Reported Earnings • May 05
First quarter 2026 earnings released: EPS: kr4.48 (vs kr4.79 in 1Q 2025) First quarter 2026 results: EPS: kr4.48. Revenue: kr3.15b (up 60% from 1Q 2025). Net income: kr1.98b (up 276% from 1Q 2025). Profit margin: 63% (up from 27% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Banks industry in Norway. Upcoming Dividend • Mar 20
Upcoming dividend of kr12.00 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 08 April 2026. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Norwegian dividend payers (7.3%). In line with average of industry peers (6.1%). Recent Insider Transactions • Feb 13
Insider recently sold kr3.0m worth of stock On the 12th of February, Siren Sundland sold around 15k shares on-market at roughly kr199 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr11m more than they bought in the last 12 months. Announcement • Feb 04
Sparebanken Norge to Report Fiscal Year 2025 Final Results on Mar 27, 2026 Sparebanken Norge announced that they will report fiscal year 2025 final results on Mar 27, 2026 Buy Or Sell Opportunity • Feb 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to kr194. The fair value is estimated to be kr162, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Declared Dividend • Feb 02
Dividend increased to kr12.00 Dividend of kr12.00 is 41% higher than last year. Ex-date: 27th March 2026 Payment date: 8th April 2026 Dividend yield will be 6.3%, which is higher than the industry average of 5.8%. Sustainability & Growth Dividend is covered by earnings (50% payout ratio) and is expected to be covered in 3 years' time (67% forecast payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 5.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Feb 01
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from kr15.26 to kr17.17. Revenue forecast steady at kr13.0b. Net income forecast to grow 208% next year vs 80% growth forecast for Banks industry in Norway. Consensus price target up from kr195 to kr205. Share price rose 2.4% to kr192 over the past week. Announcement • Jan 31
Sparebanken Norge announces Annual dividend, payable on April 08, 2026 Sparebanken Norge announced Annual dividend of NOK 12.0000 per share payable on April 08, 2026, ex-date on March 27, 2026 and record date on March 30, 2026. Buy Or Sell Opportunity • Dec 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to kr194. The fair value is estimated to be kr162, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 203% in the next 2 years. New Risk • Dec 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major 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. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Dec 02
Sparebanken Norge (OB:SBNOR) completed the acquisition of Oslofjord Sparebank. Sparebanken Norge (OB:SBNOR) agreed to acquire Oslofjord Sparebank for approximately NOK 650 million on May 14, 2025. Sparebanken Norge will issue 3,670,937 equity certificates as consideration to Sparebankstiftelsen Oslofjord, in addition to Sparebankstiftelsen Oslofjord receiving a cash consideration of NOK 123 million.
Transaction is subject to approval of Sparebanken's board, shareholders and regulatory approval. The transaction has been approved by the board and shareholders of Sparebanken Norge. As of June 16, 2025, supervisory board of Oslofjord Sparebank approved the deal. Transaction will be completed on December 1, 2025.As of July 25, 2025, the Norwegian Competition Authority has today cleared the merger. As announced on November 14, 2025, Effective from December 1, 2025, Sparebanken Norge will assume all obligations as issuer for the bond loans previously issued by Oslofjord Sparebank. The bonds, which are currently listed on Nordic ABM under the ticker “FOSB”, will from the same date be traded under the new ticker “SBNOR”.
Norne Securities AS acted as financial advisor to Sparebanken Norge and Oslofjord Sparebank. Advokatfirmaet Selmer DA acted as legal advisor to Sparebanken Norge and Oslofjord Sparebank. No changes are proposed to the Group Executive Management or the Board of Directors of Sparebanken Norge as a result of the merger. The CEO of Oslofjord Sparebank, Bjørn-Erik Øverland, will be employed as CEO of Oslofjord Sparebank until the completion of the merger.
Sparebanken Norge (OB:SBNOR) completed the acquisition of Oslofjord Sparebank on December 1, 2025. Reported Earnings • Nov 09
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: kr4.01. Revenue: kr3.29b (up 63% from 3Q 2024). Net income: kr1.68b (up 246% from 3Q 2024). Profit margin: 51% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 8.5%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Banks industry in Norway. Price Target Changed • Aug 21
Price target increased by 10.0% to kr180 Up from kr164, the current price target is an average from 3 analysts. New target price is 5.1% above last closing price of kr172. Stock is up 27% over the past year. The company is forecast to post earnings per share of kr15.30 for next year compared to kr16.67 last year. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: kr4.33 (up from kr3.91 in 2Q 2024). Revenue: kr3.03b (up 62% from 2Q 2024). Net income: kr1.70b (up 295% from 2Q 2024). Profit margin: 56% (up from 23% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 21% per year. Announcement • May 23
Sparebanken Norge, Annual General Meeting, Mar 26, 2026 Sparebanken Norge, Annual General Meeting, Mar 26, 2026. Announcement • May 14
Sparebanken Norge agreed to acquire Oslofjord Sparebank. Sparebanken Norge (OB:SBNOR) agreed to acquire Oslofjord Sparebank for NOK 646 milion on May 14, 2025. Sparebanken Norge will issue 3,670,937 equity certificates as consideration to Sparebankstiftelsen Oslofjord, in addition to Sparebankstiftelsen Oslofjord receiving a cash consideration of NOK 123 million.
