Rankings Financial data & insurance broking Protector Forsikring
Protector Forsikring
87
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−5
- Quality of growth−2
- Price pressure in the UK−2
Strengths
- Capital+1
- Dividend+1
How the score is built
From 100 to 87, 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
- 452.00 NOK
- Median analyst target
- 562.50 NOK
- Upside to median
- +24.4%
- Analysts
- 4
- Target range
- 515.00 – 590.00 NOK
- 52-week change
- −2%
- P/E (trailing)
- 15.3
- Forward P/E
- 15.7
- 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? · 1 finding−2 of −30
- −2Quality of growthPremium growth has slowed from 21% in local currency in Q1 to a subdued Q2 (H1 +15% in local currency, +10% in NOK); the UK (about 42% of premiums) grew only 5% in local currency and −2% in NOK. Analysts expect only 3.5% revenue growth in 2026.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −5Multiples vs own historyTrailing P/E 17.5 vs 7.3–16.5 in 2021–2025 (above the whole range), forward P/E 16.1 vs 11.1–19.7 (median about 12.9) and P/B 4.82 vs 2.49–5.62. The re-rating since 2022 (market value NOK 10bn → 36bn) is priced in, while EPS is expected to fall 20% in 2026.
- −1PeersForward P/E 16.1 vs Gjensidige 15.2, Sampo 15.0 and Tryg 13.9; P/B 4.8 at a 31% ROE vs Gjensidige 5.6/27%. No discount for smaller size, greater volatility and only 4 analysts.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−6 of −35
- −2Price pressure in the UKThe UK market is soft with falling prices; Protector is losing customers to competitors who undercut, and public tenders are delayed by municipal reorganisations. Management itself says it does not know where the market is heading.
- −2Investment returnsEquities are 14.6% of the portfolio; Q1 2026 produced a negative investment return of NOK 231m and EPS of only NOK 1.8, and 2025's record EPS (NOK 31.7) is not repeatable, so 2026 EPS is expected about 20% lower.
- −1Large customers and large lossesLarge commercial and public-sector customers (including the company's largest-ever UK motor customer) create concentration; the large-loss ratio was only 4.6% in Q2 vs a normal of about 8%, so Q2's combined ratio of 81.5% is flattered, and management warns of quarterly volatility.
- −1Denmark and NorwayMotor in Denmark still needs price increases, and facility volumes in Norway and Denmark are below expectations.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1CapitalSolvency 221% (Q2 2026) and AM Best affirmed the rating with a stable outlook; ROE 31% and a combined ratio of 83.2% in H1 vs a target below 91%.
- +1DividendA dividend of NOK 14 per share (TTM; 3 for Q2) equals 75% of net profit and is below it; no buybacks (share count +0.8%), dividend yield 3.3%.
Caveats
What the score does not capture, or where the data is weak.
Commercial and public-sector property & casualty insurance via brokers; earnings swing with large claims and equity returns. Only 4 analysts (all buy), so price targets and revisions rest on thin coverage. The share is −10% over one year with RSI 33 ahead of Q3 results on 22 Oct. Exposure to Danish workers' compensation after the Supreme Court ruling (April 2026) has not been examined; an insider bought only 129 shares on 2 Sept., which does not count as a plus.
Also in Financial data & insurance broking
The highest scores in the same industry.
