OB:SBANK

Stock Analysis Report

Executive Summary

Sbanken ASA, a digital bank that provides various banking products to retail customers through its banking platform in Norway.

Snowflake

Fundamentals

Adequate balance sheet second-rate dividend payer.


Similar Companies

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


Market Performance


7 Day Return

0%

SBANK

-3.5%

NO Banks

-1.7%

NO Market


1 Year Return

-8.0%

SBANK

7.9%

NO Banks

-3.3%

NO Market

Return vs Industry: SBANK underperformed the Norwegian Banks industry which returned 7.9% over the past year.

Return vs Market: SBANK underperformed the Norwegian Market which returned -3.3% over the past year.


Shareholder returns

SBANKIndustryMarket
7 Day0%-3.5%-1.7%
30 Day6.0%1.8%0.9%
90 Day9.6%9.9%6.8%
1 Year-6.1%-8.0%13.2%7.9%2.2%-3.3%
3 Year9.2%3.8%48.9%30.8%38.5%20.8%
5 Yearn/a72.7%36.9%54.2%18.5%

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?

10.99x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SBANK (NOK70.6) is trading above our estimate of fair value (NOK55.79)

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 (11x) compared to the Banks industry average (8.1x).

PE vs Market: SBANK is good value based on its PE Ratio (11x) compared to the Norwegian market (13x).


Price to Earnings Growth Ratio

PEG Ratio: SBANK is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: SBANK is overvalued based on its PB Ratio (1.1x) 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 5 analysts?

7.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SBANK's forecast earnings growth (7.8% per year) is above the savings rate (1.8%).

Earnings vs Market: SBANK's earnings (7.8% per year) are forecast to grow slower than the Norwegian market (21.1% per year).

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

Revenue vs Market: SBANK's revenue (8.1% per year) is forecast to grow faster than the Norwegian market (4.5% per year).

High Growth Revenue: SBANK's revenue (8.1% 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?

13.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SBANK has high quality earnings.

Growing Profit Margin: SBANK's current net profit margins (42.6%) are lower than last year (43.8%).


Past Earnings Growth Analysis

Earnings Trend: SBANK's earnings have grown by 13.5% per year over the past 5 years.

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

Earnings vs Industry: SBANK had negative earnings growth (-2.3%) over the past year, making it difficult to compare to the Banks industry average (12.7%).


Return on Equity

High ROE: SBANK's Return on Equity (10.3%) is considered low.


Return on Assets


Return on Capital Employed


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

Inventory Level: SBANK has a low level of unsold assets or inventory.

Debt Coverage by Assets: SBANK's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

Asset Level: SBANK's level of assets compared to its equity is moderate.

Allowance for Bad Loans: SBANK has a low allowance for bad loans.

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

Loan Level: SBANK has an acceptable proportion of non-loan assets held.

Low Risk Deposits: SBANK has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: SBANK has an appropriate level of bad loans (0.77%)


Next Steps

Dividend

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

2.48%

Current Dividend Yield


Dividend Yield vs Market

company2.5%marketbottom25%2.5%markettop25%6.1%industryaverage5.0%forecastin3Years3.2%

Current dividend yield vs market & industry

Notable Dividend: SBANK's dividend (2.48%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.48%).

High Dividend: SBANK's dividend (2.48%) is low compared to the top 25% of dividend payers in the Norwegian market (6.08%).


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 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (27.2%), 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 (33.4% payout ratio).


Next Steps

Management

What is the CEO of Sbanken's salary, the management and board of directors tenure and is there insider trading?

2.3yrs

Average management tenure


CEO

Øyvind Thomassen (57yo)

0.8yrs

Tenure

kr878,000

Compensation

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


Management Age and Tenure

2.3yrs

Average Tenure

51.5yo

Average Age

Experienced Management: SBANK's management team is considered experienced (2.3 years average tenure).


