nov ’25	n/a	DKK 368.10 0%	0.5%	DKK 370.00	DKK 366.00	n/a	4
Oct ’25	DKK 365.00	DKK 359.46 -1.5%	6.3%	DKK 371.00	DKK 300.00	n/a	8
Sep ’25	DKK 373.40	DKK 359.46 -3.7%	6.3%	DKK 371.00	DKK 300.00	n/a	8
Aug ’25	DKK 371.80	DKK 359.46 -3.3%	6.3%	DKK 371.00	DKK 300.00	n/a	8
Jul ’25	DKK 369.00	DKK 353.49 -4.2%	8.6%	DKK 400.00	DKK 300.00	n/a	8
Jun ’25	DKK 293.00	DKK 323.06 +10.3%	10.2%	DKK 400.00	DKK 290.00	n/a	8
May ’25	DKK 289.00	DKK 323.06 +11.8%	10.2%	DKK 400.00	DKK 290.00	n/a	8
Apr ’25	DKK 295.00	DKK 322.09 +9.2%	12.3%	DKK 405.00	DKK 265.00	n/a	8
Mar ’25	DKK 313.20	DKK 323.71 +3.4%	12.0%	DKK 405.00	DKK 265.00	n/a	8
Feb ’25	DKK 307.40	DKK 328.21 +6.8%	11.0%	DKK 405.00	DKK 280.00	n/a	8
Jan ’25	DKK 322.40	DKK 319.40 -0.9%	13.7%	DKK 410.00	DKK 270.00	n/a	8
Dec ’24	DKK 325.00	DKK 320.65 -1.3%	13.6%	DKK 410.00	DKK 270.00	n/a	8
Nov ’24	DKK 323.40	DKK 319.40 -1.2%	12.9%	DKK 400.00	DKK 270.00	n/a	8
Oct ’24	DKK 306.80	DKK 321.43 +4.8%	13.0%	DKK 405.00	DKK 270.00	DKK 365.00	8
Sep ’24	DKK 322.00	DKK 325.05 +0.9%	13.8%	DKK 420.00	DKK 270.00	DKK 373.40	8
Aug ’24	DKK 307.20	DKK 321.30 +4.6%	13.4%	DKK 420.00	DKK 270.00	DKK 371.80	8
Jul ’24	DKK 335.20	DKK 361.87 +8.0%	12.2%	DKK 420.00	DKK 270.00	DKK 369.00	10
Jun ’24	DKK 356.20	DKK 365.44 +2.6%	12.1%	DKK 420.00	DKK 270.00	DKK 293.00	10
May ’24	DKK 353.00	DKK 365.44 +3.5%	12.1%	DKK 420.00	DKK 270.00	DKK 289.00	10
Apr ’24	DKK 366.80	DKK 366.75 -0.01%	12.6%	DKK 435.00	DKK 270.00	DKK 295.00	11
Mar ’24	DKK 381.80	DKK 364.83 -4.4%	12.8%	DKK 435.00	DKK 270.00	DKK 313.20	10
Feb ’24	DKK 375.20	DKK 367.33 -2.1%	12.9%	DKK 435.00	DKK 270.00	DKK 307.40	10
Jan ’24	DKK 365.40	DKK 376.08 +2.9%	11.2%	DKK 435.00	DKK 270.00	DKK 322.40	10
Dec ’23	DKK 374.60	DKK 388.09 +3.6%	6.1%	DKK 435.00	DKK 346.80	DKK 325.00	9

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/10/22 06:37
End of Day Share Price	2024/10/18 00:00
Earnings	2024/06/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Topdanmark A/S is covered by 25 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Mads Thinggaard	ABG Sundal Collier
Andrew Broadfield	Barclays
Tryfonas Spyrou	Berenberg