# Gjensidige Forsikring ASA (GJF.OL)

Canonical: https://gigainvestors.com/s/GJF.OL

Analysis as of: 2026-10-16T07:35:25.091Z. Financial observations: FY2015–FY2025.

Listing currency: NOK. Reporting currency: NOK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 259.60 per share; close as of 2026-10-15.

Estimated value: low NOK 76.71 per share, central NOK 85.22 per share, high NOK 95.86 per share. Buy at or below the central value NOK 85.22 per share. Valuation as of 2026-10-16T07:35:25.091Z; scenarios are not confidence intervals.

Expected annual return: 3.9% at the stated quote. About 3.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.18×

Chart: Net income; fiscal year observations.

- FY2016: NOK 4.7B

- FY2017: NOK 4.5B

- FY2018: NOK 3.7B

- FY2019: NOK 6.6B

- FY2020: NOK 5.0B

- FY2021: NOK 7.1B

- FY2022: NOK 4.6B

- FY2023: NOK 4.1B

- FY2024: NOK 5.1B

- FY2025: NOK 6.6B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 26.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 24.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 26.2%

- FY2017: 24.2%

- FY2018: 19.6%

- FY2019: 30.7%

- FY2020: 24.3%

- FY2021: 36.6%

- FY2022: 25.0%

- FY2023: 25.7%

- FY2024: 28.2%

- FY2025: 31.9%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 21.1%

- Book return interval: 10 years

- Starting book value per share: NOK 46.59

- Ending book value per share: NOK 56.60

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 22.1%

- FY2017: 21.7%

- FY2018: 15.7%

- FY2019: 24.7%

- FY2020: 19.9%

- FY2021: 27.0%

- FY2022: 17.9%

- FY2023: 9.6%

- FY2024: 25.4%

- FY2025: 28.1%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.04×

- Book value created per share: NOK 10.01

- Earnings retained per share after dividends and buybacks: NOK 9.59

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 2.9 times annual sales · net income +27.5%

Story as of 2026-10-16T10:00:04.811Z; price observation 2026-10-15.

The price is 2.9 times annual sales

### Net income · FY2025

net income +27.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 4.7B 

- FY2017: NOK 4.5B 

- FY2018: NOK 3.7B 

- FY2019: NOK 6.6B 

- FY2020: NOK 5.0B 

- FY2021: NOK 7.1B 

- FY2022: NOK 4.6B 

- FY2023: NOK 4.1B 

- FY2024: NOK 5.1B 

- FY2025: NOK 6.6B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are NOK 44.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.091Z); FY2025: revenue 44936300000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GJF.OL: 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.

### Why customers stay

It earns 26% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.091Z); 10-year return on tangible equity observations [[2016,0.2623009744180169],[2017,0.24245396799871352],[2018,0.19587346414044554],[2019,0.3065083696303975],[2020,0.2430954951418196],[2021,0.36587252792294295],[2022,0.25004788826436514],[2023,0.2568904308034743],[2024,0.2821613432647393],[2025,0.31906268249951336]]; median 0.2595957026107456. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.091Z); Dividend observations: [[2016,6152700000],[2017,3459900000],[2018,3549900000],[2019,3549900000],[2020,6124900000],[2021,6899500000],[2022,3849800000],[2023,4124899999],[2024,4374700000],[2025,4999700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 62.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GJF.OL SharesStats.PercentInsiders = 62.277 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.091Z); Closing price 259.6 NOK; reporting-to-trading FX 1; FY2025 annual sales per share 89.84905810919047; price multiple 2.8892901657857903. FY2023 cash earnings/share 7.676521150770502. Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2016-10: NOK 148.10 per share

