Executive Summary
Sparebanken Møre, together with its subsidiaries, provides banking services for retail and corporate customers primarily in Møre og Romsdal, Norway. More Details
Rewards
Risk Analysis
No risks detected for MORG from our risk checks.
Snowflake Analysis
Adequate balance sheet and fair value.
Share Price & News
How has Sparebanken Møre's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MORG is less volatile than 75% of Norwegian stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: MORG's weekly volatility (2%) has been stable over the past year.
Market Performance
7 Day Return
6.0%
MORG
6.1%
NO Banks
1.1%
NO Market
1 Year Return
5.3%
MORG
44.3%
NO Banks
39.7%
NO Market
Return vs Industry: MORG underperformed the Norwegian Banks industry which returned 26.4% over the past year.
Return vs Market: MORG underperformed the Norwegian Market which returned 26.1% over the past year.
Shareholder returns
| MORG | Industry | Market | |
|---|---|---|---|
| 7 Day | 6.0% | 6.1% | 1.1% |
| 30 Day | 7.4% | 7.3% | 2.9% |
| 90 Day | 8.1% | 14.9% | 13.0% |
| 1 Year | 10.9%5.3% | 51.0%44.3% | 45.1%39.7% |
| 3 Year | 33.4%14.3% | 32.7%15.8% | 19.5%5.7% |
| 5 Year | 113.8%60.8% | 121.2%76.4% | 78.0%43.7% |
Long-Term Price Volatility Vs. Market
How volatile is Sparebanken Møre's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 weeks ago | Simply Wall St
Here's What Sparebanken Møre's (OB:MORG) Shareholder Ownership Structure Looks Like1 month ago | Simply Wall St
Would Sparebanken Møre (OB:MORG) Be Valuable To Income Investors?2 months ago | Simply Wall St
Have Insiders Been Buying Sparebanken Møre (OB:MORG) Shares?Valuation
Is Sparebanken Møre undervalued compared to its fair value and its price relative to the market?
11.78x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: MORG (NOK320) is trading above our estimate of fair value (NOK283.77)
Significantly Below Fair Value: MORG is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: MORG is poor value based on its PE Ratio (11.8x) compared to the NO Banks industry average (10.6x).
PE vs Market: MORG is good value based on its PE Ratio (11.8x) compared to the Norwegian market (14.7x).
Price to Earnings Growth Ratio
PEG Ratio: MORG is good value based on its PEG Ratio (0.7x)
Price to Book Ratio
PB vs Industry: MORG is good value based on its PB Ratio (0.4x) compared to the NO Banks industry average (0.5x).
Next Steps
Future Growth
How is Sparebanken Møre forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
17.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MORG's forecast earnings growth (17.8% per year) is above the savings rate (1.4%).
Earnings vs Market: MORG's earnings (17.8% per year) are forecast to grow slower than the Norwegian market (26.6% per year).
High Growth Earnings: MORG's earnings are forecast to grow, but not significantly.
Revenue vs Market: MORG's revenue (9.3% per year) is forecast to grow faster than the Norwegian market (7.3% per year).
High Growth Revenue: MORG's revenue (9.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MORG's Return on Equity is forecast to be low in 3 years time (9.2%).
Next Steps
Past Performance
How has Sparebanken Møre performed over the past 5 years?
3.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MORG has high quality earnings.
Growing Profit Margin: MORG's current net profit margins (19.6%) are lower than last year (21.9%).
Past Earnings Growth Analysis
Earnings Trend: MORG's earnings have grown by 3.2% per year over the past 5 years.
Accelerating Growth: MORG's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MORG had negative earnings growth (-21.3%) over the past year, making it difficult to compare to the Banks industry average (-3.3%).
Return on Equity
High ROE: MORG's Return on Equity (7.9%) is considered low.
Next Steps
Financial Health
How is Sparebanken Møre'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: MORG's Assets to Equity ratio (11x) is moderate.
Allowance for Bad Loans: MORG has a low allowance for bad loans (27%).
Low Risk Liabilities: 54% of MORG's liabilities are made up of primarily low risk sources of funding.
Loan Level: MORG has an appropriate level of Loans to Assets ratio (86%).
Low Risk Deposits: MORG's Loans to Deposits ratio (174%) is high.
Level of Bad Loans: MORG has an appropriate level of bad loans (1.8%).
Next Steps
Dividend
What is Sparebanken Møre current dividend yield, its reliability and sustainability?
1.41%
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: MORG's dividend (1.41%) isn’t notable compared to the bottom 25% of dividend payers in the Norwegian market (1.92%).
High Dividend: MORG's dividend (1.41%) is low compared to the top 25% of dividend payers in the Norwegian market (5.15%).
