OB:SBTE

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SpareBank 1 Telemark

Executive Summary

SpareBank 1 Telemark provides banking products and services to private and business customers in Norway.


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

SBTEIndustryMarket
7 Day4.9%5.2%1.2%
30 Day4.0%4.4%-0.2%
90 Day7.5%20.8%6.9%
1 Year15.7%9.8%-9.9%-10.8%-13.9%-16.4%
3 Yearn/a5.4%-4.7%-3.4%0.3%
5 Yearn/a34.8%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

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

NamePositionTenureCompensationOwnership
Per Halvorsen
Chief Executive Officer14.5yrskr3.67m0.037% NOK518.5k
Roar Snippen
Chief Financial Officer8.5yrskr1.91m0.044% NOK617.8k
Marianne Thorsdal
Bank Manager of HRno datakr1.29m0.024% NOK334.3k
Anne Vikan
Bank Manager of Personal Marketno datakr1.55m0.034% NOK482.2k
Arent Anfinsen
Bank Manager of Corporate Market1.5yrskr1.30m0.020% NOK282.7k
Mats Flatland
Bank Manager of Market & Business Development1.58yrskr1.02m0.024% 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

NamePositionTenureCompensationOwnership
Jan Berge
Employee Representative Director8.5yrskr133.00k0.020% NOK282.7k
Per Wold
Vice Chairman of the Board8.5yrskr143.00k0.0080% NOK113.2k
Anne Behring
Chairman of the Board1.5yrskr223.00k0.016% NOK222.8k
Anja Kristin Hjelseth
Director4.5yrskr164.00k0.016% NOK226.2k
May Britt Boye
Employee Representative Directorno datakr133.00k0.040% NOK565.6k
Jan Thorsen
Deputy Chairman of Supervisory Board1.5yrsno datano data
Øystein Beyer
Chairman of Supervisory Boardno datano datano data
Jan Nilsen
Director4.5yrskr178.00k0.0080% NOK113.2k
Karl Leerstang
Chairman of Supervisory Boardno datano datano data
Per Lauritsen
Vice Chairman of Supervisory Board0.33yrno datano data
Morten Christoffersen
Director1.33yrskr113.00kno data
Egil Stokken
Chairman of Supervisory Boardno datano datano 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


Location

  • SpareBank 1 Telemark
  • Storgata 117
  • Porsgrunn
  • Telemark
  • 3921
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SBTEOB (Oslo Bors)YesEquity CertificatesNONOKOct 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/13 20:56
End of Day Share Price2020/07/13 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.