- 2016-11: NOK 136.20 per share

- 2016-12: NOK 137.00 per share

- 2017-01: NOK 141.90 per share

- 2017-02: NOK 131.10 per share

- 2017-03: NOK 130.80 per share

- 2017-04: NOK 131.90 per share

- 2017-05: NOK 136.20 per share

- 2017-06: NOK 142.50 per share

- 2017-07: NOK 136.20 per share

- 2017-08: NOK 135.80 per share

- 2017-09: NOK 138.60 per share

- 2017-10: NOK 153.70 per share

- 2017-11: NOK 150.80 per share

- 2017-12: NOK 154.90 per share

- 2018-01: NOK 145.40 per share

- 2018-02: NOK 144.60 per share

- 2018-03: NOK 143.60 per share

- 2018-04: NOK 127.20 per share

- 2018-05: NOK 126.30 per share

- 2018-06: NOK 133.60 per share

- 2018-07: NOK 130.90 per share

- 2018-08: NOK 140.30 per share

- 2018-09: NOK 137.20 per share

- 2018-10: NOK 130.60 per share

- 2018-11: NOK 134.10 per share

- 2018-12: NOK 135.20 per share

- 2019-01: NOK 145.30 per share

- 2019-02: NOK 153.40 per share

- 2019-03: NOK 149.00 per share

- 2019-04: NOK 167.55 per share

- 2019-05: NOK 170.45 per share

- 2019-06: NOK 171.80 per share

- 2019-07: NOK 172.45 per share

- 2019-08: NOK 175.95 per share

- 2019-09: NOK 180.35 per share

- 2019-10: NOK 171.90 per share

- 2019-11: NOK 173.45 per share

- 2019-12: NOK 184.25 per share

- 2020-01: NOK 201.00 per share

- 2020-02: NOK 189.00 per share

- 2020-03: NOK 178.05 per share

- 2020-04: NOK 181.00 per share

- 2020-05: NOK 176.30 per share

- 2020-06: NOK 177.10 per share

- 2020-07: NOK 186.40 per share

- 2020-08: NOK 186.10 per share

- 2020-09: NOK 189.40 per share

- 2020-10: NOK 181.30 per share

- 2020-11: NOK 193.70 per share

- 2020-12: NOK 191.40 per share

- 2021-01: NOK 198.00 per share

- 2021-02: NOK 199.00 per share

- 2021-03: NOK 200.60 per share

- 2021-04: NOK 189.45 per share

- 2021-05: NOK 186.70 per share

- 2021-06: NOK 189.80 per share

- 2021-07: NOK 202.30 per share

- 2021-08: NOK 203.30 per share

- 2021-09: NOK 193.80 per share

- 2021-10: NOK 210.10 per share

- 2021-11: NOK 205.40 per share

- 2021-12: NOK 214.00 per share

- 2022-01: NOK 216.60 per share

- 2022-02: NOK 217.90 per share

- 2022-03: NOK 218.70 per share

- 2022-04: NOK 201.60 per share

- 2022-05: NOK 204.80 per share

- 2022-06: NOK 199.50 per share

- 2022-07: NOK 201.40 per share

- 2022-08: NOK 202.00 per share

- 2022-09: NOK 187.00 per share

- 2022-10: NOK 189.90 per share

- 2022-11: NOK 189.20 per share

- 2022-12: NOK 192.20 per share

- 2023-01: NOK 178.90 per share

- 2023-02: NOK 184.40 per share

- 2023-03: NOK 171.30 per share

- 2023-04: NOK 185.30 per share

- 2023-05: NOK 186.50 per share

- 2023-06: NOK 171.80 per share

- 2023-07: NOK 160.20 per share

- 2023-08: NOK 165.50 per share

- 2023-09: NOK 157.50 per share

- 2023-10: NOK 167.30 per share

- 2023-11: NOK 182.10 per share

- 2023-12: NOK 187.50 per share

- 2024-01: NOK 169.70 per share

- 2024-02: NOK 167.60 per share

- 2024-03: NOK 157.20 per share

- 2024-04: NOK 178.70 per share

- 2024-05: NOK 183.70 per share

- 2024-06: NOK 190.80 per share

- 2024-07: NOK 184.60 per share

- 2024-08: NOK 187.90 per share

- 2024-09: NOK 197.40 per share

- 2024-10: NOK 198.50 per share

- 2024-11: NOK 196.40 per share

- 2024-12: NOK 201.00 per share

- 2025-01: NOK 232.20 per share

- 2025-02: NOK 230.80 per share

- 2025-03: NOK 241.80 per share

- 2025-04: NOK 242.60 per share

- 2025-05: NOK 258.40 per share

- 2025-06: NOK 255.40 per share

- 2025-07: NOK 272.60 per share

- 2025-08: NOK 279.20 per share

- 2025-09: NOK 292.60 per share

- 2025-10: NOK 272.60 per share

- 2025-11: NOK 283.20 per share

- 2025-12: NOK 302.00 per share

- 2026-01: NOK 273.80 per share

- 2026-02: NOK 268.40 per share

- 2026-03: NOK 252.00 per share

- 2026-04: NOK 259.60 per share

- 2026-05: NOK 255.40 per share

- 2026-06: NOK 267.80 per share

- 2026-07: NOK 282.20 per share

- 2026-08: NOK 283.40 per share

- 2026-09: NOK 258.80 per share

- 2026-10: NOK 256.20 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 55.24 per share, central NOK 62.40 per share, high NOK 71.70 per share

- FY2017: low NOK 69.81 per share, central NOK 80.15 per share, high NOK 94.09 per share

- FY2018: low NOK 80.88 per share, central NOK 93.44 per share, high NOK 110.61 per share

- FY2019: low NOK 95.08 per share, central NOK 110.04 per share, high NOK 130.59 per share

- FY2020: low NOK 92.09 per share, central NOK 104.09 per share, high NOK 119.68 per share

- FY2021: low NOK 91.37 per share, central NOK 101.92 per share, high NOK 115.23 per share

- FY2022: low NOK 83.59 per share, central NOK 92.82 per share, high NOK 104.34 per share

- FY2023: low NOK 72.56 per share, central NOK 80.14 per share, high NOK 89.50 per share

- FY2024: low NOK 87.36 per share, central NOK 97.05 per share, high NOK 109.16 per share

- FY2025: low NOK 98.53 per share, central NOK 109.46 per share, high NOK 123.12 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:07.192Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Gjensidige Forsikring ASA

GJF · OL

STOXX Europe 600 · OBX

A wonderful business at too high a price

Passes the quality tests.

Share price: NOK 259.60
Buy up to: NOK 85.22
Expected / yr: 3.9% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: NOK 4.8B
Worst year: NOK 3.7B
Latest · 2025: NOK 6.6B

Earned a median 26% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 26.0%
Worst year: 19.6%
Latest · 2025: 31.9%

Book value plus dividends grew 21.1% a year (minimum 7%).

Annual book + dividend return

10y median: 21.9%
Worst year: 9.6%
Latest · 2025: 28.1%

Ordinary share growth was 0% over the full period and 0% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2025: 100

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 10.55 NOK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price NOK 148.10 · Value 62.40 · Buy at or below 62.40; 2016-11 · Price NOK 136.20 · Value 62.40 · Buy at or below 62.40; 2016-12 · Price NOK 137.00 · Value 62.40 · Buy at or below 62.40; 2017-01 · Price NOK 141.90 · Value 62.40 · Buy at or below 62.40; 2017-02 · Price NOK 131.10 · Value 80.15 · Buy at or below 80.15; 2017-03 · Price NOK 130.80 · Value 80.15 · Buy at or below 80.15; 2017-04 · Price NOK 131.90 · Value 80.15 · Buy at or below 80.15; 2017-05 · Price NOK 136.20 · Value 80.15 · Buy at or below 80.15; 2017-06 · Price NOK 142.50 · Value 80.15 · Buy at or below 80.15; 2017-07 · Price NOK 136.20 · Value 80.15 · Buy at or below 80.15; 2017-08 · Price NOK 135.80 · Value 80.15 · Buy at or below 80.15; 2017-09 · Price NOK 138.60 · Value 80.15 · Buy at or below 80.15; 2017-10 · Price NOK 153.70 · Value 80.15 · Buy at or below 80.15; 2017-11 · Price NOK 150.80 · Value 80.15 · Buy at or below 80.15; 2017-12 · Price NOK 154.90 · Value 80.15 · Buy at or below 80.15; 2018-01 · Price NOK 145.40 · Value 80.15 · Buy at or below 80.15; 2018-02 · Price NOK 144.60 · Value 93.44 · Buy at or below 93.44; 2018-03 · Price NOK 143.60 · Value 93.44 · Buy at or below 93.44; 2018-04 · Price NOK 127.20 · Value 93.44 · Buy at or below 93.44; 2018-05 · Price NOK 126.30 · Value 93.44 · Buy at or below 93.44; 2018-06 · Price NOK 133.60 · Value 93.44 · Buy at or below 93.44; 2018-07 · Price NOK 130.90 · Value 93.44 · Buy at or below 93.44; 2018-08 · Price NOK 140.30 · Value 93.44 · Buy at or below 93.44; 2018-09 · Price NOK 137.20 · Value 93.44 · Buy at or below 93.44; 2018-10 · Price NOK 130.60 · Value 93.44 · Buy at or below 93.44; 2018-11 · Price NOK 134.10 · Value 93.44 · Buy at or below 93.44; 2018-12 · Price NOK 135.20 · Value 93.44 · Buy at or below 93.44; 2019-01 · Price NOK 145.30 · Value 93.44 · Buy at or below 93.44; 2019-02 · Price NOK 153.40 · Value 110.04 · Buy at or below 110.04; 2019-03 · Price NOK 149.00 · Value 110.04 · Buy at or below 110.04; 2019-04 · Price NOK 167.55 · Value 110.04 · Buy at or below 110.04; 2019-05 · Price NOK 170.45 · Value 110.04 · Buy at or below 110.04; 2019-06 · Price NOK 171.80 · Value 110.04 · Buy at or below 110.04; 2019-07 · Price NOK 172.45 · Value 110.04 · Buy at or below 110.04; 2019-08 · Price NOK 175.95 · Value 110.04 · Buy at or below 110.04; 2019-09 · Price NOK 180.35 · Value 110.04 · Buy at or below 110.04; 2019-10 · Price NOK 171.90 · Value 110.04 · Buy at or below 110.04; 2019-11 · Price NOK 173.45 · Value 110.04 · Buy at or below 110.04; 2019-12 · Price NOK 184.25 · Value 110.04 · Buy at or below 110.04; 2020-01 · Price NOK 201.00 · Value 110.04 · Buy at or below 110.04; 2020-02 · Price NOK 189.00 · Value 104.09 · Buy at or below 104.09; 2020-03 · Price NOK 178.05 · Value 104.09 · Buy at or below 104.09; 2020-04 · Price NOK 181.00 · Value 104.09 · Buy at or below 104.09; 2020-05 · Price NOK 176.30 · Value 104.09 · Buy at or below 104.09; 2020-06 · Price NOK 177.10 · Value 104.09 · Buy at or below 104.09; 2020-07 · Price NOK 186.40 · Value 104.09 · Buy at or below 104.09; 2020-08 · Price NOK 186.10 · Value 104.09 · Buy at or below 104.09; 2020-09 · Price NOK 189.40 · Value 104.09 · Buy at or below 104.09; 2020-10 · Price NOK 181.30 · Value 104.09 · Buy at or below 104.09; 2020-11 · Price NOK 193.70 · Value 104.09 · Buy at or below 104.09; 2020-12 · Price NOK 191.40 · Value 104.09 · Buy at or below 104.09; 2021-01 · Price NOK 198.00 · Value 104.09 · Buy at or below 104.09; 2021-02 · Price NOK 199.00 · Value 101.92 · Buy at or below 101.92; 2021-03 · Price NOK 200.60 · Value 101.92 · Buy at or below 101.92; 2021-04 · Price NOK 189.45 · Value 101.92 · Buy at or below 101.92; 2021-05 · Price NOK 186.70 · Value 101.92 · Buy at or below 101.92; 2021-06 · Price NOK 189.80 · Value 101.92 · Buy at or below 101.92; 2021-07 · Price NOK 202.30 · Value 101.92 · Buy at or below 101.92; 2021-08 · Price NOK 203.30 · Value 101.92 · Buy at or below 101.92; 2021-09 · Price NOK 193.80 · Value 101.92 · Buy at or below 101.92; 2021-10 · Price NOK 210.10 · Value 101.92 · Buy at or below 101.92; 2021-11 · Price NOK 205.40 · Value 101.92 · Buy at or below 101.92; 2021-12 · Price NOK 214.00 · Value 101.92 · Buy at or below 101.92; 2022-01 · Price NOK 216.60 · Value 101.92 · Buy at or below 101.92; 2022-02 · Price NOK 217.90 · Value 92.82 · Buy at or below 92.82; 2022-03 · Price NOK 218.70 · Value 92.82 · Buy at or below 92.82; 2022-04 · Price NOK 201.60 · Value 92.82 · Buy at or below 92.82; 2022-05 · Price NOK 204.80 · Value 92.82 · Buy at or below 92.82; 2022-06 · Price NOK 199.50 · Value 92.82 · Buy at or below 92.82; 2022-07 · Price NOK 201.40 · Value 92.82 · Buy at or below 92.82; 2022-08 · Price NOK 202.00 · Value 92.82 · Buy at or below 92.82; 2022-09 · Price NOK 187.00 · Value 92.82 · Buy at or below 92.82; 2022-10 · Price NOK 189.90 · Value 92.82 · Buy at or below 92.82; 2022-11 · Price NOK 189.20 · Value 92.82 · Buy at or below 92.82; 2022-12 · Price NOK 192.20 · Value 92.82 · Buy at or below 92.82; 2023-01 · Price NOK 178.90 · Value 92.82 · Buy at or below 92.82; 2023-02 · Price NOK 184.40 · Value 80.14 · Buy at or below 80.14; 2023-03 · Price NOK 171.30 · Value 80.14 · Buy at or below 80.14; 2023-04 · Price NOK 185.30 · Value 80.14 · Buy at or below 80.14; 2023-05 · Price NOK 186.50 · Value 80.14 · Buy at or below 80.14; 2023-06 · Price NOK 171.80 · Value 80.14 · Buy at or below 80.14; 2023-07 · Price NOK 160.20 · Value 80.14 · Buy at or below 80.14; 2023-08 · Price NOK 165.50 · Value 80.14 · Buy at or below 80.14; 2023-09 · Price NOK 157.50 · Value 80.14 · Buy at or below 80.14; 2023-10 · Price NOK 167.30 · Value 80.14 · Buy at or below 80.14; 2023-11 · Price NOK 182.10 · Value 80.14 · Buy at or below 80.14; 2023-12 · Price NOK 187.50 · Value 80.14 · Buy at or below 80.14; 2024-01 · Price NOK 169.70 · Value 80.14 · Buy at or below 80.14; 2024-02 · Price NOK 167.60 · Value 97.05 · Buy at or below 97.05; 2024-03 · Price NOK 157.20 · Value 97.05 · Buy at or below 97.05; 2024-04 · Price NOK 178.70 · Value 97.05 · Buy at or below 97.05; 2024-05 · Price NOK 183.70 · Value 97.05 · Buy at or below 97.05; 2024-06 · Price NOK 190.80 · Value 97.05 · Buy at or below 97.05; 2024-07 · Price NOK 184.60 · Value 97.05 · Buy at or below 97.05; 2024-08 · Price NOK 187.90 · Value 97.05 · Buy at or below 97.05; 2024-09 · Price NOK 197.40 · Value 97.05 · Buy at or below 97.05; 2024-10 · Price NOK 198.50 · Value 97.05 · Buy at or below 97.05; 2024-11 · Price NOK 196.40 · Value 97.05 · Buy at or below 97.05; 2024-12 · Price NOK 201.00 · Value 97.05 · Buy at or below 97.05; 2025-01 · Price NOK 232.20 · Value 97.05 · Buy at or below 97.05; 2025-02 · Price NOK 230.80 · Value 109.46 · Buy at or below 109.46; 2025-03 · Price NOK 241.80 · Value 109.46 · Buy at or below 109.46; 2025-04 · Price NOK 242.60 · Value 109.46 · Buy at or below 109.46; 2025-05 · Price NOK 258.40 · Value 109.46 · Buy at or below 109.46; 2025-06 · Price NOK 255.40 · Value 109.46 · Buy at or below 109.46; 2025-07 · Price NOK 272.60 · Value 109.46 · Buy at or below 109.46; 2025-08 · Price NOK 279.20 · Value 109.46 · Buy at or below 109.46; 2025-09 · Price NOK 292.60 · Value 109.46 · Buy at or below 109.46; 2025-10 · Price NOK 272.60 · Value 109.46 · Buy at or below 109.46; 2025-11 · Price NOK 283.20 · Value 109.46 · Buy at or below 109.46; 2025-12 · Price NOK 302.00 · Value 109.46 · Buy at or below 109.46; 2026-01 · Price NOK 273.80 · Value 109.46 · Buy at or below 109.46; 2026-02 · Price NOK 268.40 · Value 85.22 · Buy at or below 85.22; 2026-03 · Price NOK 252.00 · Value 85.22 · Buy at or below 85.22; 2026-04 · Price NOK 259.60 · Value 85.22 · Buy at or below 85.22; 2026-05 · Price NOK 255.40 · Value 85.22 · Buy at or below 85.22; 2026-06 · Price NOK 267.80 · Value 85.22 · Buy at or below 85.22; 2026-07 · Price NOK 282.20 · Value 85.22 · Buy at or below 85.22; 2026-08 · Price NOK 283.40 · Value 85.22 · Buy at or below 85.22; 2026-09 · Price NOK 258.80 · Value 85.22 · Buy at or below 85.22; 2026-10 · Price NOK 256.20 · Value 85.22 · Buy at or below 85.22; 2026-10 · Price NOK 259.60 · Value 85.22 · Buy at or below 85.22

NOK per share · annual estimates

Price & return math
Value range	NOK 76.71 – NOK 95.86
Buy at or below	Central value NOK 85.22
Discount to value	1 − 259.60 / 85.22 = -204.6%
Return / year	About 3.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book NOK 31.99/share; ROE 25.0%; first payout NOK 7.68/share, growing 1.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeNOK 6.6B

Net income

Book / shareNOK 56.60

Book / share

Dividend / shareNOK 10.00

Dividend / share

Return on tangible equity31.9%

Return on tangible equity

Diluted shares500M

Diluted shares

Prices 15 Oct 2026 · FY2025