Gjensidige Forsikring ASA
Gjensidige Forsikring ASA, together with its subsidiaries, provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia. It operates in four segments: General Insurance Private, General Insurance Commercial, General Insurance Sweden, and Pensio…
Gjensidige Forsikring ASA, together with its subsidiaries, provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia. It operates in four segments: General Insurance Private, General Insurance Commercial, General Insurance Sweden, and Pension. The company offers motor, property, travel, accident and health, general liability, natural perils, agriculture, medical treatment and expense, disability, income protection, workers' compensation, motor vehicle liability, marine, aviation, transport, fire and other damage to property, assistance, other non-life, and life insurance products, as well as non-proportional non-life reinsurance products. It also provides defined contribution occupational pension schemes for businesses, including disability pension, spouse/cohabitant pension, and child's pension; and individual pension savings agreements. The company sells its products to private individuals, commercial and agricultural customers, and private and commercial markets through various distribution channels comprising customer service centres, office channel, call center, Internet, partners, agents, and external brokers. Gjensidige Forsikring ASA was founded in 1816 and is headquartered in Oslo, Norway.No valuation verdict yet
Why: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Details and the full model are below.
Selected model not applicable
EV/EBITDA (12x) needs inputs this company does not have (for example positive earnings, free cash flow or EBITDA), so it gives no usable value.
Assumptions: growth 7.44%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 7.4% (sector default 5.4%, own revenue history 14.8%, analyst revenue consensus 4.8%).
5-year outlook: relative outlook of about 7.0% 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 4.8% a year; the growth assumption used is 7.4%.
Adjust assumptions
Show the recommended model instead
Why this model: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Compare models- Recommended: Dividend discount model — NOK 142.22 (-47.7%)
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EPS-based Gordon proxy
— NOK 206.01 (-24.3%)
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)
— NOK 241.01 (-11.4%)
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)
— NOK 194.99 (-28.3%)
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)
— not applicable
Not used: Cannot be computed: EBITDA is missing, zero or negative.
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Fade DCF (10-year growth fade)
— NOK 239.41 (-12.0%)
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)
— NOK 134.41 (-50.6%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
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: 100 / 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 +11.0% a year | 20 / 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 |
|---|---|---|---|---|---|---|
| GJF.OL (this company) | NOK 272.00 | -91.3% | 18.8 | 5.4 | 3.7% | 100 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.6 | 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 | 8.1 | 1.5 | ||||
Dividends
Paid in the last 12 months: NOK 14.50 per share · yield 5.33% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 14.500 |
| 2025 | 10.000 |
| 2024 | 8.750 |
| 2023 | 8.250 |
| 2022 | 7.700 |
| 2021 | 13.800 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 16:28
| Revenue | NOK 45,009,400,000 |
|---|---|
| EBITDA | NOK |
| EBIT | NOK |
| Net income | NOK 7,241,900,000 |
| Free cash flow | NOK 6,838,600,000 |
| Capital expenditures | NOK 277,800,000 |
| Debt | NOK 5,092,500,000 |
| Cash | NOK 5,318,600,000 |
| Working capital | NOK |
| Shares outstanding | 499,964,129 |