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PROTECTOR FORSIKRING ASA (PROT.OL) Stock Fundamental Analysis

OSL:PROT - Euronext Oslo - NO0010209331 - Common Stock - Currency: NOK

378.5  +4.5 (+1.2%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to PROT. PROT was compared to 32 industry peers in the Insurance industry. Both the profitability and the financial health of PROT get a neutral evaluation. Nothing too spectacular is happening here. PROT shows excellent growth, but is valued quite expensive already.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year PROT was profitable.
In the past year PROT has reported a negative cash flow from operations.
In the past 5 years PROT has always been profitable.
In multiple years PROT reported negative operating cash flow during the last 5 years.
PROT.OL Yearly Net Income VS EBIT VS OCF VS FCFPROT.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B 1.5B 2B

1.2 Ratios

PROT has a Return On Assets of 6.68%. This is amongst the best in the industry. PROT outperforms 100.00% of its industry peers.
The Return On Equity of PROT (31.52%) is better than 100.00% of its industry peers.
PROT has a Return On Invested Capital of 7.75%. This is amongst the best in the industry. PROT outperforms 100.00% of its industry peers.
The Average Return On Invested Capital over the past 3 years for PROT is significantly above the industry average of 2.19%.
Industry RankSector Rank
ROA 6.68%
ROE 31.52%
ROIC 7.75%
ROA(3y)7.22%
ROA(5y)6.78%
ROE(3y)32.76%
ROE(5y)33%
ROIC(3y)7.88%
ROIC(5y)6.75%
PROT.OL Yearly ROA, ROE, ROICPROT.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 30

1.3 Margins

PROT has a better Profit Margin (14.25%) than 81.25% of its industry peers.
In the last couple of years the Profit Margin of PROT has declined.
PROT has a better Operating Margin (21.23%) than 84.38% of its industry peers.
PROT's Operating Margin has declined in the last couple of years.
Industry RankSector Rank
OM 21.23%
PM (TTM) 14.25%
GM N/A
OM growth 3Y-8.32%
OM growth 5YN/A
PM growth 3Y-15.26%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
PROT.OL Yearly Profit, Operating, Gross MarginsPROT.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20

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4

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), PROT is destroying value.
The number of shares outstanding for PROT remains at a similar level compared to 1 year ago.
PROT has more shares outstanding than it did 5 years ago.
The debt/assets ratio for PROT has been reduced compared to a year ago.
PROT.OL Yearly Shares OutstandingPROT.OL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
PROT.OL Yearly Total Debt VS Total AssetsPROT.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

An Altman-Z score of 1.91 indicates that PROT is not a great score, but indicates only limited risk for bankruptcy at the moment.
With an excellent Altman-Z score value of 1.91, PROT belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
PROT has a Debt/Equity ratio of 0.46. This is a healthy value indicating a solid balance between debt and equity.
With a decent Debt to Equity ratio value of 0.46, PROT is doing good in the industry, outperforming 75.00% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.46
Debt/FCF N/A
Altman-Z 1.91
ROIC/WACC0.93
WACC8.37%
PROT.OL Yearly LT Debt VS Equity VS FCFPROT.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B

2.3 Liquidity

PROT has a Current Ratio of 0.06. This is a bad value and indicates that PROT is not financially healthy enough and could expect problems in meeting its short term obligations.
PROT's Current ratio of 0.06 is fine compared to the rest of the industry. PROT outperforms 68.75% of its industry peers.
PROT has a Quick Ratio of 0.06. This is a bad value and indicates that PROT is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 0.06, PROT is in the better half of the industry, outperforming 68.75% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.06
Quick Ratio 0.06
PROT.OL Yearly Current Assets VS Current LiabilitesPROT.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M

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8

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 36.45% over the past year.
The Earnings Per Share has been growing slightly by 7.66% on average over the past years.
Looking at the last year, PROT shows a very strong growth in Revenue. The Revenue has grown by 20.81%.
PROT shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 22.85% yearly.
EPS 1Y (TTM)36.45%
EPS 3Y7.66%
EPS 5YN/A
EPS Q2Q%62.85%
Revenue 1Y (TTM)20.81%
Revenue growth 3Y27.1%
Revenue growth 5Y22.85%
Sales Q2Q%19.76%

3.2 Future

PROT is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 12.18% yearly.
Based on estimates for the next years, PROT will show a quite strong growth in Revenue. The Revenue will grow by 13.78% on average per year.
EPS Next Y13.15%
EPS Next 2Y14.67%
EPS Next 3Y12.18%
EPS Next 5YN/A
Revenue Next Year15.85%
Revenue Next 2Y12.5%
Revenue Next 3Y13.78%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
PROT.OL Yearly Revenue VS EstimatesPROT.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5B 10B 15B
PROT.OL Yearly EPS VS EstimatesPROT.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 5 10 15 20 25