Stability and Growth of Payments
Stable Dividend: MORG's dividend payments have been volatile in the past 10 years.
Growing Dividend: MORG's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (16.6%), MORG's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MORG's dividends in 3 years are forecast to be covered by earnings (53.1% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.5yrs
Average management tenure
CEO
Trond Nydal (50 yo)
3.92yrs
Tenure
kr3,270,000
Compensation
Mr. Trond Lars Nydal serves as an Executive Vice President of Retail Banking Division at Sparebanken Møre and served as its Executive Vice President, Ålesund and Sula Region Retail Banking since 2008. Mr. ...
CEO Compensation Analysis
Compensation vs Market: Trond's total compensation ($USD380.90K) is below average for companies of similar size in the Norwegian market ($USD600.94K).
Compensation vs Earnings: Trond's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chief Executive Officer | 3.92yrs | kr3.27m | 0.078% NOK 2.4m | |
| Executive Vice President of Finance & Facilities Management | 3.42yrs | kr1.49m | 0.052% NOK 1.6m | |
| Executive Vice President of Risk Management & Compliance | 3.42yrs | kr1.51m | 0.067% NOK 2.1m | |
| Public Information Manager and Executive VP of Communication & Group Support | no data | kr1.40m | 0.034% NOK 1.1m | |
| Executive VP of Treasury & Markets | 8.08yrs | kr1.91m | 0.045% NOK 1.4m | |
| Executive Vice President of Business Support | 19.17yrs | kr1.69m | 0.047% NOK 1.5m | |
| Executive Vice President of Corporate Banking Division | 3.42yrs | kr1.73m | 0.056% NOK 1.7m | |
| Employees Elected Representative Director | 7.17yrs | kr188.00k | 0.014% NOK 425.9k | |
| Executive Vice President of Organizational Development | 3.42yrs | kr1.38m | 0.024% NOK 752.7k | |
| Executive Vice President of Customer Experience | 3.17yrs | kr1.41m | 0.0092% NOK 288.0k | |
| Employees Elected Representative Director | no data | kr170.00k | 0.0035% NOK 108.2k | |
| Executive Vice President of Retail Banking Division | 3.67yrs | kr1.63m | 0.011% NOK 348.4k |
3.5yrs
Average Tenure
54yo
Average Age
Experienced Management: MORG's management team is considered experienced (3.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Employees Elected Representative Director | 7.17yrs | kr188.00k | 0.014% NOK 425.9k | |
| Employees Elected Representative Director | no data | kr170.00k | 0.0035% NOK 108.2k | |
| Chairman of Board of Directors | 10.17yrs | kr422.00k | 1.25% NOK 39.1m | |
| Director | 3.17yrs | kr242.00k | no data | |
| Chairman of Thetresfjord Bridge & Thevagetunnel | no data | no data | no data | |
| Chairman of Parent Bank | no data | no data | no data | |
| Deputy Chairman of Trustee | 1.92yrs | no data | no data | |
| Deputy Chairman of the Board | 0.92yr | kr208.00k | 0.015% NOK 459.7k | |
| Director | 7.17yrs | kr229.00k | 0.14% NOK 4.3m | |
| Director | 6.17yrs | kr242.00k | no data | |
| Chairman of Trustee | 4.17yrs | kr54.00k | no data | |
| Director | 0.92yr | kr120.00k | no data |
4.2yrs
Average Tenure
49.5yo
Average Age
Experienced Board: MORG's board of directors are considered experienced (4.2 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Sparebanken Møre's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Sparebanken Møre
- Ticker: MORG
- Exchange: OB
- Founded: 1843
- Industry: Regional Banks
- Sector: Banks
- Market Cap: kr3.127b
- Shares outstanding: 9.86m
- Website: https://www.sbm.no
Number of Employees
Location
- Sparebanken Møre
- Keiser Wilhelmsgt. 29/33
- PO Box 121
- Ålesund
- Møre og Romsdal
- 6001
- Norway
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MORG | OB (Oslo Bors) | Yes | Primary Capital Certificates | NO | NOK | Jan 1992 |
| 0G40 | LSE (London Stock Exchange) | Yes | Primary Capital Certificates | GB | NOK | Jan 1992 |
| MORGO | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Primary Capital Certificates | GB | NOK | Jan 1992 |
Biography
Sparebanken Møre, together with its subsidiaries, provides banking services for retail and corporate customers primarily in Møre og Romsdal, Norway. It operates through Corporate, Retail, and Real Estate B...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/03/08 17:21 |
| End of Day Share Price | 2021/03/08 00:00 |
| Earnings | 2020/12/31 |
| Annual Earnings | 2020/12/31 |
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.