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Topdanmark

CPSE:TOP
Snowflake Description

Adequate balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TOP
CPSE
DKK28B
Market Cap
  1. Home
  2. DK
  3. Insurance
Company description

Topdanmark A/S, together with its subsidiaries, operates as an insurance company in Denmark. The last earnings update was 30 days ago. More info.


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TOP Share Price and Events
7 Day Returns
-5.3%
CPSE:TOP
-1.1%
Europe Insurance
1.5%
DK Market
1 Year Returns
16.1%
CPSE:TOP
1.5%
Europe Insurance
4.5%
DK Market
TOP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Topdanmark (TOP) -5.3% -14.6% -9.6% 16.1% 83.7% 88.6%
Europe Insurance -1.1% -8.1% -4.6% 1.5% 27.4% 19.1%
DK Market 1.5% 1.4% 3.7% 4.5% 20% 41.5%
1 Year Return vs Industry and Market
  • TOP outperformed the Insurance industry which returned 1.5% over the past year.
  • TOP outperformed the Market in Denmark which returned 4.5% over the past year.
Price Volatility
TOP
Industry
5yr Volatility vs Market
Related Companies

TOP Value

 Is Topdanmark undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Topdanmark to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Topdanmark.

CPSE:TOP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 7 analysts.
= Stable Book Value * Return on Equity
= DKK72.60 * 25%
DKK18.16
Book Value of Equity per Share Weighted future Book Value estimates from 8 analysts. DKK72.60
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DK Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for CPSE:TOP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DK Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.66
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.662 (1 + (1- 22%) (7.05%))
0.798
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.21% + (0.8 * 5.96%)
4.98%

Discounted Cash Flow Calculation for CPSE:TOP using Excess Returns Model Model

The calculations below outline how an intrinsic value for Topdanmark is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

CPSE:TOP Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (25% – 4.98%) * DKK72.60)
DKK14.54
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= DKK14.54 / (4.98% - 0.21%)
DKK305.03
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= DKK72.60 + DKK305.03
DKK377.63
CPSE:TOP Discount to Share Price
Calculation Result
Value per share (DKK) From above. DKK377.63
Current discount Discount to share price of DKK323.80
= -1 x (DKK323.80 - DKK377.63) / DKK377.63
14.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Topdanmark is available for.
Intrinsic value
14%
Share price is DKK323.8 vs Future cash flow value of DKK377.63
Current Discount Checks
For Topdanmark to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Topdanmark's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Topdanmark's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Topdanmark's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Topdanmark's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
CPSE:TOP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in DKK DKK17.90
CPSE:TOP Share Price ** CPSE (2019-08-16) in DKK DKK323.8
Europe Insurance Industry PE Ratio Median Figure of 67 Publicly-Listed Insurance Companies 13.23x
Denmark Market PE Ratio Median Figure of 99 Publicly-Listed Companies 15.64x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Topdanmark.

CPSE:TOP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:TOP Share Price ÷ EPS (both in DKK)

= 323.8 ÷ 17.90

18.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Topdanmark is overvalued based on earnings compared to the Europe Insurance industry average.
  • Topdanmark is overvalued based on earnings compared to the Denmark market.
Price based on expected Growth
Does Topdanmark's expected growth come at a high price?
Raw Data
CPSE:TOP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
-0.1%per year
Europe Insurance Industry PEG Ratio Median Figure of 55 Publicly-Listed Insurance Companies 2.05x
Denmark Market PEG Ratio Median Figure of 44 Publicly-Listed Companies 2x

*Line of best fit is calculated by linear regression .

CPSE:TOP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.09x ÷ -0.1%

-148.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Topdanmark earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Topdanmark's assets?
Raw Data
CPSE:TOP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in DKK DKK65.20
CPSE:TOP Share Price * CPSE (2019-08-16) in DKK DKK323.8
Europe Insurance Industry PB Ratio Median Figure of 73 Publicly-Listed Insurance Companies 1.22x
Denmark Market PB Ratio Median Figure of 135 Publicly-Listed Companies 1.49x
CPSE:TOP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:TOP Share Price ÷ Book Value per Share (both in DKK)

