# Tryg A/S (TRYG.CO)

Canonical: https://gigainvestors.com/s/TRYG.CO

Analysis as of: 2026-10-16T07:35:22.127Z. Financial observations: FY2015–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 152.50 per share; close as of 2026-10-15.

Estimated value: low DKK 27.45 per share, central DKK 30.43 per share, high DKK 34.13 per share. Buy at or below the central value DKK 30.43 per share. Valuation as of 2026-10-16T07:35:22.127Z; scenarios are not confidence intervals.

Expected annual return: 2.6% at the stated quote. About 2.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 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): 0.45×

Chart: Net income; fiscal year observations.

- FY2016: DKK 2.5B

- FY2017: DKK 2.5B

- FY2018: DKK 1.7B

- FY2019: DKK 2.8B

- FY2020: DKK 2.8B

- FY2021: DKK 3.2B

- FY2022: DKK 2.2B

- FY2023: DKK 3.8B

- FY2024: DKK 4.7B

- FY2025: DKK 5.3B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 14.4%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 6.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 26.2%

- FY2017: 20.0%

- FY2018: 15.3%

- FY2019: 23.5%

- FY2020: 22.6%

- FY2021: 6.4%

- FY2022: 5.3%

- FY2023: 9.4%

- FY2024: 12.2%

- FY2025: 13.5%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 26.3%

- Book return interval: 10 years

- Starting book value per share: DKK 27.17

- Ending book value per share: DKK 65.35

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

- FY2016: 16.2%

- FY2017: 53.3%

- FY2018: 13.7%

- FY2019: 25.0%

- FY2020: 46.2%

- FY2021: 321.1%

- FY2022: -52.6%

- FY2023: 9.4%

- FY2024: 9.9%

- FY2025: 16.6%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 5.3%

- Diluted shares, 5-year annual growth: 13.3%

- Share growth excluding flagged crisis recapitalisations: 5.3%

- Five-year share growth excluding flagged crisis recapitalisations: 13.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: DKK 38.18

- Earnings retained per share after dividends and buybacks: DKK -18.63

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 2.2 times annual sales · net income +12.6%

Story as of 2026-10-16T10:00:04.682Z; price observation 2026-10-15.

The price is 2.2 times annual sales

### Net income · FY2025

net income +12.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: DKK 2.5B 

- FY2017: DKK 2.5B 

- FY2018: DKK 1.7B 

- FY2019: DKK 2.8B 

- FY2020: DKK 2.8B 

- FY2021: DKK 3.2B 

- FY2022: DKK 2.2B 

- FY2023: DKK 3.8B 

- FY2024: DKK 4.7B 

- FY2025: DKK 5.3B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are DKK 41.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:22.127Z); FY2025: revenue 41369000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRYG.CO: Tryg A/S, together with its subsidiaries, engages in the provision of insurance products and services to private, small and medium sized commercial, and corporate customers in Denmark, the United States, rest of Nordic, Luxembourg, the United Kingdom, and internationally. It operates through Private and Commercial segments. The company offers insurance products, such as motor, content, house, accident, travel, motorcycle, and pet and health, as well as property, liability, workers' compensation, and health under the Trygg-Hansa, Atlantica, Bilsport & MC, and Moderna Djurförsäkringar brands. It sells its products through its sales agents, online, call centers, franchises, bancassurance, car dealers, real estate agents, insurance brokers, and partners. The company was founded in 1731 and is headquartered in Ballerup, Denmark.

