Executive Summary
Spar Nord Bank A/S provides various banking products and services to retail, business, and public sector customers in Denmark.
Rewards
Risk Analysis
Snowflake Analysis
Good value with adequate balance sheet.
Share Price & News
How has Spar Nord Bank's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: SPNO has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
2.1%
SPNO
1.0%
DK Banks
1.6%
DK Market
1 Year Return
-10.2%
SPNO
-1.3%
DK Banks
24.7%
DK Market
Return vs Industry: SPNO underperformed the Danish Banks industry which returned -2.4% over the past year.
Return vs Market: SPNO underperformed the Danish Market which returned 24.2% over the past year.
Shareholder returns
| SPNO | Industry | Market | |
|---|---|---|---|
| 7 Day | 2.1% | 1.0% | 1.6% |
| 30 Day | 5.7% | 4.5% | 5.7% |
| 90 Day | 24.9% | 21.8% | 16.1% |
| 1 Year | -10.2%-10.2% | 0.04%-1.3% | 27.2%24.7% |
| 3 Year | -29.1%-36.4% | -7.7%-26.3% | 48.0%35.5% |
| 5 Year | -16.6%-33.5% | 8.6%-21.6% | 47.8%29.3% |
Price Volatility Vs. Market
How volatile is Spar Nord Bank's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
Is Spar Nord Bank A/S's (CPH:SPNO) CEO Overpaid Relative To Its Peers?5 months ago | Simply Wall St
Is Spar Nord Bank A/S's (CPH:SPNO) CEO Being Overpaid?5 months ago | Simply Wall St
Did Changing Sentiment Drive Spar Nord Bank's (CPH:SPNO) Share Price Down By 19%?Valuation
Is Spar Nord 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: SPNO (DKK53.9) is trading below our estimate of fair value (DKK112.41)
Significantly Below Fair Value: SPNO is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: SPNO is poor value based on its PE Ratio (8.6x) compared to the DK Banks industry average (7.8x).
PE vs Market: SPNO is good value based on its PE Ratio (8.6x) compared to the Danish market (16.2x).
Price to Earnings Growth Ratio
PEG Ratio: SPNO is good value based on its PEG Ratio (0.6x)
Price to Book Ratio
PB vs Industry: SPNO is overvalued based on its PB Ratio (0.7x) compared to the DK Banks industry average (0.6x).
Next Steps
Future Growth
How is Spar Nord Bank forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
13.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SPNO's forecast earnings growth (13.8% per year) is above the savings rate (0.3%).
Earnings vs Market: SPNO's earnings (13.8% per year) are forecast to grow faster than the Danish market (13.1% per year).
High Growth Earnings: SPNO's earnings are forecast to grow, but not significantly.
Revenue vs Market: SPNO's revenue (3.1% per year) is forecast to grow slower than the Danish market (6.4% per year).
High Growth Revenue: SPNO's revenue (3.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SPNO's Return on Equity is forecast to be low in 3 years time (7.4%).
Next Steps
Past Performance
How has Spar Nord Bank performed over the past 5 years?
3.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SPNO has a high level of non-cash earnings.
Growing Profit Margin: SPNO's current net profit margins (25.6%) are lower than last year (27.6%).
Past Earnings Growth Analysis
Earnings Trend: SPNO's earnings have grown by 3.9% per year over the past 5 years.
Accelerating Growth: SPNO's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: SPNO had negative earnings growth (-7.6%) over the past year, making it difficult to compare to the Banks industry average (13.4%).
Return on Equity
High ROE: SPNO's Return on Equity (8.4%) is considered low.
Next Steps
Financial Health
How is Spar Nord 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: SPNO's Assets to Equity ratio (9.7x) is low.
Allowance for Bad Loans: SPNO has a low allowance for bad loans (82%).
Low Risk Liabilities: 80% of SPNO's liabilities are made up of primarily low risk sources of funding.
Loan Level: SPNO has an appropriate level of Loans to Assets ratio (46%).
Low Risk Deposits: SPNO's Loans to Deposits ratio (64%) is appropriate.
Level of Bad Loans: SPNO has a high level of bad loans (4.3%).
Next Steps
Dividend
What is Spar Nord Bank current dividend yield, its reliability and sustainability?
5.05%
Forecast Dividend Yield
Dividend Yield vs Market
Notable Dividend: Unable to evaluate SPNO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate SPNO'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 SPNO's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if SPNO's dividend payments have been increasing.
