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SpareBank 1 Telemark

OB:SBTE
Snowflake Description

Undervalued with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SBTE
OB
NOK1B
Market Cap
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Last updated 2019/06/18 22:33
Company description

SpareBank 1 Telemark provides banking products and services to private and business customers in Norway. The last earnings update was 40 days ago. More info.

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SBTE Share Price and Events
7 Day Returns
-1.3%
OB:SBTE
-1.5%
NO Banks
-1.4%
NO Market
1 Year Returns
-
OB:SBTE
-3.2%
NO Banks
-9.6%
NO Market
SBTE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SpareBank 1 Telemark (SBTE) -1.3% -0.8% -0.8% - - -
NO Banks -1.5% -3.6% -8% -3.2% 45.7% 39.3%
NO Market -1.4% -3.8% -7.9% -9.6% 28.1% 7.3%
1 Year Return vs Industry and Market
  • No trading data on SBTE.
  • No trading data on SBTE.
Price Volatility
Industry
5yr Volatility vs Market

SBTE Value

 Is SpareBank 1 Telemark undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of SpareBank 1 Telemark to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for SpareBank 1 Telemark.

OB:SBTE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= NOK381.09 * 8.8% 		NOK33.59
Book Value of Equity per Share Median Book Value from the past 5 years. NOK381.09
Discount Rate (Cost of Equity) See below 13.7%
Perpetual Growth Rate 10-Year NO Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:SBTE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.59 (1 + (1- 23%) (489.51%)) 		2.214
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (2 * 5.96%) 		13.68%

Discounted Cash Flow Calculation for OB:SBTE using Excess Returns Model Model

The calculations below outline how an intrinsic value for SpareBank 1 Telemark is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

OB:SBTE Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.8% – 13.68%) * NOK381.09) 		NOK-18.54
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK-18.54 / (13.68% - 1.76%) 		NOK-155.57
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK381.09 + NOK-155.57 		NOK225.52
OB:SBTE Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK225.52
Current discount Discount to share price of NOK117.00
= -1 x (NOK117.00 - NOK225.52) / NOK225.52 		48.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price SpareBank 1 Telemark is available for.
Intrinsic value
48%
Share price is NOK117 vs Future cash flow value of NOK225.52
Current Discount Checks
For SpareBank 1 Telemark to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • SpareBank 1 Telemark's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • SpareBank 1 Telemark's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for SpareBank 1 Telemark's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SpareBank 1 Telemark's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:SBTE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in NOK NOK13.04
OB:SBTE Share Price ** OB (2019-06-18) in NOK NOK117
Norway Banks Industry PE Ratio Median Figure of 31 Publicly-Listed Banks Companies 8.36x
Norway Market PE Ratio Median Figure of 135 Publicly-Listed Companies 13.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of SpareBank 1 Telemark.

OB:SBTE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:SBTE Share Price ÷ EPS (both in NOK)

= 117 ÷ 13.04

 8.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SpareBank 1 Telemark is overvalued based on earnings compared to the NO Banks industry average.
  • SpareBank 1 Telemark is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does SpareBank 1 Telemark's expected growth come at a high price?
Raw Data
OB:SBTE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts		 13.9%per year
Norway Banks Industry PEG Ratio Median Figure of 28 Publicly-Listed Banks Companies 0.57x
Norway Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 0.85x

*Line of best fit is calculated by linear regression .

OB:SBTE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.97x ÷ 13.9%

 0.65x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SpareBank 1 Telemark is good value based on expected growth next year.
Price based on value of assets
What value do investors place on SpareBank 1 Telemark's assets?
Raw Data
OB:SBTE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in NOK NOK299.40
OB:SBTE Share Price * OB (2019-06-18) in NOK NOK117
Norway Banks Industry PB Ratio Median Figure of 31 Publicly-Listed Banks Companies 0.49x
Norway Market PB Ratio Median Figure of 215 Publicly-Listed Companies 1.07x
OB:SBTE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:SBTE Share Price ÷ Book Value per Share (both in NOK)

= 117 ÷ 299.40

 0.39x

* Primary Listing of SpareBank 1 Telemark.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SpareBank 1 Telemark is good value based on assets compared to the NO Banks industry average.
Show me more potentially undervalued companies in the Banks industry
X
Value checks
We assess SpareBank 1 Telemark's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
    5. SpareBank 1 Telemark has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SBTE Future Performance

