Upcoming Dividend • Mar 20
Upcoming dividend of kr13.50 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 08 April 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 6.4%. Lower than top quartile of Norwegian dividend payers (7.4%). In line with average of industry peers (6.0%). Reported Earnings • Feb 18
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: kr19.08. Revenue: kr8.92b (flat on FY 2024). Net income: kr4.28b (up 48% from FY 2024). Profit margin: 48% (up from 32% in FY 2024). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Banks industry in Norway. Declared Dividend • Feb 15
Dividend increased to kr13.50 Dividend of kr13.50 is 8.0% higher than last year. Ex-date: 27th March 2026 Payment date: 8th April 2026 Dividend yield will be 6.6%, which is higher than the industry average of 5.8%. Sustainability & Growth Dividend is covered by earnings (66% payout ratio) and is expected to be covered in 3 years' time (67% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 13
SpareBank 1 SMN announces Annual dividend, payable on April 08, 2026 SpareBank 1 SMN announced Annual dividend of NOK 13.5000 per share payable on April 08, 2026, ex-date on March 27, 2026 and record date on March 30, 2026. Announcement • Nov 26
SpareBank 1 SMN, Annual General Meeting, Mar 26, 2026 SpareBank 1 SMN, Annual General Meeting, Mar 26, 2026. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: kr8.12 (vs kr6.42 in 3Q 2024) Third quarter 2025 results: EPS: kr8.12 (up from kr6.42 in 3Q 2024). Revenue: kr2.57b (up 2.7% from 3Q 2024). Net income: kr1.17b (up 27% from 3Q 2024). Profit margin: 46% (up from 37% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.7% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 20% per year. Announcement • Sep 02
SpareBank 1 SMN (OB:MING) completed the acquisition of an additional 20% stake in SpareBank 1 Markets AS. SpareBank 1 SMN (OB:MING) acquired an additional 20% stake in SpareBank 1 Markets AS on September 1, 2025. Upon completion, SpareBank 1 SMN will own 31.9 % stake in SpareBank 1 Markets AS. The transaction has a positive, but limited, financial effect which will be conclusively determined after completion of the transaction.
SpareBank 1 SMN (OB:MING) completed the acquisition of an additional 20% stake in SpareBank 1 Markets AS on September 1, 2025. Reported Earnings • Aug 10
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: kr4.99 (up from kr4.43 in 2Q 2024). Revenue: kr2.32b (up 11% from 2Q 2024). Net income: kr720.0m (up 13% from 2Q 2024). Profit margin: 31% (in line with 2Q 2024). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.1%. Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • May 09
First quarter 2025 earnings: Revenues exceed analyst expectations First quarter 2025 results: Revenue: kr2.12b (flat on 1Q 2024). Net income: kr983.0m (up 45% from 1Q 2024). Profit margin: 46% (up from 32% in 1Q 2024). Revenue exceeded analyst estimates by 1.1%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Norway. Recent Insider Transactions • Apr 03
Group Chief Executive Officer recently bought kr547k worth of stock On the 31st of March, Jan-Frode Janson bought around 3k shares on-market at roughly kr182 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jan-Frode's only on-market trade for the last 12 months. Announcement • Mar 18
SpareBank 1 SMN Appoints Johan-Petter Winsnes as Executive Director, Economic Crime and Business Support SpareBank 1 SMN announced Johan-Petter Winsnes appointed as executive director, Economic Crime and Business Support. Johan-Petter Winsnes (49) has acted in this position since 1 January 2025. He joined SpareBank 1 SMN in 2012 and has broad-based experience in banking, including as longstanding head of People and Organisation. He has also managed the integration project with SpareBank 1 Søre Sunnmøre and other major organisational projects in the Group. SpareBank 1 SMN has adhered to the One SMN strategy since 2020. In that connection it was decided last year to establish a new division, Economic Crime and Business Support, to lend added drive and quality to efficiency enhancement efforts across all divisions throughout the Group. The Division has been operative since 1 January 2025. Its departments cover the following areas: economic crime, AML customer services, quality and business delivery across the group, along with real estate, security and procurements. Winsnes has acted as executive director of the Division since the turn of the year, and is now taking up the position on a permanent basis. The SpareBank 1 SMN’s group management team now comprises: Jan-Frode Janson, Group CEO; Trond Søraas, CFO; Monica Haftorn Iversen, executive director Retail Banking; Vegard Helland, executive director Corporate Banking; Johan-Petter Winsnes, executive director Economic Crime and Business Support; Ola Neråsen, executive director Risk Management; Astrid Undheim, executive director Technology and Development; Rolf Jarle Brøske, executive director Market, Communication and Digital Sales; Arne Nypan, CEO SpareBank 1 Regnskapshuset SMN and Kjetil Reinsberg, CEO EiendomsMegler 1 Midt-Norge. Upcoming Dividend • Mar 14
Upcoming dividend of kr12.50 per share Eligible shareholders must have bought the stock before 21 March 2025. Payment date: 28 March 2025. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 6.7%. Lower than top quartile of Norwegian dividend payers (9.3%). In line with average of industry peers (6.2%). Declared Dividend • Feb 14
