OB:MORG

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Sparebanken Møre

Executive Summary

Sparebanken Møre, together with its subsidiaries, provides banking services for retail and corporate customers primarily in Møre og Romsdal, Norway.


Snowflake Analysis

Proven track record with adequate balance sheet and pays a dividend.

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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.3%

MORG

-0.1%

NO Banks

-0.1%

NO Market


1 Year Return

-4.4%

MORG

-5.8%

NO Banks

-10.4%

NO Market

Return vs Industry: MORG exceeded the Norwegian Banks industry which returned -10% over the past year.

Return vs Market: MORG exceeded the Norwegian Market which returned -13.5% over the past year.


Shareholder returns

MORGIndustryMarket
7 Day1.3%-0.1%-0.1%
30 Day0.7%7.0%4.4%
90 Day8.7%17.7%8.5%
1 Year0.7%-4.4%-4.9%-5.8%-7.7%-10.4%
3 Year37.8%18.0%2.3%-7.4%-6.1%-1.5%
5 Year74.4%31.2%39.1%13.1%35.5%7.7%

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

Valuation

Is Sparebanken Møre undervalued compared to its fair value and its price relative to the market?

7.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MORG (NOK301) is trading below our estimate of fair value (NOK323.61)

Significantly Below Fair Value: MORG is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: MORG's PE Ratio (9.4x) is in line with the NO Banks industry average.

PE vs Market: MORG is good value based on its PE Ratio (9.4x) compared to the Norwegian market (13.7x).


Price to Earnings Growth Ratio

PEG Ratio: MORG is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: MORG's PB Ratio (0.4x) is in line with the NO Banks industry average.


Next Steps

Future Growth

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

19.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MORG's forecast earnings growth (19.1% per year) is above the savings rate (1.6%).

Earnings vs Market: MORG's earnings (19.1% per year) are forecast to grow slower than the Norwegian market (34.9% per year).

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

Revenue vs Market: MORG's revenue (5.1% per year) is forecast to grow faster than the Norwegian market (4.8% per year).

High Growth Revenue: MORG's revenue (5.1% 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 (8.8%).


Next Steps

  • Explore growth companies in the Banks industry.

Past Performance

How has Sparebanken Møre performed over the past 5 years?

3.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MORG has high quality earnings.

Growing Profit Margin: MORG's current net profit margins (21%) are lower than last year (21.1%).


Past Earnings Growth Analysis

Earnings Trend: MORG's earnings have grown by 3.5% per year over the past 5 years.

Accelerating Growth: MORG's earnings growth over the past year (3.9%) exceeds its 5-year average (3.5% per year).

Earnings vs Industry: MORG earnings growth over the past year (3.9%) exceeded the Banks industry -4.2%.


Return on Equity

High ROE: MORG's Return on Equity (9.4%) 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 (11.2x) is moderate.

Allowance for Bad Loans: MORG has a low allowance for bad loans (28%).

Low Risk Liabilities: 52% 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 (85%).

Low Risk Deposits: MORG's Loans to Deposits ratio (179%) is high.

Level of Bad Loans: MORG has an appropriate level of bad loans (1.5%).


Next Steps

Dividend

What is Sparebanken Møre current dividend yield, its reliability and sustainability?

5.81%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MORG's dividend (5.81%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.89%).

High Dividend: MORG's dividend (5.81%) is low compared to the top 25% of dividend payers in the Norwegian market (6.75%).


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 increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.5%), MORG's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MORG's dividends in 3 years are forecast to be covered by earnings (51.4% payout ratio).


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Trond Nydal (50 yo)

3.33yrs

Tenure

kr3,132,000

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 ($USD342.56K) is below average for companies of similar size in the Norwegian market ($USD495.01K).

Compensation vs Earnings: Trond's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Trond Nydal
Chief Executive Officer3.33yrskr3.13m0.078%
NOK 2.3m
Idar Vattøy
Executive Vice President of Finance & Facilities Management2.83yrskr1.48m0.052%
NOK 1.5m
Erik Røkke
Executive Vice President of Risk Management & Compliance2.83yrskr1.49m0.067%
NOK 2.0m
Tone Gjerdsbakk
Public Information Manager and Executive VP of Communication & Group Supportno datakr1.39m0.034%
NOK 997.4k
Runar Sandanger
Executive VP of Treasury & Markets7.5yrskr1.77m0.045%
NOK 1.3m
Perdy Lunde
Executive Vice President of Business Support18.58yrskr1.60m0.047%
NOK 1.4m
Terje Krøvel
Executive Vice President of Corporate Banking Division2.83yrskr1.74m0.056%
NOK 1.7m
Helge Knudsen
Employees Elected Representative Director6.58yrskr227.00k0.014%
NOK 404.4k
Kjetil Hauge
Executive Vice President of Organizational Development2.83yrskr1.36m0.024%
NOK 714.7k
Arild Sulebakk
Executive Vice President of Customer Experience2.58yrskr1.38m0.0092%
NOK 273.5k
Marie Hide
Employees Elected Representative Directorno datakr168.00k0.0035%
NOK 102.7k
Elisabeth Blomvik
Executive Vice President of Retail Banking Division3.08yrskr1.59m0.011%
NOK 330.8k

3.0yrs

Average Tenure

54yo

Average Age

Experienced Management: MORG's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Helge Knudsen
Employees Elected Representative Director6.58yrskr227.00k0.014%
NOK 404.4k
Marie Hide
Employees Elected Representative Directorno datakr168.00k0.0035%
NOK 102.7k
Leif-Arne Langøy
Chairman of Board of Directors9.58yrskr581.00k1.25%
NOK 37.2m
Jill Aasen
Director2.58yrskr254.00kno data
Roald Fiksdal
Chairman of Thetresfjord Bridge & Thevagetunnelno datano datano data
Tormod Hvattum
Chairman of Parent Bankno datano datano data
Finn Stene
Deputy Chairman of Trustee1.33yrsno datano data
Ragna Bjerkeset
Deputy Chairman of the Board0.33yrkr294.00k0.0096%
NOK 285.9k
Ann Magritt Vikebakk
Director6.58yrskr319.00k0.14%
NOK 4.1m
Henrik Grung
Director5.58yrskr343.00kno data
Jan Aurdal
Chairman of Trustee3.58yrskr57.00kno data
Kåre Vassdal
Director0.33yrno datano data

3.6yrs

Average Tenure

50yo

Average Age

Experienced Board: MORG's board of directors are considered experienced (3.6 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.


Recent Insider Transactions

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: kr2.969b
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MORGOB (Oslo Bors)YesPrimary Capital CertificatesNONOKJan 1992
0G40LSE (London Stock Exchange)YesPrimary Capital CertificatesGBNOKJan 1992
MORGOBATS-CHIXE (BATS 'Chi-X Europe')YesPrimary Capital CertificatesGBNOKJan 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/03 21:26
End of Day Share Price2020/08/03 00:00
Earnings2020/03/31
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.