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Gjensidige Forsikring

BATS-CHIXE:GJFO
Snowflake Description

Outstanding track record with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GJFO
BATS-CHIXE
NOK88B
Market Cap
  1. Home
  2. GB
  3. Insurance
Company description

Gjensidige Forsikring ASA operates as a general insurance company in Norway, Denmark, Sweden, Lithuania, Latvia, and Estonia. The last earnings update was 43 days ago. More info.


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GJFO Share Price and Events
7 Day Returns
0.7%
BATS-CHIXE:GJFO
-3.2%
GB Insurance
-2.5%
GB Market
1 Year Returns
37.3%
BATS-CHIXE:GJFO
-3.8%
GB Insurance
5.3%
GB Market
GJFO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gjensidige Forsikring (GJFO) 0.7% 3.5% -1.5% 37.3% 28.9% 46.5%
GB Insurance -3.2% -2.2% 1.6% -3.8% -10.3% -2.9%
GB Market -2.5% -1.3% 0.9% 5.3% 4.1% 5.1%
1 Year Return vs Industry and Market
  • GJFO outperformed the Insurance industry which returned -3.8% over the past year.
  • GJFO outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 5.3% over the past year.
Price Volatility
GJFO
Industry
5yr Volatility vs Market

GJFO Value

 Is Gjensidige Forsikring undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Gjensidige Forsikring to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Gjensidige Forsikring.

BATS-CHIXE:GJFO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 11 analysts.
= Stable Book Value * Return on Equity
= NOK49.44 * 20.3%
NOK10.02
Book Value of Equity per Share Weighted future Book Value estimates from 12 analysts. NOK49.44
Discount Rate (Cost of Equity) See below 5.3%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:GJFO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.66
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.662 (1 + (1- 23%) (3.09%))
0.871
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.871 * 5.44%)
5.27%

Discounted Cash Flow Calculation for BATS-CHIXE:GJFO using Excess Returns Model Model

The calculations below outline how an intrinsic value for Gjensidige Forsikring is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BATS-CHIXE:GJFO Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (20.3% – 5.27%) * NOK49.44)
NOK7.42
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK7.42 / (5.27% - 0.53%)
NOK156.45
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK49.44 + NOK156.45
NOK205.89
BATS-CHIXE:GJFO Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:GJFO represents 0.99235x of OB:GJF
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99235x
Value per Share
(Listing Adjusted, NOK)
= Value per Share (NOK) x Listing Adjustment Factor
= NOK 205.89 x 0.99235
NOK204.31
Value per share (NOK) From above. NOK204.31
Current discount Discount to share price of NOK175.20
= -1 x (NOK175.20 - NOK204.31) / NOK204.31
14.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Gjensidige Forsikring is available for.
Intrinsic value
14%
Share price is NOK175.2 vs Future cash flow value of NOK204.31
Current Discount Checks
For Gjensidige Forsikring to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Gjensidige Forsikring's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Gjensidige Forsikring's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Gjensidige Forsikring's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gjensidige Forsikring's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:GJFO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in NOK NOK12.75
OB:GJF Share Price ** OB (2019-12-04) in NOK NOK176.55
United Kingdom of Great Britain and Northern Ireland Insurance Industry PE Ratio Median Figure of 17 Publicly-Listed Insurance Companies 12.89x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 752 Publicly-Listed Companies 17.14x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Gjensidige Forsikring.

