Tryg A/S
Tryg A/S, together with its subsidiaries, engages in the provision of insurance products and services to private, small and medium sized commercial, and corporate customers in Denmark, the United States, rest of Nordic, Luxembourg, the United Kingdom, and internationally. It operates through Privat…
Tryg A/S, together with its subsidiaries, engages in the provision of insurance products and services to private, small and medium sized commercial, and corporate customers in Denmark, the United States, rest of Nordic, Luxembourg, the United Kingdom, and internationally. It operates through Private and Commercial segments. The company offers insurance products, such as motor, content, house, accident, travel, motorcycle, and pet and health, as well as property, liability, workers' compensation, and health under the Trygg-Hansa, Atlantica, Bilsport & MC, and Moderna Djurförsäkringar brands. It sells its products through its sales agents, online, call centers, franchises, bancassurance, car dealers, real estate agents, insurance brokers, and partners. The company was founded in 1731 and is headquartered in Ballerup, Denmark.Looks overvalued
Other models: DKK 112.61–157.41 (median 144.76). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price above modeled range
Justified P/B (ROE) using TTM through 30 Sep 2026 net income and book equity: return on equity of 12.6% gives a fair price-to-book of 1.42x, with 2.4% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 5.18%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 5.2% (sector default 5.4%, own revenue history 6.8%, analyst revenue consensus 4.2%).
5-year outlook: relative outlook of about 5.9% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 4.2% a year; the growth assumption used is 5.2%.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — DKK 89.05 (-45.5%)
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EPS-based Gordon proxy
— DKK 112.61 (-31.1%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— DKK 177.73 (+8.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— DKK 157.41 (-3.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— DKK 144.76 (-11.5%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— DKK 177.00 (+8.3%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— DKK 322.24 (+97.1%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear DKK 76.52 | -113.7% |
| Base DKK 89.05 | -83.6% |
| Bull DKK 111.24 | -47.0% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 90 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +7.2% a year | 20 / 20 |
| Balance sheet | net debt 0.4x EBITDA | 20 / 20 |
| Margins | EBITDA margin 17% | 10 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| TRYG.CO (this company) | DKK 163.50 | -83.6% | 20.6 | 2.6 | 5.2% | 90 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.1% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.8% | 8.1 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: DKK 8.50 per share · yield 5.20% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 8.500 |
| 2025 | 8.100 |
| 2024 | 7.700 |
| 2023 | 7.150 |
| 2022 | 7.310 |
| 2021 | 4.572 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 13:10
| Revenue | DKK 44,704,000,000 |
|---|---|
| EBITDA | DKK 7,430,000,000 |
| EBIT | DKK 6,219,000,000 |
| Net income | DKK 4,718,000,000 |
| Free cash flow | DKK 6,799,000,000 |
| Capital expenditures | DKK 2,733,000,000 |
| Debt | DKK 7,591,000,000 |
| Cash | DKK 4,692,000,000 |
| Working capital | DKK |
| Shares outstanding | 595,870,000 |
| Reported dividends per share | DKK 8.4767 |