Høland og Setskog Sparebank Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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 HSPG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HSPG (NOK140) is trading below our estimate of fair value (NOK866.48)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for HSPG. This is calculated by dividing HSPG's market cap by their current earnings.
What is HSPG's PE Ratio?
PE Ratio	16.6x
Earnings	NOK 5.81m
Market Cap	NOK 96.31m

HSPG 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 HSPG's PE Ratio compare to its peers?

The above table shows the PE ratio for HSPG 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	10.4x
NISB Nidaros Sparebank	18.8x	29.8%	NOK 112.9m
SOGN Sogn Sparebank	11.9x	23.7%	NOK 162.2m
FFSB Flekkefjord Sparebank	1.4x	3.9%	NOK 166.5m
AASB Aasen Sparebank	9.6x	17.5%	NOK 207.6m
HSPG Høland og Setskog Sparebank	16.6x	52.2%	NOK 96.3m

Price-To-Earnings vs Peers: HSPG is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the peer average (10.4x).

Price to Earnings Ratio vs Industry

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

1 Company	Price / Earnings	Estimated Growth	Market Cap
FFSB Flekkefjord Sparebank	1.4x	3.9%	US$15.06m

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: HSPG is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the Norwegian Banks industry average (9x).

Price to Earnings Ratio vs Fair Ratio

What is HSPG'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.

HSPG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	16.6x
Fair PE Ratio	14.7x

Price-To-Earnings vs Fair Ratio: HSPG is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the estimated Fair Price-To-Earnings Ratio (14.7x).

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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