BATS-CHIXE:GJFO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:GJF Share Price ÷ EPS (both in NOK)

= 176.55 ÷ 12.75

13.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gjensidige Forsikring is overvalued based on earnings compared to the GB Insurance industry average.
  • Gjensidige Forsikring is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Gjensidige Forsikring's expected growth come at a high price?
Raw Data
BATS-CHIXE:GJFO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
-11.8%per year
United Kingdom of Great Britain and Northern Ireland Insurance Industry PEG Ratio Median Figure of 17 Publicly-Listed Insurance Companies 1.34x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 562 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:GJFO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.84x ÷ -11.8%

-1.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 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
What value do investors place on Gjensidige Forsikring's assets?
Raw Data
BATS-CHIXE:GJFO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in NOK NOK49.73
OB:GJF Share Price * OB (2019-12-04) in NOK NOK176.55
United Kingdom of Great Britain and Northern Ireland Insurance Industry PB Ratio Median Figure of 20 Publicly-Listed Insurance Companies 1.71x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,311 Publicly-Listed Companies 1.53x
BATS-CHIXE:GJFO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:GJF Share Price ÷ Book Value per Share (both in NOK)

= 176.55 ÷ 49.73

3.55x

* Primary Listing of Gjensidige Forsikring.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gjensidige Forsikring is overvalued based on assets compared to the GB Insurance industry average.
X
Value checks
We assess Gjensidige Forsikring's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Gjensidige Forsikring has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

GJFO Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-11.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gjensidige Forsikring expected to grow at an attractive rate?
  • Gjensidige Forsikring's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Gjensidige Forsikring's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • Gjensidige Forsikring's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:GJFO Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:GJFO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts -11.8%
BATS-CHIXE:GJFO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 1.1%
United Kingdom of Great Britain and Northern Ireland Insurance Industry Earnings Growth Rate Market Cap Weighted Average 6.5%
United Kingdom of Great Britain and Northern Ireland Insurance Industry Revenue Growth Rate Market Cap Weighted Average -0.9%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 12.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:GJFO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:GJFO Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 26,230 4,347 1
2022-12-31 25,767 4,630 1
2021-12-31 25,984 4,342 11
2020-12-31 25,406 4,239 11
2019-12-31 24,737 6,073 11
2019-12-05
BATS-CHIXE:GJFO Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-09-30 30,185 -4,425 6,376
2019-06-30 29,831 -5,226 6,187
2019-03-31 29,126 -5,258 5,687
2018-12-31 26,934 -1,892 3,383
2018-09-30 27,546 1,519 2,907
2018-06-30 27,592 1,470 3,311
2018-03-31 26,904 2,370 3,397
2017-12-31 27,233 1,718 4,064
2017-09-30 27,329 2,224 4,337
2017-06-30 27,488 1,065 4,302
2017-03-31 28,036 2,031 4,673
2016-12-31 27,525 2,513 4,670

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gjensidige Forsikring's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Gjensidige Forsikring's revenue is expected to grow by 1.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:GJFO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Gjensidige Forsikring Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:GJFO Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 8.69 8.69 8.69 1.00
2022-12-31 8.55 8.55 8.55 1.00
2021-12-31 8.65 10.10 7.63 14.00
2020-12-31 8.42 9.47 7.54 15.00
2019-12-31 12.12 12.65 11.80 13.00
2019-12-05
BATS-CHIXE:GJFO Past Financials Data
Date (Data in NOK Millions) EPS *
2019-09-30 12.75
2019-06-30 12.37
2019-03-31 11.37
2018-12-31 6.77
2018-09-30 5.81
2018-06-30 6.63
2018-03-31 6.79
2017-12-31 8.13
2017-09-30 8.68
2017-06-30 8.60
2017-03-31 9.35
2016-12-31 9.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Gjensidige Forsikring is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Gjensidige Forsikring's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Gjensidige Forsikring has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