= 323.8 ÷ 65.20

4.97x

* Primary Listing of Topdanmark.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Topdanmark is overvalued based on assets compared to the Europe Insurance industry average.
X
Value checks
We assess Topdanmark's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Topdanmark has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TOP Future Performance

 How is Topdanmark expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Topdanmark expected to grow at an attractive rate?
  • Topdanmark's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Topdanmark's earnings are expected to decrease over the next 1-3 years, this is below the Denmark market average.
  • Topdanmark's revenues are expected to decrease over the next 1-3 years, this is below the Denmark market average.
Annual Growth Rates Comparison
Raw Data
CPSE:TOP Future Growth Rates Data Sources
Data Point Source Value (per year)
CPSE:TOP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts -0.1%
CPSE:TOP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts -6.7%
Europe Insurance Industry Earnings Growth Rate Market Cap Weighted Average 6.8%
Europe Insurance Industry Revenue Growth Rate Market Cap Weighted Average 1.3%
Denmark Market Earnings Growth Rate Market Cap Weighted Average 11.7%
Denmark Market Revenue Growth Rate Market Cap Weighted Average 6.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
CPSE:TOP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
CPSE:TOP Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 9,886 1,573 1
2022-12-31 9,731 1,547 1
2021-12-31 9,499 1,541 6
2020-12-31 9,374 1,541 6
2019-12-31 9,228 1,573 5
CPSE:TOP Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-06-30 22,871 9,436 1,549
2019-03-31 22,041 9,441 1,503
2018-12-31 16,792 8,946 1,331
2018-09-30 20,916 8,090 1,452
2018-06-30 20,403 7,701 1,457
2018-03-31 19,422 7,063 1,586
2017-12-31 21,175 6,402 1,733
2017-09-30 20,881 6,128 1,775
2017-06-30 21,174 5,864 1,839
2017-03-31 21,541 5,806 1,790
2016-12-31 19,960 6,089 1,536
2016-09-30 19,590 6,158 1,423

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Topdanmark's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Topdanmark's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
CPSE:TOP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Topdanmark Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CPSE:TOP Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 17.55 17.55 17.55 1.00
2022-12-31 17.33 17.33 17.33 1.00
2021-12-31 17.68 19.10 17.04 7.00
2020-12-31 17.70 19.00 16.90 7.00
2019-12-31 18.22 18.70 17.65 5.00
CPSE:TOP Past Financials Data
Date (Data in DKK Millions) EPS *
2019-06-30 17.90
2019-03-31 17.40
2018-12-31 15.43
2018-09-30 16.87
2018-06-30 16.97
2018-03-31 18.52
2017-12-31 20.22
2017-09-30 20.56
2017-06-30 21.00
2017-03-31 20.03
2016-12-31 16.79
2016-09-30 15.20

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Topdanmark is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Topdanmark's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Topdanmark has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TOP Past Performance

  How has Topdanmark performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Topdanmark's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Topdanmark's year on year earnings growth rate has been positive over the past 5 years.
  • Topdanmark's 1-year earnings growth exceeds its 5-year average (6.3% vs 2.5%)
  • Topdanmark's earnings growth has not exceeded the Europe Insurance industry average in the past year (6.3% vs 6.3%).
Earnings and Revenue History
Topdanmark's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Topdanmark Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CPSE:TOP Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 22,871.00 1,549.00 800.00
2019-03-31 22,041.00 1,503.00 782.00
2018-12-31 16,792.00 1,331.00 778.00
2018-09-30 20,916.00 1,452.00 766.00
2018-06-30 20,403.00 1,457.00 775.00
2018-03-31 19,422.00 1,586.00 774.00
2017-12-31 21,175.00 1,733.00 770.00
2017-09-30 20,881.00 1,775.00 766.00
2017-06-30 21,174.00 1,839.00 753.00
2017-03-31 21,541.00 1,790.00 754.00
2016-12-31 19,960.00 1,536.00 757.00
2016-09-30 19,590.00 1,423.00 750.00
2016-06-30 16,668.00 1,105.00 765.00
2016-03-31 13,878.00 1,045.00 748.00
2015-12-31 16,152.00 1,170.00 737.00
2015-09-30 15,192.00 1,166.00 730.00
2015-06-30 16,434.00 1,264.00 730.00
2015-03-31 18,796.00 1,426.00 736.00
2014-12-31 16,924.00 1,558.00 720.00
2014-09-30 17,330.00 1,504.00 716.00
2014-06-30 17,249.00 1,629.00 705.00
2014-03-31 15,454.00 1,381.00 702.00
2013-12-31 14,961.00 1,468.00 690.00
2013-09-30 14,504.00 1,670.00 742.00
2013-06-30 14,648.00 1,760.00 732.00
2013-03-31 14,637.00 1,767.00 731.00
2012-12-31 15,357.00 1,823.00 736.00
2012-09-30 15,655.00 1,720.00 699.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Topdanmark has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Topdanmark used its assets more efficiently than the Europe Insurance industry average last year based on Return on Assets.
  • Topdanmark's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Topdanmark's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Topdanmark has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TOP Health

