Flekkefjord Sparebank Valuation

Q: What is the Fair Price of FFSB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

FFSB (NOK112) is trading below our estimate of [[fair value]] (NOK689.44)

Is FFSB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FFSB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FFSB (NOK112) is trading below our estimate of fair value (NOK689.44)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FFSB?

Key metric: As FFSB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FFSB. This is calculated by dividing FFSB's market cap by their current earnings.
What is FFSB's PE Ratio?
PE Ratio	1.4x
Earnings	NOK 118.22m
Market Cap	NOK 166.50m

FFSB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	0.3x

Price to Earnings Ratio vs Peers

How does FFSB's PE Ratio compare to its peers?

The above table shows the PE ratio for FFSB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	9.1x
AASB Aasen Sparebank	9.8x	16.7%	NOK 211.4m
SOGN Sogn Sparebank	1.6x	2.6%	NOK 158.0m
NISB Nidaros Sparebank	18.8x	27.1%	NOK 112.8m
ROMER Romerike Sparebank	6.1x	55.7%	NOK 356.7m
FFSB Flekkefjord Sparebank	1.4x	4.1%	NOK 166.5m

Price-To-Earnings vs Peers: FFSB is good value based on its Price-To-Earnings Ratio (1.4x) compared to the peer average (9.1x).

Price to Earnings Ratio vs Industry

How does FFSB's PE Ratio compare vs other companies in the NO Banks Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	8.3x	-3.1%
FFSB Flekkefjord Sparebank	1.4x	4.1%	US$15.08m

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap
Industry Avg.	8.3x	-3.1%
FFSB Flekkefjord Sparebank	1.4x	4.1%	US$15.08m

No more companies

Price-To-Earnings vs Industry: FFSB is good value based on its Price-To-Earnings Ratio (1.4x) compared to the Norwegian Banks industry average (8.3x).

Price to Earnings Ratio vs Fair Ratio

What is FFSB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FFSB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	1.4x
Fair PE Ratio	7x

Price-To-Earnings vs Fair Ratio: FFSB is good value based on its Price-To-Earnings Ratio (1.4x) compared to the estimated Fair Price-To-Earnings Ratio (7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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