olivLaw · European equity research
Alm. Brand A/S ALMB.CO
Denmark · Nasdaq Copenhagen · ISIN DK0015250344 · Vertical: Listed companies from Denmark
Alm. Brand A/S is a Danish insurance group operating four brands, including Alm. Brand Forsikring, Codan and Privatsikring, with an important position in the Nordic market. For 2024 the group reported a solid investment result and comfortable solvency, while the commercial segment is still working to improve profitability under pressure from claims, reflected in a Combined Ratio of.
At the close of 06 Nov 2026, Alm. Brand A/S (ALMB.CO) stock was 17.42 DKK (−1.69% on the day), with market capitalisation 27.1 bn DKK, P/E 3,484.0 on diluted EPS of 0.01 DKK over the last 12 months, dividend yield 3.13%, beta 0.34, 52-week range 14.76–18.90 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.7
- neutral
- Bollinger (20, 2)
- 16.70 – 17.88
- in the upper half of the band · %B 0.61 · band width 6.8%
- SMA 50 / 200
- 17.03 / 16.41
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.18 / 0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.5% | −0.6% | +8.2 pp | — |
| 3 months | +1.9% | −4.2% | +6.0 pp | — |
| 6 months | +15.8% | +4.3% | +11.5 pp | — |
| Year to date | −7.8% | +7.5% | −15.3 pp | — |
| 1 year | −3.5% | +9.9% | −13.4 pp | −7.6% |
| 3 years | +67.8% | +49.8% | +18.0 pp | +1.3% |
| 5 years | +46.1% | +42.8% | +3.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 2,806.0, median 2,894.3, max 2,982.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 612.0 m | 777.0 m |
| Net income YoY | unavailable | +27.0% |
| Diluted EPS | 0.00 | 0.01 |
| Diluted EPS YoY | unavailable | +25.0% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 295.0 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 13.4 bn DKK
- Total assets
- 35.4 bn DKK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 5.7%
- ROA
- 2.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
Balance sheet · DKK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 288.0 m | 295.0 m | esef· 17 Apr 2025verified |
| Property, plant & equipment, net | 844.0 m | 748.0 m | esef· 17 Apr 2025verified |
| Total assets | 35.6 bn | 35.4 bn | esef· 17 Apr 2025verified |
| Total liabilities | 2.3 bn | 4.5 bn | esef· 17 Apr 2025verified |
| Equity | 13.9 bn | 13.4 bn | esef· 17 Apr 2025verified |
| Shares outstanding at year end | 1.5 bn | 1.6 bn | esef· 17 Apr 2025derived |
Cash flow · DKK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 27.1 bn DKK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 3,484.0x | 4 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.1% | 45 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial45/100 · 1/2 factors with a value
- Valuation· partial4/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALM. Brand A/S (ALMB.CO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 5.9%.
The estimated value range is 2.70–3.35 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.99 DKK, the price of 17.42 DKK leaves a potential of -82.8% (value / price − 1) and a margin of safety of -482.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- P/E (TTM): 3,484.0x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 69.4 bn | 13.3 | 133.4% | 16.1% | unavailable | +17% / −2% |
| NEWCAP.CONewcap Holding A | 64.6 bn | 13,000.0 | 29.1% | 41.6% | −99.9% | +118% / +60% |
| ISS.COIss A | 49.6 bn | 19.3 | 27.7% | 3.1% | +1.1% | +40% / +152% |
| BAVA.COBavarian Nordic A | 18.8 bn | 13.7 | 10.9% | 22.0% | unavailable | +30% / +44% |
| GN.COGn Store Nord A | 18.0 bn | 27.6 | 6.3% | 6.8% | unavailable | +19% / −23% |
| NETC.CONetcompany Group A | 16.5 bn | 65.0 | 7.2% | 3.3% | unavailable | +9% / +61% |
| BIOMAR.COBiomar Group A | 12.0 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −9% |
| DFDS.CODfds A | 8.4 bn | — | -0.2% | -0.1% | +1.9% | +69% / −27% |
| GUBRA.COGubra A | 4.9 bn | 2.9 | 149.6% | 64.1% | +892.2% | −39% / +161% |
| MATAS.COMatas A | 3.1 bn | 13.0 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.3 bn | 52.4 | 13.8% | 17.2% | −6.2% | −24% / −54% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +14% |
| COLUM.COColumbus A | 1.2 bn | 82.9 | 2.0% | 0.9% | unavailable | −7% / +28% |
| NNIT.CONnit A | 989.7 m | — | -3.0% | -1.3% | −3.4% | −18% / −55% |
| NORTHM.CONorth Media A | 882.1 m | 13.3 | 5.5% | 5.1% | −0.4% | +12% / −15% |
| FFARMS.COFirstfarms A | 787.5 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 524.7 m | — | -1.3% | -0.9% | +28.7% | −38% / −45% |
| BIOPOR.COBioporto A | 451.6 m | — | -117.6% | -203.8% | +11.2% | −9% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 386.6 m | 11.7 | 74.3% | 21.5% | +20.0% | −20% / +88% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 299.0 m | 13.4 | 5.4% | 29.7% | +0.9% | −3% / +35% |
| CEMAT.COCemat A | 214.4 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +4% |
1- and 3-year price returns: for ALMB.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Alm. Brand A/S is a Danish insurance group operating four brands, including Alm. Brand Forsikring, Codan and Privatsikring, with an important position in the Nordic market. For 2024 the group reported a solid investment result and comfortable solvency, while the commercial segment is still working to improve profitability under pressure from claims, reflected in a Combined Ratio of 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Profitability of the Erhverv segmenthigh
Rising large claims and a lower claims reserve result could keep pressure on the segment's profitability 1.