### Why customers stay

It earns 14.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:22.127Z); 10-year return on tangible equity observations [[2016,0.2618416869767935],[2017,0.19950856055802155],[2018,0.15272631021704605],[2019,0.23526977821913272],[2020,0.22612737503057978],[2021,0.06444108884626372],[2022,0.0528681003246906],[2023,0.09402959181144514],[2024,0.12201837223065641],[2025,0.13473333501602766]]; median 0.14372982261653686. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back DKK 1.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:22.127Z); Dividend observations: [[2016,1714000000],[2017,3279000000],[2018,2980000000],[2019,2040000000],[2020,2599000000],[2021,2630000000],[2022,3771000000],[2023,4607000000],[2024,4816000000],[2025,4972000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:22.127Z); FY2025: cash repurchases 1803000000 DKK.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRYG.CO SharesStats.PercentInsiders = 0.058 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:22.127Z); Closing price 152.5 DKK; reporting-to-trading FX 1; FY2025 annual sales per share 68.23212347723397; price multiple 2.2350176460634774. FY2025 cash earnings/share 9.215270378592706. Closing-price date 2026-10-15.

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

- 2016-11: DKK 98.30 per share

- 2016-12: DKK 99.39 per share

- 2017-01: DKK 102.34 per share

- 2017-02: DKK 101.57 per share

- 2017-03: DKK 98.45 per share

- 2017-04: DKK 101.95 per share

- 2017-05: DKK 106.00 per share

- 2017-06: DKK 110.83 per share

- 2017-07: DKK 110.28 per share

- 2017-08: DKK 112.38 per share

- 2017-09: DKK 113.16 per share

- 2017-10: DKK 118.38 per share

- 2017-11: DKK 118.30 per share

- 2017-12: DKK 120.79 per share

- 2018-01: DKK 113.55 per share

- 2018-02: DKK 113.01 per share

- 2018-03: DKK 109.35 per share

- 2018-04: DKK 114.02 per share

- 2018-05: DKK 114.17 per share

- 2018-06: DKK 116.59 per share

- 2018-07: DKK 121.33 per share

- 2018-08: DKK 122.81 per share

- 2018-09: DKK 124.45 per share

- 2018-10: DKK 123.90 per share

- 2018-11: DKK 127.64 per share

- 2018-12: DKK 127.56 per share

- 2019-01: DKK 129.43 per share

- 2019-02: DKK 139.16 per share

- 2019-03: DKK 142.11 per share

- 2019-04: DKK 158.30 per share

- 2019-05: DKK 162.97 per share

- 2019-06: DKK 166.09 per share

- 2019-07: DKK 160.48 per share

- 2019-08: DKK 157.84 per share

- 2019-09: DKK 152.78 per share

- 2019-10: DKK 145.62 per share

- 2019-11: DKK 151.76 per share

- 2019-12: DKK 153.71 per share

- 2020-01: DKK 159.08 per share

- 2020-02: DKK 145.69 per share

- 2020-03: DKK 130.21 per share

- 2020-04: DKK 140.32 per share

- 2020-05: DKK 146.16 per share

- 2020-06: DKK 149.43 per share

- 2020-07: DKK 144.84 per share

- 2020-08: DKK 149.04 per share

- 2020-09: DKK 155.97 per share

- 2020-10: DKK 137.99 per share

- 2020-11: DKK 140.79 per share

- 2020-12: DKK 149.51 per share

- 2021-01: DKK 148.96 per share

- 2021-02: DKK 150.99 per share

- 2021-03: DKK 149.60 per share

- 2021-04: DKK 141.55 per share

- 2021-05: DKK 143.30 per share

- 2021-06: DKK 153.95 per share

- 2021-07: DKK 155.05 per share

- 2021-08: DKK 155.95 per share

- 2021-09: DKK 145.90 per share

- 2021-10: DKK 152.55 per share

- 2021-11: DKK 158.95 per share

- 2021-12: DKK 161.50 per share

- 2022-01: DKK 156.45 per share