 How is Topdanmark's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Topdanmark's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Topdanmark's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Topdanmark's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Topdanmark's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Topdanmark Company Filings, last reported 1 month ago.

CPSE:TOP Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 5,663.00 1,984.00 2,715.00
2019-03-31 6,521.00 2,585.00 3,504.00
2018-12-31 6,016.00 1,988.00 45,255.00
2018-09-30 5,742.00 1,848.00 6,450.00
2018-06-30 5,272.00 2,055.00 5,368.00
2018-03-31 6,529.00 1,769.00 6,386.00
2017-12-31 6,191.00 1,787.00 46,436.00
2017-09-30 5,776.00 2,335.00 6,247.00
2017-06-30 5,278.00 1,950.00 5,870.00
2017-03-31 4,761.00 2,473.00 5,639.00
2016-12-31 4,702.00 1,798.00 43,258.00
2016-09-30 4,690.00 2,235.00 1,324.00
2016-06-30 4,469.00 4,319.00 2,606.00
2016-03-31 4,463.00 3,698.00 4,547.00
2015-12-31 4,640.00 3,500.00 43,938.00
2015-09-30 4,766.00 2,012.00 2,165.00
2015-06-30 4,981.00 2,458.00 1,960.00
2015-03-31 5,056.00 3,282.00 2,484.00
2014-12-31 5,135.00 3,146.00 46,052.00
2014-09-30 5,210.00 3,057.00 3,985.00
2014-06-30 5,354.00 2,612.00 2,635.00
2014-03-31 5,201.00 2,705.00 2,448.00
2013-12-31 5,184.00 3,372.00 44,886.00
2013-09-30 5,237.00 2,634.00 2,162.00
2013-06-30 5,307.00 3,753.00 2,226.00
2013-03-31 5,450.00 2,983.00 3,722.00
2012-12-31 5,368.00 3,234.00 46,162.00
2012-09-30 5,141.00 6,502.00 2,459.00
  • Topdanmark's level of debt (35%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (48.9% vs 35% today).
  • Debt is well covered by operating cash flow (475.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 26.4x coverage).
X
Financial health checks
We assess Topdanmark's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Topdanmark has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TOP Dividends

 What is Topdanmark's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.63%
Current annual income from Topdanmark dividends. Estimated to be 5.27% next year.
If you bought DKK2,000 of Topdanmark shares you are expected to receive DKK93 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Topdanmark's pays a higher dividend yield than the bottom 25% of dividend payers in Denmark (1.75%).
  • Topdanmark's dividend is below the markets top 25% of dividend payers in Denmark (5.01%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
CPSE:TOP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Europe Insurance Industry Average Dividend Yield Market Cap Weighted Average of 65 Stocks 5.2%
Denmark Market Average Dividend Yield Market Cap Weighted Average of 76 Stocks 2.2%
Denmark Minimum Threshold Dividend Yield 10th Percentile 1%
Denmark Bottom 25% Dividend Yield 25th Percentile 1.7%
Denmark Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

CPSE:TOP Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 16.91 1.00
2022-12-31 16.69 1.00
2021-12-31 17.05 10.00
2020-12-31 16.99 10.00
2019-12-31 17.20 10.00
CPSE:TOP Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2019-02-21 15.000 4.283
2019-01-24 15.000 4.760
2018-02-22 19.000 6.510
2018-01-25 19.000 6.658

