Rankings Financial data & insurance broking Alm. Brand
Alm. Brand
81
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Return on capital−5
- Workers' comp and reserves−4
- Margin−3
Strengths
- Raised guidance+2
- Integration completed+1
How the score is built
From 100 to 81, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 17.37 DKK
- Median analyst target
- 20.00 DKK
- Upside to median
- +15.1%
- Analysts
- 7
- Target range
- 17.50 – 21.00 DKK
- 52-week change
- −5%
- P/E (trailing)
- 25.9
- Forward P/E
- 16.5
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−11 of −30
- −5Return on capitalROE 8.0% (TTM) and 9.1% in 2025 vs 12% at Tryg and 24% at Sampo; the balance sheet is weighed down by goodwill from the 2022 Codan deal (P/TBV 11.5).
- −3MarginAdjusted combined ratio guidance of 82.5–84.5 for 2026 and an expense ratio of about 17% vs a 77.4% adjusted combined ratio and 13.3% expense ratio at Tryg in Q2; structurally weaker operations than the largest Nordic peers.
- −3Quality of growthCommercial premiums fell 2.3% in Q2 (+1.0% adjusted); only personal lines grew (5.2%). Historical growth came from the Codan deal, which more than quintupled the share count in 2022; EPS of DKK 0.92 in 2025 has grown through integration, not organically.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −2Multiples vs own historyForward P/E 13.9–15.4 vs 13.6–26.1 in 2021–2025, but P/B 2.03 vs 1.25–2.16 and EV/EBITDA 9.9 vs about 10 in 2023–2025. Cheap on earnings, but near the top on book value.
- −3PeersP/B 2.03 at an 8% ROE vs Tryg 2.25 at 12% and Sampo 3.17 at 24%; forward P/E in line with Tryg (13.9) despite lower returns and a weaker margin.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35
- −4Workers' comp and reservesThe Supreme Court ruling on loss of earning capacity below 15% cost a DKK 700m provision (about 3% of market value; Q2 combined ratio 101.7). The industry has set aside about DKK 4–4.5bn, while the Ministry of Employment estimates 10–30bn; management cannot yet say how much prices need to rise.
- −1LawsuitA pending arbitration case with Gard after the sale of Energy & Marine (DKK 1.6bn); a decision is expected in summer 2027 at the earliest, and the amount is not disclosed.
- −1GovernanceInsiders own only 0.06%, and only about half the shares are free float (Alm. Brand af 1792 is the major shareholder).
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Raised guidanceThe underlying insurance result for 2026 has been raised to DKK 1.9–2.1bn (before the provision) from 1.65–1.85bn; a record result of DKK 648m in Q2 (+24.6%) and a personal-lines combined ratio of 75.5 vs 81.6.
- +1Integration completedThe Codan integration is complete with no further integration costs, and an expanded internal model and better reinsurance released DKK 1.0bn of capital.
Caveats
What the score does not capture, or where the data is weak.
Insurance: TTM EPS (0.58) is pulled down by a one-off DKK 700m workers' compensation provision in Q2 2026; stockanalysis' revenue (14.0bn) is broader than the company's insurance revenue (11.8bn in 2025). The size of the Gard arbitration case has not been found. Solvency after H1 has not been confirmed (193% after payouts at the annual report).
Also in Financial data & insurance broking
The highest scores in the same industry.