- 2022-02: DKK 150.60 per share

- 2022-03: DKK 164.25 per share

- 2022-04: DKK 169.00 per share

- 2022-05: DKK 161.55 per share

- 2022-06: DKK 159.35 per share

- 2022-07: DKK 165.75 per share

- 2022-08: DKK 167.65 per share

- 2022-09: DKK 156.90 per share

- 2022-10: DKK 163.05 per share

- 2022-11: DKK 165.50 per share

- 2022-12: DKK 165.35 per share

- 2023-01: DKK 156.50 per share

- 2023-02: DKK 155.95 per share

- 2023-03: DKK 149.90 per share

- 2023-04: DKK 159.50 per share

- 2023-05: DKK 158.50 per share

- 2023-06: DKK 147.65 per share

- 2023-07: DKK 133.90 per share

- 2023-08: DKK 131.25 per share

- 2023-09: DKK 129.35 per share

- 2023-10: DKK 137.65 per share

- 2023-11: DKK 147.70 per share

- 2023-12: DKK 146.90 per share

- 2024-01: DKK 147.55 per share

- 2024-02: DKK 146.50 per share

- 2024-03: DKK 142.20 per share

- 2024-04: DKK 138.50 per share

- 2024-05: DKK 141.20 per share

- 2024-06: DKK 152.20 per share

- 2024-07: DKK 151.00 per share

- 2024-08: DKK 150.40 per share

- 2024-09: DKK 158.80 per share

- 2024-10: DKK 161.50 per share

- 2024-11: DKK 162.60 per share

- 2024-12: DKK 151.50 per share

- 2025-01: DKK 145.90 per share

- 2025-02: DKK 157.00 per share

- 2025-03: DKK 164.10 per share

- 2025-04: DKK 157.20 per share

- 2025-05: DKK 168.80 per share

- 2025-06: DKK 163.60 per share

- 2025-07: DKK 157.90 per share

- 2025-08: DKK 167.80 per share

- 2025-09: DKK 161.30 per share

- 2025-10: DKK 159.70 per share

- 2025-11: DKK 159.50 per share

- 2025-12: DKK 166.50 per share

- 2026-01: DKK 153.10 per share

- 2026-02: DKK 156.60 per share

- 2026-03: DKK 154.10 per share

- 2026-04: DKK 152.80 per share

- 2026-05: DKK 150.80 per share

- 2026-06: DKK 148.90 per share

- 2026-07: DKK 154.70 per share

- 2026-08: DKK 154.10 per share

- 2026-09: DKK 140.30 per share

- 2026-10: DKK 150.30 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 49.97 per share, central DKK 54.97 per share, high DKK 61.08 per share

- FY2017: low DKK 59.84 per share, central DKK 65.82 per share, high DKK 73.13 per share

- FY2018: low DKK 33.84 per share, central DKK 42.30 per share, high DKK 56.40 per share

- FY2019: low DKK 39.10 per share, central DKK 48.87 per share, high DKK 65.16 per share

- FY2020: low DKK 50.59 per share, central DKK 63.24 per share, high DKK 84.32 per share

- FY2021: low DKK 424.23 per share, central DKK 516.64 per share, high DKK 660.53 per share

- FY2022: low DKK 39.19 per share, central DKK 44.62 per share, high DKK 51.78 per share

- FY2023: low DKK 31.69 per share, central DKK 35.13 per share, high DKK 39.40 per share

- FY2024: low DKK 30.15 per share, central DKK 33.17 per share, high DKK 36.85 per share

- FY2025: low DKK 32.14 per share, central DKK 35.63 per share, high DKK 39.97 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 2026-10-15T06:41:04.675Z 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.

Tryg A/S

TRYG · CO

STOXX Europe 600 · OMXC25

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: DKK 152.50
Buy up to: DKK 30.43
Expected / yr: 2.6% 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: DKK 2.8B
Worst year: DKK 1.7B
Latest · 2025: DKK 5.3B

Earned a median 14.4% on equity (minimum 10%).

Return on common equity

10y median: 14.4%
Worst year: 5.3%
Latest · 2025: 13.5%

Book value plus dividends grew 26.3% a year (minimum 7%).

