New Risk • Aug 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr943.2m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr943.2m market cap, or US$99.8m). Reported Earnings • Aug 13
Second quarter 2026 earnings: Revenues exceed analyst expectations Second quarter 2026 results: Revenue: kr50.9m (down 5.2% from 2Q 2025). Net income: kr23.6m (down 10% from 2Q 2025). Profit margin: 46% (down from 49% in 2Q 2025). Revenue exceeded analyst estimates by 22%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 04
Now 20% undervalued Over the last 90 days, the stock has risen 18% to kr500. The fair value is estimated to be kr629, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to decline by 2.9% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Major Estimate Revision • May 31
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr187.3m to kr167.3m. EPS estimate fell from kr40.93 to kr34.12 per share. Net income forecast to grow 2.4% next year vs 91% growth forecast for Banks industry in Norway. Consensus price target of kr500 unchanged from last update. Share price rose 2.1% to kr490 over the past week. Reported Earnings • May 18
First quarter 2026 earnings: Revenues miss analyst expectations First quarter 2026 results: Revenue: kr44.2m (down 4.4% from 1Q 2025). Net income: kr16.4m (down 18% from 1Q 2025). Profit margin: 37% (down from 43% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 11%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 28
Price target increased by 14% to kr500 Up from kr438, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of kr505. Stock is up 39% over the past year. The company is forecast to post earnings per share of kr40.93 for next year compared to kr38.20 last year. Upcoming Dividend • Apr 23
Upcoming dividend of kr18.75 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 11 May 2026. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of Norwegian dividend payers (7.4%). Lower than average of industry peers (5.8%). Buy Or Sell Opportunity • Apr 21
Now 22% undervalued Over the last 90 days, the stock has risen 26% to kr492. The fair value is estimated to be kr634, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Feb 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: kr40.22. Revenue: kr196.9m (up 3.8% from FY 2024). Net income: kr88.6m (down 2.4% from FY 2024). Profit margin: 45% (down from 48% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.8%. Revenue is forecast to stay flat during the next 2 years compared to a 2.8% growth forecast for the Banks industry in Norway. Reported Earnings • Nov 03
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: kr8.31 (down from kr10.54 in 3Q 2024). Revenue: kr47.6m (down 7.1% from 3Q 2024). Net income: kr19.4m (down 21% from 3Q 2024). Profit margin: 41% (down from 48% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 24% per year. Major Estimate Revision • May 28
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr179.9m to kr165.7m. EPS estimate also fell from kr41.87 per share to kr36.75 per share. Net income forecast to grow 2.5% next year vs 117% growth forecast for Banks industry in Norway. Consensus price target of kr397 unchanged from last update. Share price was steady at kr362 over the past week. Buy Or Sell Opportunity • May 19
Now 21% undervalued Over the last 90 days, the stock has risen 13% to kr362. The fair value is estimated to be kr459, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 5.6% in 2 years. Earnings are forecast to grow by 6.8% in the next 2 years. Reported Earnings • May 18
First quarter 2025 earnings: Revenues miss analyst expectations First quarter 2025 results: Revenue: kr46.3m (up 3.9% from 1Q 2024). Net income: kr20.0m (down 3.8% from 1Q 2024). Profit margin: 43% (down from 47% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 14%. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Banks industry in Norway. Price Target Changed • Apr 23
Price target increased by 12% to kr397 Up from kr354, the current price target is provided by 1 analyst. New target price is 11% above last closing price of kr358. Stock is up 33% over the past year. The company is forecast to post earnings per share of kr42.36 for next year compared to kr33.04 last year. Upcoming Dividend • Apr 23
Upcoming dividend of kr16.50 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 09 May 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Norwegian dividend payers (9.1%). Lower than average of industry peers (6.3%). Declared Dividend • Feb 27
Dividend increased to kr16.50 Dividend of kr16.50 is 17% higher than last year. Ex-date: 30th April 2025 Payment date: 9th May 2025 Dividend yield will be 4.9%, which is lower than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by earnings (34% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 26
Voss Veksel- og Landmandsbank ASA announces Annual dividend, payable on May 09, 2025 Voss Veksel- og Landmandsbank ASA announced Annual dividend of NOK 16.5000 per share payable on May 09, 2025, ex-date on April 30, 2025 and record date on May 02, 2025. Announcement • Feb 13
Voss Veksel- og Landmandsbank ASA, Annual General Meeting, Apr 29, 2025 Voss Veksel- og Landmandsbank ASA, Annual General Meeting, Apr 29, 2025. Major Estimate Revision • Jan 29
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr156.0m to kr157.7m. EPS estimate increased from kr37.81 to kr42.36 per share. Net income forecast to shrink 4.6% next year vs 98% growth forecast for Banks industry in Norway . Consensus price target up from kr304 to kr354. Share price rose 3.1% to kr328 over the past week. Price Target Changed • Jan 28
Price target increased by 20% to kr354 Up from kr294, the current price target is provided by 1 analyst. New target price is 9.9% above last closing price of kr322. Stock is up 26% over the past year. The company is forecast to post earnings per share of kr42.36 for next year compared to kr33.04 last year. Reported Earnings • Nov 03
Third quarter 2024 earnings: Revenues exceed analyst expectations Third quarter 2024 results: Revenue: kr51.2m (up 14% from 3Q 2023). Net income: kr24.5m (up 31% from 3Q 2023). Profit margin: 48% (up from 42% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Revenue is expected to decline by 4.4% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to grow by 1.0%. Reported Earnings • Aug 20
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 20
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr18.99 (up from kr7.80 in 2Q 2023). Revenue: kr91.4m (up 125% from 2Q 2023). Net income: kr44.2m (up 141% from 2Q 2023). Profit margin: 48% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 31
Price target increased by 7.3% to kr294 Up from kr274, the current price target is provided by 1 analyst. New target price is 8.9% above last closing price of kr270. Stock is up 27% over the past year. The company is forecast to post earnings per share of kr37.54 for next year compared to kr33.04 last year. Reported Earnings • May 19