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Topdanmark has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Topdanmark has only been paying a dividend for 2 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Topdanmark's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Topdanmark's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Topdanmark afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Topdanmark has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TOP Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Peter Hermann
COMPENSATION DKK7,286,700
AGE 46
TENURE AS CEO 1.5 years
CEO Bio

Mr. Peter Hermann has been the Chief Executive Officer of Topdanmark A/S since February 5, 2018 and has been its Member of Executive Board since February 5, 2018. Mr. Hermann has been the Chief Executive Officer of Topdanmark Forsiking AS since February 5, 2018. He has been Chief Executive Officer of Topdanmark Livsforsikring since 2016. He served as the Heaf of Life Insurence at Topdanmark A/S until February 2018. He served as a Director in charge of health and benefits at Aon Denmark A/S since January 28, 2016. Mr. Hermann served as Director of Actuarial Department and Health at PFA Holding A/S. He served as the Head of Prevention, Health & Actuarial Services at PFA Pension Forsikrings AS and served as its Director of Actuarial Department and Head of Actuarial Department. He served as the Chief Operating Officer and Director at Nordea Bank AB unit Nordea Liv & Pension. He holds M.Sc. in insurance science and B.Com. (Organisation).

CEO Compensation
  • Insufficient data for Peter to compare compensation growth.
  • Peter's remuneration is lower than average for companies of similar size in Denmark.
Management Team Tenure

Average tenure and age of the Topdanmark management team in years:

1.5
Average Tenure
53
Average Age
  • The average tenure for the Topdanmark management team is less than 2 years, this suggests a new team.
Management Team

Peter Hermann

TITLE
CEO & Member of Executive Board
COMPENSATION
DKK7M
AGE
46
TENURE
1.5 yrs

Lars Thykier

TITLE
CFO & Member of the Executive Board
COMPENSATION
DKK7M
AGE
64

Brian Jacobsen

TITLE
Head of Personal
COMPENSATION
DKK6M
AGE
56
TENURE
3.4 yrs

Thomas Erichsen

TITLE
Head of Group Development
COMPENSATION
DKK5M
AGE
47
TENURE
0.8 yrs

Niels Olesen

TITLE
Head of Accounting

Steffen Heegaard

TITLE
Group Communications
AGE
60

Jens Green

TITLE
Head of Marketing
AGE
53

Louise Hørdum

TITLE
Head of Human Resources
AGE
49
TENURE
1.6 yrs

Lars Skovsende

TITLE
Head of Intern Revision
AGE
47

Jens Ellborg

TITLE
Head of Reinsurance
AGE
55
Board of Directors Tenure

Average tenure and age of the Topdanmark board of directors in years:

0.4
Average Tenure
51
Average Age
  • The average tenure for the Topdanmark board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ricard Wennerklint

TITLE
Chairman
COMPENSATION
DKK642K
AGE
50
TENURE
0.3 yrs

Jens Aaløse

TITLE
Deputy Chairman
COMPENSATION
DKK770K
AGE
53
TENURE
1.3 yrs

Mette Jensen

TITLE
Employee Representative Director
COMPENSATION
DKK481K
AGE
43
TENURE
4.6 yrs

Petri Niemisvirta

TITLE
Director
COMPENSATION
DKK385K
AGE
49
TENURE
2.3 yrs

Morten Thorsrud

TITLE
Director
AGE
48
TENURE
0.3 yrs

Anne Eberhard

TITLE
Director
AGE
56
TENURE
0.3 yrs

Cristina Hansen

TITLE
Director
AGE
65
TENURE
0.3 yrs

Elise Bundgaard

TITLE
Employee Representative Director
AGE
51
TENURE
0.4 yrs

Ole Mortensen

TITLE
Employee Representative Director
AGE
62
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (DKK) Value (DKK)
X
Management checks
We assess Topdanmark's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Topdanmark has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TOP News

Simply Wall St News

Don't Sell Topdanmark A/S (CPH:TOP) Before You Read This

Topdanmark has a price to earnings ratio of 19.36, based on the last twelve months. … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Topdanmark: P/E of 19.36 = DKK346.6 ÷ DKK17.9 (Based on the trailing twelve months to June 2019.) Is A High P/E Ratio Good? … The higher the P/E ratio, the higher the price tag of a business, relative to its trailing earnings.

