LSE:0R78

Stock Analysis Report

Executive Summary

Tryg A/S, together with its subsidiaries, provides insurance products and services for private and corporate customers, and small and medium sized businesses in Denmark, the United Kingdom, the United States, and internationally.


Snowflake Analysis

Outstanding track record second-rate dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: 0R78 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.3%

0R78

-0.02%

GB Insurance

-0.4%

GB Market


1 Year Return

17.9%

0R78

1.1%

GB Insurance

6.6%

GB Market

Return vs Industry: 0R78 exceeded the UK Insurance industry which returned 1.3% over the past year.

Return vs Market: 0R78 exceeded the UK Market which returned 6.2% over the past year.


Shareholder returns

0R78IndustryMarket
7 Day0.3%-0.02%-0.4%
30 Day-1.2%4.3%-1.7%
90 Day10.9%12.7%5.4%
1 Year22.8%17.9%12.4%1.1%12.4%6.6%
3 Year95.1%58.2%19.3%-2.0%18.5%3.4%
5 Year70.9%25.3%31.5%-2.3%35.8%4.7%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Tryg undervalued compared to its fair value and its price relative to the market?

9.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 0R78 (DKK207.7) is trading below our estimate of fair value (DKK229.19)

Significantly Below Fair Value: 0R78 is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: 0R78 is poor value based on its PE Ratio (22.2x) compared to the Insurance industry average (14.5x).

PE vs Market: 0R78 is poor value based on its PE Ratio (22.2x) compared to the UK market (18.5x).


Price to Earnings Growth Ratio

PEG Ratio: 0R78 is poor value based on its PEG Ratio (184.5x)


Price to Book Ratio

PB vs Industry: 0R78 is overvalued based on its PB Ratio (5.2x) compared to the GB Insurance industry average (1.8x).


Next Steps

Future Growth

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

0.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0R78's forecast earnings growth (0.1% per year) is below the savings rate (0.5%).

Earnings vs Market: 0R78's earnings (0.1% per year) are forecast to grow slower than the UK market (12.2% per year).

High Growth Earnings: 0R78's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0R78's revenue (2.7% per year) is forecast to grow slower than the UK market (3.5% per year).

High Growth Revenue: 0R78's revenue (2.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0R78's Return on Equity is forecast to be high in 3 years time (28.6%)


Next Steps

Past Performance

How has Tryg performed over the past 5 years?

0.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0R78 has high quality earnings.

Growing Profit Margin: 0R78's current net profit margins (12.9%) are higher than last year (9.9%).


Past Earnings Growth Analysis

Earnings Trend: 0R78's earnings have grown by 0.3% per year over the past 5 years.

Accelerating Growth: 0R78's earnings growth over the past year (64.2%) exceeds its 5-year average (0.3% per year).

Earnings vs Industry: 0R78 earnings growth over the past year (64.2%) exceeded the Insurance industry 23.4%.


Return on Equity

High ROE: 0R78's Return on Equity (23.5%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Tryg's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: 0R78 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0R78's debt is covered by short term assets (assets are 8x debt).


Financial Institutions Analysis

Asset Level: 0R78's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if 0R78 has a sufficient allowance for bad loans.

Low Risk Liabilities: 0R78 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if 0R78 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0R78 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if 0R78 has an appropriate level of bad loans.


Next Steps

Dividend

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

3.24%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 0R78's dividend (3.26%) is higher than the bottom 25% of dividend payers in the UK market (1.82%).

High Dividend: 0R78's dividend (3.26%) is low compared to the top 25% of dividend payers in the UK market (5.15%).


Stability and Growth of Payments

Stable Dividend: 0R78's dividend payments have been volatile in the past 10 years.

Growing Dividend: 0R78's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (72.2%), 0R78's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0R78's dividends in 3 years are not forecast to be well covered by earnings (93.5% payout ratio).


Next Steps

Management

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

4.2yrs

Average management tenure


CEO

Morten Hübbe (47yo)

9.1yrs

Tenure

ø14,443,500

Compensation

Mr. Morten Hübbe serves as Vice Chairman of the Board at SimCorp A/S since March 27, 2019. He has been the Group Chief Executive Officer of TrygVesta A/S and Tryg A/S since Feburary 1, 2011 and has been it ...