Transaction is subject to approval of Sparebanken's board, shareholders and regulatory approval. Transaction will be completed on December 1, 2025.
Norne Securities AS acted as financial advisor to Sparebanken Norge and Oslofjord Sparebank. Advokatfirmaet Selmer DA acted as legal advisor to Sparebanken Norge and Oslofjord Sparebank. No changes are proposed to the Group Executive Management or the Board of Directors of Sparebanken Norge as a result of the merger. The CEO of Oslofjord Sparebank, Bjørn-Erik Øverland, will be employed as CEO of Oslofjord Sparebank until the completion of the merger. Reported Earnings • May 02
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: kr4.78 (up from kr4.40 in 1Q 2024). Revenue: kr1.96b (up 16% from 1Q 2024). Net income: kr1.33b (up 176% from 1Q 2024). Profit margin: 68% (up from 28% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Revenue is forecast to grow 17% p.a. on average 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 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 03
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: kr16.67 (up from kr12.75 in FY 2023). Revenue: kr7.53b (up 22% from FY 2023). Net income: kr1.83b (up 31% from FY 2023). Profit margin: 24% (up from 23% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 1.85% (up from 1.79% in FY 2023). Cost-to-income ratio: 25.2% (down from 28.3% in FY 2023). Non-performing loans: 0.18% (down from 0.31% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 18% p.a. on average 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 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 25
Executive VP recently sold kr5.1m worth of stock On the 21st of March, Jan Kjerpeseth sold around 34k shares on-market at roughly kr148 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jan has been a net seller over the last 12 months, reducing personal holdings by kr5.7m. Upcoming Dividend • Mar 21
Upcoming dividend of kr8.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 07 April 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Norwegian dividend payers (8.8%). In line with average of industry peers (6.0%). Declared Dividend • Feb 10
Dividend increased to kr8.50 Dividend of kr8.50 is 13% higher than last year. Ex-date: 28th March 2025 Payment date: 7th April 2025 Dividend yield will be 6.1%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (46% payout ratio) and is expected to be covered in 3 years' time (67% forecast payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 49% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 07
Sparebanken Vest to Report Fiscal Year 2024 Results on Mar 28, 2025 Sparebanken Vest announced that they will report fiscal year 2024 results on Mar 28, 2025 Recent Insider Transactions • Dec 22
Executive VP recently sold kr650k worth of stock On the 18th of December, Jan Kjerpeseth sold around 5k shares on-market at roughly kr137 per share. This transaction amounted to 2.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jan's only on-market trade for the last 12 months. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: kr4.45. Revenue: kr2.02b (up 27% from 3Q 2023). Net income: kr1.00m (down 100% from 3Q 2023). Profit margin: 0% (down from 22% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Banks industry in Norway. Announcement • Oct 14
Sparebanken Vest, Annual General Meeting, Mar 27, 2025 Sparebanken Vest, Annual General Meeting, Mar 27, 2025. Announcement • Aug 29
Sparebanken Vest (OB:SVEG) agreed to acquire Sparebanken Sør (OB:SOR). Sparebanken Vest (OB:SVEG) agreed to acquire Sparebanken Sør (OB:SOR) on August 28, 2024. The new bank will thus have 67 offices from Sandefjord to Ålesund. Jan Erik Kjerpeseth, who is currently CEO of Sparebanken Vest, will become CEO of the new bank. The decision to merge must be approved at the banks' general meetings in October, and then by the relevant authorities. The merger is planned to be completed by the end of the first half of 2025. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: kr3.93 (up from kr2.85 in 2Q 2023). Revenue: kr1.86b (up 26% from 2Q 2023). Net income: kr1.10b (up 253% from 2Q 2023). Profit margin: 59% (up from 21% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 1.5% 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 21% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Apr 08
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: kr12.75 (up from kr10.28 in FY 2022). Revenue: kr6.19b (up 19% from FY 2022). Net income: kr1.40b (up 27% from FY 2022). Profit margin: 23% (up from 21% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 1.79% (up from 1.56% in FY 2022). Cost-to-income ratio: 28.3% (down from 33.0% in FY 2022). Non-performing loans: 0.31% (up from 0.21% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.5%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Board Change • Apr 08
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Agnethe Brekke was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 15
Upcoming dividend of kr7.50 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 04 April 2024. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Norwegian dividend payers (7.5%). Lower than average of industry peers (7.2%). Reported Earnings • Feb 04
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: kr6.19b (up 19% from FY 2022). Net income: kr3.55b (up 221% from FY 2022). Profit margin: 57% (up from 21% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Banks industry in Norway. Declared Dividend • Feb 04