- Investment riskmedium
Sudden changes in financial markets could affect portfolio returns, which depend on bonds and equities 1.
- IT system integrationmedium
Migrating customers to the new platform could encounter operational difficulties if tests are not conclusive 1.
- Climate eventsmedium
Weather-related damage could vary significantly from year to year, affecting results 1.
- Capital requirementslow
If regulatory requirements rise or lower the solvency level, the capacity to distribute dividends could be affected 1.
Investment thesis
What would need to be true (bull case)
- If the profitability improvement in Erhverv materialises, the group could return to better Combined Ratio levels 1.
- High solvency and a solid investment result give room for dividend distributions, in line with the stated policy 1.
- The common IT platform could bring savings and speed up product launches across all brands 1.
What would break the thesis
What to watch
- Evolution of the Combined Ratio in the Erhverv segment2025
- Investment result and portfolio returns2025
- Customer migration to the new IT platform2025
- Solvency level after dividend paymentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Alm. Brand Group is an insurance group based in Denmark that operates four brands: Alm. Brand Forsikring, Codan, Privatsikring and Erhvervssikring 1. Its activities cover insurance for private persons and businesses, as well as the related investments. The main shareholder is Alm. Brand af 1792 fmba, an association whose members are customers of the group 1.
For 2024 the group focused on building a new common IT platform for all brands after the merger with Codan, to personalise products and reduce operating costs 1. The governance structure includes a board of directors and an executive management made up of the chief executive and a deputy chief executive 1.
The dividend policy aims at an ordinary payout of at least 80% of adjusted profit after tax, and this decision depends on future capital requirements 1. The group also states a commitment to protecting customer data and to data ethics 1.
Segments
Erhverv (commercial insurance)
The Erhverv segment recorded an insurance profit of 685 million DKK in 2024, slightly below 2023, while the Combined Ratio rose to 87.3 1. Higher large-loss claims and a weaker claims reserve result weighed on the trend, and management states that several profitability initiatives are already under way 1.
Investments
The group's investment assets reached 22.6 billion DKK at the end of 2024, and the investment result after interest on insurance provisions was a gain of 439 million DKK 1. The portfolio is diversified and conservatively placed, and the main positive contributions came from short bonds, alternative credit and equities 1.
Market context
The group's business is concentrated on the Danish insurance market, where it manages a large customer portfolio, and its base of over 800 thousand members of the main association shows a close link with customers 1. Weather-related and large claims continually affect segment results, which makes premium levels and costs decisive 1.
Trends
- Consolidation of IT systemstailwind
Migration to a common insurance platform could reduce costs and speed up product launches, if the old systems are retired successfully 1.
- Large and climate-related claimsheadwind
Rising large claims and weather damage could continue to weigh on the Combined Ratio, especially in the commercial segment 1.
- Financial marketsmixed
Investment returns were positive in 2024, but geopolitical events could affect portfolio performance if markets become more volatile 1.
- Solvency II regulationtailwind
The Solvency II framework allows the loss-absorbing effect of a deferred tax asset to be included in the capital requirement calculation, which could support the solvency level if the rules stay the same 1.
Competitive position
The analysed sources do not explicitly name the group's competitors. Alm. Brand operates in markets where several insurers from Denmark and the wider Nordic region are active, but their size and shares are not presented in the annual report 1.
The group's differentiation rests on its four brands and on the membership base of its ownership association, which could support customer loyalty if the integration of Codan delivers the intended synergies 1.
- Danish and Nordic general insurers
The source does not name specific competitors; several insurers operate in the Danish market, none named in the report.
- Property and liability insurers
The group competes in insurance for private persons and businesses, without names given in the source.
- Insurers operating across the Nordic region
Regional competition is not detailed in the analysed document.
- Digital insurance providers
The common digital platform suggests competition from digital players as well, but the source does not identify them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Alm. Brand A/S · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.