Loading...

Spar Nord Bank

CPSE:SPNO
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SPNO
CPSE
DKK7B
Market Cap
  1. Home
  2. DK
  3. Banks
Company description

Spar Nord Bank A/S provides various banking products and services to retail, business, and public sector customers in Denmark. The last earnings update was 74 days ago. More info.


Add to Portfolio Compare Print
SPNO Share Price and Events
7 Day Returns
3.4%
CPSE:SPNO
-2%
DK Banks
-2.2%
DK Market
1 Year Returns
-12%
CPSE:SPNO
-37.9%
DK Banks
-0.8%
DK Market
SPNO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Spar Nord Bank (SPNO) 3.4% 5.1% 2.7% -12% 15.4% 3.4%
DK Banks -2% -4% -13.1% -37.9% -31.5% -26.6%
DK Market -2.2% -1% -1% -0.8% 9.6% 34.6%
1 Year Return vs Industry and Market
  • SPNO outperformed the Banks industry which returned -37.9% over the past year.
  • SPNO underperformed the Market in Denmark which returned -0.8% over the past year.
Price Volatility
SPNO
Industry
5yr Volatility vs Market

SPNO Value

 Is Spar Nord Bank undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Spar Nord Bank to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Spar Nord Bank.

CPSE:SPNO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= DKK78.43 * 10.6%
DKK8.30
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. DKK78.43
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year DK Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for CPSE:SPNO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DK Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.597 (1 + (1- 22%) (105.4%))
1.058
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.06
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.21% + (1.058 * 5.96%)
6.52%

Discounted Cash Flow Calculation for CPSE:SPNO using Excess Returns Model Model

The calculations below outline how an intrinsic value for Spar Nord Bank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

CPSE:SPNO Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.6% – 6.52%) * DKK78.43)
DKK3.18
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= DKK3.18 / (6.52% - 0.21%)
DKK50.46
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= DKK78.43 + DKK50.46
DKK128.89
CPSE:SPNO Discount to Share Price
Calculation Result
Value per share (DKK) From above. DKK128.89
Current discount Discount to share price of DKK60.00
= -1 x (DKK60.00 - DKK128.89) / DKK128.89
53.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Spar Nord Bank is available for.
Intrinsic value
>50%
Share price is DKK60 vs Future cash flow value of DKK128.89
Current Discount Checks
For Spar Nord Bank to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Spar Nord Bank's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Spar Nord Bank's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Spar Nord Bank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Spar Nord Bank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
CPSE:SPNO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in DKK DKK6.69
CPSE:SPNO Share Price ** CPSE (2019-07-15) in DKK DKK60
Denmark Banks Industry PE Ratio Median Figure of 21 Publicly-Listed Banks Companies 8.58x
Denmark Market PE Ratio Median Figure of 100 Publicly-Listed Companies 17.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Spar Nord Bank.

CPSE:SPNO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:SPNO Share Price ÷ EPS (both in DKK)

= 60 ÷ 6.69

8.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Spar Nord Bank is overvalued based on earnings compared to the DK Banks industry average.
  • Spar Nord Bank is good value based on earnings compared to the Denmark market.
Price based on expected Growth
Does Spar Nord Bank's expected growth come at a high price?
Raw Data
CPSE:SPNO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.96x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-2.6%per year
Denmark Banks Industry PEG Ratio Median Figure of 6 Publicly-Listed Banks Companies 0.04x
Denmark Market PEG Ratio Median Figure of 44 Publicly-Listed Companies 2.11x

*Line of best fit is calculated by linear regression .

CPSE:SPNO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.96x ÷ -2.6%

-3.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Spar Nord Bank earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Spar Nord Bank's assets?
Raw Data
CPSE:SPNO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in DKK DKK77.29
CPSE:SPNO Share Price * CPSE (2019-07-15) in DKK DKK60
Denmark Banks Industry PB Ratio Median Figure of 21 Publicly-Listed Banks Companies 0.64x
Denmark Market PB Ratio Median Figure of 136 Publicly-Listed Companies 1.55x
CPSE:SPNO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:SPNO Share Price ÷ Book Value per Share (both in DKK)

= 60 ÷ 77.29

0.78x

* Primary Listing of Spar Nord Bank.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Spar Nord Bank is overvalued based on assets compared to the DK Banks industry average.
X
Value checks
We assess Spar Nord Bank's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Spar Nord Bank has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SPNO Future Performance