CEO Compensation Analysis

Compensation vs Market: Morten's total compensation ($USD2.09M) is below average for companies of similar size in the UK market ($USD3.34M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Morten Hübbe
Group CEO & Member of Executive Board9.1yrsø14.44m0.065% DKK41.1m
Barbara Jensen
Group CFO & Member of Executive Board0.9yrsø6.44mno data
Lars Bonde
Group COO & Member of Executive Board14.1yrsø7.01m0.023% DKK14.8m
Johan Brammer
Group Chief Commercial Officer & Member of Executive Board2.1yrsø6.75m0.0081% DKK5.1m
Gianandrea Roberti
Investor Relations Officer4.3yrsno datano data
Tanja Frederiksen
Head of Communications0yrsno datano data
Jens Galsgaard
Chief Internal Auditor0yrsno datano data
Jesper Joensen
Group Executive Vice President of Claims and Senior Vice President of Corporate DK4.1yrsno datano data
Linnéa Ecorcheville
Managing Director and Country Manager of Moderna Forsakringar4.3yrsno datano data
Espen Stroemme
Senior Vice President of Commercial for Norway4.1yrsno datano data

4.2yrs

Average Tenure

47.5yo

Average Age

Experienced Management: 0R78's management team is considered experienced (4.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Carl-Viggo Östlund
Supervisory Board Member4.9yrsø787.50k0.00087% DKK550.2k
Lene Skole-Sørensen
Supervisory Board Member10.1yrsø695.00k0.0023% DKK1.5m
Bodil Andersen
Deputy Chairman of Insurance Group13.8yrsø237.64kno data
Mari Thjømøe
Supervisory Board Member7.8yrsø695.00k0.0014% DKK904.3k
Tina Snejbjerg
Employee Representative Supervisory Board Member10.1yrsø537.50k0.00034% DKK215.0k
Jukka Pertola
Supervisory Board Chairman1.9yrsø1.67m0.0013% DKK841.0k
Torben Nielsen
Supervisory Board Vice Chairman9.1yrsø1.31m0.0093% DKK5.9m
Lone Hansen
Employee Representative Supervisory Board Member8.1yrsø627.50k0.00034% DKK215.0k
Ida Jensen
Supervisory Board Member7.1yrsø810.00k0.00096% DKK607.1k
Tom Eileng
Employee Representative Supervisory Board Member3.9yrsø490.00k0.00020% DKK126.5k

8.0yrs

Average Tenure

60.5yo

Average Age

Experienced Board: 0R78's board of directors are considered experienced (8 years average tenure).


Ownership

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

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


Key Information

  • Name: Tryg A/S
  • Ticker: 0R78
  • Exchange: LSE
  • Founded: 1731
  • Industry: Property and Casualty Insurance
  • Sector: Insurance
  • Market Cap: ø63.236b
  • Shares outstanding: 301.70m
  • Website: https://www.tryg.com

Number of Employees


Location

  • Tryg A/S
  • Klausdalsbrovej 601
  • Ballerup
  • Capital Region of Denmark
  • 2670
  • Denmark

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TRYGCPSE (OMX Nordic Exchange Copenhagen)YesShare CapitalDKDKKOct 2005
T2V1DB (Deutsche Boerse AG)YesShare CapitalDEEUROct 2005
0R78LSE (London Stock Exchange)YesShare CapitalGBDKKOct 2005
TGVS.FOTCPK (Pink Sheets LLC)YesShare CapitalUSUSDOct 2005
TRYGCBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBDKKOct 2005

Biography

Tryg A/S, together with its subsidiaries, provides insurance products and services for private and corporate customers, and small and medium sized businesses in Denmark, the United Kingdom, the United States, and internationally. The company operates through: Private, Commercial, Corporate, and Sweden segments. It provides car, contents, house, accident, travel, motorcycles, dog, health, property, liability, transportation, group life, and boat insurance products, as well as fire and content, and worker compensation insurance products. Tryg A/S sells its products primarily through call centers, the Internet, tied agents, franchisees, interest organizations, car dealers, real estate agents, insurance brokers, and Nordea branches under the Tryg Forsikring, Alka, Enter Forsikring, Tryg, Moderna, Tryg Garanti, Moderna, Moderna Djurförsäkringar, Atlantica Båtförsäkring, Bilsport, and MC specialförsäkring brands. The company was founded in 1731 and is headquartered in Ballerup, Denmark. Tryg A/S is a subsidiary of TryghedsGruppen smba. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 21:36
End of Day Share Price2020/02/20 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.