 How is SpareBank 1 Telemark expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SpareBank 1 Telemark expected to grow at an attractive rate?
  • SpareBank 1 Telemark's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • SpareBank 1 Telemark's earnings growth is positive but not above the Norway market average.
  • SpareBank 1 Telemark's revenue growth is positive but not above the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:SBTE Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:SBTE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 13.9%
OB:SBTE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 1.8%
Norway Banks Industry Earnings Growth Rate Market Cap Weighted Average 0.3%
Norway Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Norway Market Earnings Growth Rate Market Cap Weighted Average 14%
Norway Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:SBTE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:SBTE Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 340
2021-12-31 747 333 1
2020-12-31 710 325 1
2019-12-31 669 333 1
OB:SBTE Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-03-31 726 -944 136
2018-12-31 687 -1,163 115
2018-09-30 689 -1,106 65
2018-06-30 668 -1,138 63
2018-03-31 644 -1,218 66
2017-12-31 626 -945 98
2017-09-30 615 -44
2017-06-30 608 1
2017-03-31 627 94
2016-12-31 614 -1,201 89
2016-09-30 556 227
2016-06-30 527 200

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SpareBank 1 Telemark's earnings are expected to grow by 13.9% yearly, however this is not considered high growth (20% yearly).
  • SpareBank 1 Telemark's revenue is expected to grow by 1.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:SBTE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from SpareBank 1 Telemark Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SBTE Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 13.86 13.86 13.86 1.00
2020-12-31 13.90 13.90 13.90 1.00
2019-12-31 14.62 14.62 14.62 1.00
OB:SBTE Past Financials Data
Date (Data in NOK Millions) EPS *
2019-03-31 13.04
2018-12-31 11.20
2018-09-30 8.90
2018-06-30 9.02
2018-03-31 6.62
2017-12-31 9.82
2017-09-30 -6.46
2017-06-30 0.19
2017-03-31
2016-12-31 13.14
2016-09-30
2016-06-30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • SpareBank 1 Telemark is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess SpareBank 1 Telemark's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
SpareBank 1 Telemark has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SBTE Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare SpareBank 1 Telemark's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • SpareBank 1 Telemark's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • SpareBank 1 Telemark's 1-year earnings growth exceeds its 5-year average (105% vs -20.4%)
  • SpareBank 1 Telemark's earnings growth has exceeded the NO Banks industry average in the past year (105% vs 16%).
Earnings and Revenue History
SpareBank 1 Telemark's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from SpareBank 1 Telemark Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SBTE Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 725.87 136.26 215.51
2018-12-31 686.67 114.66 211.51
2018-09-30 689.14 64.97 190.99
2018-06-30 668.04 62.97 185.99
2018-03-31 644.34 66.47 181.99
2017-12-31 625.54 98.37 171.99
2017-09-30 615.38 -43.54 110.67
2017-06-30 608.18 1.26 127.17
2017-03-31 626.88 93.86 169.67
2016-12-31 613.68 88.76 190.27
2016-09-30 556.41 227.49 261.32
2016-06-30 527.01 200.39 263.12
2016-03-31 470.21 165.49 242.12
2015-12-31 473.91 166.39 245.32
2015-09-30 465.45 159.84 275.47
2015-06-30 489.55 184.14 267.17
2015-03-31 500.15 195.04 258.77
2014-12-31 478.25 174.24 248.97
2014-09-30 489.66 178.79 248.99
2014-06-30 470.26 155.79 250.49
2014-03-31 479.96 166.59 252.39
2013-12-31 464.56 157.59 251.39
2013-09-30 416.76 125.63 205.19
2013-06-30 384.33 108.65 199.64
2013-03-31 340.64 79.95 187.88
2012-12-31 337.01 83.46 178.93
2012-09-30 310.57 83.78 167.71
2012-06-30 320.70 95.41 160.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • SpareBank 1 Telemark has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SpareBank 1 Telemark used its assets less efficiently than the NO Banks industry average last year based on Return on Assets.
  • Unable to establish if SpareBank 1 Telemark improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess SpareBank 1 Telemark's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
SpareBank 1 Telemark has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SBTE Health

 How is SpareBank 1 Telemark's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of SpareBank 1 Telemark's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from SpareBank 1 Telemark Company Filings, last reported 2 months ago.

