company background image
GJF

Gjensidige Forsikring OB:GJF Stock Report

Last Price

kr187.00

Market Cap

kr93.5b

7D

-5.1%

1Y

-3.1%

Updated

02 Oct, 2022

Data

Company Financials +
GJF fundamental analysis
Snowflake Score
Valuation2/6
Future Growth4/6
Past Performance3/6
Financial Health6/6
Dividends4/6

GJF Stock Overview

Gjensidige Forsikring ASA provides general insurance and pension products in Norway, Sweden, Denmark, Latvia, Lithuania, and Estonia.

Gjensidige Forsikring Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Gjensidige Forsikring
Historical stock prices
Current Share Pricekr187.00
52 Week Highkr230.80
52 Week Lowkr182.60
Beta0.34
1 Month Change-8.24%
3 Month Change-10.95%
1 Year Change-3.06%
3 Year Change3.34%
5 Year Change29.95%
Change since IPO218.30%

Recent News & Updates

May 09
Here's Why I Think Gjensidige Forsikring (OB:GJF) Might Deserve Your Attention Today

Here's Why I Think Gjensidige Forsikring (OB:GJF) Might Deserve Your Attention Today

Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...

Shareholder Returns

GJFNO InsuranceNO Market
7D-5.1%-3.9%-0.1%
1Y-3.1%-12.7%-5.4%

Return vs Industry: GJF exceeded the Norwegian Insurance industry which returned -12.7% over the past year.

Return vs Market: GJF exceeded the Norwegian Market which returned -5.4% over the past year.

Price Volatility

Is GJF's price volatile compared to industry and market?
GJF volatility
GJF Average Weekly Movement3.1%
Insurance Industry Average Movement3.8%
Market Average Movement6.8%
10% most volatile stocks in NO Market11.3%
10% least volatile stocks in NO Market3.8%

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

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

About the Company

FoundedEmployeesCEOWebsite
18164,143Helge Baastadhttps://www.gjensidige.no

Gjensidige Forsikring ASA provides general insurance and pension products in Norway, Sweden, Denmark, Latvia, Lithuania, and Estonia. The company operates through six segments: General Insurance Private, General Insurance Commercial, General Insurance Denmark, General Insurance Sweden, General Insurance Baltics, and Pension. It offers motor, home, accident and health, travel, leisure craft, boat, valuables, liability, commercial, marine/transport, agriculture, natural perils, life, and pet insurance products.

Gjensidige Forsikring Fundamentals Summary

How do Gjensidige Forsikring's earnings and revenue compare to its market cap?
GJF fundamental statistics
Market Capkr93.49b
Earnings (TTM)kr6.11b
Revenue (TTM)kr33.27b

15.3x

P/E Ratio

2.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GJF income statement (TTM)
Revenuekr33.27b
Cost of Revenuekr20.97b
Gross Profitkr12.30b
Other Expenseskr6.19b
Earningskr6.11b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 21, 2022

Earnings per share (EPS)12.22
Gross Margin36.98%
Net Profit Margin18.37%
Debt/Equity Ratio10.2%

How did GJF perform over the long term?

See historical performance and comparison

Dividends

4.1%

Current Dividend Yield

63%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

GJF 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/Revenue2.8x
Enterprise Value/EBITDA11.8x
PEG Ratio2.4x

Price to Earnings Ratio vs Peers

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

GJF PE Ratio vs Peers
The above table shows the PE ratio for GJF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average13.4x
PROT Protector Forsikring
20.9x34.9%kr9.3b
STB Storebrand
12.5x9.8%kr35.2b
TLX Talanx
9x9.6%€9.2b
BBSE3 BB Seguridade Participações
11.1x9.9%R$53.1b
GJF Gjensidige Forsikring
15.3x6.4%kr93.5b

Price-To-Earnings vs Peers: GJF is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the peer average (13.4x).


Price to Earnings Ratio vs Industry

How does GJF's PE Ratio compare vs other companies in the European Insurance Industry?

Price-To-Earnings vs Industry: GJF is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the European Insurance industry average (10x)


Price to Earnings Ratio vs Fair Ratio

What is GJF'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.

GJF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.3x
Fair PE Ratio13.9x

Price-To-Earnings vs Fair Ratio: GJF is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the estimated Fair Price-To-Earnings Ratio (13.9x).


Share Price vs Fair Value

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

Below Fair Value: GJF (NOK187) is trading below our estimate of fair value (NOK315.05)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

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


Discover undervalued companies

Future Growth

How is Gjensidige Forsikring forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


6.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GJF's forecast earnings growth (6.4% per year) is above the savings rate (1.1%).

Earnings vs Market: GJF's earnings (6.4% per year) are forecast to grow faster than the Norwegian market (-2.9% per year).

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

Revenue vs Market: GJF's revenue (2.9% per year) is forecast to grow faster than the Norwegian market (0.4% per year).

High Growth Revenue: GJF's revenue (2.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GJF's Return on Equity is forecast to be high in 3 years time (22.9%)


Discover growth companies

Past Performance

How has Gjensidige Forsikring performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


12.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GJF has high quality earnings.

Growing Profit Margin: GJF's current net profit margins (18.4%) are lower than last year (20.6%).


Past Earnings Growth Analysis

Earnings Trend: GJF's earnings have grown by 12.6% per year over the past 5 years.

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

Earnings vs Industry: GJF had negative earnings growth (-8%) over the past year, making it difficult to compare to the Insurance industry average (-0.4%).


Return on Equity

High ROE: GJF's Return on Equity (25.9%) is considered high.


Discover strong past performing companies

Financial Health

How is Gjensidige Forsikring's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: GJF's short term assets (NOK55.7B) exceed its short term liabilities (NOK55.5B).

Long Term Liabilities: GJF's short term assets (NOK55.7B) exceed its long term liabilities (NOK51.3B).


Debt to Equity History and Analysis

Debt Level: GJF has more cash than its total debt.

Reducing Debt: GJF's debt to equity ratio has reduced from 116% to 10.2% over the past 5 years.

Debt Coverage: GJF's debt is well covered by operating cash flow (206.6%).

Interest Coverage: GJF's interest payments on its debt are well covered by EBIT (26.2x coverage).


Balance Sheet


Discover healthy companies

Dividend

What is Gjensidige Forsikring current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.12%

Current Dividend Yield

Dividend Yield vs Market

Gjensidige Forsikring Dividend Yield vs Market
How does Gjensidige Forsikring dividend yield compare to the market?
SegmentDividend Yield
Company (Gjensidige Forsikring)4.1%
Market Bottom 25% (NO)3.8%
Market Top 25% (NO)8.0%
Industry Average (Insurance)6.1%
Analyst forecast in 3 Years (Gjensidige Forsikring)5.0%

Notable Dividend: GJF's dividend (4.12%) is higher than the bottom 25% of dividend payers in the Norwegian market (3.8%).

High Dividend: GJF's dividend (4.12%) is low compared to the top 25% of dividend payers in the Norwegian market (7.95%).


Stability and Growth of Payments

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

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


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (63%), GJF's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (86.1%), GJF's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

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

4.1yrs

Average management tenure


CEO

Helge Baastad (62 yo)

19.75yrs

Tenure

kr10,449,800

Compensation

Mr. Helge Leiro Baastad has been the Chief Executive Officer at Gjensidige Forsikring ASA since 2003 and joined in 1998 as manager of the private market. Mr. Baastad serves as Managing Director of Gjensidi...


CEO Compensation Analysis

Helge Baastad's Compensation vs Gjensidige Forsikring Earnings
How has Helge Baastad's remuneration changed compared to Gjensidige Forsikring's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

kr6b

Mar 31 2022n/an/a

kr7b

Dec 31 2021kr10mkr6m

kr7b

Sep 30 2021n/an/a

kr7b

Jun 30 2021n/an/a

kr7b

Mar 31 2021n/an/a

kr7b

Dec 31 2020kr10mkr6m

kr5b

Sep 30 2020n/an/a

kr4b

Jun 30 2020n/an/a

kr4b

Mar 31 2020n/an/a

kr3b

Dec 31 2019kr10mkr5m

kr7b

Sep 30 2019n/an/a

kr6b

Jun 30 2019n/an/a

kr6b

Mar 31 2019n/an/a

kr6b

Dec 31 2018kr9mkr5m

kr3b

Sep 30 2018n/an/a

kr3b

Jun 30 2018n/an/a

kr3b

Mar 31 2018n/an/a

kr3b

Dec 31 2017kr9mkr5m

kr4b

Sep 30 2017n/an/a

kr4b

Jun 30 2017n/an/a

kr4b

Mar 31 2017n/an/a

kr5b

Dec 31 2016kr9mkr5m

kr5b

Sep 30 2016n/an/a

kr5b

Jun 30 2016n/an/a

kr4b

Mar 31 2016n/an/a

kr4b

Dec 31 2015kr9mkr5m

kr4b

Compensation vs Market: Helge's total compensation ($USD962.11K) is about average for companies of similar size in the Norwegian market ($USD1.05M).