Dividend increased to kr12.50 Dividend of kr12.50 is 4.2% higher than last year. Ex-date: 21st March 2025 Payment date: 28th March 2025 Dividend yield will be 7.1%, which is higher than the industry average of 5.8%. Sustainability & Growth Dividend is covered by earnings (61% payout ratio) and is expected to be covered in 3 years' time (65% forecast payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 33% to increase the payout ratio to a potentially unsustainable range. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 13
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: kr20.10 (up from kr16.88 in FY 2023). Revenue: kr8.95b (up 18% from FY 2023). Net income: kr4.49b (up 92% from FY 2023). Profit margin: 50% (up from 31% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.0%. Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
SpareBank 1 SMN Proposes Cash Dividend for 2024, Payable from 28 March 2025 SpareBank 1 SMN board of directors proposed to distribute a cash dividend for 2024 of NOK 12.50 per equity certificate. The formal decision regarding the dividend will be made in the Supervisory Board’s meeting on 20 March 2025. Payment date: from 28 March 2025, Ex-date: 21 March 2025, Date of approval: 20 March 2025. Last day including right: 20 March 2025. Recent Insider Transactions • Dec 22
Employee Representative Director recently bought kr337k worth of stock On the 18th of December, Inge Lindseth bought around 2k shares on-market at roughly kr168 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr838k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 03
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: kr6.42 (up from kr3.28 in 3Q 2023). Revenue: kr2.50b (up 42% from 3Q 2023). Net income: kr1.42b (up 201% from 3Q 2023). Profit margin: 57% (up from 27% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Banks industry in Norway are expected to grow by 1.0%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: kr4.43 (vs kr4.28 in 2Q 2023) Second quarter 2024 results: EPS: kr4.43 (up from kr4.28 in 2Q 2023). Revenue: kr2.11b (up 20% from 2Q 2023). Net income: kr985.0m (up 71% from 2Q 2023). Profit margin: 47% (up from 33% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 22
Insider recently bought kr401k worth of stock On the 14th of May, Arne Nypan bought around 3k shares on-market at roughly kr149 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.1m more in shares than they have sold in the last 12 months. Reported Earnings • May 10
First quarter 2024 earnings: Revenues miss analyst expectations First quarter 2024 results: Revenue: kr2.14b (up 25% from 1Q 2023). Net income: kr1.06b (up 123% from 1Q 2023). Profit margin: 50% (up from 28% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 4.9%. Revenue is forecast to stay flat during the next 3 years compared to a 1.3% growth forecast for the Banks industry in Norway. Upcoming Dividend • Mar 15
Upcoming dividend of kr12.00 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 03 April 2024. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 8.2%. Within top quartile of Norwegian dividend payers (7.5%). Higher than average of industry peers (7.2%). Declared Dividend • Feb 11
Dividend of kr12.00 announced Shareholders will receive a dividend of kr12.00. Ex-date: 22nd March 2024 Payment date: 3rd April 2024 Dividend yield will be 8.4%, which is higher than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by earnings (44% payout ratio) and is expected to be covered in 3 years' time (69% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 49% over the next 3 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range. Announcement • Jan 23
SpareBank 1 SMN to Report Fiscal Year 2023 Final Results on Feb 29, 2024 SpareBank 1 SMN announced that they will report fiscal year 2023 final results on Feb 29, 2024 Reported Earnings • Nov 05
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: kr5.09 (up from kr2.89 in 3Q 2022). Revenue: kr1.76b (up 19% from 3Q 2022). Net income: kr732.0m (up 96% from 3Q 2022). Profit margin: 42% (up from 25% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: kr4.21 (vs kr3.20 in 2Q 2022) Second quarter 2023 results: EPS: kr4.21 (up from kr3.20 in 2Q 2022). Revenue: kr1.77b (up 7.9% from 2Q 2022). Net income: kr887.0m (up 115% from 2Q 2022). Profit margin: 50% (up from 25% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. New Risk • Jun 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Recent Insider Transactions • May 15
Insider recently bought kr215k worth of stock On the 11th of May, Arne Nypan bought around 2k shares on-market at roughly kr130 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr999k. Insiders have collectively bought kr3.6m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 30
Insider recently bought kr367k worth of stock On the 28th of March, Rolf Broske bought around 3k shares on-market at roughly kr122 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr2.4m more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 22
Upcoming dividend of kr6.50 per share at 5.2% yield Eligible shareholders must have bought the stock before 29 March 2023. Payment date: 11 April 2023. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Norwegian dividend payers (8.0%). Lower than average of industry peers (6.4%). Reported Earnings • Mar 10
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: kr12.82 (down from kr13.31 in FY 2021). Revenue: kr5.95b (up 2.1% from FY 2021). Net income: kr1.66b (down 3.7% from FY 2021). Profit margin: 28% (down from 30% in FY 2021). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 42.0% (up from 41.0% in FY 2021). Non-performing loans: 1.34% (down from 2.23% in FY 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 09
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: kr20.54 (up from kr13.31 in FY 2021). Revenue: kr5.95b (down 8.6% from FY 2021). Net income: kr2.66b (up 54% from FY 2021). Profit margin: 45% (up from 27% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Feb 09