Annual book + dividend return

10y median: 16.4%
Worst year: -52.6%
Latest · 2025: 16.6%

Ordinary share growth was 5.3% over the full period and 13.3% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ DKK 0

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 7.52 DKK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price DKK 98.30 · Value 54.97 · Buy at or below 54.97; 2016-12 · Price DKK 99.39 · Value 54.97 · Buy at or below 54.97; 2017-01 · Price DKK 102.34 · Value 54.97 · Buy at or below 54.97; 2017-02 · Price DKK 101.57 · Value 65.82 · Buy at or below 65.82; 2017-03 · Price DKK 98.45 · Value 65.82 · Buy at or below 65.82; 2017-04 · Price DKK 101.95 · Value 65.82 · Buy at or below 65.82; 2017-05 · Price DKK 106.00 · Value 65.82 · Buy at or below 65.82; 2017-06 · Price DKK 110.83 · Value 65.82 · Buy at or below 65.82; 2017-07 · Price DKK 110.28 · Value 65.82 · Buy at or below 65.82; 2017-08 · Price DKK 112.38 · Value 65.82 · Buy at or below 65.82; 2017-09 · Price DKK 113.16 · Value 65.82 · Buy at or below 65.82; 2017-10 · Price DKK 118.38 · Value 65.82 · Buy at or below 65.82; 2017-11 · Price DKK 118.30 · Value 65.82 · Buy at or below 65.82; 2017-12 · Price DKK 120.79 · Value 65.82 · Buy at or below 65.82; 2018-01 · Price DKK 113.55 · Value 65.82 · Buy at or below 65.82; 2018-02 · Price DKK 113.01 · Value 42.30 · Buy at or below 42.30; 2018-03 · Price DKK 109.35 · Value 42.30 · Buy at or below 42.30; 2018-04 · Price DKK 114.02 · Value 42.30 · Buy at or below 42.30; 2018-05 · Price DKK 114.17 · Value 42.30 · Buy at or below 42.30; 2018-06 · Price DKK 116.59 · Value 42.30 · Buy at or below 42.30; 2018-07 · Price DKK 121.33 · Value 42.30 · Buy at or below 42.30; 2018-08 · Price DKK 122.81 · Value 42.30 · Buy at or below 42.30; 2018-09 · Price DKK 124.45 · Value 42.30 · Buy at or below 42.30; 2018-10 · Price DKK 123.90 · Value 42.30 · Buy at or below 42.30; 2018-11 · Price DKK 127.64 · Value 42.30 · Buy at or below 42.30; 2018-12 · Price DKK 127.56 · Value 42.30 · Buy at or below 42.30; 2019-01 · Price DKK 129.43 · Value 42.30 · Buy at or below 42.30; 2019-02 · Price DKK 139.16 · Value 48.87 · Buy at or below 48.87; 2019-03 · Price DKK 142.11 · Value 48.87 · Buy at or below 48.87; 2019-04 · Price DKK 158.30 · Value 48.87 · Buy at or below 48.87; 2019-05 · Price DKK 162.97 · Value 48.87 · Buy at or below 48.87; 2019-06 · Price DKK 166.09 · Value 48.87 · Buy at or below 48.87; 2019-07 · Price DKK 160.48 · Value 48.87 · Buy at or below 48.87; 2019-08 · Price DKK 157.84 · Value 48.87 · Buy at or below 48.87; 2019-09 · Price DKK 152.78 · Value 48.87 · Buy at or below 48.87; 2019-10 · Price DKK 145.62 · Value 48.87 · Buy at or below 48.87; 2019-11 · Price DKK 151.76 · Value 48.87 · Buy at or below 48.87; 2019-12 · Price DKK 153.71 · Value 48.87 · Buy at or below 48.87; 2020-01 · Price DKK 159.08 · Value 48.87 · Buy at or below 48.87; 2020-02 · Price DKK 145.69 · Value 63.24 · Buy at or below 63.24; 2020-03 · Price