Final dividend of kr7.50 announced Shareholders will receive a dividend of kr7.50. Ex-date: 22nd March 2024 Payment date: 4th April 2024 Dividend yield will be 8.8%, which is higher than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by earnings (48% payout ratio) and is expected to be covered in 3 years' time (55% forecast payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 5.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 03
Frendegruppen Announces Board Changes Frendegruppen has established an interim board to carry out the establishment of the cooperative company. The interim board will function as a temporary board until a permanent board is elected, tentatively in the second quarter of 2024. Heidi Nag Flikka, CEO of Flekkefjord Sparebank, takes on the role of chair of the interim board. Geir Bergskaug, managing director of Sparebanken Sør, steps in as deputy chair. Other board members are Pål Strand (Sparebanken Øst), Jan Erik Kjerpeseth (Sparebanken Vest), Bjørn Asle Hynne (Aasen Sparebank) and Vidar Skaar (Varig Nordmøre og Romsdal). Bent Eidem (LOKALBANK) and Espen Nilsen (De Samarbeidende Sparebanker) have roles as observers on the board. Frendegruppen is an umbrella organization with no target for own profit and where it is the companies themselves that have direct and optional ownership in one or more of the product companies. The associated product companies are Balder Betaling, Frende Forsikring, Brage Finans, Norne Securities and Verd Boligkreditt. Frendegruppen will coordinate and develop the cooperation between the members, represent the banks in selected areas and make the cooperation visible as an attractive alternative to closely integrated alliances. On 23 January 2024, Hans Olav Ingdal stepped down from his role as Executive Vice President for Banking Services at Sparebanken Vest to become CEO of the Frendegruppen. Together with the interim board and a subsequent permanent board, Ingdal will lead the administrative creation of the company, establish the necessary regulatory framework and set strategic direction for the collaboration. goal is to become the preferred partner company for banks that are concerned with long-term independence and freedom of choice, says Ingdal. Reported Earnings • Oct 27
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: kr3.18 (up from kr3.11 in 3Q 2022). Revenue: kr1.59b (up 6.0% from 3Q 2022). Net income: kr886.0m (up 166% from 3Q 2022). Profit margin: 56% (up from 22% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Upcoming Dividend • Oct 19
Upcoming dividend of kr3.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 26 October 2023. Payment date: 01 November 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Norwegian dividend payers (8.9%). In line with average of industry peers (5.6%). Announcement • Sep 22
Sparebanken Vest Proposes Additional Profit Distribution for the Accounting Year 2022, Payable on or Around 1 November 2023 Sparebanken Vest has resolved to propose to the General Meeting an additional profit distribution for the accounting year 2022. The proposed additional distribution for the accounting year 2022 amounts to approximately NOK 811 million, whereof donations for the public benefit amounts to about NOK 482 million and the cash dividend to equity capital certificate holders amounts to NOK 329 million, equivalent to NOK 3 per equity capital certificate. The rate of distribution is equal between the equity certificate capital and the primary capital, meaning that the owner fraction will be stable. Based on the CET1 ratio as of Second Quarter 2023, the additional distribution would have reduced this by about 80 basis points, from 18.6 % to 17.8 %. The proposed distribution will be accounted for in the CET1 ratio to be reported as of Third Quarter 2023. The proposal will be dealt with by the General Meeting on 25 October 2023. Subject to approval by the General Meeting, the additional distribution is expected to be paid out on or around 1 November 2023. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: kr2.84 (up from kr2.07 in 2Q 2022). Revenue: kr1.48b (up 30% from 2Q 2022). Net income: kr787.0m (up 255% from 2Q 2022). Profit margin: 53% (up from 20% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 5.3% 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 20% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • Mar 16
Upcoming dividend of kr5.50 per share at 6.1% yield Eligible shareholders must have bought the stock before 23 March 2023. Payment date: 31 March 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Norwegian dividend payers (7.8%). In line with average of industry peers (6.5%). Reported Earnings • Feb 05
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Revenue: kr5.19b (up 13% from FY 2021). Net income: kr2.82b (up 187% from FY 2021). Profit margin: 54% (up from 21% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 1.2%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in Norway. Announcement • Feb 03
Sparebanken Vest Proposes Dividend for the Financial Year 2022 Sparebanken Vest board of directors proposed a dividend totalling NOK 603 million, corresponding to NOK 5.50 (4.50) per equity certificate. Announcement • Jan 30
Sparebanken Vest to Report Fiscal Year 2022 Final Results on Mar 31, 2023 Sparebanken Vest announced that they will report fiscal year 2022 final results on Mar 31, 2023 Recent Insider Transactions • Nov 29
