LSE:0NO0

Stock Analysis Report

Executive Summary

Storebrand ASA, through its subsidiaries, primarily provides insurance products and services for private individuals, companies, municipalities, and public sector in Norway and Sweden.


Snowflake Analysis

Undervalued average dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: 0NO0's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

6.7%

0NO0

20.0%

GB Insurance

5.9%

GB Market


1 Year Return

-40.0%

0NO0

-26.4%

GB Insurance

-22.7%

GB Market

Return vs Industry: 0NO0 underperformed the UK Insurance industry which returned -23.6% over the past year.

Return vs Market: 0NO0 underperformed the UK Market which returned -18.8% over the past year.


Shareholder returns

0NO0IndustryMarket
7 Day6.7%20.0%5.9%
30 Day-36.4%-23.4%-23.1%
90 Day-41.2%-26.8%-28.1%
1 Year-37.4%-40.0%-18.3%-26.4%-18.6%-22.7%
3 Year-21.2%-29.4%-16.9%-31.6%-13.4%-24.7%
5 Year53.2%37.3%-7.4%-31.0%1.3%-22.0%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Storebrand 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: 0NO0 (NOK40.3) is trading below our estimate of fair value (NOK107.41)

Significantly Below Fair Value: 0NO0 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 0NO0 is good value based on its PE Ratio (9.1x) compared to the Insurance industry average (13x).

PE vs Market: 0NO0 is good value based on its PE Ratio (9.1x) compared to the UK market (12.7x).


Price to Earnings Growth Ratio

PEG Ratio: 0NO0 is poor value based on its PEG Ratio (2.8x)


Price to Book Ratio

PB vs Industry: 0NO0 is good value based on its PB Ratio (0.6x) compared to the GB Insurance industry average (1.3x).


Next Steps

Future Growth

How is Storebrand forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

3.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0NO0's forecast earnings growth (3.3% per year) is above the savings rate (0.5%).

Earnings vs Market: 0NO0's earnings (3.3% per year) are forecast to grow slower than the UK market (15.4% per year).

High Growth Earnings: 0NO0's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0NO0's revenue is expected to decline over the next 3 years (-73.9% per year).

High Growth Revenue: 0NO0's revenue is forecast to decline over the next 3 years (-73.9% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0NO0's Return on Equity is forecast to be low in 3 years time (7.8%).


Next Steps

Past Performance

How has Storebrand performed over the past 5 years?

15.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0NO0 has high quality earnings.

Growing Profit Margin: 0NO0's current net profit margins (2.4%) are lower than last year (9.1%).


Past Earnings Growth Analysis

Earnings Trend: 0NO0's earnings have grown by 15.7% per year over the past 5 years.

Accelerating Growth: 0NO0's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 0NO0 had negative earnings growth (-43.9%) over the past year, making it difficult to compare to the Insurance industry average (4.5%).


Return on Equity

High ROE: 0NO0's Return on Equity (6.2%) is considered low.


Next Steps

Financial Health

How is Storebrand'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: 0NO0 has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0NO0's debt is not covered by short term assets (assets are 0.5x debt).


Financial Institutions Analysis

Asset Level: 0NO0's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if 0NO0 has a sufficient allowance for bad loans.

Low Risk Liabilities: 0NO0 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if 0NO0 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0NO0 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if 0NO0 has an appropriate level of bad loans.


Next Steps

Dividend

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

8.10%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 28 2020Ex Dividend DateApr 23 2020Dividend Pay DateMay 05 202012 days from Ex DividendBuy in the next 25 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: 0NO0's dividend (8.1%) is higher than the bottom 25% of dividend payers in the UK market (2.65%).

High Dividend: 0NO0's dividend (8.1%) is in the top 25% of dividend payers in the UK market (7.27%)


Stability and Growth of Payments

Stable Dividend: 0NO0 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 0NO0's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (73.4%), 0NO0's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0NO0's dividends in 3 years are forecast to be covered by earnings (87.5% payout ratio).