 How is Spar Nord Bank expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Spar Nord Bank expected to grow at an attractive rate?
  • Spar Nord Bank's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Spar Nord Bank's earnings are expected to decrease over the next 1-3 years, this is below the Denmark market average.
  • Spar Nord Bank's revenue growth is positive but not above the Denmark market average.
Annual Growth Rates Comparison
Raw Data
CPSE:SPNO Future Growth Rates Data Sources
Data Point Source Value (per year)
CPSE:SPNO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -2.6%
CPSE:SPNO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 0.8%
Denmark Banks Industry Earnings Growth Rate Market Cap Weighted Average 2.6%
Denmark Banks Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Denmark Market Earnings Growth Rate Market Cap Weighted Average 10.5%
Denmark Market Revenue Growth Rate Market Cap Weighted Average 6.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
CPSE:SPNO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
CPSE:SPNO Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 3,214 841 3
2020-12-31 3,150 812 3
2019-12-31 3,232 917 3
CPSE:SPNO Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-03-31 3,019 -987 835
2018-12-31 3,017 -1,776 883
2018-09-30 3,197 -1,049 1,003
2018-06-30 3,204 -2,115 1,008
2018-03-31 3,170 -3,054 947
2017-12-31 3,188 -1,796 953
2017-09-30 3,133 -1,012 927
2017-06-30 3,181 -1,572 1,010
2017-03-31 3,094 -2,676 970
2016-12-31 2,906 -1,636 818
2016-09-30 2,809 -4,776 797
2016-06-30 2,651 -7,957 637

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Spar Nord Bank's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Spar Nord Bank's revenue is expected to grow by 0.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
CPSE:SPNO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Spar Nord Bank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CPSE:SPNO Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 7.00 7.14 6.90 3.00
2020-12-31 6.65 6.82 6.51 3.00
2019-12-31 7.46 7.76 7.29 3.00
CPSE:SPNO Past Financials Data
Date (Data in DKK Millions) EPS *
2019-03-31 6.69
2018-12-31 7.18
2018-09-30 8.15
2018-06-30 8.26
2018-03-31 7.74
2017-12-31 7.75
2017-09-30 7.51
2017-06-30 8.13
2017-03-31 7.81
2016-12-31 6.59
2016-09-30 6.28
2016-06-30 5.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Spar Nord Bank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Spar Nord Bank's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Denmark market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Denmark market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Spar Nord Bank has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SPNO Past Performance

  How has Spar Nord Bank performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Spar Nord Bank's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Spar Nord Bank's year on year earnings growth rate has been positive over the past 5 years.
  • Spar Nord Bank's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Spar Nord Bank's 1-year earnings growth is negative, it can't be compared to the DK Banks industry average.
Earnings and Revenue History
Spar Nord Bank's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Spar Nord Bank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CPSE:SPNO Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,019.00 835.00 1,352.00
2018-12-31 3,017.00 883.00 1,329.00
2018-09-30 3,197.00 1,003.00 1,232.00
2018-06-30 3,204.00 1,008.00 1,233.00
2018-03-31 3,170.00 947.00 1,226.00
2017-12-31 3,188.00 953.00 1,375.00
2017-09-30 3,133.10 926.70 1,926.70
2017-06-30 3,180.80 1,010.40 1,898.90
2017-03-31 3,093.60 970.30 1,868.40
2016-12-31 2,906.00 818.00 1,869.00
2016-09-30 2,808.80 797.40 1,814.80
2016-06-30 2,651.10 636.80 1,817.10
2016-03-31 2,627.30 587.10 1,825.10
2015-12-31 2,990.90 886.50 1,836.20
2015-09-30 2,918.20 757.70 1,955.70
2015-06-30 2,939.30 805.50 1,938.20
2015-03-31 2,857.10 766.20 1,916.30
2014-12-31 2,629.60 613.60 1,888.60
2014-09-30 2,705.40 788.00 1,738.90
2014-06-30 2,627.10 716.70 1,735.40
2014-03-31 2,670.60 706.80 1,783.20
2013-12-31 2,485.90 536.10 1,768.70
2013-09-30 2,308.50 379.30 1,790.50
2013-06-30 2,192.40 351.30 1,730.90
2013-03-31 1,891.40 224.30 1,610.60
2012-12-31 1,789.10 197.50 1,542.20
2012-09-30 1,750.80 245.80 1,458.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Spar Nord Bank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Spar Nord Bank used its assets less efficiently than the DK Banks industry average last year based on Return on Assets.
  • Unable to establish if Spar Nord Bank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Spar Nord Bank's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Spar Nord Bank has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SPNO Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Spar Nord Bank's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Spar Nord Bank Company Filings, last reported 3 months ago.

CPSE:SPNO Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 9,500.00 7,773.00 9,180.00
2018-12-31 9,241.00 4,060.00 24,364.00
2018-09-30 9,184.00 7,762.00 11,267.00
2018-06-30 8,960.00 5,773.00 11,745.00
2018-03-31 9,094.00 5,823.00 9,985.00
2017-12-31 8,975.00 3,553.00 24,159.00
2017-09-30 8,792.50 4,624.10 13,013.80
2017-06-30 8,565.50 4,589.20 10,807.70
2017-03-31 8,948.00 4,353.20 9,856.60
2016-12-31 8,627.00 4,158.00 25,385.00
2016-09-30 8,073.50 5,688.10 9,344.70
2016-06-30 7,799.20 5,409.80 9,114.60
2016-03-31 8,030.00 9,717.40 11,513.70
2015-12-31 7,887.00 6,674.40 25,069.80
2015-09-30 7,767.60 9,242.70 12,405.50
2015-06-30 7,218.70 10,557.20 13,300.90
2015-03-31 7,498.40 11,298.10 7,379.50
2014-12-31 7,033.00 14,145.90 27,723.40
2014-09-30 7,047.40 13,650.70 7,181.10
2014-06-30 6,854.90 13,363.30 6,244.50
2014-03-31 6,854.10 12,652.50 6,800.70
2013-12-31 6,532.70 12,768.80 25,631.70
2013-09-30 6,377.00 13,256.60 6,150.30
2013-06-30 6,248.70 14,366.00 6,364.20
2013-03-31 6,142.80 18,150.00 7,297.50
2012-12-31 5,975.30 19,539.20 28,701.60
2012-09-30 5,704.30 18,408.60 7,299.90
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Spar Nord Bank has an acceptable proportion of non-loan assets held.
  • Spar Nord Bank's liabilities are made up of primarily low risk sources of funding.
  • Loans at Spar Nord Bank are broadly funded by customer deposits.
  • Spar Nord Bank's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Spar Nord Bank has a low allowance for bad loans.
  • Spar Nord Bank has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Spar Nord Bank's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Spar Nord Bank has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SPNO Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.83%
Current annual income from Spar Nord Bank dividends. Estimated to be 5.87% next year.
If you bought DKK2,000 of Spar Nord Bank shares you are expected to receive DKK117 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Spar Nord Bank's pays a higher dividend yield than the bottom 25% of dividend payers in Denmark (1.61%).
  • Spar Nord Bank's dividend is above the markets top 25% of dividend payers in Denmark (4.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
CPSE:SPNO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Denmark Banks Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 7%
Denmark Market Average Dividend Yield Market Cap Weighted Average of 77 Stocks 2.4%
Denmark Minimum Threshold Dividend Yield 10th Percentile 0.9%
Denmark Bottom 25% Dividend Yield 25th Percentile 1.6%
Denmark Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

CPSE:SPNO Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 3.42 3.00
2020-12-31 3.47 3.00
2019-12-31 3.69 3.00
CPSE:SPNO Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2019-02-07 3.500 6.079
2018-02-08 3.500 5.584
2017-02-09 5.000 6.410
2016-02-10 3.000 4.828
2015-02-05 1.600 2.361
2015-01-15 1.600 2.702
2014-02-06 1.000 1.699
2009-10-28 0.000 0.000
2009-08-12 0.000 0.000
2009-04-29 0.000 0.000
2009-02-04 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Spar Nord Bank has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Spar Nord Bank only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Spar Nord Bank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Spar Nord Bank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Spar Nord Bank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Spar Nord Bank has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SPNO Management

 What is the CEO of Spar Nord Bank's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Lasse Nyby
COMPENSATION DKK5,100,000
AGE 59
TENURE AS CEO 18.8 years
CEO Bio

Mr. 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. He has been Member of Executive Board at Spar Nord Bank A/S since 1995. He served as Head of Credit Rating at Spar Nord Bank A/S since 1990. He joined Spar Nord Bank as an Adviser of Credit Rating in 1986. He started his career in Privatbanken in 1979. Mr. Nyby serves as Chairman of the board of directors of Aktieselskabet Skelagervej 15 and Landsdækkende Banker. Mr. Nyby serves as the Chairman of Supervisory Board of Spar Nord Leasing A/S, FSP Pension, Regionale Bankers Forening, JSNFA Holding A/S, Advizer ApS, Finans Nord A/S and Spar Nords Ejendoms-selskab A/S. Mr. Nyby serves as Member of the Supervisory Board of Spar Nord Bank A/S at Spar Nord Leasing A/S. He has been a Director at Nykredit Holding A/S since March 28, 2007. He serves as a Director of Foreningen Ap Pension F M B A, Spar Nord Finanslån A/S, Dansk AMP A/S, FR I af 16, since September 2015 A/S, AP Pension Livsforsikringsaktieselskab, AP Pensionsservice A/S, FinansDanmark and Vækst-Invest Nordjylland A/S. He has been a Director of Totalkredit A/S since August 9, 2017. He has been Deputy Chairman of PRAS A/S. He served as a Director of Totalkredit A/S until March 2007. He served as Director of Advizer K/S and Erhvervsinvest Management A/S (also known as Erhvervsinvest Nord A/S). Mr. Nyby holds BCom (Management Accounting) and an Executive education from INSEAD.

CEO Compensation
  • Lasse's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Lasse's remuneration is lower than average for companies of similar size in Denmark.
Management Team Tenure

Average tenure and age of the Spar Nord Bank management team in years:

19.3
Average Tenure
59.5
Average Age
  • The average tenure for the Spar Nord Bank management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Lasse Nyby

TITLE
CEO & Member of Executive Board
COMPENSATION
DKK5M
AGE
59
TENURE
18.8 yrs

Lars Møller

TITLE
Managing Director & Member of Executive Board
COMPENSATION
DKK4M
AGE
62
TENURE
19.3 yrs

John Lundsgaard

TITLE
Managing Director & Member of Executive Board
COMPENSATION
DKK4M
AGE
55
TENURE
19.5 yrs

Thorkild Mathiesen

TITLE
General Manager of Finance & Accounts

Trine Haals

TITLE
Principal Administrative Officer
AGE
60

Karin Duerlund

TITLE
Head of Legal Department

Jan Poulsen

TITLE
Head of Funding
AGE
58

Poul Christensen

TITLE
Senior Vice President
AGE
67

Ole Madsen

TITLE
Senior Vice President of Communication & Business Development

Kai Max-Jakobsen

TITLE
Managing Director of Vejgaard
Board of Directors Tenure

Average tenure and age of the Spar Nord Bank board of directors in years:

4.3
Average Tenure
54
Average Age
  • The tenure for the Spar Nord Bank board of directors is about average.
Board of Directors

Kjeld Johannesen

TITLE
Chairman
COMPENSATION
DKK800K
AGE
66
TENURE
3.3 yrs

Per Bukh

TITLE
Deputy Chairman of the Board
COMPENSATION
DKK600K
AGE
54
TENURE
3.3 yrs

Kaj Christiansen

TITLE
Director
COMPENSATION
DKK400K
AGE
64
TENURE
7.3 yrs

Jannie Skovsen

TITLE
Director
COMPENSATION
DKK300K
AGE
54
TENURE
11.5 yrs

Laila Mortensen

TITLE
Director
COMPENSATION
DKK400K
AGE
54
TENURE
7.3 yrs

Gitte Sørensen

TITLE
Director
COMPENSATION
DKK300K
AGE
54
TENURE
7.5 yrs

John Sørensen

TITLE
Director
COMPENSATION
DKK400K
AGE
62
TENURE
4.3 yrs

Morten Gaardboe

TITLE
Director
COMPENSATION
DKK300K
AGE
51
TENURE
3.3 yrs

Lene Aaen

TITLE
Director
COMPENSATION
DKK200K
AGE
49
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (DKK) Value (DKK)
X
Management checks
We assess Spar Nord Bank's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Spar Nord Bank has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SPNO News

Simply Wall St News

Why Spar Nord Bank A/S's (CPH:SPNO) CEO Pay Matters To You

Lasse Nyby became the CEO of Spar Nord Bank A/S (CPH:SPNO) in 2000. … View our latest analysis for Spar Nord Bank How Does Lasse Nyby's Compensation Compare With Similar Sized Companies? … Most shareholders would consider it a positive that Lasse Nyby takes less total compensation than the CEOs of most similar size companies, leaving more for shareholders.

Simply Wall St -

Some Spar Nord Bank (CPH:SPNO) Shareholders Are Down 19%

That downside risk was realized by Spar Nord Bank A/S (CPH:SPNO) shareholders over the last year, as the share price declined 19%. … As it happens, Spar Nord Bank's TSR for the last year was -14%, which exceeds the share price return mentioned earlier. … A Different Perspective Investors in Spar Nord Bank had a tough year, with a total loss of 14% (including dividends), against a market gain of about 6.2%.

Simply Wall St -

Do Directors Own Spar Nord Bank A/S (CPH:SPNO) Shares?

See our latest analysis for Spar Nord Bank CPSE:SPNO Ownership Summary, May 22nd 2019 What Does The Institutional Ownership Tell Us About Spar Nord Bank? … We can see that Spar Nord Bank does have institutional investors; and they hold 29% of the stock. … Insider Ownership Of Spar Nord Bank The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

Can Spar Nord Bank A/S (CPH:SPNO) Survive The Next Financial Crisis?

Spar Nord Bank A/S’s (CPH:SPNO) profitability and risk are largely affected by the underlying economic growth for the region it operates in DK given it is a small-cap stock with a market capitalisation of ø7.3b. … Unpredictable macro events such as political instability could weaken its financial position which is why it is important to understand how well the bank manages its risk levels. … High liquidity and low leverage could position Spar Nord Bank favourably at the face of macro headwinds.

Simply Wall St -

How Does Spar Nord Bank A/S (CPH:SPNO) Stand Up To These Simple Dividend Safety Checks?

Today we'll take a closer look at Spar Nord Bank A/S (CPH:SPNO) from a dividend investor's perspective. … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … In this case, Spar Nord Bank likely looks attractive to dividend investors, given its 6.0% dividend yield and five-year payment history.

Simply Wall St -

Should You Worry About Spar Nord Bank A/S's (CPH:SPNO) CEO Salary Level?

Lasse Nyby has been the CEO of Spar Nord Bank A/S (CPH:SPNO) since 2000. … How Does Lasse Nyby's Compensation Compare With Similar Sized Companies. … Our data indicates that Spar Nord Bank A/S is worth ø7.2b, and total annual CEO compensation is ø5.1m.

Simply Wall St -

Three Key Risk For Spar Nord Bank A/S (CPH:SPNO) You Should Know

As a small bank, Spar Nord Bank’s profits are directly affected by macroeconomic events as the ability for borrowers to repay their debt depends on the stability of their salary and interest rate levels. … Bad debt is directly written off as an expense which impacts Spar Nord Bank’s bottom line and shareholders’ value. … I will take you through some useful measures of bad debt and liabilities in order to properly analyse Spar Nord Bank’s risk level before you invest in the stock.

Simply Wall St -

Those Who Purchased Spar Nord Bank Shares A Year Ago Have A 16% Loss To Show For It

Unfortunately the Spar Nord Bank A/S (CPH:SPNO) share price slid 16% over twelve months. … View our latest analysis for Spar Nord Bank. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.

Simply Wall St -

What Should Investors Know About Spar Nord Bank A/S's (CPH:SPNO) Future?

Help shape the future of investing tools and you could win a $250 gift card! … The latest earnings announcement Spar Nord Bank A/S (CPH:SPNO) released in December 2018a

Simply Wall St -

Here's What Spar Nord Bank A/S's (CPH:SPNO) P/E Ratio Is Telling Us

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Spar Nord Bank A/S's (CPH:SPNO) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

SPNO Company Info

Description

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 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, 2018, the company operated a network of 49 branches. Spar Nord Bank A/S was founded in 1824 and is based in Aalborg, Denmark.

Details
Name: Spar Nord Bank A/S
SPNO
Exchange: CPSE
Founded: 1824
DKK7,375,051,560
122,917,526
Website: http://www.sparnord.com
Address: Spar Nord Bank A/S
Skelagervej 15,
PO Box 162,
Aalborg,
North Denmark Region, 9100,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE SPNO Share Capital OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
DB 0SR Share Capital Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0JH4 Share Capital London Stock Exchange GB DKK 02. Jan 1992
BATS-CHIXE SPNOC Share Capital BATS 'Chi-X Europe' GB DKK 02. Jan 1992
Number of employees
Current staff
Staff numbers
1,523
Spar Nord Bank employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 20:56
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/07/10
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.