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$135.64 - $215.73$172.07
Multi-Stage$165.01 - $179.89$172.31
Blended Fair Value$172.19
Current Price$255.40
Upside-32.58%
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 Rate9.99%9.99%9.99%
Growth Rate2.27%3.27%4.27%
Fair Value$135.64$172.07$215.73
Upside / Downside-46.89%-32.63%-15.53%

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 Rate9.99%9.99%9.99%
Growth Rate2.27%3.27%4.27%
Year 1 PV (M)4,870.894,918.524,966.15
Year 2 PV (M)4,672.404,764.224,856.94
Year 3 PV (M)4,477.764,610.404,745.64
Year 4 PV (M)4,287.414,457.584,632.76
Year 5 PV (M)4,101.704,306.204,518.78
PV of Terminal Value (M)62,080.5265,175.6968,393.09
Equity Value (M)84,490.6888,232.6192,113.36
Shares Outstanding (M)512.05512.05512.05
Fair Value$165.01$172.31$179.89
Upside / Downside-35.39%-32.53%-29.56%

High-Yield Dividend Screener

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