Next Steps

Management

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

2.5yrs

Average management tenure


CEO

Odd Grefstad (54yo)

7.75s

Tenure

kr8,208,000

Compensation

Mr. Odd Arild Grefstad has been Chief Executive Officer of Storebrand ASA since June 1, 2012 and also served as its Managing Director. Mr. Grefstad served as the Chairman of the Board of Directors at Skage ...


CEO Compensation Analysis

Compensation vs Market: Odd's total compensation ($USD787.00K) is below average for companies of similar size in the UK market ($USD1.85M).

Compensation vs Earnings: Odd's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Odd Grefstad
Group Chief Executive Officer7.75yrskr8.21m0.041% NOK7.6m
Lars Løddesøl
Group Chief Financial Officer9yrskr6.33m0.026% NOK4.8m
Karin Greve-Isdahl
Executive Vice President of Communications & Investor Relations - Storebrandno datakr2.94m0.0044% NOK820.9k
Heidi Skaaret
Executive Vice President of Norwegian Retail Market0.58yrkr5.22m0.020% NOK3.8m
Jan Saugestad
Executive Vice President of Asset Management4.5yrskr6.95m0.021% NOK4.0m
Geir Holmgren
Managing Director of Customer Service & Productno datakr5.27m0.018% NOK3.4m
Staffan Hansén
Executive Vice President of SPP Pension & Insurance ABno datakr6.12m0.018% NOK3.3m
Trygve Håkedal
Executive Vice President of Technology0.58yrno data0.0033% NOK625.9k
Kjetil Krøkje
Head of Investor Relationsno datano datano data
Tove Selnes
Executive Vice President of People0.58yrno data0.0046% NOK860.2k

2.5yrs

Average Tenure

54yo

Average Age

Experienced Management: 0NO0's management team is considered experienced (2.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Didrik Munch
Chairman of the Board2.92yrskr760.00k0.0086% NOK1.6m
Terje Venold
Chairman of the Board of Representativesno datano datano data
Rune Pedersen
Observer and Member of Board of Representativesno datano datano data
Vibeke Madsen
Deputy Chairman of Board of Representativesno datano datano data
Karin Orgland
Independent Director4.83yrskr482.00k0.0058% NOK1.1m
Laila Dahlen
Independent Director7yrskr340.00k0.0027% NOK502.3k
Per Dyb
Chairman of Nominating Committeeno datano datano data
Martin Skancke
Independent Director5.5yrskr720.00k0.0053% NOK1.0m
Liv Sandbæk
Independent Director1.92yrskr290.00kno data
Karl Sandlund
Independent Director0.92yrno data0.00064% NOK119.9k

3.9yrs

Average Tenure

60yo

Average Age

Experienced Board: 0NO0's board of directors are considered experienced (3.9 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: 0NO0 insiders have bought more shares than they have sold 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

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


Key Information

  • Name: Storebrand ASA
  • Ticker: 0NO0
  • Exchange: LSE
  • Founded: 1767
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: kr18.741b
  • Shares outstanding: 467.01m
  • Website: https://www.storebrand.no

Number of Employees


Location

  • Storebrand ASA
  • Professor Kohts vei 9
  • Lysaker
  • Akershus
  • 1366
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SRED.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
STBOB (Oslo Bors)YesOrdinary SharesNONOKJan 1992
SKTDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0NO0LSE (London Stock Exchange)YesOrdinary SharesGBNOKJan 1992
STBOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKJan 1992
SRED.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008

Biography

Storebrand ASA, through its subsidiaries, primarily provides insurance products and services for private individuals, companies, municipalities, and public sector in Norway and Sweden. It operates through Savings, Insurance, Guaranteed Pension, and Other segments. The Savings segment offers pension saving products, including retirement, defined contribution pensions, asset management, and retail banking products for private individuals. The Insurance segment provides health insurance, property and casualty insurance, personal risk products, employer’s liability insurance, and pension-related insurance products to the corporate and retail markets. The Guaranteed Pension segment offers long-term pension savings products, such as retirement, defined benefit pensions, paid-up policies, and individual capital and pension insurance products. The Other segment provides life insurance products; and lending products to commercial enterprises. Storebrand ASA was founded in 1767 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 Analysis2020/03/27 21:36
End of Day Share Price2020/03/27 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.