olivLaw · European equity research
Skagi hf. SKAGI.IC
Iceland · Nasdaq Iceland · ISIN IS0000007078 · Vertical: Listed companies from Iceland
Skagi hf. is an Icelandic group combining insurance, investment banking and asset management through VÍS tryggingar, Líftryggingafélag Íslands, Fossar fjárfestingarbanki and Íslensk verðbréf. Profit for 2025 fell from the prior year, amid valuation judgements and a changing asset structure, which makes tracking the balance between insurance and investment activity relevant. The board has proposed a dividend of 760 million ISK for fiscal 2025.
At the close of 05 Nov 2026, Skagi hf. (SKAGI.IC) stock was 19.00 ISK (−0.52% on the day), with market capitalisation 36.1 bn ISK, P/E 19.0 on diluted EPS of 1.00 ISK over the last 12 months, dividend yield 1,389.47%, beta 0.25, 52-week range 16.30–22.60 ISK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.3
- strong (55–70)
- Bollinger (20, 2)
- 17.07 – 19.82
- in the upper half of the band · %B 0.70 · band width 14.9%
- SMA 50 / 200
- 17.98 / 18.63
- mixed trend
- MACD (12, 26, 9)
- 0.40 / 0.36
- 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 | +11.8% | +0.4% | +11.4 pp | — |
| 3 months | +2.2% | −3.3% | +5.4 pp | — |
| 6 months | +5.6% | +4.0% | +1.6 pp | — |
| Year to date | −4.5% | +8.1% | −12.6 pp | — |
| 1 year | 0.0% | +10.7% | −10.7 pp | −7.8% |
| 3 years | unavailable | +50.1% | unavailable | +13.1% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 50 percentile of its own 2-quarter history (min 18.2, median 19.0, max 19.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.8 bn | 2.3 bn | 1.9 bn |
| Net income YoY | unavailable | +22.6% | −16.1% |
| Diluted EPS | 0.97 | 1.19 | 1.00 |
| Diluted EPS YoY | unavailable | +22.7% | −16.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -98.6 m | -5.8 bn | -3.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.8 bn ISK
- Financial debt
- unavailable ISK
- Net debt
- unavailable ISK
- Equity
- 24.0 bn ISK
- Total assets
- 85.0 bn ISK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 8.2%
- ROA
- 2.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (ISK)
Income statement · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 1.8 bn | 2.5 bn | 2.4 bn | esef· 10 Mar 2026verified |
| Income tax | -40.2 m | 286.8 m | 534.6 m | esef· 10 Mar 2026verified |
| Net income | 1.8 bn | 2.3 bn | 1.9 bn | esef· 10 Mar 2026verified |
| Diluted EPS | 0.97 | 1.19 | 1.00 | esef· 10 Mar 2026verified |
| Dividend per share | 0.55 | 524.00 | 264.00 | esef· 10 Mar 2026verified |
Balance sheet · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.3 bn | 2.3 bn | 1.8 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 914.0 m | 700.4 m | 1.4 bn | esef· 10 Mar 2026verified |
| Total assets | 65.8 bn | 79.0 bn | 85.0 bn | esef· 10 Mar 2026verified |
| Total liabilities | 44.7 bn | 56.7 bn | 61.1 bn | esef· 10 Mar 2026verified |
| Equity | 21.2 bn | 22.3 bn | 24.0 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 1.9 bn | 1.9 bn | 1.9 bn | esef· 10 Mar 2026derived |
Cash flow · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.2 m | -5.6 bn | -3.0 bn | esef· 10 Mar 2026verified |
| Capex | 96.3 m | 207.9 m | 178.1 m | esef· 10 Mar 2026verified |
| Free cash flow | -98.6 m ≈ | -5.8 bn ≈ | -3.2 bn ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | 940.4 m | -1.5 bn | -138.5 m | esef· 10 Mar 2026verified |
| Financing cash flow | -1.0 bn | 7.2 bn | 2.6 bn | esef· 10 Mar 2026verified |
| Dividends paid | 939.3 m | 984.8 m | 500.1 m | esef· 10 Mar 2026verified |
| Share repurchases | 352.4 m | 500.0 m | 0 | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 36.1 bn ISK
Key indicators
Coverage and freshness
Score by group
31% · 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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -167.7% | 0 (on a fixed band) | 20% |
| 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 | 19.0x | 33 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.8% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 1.4% | 20 (on a fixed band) | 20% |
| 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· partial0/100 · 1/3 factors with a value
- Returns· partial20/100 · 1/2 factors with a value
- Valuation19/100 · 2/3 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
SKAGI HF. (SKAGI.IC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 8.2%.
