OB:DNB

Stock Analysis Report

Executive Summary

DNB ASA provides various banking products and services for retail and corporate customers in Norway and internationally.

Snowflake

Fundamentals

Average dividend payer with mediocre balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

-1.6%

OB:DNB

1.5%

NO Banks

3.1%

NO Market


1 Year Return

-16.2%

OB:DNB

-12.7%

NO Banks

-14.0%

NO Market

DNB underperformed the Banks industry which returned -12.7% over the past year.

DNB underperformed the Market in Norway which returned -14% over the past year.


Share holder returns

DNBIndustryMarket
7 Day-1.6%1.5%3.1%
30 Day-9.2%-6.4%-4.0%
90 Day-6.7%-4.7%-4.8%
1 Year-11.8%-16.2%-8.5%-12.7%-9.1%-14.0%
3 Year68.3%46.2%66.7%46.8%39.5%21.0%
5 Year53.4%24.0%67.9%33.3%38.7%7.1%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

25%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

DNB's share price is below the future cash flow value, and at a moderate discount (> 20%).

DNB's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

DNB is overvalued based on earnings compared to the NO Banks industry average.

DNB is good value based on earnings compared to the Norway market.


Price Based on Expected Growth

DNB earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

DNB is overvalued based on assets compared to the NO Banks industry average.


Next Steps

Future Growth

How is DNB expected to perform in the next 1 to 3 years based on estimates from 16 analysts?

-0.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

DNB's revenue is expected to grow by 3.2% yearly, however this is not considered high growth (20% yearly).

DNB's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

DNB's revenue growth is positive but not above the Norway market average.

DNB's earnings are expected to decrease over the next 1-3 years, this is below the Norway market average.

DNB's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.8%.


Earnings per Share Growth Estimates


Future Return on Equity

DNB is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has DNB performed over the past 5 years?

2.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

DNB's year on year earnings growth rate has been positive over the past 5 years.

DNB's 1-year earnings growth exceeds its 5-year average (11.8% vs 2%)

DNB's earnings growth has not exceeded the NO Banks industry average in the past year (11.8% vs 11.8%).


Return on Equity

DNB has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

DNB used its assets more efficiently than the NO Banks industry average last year based on Return on Assets.


Return on Capital Employed

Unable to establish if DNB improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.


Next Steps

Financial Health

How is DNB'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

Information is not available.

Information is not available.


Financial Institutions Analysis

DNB has an acceptable proportion of non-loan assets held.

DNB has a low allowance for bad loans.

DNB's liabilities are made up of primarily higher risk sources of funding.

DNB's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).

DNB has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).

DNB has an acceptable level of bad loans (less than 2%).


Next Steps

Dividend

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

6.59%

Expected Dividend Yield


Dividend Yield and Payments Analysis

DNB's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.72%).

DNB's dividend is below the markets top 25% of dividend payers in Norway (6.44%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.9x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.7x coverage).


Next Steps

Management

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

2.8yrs

Average management tenure


CEO

Rune Bjerke (59yo)

12.6yrs

Tenure

kr9,032,000

Compensation

Mr. Rune Bjerke has been the Group Chief Executive Officer of DNB Bank ASA and DNB ASA since January 02, 2007. Mr. Bjerke is Vice Chairman of the Board at Fremtind Forsikring AS. Mr. Bjerke serves as the  ...


CEO Compensation Analysis

Rune's remuneration is lower than average for companies of similar size in Norway.

Rune's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

2.8yrs

Average Tenure

51yo

Average Age

The tenure for the DNB management team is about average.


Board Age and Tenure

3.6yrs

Average Tenure

59yo

Average Age

The tenure for the DNB board of directors is about average.


Insider Trading

More shares have been bought than sold by DNB individual insiders in the past 3 months.


Recent Insider Transactions

Buykr25,13328 May 19
Eli Solhaug
EntityIndividual
Shares164
Max Pricekr153.25
Buykr72,63928 May 19
Thomas Midteide
EntityIndividual
Role
Head of Marketing
Group Executive Vice President of Media & Marketing
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Rune Bjerke
EntityIndividual
Role
Chief Executive Officer
Group Chief Executive Officer
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Rasmus Aage Figenschou
EntityIndividual
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Rune Helland
EntityIndividual
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Benedicte Fasmer
EntityIndividual
Role
Senior Key Executive
Group Executive Vice President of Corporate Banking
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Fredrik Berger
EntityIndividual
Shares474
Max Pricekr153.25
Buykr50,11228 May 19
Mathias Bruvik
EntityIndividual
Shares327
Max Pricekr153.25
Buykr25,13328 May 19
Vigdis Mathisen
EntityIndividual
Role
Member of the Board of Directors
Employee Representative Director
Shares164
Max Pricekr153.25
Buykr72,63928 May 19
Audun Moen
EntityIndividual
Shares474
Max Pricekr153.25
Buykr50,11228 May 19
Bolme Reidar
EntityIndividual
Shares327
Max Pricekr153.25
Buykr72,63928 May 19
Ingjerd Cecilie Hafsteen Spiten
EntityIndividual
Role
Senior Key Executive
Group Executive Vice President of Personal Banking
Shares474
Max Pricekr153.25
Buykr7,50928 May 19
Tore Andresen
EntityIndividual
Shares49
Max Pricekr153.25
Buykr72,63928 May 19
Ottar Ertzeid
EntityIndividual
Role
Senior Key Executive
Group Executive Vice President of Markets
Shares474
Max Pricekr153.25
Buykr25,13328 May 19
Lillian Hattrem
EntityIndividual
Shares164
Max Pricekr153.25
Buykr72,63928 May 19
Solveig Hellebust
EntityIndividual
Role
Chief Operating Officer
Group Executive Vice President of People & Operations
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Harald Serck-Hanssen
EntityIndividual
Role
Senior Key Executive
Group Executive Vice President of Large Corporates & International
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Kjerstin Braathen
EntityIndividual
Role
Chief Financial Officer
CFO & Group Executive Vice President of Group Finance
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Mirella Wassiluk
EntityIndividual
Role
Chief Compliance Officer
Group Executive Vice President of Compliance
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Ida Lerner
EntityIndividual
Role
Senior Key Executive
Group Executive Vice President of Risk Management
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Alf Otterstad
EntityIndividual
Shares474
Max Pricekr153.25
Buykr15,01828 May 19
Klara Aasen
EntityIndividual
Shares98
Max Pricekr153.25
Buykr72,63928 May 19
Even Westerveld
EntityIndividual
Shares474
Max Pricekr153.25
Buykr72,63928 May 19
Håkon Hansen
EntityIndividual
Shares474
Max Pricekr153.25
Buykr25,13328 May 19
Carl Løvvik
EntityIndividual
Role
Member of the Board of Directors
Employee Representative Director
Shares164
Max Pricekr153.25
Buykr1,406,70007 Feb 19
Jaan Gjærum Semlitsch
EntityIndividual
Role
Member of the Board of Directors
Director
Shares9,000
Max Pricekr156.30

