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Gjensidige Forsikring ASA (GJF.OL)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$237.86 - $513.45$339.83
Multi-Stage$316.99 - $347.22$331.82
Blended Fair Value$335.82
Current Price$255.40
Upside31.49%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.27%-6.26%8.548.067.5213.4711.966.936.936.766.175.76
YoY Growth--6.06%7.15%-44.20%12.65%72.54%0.00%2.60%9.44%7.19%-64.67%
Dividend Yield--3.53%5.15%4.39%6.16%5.96%3.89%4.65%4.62%4.72%4.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,559.90
(-) Cash Dividends Paid (M)5,072.70
(=) Cash Retained (M)1,487.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,311.98819.99491.99
Cash Retained (M)1,487.201,487.201,487.20
(-) Cash Required (M)-1,311.98-819.99-491.99
(=) Excess Retained (M)175.22667.21995.21
(/) Shares Outstanding (M)512.05512.05512.05
(=) Excess Retained per Share0.341.301.94
LTM Dividend per Share9.919.919.91
(+) Excess Retained per Share0.341.301.94
(=) Adjusted Dividend10.2511.2111.85
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate2.27%3.27%4.27%
Fair Value$237.86$339.83$513.45
Upside / Downside-6.87%33.06%101.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,559.906,774.206,995.517,224.057,460.057,703.767,934.87
Payout Ratio77.33%79.86%82.40%84.93%87.47%90.00%92.50%
Projected Dividends (M)5,072.705,410.095,764.126,135.506,524.996,933.387,339.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate2.27%3.27%4.27%
Year 1 PV (M)5,022.535,071.645,120.76
Year 2 PV (M)4,967.855,065.485,164.06
Year 3 PV (M)4,909.125,054.555,202.81
Year 4 PV (M)4,846.775,039.145,237.18
Year 5 PV (M)4,781.195,019.565,267.35
PV of Terminal Value (M)137,788.07144,657.81151,798.85
Equity Value (M)162,315.54169,908.18177,791.02
Shares Outstanding (M)512.05512.05512.05
Fair Value$316.99$331.82$347.22
Upside / Downside24.12%29.92%35.95%

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