Gjensidige Forsikring ASA (GJF) Fair Value & Analysis
Financial Services · NO · Market cap 138B NOK
Fair value as of: Aug 13, 2026
From 6 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from kr 170.47 to kr 114.01 (−33.1%) since Jul 19, 2026. Share price +3.2% over the past month.
A solid business, but screening 60% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (kr 142.51). The favourable scenario is already priced in.
- Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range kr 127.97 – kr 284.97 · fair‑value band kr 85.50 – kr 142.51 · the kr 283.80 price screens above the kr 114.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Gjensidige Forsikring ASA (GJF) currently trades at kr 283.80, while our model-based Fair Value estimate is kr 114.01, implying the stock looks roughly 59.8% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Gjensidige Forsikring ASA generated revenue of 46.9B NOK at a net margin of 14.8%. Revenue grew 5.9% year over year. It earns a return on equity of 30.3%. Net debt stands at 405M NOK. Fundamentals as of Aug 13, 2026
Our scenario range runs from kr 85.50 (bear case) to kr 142.51 (bull case); at kr 283.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 2% fair-value upside, at -60%, GJF screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 6 models by family
Widest divergence: Dividend Discount (kr 144.59) versus Asset-Based (kr 37.93). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Gjensidige Forsikring ASA, together with its subsidiaries, provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia. It operates in four segments: General Insurance Private, General Insurance Commercial, General Insurance Sweden, and Pension.
Full company description
Gjensidige Forsikring ASA, together with its subsidiaries, provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia. It operates in four segments: General Insurance Private, General Insurance Commercial, General Insurance Sweden, and Pension. The company offers motor, property, travel, accident and health, general liability, natural perils, agriculture, medical treatment and expense, disability, income protection, workers' compensation, motor vehicle liability, marine, aviation, transport, fire and other damage to property, assistance, other non-life, and life insurance products, as well as non-proportional non-life reinsurance products. It also provides defined contribution occupational pension schemes for businesses, including disability pension, spouse/cohabitant pension, and child's pension; and individual pension savings agreements. The company sells its products to private individuals, commercial and agricultural customers, and private and commercial markets through various distribution channels comprising customer service centres, office channel, call center, Internet, partners, agents, and external brokers. Gjensidige Forsikring ASA was founded in 1816 and is headquartered in Oslo, Norway.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Gjensidige Forsikring ASA reported revenue of kr 44.9B in FY2025 versus kr 31.9B in FY2021, a compound +8.9%/yr. Reported net income was kr 6.6B in FY2025, compounding −2.1%/yr from FY2021.
of which total revenue +4.4 pp · buybacks/dilution +0.0 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
GJF screens 60% overvalued. Compare with The Progressive Corporation →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Gjensidige Forsikring ASA (GJNSY) Q2 2026 Earnings Call Highlights: Strong Profit Amid Challenges
- Gjensidige Forsikring ASA (GJNSY) Q1 2026 Earnings Call Highlights: Strong Profit Growth Amidst ...
- Berenberg reinstates Gjensidige stock with Hold rating, NOK250 target
Peer Group
Insurance - Property & Casualty · 119 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Insurance - Property & Casualty median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| The Progressive Corporation PGR | $207.37 | $160.25 | -23% |
| Chubb Limited CB | $343.33 | $234.73 | -32% |
| The Travelers Companies, Inc TRV | $370.16 | $274.42 | -26% |
| The Allstate Corporation ALL | $255.84 | $316.11 | +24% |
| The People's Insurance Company 601319 | ¥6.98 | ¥11.61 | +66% |
| PICC Property and Casualty Company 2328 | HK$15.52 | HK$22.28 | +44% |
| Intact Financial Corporation IFC | C$274.14 | C$167.46 | -39% |
| Fairfax Financial Holdings FFH | C$2,293 | C$2,291 | -0% |
| Samsung Fire & Marine Insurance Co 000810 | 628,000 KRW | 698,407 KRW | +11% |
| Powszechny Zaklad Ubezpieczen SA PZU | 72.14 PLN | 73.80 PLN | +2% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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