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.

Snowflake

Fundamentals

Outstanding track record with mediocre balance sheet.


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


Market Performance


7 Day Return

1.0%

OB:GJF

4.1%

NO Insurance

2.6%

NO Market


1 Year Return

32.6%

OB:GJF

7.3%

NO Insurance

-9.1%

NO Market

GJF outperformed the Insurance industry which returned 7.3% over the past year.

GJF outperformed the Market in Norway which returned -9.1% over the past year.


Share holder returns

GJFIndustryMarket
7 Day1.0%4.1%2.6%
30 Day8.6%7.5%8.6%
90 Day2.8%1.6%2.6%
1 Year38.8%32.6%12.8%7.3%-4.0%-9.1%
3 Year47.3%23.5%54.1%32.7%50.8%31.1%
5 Year85.7%35.5%57.5%22.3%47.8%13.1%

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 based on future cash flows and its price relative to the stock market?

14.54x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Gjensidige Forsikring's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Gjensidige Forsikring's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Gjensidige Forsikring is overvalued based on earnings compared to the Europe Insurance industry average.

Gjensidige Forsikring is overvalued based on earnings compared to the Norway market.


Price Based on Expected Growth

Gjensidige Forsikring earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

Gjensidige Forsikring is overvalued based on assets compared to the Europe Insurance industry average.


Next Steps

Future Growth

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

-13.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Gjensidige Forsikring's revenue is expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).

Gjensidige Forsikring's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

Gjensidige Forsikring's revenue growth is positive but not above the Norway market average.

Gjensidige Forsikring's earnings are expected to decrease over the next 1-3 years, this is below the Norway market average.

Gjensidige Forsikring's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.8%.


Earnings per Share Growth Estimates


Future Return on Equity

Gjensidige Forsikring is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Gjensidige Forsikring performed over the past 5 years?

1.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Gjensidige Forsikring's year on year earnings growth rate has been positive over the past 5 years.

Gjensidige Forsikring's 1-year earnings growth exceeds its 5-year average (86.8% vs 1.3%)

Gjensidige Forsikring's earnings growth has exceeded the Europe Insurance industry average in the past year (86.8% vs 8.8%).


Return on Equity

Gjensidige Forsikring has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).


Return on Assets

Gjensidige Forsikring used its assets more efficiently than the Europe Insurance industry average last year based on Return on Assets.


Return on Capital Employed

Gjensidige Forsikring has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Gjensidige Forsikring's financial position?


Financial Position Analysis

Gjensidige Forsikring's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Gjensidige Forsikring's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Gjensidige Forsikring's level of debt (11.5%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (45.5% vs 11.5% today).

Operating cash flow is negative therefore debt is not well covered.

Unable to confirm if the interest payments on Gjensidige Forsikring's debt are well covered by earnings due to lack of past financial data.


Balance Sheet

Low level of unsold assets.

Debt is covered by short term assets, assets are 17.1x debt.


Next Steps

Dividend

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

4.59%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Gjensidige Forsikring's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.49%).

Gjensidige Forsikring's dividend is below the markets top 25% of dividend payers in Norway (6.47%).

Gjensidige Forsikring has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).

Dividend payments have increased, but Gjensidige Forsikring only paid a dividend in the past 9 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.7x coverage).


Future Payout to Shareholders

Dividends after 3 years are not well covered by earnings (1.1x coverage).


Next Steps

Management

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

3.7yrs

Average management tenure


CEO

Helge Baastad (59yo)

16.7yrs

Tenure

kr8,975,500

Compensation

Mr. Helge Leiro Baastad serves as Member of Member of the Board of Representatives at Storebrand ASA. Since 2019. Mr. Baastad has been the Chief Executive Officer at Gjensidige Forsikring ASA since 2003. M ...


CEO Compensation Analysis

Helge's remuneration is lower than average for companies of similar size in Norway.

Helge's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

3.7yrs

Average Tenure

51yo

Average Age

The tenure for the Gjensidige Forsikring management team is about average.


Board Age and Tenure

3.2yrs

Average Tenure

59yo

Average Age

The tenure for the Gjensidige Forsikring board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


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


Management Team

  • Helge Baastad (59yo)

    Chief Executive Officer

    • Tenure: 16.7yrs
    • Compensation: kr8.98m
  • Jørgen Ringdal (59yo)

    Executive Vice President of Organization

    • Tenure: 1.5yrs
    • Compensation: kr4.30m
  • Catharina Hellerud (51yo)

    Executive Vice President of Analytics

    • Tenure: 3.7yrs
    • Compensation: kr4.38m
  • Sigurd Austin (48yo)

    Executive Vice President of Private

    • Tenure: 8.3yrs
    • Compensation: kr4.77m
  • Kaare Østgaard (55yo)

    Executive Vice President of Technology & Infrastructure

    • Tenure: 4.7yrs
    • Compensation: kr4.62m
  • Jostein Amdal (54yo)

    Executive VP Finance & CFO

    • Tenure: 2.9yrs
    • 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: 7.8yrs
    • Compensation: kr4.60m
  • Lars Bjerklund (48yo)

    Executive Vice President of Business

    • Tenure: 1yrs
    • Compensation: kr3.29m
  • Aysegül Cin (38yo)

    Executive Vice President of Sweden

    • Tenure: 1yrs
    • Compensation: kr2.58m

Board Members

  • Gisèle Marchand (61yo)

    Chairman of the Board

    • Tenure: 1.4yrs
    • Compensation: kr551.20k
  • Gunnar Mjåtvedt (59yo)

    Employee Representative Director

    • Tenure: 12.7yrs
    • Compensation: kr392.20k
  • Bjørn Iversen (71yo)

    Chairman of Supervisory Board

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

    Director

    • Tenure: 8.7yrs
    • Compensation: kr448.50k
  • Hilde Nafstad (56yo)

    Director

    • Tenure: 2.4yrs
    • Compensation: kr373.40k
  • Christina Stray

    Deputy Chairman of Supervisory Board

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

    Employee Representative Director

    • Tenure: 4.7yrs
    • Compensation: kr351.10k
  • John Giverholt (67yo)

    Director

    • Tenure: 3.4yrs
    • Compensation: kr368.60k
  • Anne Nyhammer (55yo)

    Employee Representative Director

    • Tenure: 3yrs
    • Compensation: kr283.00k
  • Eivind Elnan (45yo)

    Director

    • Tenure: 2.4yrs
    • 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: kr89.970b
  • 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 Analysis2019/09/14 21:50
End of Day Share Price2019/09/13 00:00
Earnings2019/06/30
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.