The estimated value range is 1,303.51–1,609.80 ISK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1,439.85 ISK, the price of 19.00 ISK leaves a potential of 7,478.2% (value / price − 1) and a margin of safety of 98.7% (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: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- FCF conversion: -167.7%
- FCF yield: -8.8%
- Shareholder yield (distributions): 1.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Iceland · same country · compared with 11 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HAGA.ICHagar hf. | 133.6 bn | 20.5 | 18.2% | 3.8% | +9.3% | +8% / +83% |
| FESTI.ICFesti hf. | 90.9 bn | 22.8 | 10.1% | 2.6% | +13.4% | −8% / +67% |
| HEIMAR.ICHeimar hf. | 61.3 bn | 7.5 | 13.5% | 55.5% | +7.7% | −6% / +49% |
| BERA.ICÖlgerðin Egill Skallagríms hf. | 37.1 bn | 17.3 | 13.7% | 5.9% | +7.7% | −24% / +0% |
| NOVA.ICNova Klúbburinn hf | 12.0 bn | 14.8 | 8.5% | 6.1% | +2.8% | −26% / −16% |
| ALVO.ICAlvotech | — | — | — | 9.0% | +43.4% | −14% / −58% |
| ASAR.ICSíminn hf. | — | 17.4 | — | — | +3.0% | −19% / +27% |
| BRIM.ICBrim hf. | — | — | 11.9% | 14.6% | +5.2% | +19% / +13% |
| EIK.ICEik Fasteignafélag Hf. | — | — | 10.2% | 43.6% | +9.5% | +1% / +23% |
| EIM.ICEimskipafélag Íslands hf. | — | — | 3.2% | 1.2% | −4.7% | +6% / −35% |
| HAMP.ICHampiðjan hf | — | — | 1.7% | 1.2% | +15.7% | −26% / −37% |
1- and 3-year price returns: for SKAGI.IC 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
Skagi hf. is an Icelandic group combining insurance, investment banking and asset management through VÍS tryggingar, Líftryggingafélag Íslands, Fossar fjárfestingarbanki and Íslensk verðbréf 1. Profit for 2025 fell from the prior year, amid valuation judgements and a changing asset structure, which makes tracking the balance between insurance and investment activity relevant 1. The board has proposed a dividend of 760 million ISK for fiscal 2025 1.
SWOT
Strengths
- The group has a diversified structure covering insurance, investment banking and asset management under one parent company 1.
- The dividend policy is clearly defined and tied to after-tax profit, giving shareholders predictability 1.
- The financial statements were audited with an unmodified opinion, supporting the credibility of the information 1.
Weaknesses
Opportunities
- If demand for savings and investment products grows, asset management could benefit from a broader client base 1.
- The group structure could allow the offer to be extended by combining insurance with banking and investment products 1.
- Higher profit could support additional shareholder distributions if the board decides on an extraordinary dividend 1.
Risks
- Uncertainty in claims estimateshigh
Liabilities for outstanding claims depend on estimates of future payments, and revising these assumptions could materially change reported liabilities 1.
- Valuation of unlisted instrumentshigh
Financial instruments without observable market prices are valued through models, which could lead to adjustments in their carrying amount 1.
- Lower profitmedium
Profit for 2025 was below the 2024 level, and if the trend continues, distributions to shareholders could be affected 1.
- Solvency and capital riskmedium
As a financial conglomerate the group is subject to solvency requirements, and a breach could lead to measures from the supervisory authority 1.
- Comparability of financial informationlow
Reclassifications in the income statement can make direct comparison with earlier periods harder, which could affect how performance is read 1.
Investment thesis
What would need to be true (bull case)
- The group has a diversified business combining insurance with investment banking and asset management, and a dividend policy tied to profit 1. If profit returns to earlier levels, shareholder returns could follow the same path 1.
