OB:GJF

Stock Analysis Report

Gjensidige Forsikring

Executive Summary

Gjensidige Forsikring ASA operates as a general insurance company in Norway, Denmark, Sweden, Lithuania, Latvia, and Estonia.

Rewards

Trading at 13.9% below its fair value

Earnings grew by 119.3% over the past year

Risk Analysis

Earnings are forecast to decline by an average of -14.1% per year for the next 3 years

Dividend of 3.92% is not well covered by earnings



Snowflake Analysis

Outstanding track record unattractive dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

3.3%

GJF

1.6%

NO Insurance

1.6%

NO Market


1 Year Return

37.4%

GJF

18.6%

NO Insurance

0.6%

NO Market

Return vs Industry: GJF exceeded the Norwegian Insurance industry which returned 18.6% over the past year.

Return vs Market: GJF exceeded the Norwegian Market which returned 0.6% over the past year.


Shareholder returns

GJFIndustryMarket
7 Day3.3%1.6%1.6%
30 Day7.4%-0.7%-1.3%
90 Day2.1%3.9%1.4%
1 Year43.9%37.4%26.3%18.6%6.2%0.6%
3 Year54.4%33.1%38.1%17.8%32.0%15.3%
5 Year100.5%51.2%66.7%27.9%77.4%36.4%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

13.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GJF (NOK181.15) is trading below our estimate of fair value (NOK210.48)

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


Price To Earnings Ratio

PE vs Industry: GJF is poor value based on its PE Ratio (14.2x) compared to the Insurance industry average (12.3x).

PE vs Market: GJF is poor value based on its PE Ratio (14.2x) compared to the Norwegian market (13.4x).


Price to Earnings Growth Ratio

PEG Ratio: GJF's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: GJF is overvalued based on its PB Ratio (3.6x) compared to the XE Insurance industry average (1.2x).


Next Steps

Future Growth

How is Gjensidige Forsikring forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

-14.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GJF's earnings are forecast to decline over the next 3 years (-14.1% per year).

Earnings vs Market: GJF's earnings are forecast to decline over the next 3 years (-14.1% per year).

High Growth Earnings: GJF's earnings are forecast to decline over the next 3 years.

Revenue vs Market: GJF's revenue (1.2% per year) is forecast to grow slower than the Norwegian market (4.4% per year).

High Growth Revenue: GJF's revenue (1.2% 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 low in 3 years time (18.2%).


Next Steps

Past Performance

How has Gjensidige Forsikring performed over the past 5 years?

4.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GJF has high quality earnings.

Growing Profit Margin: GJF's current net profit margins (21.1%) are higher than last year (10.6%).


Past Earnings Growth Analysis

Earnings Trend: GJF's earnings have grown by 4.5% per year over the past 5 years.

Accelerating Growth: GJF's earnings growth over the past year (119.3%) exceeds its 5-year average (4.5% per year).

Earnings vs Industry: GJF earnings growth over the past year (119.3%) exceeded the Insurance industry 8.5%.


Return on Equity

High ROE: GJF's Return on Equity (25.7%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Gjensidige Forsikring'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: GJF has a low level of unsold assets or inventory.

Debt Coverage by Assets: GJF's debt is covered by short term assets (assets are 32.1x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

3.92%

Current Dividend Yield


Dividend Yield vs Market

company3.9%marketbottom25%2.5%markettop25%5.9%industryaverage4.7%forecastin3Years4.6%

Current dividend yield vs market & industry

Notable Dividend: GJF's dividend (3.92%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.48%).

High Dividend: GJF's dividend (3.92%) is low compared to the top 25% of dividend payers in the Norwegian market (5.88%).


Stability and Growth of Payments

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

Growing Dividend: GJF's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (55.7%), GJF's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GJF's dividends in 3 years are not forecast to be well covered by earnings (91.5% payout ratio).


Next Steps

Management

What is the CEO of Gjensidige Forsikring's salary, the management and board of directors tenure and is there insider trading?

3.9yrs

Average management tenure


CEO

Helge Baastad (59yo)

16.9yrs

Tenure

kr8,975,500

Compensation

Mr. Helge Leiro Baastad has been the Chief Executive Officer at Gjensidige Forsikring ASA since 2003. Mr. Baastad serves as Managing Director of Gjensidige Danmark. He serves as the Chairman of Supervisory ...