Ownership Breakdown


Management Team

  • Ottar Ertzeid (54yo)

    Group Executive Vice President of Markets

    • Tenure: 16.6yrs
    • Compensation: kr13.73m
  • Rune Bjerke (59yo)

    Group Chief Executive Officer

    • Tenure: 12.6yrs
    • Compensation: kr9.03m
  • Benedicte Fasmer (54yo)

    Group Executive Vice President of Corporate Banking

    • Tenure: 2.9yrs
    • Compensation: kr5.19m
  • Solveig Hellebust (52yo)

    Group Executive Vice President of People & Operations

    • Tenure: 2.6yrs
    • Compensation: kr4.91m
  • Harald Serck-Hanssen (54yo)

    Group Executive Vice President of Large Corporates & International

    • Tenure: 6.6yrs
    • Compensation: kr6.48m
  • Thomas Midteide (45yo)

    Group Executive Vice President of Media & Marketing

    • Tenure: 6.6yrs
    • Compensation: kr4.57m
  • Kjerstin Braathen (49yo)

    CFO & Group Executive Vice President of Group Finance

    • Tenure: 2.4yrs
    • Compensation: kr6.40m
  • Ingjerd Cecilie Hafsteen Spiten (48yo)

    Group Executive Vice President of Personal Banking

    • Tenure: 1.6yrs
    • Compensation: kr4.90m
  • Ida Lerner (44yo)

    Group Executive Vice President of Risk Management

    • Tenure: 1.7yrs
    • Compensation: kr6.40m
  • Mirella Wassiluk (50yo)

    Group Executive Vice President of Compliance

    • Tenure: 1.3yrs
    • Compensation: kr7.22m

Board Members

  • Karl-Christian Agerup (57yo)

    Director

    • Tenure: 2.3yrs
    • Compensation: kr364.00k
  • Gunnar Reitan (65yo)

    Director of Vital Forsikring

    • Tenure: 0.0yrs
  • Tore Rimmereid (57yo)

    Vice Chairman of the Board

    • Tenure: 7.6yrs
    • Compensation: kr536.00k
  • Fjell Løvås (62yo)

    Deputy Director

    • Tenure: 3.6yrs
  • Carl Løvvik (67yo)

    Employee Representative Director

    • Tenure: 8.2yrs
    • Compensation: kr1.13m
  • Olaug Svarva (62yo)

    Chairman of the Board

    • Tenure: 1.3yrs
    • Compensation: kr718.00k
  • Gro Bakstad (53yo)

    Director

    • Tenure: 0.3yrs
  • Vigdis Mathisen (61yo)

    Employee Representative Director

    • Tenure: 7.2yrs
    • Compensation: kr1.26m
  • Stian Samuelsen (55yo)

    Deputy Director

    • Tenure: 3.6yrs
  • Jaan Gjærum Semlitsch (48yo)

    Director

    • Tenure: 5.2yrs
    • Compensation: kr524.00k

Company Information

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


Key Information

  • Name: DNB ASA
  • Ticker: DNB
  • Exchange: OB
  • Founded: 1822
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: kr224.338b
  • Shares outstanding: 1.56b
  • Website: https://www.dnb.no

Number of Employees


Location

  • DNB ASA
  • Dronning Eufemias gate 30
  • Bjørvika
  • Oslo
  • Oslo
  • 191
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DNBH.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJan 1992
NBADB (Deutsche Boerse AG)YesCommon SharesDEEURJan 1992
DNBOB (Oslo Bors)YesCommon SharesNONOKJan 1992
0O84LSE (London Stock Exchange)YesCommon SharesGBNOKJan 1992
DNBOBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBNOKJan 1992
DNHB.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDAug 2010

Biography

DNB ASA provides various banking products and services for retail and corporate customers in Norway and internationally. The company offers savings and investment products, including saving accounts, home  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/23 20:45
End of Day Share Price2019/08/23 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.