DKK 130.21 · Value 63.24 · Buy at or below 63.24; 2020-04 · Price DKK 140.32 · Value 63.24 · Buy at or below 63.24; 2020-05 · Price DKK 146.16 · Value 63.24 · Buy at or below 63.24; 2020-06 · Price DKK 149.43 · Value 63.24 · Buy at or below 63.24; 2020-07 · Price DKK 144.84 · Value 63.24 · Buy at or below 63.24; 2020-08 · Price DKK 149.04 · Value 63.24 · Buy at or below 63.24; 2020-09 · Price DKK 155.97 · Value 63.24 · Buy at or below 63.24; 2020-10 · Price DKK 137.99 · Value 63.24 · Buy at or below 63.24; 2020-11 · Price DKK 140.79 · Value 63.24 · Buy at or below 63.24; 2020-12 · Price DKK 149.51 · Value 63.24 · Buy at or below 63.24; 2021-01 · Price DKK 148.96 · Value 63.24 · Buy at or below 63.24; 2021-02 · Price DKK 150.99 · Value 516.64 · Buy at or below 516.64; 2021-03 · Price DKK 149.60 · Value 516.64 · Buy at or below 516.64; 2021-04 · Price DKK 141.55 · Value 516.64 · Buy at or below 516.64; 2021-05 · Price DKK 143.30 · Value 516.64 · Buy at or below 516.64; 2021-06 · Price DKK 153.95 · Value 516.64 · Buy at or below 516.64; 2021-07 · Price DKK 155.05 · Value 516.64 · Buy at or below 516.64; 2021-08 · Price DKK 155.95 · Value 516.64 · Buy at or below 516.64; 2021-09 · Price DKK 145.90 · Value 516.64 · Buy at or below 516.64; 2021-10 · Price DKK 152.55 · Value 516.64 · Buy at or below 516.64; 2021-11 · Price DKK 158.95 · Value 516.64 · Buy at or below 516.64; 2021-12 · Price DKK 161.50 · Value 516.64 · Buy at or below 516.64; 2022-01 · Price DKK 156.45 · Value 516.64 · Buy at or below 516.64; 2022-02 · Price DKK 150.60 · Value 44.62 · Buy at or below 44.62; 2022-03 · Price DKK 164.25 · Value 44.62 · Buy at or below 44.62; 2022-04 · Price DKK 169.00 · Value 44.62 · Buy at or below 44.62; 2022-05 · Price DKK 161.55 · Value 44.62 · Buy at or below 44.62; 2022-06 · Price DKK 159.35 · Value 44.62 · Buy at or below 44.62; 2022-07 · Price DKK 165.75 · Value 44.62 · Buy at or below 44.62; 2022-08 · Price DKK 167.65 · Value 44.62 · Buy at or below 44.62; 2022-09 · Price DKK 156.90 · Value 44.62 · Buy at or below 44.62; 2022-10 · Price DKK 163.05 · Value 44.62 · Buy at or below 44.62; 2022-11 · Price DKK 165.50 · Value 44.62 · Buy at or below 44.62; 2022-12 · Price DKK 165.35 · Value 44.62 · Buy at or below 44.62; 2023-01 · Price DKK 156.50 · Value 44.62 · Buy at or below 44.62; 2023-02 · Price DKK 155.95 · Value 35.13 · Buy at or below 35.13; 2023-03 · Price DKK 149.90 · Value 35.13 · Buy at or below 35.13; 2023-04 · Price DKK 159.50 · Value 35.13 · Buy at or below 35.13; 2023-05 · Price DKK 158.50 · Value 35.13 · Buy at or below 35.13; 2023-06 · Price DKK 147.65 · Value 35.13 · Buy at or below 35.13; 2023-07 · Price DKK 133.90 · Value 35.13 · Buy at or below 35.13; 2023-08 · Price DKK 131.25 · Value 35.13 · Buy at or below 35.13; 2023-09 · Price DKK 129.35 · Value 35.13 · Buy at or below 35.13; 2023-10 · Price DKK 137.65 · Value 35.13 · Buy at or below 35.13; 2023-11 · Price DKK 147.70 · Value 35.13 · Buy at or below 