GS starts Alm. Brand at 'buy' on earnings growth potential, low valuation

ALM. Brand A/S

21/09/2026 13:27

** Goldman Sachs initiates Danish property and casualty insurer Alm. Brand ALMB.CO at "buy", citing its simplified business structure and strong earnings growth outlook
** The broker notes the company is now a pure-play insurer after divesting its bank, pensions and volatile marine and energy lines, and integrating Codan Forsikring's Danish business acquired in 2022
** GS expects Alm. Brand to post "Nordic-leading" average annual growth of about 12% in operating EPS through 2028, above the company's 10% target, even as the shares trade at around 10% discount to peers on a P/E basis, it says
** It adds key growth risks for the stock have receded, as a Danish workers' compensation overhang is resolved and an insurance partnership with Sydbank has been renewed

(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))