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

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

Niclas Gehin

Gjensidige Forsikring (Buy, TP: NOK150.00) - Solid capital position

The Q3 pro forma Solvency II ratio of 262% offers significant headroom to the internal target of 135–200%. We have made limited changes to our 2019–2020 estimates, and reiterate our BUY and NOK150 target price. The stock continues to look attractively valued versus peers, and we believe recent price rises together with any normalisation of weather effects should help the results improve going forward.

Niclas Gehin

Fire claims set to continue in Q3

Q3 saw no large weather events such as floods or cloudburst. However, the Norwegian and Danish summer and autumn weather appears to have included a little of everything. We expect some drought claims in the agricultural sector along with claims from storms, forest fire claims in Sweden and heavy rainfall in Norway at the quarter’s end. We expect the investment returns to have been rather solid given the 4% appreciation in the MSCI World in local currencies. We keep Gjensidige (BUY) as our top sector pick, while we see few share price catalysts in the remaining names, which we have at HOLD.

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

Northern Lights

Niclas Gehin

Gjensidige Forsikring (Buy, TP: NOK150.00) - Unusual weather is not that usual

We have upgraded Gjensidige to BUY (Hold) and raised our target price to NOK150 (140), as we believe that Q3 underwriting results may serve as a share price catalyst, since the market may have misinterpreted the past three quarters’ weak results. We argue that Gjensidige should see a multiples expansion, closing the gap to peers, as the bank divestment offers a purer high-multiples, high-margin, low-risk Nordic P&C exposure, with a strong 236% Solvency II ratio. We also reiterate the importance of the customer dividend as a big competitive advantage and the potential for higher than guided run...

Niclas Gehin

Gjensidige Forsikring (Buy, TP: NOK150.00) - Solid capital position

The Q3 pro forma Solvency II ratio of 262% offers significant headroom to the internal target of 135–200%. We have made limited changes to our 2019–2020 estimates, and reiterate our BUY and NOK150 target price. The stock continues to look attractively valued versus peers, and we believe recent price rises together with any normalisation of weather effects should help the results improve going forward.

Niclas Gehin

Fire claims set to continue in Q3

Q3 saw no large weather events such as floods or cloudburst. However, the Norwegian and Danish summer and autumn weather appears to have included a little of everything. We expect some drought claims in the agricultural sector along with claims from storms, forest fire claims in Sweden and heavy rainfall in Norway at the quarter’s end. We expect the investment returns to have been rather solid given the 4% appreciation in the MSCI World in local currencies. We keep Gjensidige (BUY) as our top sector pick, while we see few share price catalysts in the remaining names, which we have at HOLD.

Niclas Gehin

Gjensidige Forsikring (Buy, TP: NOK150.00) - Unusual weather is not that usual

We have upgraded Gjensidige to BUY (Hold) and raised our target price to NOK150 (140), as we believe that Q3 underwriting results may serve as a share price catalyst, since the market may have misinterpreted the past three quarters’ weak results. We argue that Gjensidige should see a multiples expansion, closing the gap to peers, as the bank divestment offers a purer high-multiples, high-margin, low-risk Nordic P&C exposure, with a strong 236% Solvency II ratio. We also reiterate the importance of the customer dividend as a big competitive advantage and the potential for higher than guided run...

Niclas Gehin

Gjensidige Forsikring (Hold, TP: NOK140.00) - Weather and motor claims inflation

Gjensidige’s Q2 results were hurt by higher weather-related claims from the Norwegian winter, which lasted into April, as well as deteriorating motor insurance profits due to higher claims inflation than price adjustments reflect. We have reduced our 2019–2020e EPS by ~2% from somewhat weaker underwriting profit on motor insurance. With 2017/2018 winter having concluded, Gjensidige remains our top pick within Nordic P&C as we believe the stock is trading at an unwarranted discount to Nordic peers at 16x P/E versus peers at 19–20x. We keep our NOK140 target price unchanged and reiterate HOLD. C...

Niclas Gehin

A dry quarter

We expect the Nordic non-life insurers’ Q2 results to reflect the relatively benign weather situation, with warm temperatures and little rain. We have not seen any larger extreme weather events and the most material negatives should be deep snow in Norway through April and some minor flood damage in May. Investment returns should be decent, based on the MSCI World being up 2% QOQ, only partly offset by a small widening in credit spreads. We maintain 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. ...

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

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

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

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

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...

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.

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