35.13; 2023-12 · Price DKK 146.90 · Value 35.13 · Buy at or below 35.13; 2024-01 · Price DKK 147.55 · Value 35.13 · Buy at or below 35.13; 2024-02 · Price DKK 146.50 · Value 33.17 · Buy at or below 33.17; 2024-03 · Price DKK 142.20 · Value 33.17 · Buy at or below 33.17; 2024-04 · Price DKK 138.50 · Value 33.17 · Buy at or below 33.17; 2024-05 · Price DKK 141.20 · Value 33.17 · Buy at or below 33.17; 2024-06 · Price DKK 152.20 · Value 33.17 · Buy at or below 33.17; 2024-07 · Price DKK 151.00 · Value 33.17 · Buy at or below 33.17; 2024-08 · Price DKK 150.40 · Value 33.17 · Buy at or below 33.17; 2024-09 · Price DKK 158.80 · Value 33.17 · Buy at or below 33.17; 2024-10 · Price DKK 161.50 · Value 33.17 · Buy at or below 33.17; 2024-11 · Price DKK 162.60 · Value 33.17 · Buy at or below 33.17; 2024-12 · Price DKK 151.50 · Value 33.17 · Buy at or below 33.17; 2025-01 · Price DKK 145.90 · Value 33.17 · Buy at or below 33.17; 2025-02 · Price DKK 157.00 · Value 35.63 · Buy at or below 35.63; 2025-03 · Price DKK 164.10 · Value 35.63 · Buy at or below 35.63; 2025-04 · Price DKK 157.20 · Value 35.63 · Buy at or below 35.63; 2025-05 · Price DKK 168.80 · Value 35.63 · Buy at or below 35.63; 2025-06 · Price DKK 163.60 · Value 35.63 · Buy at or below 35.63; 2025-07 · Price DKK 157.90 · Value 35.63 · Buy at or below 35.63; 2025-08 · Price DKK 167.80 · Value 35.63 · Buy at or below 35.63; 2025-09 · Price DKK 161.30 · Value 35.63 · Buy at or below 35.63; 2025-10 · Price DKK 159.70 · Value 35.63 · Buy at or below 35.63; 2025-11 · Price DKK 159.50 · Value 35.63 · Buy at or below 35.63; 2025-12 · Price DKK 166.50 · Value 35.63 · Buy at or below 35.63; 2026-01 · Price DKK 153.10 · Value 35.63 · Buy at or below 35.63; 2026-02 · Price DKK 156.60 · Value 30.43 · Buy at or below 30.43; 2026-03 · Price DKK 154.10 · Value 30.43 · Buy at or below 30.43; 2026-04 · Price DKK 152.80 · Value 30.43 · Buy at or below 30.43; 2026-05 · Price DKK 150.80 · Value 30.43 · Buy at or below 30.43; 2026-06 · Price DKK 148.90 · Value 30.43 · Buy at or below 30.43; 2026-07 · Price DKK 154.70 · Value 30.43 · Buy at or below 30.43; 2026-08 · Price DKK 154.10 · Value 30.43 · Buy at or below 30.43; 2026-09 · Price DKK 140.30 · Value 30.43 · Buy at or below 30.43; 2026-10 · Price DKK 150.30 · Value 30.43 · Buy at or below 30.43; 2026-10 · Price DKK 152.50 · Value 30.43 · Buy at or below 30.43

DKK per share · annual estimates

Price & return math
Value range	DKK 27.45 – DKK 34.13
Buy at or below	Central value DKK 30.43
Discount to value	1 − 152.50 / 30.43 = -401.1%
Return / year	About 2.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book DKK 11.58/share; ROE 25.0%; first payout DKK 2.80/share, growing 0.8% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeDKK 5.3B

Net income

Book / shareDKK 65.35

Book / share

Dividend / shareDKK 8.20

Dividend / share

Return on equity13.5%

Return on equity

Diluted shares606M

Diluted shares

Prices 15 Oct 2026 · FY2025