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


Leadership Team

Experienced Management: GJF's management team is considered experienced (4.1 years average tenure).


Board Members

Experienced Board: GJF's board of directors are considered experienced (3.5 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.


Recent Insider Transactions

OB:GJF Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
18 Jul 22Buykr19,538,454DNB Asset Management ASCompany98,274kr198.82

Ownership Breakdown

What is the ownership structure of GJF?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders263,5870.05%
General Public28,781,4845.8%
Institutions470,910,92994.2%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 90.12% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
62.24%
Gjensidigestiftelsen, Endowment Arm
311,175,293NOK58.2b0%no data
4.23%
Folketrygdfondet
21,148,321NOK4.0b0%2.54%
3.2%
BlackRock, Inc.
15,998,730NOK3.0b0%0.01%
3.09%
Deutsche Asset & Wealth Management
15,464,803NOK2.9b0.46%0.12%
2.95%
Deutsche Bank Aktiengesellschaft, London
14,748,829NOK2.8b0%0.77%
1.54%
Nordea Investment Management AB
7,701,089NOK1.4b-0.07%0.12%
1.37%
The Bank of Nova Scotia, Banking Investments
6,849,456NOK1.3b0%0.31%
1.33%
1832 Asset Management L.P.
6,628,706NOK1.2b-0.21%0.18%
1.06%
The Vanguard Group, Inc.
5,299,579NOK991.0m0%no data
0.94%
State Street Global Advisors, Inc.
4,699,627NOK878.8m0%no data
0.88%
Danske Bank A/S, Asset Management Arm
4,399,651NOK822.7m0%1.14%
0.86%
Storebrand Kapitalforvaltning As
4,299,659NOK804.0m0%3.82%
0.7%
ORIX Corporation, Asset Management Arm
3,499,722NOK654.4m0%no data
0.68%
KLP Kapitalforvaltning AS
3,399,730NOK635.7m0%0.33%
0.65%
Handelsbanken Asset Management
3,249,742NOK607.7m0%0.12%
0.6%
Storebrand Asset Management AS
2,996,729NOK560.4m-0.4%0.59%
0.54%
DNB Asset Management AS
2,698,068NOK504.5m3.78%0.18%
0.48%
Amundi Asset Management
2,399,978NOK448.8m-15.97%0.01%
0.45%
Xact Kapitalförvaltning AB
2,242,447NOK419.3m0%0.38%
0.43%
BNP Paribas, Private & Investment Banking Investments
2,149,829NOK402.0m0%0.26%
0.42%
Barclays PLC Private Banking & Investment Banking Investment
2,099,833NOK392.7m0%0.06%
0.38%
Arctic Asset Management AS
1,899,849NOK355.3m0%2.7%
0.37%
Danske Capital AB
1,863,938NOK348.6m0%4.14%
0.37%
UBS Asset Management
1,849,853NOK345.9m0%0.01%
0.36%
Societe Generale Group, Banking Investments
1,799,857NOK336.6m0%0.31%

Company Information

Gjensidige Forsikring ASA's employee growth, exchange listings and data sources


Key Information

  • Name: Gjensidige Forsikring ASA
  • Ticker: GJF
  • Exchange: OB
  • Founded: 1816
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Implied Market Cap: kr93.492b
  • Shares outstanding: 499.96m
  • Website: https://www.gjensidige.no

Number of Employees


Location

  • Gjensidige Forsikring ASA
  • Schweigaardsgate 21
  • Oslo
  • Oslo
  • 191
  • Norway


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GJFOB (Oslo Bors)YesOrdinary SharesNONOKDec 2010
XGJDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2010
0OJCLSE (London Stock Exchange)YesOrdinary SharesGBNOKDec 2010
GJNS.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 2010
GJFOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKDec 2010
GJNS.YOTCPK (Pink Sheets LLC)UNSP ADR EA REPR 1 ORD SHSUSUSDOct 2011
XGJ0DB (Deutsche Boerse AG)UNSP ADR EA REPR 1 ORD SHSDEEUROct 2011

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.