Independent Deputy Chairman recently bought kr63k worth of stock On the 28th of November, Magne Morken bought around 721 shares on-market at roughly kr87.61 per share. This transaction amounted to 7.8% 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 Magne's only on-market trade for the last 12 months. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Deputy Chairman Magne Morken was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.3%. The fair value is estimated to be kr111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 939% in the next 2 years. Reported Earnings • Oct 27
Second quarter 2022 earnings released: EPS: kr2.07 (vs kr2.17 in 2Q 2021) Second quarter 2022 results: EPS: kr2.07 (down from kr2.17 in 2Q 2021). Revenue: kr1.14b (flat on 2Q 2021). Net income: kr222.0m (down 4.3% from 2Q 2021). Profit margin: 20% (in line with 2Q 2021). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Major Estimate Revision • Oct 27
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr5.00b to kr5.29b. EPS estimate increased from kr9.18 to kr10.31 per share. Net income forecast to grow 167% next year vs 96% growth forecast for Banks industry in Norway. Consensus price target broadly unchanged at kr110. Share price rose 3.1% to kr89.00 over the past week. Buying Opportunity • Sep 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be kr112, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 171% in the next 2 years. Buying Opportunity • Aug 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be kr114, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 172% in the next 2 years. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: kr2.07. Revenue: kr1.14b (flat on 2Q 2021). Net income: kr567.0m (up 144% from 2Q 2021). Profit margin: 50% (up from 20% in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 8.2%, compared to a 8.4% growth forecast for the industry in Norway. Buying Opportunity • Jul 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 159% in the next 2 years. Buying Opportunity • Jun 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be kr111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 158% in the next 2 years. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: kr2.77 (up from kr2.05 in 1Q 2021). Revenue: kr1.25b (up 30% from 1Q 2021). Net income: kr756.0m (up 244% from 1Q 2021). Profit margin: 60% (up from 23% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 1.7%, compared to a 8.9% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Deputy Chairman Magne Morken was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 22
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Deputy Chairman Magne Morken was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 11
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: kr9.16 (up from kr7.36 in FY 2020). Revenue: kr4.60b (up 28% from FY 2020). Net income: kr980.0m (up 24% from FY 2020). Profit margin: 21% (in line with FY 2020). Net interest margin (NIM): 1.44% (up from 1.40% in FY 2020). Cost-to-income ratio: 34.6% (down from 36.0% in FY 2020). Non-performing loans: 0.23% (down from 0.30% in FY 2020). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 6.7%, compared to a 7.1% 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 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 17
Upcoming dividend of kr4.50 per share Eligible shareholders must have bought the stock before 24 March 2022. Payment date: 06 April 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Norwegian dividend payers (6.1%). Lower than average of industry peers (4.9%). Reported Earnings • Feb 03
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: kr4.60b (up 20% from FY 2020). Net income: kr2.51b (up 219% from FY 2020). Profit margin: 55% (up from 21% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 6.0%, compared to a 11% growth forecast for the banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS kr2.31 (vs kr1.58 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr1.19b (up 33% from 3Q 2020). Net income: kr636.0m (up 274% from 3Q 2020). Profit margin: 53% (up from 19% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% 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 • Aug 14
Second quarter 2021 earnings released: EPS kr2.17 (vs kr1.79 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr1.14b (up 19% from 2Q 2020). Net income: kr597.0m (up 211% from 2Q 2020). Profit margin: 52% (up from 20% in 2Q 2020). The increase in margin was primarily driven by lower expenses. 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 21% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 19
Independent Director recently bought kr62k worth of stock On the 16th of June, Marianne Dorthea Jacobsen bought around 700 shares on-market at roughly kr89.20 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 10
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr966.0m (up 36% from 1Q 2020). Net income: kr564.0m (up 366% from 1Q 2020). Profit margin: 58% (up from 17% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 25
Price target increased to kr89.00 Up from kr82.25, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of kr85.00. Stock is up 50% over the past year. Upcoming Dividend • Mar 18
Upcoming Dividend of kr2.20 Per Share Will be paid on the 7th of April to those who are registered shareholders by the 25th of March. The trailing yield of 4.8% is below the top quartile of Norwegian dividend payers (4.9%), but is in line with industry peers (4.5%). Analyst Estimate Surprise Post Earnings • Feb 11
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 9.3%, compared to a 17% growth forecast for the Banks industry in Norway. Is New 90 Day High Low • Feb 11
New 90-day high: kr74.60 The company is up 8.0% from its price of kr68.80 on 13 November 2020. The Norwegian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr64.52 per share. 