SpareBank 1 SMN Recommends Cash Dividend for the Year Ended December 31, 2022 The board of directors of SpareBank 1 SMN will recommend the supervisory board to set a cash dividend for the year ended December 31, 2022 of NOK 6.50 per equity certificate (NOK 7.50) representing 50.7% of the net profit, and to allocate NOK 474 million (NOK 547 million) to community dividend. The community dividend contributes to strengthening the region and the bank's market position. The proposed distribution is in line with the group's dividend policy. Recent Insider Transactions • Dec 03
Group Chief Executive Officer recently bought kr588k worth of stock On the 1st of December, Jan-Frode Janson bought around 5k shares on-market at roughly kr118 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jan-Frode's only on-market trade for the last 12 months. 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. 9 non-independent directors. Director Eli Skrovset was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 06
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: kr1.63b (down 3.9% from 1Q 2021). Net income: kr667.0m (up 52% from 1Q 2021). Profit margin: 41% (up from 26% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 2.2%, compared to a 8.9% growth forecast for the industry in Norway. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. No independent directors (9 non-independent directors). Director Freddy Aurso was the last director to join the board, commencing their role in 2021. 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 • Mar 18
Upcoming dividend of kr7.50 per share Eligible shareholders must have bought the stock before 25 March 2022. Payment date: 01 April 2022. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Norwegian dividend payers (6.1%). In line with average of industry peers (4.9%). Reported Earnings • Mar 05
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: kr13.31 (up from kr8.87 in FY 2020). Revenue: kr6.50b (up 23% from FY 2020). Net income: kr1.72b (up 50% from FY 2020). Profit margin: 27% (up from 22% in FY 2020). The increase in margin was driven by higher revenue. Cost-to-income ratio: 51.0% (up from 47.0% in FY 2020). Non-performing loans: 2.23% (up from 1.67% in FY 2020). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the banks industry in Norway. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Price Target Changed • Feb 11
Price target increased to kr166 Up from kr154, the current price target is an average from 3 analysts. New target price is 8.5% above last closing price of kr153. Stock is up 52% over the past year. The company is forecast to post earnings per share of kr13.02 for next year compared to kr8.87 last year. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS kr5.15 (vs kr2.35 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: kr1.29b (down 1.2% from 3Q 2020). Net income: kr666.0m (up 120% from 3Q 2020). Profit margin: 52% (up from 23% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Price Target Changed • Oct 13
Price target increased to kr148 Up from kr137, the current price target is an average from 4 analysts. New target price is 6.2% above last closing price of kr139. Stock is up 62% over the past year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS kr3.51 (vs kr3.27 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: kr1.41b (down 9.1% from 2Q 2020). Net income: kr755.0m (up 78% from 2Q 2020). Profit margin: 54% (up from 27% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from kr11.53 to kr13.02. Revenue forecast steady at kr6.51b. Net income forecast to grow 94% next year vs 48% growth forecast for Banks industry in Norway. Consensus price target broadly unchanged at kr135. Share price rose 2.2% to kr129 over the past week. Upcoming Dividend • Mar 19
Upcoming Dividend of kr1.30 Per Share Will be paid on the 7th of April to those who are registered shareholders by the 26th of March. The trailing yield of 1.2% is below the top quartile of Norwegian dividend payers (4.9%), and is lower than industry peers (4.5%). Reported Earnings • Mar 07
Full year 2020 earnings released: EPS kr8.87 (vs kr12.14 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: kr5.33b (down 9.4% from FY 2019). Net income: kr1.15b (down 27% from FY 2019). Profit margin: 22% (down from 27% in FY 2019). The decrease in margin was driven by lower revenue. Cost-to-income ratio: 47.0% (up from 45.0% in FY 2019). Non-performing loans: 0.34% (no change from 0.34% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 07
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 17%, compared to a 19% growth forecast for the Banks industry in Norway. Is New 90 Day High Low • Mar 03
New 90-day high: kr105 The company is up 11% from its price of kr94.70 on 03 December 2020. The Norwegian market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr148 per share. Analyst Estimate Surprise Post Earnings • Feb 10
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 19%, compared to a 17% growth forecast for the Banks industry in Norway. Reported Earnings • Feb 08
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: kr5.33b (down 9.4% from FY 2019). Net income: kr1.15b (down 27% from FY 2019). Profit margin: 22% (down from 27% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 19
New 90-day high: kr104 The company is up 23% from its price of kr84.50 on 21 October 2020. The Norwegian market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr148 per share. Price Target Changed • Jan 15
Price target raised to kr109 Up from kr100.00, the current price target is an average from 4 analysts. The new target price is 7.7% above the current share price of kr101. As of last close, the stock is down 1.9% over the past year. 