CEO Compensation Analysis

Compensation vs Market: Helge's total compensation ($USD978.99K) is below average for companies of similar size in the Norwegian market ($USD1.61M).

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


Management Age and Tenure

3.9yrs

Average Tenure

51yo

Average Age

Experienced Management: GJF's management team is considered experienced (3.9 years average tenure).


Board Age and Tenure

3.5yrs

Average Tenure

59yo

Average Age

Experienced Board: GJF's board of directors are considered experienced (3.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Sellkr88,89112 Feb 19
Catharina Hellerud
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Analytics
Shares593
Max Pricekr149.90

Ownership Breakdown

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


Management Team

  • Helge Baastad (59yo)

    Chief Executive Officer

    • Tenure: 16.9yrs
    • Compensation: kr8.98m
  • Jørgen Ringdal (59yo)

    Executive Vice President of Organization

    • Tenure: 1.8yrs
    • Compensation: kr4.30m
  • Catharina Hellerud (51yo)

    Executive Vice President of Analytics

    • Tenure: 3.9yrs
    • Compensation: kr4.38m
  • Sigurd Austin (48yo)

    Executive Vice President of Private

    • Tenure: 8.5yrs
    • Compensation: kr4.77m
  • Kaare Østgaard (55yo)

    Executive Vice President of Technology & Infrastructure

    • Tenure: 4.9yrs
    • Compensation: kr4.62m
  • Jostein Amdal (54yo)

    Executive VP Finance & CFO

    • Tenure: 3.2yrs
    • Compensation: kr4.59m
  • Janne Flessum

    Executive Vice President of Communications & Shared Services

    • Tenure: 0yrs
    • Compensation: kr3.20m
  • Mats Gottschalk (42yo)

    Executive Vice President of Denmark

    • Tenure: 8yrs
    • Compensation: kr4.60m
  • Lars Bjerklund (48yo)

    Executive Vice President of Business

    • Tenure: 1.3yrs
    • Compensation: kr3.29m
  • Aysegül Cin (38yo)

    Executive Vice President of Sweden

    • Tenure: 1.3yrs
    • Compensation: kr2.58m

Board Members

  • Gisèle Marchand (61yo)

    Chairman of the Board

    • Tenure: 1.7yrs
    • Compensation: kr551.20k
  • Gunnar Mjåtvedt (59yo)

    Employee Representative Director

    • Tenure: 12.9yrs
    • Compensation: kr392.20k
  • Bjørn Iversen (71yo)

    Chairman of Supervisory Board

    • Tenure: 0yrs
    • Compensation: kr198.70k
  • Per Bjørge (69yo)

    Director

    • Tenure: 8.9yrs
    • Compensation: kr448.50k
  • Hilde Nafstad (56yo)

    Director

    • Tenure: 2.7yrs
    • Compensation: kr373.40k
  • Christina Stray

    Deputy Chairman of Supervisory Board

    • Tenure: 0yrs
    • Compensation: kr34.60k
  • Lotte Kronholm Sjøberg (47yo)

    Employee Representative Director

    • Tenure: 4.9yrs
    • Compensation: kr351.10k
  • John Giverholt (67yo)

    Director

    • Tenure: 3.7yrs
    • Compensation: kr368.60k
  • Anne Nyhammer (55yo)

    Employee Representative Director

    • Tenure: 3.3yrs
    • Compensation: kr283.00k
  • Eivind Elnan (45yo)

    Director

    • Tenure: 2.7yrs
    • Compensation: kr300.30k

Company Information

Gjensidige Forsikring ASA's company bio, 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
  • Market Cap: kr90.569b
  • Shares outstanding: 499.97m
  • 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)UNSPONSORD ADRUSUSDOct 2011

Biography

Gjensidige Forsikring ASA operates as a general insurance company in Norway, Denmark, Sweden, Lithuania, Latvia, and Estonia. It operates through General Insurance Private, General Insurance Commercial, Ge ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/11 21:17
End of Day Share Price2019/12/11 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.