Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Gjensidige Forsikring ASA (GJF.OL)

Company Dividend Discount ModelIndustry: Insurance - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$237.90 - $513.62$339.90
Multi-Stage$317.06 - $347.29$331.89
Blended Fair Value$335.90
Current Price$255.40
Upside31.52%
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$237.90$339.90$513.62
Upside / Downside-6.85%33.09%101.10%

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)5,022.575,071.685,120.79
Year 2 PV (M)4,967.935,065.565,164.14
Year 3 PV (M)4,909.235,054.665,202.93
Year 4 PV (M)4,846.915,039.295,237.34
Year 5 PV (M)4,781.365,019.755,267.55
PV of Terminal Value (M)137,822.96144,694.43151,837.29
Equity Value (M)162,350.97169,945.37177,830.04
Shares Outstanding (M)512.05512.05512.05
Fair Value$317.06$331.89$347.29
Upside / Downside24.14%29.95%35.98%

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