Tryg Valuation

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

TRYGC (DKK152.25) is trading below our estimate of [[fair value]] (DKK239.5)

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: TRYGC (DKK152.25) is trading below our estimate of fair value (DKK239.5)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TRYGC. This is calculated by dividing TRYGC's market cap by their current earnings.
What is TRYGC's PE Ratio?
PE Ratio	18.3x
Earnings	DKK 5.08b
Market Cap	DKK 93.23b

TRYGC 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	2.4x
Enterprise Value/EBITDA	12.1x
PEG Ratio	5.2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TRYGC 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	10.6x
ADM Admiral Group	20.1x	11.2%	UK£7.9b
BEZ Beazley	4.9x	-17.8%	UK£5.1b
HSX Hiscox	6.5x	-2.3%	UK£3.7b
DLG Direct Line Insurance Group	11x	6.7%	UK£3.3b
TRYGC Tryg	18.3x	3.5%	DKK 93.2b

Price-To-Earnings vs Peers: TRYGC is expensive based on its Price-To-Earnings Ratio (18.3x) compared to the peer average (10.5x).

Price to Earnings Ratio vs Industry

How does TRYGC'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: TRYGC is expensive based on its Price-To-Earnings Ratio (18.3x) compared to the European Insurance industry average (11.9x).

Price to Earnings Ratio vs Fair Ratio

What is TRYGC'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.

TRYGC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TRYGC's Price-To-Earnings Fair Ratio for valuation analysis.

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 TRYGC 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 152.25	DKK 180.25 +18.4%	2.7%	DKK 187.00	DKK 171.00	n/a	10
Dec ’25	DKK 162.35	DKK 181.86 +12.0%	4.2%	DKK 202.00	DKK 171.00	n/a	11
Nov ’25	DKK 161.70	DKK 180.77 +11.8%	4.6%	DKK 200.00	DKK 162.00	n/a	11
Oct ’25	n/a	DKK 177.81 0%	5.0%	DKK 200.00	DKK 162.00	n/a	12
Sep ’25	DKK 147.95	DKK 177.81 +20.2%	4.6%	DKK 195.00	DKK 162.00	n/a	12
Aug ’25	DKK 148.10	DKK 177.81 +20.1%	4.6%	DKK 195.00	DKK 162.00	n/a	12
Jul ’25	n/a	DKK 174.42 0%	6.3%	DKK 195.00	DKK 159.00	n/a	12
Jun ’25	n/a	DKK 174.42 0%	6.2%	DKK 195.00	DKK 159.00	n/a	12
May ’25	n/a	DKK 174.42 0%	6.2%	DKK 195.00	DKK 159.00	n/a	12
Apr ’25	n/a	DKK 175.84 0%	7.0%	DKK 205.00	DKK 160.00	n/a	12
Mar ’25	DKK 146.33	DKK 176.68 +20.7%	7.3%	DKK 205.00	DKK 160.00	n/a	12
Feb ’25	DKK 146.35	DKK 175.68 +20.0%	7.4%	DKK 205.00	DKK 160.00	n/a	12
Jan ’25	n/a	DKK 172.63 0%	9.0%	DKK 205.00	DKK 149.10	DKK 152.25	12
Dec ’24	DKK 146.90	DKK 172.80 +17.6%	8.9%	DKK 205.00	DKK 149.10	DKK 162.35	12
Nov ’24	DKK 139.45	DKK 172.68 +23.8%	8.2%	DKK 200.00	DKK 149.10	DKK 161.70	12
Oct ’24	DKK 134.70	DKK 170.92 +26.9%	9.5%	DKK 198.00	DKK 142.50	n/a	12
Sep ’24	DKK 129.83	DKK 170.25 +31.1%	9.0%	DKK 192.00	DKK 142.50	DKK 147.95	12
Aug ’24	DKK 134.08	DKK 171.71 +28.1%	7.8%	DKK 192.00	DKK 150.50	DKK 148.10	12
Jul ’24	DKK 147.45	DKK 179.16 +21.5%	8.6%	DKK 200.00	DKK 157.90	n/a	12
Jun ’24	DKK 159.40	DKK 180.08 +13.0%	8.3%	DKK 200.00	DKK 157.90	n/a	12
May ’24	DKK 159.38	DKK 180.49 +13.2%	8.3%	DKK 200.00	DKK 157.90	n/a	12
Apr ’24	DKK 147.70	DKK 182.49 +23.6%	7.4%	DKK 200.00	DKK 155.00	n/a	12
Mar ’24	DKK 157.10	DKK 185.66 +18.2%	7.8%	DKK 209.00	DKK 155.00	DKK 146.33	12
Feb ’24	DKK 157.30	DKK 185.66 +18.0%	7.8%	DKK 209.00	DKK 155.00	DKK 146.35	12
Jan ’24	DKK 165.45	DKK 182.99 +10.6%	8.5%	DKK 209.00	DKK 155.00	n/a	12

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	2025/01/02 20:11
End of Day Share Price	2024/12/27 00:00
Earnings	2024/09/30
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

Tryg A/S is covered by 32 analysts. 9 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
Claudia Gaspari	Barclays
Andrew Broadfield	Barclays
Tryfonas Spyrou	Berenberg