First quarter 2024 earnings: Revenues miss analyst expectations First quarter 2024 results: Revenue: kr44.5m (up 23% from 1Q 2023). Net income: kr20.7m (up 48% from 1Q 2023). Profit margin: 47% (up from 39% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to grow by 1.1%. Upcoming Dividend • Apr 19
Upcoming dividend of kr14.10 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 06 May 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Norwegian dividend payers (7.8%). Lower than average of industry peers (7.3%). Reported Earnings • Feb 18
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: kr33.04 (up from kr23.60 in FY 2022). Revenue: kr171.3m (up 32% from FY 2022). Net income: kr77.7m (up 43% from FY 2022). Profit margin: 45% (up from 42% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 16
Dividend of kr14.10 announced Shareholders will receive a dividend of kr14.10. Ex-date: 26th April 2024 Payment date: 6th May 2024 Dividend yield will be 5.6%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (37% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Jan 24
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from kr30.43 to kr34.46. Revenue forecast steady at kr154.7m. Net income forecast to grow 15% next year vs 104% growth forecast for Banks industry in Norway. Consensus price target broadly unchanged at kr274. Share price rose 2.5% to kr248 over the past week. Reported Earnings • Aug 17
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: kr7.80 (up from kr7.01 in 2Q 2022). Revenue: kr40.6m (up 28% from 2Q 2022). Net income: kr18.4m (up 18% from 2Q 2022). Profit margin: 45% (down from 49% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Apr 20
Upcoming dividend of kr10.50 per share at 4.4% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 08 May 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Norwegian dividend payers (8.5%). Lower than average of industry peers (6.1%). Price Target Changed • Feb 22
Price target increased by 7.8% to kr264 Up from kr245, the current price target is provided by 1 analyst. New target price is 18% above last closing price of kr224. Stock is down 3.4% over the past year. The company is forecast to post earnings per share of kr28.57 for next year compared to kr23.60 last year. Reported Earnings • Feb 13
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: kr23.60 (up from kr20.09 in FY 2021). Revenue: kr130.2m (up 19% from FY 2021). Net income: kr54.2m (up 21% from FY 2021). Profit margin: 42% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Dec 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be kr265, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Price Target Changed • Nov 16
Price target decreased to kr235 Down from kr262, the current price target is provided by 1 analyst. New target price is 16% above last closing price of kr202. Stock is up 3.1% over the past year. The company is forecast to post earnings per share of kr22.74 for next year compared to kr20.09 last year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Deputy Director Gunvall Medhus was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be kr249, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.0%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 34% in the next 2 years. Reported Earnings • May 15
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: kr25.0m (down 7.5% from 1Q 2021). Net income: kr8.31m (down 20% from 1Q 2021). Profit margin: 33% (down from 39% in 1Q 2021). Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 10%, compared to a 9.2% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 20
Upcoming dividend of kr10.05 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Norwegian dividend payers (6.1%). Lower than average of industry peers (5.0%). Buying Opportunity • Apr 05
Now 21% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be kr337, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.8%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings is also forecast to grow by 7.2% per annum over the same time period. Reported Earnings • Feb 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr20.24 (up from kr14.98 in FY 2020). Revenue: kr109.5m (up 11% from FY 2020). Net income: kr44.6m (up 34% from FY 2020). Profit margin: 41% (up from 34% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 4.5%, compared to a 11% growth forecast for the banks industry in Norway. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Price Target Changed • Jan 20
Price target increased to kr246 Up from kr211, the current price target is provided by 1 analyst. New target price is 15% above last closing price of kr214. Stock is up 29% over the past year. The company is forecast to post earnings per share of kr19.97 for next year compared to kr14.98 last year. Reported Earnings • Nov 01
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr27.9m (up 1.9% from 3Q 2020). Net income: kr10.2m (down 11% from 3Q 2020). Profit margin: 37% (down from 42% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 25
Upcoming dividend of kr10.30 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 11 May 2021. Trailing yield: 5.7%. Within top quartile of Norwegian dividend payers (5.0%). Higher than average of industry peers (4.6%). Price Target Changed • Apr 25
Price target increased to kr211 Up from kr185, the current price target is provided by 1 analyst. New target price is 17% above last closing price of kr181. Stock is up 29% over the past year. Is New 90 Day High Low • Mar 01
New 90-day high: kr171 The company is up 7.0% from its price of kr160 on 01 December 2020. The Norwegian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is up 6.0% over the same period. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS kr14.98 (vs kr23.35 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: kr99.1m (down 9.0% from FY 2019). Net income: kr33.3m (down 29% from FY 2019). Profit margin: 34% (down from 43% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year and the company’s share price has also increased by 10% per year. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 15%, compared to a 16% growth forecast for the Banks industry in Norway. Is New 90 Day High Low • Jan 14
New 90-day high: kr166 The company is up 6.0% from its price of kr156 on 16 October 2020. The Norwegian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: kr162 The company is up 3.0% from its price of kr158 on 18 September 2020. The Norwegian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 15% over the same period. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of kr40.6m, down 6.4% from the prior year. Total revenue was kr102.1m over the last 12 months, down 3.3% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 24
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 1.1% at kr28.1m. Revenue is forecast to grow 11% over the next year, compared to a 24% growth forecast for the Banks industry in Norway.