Alm. Brand A/S
Alm. Brand A/S, together with its subsidiaries, provides non-life insurance products and services in Denmark. It offers car, travel, home, contents, accident, and holiday home insurance; as well as salary security, dog, health, change of ownership, seller's liability, veteran vehicle, motorcycle, m…
Alm. Brand A/S, together with its subsidiaries, provides non-life insurance products and services in Denmark. It offers car, travel, home, contents, accident, and holiday home insurance; as well as salary security, dog, health, change of ownership, seller's liability, veteran vehicle, motorcycle, moped, boat, youth, drone, horse, caravan, and child accident insurance. In addition, the company provides business, workers' compensation, professional liability, electric car, truck, construction, building, and cyber insurance. Further, it offers other direct insurance products to private households, agricultural, small and medium-sized enterprises, and corporates through its sales channels and partnerships. The company was founded in 1792 and is headquartered in Copenhagen, Denmark.After signing in, return here and select “Add to watchlist”. Saving companies requires a verified email address.
Looks overvalued
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).
Start with the price and fair value range, then review the data dates and assumptions below. Estimates are not predictions or investment advice.
Market price above modeled range
Showing the EV/EBITDA (12x) you selected on the company card, using 3% growth, 2.4% terminal growth and 9.6% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 3% (limited from 5.90% because the latest annual revenue declined), discount rate 9.60%, terminal growth 2.40%. See a worked example.
Blended growth assumption: 5.9% (sector default 5.4%, own revenue history 8.8%, analyst revenue consensus 4.7%).
5-year outlook: relative outlook of about 4.4% 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 4.7% a year; the growth assumption used is 3.0%.
Adjust assumptions
Show the recommended model instead
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 7.42 (-57.2%)
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EPS-based Gordon proxy
— DKK 10.30 (-40.5%)
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 18.39 (+6.2%)
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 17.89 (+3.3%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— DKK 10.94 (-36.8%)
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 18.37 (+6.1%)
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 24.72 (+42.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear DKK 8.94 | -93.7% |
| Base DKK 10.94 | -58.3% |
| Bull DKK 12.94 | -33.9% |
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.
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
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 +5.6% a year | 20 / 20 |
| Balance sheet | net debt 1.1x EBITDA | 20 / 20 |
| Margins | EBITDA margin 10% | 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 |
|---|---|---|---|---|---|---|
| ALMB.CO (this company) | DKK 17.32 | -133.4% | 23.9 | 2.2 | 3.5% | 90 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.88 | 45.6% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.73 | 36.6% | 6.7 | 0.7 | 7.0% | 78 |
| V Visa Inc. | USD 414.00 | 34.6% | 8.7 | – | 0.2% | 100 |
| PRU.L Prudential plc | GBP 9.24 | 34.2% | 8.0 | 1.6 | 1.9% | 78 |
| AGS.BR ageas SA/NV | EUR 76.95 | 33.0% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.86 | 30.3% | 8.2 | 1.3 | 5.0% | 88 |
| ACGL Arch Capital Group | USD 108.49 | 30.3% | 8.5 | 1.6 | 0.1% | 100 |
| Peer median | 8.0 | 1.5 | ||||
Dividends
Paid in the last 12 months: DKK 0.66 per share · yield 3.81% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.660 |
| 2025 | 0.600 |
| 2024 | 0.550 |
| 2023 | 0.300 |
| 2022 | 0.300 |
| 2021 | 2.940 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 17:34
| Revenue | DKK 13,185,000,000 |
|---|---|
| EBITDA | DKK 1,366,000,000 |
| EBIT | DKK 1,347,000,000 |
| Net income | DKK 990,000,000 |
| Free cash flow | DKK 1,821,000,000 |
| Capital expenditures | DKK 134,000,000 |
| Debt | DKK 1,671,000,000 |
| Cash | DKK 234,000,000 |
| Working capital | DKK |
| Shares outstanding | 1,367,000,000 |