OB:SBANK

Stock Analysis Report

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Executive Summary

Sbanken ASA, a digital bank, provides various banking products to retail customers in Norway. More Details


Snowflake Analysis

Adequate balance sheet with acceptable track record.

Share Price & News

How has Sbanken's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SBANK is less volatile than 75% of Norwegian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: SBANK's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

-1.4%

SBANK

4.4%

NO Banks

3.0%

NO Market


1 Year Return

6.0%

SBANK

-1.6%

NO Banks

-1.9%

NO Market

Return vs Industry: SBANK exceeded the Norwegian Banks industry which returned -5.6% over the past year.

Return vs Market: SBANK exceeded the Norwegian Market which returned -4.1% over the past year.


Shareholder returns

SBANKIndustryMarket
7 Day-1.4%4.4%3.0%
30 Day12.3%14.4%8.3%
90 Day9.0%12.8%6.8%
1 Year6.0%6.0%-0.6%-1.6%1.7%-1.9%
3 Year-8.2%-11.0%18.1%6.8%9.5%-2.8%
5 Year67.5%59.3%80.1%49.0%54.5%23.8%

Long-Term Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

11.23x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SBANK (NOK72.3) is trading above our estimate of fair value (NOK58.42)

Significantly Below Fair Value: SBANK is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: SBANK is poor value based on its PE Ratio (11.2x) compared to the NO Banks industry average (9.3x).

PE vs Market: SBANK is good value based on its PE Ratio (11.2x) compared to the Norwegian market (15.1x).


Price to Earnings Growth Ratio

PEG Ratio: SBANK is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: SBANK is overvalued based on its PB Ratio (1x) compared to the NO Banks industry average (0.5x).


Next Steps

Future Growth

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

11.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SBANK's forecast earnings growth (11.9% per year) is above the savings rate (1.6%).

Earnings vs Market: SBANK's earnings (11.9% per year) are forecast to grow slower than the Norwegian market (33.8% per year).

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

Revenue vs Market: SBANK's revenue (7.9% per year) is forecast to grow faster than the Norwegian market (6.1% per year).

High Growth Revenue: SBANK's revenue (7.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SBANK's Return on Equity is forecast to be low in 3 years time (11.9%).


Next Steps

Past Performance

How has Sbanken performed over the past 5 years?

6.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SBANK has high quality earnings.

Growing Profit Margin: SBANK's current net profit margins (40.6%) are lower than last year (42.6%).


Past Earnings Growth Analysis

Earnings Trend: SBANK's earnings have grown by 6.8% per year over the past 5 years.

Accelerating Growth: SBANK's earnings growth over the past year (0.2%) is below its 5-year average (6.8% per year).

Earnings vs Industry: SBANK earnings growth over the past year (0.2%) exceeded the Banks industry -8.2%.


Return on Equity

High ROE: SBANK's Return on Equity (9.3%) is considered low.


Next Steps

Financial Health

How is Sbanken'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: SBANK's Assets to Equity ratio (13.2x) is moderate.

Allowance for Bad Loans: SBANK has a low allowance for bad loans (60%).

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

Loan Level: SBANK has an appropriate level of Loans to Assets ratio (85%).

Low Risk Deposits: SBANK's Loans to Deposits ratio (143%) is high.

Level of Bad Loans: SBANK has an appropriate level of bad loans (0.7%).


Next Steps

Dividend

What is Sbanken current dividend yield, its reliability and sustainability?

4.36%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SBANK's dividend (4.36%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.45%).

High Dividend: SBANK's dividend (4.36%) is low compared to the top 25% of dividend payers in the Norwegian market (6.03%).


Stability and Growth of Payments

Stable Dividend: SBANK has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: SBANK's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (48.9%), SBANK's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SBANK's dividends in 3 years are forecast to be well covered by earnings (39.9% payout ratio).


Next Steps

Management

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

1.5yrs

Average management tenure


CEO

Øyvind Thomassen (58 yo)

1.17yrs

Tenure

kr4,543,280

Compensation

Mr. Øyvind Thomassen, M.Sc. Econ. has served as Chief Executive Officer of Sbanken ASA since September 23, 2019. He served as Chief Executive Officer of Skandiabanken AB (publ) from 2010 to April 26, 2016 ...


CEO Compensation Analysis

Compensation vs Market: Øyvind's total compensation ($USD508.61K) is about average for companies of similar size in the Norwegian market ($USD557.70K).

Compensation vs Earnings: Øyvind's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Øyvind Thomassen
Chief Executive Officer1.17yrskr4.54m0.095%
NOK 7.3m
Henning Nordgulen
CFO & Deputy CEO5.25yrskr2.62m0.066%
NOK 5.1m
Eirik Christensen
Chief Operating Officer of Banking0.83yrkr1.87m0.014%
NOK 1.1m
Geir Hansen
Head of Strategy10.83yrskr2.19m0.045%
NOK 3.5m
Svein Frøystad
Head of IT Governanceno datano data0.0017%
NOK 128.9k
Morten Jacobsen
Chief Technology Officer0.42yrno datano data
Jesper Hatletveit
Head of Investor Relations1.83yrsno data0.0019%
NOK 145.1k
Arlin Mæland
Chief Compliance Officerno datano data0.0028%
NOK 215.3k
Ann Lerstad
Head of Legalno datano datano data
Ole Larsen
Chief Communication Officerno datano datano data
Thomas Refsland
Head of Customer Service Centreno datano datano data
Harald Urdal
Head of Economicsno datano datano data

1.5yrs

Average Tenure

55yo

Average Age

Experienced Management: SBANK's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Hugo Maurstad
Independent Director4.42yrskr342.00kno data
Ragnhild Wiborg
Independent Director5.17yrskr569.00k0.017%
NOK 1.3m
August Johan Baumann
Independent Director5.25yrskr520.00k0.027%
NOK 2.1m
Mai-Lill Ibsen
Independent Director5.25yrskr556.00kno data
Cathrine Klouman
Director2.83yrskr684.00kno data
Lars Midby
Independent Chairman of the Board5.83yrskr822.00k0.045%
NOK 3.5m
Sarah Mjatvedt
Employee Representative Director0.50yrno datano data
Stein Pettersen
Employee Representative Director0.50yrno datano data

4.8yrs

Average Tenure

58.5yo

Average Age

Experienced Board: SBANK's board of directors are considered experienced (4.8 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: SBANK 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

Sbanken ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Sbanken ASA
  • Ticker: SBANK
  • Exchange: OB
  • Founded: 2000
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: kr7.716b
  • Shares outstanding: 106.73m
  • Website: https://sbanken.no

Number of Employees


Location

  • Sbanken ASA
  • Folke Bernadottesvei 38
  • Bergen
  • Hordaland
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SBANKOB (Oslo Bors)YesRegistered SharesNONOKNov 2015
7SBDB (Deutsche Boerse AG)YesRegistered SharesDEEURNov 2015
0RD6LSE (London Stock Exchange)YesRegistered SharesGBNOKNov 2015
SBANKOBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBNOKNov 2015

Biography

Sbanken ASA, a digital bank, provides various banking products to retail customers in Norway. The company offers deposit products, such as security deposit accounts and home savings account; and home loans...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/24 21:10
End of Day Share Price2020/11/24 00:00
Earnings2020/09/30
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.