- Total assets grew in 2025 compared with the end of 2024, pointing to a broader capital base for the group's activities 1.
- The independent audit confirmed that the financial statements give a true and fair view of the group's position, supporting confidence in the figures 1.
What would break the thesis
- Profit for 2025 fell compared with the prior year, and if the trend persists, group returns could fall short of expectations 1.
- The large share of insurance obligations makes the balance sheet sensitive to changes in claims assumptions, which could bring significant adjustments 1.
- Part of the financial instruments has no observable market prices, so carrying values depend on management estimates 1.
What to watch
- Approval of the proposed dividend for fiscal 2025 at the AGM2026
- Development of profit compared with 2025next 10-K
- Changes in assumptions for outstanding claims2026
- Value of unlisted financial instruments measured at fair valuenext 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
Skagi hf. is a limited liability company operating under Act No. 100/2016 on Insurance Activities and Act No. 161/2002 on Financial Undertakings, supervised by the Icelandic Financial Supervisory Authority 1. The group's activities are split into insurance, investment banking, and asset and fund management through its subsidiaries 1. Profit for the year 2025 was 1,902,466 thousand ISK, compared with 2,258,417 thousand ISK in 2024 1.
Total assets at 31 December 2025 were 85,035,018 thousand ISK, up from 78,980,095 thousand ISK at the end of 2024 1. Liabilities include insurance and investment contract obligations, largely measured at fair value 1. The financial statements were approved by the board on 18 February 2026 1.
The group's policy is to distribute 40% of after-tax profit as dividend, and the board reserves the right to propose an extraordinary dividend 1. The audit was performed by an auditor first appointed at the AGM of 27 March 2025 1.
Segments
Insurance (VÍS and Líftryggingafélag Íslands)
The insurance segment, made up of VÍS tryggingar and Líftryggingafélag Íslands, accounts for most of the group's liabilities, notably insurance contract liabilities of about 30.3 billion ISK at the end of 2025 1. Outstanding claims are estimated from available data and assumptions, which makes them sensitive to changes in those assumptions 1.
Investment banking and asset management (Fossar and Íslensk verðbréf)
Fossar fjárfestingarbanki and Íslensk verðbréf cover investment banking and asset and fund management 1. The group's financial instruments have a carrying amount of 55.9 billion ISK, and 15.7 billion ISK of them are unlisted and measured at fair value using valuation models 1.
Group investments
Group investment activity includes financial assets, securities used for economic hedging and fund investments, some of which are valued using net asset values published by fund managers 1.
Market context
Skagi operates in Iceland's financial services market under national supervision, and its financial statements are prepared under IFRS as adopted by the European Union 1. The size of the group's balance sheet, at 85,035,018 thousand ISK at 31 December 2025, gives a sense of its scale in this market 1.
The regulatory framework includes the Act on Official Supervision of Financial Activities and requirements for financial conglomerates, so solvency and capital adequacy are monitored at group level 1. Demand for insurance and investment products depends on local economic conditions, which the source document does not detail 1.
Trends
- Change in accounting presentationmixed
Some income and expense items were reclassified within the income statement, with no effect on profit for the year, which makes direct comparison with earlier years harder to read 1.
- Fair value of unlisted instrumentsheadwind
Part of the financial instruments has no observable market prices, and their valuation depends on management assumptions, which adds uncertainty to results 1.
- Profit-linked dividend policytailwind
The policy of distributing 40% of after-tax profit supports shareholder returns if profit stays at current levels 1.
- Rising insurance obligationsmixed
Insurance contract obligations rose over the last year and represent half of total liabilities, so the balance between premiums and claims is an important factor to watch 1.
Competitive position
The source document does not name competitors or give comparative market share data. From the structure of the business, competition could arise in general and life insurance, investment banking and fund management, but the source does not confirm these names 1.
A full comparison would require reports from other companies active in the same segments, since the source document contains no information on the group's relative position 1.
- Other Icelandic insurers and investment banks
Competitors in the same segments, not named in the source; requires separate verification.
- Local fund managers
Competition in asset and fund management, inferred from the business structure rather than the source.
- Life insurance companies
Competition in life insurance, not confirmed by the document analysed.
- Nordic investment houses
Possible competition in investment banking, with no detail in the source provided.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Skagi hf. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.