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3

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 17.07, the valuation of PROT can be described as rather expensive.
68.75% of the companies in the same industry are cheaper than PROT, based on the Price/Earnings ratio.
When comparing the Price/Earnings ratio of PROT to the average of the S&P500 Index (28.10), we can say PROT is valued slightly cheaper.
Based on the Price/Forward Earnings ratio of 15.59, the valuation of PROT can be described as correct.
Based on the Price/Forward Earnings ratio, PROT is valued expensively inside the industry as 84.38% of the companies are valued cheaper.
PROT is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 20.74, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 17.07
Fwd PE 15.59
PROT.OL Price Earnings VS Forward Price EarningsPROT.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
PROT.OL Per share dataPROT.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 50 100 150

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The decent profitability rating of PROT may justify a higher PE ratio.
A more expensive valuation may be justified as PROT's earnings are expected to grow with 12.18% in the coming years.
PEG (NY)1.3
PEG (5Y)N/A
EPS Next 2Y14.67%
EPS Next 3Y12.18%

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3

5. Dividend

5.1 Amount

PROT has a Yearly Dividend Yield of 2.46%.
Compared to an average industry Dividend Yield of 4.68, PROT is paying slightly less dividend.
PROT's Dividend Yield is comparable with the S&P500 average which is at 2.43.
Industry RankSector Rank
Dividend Yield 2.46%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

36.19% of the earnings are spent on dividend by PROT. This is a low number and sustainable payout ratio.
DP36.19%
EPS Next 2Y14.67%
EPS Next 3Y12.18%
PROT.OL Yearly Income VS Free CF VS DividendPROT.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B 1.5B
PROT.OL Dividend Payout.PROT.OL Dividend Payout, showing the Payout Ratio.PROT.OL Dividend Payout.PayoutRetained Earnings

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PROTECTOR FORSIKRING ASA

OSL:PROT (5/6/2025, 4:19:50 PM)

378.5

+4.5 (+1.2%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)04-24 2025-04-24
Earnings (Next)07-11 2025-07-11
Inst Owners36%
Inst Owner ChangeN/A
Ins Owners1.74%
Ins Owner ChangeN/A
Market Cap31.23B
Analysts84.44
Price Target379.95 (0.38%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.46%
Yearly Dividend9
Dividend Growth(5Y)N/A
DP36.19%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.68%
PT rev (3m)4.2%
EPS NQ rev (1m)-31.22%
EPS NQ rev (3m)N/A
EPS NY rev (1m)-9.5%
EPS NY rev (3m)-8.98%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)4.86%
Revenue NY rev (3m)4.86%
Valuation
Industry RankSector Rank
PE 17.07
Fwd PE 15.59
P/S 2.44
P/FCF N/A
P/OCF N/A
P/B 5.4
P/tB 5.51
EV/EBITDA N/A
EPS(TTM)22.17
EY5.86%
EPS(NY)24.28
Fwd EY6.41%
FCF(TTM)-3.64
FCFYN/A
OCF(TTM)-2.79
OCFYN/A
SpS155.02
BVpS70.1
TBVpS68.7
PEG (NY)1.3
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 6.68%
ROE 31.52%
ROCE 10.18%
ROIC 7.75%
ROICexc 7.81%
ROICexgc 8.48%
OM 21.23%
PM (TTM) 14.25%
GM N/A
FCFM N/A
ROA(3y)7.22%
ROA(5y)6.78%
ROE(3y)32.76%
ROE(5y)33%
ROIC(3y)7.88%
ROIC(5y)6.75%
ROICexc(3y)8%
ROICexc(5y)6.86%
ROICexgc(3y)8.73%
ROICexgc(5y)8.12%
ROCE(3y)10.35%
ROCE(5y)8.87%
ROICexcg growth 3Y-2.94%
ROICexcg growth 5YN/A
ROICexc growth 3Y6.7%
ROICexc growth 5YN/A
OM growth 3Y-8.32%
OM growth 5YN/A
PM growth 3Y-15.26%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.47
Health
Industry RankSector Rank
Debt/Equity 0.46
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 0.55%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.06
Quick Ratio 0.06
Altman-Z 1.91
F-Score4
WACC8.37%
ROIC/WACC0.93
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)0.62%
Cap/Sales(5y)0.61%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)36.45%
EPS 3Y7.66%
EPS 5YN/A
EPS Q2Q%62.85%
EPS Next Y13.15%
EPS Next 2Y14.67%
EPS Next 3Y12.18%
EPS Next 5YN/A
Revenue 1Y (TTM)20.81%
Revenue growth 3Y27.1%
Revenue growth 5Y22.85%
Sales Q2Q%19.76%
Revenue Next Year15.85%
Revenue Next 2Y12.5%
Revenue Next 3Y13.78%
Revenue Next 5YN/A
EBIT growth 1Y32.43%
EBIT growth 3Y16.52%
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-132.95%
FCF growth 3Y10.04%
FCF growth 5Y-2.19%
OCF growth 1Y-124.06%
OCF growth 3Y10.09%
OCF growth 5Y-1.74%