Topdanmark A/S

Topdanmark A/S is a Denmark-based insurance company engaged in the insurance and pension fund business. The Company's activities are divided into such segments, as Personal, and SME (Small and Medium Enterprises) and Industrial. The Personal segment sells policies for individual households in Denmark. The SME and Industrial segment offers policies for Denmark-based SME, agricultural and industrial businesses. The Company's private insurance offering includes such insurance products, as home, vehicle, accident, pet, child and life and health insurance, as well as pension funds. Its corporate insurance offering includes property insurance, insurance of goods and equipment, and car insurance, among others. As of December 31, 2012, it had subsidiaries responsible for life and non-life insurance, as well as for asset management, investment and property-related activities.
  • TickerTOP
  • ISINDK0060477503
  • ExchangeNasdaq Nordic Copenhagen
  • SectorNonlife Insurance
  • CountryDenmark

Analysts

Håkon Astrup ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Jan Erik Gjerland ...
  • Mads Thinggaard

Topdanmark - Downgrading on our burst expectations

A new quarter with strong headwind for underlying claims Cost and life guidance for 2020 a negative surprise Downgrade to SELL (Hold); TP down to DKK 310 (335)

Niclas Gehin

Topdanmark (Hold, TP: DKK330.00) - Higher digitalisation costs

The underlying Q4 results were somewhat softer than our forecasts, with a 2%-point weaker combined ratio. We have reduced our 2020–2021e EPS by 1% on the back of the miss on claims and hiked cost guidance relating to digitalisation. We find the valuation implying a 5% dividend yield as fair for such a stable quality company, and see some potential upside to peer pricing (Tryg and Gjensidige are trading at 2020e P/Es of 23–25x). We reiterate our HOLD and DKK330 target price.

Jan Erik Gjerland ...
  • Mads Thinggaard

Topdanmark - Burst expectations Q4

Q4’19 underwriting result was 19% below consensus Burst water pipes and rainy Q4 part of the explanation We expect the share to trade down today

Jan Erik Gjerland ...
  • Mads Thinggaard

Topdanmark - Yield of 5% amid high premium growth in Q4e

Lower interest rate and weather behind worse CR Q4e We expect 4.5% premium growth in Q4 helped by one-off Reiterate HOLD and our TP of DKK 335

Jan Erik Gjerland ...
  • Mads Thinggaard

Topdanmark - Downgrading on our burst expectations

A new quarter with strong headwind for underlying claims Cost and life guidance for 2020 a negative surprise Downgrade to SELL (Hold); TP down to DKK 310 (335)

Niclas Gehin

Topdanmark (Hold, TP: DKK330.00) - Higher digitalisation costs

The underlying Q4 results were somewhat softer than our forecasts, with a 2%-point weaker combined ratio. We have reduced our 2020–2021e EPS by 1% on the back of the miss on claims and hiked cost guidance relating to digitalisation. We find the valuation implying a 5% dividend yield as fair for such a stable quality company, and see some potential upside to peer pricing (Tryg and Gjensidige are trading at 2020e P/Es of 23–25x). We reiterate our HOLD and DKK330 target price.

Jan Erik Gjerland ...
  • Mads Thinggaard

Topdanmark - Burst expectations Q4

Q4’19 underwriting result was 19% below consensus Burst water pipes and rainy Q4 part of the explanation We expect the share to trade down today

Jan Erik Gjerland ...
  • Mads Thinggaard

Topdanmark - Yield of 5% amid high premium growth in Q4e

Lower interest rate and weather behind worse CR Q4e We expect 4.5% premium growth in Q4 helped by one-off Reiterate HOLD and our TP of DKK 335

Niclas Gehin

Solid dividends and Q4 results

We expect the Nordic non-life insurers to report Q4 results above normalised levels, as the combined ratios are set to benefit from less severe winter weather than is typical in Q4, while investment returns are likely to be boosted by strong equity markets. Sampo remains our sector top pick, as we believe that If… should not be trading at a discount to its Nordic non-life peers.

Two Directors sold after exercising options/sold 50,000 shares at 198.290DKK.

Two Directors at Topdanmark A S sold after exercising options/sold 50,000 shares at 198.290DKK. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under...

Håkon Astrup ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Eivind Sars Veddeng ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Weak report across the board

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Håkon Astrup ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

TOPDANMARK A/S increases its risk exposure and slightly lowers to Neutral

TOPDANMARK A/S (DK), a company active in the Property & Casualty Insurance industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 3 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date December 6, 2019, the closing price was DKK 329.00 and its expected value was estimated at DKK 310.42.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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Tryg A/S - Strategy, SWOT and Corporate Finance Report

Summary Tryg A/S - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Tryg A/S (Tryg) is a general insurance company. The company, through its subsidiaries, provides non-life insurance products to private individuals and corporate customers. It offers insurance products for home, motorcycle, personal accident, health, travel, worker’s compensation, pet, general third-...

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