GJFO Past Performance

  How has Gjensidige Forsikring performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Gjensidige Forsikring's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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 (119.3% vs 4.5%)
  • Gjensidige Forsikring's earnings growth has exceeded the GB Insurance industry average in the past year (119.3% vs 21.9%).
Earnings and Revenue History
Gjensidige Forsikring's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Gjensidige Forsikring Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:GJFO Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 30,184.60 6,376.30 3,830.50
2019-06-30 29,830.90 6,186.50 3,890.30
2019-03-31 29,126.10 5,686.70 3,886.20
2018-12-31 26,933.50 3,382.70 3,896.90
2018-09-30 27,546.00 2,907.30 3,938.90
2018-06-30 27,592.20 3,311.00 3,875.20
2018-03-31 26,903.60 3,396.60 3,855.30
2017-12-31 27,233.20 4,064.00 3,813.80
2017-09-30 27,328.50 4,336.90 3,830.20
2017-06-30 27,487.60 4,301.60 3,916.80
2017-03-31 28,035.60 4,672.50 3,885.50
2016-12-31 27,525.40 4,670.40 3,382.50
2016-09-30 27,387.10 4,830.10 3,304.20
2016-06-30 26,123.20 4,252.90 3,112.90
2016-03-31 25,689.00 4,150.00 3,025.60
2015-12-31 25,487.70 3,788.80 3,439.60
2015-09-30 24,958.10 3,502.10 3,381.00
2015-06-30 25,356.00 3,905.10 3,336.60
2015-03-31 25,461.80 4,014.70 3,304.60
2014-12-31 25,452.70 4,189.60 3,275.40
2014-09-30 25,346.30 4,360.00 3,169.90
2014-06-30 25,199.30 4,690.50 3,133.80
2014-03-31 24,507.50 4,276.90 3,090.20
2013-12-31 23,314.10 3,670.60 3,039.80
2013-09-30 22,707.60 3,543.10 3,014.20
2013-06-30 22,329.20 3,447.30 2,965.60
2013-03-31 21,894.00 3,506.30 2,939.90
2012-12-31 22,483.60 4,280.10 2,922.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Gjensidige Forsikring has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Gjensidige Forsikring used its assets more efficiently than the GB Insurance industry average last year based on Return on Assets.
  • Gjensidige Forsikring has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gjensidige Forsikring's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Gjensidige Forsikring has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

GJFO Health

 How is Gjensidige Forsikring's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Gjensidige Forsikring's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 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.
Balance sheet
This treemap shows a more detailed breakdown of Gjensidige Forsikring's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 32.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Gjensidige Forsikring Company Filings, last reported 2 months ago.

BATS-CHIXE:GJFO Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 24,819.90 1,498.30 38,726.70
2019-06-30 23,732.30 2,729.40 36,948.40
2019-03-31 22,393.60 1,498.10 41,213.70
2018-12-31 23,845.10 1,498.00 33,873.00
2018-09-30 22,233.90 1,497.90 34,598.10
2018-06-30 21,407.50 27,563.70 40,511.20
2018-03-31 24,091.00 25,892.10 42,753.20
2017-12-31 23,703.10 25,030.70 40,747.70
2017-09-30 22,720.30 25,489.30 40,190.10
2017-06-30 21,517.10 24,959.40 38,984.50
2017-03-31 23,512.00 23,397.40 4,758.30
2016-12-31 22,326.10 21,543.30 39,436.60
2016-09-30 23,111.20 21,971.40 3,724.80
2016-06-30 21,177.10 20,857.90 3,352.90
2016-03-31 24,162.10 19,988.50 5,171.70
2015-12-31 23,330.60 19,351.90 40,980.60
2015-09-30 22,044.00 17,572.30 3,055.00
2015-06-30 20,937.80 15,040.40 4,699.40
2015-03-31 22,360.50 13,276.80 2,377.10
2014-12-31 21,656.80 11,747.40 2,403.80
2014-09-30 22,667.30 9,606.10 2,690.10
2014-06-30 21,879.70 9,974.00 3,044.50
2014-03-31 26,958.60 9,792.70 5,238.80
2013-12-31 26,287.80 9,771.60 2,729.40
2013-09-30 25,068.20 9,318.60 29,709.70
2013-06-30 23,680.50 8,685.70 28,938.00
2013-03-31 26,037.30 5,978.60 28,023.20
2012-12-31 25,617.70 5,355.50 2,331.50
  • Gjensidige Forsikring's level of debt (6%) 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 (42.5% vs 6% 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.
X
Financial health checks
We assess Gjensidige Forsikring's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Gjensidige Forsikring has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

