OB:MING

Stock Analysis Report

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SpareBank 1 SMN

Executive Summary

SpareBank 1 SMN, together with its subsidiaries, provides various financial and banking products and services to personal and corporate customers in Norway and internationally. More Details


Snowflake Analysis

Flawless balance sheet, good value and pays a dividend.

Share Price & News

How has SpareBank 1 SMN's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MING has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.6%

MING

4.1%

NO Banks

-1.6%

NO Market


1 Year Return

-18.4%

MING

-13.5%

NO Banks

-8.8%

NO Market

Return vs Industry: MING underperformed the Norwegian Banks industry which returned -13.4% over the past year.

Return vs Market: MING underperformed the Norwegian Market which returned -8.6% over the past year.


Shareholder returns

MINGIndustryMarket
7 Day-0.6%4.1%-1.6%
30 Day0.8%8.2%1.5%
90 Day5.1%-0.2%1.7%
1 Year-12.0%-18.4%-12.7%-13.5%-5.7%-8.8%
3 Year20.7%0.4%-0.5%-9.9%-0.3%-11.2%
5 Year107.1%57.9%65.2%34.5%43.4%14.5%

Price Volatility Vs. Market

How volatile is SpareBank 1 SMN's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is SpareBank 1 SMN undervalued compared to its fair value and its price relative to the market?

27.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MING (NOK84.1) is trading below our estimate of fair value (NOK116.22)

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


Price To Earnings Ratio

PE vs Industry: MING is poor value based on its PE Ratio (10x) compared to the NO Banks industry average (9.7x).

PE vs Market: MING is good value based on its PE Ratio (10x) compared to the Norwegian market (15.1x).


Price to Earnings Growth Ratio

PEG Ratio: MING is good value based on its PEG Ratio (0.7x)


Price to Book Ratio

PB vs Industry: MING's PB Ratio (0.6x) is in line with the NO Banks industry average.


Next Steps

Future Growth

How is SpareBank 1 SMN forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

15.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MING's forecast earnings growth (15% per year) is above the savings rate (1.6%).

Earnings vs Market: MING's earnings (15% per year) are forecast to grow slower than the Norwegian market (30.2% per year).

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

Revenue vs Market: MING's revenue (5% per year) is forecast to grow slower than the Norwegian market (5.5% per year).

High Growth Revenue: MING's revenue (5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MING's Return on Equity is forecast to be low in 3 years time (10.2%).


Next Steps

Past Performance

How has SpareBank 1 SMN performed over the past 5 years?

2.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MING has a high level of non-cash earnings.

Growing Profit Margin: MING's current net profit margins (21.4%) are lower than last year (27.5%).


Past Earnings Growth Analysis

Earnings Trend: MING's earnings have grown by 2.4% per year over the past 5 years.

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

Earnings vs Industry: MING had negative earnings growth (-31.9%) over the past year, making it difficult to compare to the Banks industry average (-13.9%).


Return on Equity

High ROE: MING's Return on Equity (9.1%) is considered low.


Next Steps

Financial Health

How is SpareBank 1 SMN'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


Financial Institutions Analysis

Asset Level: MING's Assets to Equity ratio (9.4x) is low.

Allowance for Bad Loans: MING has a sufficient allowance for bad loans (187%).

Low Risk Liabilities: 64% of MING's liabilities are made up of primarily low risk sources of funding.

Loan Level: MING has an appropriate level of Loans to Assets ratio (71%).

Low Risk Deposits: MING's Loans to Deposits ratio (124%) is appropriate.

Level of Bad Loans: MING has an appropriate level of bad loans (0.5%).


Next Steps

Dividend

What is SpareBank 1 SMN current dividend yield, its reliability and sustainability?

5.95%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MING's dividend (5.95%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.55%).

High Dividend: MING's dividend (5.95%) is low compared to the top 25% of dividend payers in the Norwegian market (6.58%).


Stability and Growth of Payments

Stable Dividend: MING's dividend payments have been volatile in the past 10 years.

Growing Dividend: MING's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (59.3%), MING's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MING's dividends in 3 years are forecast to be covered by earnings (50.9% payout ratio).