OB:SBTE Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,267.00 6,242.00 68.00
2018-12-31 3,234.42 6,033.09 847.63
2018-09-30 3,088.00 6,011.00 91.00
2018-06-30 3,014.00 6,035.00 134.00
2018-03-31 2,929.80 6,112.00 138.00
2017-12-31 2,893.05 5,915.51 137.87
2017-09-30 2,610.00 6,166.00 23.00
2017-06-30
2017-03-31 2,436.00 5,838.00 20.00
2016-12-31 2,578.29 5,730.91 42.24
2016-09-30 2,410.00 5,455.00 29.00
2016-06-30 2,339.00 5,538.00 30.00
2016-03-31 2,261.00 5,347.00 86.00
2015-12-31 2,206.76 5,096.16 92.68
2015-09-30 2,190.00 4,990.00 82.00
2015-06-30 2,147.00 5,080.00 84.00
2015-03-31 2,103.00 4,880.00 92.00
2014-12-31 2,030.63 4,858.94 109.43
2014-09-30 2,067.00 4,858.00 94.00
2014-06-30 2,000.00 5,038.00 194.00
2014-03-31 1,946.00 4,931.00 88.00
2013-12-31 1,911.88 4,574.10 248.51
2013-09-30 1,904.12 4,712.33 194.28
2013-06-30 1,860.09 4,623.54 196.91
2013-03-31 1,795.52 4,685.70 112.46
2012-12-31 1,763.89 4,633.92 117.90
2012-09-30 1,473.50 3,502.15 98.69
2012-06-30 1,446.28 3,442.25 92.90
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • SpareBank 1 Telemark has an acceptable proportion of non-loan assets held.
  • SpareBank 1 Telemark's liabilities are made up of primarily low risk sources of funding.
  • SpareBank 1 Telemark has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • SpareBank 1 Telemark's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Unable to establish if SpareBank 1 Telemark has a sufficient allowance for bad loans without relevant financial data.
  • Unable to establish if SpareBank 1 Telemark has an acceptable level of bad loans without bad loans data.
X
Financial health checks
We assess SpareBank 1 Telemark's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. SpareBank 1 Telemark has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SBTE Dividends

 What is SpareBank 1 Telemark's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.7%
Current annual income from SpareBank 1 Telemark dividends. Estimated to be 6.41% next year.
If you bought NOK2,000 of SpareBank 1 Telemark shares you are expected to receive NOK94 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • SpareBank 1 Telemark's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.64%).
  • SpareBank 1 Telemark's dividend is below the markets top 25% of dividend payers in Norway (6.5%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:SBTE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Norway Banks Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 5.3%
Norway Market Average Dividend Yield Market Cap Weighted Average of 110 Stocks 4.6%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.9%
Norway Bottom 25% Dividend Yield 25th Percentile 2.6%
Norway Top 25% Dividend Yield 75th Percentile 6.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:SBTE Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 7.60 1.00
2020-12-31 7.60 1.00
2019-12-31 7.30 1.00
OB:SBTE Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-03-05 5.500 4.690
2019-02-08 5.500 4.732

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether SpareBank 1 Telemark has stable dividend payments.
  • SpareBank 1 Telemark only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of SpareBank 1 Telemark's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess SpareBank 1 Telemark's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can SpareBank 1 Telemark afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. SpareBank 1 Telemark has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SBTE Management

 What is the CEO of SpareBank 1 Telemark's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Per Halvorsen
COMPENSATION NOK3,722,000
AGE 56
CEO Bio

Mr. Per Halvorsen serves as Bank Manager at Sparebanken Telemark. Mr. Halvorsen serves as Chief Executive Officer of SpareBank 1 Telemark. Mr. Halvorsen served as Chairman of SpareBank 1 Gruppen AS since April 2014 and served as its Director until April 8, 2015 and served as its Member of Supervisory Board. He has been a Director at BN Bank ASA since 2015.

CEO Compensation
  • Per's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Per's remuneration is higher than average for companies of similar size in Norway.
Management Team Tenure

Average tenure and age of the SpareBank 1 Telemark management team in years:

0.5
Average Tenure
55
Average Age
  • The average tenure for the SpareBank 1 Telemark management team is less than 2 years, this suggests a new team.
Management Team

Per Halvorsen

TITLE
Chief Executive Officer
COMPENSATION
NOK4M
AGE
56

Roar Snippen

TITLE
Bank Manager of Finance & Finance
COMPENSATION
NOK2M
AGE
55
TENURE
7.4 yrs

Marianne Thorsdal

TITLE
Bank Manager of HR
COMPENSATION
NOK1M
AGE
55

Anne Vikan

TITLE
Bank Manager of Personal Market
COMPENSATION
NOK2M
AGE
58

Arent Anfinsen

TITLE
Bank Manager of Corporate Market
COMPENSATION
NOK1M
AGE
48
TENURE
0.4 yrs

Mats Flatland

TITLE
Bank Manager of Market & Business Development
COMPENSATION
NOK209K
AGE
40
TENURE
0.5 yrs
Board of Directors Tenure

Average tenure and age of the SpareBank 1 Telemark board of directors in years:

0.4
Average Tenure
54
Average Age
  • The average tenure for the SpareBank 1 Telemark board of directors is less than 3 years, this suggests a new board.
Board of Directors