GJFO Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.02%
Current annual income from Gjensidige Forsikring dividends. Estimated to be 4.64% next year.
If you bought NOK2,000 of Gjensidige Forsikring shares you are expected to receive NOK80 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Gjensidige Forsikring's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.97%).
  • Gjensidige Forsikring's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.29%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:GJFO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Insurance Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 5.2%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 679 Stocks 4.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:GJFO Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 7.60 1.00
2022-12-31 7.50 1.00
2021-12-31 8.57 14.00
2020-12-31 8.49 15.00
2019-12-31 7.61 14.00
2019-12-05
BATS-CHIXE:GJFO Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-01-24 7.100 4.240
2018-01-26 7.100 5.278
2017-02-09 6.800 4.848
2016-02-03 6.400 4.554
2015-03-11 5.900 4.574
2015-02-04 5.900 4.477
2014-02-05 6.800 5.582
2013-10-22 6.000 5.280
2013-04-26 6.850 7.519
2012-03-07 4.550 5.876
2012-02-09 4.550 6.942
2011-02-17 4.700 7.233

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 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
What portion of Gjensidige Forsikring's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Gjensidige Forsikring's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Gjensidige Forsikring afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gjensidige Forsikring has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GJFO Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Helge Baastad
COMPENSATION NOK8,975,500
AGE 59
TENURE AS CEO 16.9 years
CEO Bio

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 Board of AAS Gjensidige Baltic. Mr. Baasted serves as Member of General Board at Gjensidige Bank Boligkreditt AS. He served as Chairman of the Board of Jordan AS. He served as the Chairman of Supervisory Board at Gjensidige Bank ASA until January 1, 2016. He serves as a Director of Nykredit Realkredit A/S. He has been a Director at Nykredit Holding A/S since March 16, 2016. He serves as a Member of Supervisory Board at SpareBank 1 SR-Bank (formerly, Sparebanken Rogaland). Mr. Baasted served as a Director of Sparebanken Sogn Og Fjordane. He served as a Director of Gjensidige Forsikring ASA. He served as a Director of DNB ASA (also known as DNB Nor ASA) until June 24, 2005. Mr. Baastad is a Graduate of the Norwegian School of Economics and Business Administration in Bergen.

CEO Compensation
  • Helge's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Helge's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Gjensidige Forsikring management team in years:

3.9
Average Tenure
51
Average Age
  • The tenure for the Gjensidige Forsikring management team is about average.
Management Team

Helge Baastad

TITLE
Chief Executive Officer
COMPENSATION
NOK9M
AGE
59
TENURE
16.9 yrs

Jostein Amdal

TITLE
Executive VP Finance & CFO
COMPENSATION
NOK5M
AGE
54
TENURE
3.2 yrs

Kaare Østgaard

TITLE
Executive Vice President of Technology & Infrastructure
COMPENSATION
NOK5M
AGE
55
TENURE
4.9 yrs

Jørgen Ringdal

TITLE
Executive Vice President of Organization
COMPENSATION
NOK4M
AGE
59
TENURE
1.8 yrs

Catharina Hellerud

TITLE
Executive Vice President of Analytics
COMPENSATION
NOK4M
AGE
51
TENURE
3.9 yrs

Sigurd Austin

TITLE
Executive Vice President of Private
COMPENSATION
NOK5M
AGE
48
TENURE
8.5 yrs

Janne Flessum

TITLE
Executive Vice President of Communications & Shared Services
COMPENSATION
NOK3M

Mats Gottschalk

TITLE
Executive Vice President of Denmark
COMPENSATION
NOK5M
AGE
42
TENURE
8 yrs

Lars Bjerklund

TITLE
Executive Vice President of Business
COMPENSATION
NOK3M
AGE
48
TENURE
1.3 yrs