Next Steps

Management

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

1.9yrs

Average management tenure


CEO

Jan-Frode Janson (51 yo)

1.42yrs

Tenure

kr3,930,000

Compensation

Mr. Jan-Frode Janson is a Director of SpareBank 1 Gruppen AS. He served as President at SpareBank 1 Nord-Norge until March 15, 2019. He has been Director of Fremtind Forsikring AS since 2020. He was the Ch ...


CEO Compensation Analysis

Compensation vs Market: Jan-Frode's total compensation ($USD424.57K) is about average for companies of similar size in the Norwegian market ($USD546.11K).

Compensation vs Earnings: Insufficient data to compare Jan-Frode's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Jan-Frode Janson
Group Chief Executive Officer1.42yrskr3.93m0.031%
NOK 3.4m
Kjell Fordal
Executive VP of Corporate Finance & Deputy CEO29.75yrskr4.35m0.19%
NOK 20.7m
Rolf Brøske
Executive Director of Communications & Society4yrskr2.37m0.0078%
NOK 847.1k
Ola Nerasen
Executive Vice President Risk Managementno datakr2.47m0.033%
NOK 3.6m
Vegard Helland
Executive Vice President of Businessno datakr3.11m0.027%
NOK 2.9m
Nelly Maske
Executive Vice President of Private Market1.92yrskr3.00m0.016%
NOK 1.8m
Astrid Undheim
Executive VP/Executive Director of Technology & Development0.58yrno datano data
Hans Tronstad
Head of Corporate Communicationsno datano data0.0014%
NOK 146.8k
Petter de Lange
Chief Economistno datano datano data
Jon Havdal
Managing Director of Regnskapshuset SMNno datano datano data
Tom Jensen
Chief Executive Officer of Sparebank 1 Bilplanno datano datano data
Arne Nypan
Managing Director of SpareBank 1 Regnskapshuset SMNno datano data0.021%
NOK 2.2m

1.9yrs

Average Tenure

47yo

Average Age

Experienced Management: MING's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Morten Loktu
Director7.75yrskr260.00k0.012%
NOK 1.3m
Bard Benum
Deputy Board Chair7.58yrskr358.00kno data
Knut Solberg
Chair of the Supervisory Board2.58yrsno data0.0021%
NOK 232.7k
Kjell Bjordal
Chairman7.75yrskr546.00k0.10%
NOK 10.9m
Inge Lindseth
Director1.75yrskr1.05m0.0068%
NOK 737.3k
Janne Thomsen
Director6.5yrskr333.00k0.0023%
NOK 252.3k
Christian Stav
Director1.75yrskr252.00k0.012%
NOK 1.3m
Lars Tvete
Supervisory Board Member9.67yrsno data0.012%
NOK 1.3m
Per Tyldum
Supervisory Board Vice Chairmanno datano datano data
Mette Kamsvag
Director2.58yrskr321.00k0.0043%
NOK 470.9k
Tonje Foss
Director2.75yrskr255.00k0.0039%
NOK 420.8k
Christina Straub
Director1.75yrskr957.00k0.00056%
NOK 60.9k

2.8yrs

Average Tenure

58yo

Average Age

Experienced Board: MING's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

Insider Buying: MING 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

SpareBank 1 SMN's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SpareBank 1 SMN
  • Ticker: MING
  • Exchange: OB
  • Founded: 1823
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: kr10.874b
  • Shares outstanding: 129.30m
  • Website: https://www.sparebank1.no/nb/smn

Number of Employees


Location

  • SpareBank 1 SMN
  • no. 4 Søndre gate
  • Trondheim
  • Sør-Trøndelag
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SRMG.FOTCPK (Pink Sheets LLC)YesPrimary Capital CertificatesUSUSDMay 1994
MINGOB (Oslo Bors)YesPrimary Capital CertificatesNONOKMay 1994
0IVMLSE (London Stock Exchange)YesPrimary Capital CertificatesGBNOKMay 1994
MINGOBATS-CHIXE (BATS 'Chi-X Europe')YesPrimary Capital CertificatesGBNOKMay 1994
MING51OB (Oslo Bors)8.25%-FRN PERP NOK500000NONOKMay 2012
MING52OB (Oslo Bors)FRN PERP NOK500000NONOKNov 2012

Biography

SpareBank 1 SMN, together with its subsidiaries, provides various financial and banking products and services to personal and corporate customers in Norway and internationally. The company provides advisor ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/24 21:57
End of Day Share Price2020/10/23 00:00
Earnings2020/06/30
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.