Stock Analysis Report

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Executive Summary

Topdanmark A/S, together with its subsidiaries, operates as an insurance company in Denmark. More Details

Snowflake Analysis

Adequate balance sheet with moderate growth potential.

Similar Companies

Share Price & News

How has Topdanmark's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: TOP is less volatile than 75% of Danish stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: TOP's weekly volatility (3%) has been stable over the past year.

Market Performance

7 Day Return




DK Insurance


DK Market

1 Year Return




DK Insurance


DK Market

Return vs Industry: TOP underperformed the Danish Insurance industry which returned 8.3% over the past year.

Return vs Market: TOP underperformed the Danish Market which returned 20.1% over the past year.

Shareholder returns

7 Day-1.8%3.4%-4.4%
30 Day-2.3%7.2%-7.4%
90 Day8.8%8.1%-0.3%
1 Year4.6%1.5%13.9%8.3%22.8%20.1%
3 Year11.5%-3.3%17.9%0.2%55.8%43.8%
5 Year97.1%71.0%53.7%18.2%64.9%43.7%

Long-Term Price Volatility Vs. Market

How volatile is Topdanmark's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Topdanmark 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: TOP (DKK284.6) is trading below our estimate of fair value (DKK367.99)

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

Price To Earnings Ratio

PE vs Industry: TOP is poor value based on its PE Ratio (22.1x) compared to the XE Insurance industry average (13.5x).

PE vs Market: TOP is poor value based on its PE Ratio (22.1x) compared to the Danish market (16.9x).

Price to Earnings Growth Ratio

PEG Ratio: TOP is poor value based on its PEG Ratio (2.3x)

Price to Book Ratio

PB vs Industry: TOP is overvalued based on its PB Ratio (3.6x) compared to the XE Insurance industry average (1.1x).

Next Steps

Future Growth

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


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TOP's forecast earnings growth (9.7% per year) is above the savings rate (0.2%).

Earnings vs Market: TOP's earnings (9.7% per year) are forecast to grow faster than the Danish market (9.5% per year).

High Growth Earnings: TOP's earnings are forecast to grow, but not significantly.

Revenue vs Market: TOP's revenue is expected to decline over the next 3 years (-38% per year).

High Growth Revenue: TOP's revenue is forecast to decline over the next 3 years (-38% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TOP's Return on Equity is forecast to be high in 3 years time (23.4%)

Next Steps

Past Performance

How has Topdanmark performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TOP has high quality earnings.

Growing Profit Margin: TOP's current net profit margins (4.3%) are lower than last year (5.2%).

Past Earnings Growth Analysis

Earnings Trend: TOP's earnings have declined by 4.1% per year over the past 5 years.

Accelerating Growth: TOP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TOP had negative earnings growth (-27%) over the past year, making it difficult to compare to the Insurance industry average (-10%).

Return on Equity

High ROE: TOP's Return on Equity (16.3%) is considered low.

Next Steps

Financial Health

How is Topdanmark's financial position?

Financial Position Analysis

Short Term Liabilities: TOP's short term assets (DKK56.1B) exceed its short term liabilities (DKK17.7B).

Long Term Liabilities: TOP's short term assets (DKK56.1B) do not cover its long term liabilities (DKK84.7B).

Debt to Equity History and Analysis

Debt Level: TOP's debt to equity ratio (45.1%) is considered high.

Reducing Debt: TOP's debt to equity ratio has reduced from 75.6% to 45.1% over the past 5 years.

Debt Coverage: TOP's debt is well covered by operating cash flow (192.8%).

Interest Coverage: TOP's interest payments on its debt are well covered by EBIT (15.1x coverage).

Balance Sheet

Next Steps


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


Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: TOP's dividend (4.04%) is higher than the bottom 25% of dividend payers in the Danish market (1.28%).

High Dividend: TOP's dividend (4.04%) is in the top 25% of dividend payers in the Danish market (3.93%)

Stability and Growth of Payments

Stable Dividend: TOP has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: TOP has only been paying a dividend for 3 years, and since then payments have fallen.

Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (89.3%), TOP's payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: TOP's dividends in 3 years are not forecast to be well covered by earnings (96.9% payout ratio).

Next Steps


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


Average management tenure


Peter Hermann (47 yo)





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 O...

CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD1.28M) is about average for companies of similar size in the Danish market ($USD1.49M).

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

Leadership Team

Peter Hermann
CEO & Member of Executive Board3.08yrskr.8.00mno data
Lars Thykier
CFO & Member of the Executive Boardno datakr.6.90m0%
Brian Jacobsen
COO & Member of Executive Board3.17yrskr.7.00m0%
Thomas Erichsen
CTO & Member of Executive Board2.42yrskr.5.70m0%
Niels Olesen
Head of Accountingno datano datano data
Robin Løfgren
Head of Investor Relationsno datano datano data
Louise Hørdum
Head of Human Resources & Communication1.17yrsno datano data
Jens Green
Head of Marketingno datano datano data
Lars Skovsende
Head of Internal Auditno datano datano data
Jens Ellborg
Head of Reinsuranceno datano datano data
Carsten Pedersen
Head of Statistical & Actuarial Servicesno datano datano data
Henrik Thornval
Head of Asset Managementno datano datano data


Average Tenure


Average Age

Experienced Management: TOP's management team is considered experienced (2.8 years average tenure).

Board Members

Petri Niemisvirta
Ricard Wennerklint
Morten Thorsrud
Jens Aaløse
Independent Deputy Chairman2.92yrskr.962.00k0%
Mette Jensen
Employee Representative Director6.17yrskr.481.00k0%
Anne Eberhard
Independent Director1.92yrskr.578.00k0%
Cristina Hansen
Independent Director1.92yrskr.578.00k0%
Elise Bundgaard
Employee Representative Director2yrskr.385.00k0%
Ole Mortensen
Employee Representative Director2yrskr.385.00k0%


Average Tenure


Average Age

Experienced Board: TOP's board of directors are not considered experienced ( 2 years average tenure), which suggests a new board.


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

Topdanmark A/S's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Topdanmark A/S
  • Ticker: TOP
  • Exchange: CPSE
  • Founded: 1728
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: kr.24.930b
  • Shares outstanding: 87.60m
  • Website: https://www.topdanmark.com

Number of Employees


  • Topdanmark A/S
  • Borupvang 4
  • Ballerup
  • 2750
  • Denmark


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TQ71DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
TOPCPSE (OMX Nordic Exchange Copenhagen)YesOrdinary SharesDKDKKJan 1992
0QCQLSE (London Stock Exchange)YesOrdinary SharesGBDKKJan 1992
TOPCBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBDKKJan 1992


Topdanmark A/S, together with its subsidiaries, operates as an insurance company in Denmark. It offers non-life insurance products, motor insurance policies, risk management advice, and home and travel ins...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/06 18:07
End of Day Share Price2021/03/05 00:00
Annual Earnings2020/12/31

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.