Aysegül Cin

TITLE
Executive Vice President of Sweden
COMPENSATION
NOK3M
AGE
38
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Gjensidige Forsikring board of directors in years:

3.5
Average Tenure
59
Average Age
  • The tenure for the Gjensidige Forsikring board of directors is about average.
Board of Directors

Gisèle Marchand

TITLE
Chairman of the Board
COMPENSATION
NOK551K
AGE
61
TENURE
1.7 yrs

Bjørn Iversen

TITLE
Chairman of Supervisory Board
COMPENSATION
NOK199K
AGE
71

Per Bjørge

TITLE
Director
COMPENSATION
NOK449K
AGE
69
TENURE
8.9 yrs

John Giverholt

TITLE
Director
COMPENSATION
NOK369K
AGE
67
TENURE
3.7 yrs

Christina Stray

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
NOK35K

Gunnar Mjåtvedt

TITLE
Employee Representative Director
COMPENSATION
NOK392K
AGE
59
TENURE
12.9 yrs

Lotte Kronholm Sjøberg

TITLE
Employee Representative Director
COMPENSATION
NOK351K
AGE
47
TENURE
4.9 yrs

Anne Nyhammer

TITLE
Employee Representative Director
COMPENSATION
NOK283K
AGE
55
TENURE
3.3 yrs

Eivind Elnan

TITLE
Director
COMPENSATION
NOK300K
AGE
45
TENURE
2.7 yrs

Hilde Nafstad

TITLE
Director
COMPENSATION
NOK373K
AGE
56
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
12. Feb 19 Sell Catharina Hellerud Individual 12. Feb 19 12. Feb 19 -593 NOK149.90 NOK-88,891
X
Management checks
We assess Gjensidige Forsikring's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Gjensidige Forsikring has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

GJFO News

Simply Wall St News

GJFO Company Info

Description

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, General Insurance Denmark, General Insurance Sweden, and Pension segments. The company offers various insurance products, including motor vehicles, property, leisure, and accident and health insurance products, as well as insurance products in the areas of liability, agriculture, coastal and marine/transport, and defined contribution scheme; and life and pet insurance products. It also provides pension and savings products comprising occupational pensions, private pension savings, spouse/cohabitant pension, child’s pension, and individual disability pensions. The company distributes its products through its distribution network, as well as through agents, brokers, dealers, and telephony and Internet to private and commercial customers. Gjensidige Forsikring ASA was founded in 1816 and is headquartered in Oslo, Norway. Gjensidige Forsikring ASA is a subsidiary of Gjensidigestiftelsen.

Details
Name: Gjensidige Forsikring ASA
GJFO
Exchange: BATS-CHIXE
Founded: 1816
NOK87,669,650,597
499,969,493
Website: http://www.gjensidige.no
Address: Gjensidige Forsikring ASA
Schweigaardsgate 21,
Oslo,
Oslo, 0191,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB GJF Ordinary Shares Oslo Bors NO NOK 10. Dec 2010
OTCPK GJNS.F Ordinary Shares Pink Sheets LLC US USD 10. Dec 2010
DB XGJ Ordinary Shares Deutsche Boerse AG DE EUR 10. Dec 2010
LSE 0OJC Ordinary Shares London Stock Exchange GB NOK 10. Dec 2010
BATS-CHIXE GJFO Ordinary Shares BATS 'Chi-X Europe' GB NOK 10. Dec 2010
OTCPK GJNS.Y UNSPONSORD ADR Pink Sheets LLC US USD 10. Oct 2011
Number of employees
Current staff
Staff numbers
3,711
Gjensidige Forsikring employees.
Industry
Multi-line Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/05 19:36
End of day share price update: 2019/12/04 00:00
Last estimates confirmation: 2019/12/04
Last earnings filing: 2019/10/23
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.