Current Payout to Shareholders
Dividend Coverage: SPNO is not paying a notable dividend for the Danish market.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of SPNO's dividend in 3 years as they are not forecast to pay a notable one for the Danish market.
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
20.0yrs
Average management tenure
CEO
Lasse Nyby (60yo)
19.75yrs
Tenure
ø5,200,000
Compensation
Lasse Nyby has been Chief Executive Officer of Spar Nord Bank A/S at Spar Nord Leasing A/S since October 2000. Mr. Nyby serves as Member of Management Board of Spar Nord Bank A/S at Spar Nord Leasing A/S. ...
CEO Compensation Analysis
Compensation vs Market: Lasse's total compensation ($USD793.60K) is below average for companies of similar size in the Danish market ($USD1.67M).
Compensation vs Earnings: Lasse's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Member of Executive Board | 19.75yrs | ø5.20m | 0.052% DKK3.5m | |
| MD & Member of Executive Board | 20.25yrs | ø4.50m | 0.067% DKK4.4m | |
| MD & Member of Executive Board | 20.5yrs | ø4.40m | 0.065% DKK4.3m | |
| MD & Member of Executive Board | 0.25yr | no data | no data | |
| General Manager of Finance & Accounts | no data | no data | no data | |
| Principal Administrative Officer | no data | no data | no data | |
| Head of Legal Department | no data | no data | no data | |
| Head of Funding | no data | no data | no data | |
| Senior Vice President | no data | no data | no data | |
| Senior Vice President of Corporate Communication | no data | no data | no data | |
| Managing Director of Vejgaard | no data | no data | no data | |
| Managing Director of Vesthimmerland | no data | no data | no data |
20.0yrs
Average Tenure
60yo
Average Age
Experienced Management: SPNO's management team is seasoned and experienced (20 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Head of Digital Business Development & Innovation and Representative Director | 0.25yr | no data | no data | |
| Independent Chairman | 4.25yrs | ø800.00k | 0.065% DKK4.3m | |
| Director | 0.083yr | no data | no data | |
| Deputy Chairman of the Board | 4.25yrs | ø600.00k | 0.022% DKK1.5m | |
| Director | 12.5yrs | ø300.00k | 0.0019% DKK127.3k | |
| Independent Director | 8.25yrs | ø400.00k | 0.017% DKK1.1m | |
| Independent Director | 5.25yrs | ø400.00k | 0.0042% DKK278.4k | |
| Independent Director | 4.25yrs | ø400.00k | 0.0061% DKK404.4k | |
| Director | 2.25yrs | ø300.00k | 0.0031% DKK206.8k |
4.3yrs
Average Tenure
55yo
Average Age
Experienced Board: SPNO's board of directors are considered experienced (4.3 years average tenure).
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.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Spar Nord Bank A/S's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Spar Nord Bank A/S
- Ticker: SPNO
- Exchange: CPSE
- Founded: 1824
- Industry: Regional Banks
- Sector: Banks
- Market Cap: ø6.629b
- Shares outstanding: 122.99m
- Website: https://www.sparnord.com
Number of Employees
Location
- Spar Nord Bank A/S
- Skelagervej 15
- PO Box 162
- Aalborg
- North Denmark Region
- 9100
- Denmark
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| SPNO | CPSE (OMX Nordic Exchange Copenhagen) | Yes | Share Capital | DK | DKK | Jan 1992 |
| 0JH4 | LSE (London Stock Exchange) | Yes | Share Capital | GB | DKK | Jan 1992 |
| SPNOC | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Share Capital | GB | DKK | Jan 1992 |
| 0SR | DB (Deutsche Boerse AG) | Yes | Share Capital | DE | EUR | Jan 1992 |
Biography
Spar Nord Bank A/S provides various banking products and services to retail, business, and public sector customers in Denmark. It offers deposits, loans, advances, and guarantees, as well as mortgage credits and custodianship accounts. The company also provides leasing products; and trading services in the field of equities, bonds, interest and forex, asset management and international transactions. In addition, it offers consumer financing services through retail stores; gift voucher solutions through shopping centers and shopping center associations; and direct loans through its Website, sparxpres.dk. As of December 31, 2019, the company operated a network of 49 branches. Spar Nord Bank A/S was founded in 1824 and is based in Aalborg, Denmark.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/07/13 20:51 |
| End of Day Share Price | 2020/07/13 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
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.