Tryg Valuation

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

TRYG (DKK158.3) is trading below our estimate of [[fair value]] (DKK255.65)

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

Valuation Score

4/6

Valuation Score 4/6

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 TRYG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRYG (DKK158.3) is trading below our estimate of fair value (DKK255.65)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TRYG. This is calculated by dividing TRYG's market cap by their current earnings.
What is TRYG's PE Ratio?
PE Ratio	19.2x
Earnings	DKK 5.08b
Market Cap	DKK 96.98b

TRYG 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	2.5x
Enterprise Value/EBITDA	12.6x
PEG Ratio	4.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TRYG 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	24.4x
ALMB Alm. Brand	25.1x	14.9%	DKK 19.8b
IAG Insurance Australia Group	21.2x	5.4%	AU$19.1b
CNA CNA Financial	10.2x	15.9%	US$13.3b
ICICIGI ICICI Lombard General Insurance	40.9x	15.3%	₹910.6b
TRYG Tryg	19.2x	4.2%	DKK 97.4b

Price-To-Earnings vs Peers: TRYG is good value based on its Price-To-Earnings Ratio (19.2x) compared to the peer average (24.4x).

Price to Earnings Ratio vs Industry

How does TRYG'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: TRYG is expensive based on its Price-To-Earnings Ratio (19.2x) compared to the European Insurance industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is TRYG'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.

TRYG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	19.2x
Fair PE Ratio	25x

Price-To-Earnings vs Fair Ratio: TRYG is good value based on its Price-To-Earnings Ratio (19.2x) compared to the estimated Fair Price-To-Earnings Ratio (25x).

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 TRYG 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	DKK 158.30	DKK 181.86 +14.9%	4.2%	DKK 202.00	DKK 171.00	n/a	11
Nov ’25	DKK 163.60	DKK 180.77 +10.5%	4.6%	DKK 200.00	DKK 162.00	n/a	11
Oct ’25	DKK 159.30	DKK 177.81 +11.6%	5.0%	DKK 200.00	DKK 162.00	n/a	12
Sep ’25	DKK 150.40	DKK 177.81 +18.2%	4.6%	DKK 195.00	DKK 162.00	n/a	12
Aug ’25	DKK 149.40	DKK 177.81 +19.0%	4.6%	DKK 195.00	DKK 162.00	n/a	12
Jul ’25	DKK 153.10	DKK 174.42 +13.9%	6.3%	DKK 195.00	DKK 159.00	n/a	12
Jun ’25	DKK 141.20	DKK 174.42 +23.5%	6.2%	DKK 195.00	DKK 159.00	n/a	12
May ’25	DKK 138.70	DKK 174.42 +25.8%	6.2%	DKK 195.00	DKK 159.00	n/a	12
Apr ’25	DKK 142.20	DKK 175.84 +23.7%	7.0%	DKK 205.00	DKK 160.00	n/a	12
Mar ’25	DKK 147.55	DKK 176.68 +19.7%	7.3%	DKK 205.00	DKK 160.00	n/a	12
Feb ’25	DKK 145.35	DKK 175.68 +20.9%	7.4%	DKK 205.00	DKK 160.00	n/a	12
Jan ’25	DKK 146.90	DKK 172.63 +17.5%	9.0%	DKK 205.00	DKK 149.10	n/a	12
Dec ’24	DKK 148.10	DKK 172.80 +16.7%	8.9%	DKK 205.00	DKK 149.10	n/a	12
Nov ’24	DKK 139.70	DKK 172.68 +23.6%	8.2%	DKK 200.00	DKK 149.10	DKK 163.60	12
Oct ’24	DKK 129.35	DKK 170.92 +32.1%	9.5%	DKK 198.00	DKK 142.50	DKK 159.30	12
Sep ’24	DKK 130.80	DKK 170.25 +30.2%	9.0%	DKK 192.00	DKK 142.50	DKK 150.40	12
Aug ’24	DKK 133.85	DKK 171.71 +28.3%	7.8%	DKK 192.00	DKK 150.50	DKK 149.40	12
Jul ’24	DKK 147.65	DKK 179.16 +21.3%	8.6%	DKK 200.00	DKK 157.90	DKK 153.10	12
Jun ’24	DKK 157.25	DKK 180.08 +14.5%	8.3%	DKK 200.00	DKK 157.90	DKK 141.20	12
May ’24	DKK 159.15	DKK 180.49 +13.4%	8.3%	DKK 200.00	DKK 157.90	DKK 138.70	12
Apr ’24	DKK 149.90	DKK 182.49 +21.7%	7.4%	DKK 200.00	DKK 155.00	DKK 142.20	12
Mar ’24	DKK 155.90	DKK 185.66 +19.1%	7.8%	DKK 209.00	DKK 155.00	DKK 147.55	12
Feb ’24	DKK 158.65	DKK 185.66 +17.0%	7.8%	DKK 209.00	DKK 155.00	DKK 145.35	12
Jan ’24	DKK 165.35	DKK 182.99 +10.7%	8.5%	DKK 209.00	DKK 155.00	DKK 146.90	12
Dec ’23	DKK 169.40	DKK 185.54 +9.5%	7.4%	DKK 209.00	DKK 160.00	DKK 148.10	11
Nov ’23	DKK 163.15	DKK 183.49 +12.5%	7.9%	DKK 208.00	DKK 160.00	DKK 139.70	12

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