DB:KBN

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Komplett Bank

Executive Summary

Komplett Bank ASA provides unsecured financing to private individuals in the Norwegian, Sweden, Finland, and German markets. More Details


Snowflake Analysis

Very undervalued with adequate balance sheet.


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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.7%

KBN

3.9%

DE Banks

-1.9%

DE Market


1 Year Return

-43.1%

KBN

-3.1%

DE Banks

0.2%

DE Market

Return vs Industry: KBN underperformed the German Banks industry which returned -3.1% over the past year.

Return vs Market: KBN underperformed the German Market which returned 0.2% over the past year.


Shareholder returns

KBNIndustryMarket
7 Day0.7%3.9%-1.9%
30 Day10.3%12.4%1.5%
90 Day-1.3%3.6%-0.5%
1 Year-43.1%-43.1%-3.1%-3.1%3.4%0.2%
3 Yearn/a-50.2%-52.1%-0.2%-9.0%
5 Yearn/a-31.2%-44.7%21.4%4.0%

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 (€0.61) is trading below our estimate of fair value (€2.13)

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 (6.5x) compared to the DE Banks industry average (20.7x).

PE vs Market: KBN is good value based on its PE Ratio (6.5x) compared to the German market (22.3x).


Price to Earnings Growth Ratio

PEG Ratio: KBN is good value based on its PEG Ratio (0.6x)


Price to Book Ratio

PB vs Industry: KBN is good value based on its PB Ratio (0.6x) compared to the DE Banks industry average (0.8x).


Next Steps

Future Growth

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

11.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KBN's forecast earnings growth (11.2% per year) is above the savings rate (0.2%).

Earnings vs Market: KBN's earnings (11.2% per year) are forecast to grow slower than the German market (26.2% per year).

High Growth Earnings: KBN's earnings are forecast to grow, but not significantly.

Revenue vs Market: KBN's revenue (15.7% per year) is forecast to grow faster than the German market (6% per year).

High Growth Revenue: KBN's revenue (15.7% per year) is forecast to grow slower 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 (12%).


Next Steps

Past Performance

How has Komplett Bank performed over the past 5 years?

27.9%

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 (28.3%) are lower than last year (36.6%).


Past Earnings Growth Analysis

Earnings Trend: KBN has become profitable over the past 5 years, growing earnings by 27.9% 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 (-39.7%) over the past year, making it difficult to compare to the Banks industry average (4.5%).


Return on Equity

High ROE: KBN's Return on Equity (8.7%) is considered low.


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


Financial Institutions Analysis

Asset Level: KBN's Assets to Equity ratio (5.2x) is low.

Allowance for Bad Loans: KBN has a low allowance for bad loans (58%).

Low Risk Liabilities: 97% of KBN's liabilities are made up of primarily low risk sources of funding.

Loan Level: KBN has an appropriate level of Loans to Assets ratio (74%).

Low Risk Deposits: KBN's Loans to Deposits ratio (94%) is appropriate.

Level of Bad Loans: KBN has a high level of bad loans (19.5%).


Next Steps

Dividend

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

10.65%

Forecast Dividend Yield


Dividend Yield vs Market

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

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

1.5yrs

Average management tenure


CEO

Jan Haglund (50 yo)

1.75yrs

Tenure

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 Officer1.75yrsno data0.32%
NOK 379.9k
Henning Fagerbakke
Chief Financial Officer1.75yrsno data0.11%
NOK 128.5k
Christina Pedersen
Chief Operating Officerno datano data0.11%
NOK 129.8k
Steffen Ryengen
Chief Marketing & Information Officerno datano data0.95%
NOK 1.1m
Wilhelm Thomassen
Director Legal & HR1.33yrsno data2.13%
NOK 2.5m
Eivind Bagås
Chief Compliance & Risk Officer1.33yrsno data0.021%
NOK 25.3k
Kent Erik Österlund
Chief Credit Risk Officerno datano data1.27%
NOK 1.5m

1.5yrs

Average Tenure

Experienced Management: KBN's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Stig Sivertsen
Independent Chairman1.17yrskr500.00k0.11%
NOK 126.6k
Live Haukvik Aker
Director7.75yrskr400.00kno data
Jan Stangeland
Director2.58yrskr400.00k0.0064%
NOK 7.6k
Bodil Hollingsæter
Deputy Chairman of the Board5.5yrskr400.00k0.25%
NOK 290.7k
Silje Christoffersen
Employee Deputy Director2.58yrsno data0.0035%
NOK 4.1k
Hilde Aasen
Employee Director2.58yrskr100.00k0.042%
NOK 49.5k
Morten Petterøe
Employee Director2.58yrskr100.00k0.017%
NOK 20.4k
Pål Røland
Employee Deputy Member1.75yrsno datano data
Harald Hjorthen
Independent Director1.17yrskr200.00kno data

2.6yrs

Average Tenure

55yo

Average Age

Experienced Board: KBN's board of directors are not considered experienced ( 2.6 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: KBN insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


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: kr1.289b
  • Listing Market Cap: kr118.119m
  • Shares outstanding: 186.54m
  • 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, Sweden, Finland, and German markets. It offers deposit products, consumer loans, credit cards, and point of sale fina ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/26 20:35
End of Day Share Price2020/10/23 00:00
Earnings2020/06/30
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.