Board Age and Tenure

3.8yrs

Average Tenure

55.5yo

Average Age

Experienced Board: SBANK's board of directors are considered experienced (3.8 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buykr56,33629 May 19
Lars Midby
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares800
Max Pricekr70.42
Buykr47,25522 May 19
Lars Midby
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares650
Max Pricekr72.70
Buykr7,48025 Feb 19
Christoffer Hernæs
EntityIndividual
Role
Senior Key Executive
Chief Digital Officer
Shares95
Max Pricekr78.74
Buykr99,60225 Feb 19
Henning Nordgulen
EntityIndividual
Role
Chief Financial Officer
CFO & Deputy CEO
Shares1,265
Max Pricekr78.74
Buykr124,95525 Feb 19
Magnar Øyhovden
EntityIndividual
Shares1,587
Max Pricekr78.74
Buykr24,95925 Feb 19
Mari Rørvik
EntityIndividual
Shares317
Max Pricekr78.74
Buykr29,29025 Feb 19
Atle Tidemann
EntityIndividual
Role
Senior Key Executive
Head of Organisation
Shares372
Max Pricekr78.74
Buykr50,92021 Dec 18
Lars Midby
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares670
Max Pricekr76.00
Buykr50,55620 Dec 18
Lars Midby
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares660
Max Pricekr76.60
Buykr14,94812 Dec 18
Eirik Christensen
EntityIndividual
Role
Senior Key Executive
Chief Risk Officer
Shares185
Max Pricekr80.80
Buykr14,94812 Dec 18
Atle Tidemann
EntityIndividual
Role
Senior Key Executive
Head of Organisation
Shares185
Max Pricekr80.80
Buykr97,88822 Nov 18
Lars Midby
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares1,250
Max Pricekr78.31
Buykr97,87521 Nov 18
Lars Midby
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares1,250
Max Pricekr78.30

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Henning Nordgulen (54yo)

    CFO & Deputy CEO

    • Tenure: 4.3yrs
    • Compensation: kr2.71m
  • Arlin Mæland

    Chief Compliance Officer

    • Tenure: 0yrs
  • Øyvind Thomassen (57yo)

    Chief Executive Officer

    • Tenure: 0.8yrs
    • Compensation: kr878.00k
  • Eirik Christensen (41yo)

    Chief Risk Officer

    • Tenure: 4.1yrs
    • Compensation: kr1.85m
  • Geir Hansen (53yo)

    Head of Strategy

    • Tenure: 9.8yrs
    • Compensation: kr2.28m
  • Anne-Christine Fiksdal (46yo)

    Chief Operating Officer

    • Tenure: 1.8yrs
    • Compensation: kr2.05m
  • Christoffer Hernæs (38yo)

    Chief Digital Officer

    • Tenure: 2.8yrs
    • Compensation: kr2.18m
  • Svein Frøystad (54yo)

    Head of IT Governance & Employee Representative Director

    • Tenure: 1.8yrs
  • Atle Tidemann (50yo)

    Head of Organisation

    • Tenure: 1.3yrs
    • Compensation: kr1.68m
  • Jesper Hatletveit

    Head of Investor Relations

    • Tenure: 0.8yrs

Board Members

  • Hugo Maurstad (54yo)

    Independent Director

    • Tenure: 3.4yrs
    • Compensation: kr332.00k
  • Ragnhild Wiborg (58yo)

    Independent Director

    • Tenure: 4.2yrs
    • Compensation: kr591.00k
  • August Johan Baumann (53yo)

    Independent Director

    • Tenure: 4.3yrs
    • Compensation: kr557.00k
  • Mai-Lill Ibsen (64yo)

    Independent Director

    • Tenure: 4.3yrs
    • Compensation: kr672.00k
  • Cathrine Klouman (57yo)

    Director

    • Tenure: 1.8yrs
    • Compensation: kr233.00k
  • Karianne Mjøs-Haugland (43yo)

    Employee Representative Director

    • Tenure: 1.8yrs
  • Lars Midby (60yo)

    Chairman of the Board

    • Tenure: 4.8yrs
    • Compensation: kr731.00k
  • Svein Frøystad (54yo)

    Head of IT Governance & Employee Representative Director

    • Tenure: 1.8yrs

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: kr7.545b
  • Shares outstanding: 106.87m
  • 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
MDRD.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDNov 2015
0RD6LSE (London Stock Exchange)YesRegistered SharesGBNOKNov 2015
SBANKOBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBNOKNov 2015

Biography

Sbanken ASA, a digital bank that provides various banking products to retail customers through its banking platform in Norway. It offers deposit products, such as security deposit accounts and home savings ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/19 21:47
End of Day Share Price2019/11/19 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.