CPSE:SPNO

Stock Analysis Report

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Executive Summary

Spar Nord Bank A/S provides various banking products and services to retail, business, and public sector customers in Denmark.


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

SPNOIndustryMarket
7 Day2.1%1.0%1.6%
30 Day5.7%4.5%5.7%
90 Day24.9%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

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

NamePositionTenureCompensationOwnership
Lasse Nyby
CEO & Member of Executive Board19.75yrsø5.20m0.052% DKK3.5m
Lars Moller
MD & Member of Executive Board20.25yrsø4.50m0.067% DKK4.4m
John Lundsgaard
MD & Member of Executive Board20.5yrsø4.40m0.065% DKK4.3m
Martin Rasmussen
MD & Member of Executive Board0.25yrno datano data
Thorkild Mathiesen
General Manager of Finance & Accountsno datano datano data
Trine Haals
Principal Administrative Officerno datano datano data
Karin Duerlund
Head of Legal Departmentno datano datano data
Jan Poulsen
Head of Fundingno datano datano data
Poul Christensen
Senior Vice Presidentno datano datano data
Ole Madsen
Senior Vice President of Corporate Communicationno datano datano data
Kai Max-Jakobsen
Managing Director of Vejgaardno datano datano data
Ebba Pedersen
Managing Director of Vesthimmerlandno datano datano data

20.0yrs

Average Tenure

60yo

Average Age

Experienced Management: SPNO's management team is seasoned and experienced (20 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Kim Ostergaard
Head of Digital Business Development & Innovation and Representative Director0.25yrno datano data
Kjeld Johannesen
Independent Chairman4.25yrsø800.00k0.065% DKK4.3m
Henrik Sjogren
Director0.083yrno datano data
Per Bukh
Deputy Chairman of the Board4.25yrsø600.00k0.022% DKK1.5m
Jannie Skovsen
Director12.5yrsø300.00k0.0019% DKK127.3k
Kaj Christiansen
Independent Director8.25yrsø400.00k0.017% DKK1.1m
John Sørensen
Independent Director5.25yrsø400.00k0.0042% DKK278.4k
Morten Gaardboe
Independent Director4.25yrsø400.00k0.0061% DKK404.4k
Lene Aaen
Director2.25yrsø300.00k0.0031% 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPNOCPSE (OMX Nordic Exchange Copenhagen)YesShare CapitalDKDKKJan 1992
0JH4LSE (London Stock Exchange)YesShare CapitalGBDKKJan 1992
SPNOCBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBDKKJan 1992
0SRDB (Deutsche Boerse AG)YesShare CapitalDEEURJan 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/13 20:51
End of Day Share Price2020/07/13 00:00
Earnings2020/03/31
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.