Gjensidige Forsikring ASA

Gjensidige Forskring provides insurance products to private and commercial customers in Norway, Denmark, Sweden and the Baltic states. Co.'s activities are divided into six segments in addition to the asset management unit which manages Co.'s investment portfolio. The Private segment provides a range of general insurance products besides banking, savings and investment products. The Commercial segment provides a range of general insurance products to the commercial and municipality markets. Co.'s investment portfolio includes all investment funds in Co. except for investment funds in the Pension and Savings and Retail Bank segments. Co.'s other segments include Nordic and Baltics.
  • TickerGJF
  • ISINNO0010582521
  • ExchangeOslo Bors
  • SectorNonlife Insurance
  • CountryNorway

Analysts

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Niclas Gehin

Slight miss and new IT investments

Gjensidige Forsikring (GJF NO, Hold) - Slight miss and new IT investments (14 pages)

Niclas Gehin

Unwarranted discount to peers

We have upgraded Gjensidige to BUY (HOLD) and raised our target price to NOK160 (NOK150) as we believe the stock is trading at an unwarranted ~15% discount to Nordic P&C peers. We expect solid Q3 EPS of NOK2.4 (results due at 07:00 CET on 26 October) and an extraordinary DPS of NOK2 to be announced in H2. As we also see upside potential from improving the international segments and higher than guided run-off gains, we see no reason for its current discount to peers.

Niclas Gehin

On track in all geographies

After a strong run in recent weeks, we have downgraded our recommendation on Gjensidige from BUY to HOLD, maintaining our target price of NOK160 as we argue the valuation gap towards Nordic P&C peers is unwarranted (2018e P/E of 17x versus peers at ~18x). We have tweaked our 2018–2019e EPS by 1% on a solid Q3 report, where the main positive in our view was the improvements in underwriting results outside Norway.

Niclas Gehin

Gjensidige Forsikring (Hold, TP: NOK160.00) - Incumbents set to come out on top

We have reduced 2018–2020e EPS by ~1% on the back of weaker Q4 premiums and underwriting, this was only partly offset by the higher run-off gains guidance. We believe that a gradual phase out of the traditional Norwegian bonus model for car insurance is likely to benefit incumbents such as Gjensidige in the Norwegian P&C market, as its advantage on risk pricing becomes more important. Gjensidige remains our sector top pick, and is trading at a P/E of 16x versus 19–20x for Nordic peers. We reiterate HOLD and our NOK160 target price.

Niclas Gehin

Slight miss and new IT investments

Gjensidige Forsikring (GJF NO, Hold) - Slight miss and new IT investments (14 pages)

Niclas Gehin

Unwarranted discount to peers

We have upgraded Gjensidige to BUY (HOLD) and raised our target price to NOK160 (NOK150) as we believe the stock is trading at an unwarranted ~15% discount to Nordic P&C peers. We expect solid Q3 EPS of NOK2.4 (results due at 07:00 CET on 26 October) and an extraordinary DPS of NOK2 to be announced in H2. As we also see upside potential from improving the international segments and higher than guided run-off gains, we see no reason for its current discount to peers.

Niclas Gehin

On track in all geographies

After a strong run in recent weeks, we have downgraded our recommendation on Gjensidige from BUY to HOLD, maintaining our target price of NOK160 as we argue the valuation gap towards Nordic P&C peers is unwarranted (2018e P/E of 17x versus peers at ~18x). We have tweaked our 2018–2019e EPS by 1% on a solid Q3 report, where the main positive in our view was the improvements in underwriting results outside Norway.

Niclas Gehin

Gjensidige Forsikring (Hold, TP: NOK160.00) - Incumbents set to come out on top

We have reduced 2018–2020e EPS by ~1% on the back of weaker Q4 premiums and underwriting, this was only partly offset by the higher run-off gains guidance. We believe that a gradual phase out of the traditional Norwegian bonus model for car insurance is likely to benefit incumbents such as Gjensidige in the Norwegian P&C market, as its advantage on risk pricing becomes more important. Gjensidige remains our sector top pick, and is trading at a P/E of 16x versus 19–20x for Nordic peers. We reiterate HOLD and our NOK160 target price.

Niclas Gehin

Weather and financial market chills

We expect the Nordic non-life insurers’ Q1 results to reveal a general negative impact following relatively harsh winter weather in Q1 versus previous years. Examples of 90-year snow depth records being broken indicate increased claims frequency in the quarter, while sluggish equity markets together with rising interest rates are likely to weigh on investment returns, leaving reported EPS below normalised levels. We maintain our HOLD recommendations on the stocks covered; Gjensidige remains our top sector pick, while Topdanmark is our least preferred.

1 director bought

A director at Gjensidige Forskring ASA bought 2,500 shares at 125.100NOK and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Antti Kansanen ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Stefan Gauffin

Northern Lights

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Helge André Martinsen
  • Jesper Ingildsen
  • Jon Masdal
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Alexander Aukner ...
  • Håkon Astrup
  • Helge André Martinsen
  • Martin Arnell
  • Mattias Montgomery
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Frank Maaø ...
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Helge André Martinsen
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

GJDG.FORSIKRING ASA reduced its risk exposure resulting in an upgrade to Slightly Positive

GJDG.FORSIKRING ASA (NO), a company active in the Full Line Insurance industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date July 12, 2019, the closing price was NOK 178.70 and its potential was estimated at NOK 188.14.

MarketLine Department

Storebrand ASA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Storebrand ASA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Storebrand ASA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

MarketLine Department

Sampo plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Sampo plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Sampo plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

Expert Corporate Governance Service (ECGS)

Proxy Report - 05/04/2018

In general, Gjensidige Forsikring ("Gjensidige") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. ECGS recommends to vote FOR all proposals. There are no further peculiarities.

GJENSIDIGE – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Gjensidige Forsikring, Mars 28, 2019

In general, Gjensidige Forsikring ("Gjensidige") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 11a (1), it is proposed to re-appoint Ms. Gisele Marchand as Chairman of the board of directors. Although Ms. Marchand is considered independent, ECGS has concerns over her aggregate time commitments. Ms. Marchand is currently serving as board Chairman of Gjensidige Forsikring ASA and Selvaag Bolig ASA (both listed) and non-executive director of Scatec Solar ASA (listed) and Norgesgruppen ASA (substantial non-lis...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch