Executive Summary
SpareBank 1 Telemark provides banking products and services to private and business customers in Norway.
Rewards
Risk Analysis
Snowflake Analysis
Good value with acceptable track record.
Share Price & News
How has SpareBank 1 Telemark's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: SBTE has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
4.9%
SBTE
5.2%
NO Banks
1.2%
NO Market
1 Year Return
9.8%
SBTE
-10.8%
NO Banks
-16.4%
NO Market
Return vs Industry: SBTE exceeded the Norwegian Banks industry which returned -17.5% over the past year.
Return vs Market: SBTE exceeded the Norwegian Market which returned -18.3% over the past year.
Shareholder returns
| SBTE | Industry | Market | |
|---|---|---|---|
| 7 Day | 4.9% | 5.2% | 1.2% |
| 30 Day | 4.0% | 4.4% | -0.2% |
| 90 Day | 7.5% | 20.8% | 6.9% |
| 1 Year | 15.7%9.8% | -9.9%-10.8% | -13.9%-16.4% |
| 3 Year | n/a | 5.4%-4.7% | -3.4%0.3% |
| 5 Year | n/a | 34.8%9.7% | 32.4%5.4% |
Price Volatility Vs. Market
How volatile is SpareBank 1 Telemark's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
Anne Vikan Is The Bank Manager of Personal Market of SpareBank 1 Telemark (OB:SBTE) And They Just Picked Up 28% More Shares1 month ago | Simply Wall St
Is SpareBank 1 Telemark (OB:SBTE) A Risky Dividend Stock?2 months ago | Simply Wall St
How Much Of SpareBank 1 Telemark (OB:SBTE) Do Institutions Own?Valuation
Is SpareBank 1 Telemark undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: SBTE (NOK129) is trading below our estimate of fair value (NOK337.39)
Significantly Below Fair Value: SBTE is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: SBTE is poor value based on its PE Ratio (9.5x) compared to the NO Banks industry average (9.1x).
PE vs Market: SBTE is good value based on its PE Ratio (9.5x) compared to the Norwegian market (14.4x).
Price to Earnings Growth Ratio
PEG Ratio: SBTE is good value based on its PEG Ratio (0.5x)
Price to Book Ratio
PB vs Industry: SBTE's PB Ratio (0.4x) is in line with the NO Banks industry average.
Next Steps
Future Growth
How is SpareBank 1 Telemark forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
17.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SBTE's forecast earnings growth (17.9% per year) is above the savings rate (1.6%).
Earnings vs Market: SBTE's earnings (17.9% per year) are forecast to grow slower than the Norwegian market (35.8% per year).
High Growth Earnings: SBTE's earnings are forecast to grow, but not significantly.
Revenue vs Market: SBTE's revenue (3.1% per year) is forecast to grow slower than the Norwegian market (5.7% per year).
High Growth Revenue: SBTE's revenue (3.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SBTE's Return on Equity is forecast to be low in 3 years time (8.4%).
Next Steps
Past Performance
How has SpareBank 1 Telemark performed over the past 5 years?
-7.8%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SBTE has a high level of non-cash earnings.
Growing Profit Margin: SBTE's current net profit margins (20.7%) are higher than last year (18.8%).
Past Earnings Growth Analysis
Earnings Trend: SBTE's earnings have declined by -7.8% per year over the past 5 years.
Accelerating Growth: SBTE's earnings growth over the past year (8.3%) exceeds its 5-year average (-7.8% per year).
Earnings vs Industry: SBTE earnings growth over the past year (8.3%) exceeded the Banks industry -3.5%.
Return on Equity
High ROE: SBTE's Return on Equity (8.7%) is considered low.
Next Steps
Financial Health
How is SpareBank 1 Telemark'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: SBTE's Assets to Equity ratio (7.8x) is low.
Allowance for Bad Loans: Insufficient data to determine if SBTE has a sufficient allowance for bad loans.
Low Risk Liabilities: 70% of SBTE's liabilities are made up of primarily low risk sources of funding.
Loan Level: SBTE has an appropriate level of Loans to Assets ratio (90%).
Low Risk Deposits: SBTE's Loans to Deposits ratio (148%) is high.
Level of Bad Loans: Insufficient data to determine if SBTE has an appropriate level of bad loans.
Next Steps
Dividend
What is SpareBank 1 Telemark current dividend yield, its reliability and sustainability?
6.05%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: SBTE's dividend (6.05%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.97%).
High Dividend: SBTE's dividend (6.05%) is low compared to the top 25% of dividend payers in the Norwegian market (7.04%).
Stability and Growth of Payments
Stable Dividend: Too early to tell whether SBTE's dividend payments have been stable as they only just started paying a dividend.
Growing Dividend: Too early to tell if SBTE's dividend payments are increasing as they only just started paying a dividend.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (57.6%), SBTE's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: SBTE's dividends in 3 years are forecast to be covered by earnings (53.3% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
5.0yrs
Average management tenure
CEO
Per Halvorsen (58yo)
14.5yrs
Tenure
kr3,669,000
Compensation
Mr. Per Halvorsen serves as Bank Manager at Sparebanken Telemark. Mr. Halvorsen serves as Chief Executive Officer of SpareBank 1 Telemark since 2006. Mr. Halvorsen served as Chairman of SpareBank 1 Gruppen ...
CEO Compensation Analysis
Compensation vs Market: Per's total compensation ($USD391.58K) is about average for companies of similar size in the Norwegian market ($USD445.50K).
Compensation vs Earnings: Per's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chief Executive Officer | 14.5yrs | kr3.67m | 0.037% NOK518.5k | |
| Chief Financial Officer | 8.5yrs | kr1.91m | 0.044% NOK617.8k | |
| Bank Manager of HR | no data | kr1.29m | 0.024% NOK334.3k | |
| Bank Manager of Personal Market | no data | kr1.55m | 0.034% NOK482.2k | |
| Bank Manager of Corporate Market | 1.5yrs | kr1.30m | 0.020% NOK282.7k | |
| Bank Manager of Market & Business Development | 1.58yrs | kr1.02m | 0.024% NOK339.2k |
5.0yrs
Average Tenure
57yo
Average Age
Experienced Management: SBTE's management team is seasoned and experienced (5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Employee Representative Director | 8.5yrs | kr133.00k | 0.020% NOK282.7k | |
| Vice Chairman of the Board | 8.5yrs | kr143.00k | 0.0080% NOK113.2k | |
| Chairman of the Board | 1.5yrs | kr223.00k | 0.016% NOK222.8k | |
| Director | 4.5yrs | kr164.00k | 0.016% NOK226.2k | |
| Employee Representative Director | no data | kr133.00k | 0.040% NOK565.6k | |
| Deputy Chairman of Supervisory Board | 1.5yrs | no data | no data | |
| Chairman of Supervisory Board | no data | no data | no data | |
| Director | 4.5yrs | kr178.00k | 0.0080% NOK113.2k | |
| Chairman of Supervisory Board | no data | no data | no data | |
| Vice Chairman of Supervisory Board | 0.33yr | no data | no data | |
| Director | 1.33yrs | kr113.00k | no data | |
| Chairman of Supervisory Board | no data | no data | no data |
3.0yrs
Average Tenure
56yo
Average Age
Experienced Board: SBTE's board of directors are considered experienced (3 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: SBTE 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
SpareBank 1 Telemark's company bio, employee growth, exchange listings and data sources
Key Information
- Name: SpareBank 1 Telemark
- Ticker: SBTE
- Exchange: OB
- Founded: 1844
- Industry: Diversified Banks
- Sector: Banks
- Market Cap: kr1.406b
- Shares outstanding: 10.90m
- Website: https://www.sparebank1.no/nb/telemark/privat.html
Location
- SpareBank 1 Telemark
- Storgata 117
- Porsgrunn
- Telemark
- 3921
- Norway
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| SBTE | OB (Oslo Bors) | Yes | Equity Certificates | NO | NOK | Oct 2018 |
Biography
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 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.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/07/13 20:56 |
| End of Day Share Price | 2020/07/13 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
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.