Anne Behring

TITLE
Chairman of the Board
COMPENSATION
NOK170K
AGE
54
TENURE
0.4 yrs

Per Wold

TITLE
Vice Chairman of the Board
COMPENSATION
NOK135K
AGE
66

Øystein Beyer

TITLE
Chairman of the Supervisory Board

Jan Thorsen

TITLE
Deputy Chairman of the Supervisory Board
TENURE
0.4 yrs

Bjarne Moursund

TITLE
Deputy Chairman of Supervisory Board
TENURE
0.4 yrs

Laila Damkås

TITLE
Deputy Chairman of Supervisory Board
TENURE
0.4 yrs

Per Møller

TITLE
Deputy Chairman of Supervisory Board
TENURE
0.4 yrs

Vibeke Hein Bæra

TITLE
Deputy Chairman of Supervisory Board
TENURE
0.4 yrs

Ingeborg Bergby

TITLE
Director
COMPENSATION
NOK170K
AGE
41

Jan Berge

TITLE
Employee Representative Director
COMPENSATION
NOK125K
AGE
54
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by SpareBank 1 Telemark insiders in the past 3 months.
Show me more companies with insider buying in the Banks industry
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
25. Mar 19 Buy Roar Snippen Individual 25. Mar 19 25. Mar 19 850 NOK118.99 NOK101,142
07. Jan 19 Buy Morten Christoffersen Individual 07. Jan 19 07. Jan 19 11,000 NOK115.94 NOK1,275,340
05. Oct 18 Buy Morten Christoffersen Individual 04. Oct 18 04. Oct 18 4,200 NOK118.00 NOK495,600
X
Management checks
We assess SpareBank 1 Telemark's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. SpareBank 1 Telemark has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SBTE News

Simply Wall St News

Could SpareBank 1 Telemark's (OB:SBTE) Investor Composition Influence The Stock Price?

Insider Ownership Of SpareBank 1 Telemark The definition of company insiders can be subjective, and does vary between jurisdictions. … Shareholders would probably be interested to learn that insiders own shares in SpareBank 1 Telemark. … Private Company Ownership Our data indicates that Private Companies hold 3.5%, of the company's shares.

Simply Wall St - –

SpareBank 1 Telemark (OB:SBTE): Can Growth Justify Its April Share Price?

SpareBank 1 Telemark (OB:SBTE) is considered a high growth stock. … However its last closing price of NOK114.5 left investors wondering whether this growth has already been factored into the share price. … SpareBank 1 Telemark is poised for significantly high earnings growth in the near future

Simply Wall St - –

Are Insiders Buying SpareBank 1 Telemark (OB:SBTE) Stock?

In the last twelve months, the biggest single purchase by an insider was when Morten Christoffersen bought øre1.3m worth of shares at a price of øre116 per share. … In any event it's generally a positive if insiders are buying shares at around the current price … Morten Christoffersen was the only individual insider to buy shares in the last twelve months

Simply Wall St - –

What Should Investors Know About SpareBank 1 Telemark's (OB:SBTE) Long Term Outlook?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … In December 2018, SpareBank 1 Telemark (OB:SBTE) announced its most recent earnings update, whicha

Simply Wall St - –

Can SpareBank 1 Telemark (OB:SBTE) Survive The Next Financial Crisis?

As a small-cap finance stock with a market capitalisation of øre1.3b, the risk and profitability of SpareBank 1 Telemark (OB:SBTE) are largely tied to the underlying economic growth of the region it operates in NO. … Basel III target banking regulations to improve the sector’s ability to absorb shocks resulting from economic stress which may expose financial institutions like SpareBank 1 Telemark to vulnerabilities. … Low levels of leverage coupled with sufficient liquidity may place SpareBank 1 Telemark in a safe position in the face of adverse headwinds.

Simply Wall St - –

SBTE Company Info

Description

SpareBank 1 Telemark provides banking products and services to private and business customers in Norway. It offers deposit and currency accounts; and car and construction loans, trade credit, mortgage, and operating credit for agriculture. The company also provides factoring, leasing, and bank guarantee services; and liability, asset, property, personal, commercial, project, and car insurance products. In addition, it offers online banking and mobile banking, billing, cards, and collection services; and advice relating to buying and selling properties. SpareBank 1 Telemark was founded in 1844 and is based in Porsgrunn, Norway.

Details
Name: SpareBank 1 Telemark
SBTE
Exchange: OB
Founded: 1844
NOK1,275,139,710
10,898,630
Website: http://www.sparebank1.no/nb/telemark/privat.html
Address: SpareBank 1 Telemark
Storgata 117,
Porsgrunn,
Telemark, 3921,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB SBTE Equity Certificates Oslo Bors NO NOK 03. Oct 2018
Number of employees
Current staff
Staff numbers
0
SpareBank 1 Telemark employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 22:33
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/05/20
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.

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