Simply Wall St -

Topdanmark A/S (CPH:TOP): Immense Growth Potential?

Based on Topdanmark A/S's (CPH:TOP) earnings update in March 2019, analysts seem cautiously bearish, with profits predicted to rise by 0.05% next year compared with the higher past 5-year average growth rate of 2.5%. … To understand the overall trajectory of TOP's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … CPSE:TOP Past and Future Earnings, July 17th 2019 By 2022, TOP's earnings should reach ø1.4b, from current levels of ø1.3b, resulting in an annual growth rate of 1.0%.

Simply Wall St -

Is Topdanmark A/S (CPH:TOP) A Smart Choice For Dividend Investors?

Dividend paying companies with growing earnings can be highly rewarding in the long term. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … Dividend Growth Potential The other half of the dividend investing equation is evaluating whether earnings per share (EPS) are growing.

Simply Wall St -

We Think Topdanmark (CPH:TOP) In Taking Some Risk With Its Debt

Topdanmark boasts net cash, so it's fair to say it does not have a heavy debt load! … While Topdanmark has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. … So while Topdanmark does not have a great balance sheet, it's certainly not too bad.

Simply Wall St -

What Kind Of Shareholder Owns Most Topdanmark A/S (CPH:TOP) Stock?

It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. … Insider Ownership Of Topdanmark The definition of an insider can differ slightly between different countries, but members of the board of directors always count. … It is always good to see at least some insider ownership, but it might be worth checking if those insiders have been selling.

Simply Wall St -

Should You Be Excited About Topdanmark A/S's (CPH:TOP) 23% Return On Equity?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Topdanmark: 23% = ø1.5b ÷ ø6.5b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Topdanmark Have A Good Return On Equity? … Combining Topdanmark's Debt And Its 23% Return On Equity Topdanmark has a debt to equity ratio of 0.40, which is far from excessive.

Simply Wall St -

Should We Worry About Topdanmark A/S's (CPH:TOP) P/E Ratio?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll look at Topdanmark A/S's (CPH:TOP) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Should You Buy Topdanmark A/S (CPH:TOP) For Its 4.5% Dividend?

Does Topdanmark tick all the boxes of a great dividend stock? … 5 checks you should use to assess a dividend stock … When researching a dividend stock, I always follow the following screening criteria:

Simply Wall St -

Shareholders Are Thrilled That The Topdanmark Share Price Increased 113%

But on a lighter note, a good company can see its share price rise well over 100%. … One great example is Topdanmark A/S (CPH:TOP) which saw its share price drive 113% higher over five years. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Simply Wall St -

Topdanmark A/S (CPH:TOP): What Are The Future Prospects?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … The most recent earnings announcement Topdanmark A/S's (CPH:TOP) released in December 2018

Simply Wall St -

TOP Company Info

Description

Topdanmark A/S, together with its subsidiaries, operates as an insurance company in Denmark. The company offers non-life insurance products, motor insurance policies, professional risk management advice, and home and travel insurance products, as well as life insurance and pension fund schemes primarily in the event of illness, death, injuries, and unemployment. It serves personal and corporate markets, as well as SME, industrial, and agricultural businesses. The company operates primarily under the Topdanmark and Coop Forsikringer brands. Topdanmark A/S was founded in 1985 and is headquartered in Ballerup, Denmark.

Details
Name: Topdanmark A/S
TOP
Exchange: CPSE
Founded: 1985
DKK28,125,268,000
86,860,000
Website: http://www.topdanmark.com
Address: Topdanmark A/S
Borupvang 4,
Ballerup,
2750,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE TOP Ordinary Shares OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
LSE 0QCQ Ordinary Shares London Stock Exchange GB DKK 02. Jan 1992
BATS-CHIXE TOPC Ordinary Shares BATS 'Chi-X Europe' GB DKK 02. Jan 1992
OTCPK TPDK.Y ADR Pink Sheets LLC US USD 20. Oct 2008
Number of employees
Current staff
Staff numbers
2,343
Topdanmark employees.
Industry
Multi-line Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/17 20:44
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/07/25
Last earnings filing: 2019/07/18
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.