DB:KBN

Stock Analysis Report

Komplett Bank

Executive Summary

Komplett Bank ASA provides unsecured financing to private individuals in the Norwegian and German markets.


Snowflake Analysis

Very undervalued with high growth potential.


Similar Companies

Share Price & News

How has Komplett Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KBN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-0.9%

KBN

-9.9%

DE Banks

-6.8%

DE Market


1 Year Return

-44.1%

KBN

-11.3%

DE Banks

6.5%

DE Market

Return vs Industry: KBN underperformed the German Banks industry which returned -8.4% over the past year.

Return vs Market: KBN underperformed the German Market which returned 6.1% over the past year.


Shareholder returns

KBNIndustryMarket
7 Day-0.9%-9.9%-6.8%
30 Day-27.6%8.6%-3.7%
90 Day-38.0%9.3%-3.6%
1 Year-44.1%-44.1%-8.5%-11.3%9.8%6.5%
3 Yearn/a-13.4%-17.8%6.8%-2.6%
5 Yearn/a-9.9%-31.3%12.5%-2.9%

Price Volatility Vs. Market

How volatile is Komplett Bank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Komplett Bank undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: KBN (€0.76) is trading below our estimate of fair value (€3.86)

Significantly Below Fair Value: KBN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: KBN is good value based on its PE Ratio (7.1x) compared to the Banks industry average (17.8x).

PE vs Market: KBN is good value based on its PE Ratio (7.1x) compared to the German market (20.2x).


Price to Earnings Growth Ratio

PEG Ratio: KBN is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: KBN is good value based on its PB Ratio (0.8x) compared to the DE Banks industry average (0.9x).


Next Steps

Future Growth

How is Komplett Bank forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

22.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KBN's forecast earnings growth (29% per year) is above the savings rate (-0.4%).

Earnings vs Market: KBN's earnings (29% per year) are forecast to grow faster than the German market (13% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: KBN's revenue (28.5% per year) is forecast to grow faster than the German market (5.1% per year).

High Growth Revenue: KBN's revenue (28.5% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KBN's Return on Equity is forecast to be low in 3 years time (17%).


Next Steps

Past Performance

How has Komplett Bank performed over the past 5 years?

41.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KBN has a high level of non-cash earnings.

Growing Profit Margin: KBN's current net profit margins (28.1%) are lower than last year (42%).


Past Earnings Growth Analysis

Earnings Trend: KBN has become profitable over the past 5 years, growing earnings by 41.5% per year.

Accelerating Growth: KBN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: KBN had negative earnings growth (-38.2%) over the past year, making it difficult to compare to the Banks industry average (-7%).


Return on Equity

High ROE: KBN's Return on Equity (11%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Komplett Bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: KBN has a low level of unsold assets or inventory.

Debt Coverage by Assets: KBN's debt is covered by short term assets (assets are 9.8x debt).


Financial Institutions Analysis

Asset Level: KBN's level of assets compared to its equity is low.

Allowance for Bad Loans: KBN has a low allowance for bad loans.

Low Risk Liabilities: KBN's liabilities are made up of primarily low risk sources of funding.

Loan Level: KBN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: KBN's loans are broadly funded by customer deposits.

Level of Bad Loans: KBN has a high level of bad loans (13.81%)


Next Steps

Dividend

What is Komplett Bank's current dividend yield, its reliability and sustainability?

8.97%

Forecast Dividend Yield


Dividend Yield vs Market

companyn/amarketbottom25%1.5%markettop25%3.8%industryaverage2.9%forecastin3Years9.0%

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate KBN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate KBN's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if KBN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if KBN's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of KBN's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.1yrs

Average management tenure


CEO

Jan Haglund (49yo)

1.1yrs

Tenure

0

Mr. Jan Olov Haglund has been Chief Executive Officer at Komplett Bank ASA since January 15, 2019 and served as its Chief Financial Officer since June 1, 2018 until January 15, 2019 and served as its Chief ...


Leadership Team

NamePositionTenureCompensationOwnership
Jan Haglund
Chief Executive Officer1.1yrsno data0.30% NOK428.4k
Henning Fagerbakke
Chief Financial Officer1.1yrsno data0.064% NOK90.3k
Christina Pedersen
Chief Operating Officer0yrsno data0.017% NOK24.5k
Steffen Ryengen
Chief Marketing & Information Officer0yrsno data0.88% NOK1.2m
Wilhelm Thomassen
Director Risk Control0.7yrsno data1.06% NOK1.5m
Kent Erik Österlund
Chief Credit Risk Officer0yrsno data1.29% NOK1.8m

1.1yrs

Average Tenure

Experienced Management: KBN's management team is not considered experienced ( 1.1 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Stig Sivertsen
Chairman0.5yrskr200.00k0.11% NOK153.0k
Live Haukvik Aker
Director0yrskr300.00kno data
Jan Stangeland
Director1.9yrskr200.00k0.0065% NOK9.2k
Bodil Hollingsæter
Deputy Chairman of the Board4.8yrskr200.00k0.25% NOK351.2k
Silje Christoffersen
Employee Deputy Director1.9yrsno datano data
Hilde Aasen
Employee Director1.9yrsno data0.017% NOK24.6k
Morten Petterøe
Employee Director1.9yrsno data0.017% NOK24.6k
Pål Røland
Employee Deputy Member1.1yrsno datano data
Harald Hjorthen
Independent Director0.5yrsno data1.56% NOK2.2m

1.9yrs

Average Tenure

54yo

Average Age

Experienced Board: KBN's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.6%.


Top Shareholders

Company Information

Komplett Bank ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Komplett Bank ASA
  • Ticker: KBN
  • Exchange: DB
  • Founded: 2012
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: kr1.436b
  • Listing Market Cap: kr140.847m
  • Shares outstanding: 184.12m
  • Website: https://www.komplettbank.no

Number of Employees


Location

  • Komplett Bank ASA
  • Vollsveien 2A
  • Lysaker
  • Akershus
  • 1366
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KOMPOB (Oslo Bors)YesShare CapitalNONOKMar 2015
KOMPOBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBNOKMar 2015
0EFWLSE (London Stock Exchange)YesShare CapitalGBNOKMar 2015
KBNDB (Deutsche Boerse AG)YesShare CapitalDEEURMar 2015

Biography

Komplett Bank ASA provides unsecured financing to private individuals in the Norwegian and German markets. It offers consumer loans, credit cards, and point of sale finance products, as well as deposit products. The company was formerly known as AlfaB Prosjekt ASA and changed its name to Komplett Bank ASA in 2014. Komplett Bank ASA was founded in 2012 and is headquartered in Lysaker, Norway. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 00:31
End of Day Share Price2020/02/26 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.