OB:SBVG

Stock Analysis Report

SpareBank 1 BV

Executive Summary

SpareBank 1 BV provides various banking products and services in Norway.

Snowflake

Fundamentals

Excellent balance sheet established dividend payer.

Share Price & News

How has SpareBank 1 BV's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0%

SBVG

4.3%

NO Banks

1.7%

NO Market


1 Year Return

5.7%

SBVG

-1.9%

NO Banks

-8.2%

NO Market

Return vs Industry: SBVG exceeded the Norwegian Banks industry which returned -1.9% over the past year.

Return vs Market: SBVG exceeded the Norwegian Market which returned -8.2% over the past year.


Share holder returns

SBVGIndustryMarket
7 Day0%4.3%1.7%
30 Day-1.3%-0.2%-0.09%
90 Day-1.1%-0.9%-0.7%
1 Year14.4%5.7%2.8%-1.9%-3.2%-8.2%
3 Year110.9%70.5%58.1%39.0%40.8%22.5%
5 Year108.6%-22.9%89.5%50.1%63.9%26.3%

Price Volatility Vs. Market

How volatile is SpareBank 1 BV's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

32%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Undervalued: SBVG (NOK37) is trading below our estimate of fair value (NOK54.78)

Significantly Undervalued: SBVG is trading below fair value, but not by a significant amount.


Price Based on Earnings

PE vs Industry: SBVG is good value based on its PE Ratio (7.8x) compared to the Banks industry average (7.9x).

PE vs Market: SBVG is good value based on its PE Ratio (7.8x) compared to the Norwegian market (13.3x).


Price Based on Expected Growth

Low PEG Ratio: SBVG is poor value based on its PEG Ratio (1.2x)


Price Based on Value of Assets

PB vs Industry: SBVG is good value based on its PB Ratio (0.5x) compared to the NO Banks industry average (0.5x).


Next Steps

Future Growth

How is SpareBank 1 BV expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

6.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: SBVG's forecast earnings growth (6.6% per year) is above the savings rate (1.8%).

Earnings vs Market: SBVG's earnings (6.6% per year) are forecast to grow slower than the Norwegian market (15% per year).

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

Revenue vs Market: SBVG's revenue (5.2% per year) is forecast to grow faster than the Norwegian market (4.9% per year).

High Growth Revenue: SBVG's revenue (5.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: SBVG's Return on Equity is forecast to be low in 3 years time (9.5%).


Next Steps

Past Performance

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

35.5%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: SBVG's earnings have grown significantly by 35.5% per year over the past 5 years.

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

Earnings vs Industry: SBVG had negative earnings growth (-10%) over the past year, making it difficult to compare to the Banks industry average (13.3%).


Return on Equity

High ROE: SBVG's Return on Equity (10.4%) is considered low.


Return on Assets

ROA vs Industry: SBVG's Return on Assets is below or equal to the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate SBVG's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is SpareBank 1 BV'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: SBVG has a low level of unsold assets or inventory.

Debt Coverage by Assets: SBVG's debt is not covered by short term assets (assets are 0.9x debt).


Financial Institutions Analysis

Asset Level: SBVG's level of assets compared to its equity is low.

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

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

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

Low Risk Deposits: SBVG's loans are broadly funded by customer deposits.

Level of Bad Loans: SBVG has an appropriate level of bad loans (0.87%)


Next Steps

Dividend

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

7.52%

Expected Dividend Yield


Dividend Yield vs Market

company8.0%marketbottom25%2.6%markettop25%6.3%industryaverage5.5%forecastin3Years7.5%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: SBVG's dividend (7.97%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.56%).

High Dividend: SBVG's dividend (7.97%) is in the top 25% of dividend payers in the Norwegian market (6.31%)

Stable Dividend: SBVG's dividend payments have been volatile in the past 10 years.

Growing Dividend: SBVG's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (62%), SBVG's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SBVG's dividends in 3 years are forecast to be covered by earnings (66.4% payout ratio).


Next Steps

Management

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

2.8yrs

Average board tenure


CEO

Rune Fjeldstad (57yo)

4.4yrs

Tenure

kr6,447,000

Compensation

Mr. Rune Fjeldstad has been Managing Director of SpareBank 1 BV since May 1, 2015 and served as its Director since April 2014 until February 2015. He has a Master's degree in Economics and Master of Manage ...


CEO Compensation Analysis

Compensation vs. Market: Rune's total compensation ($USD712.03K) is about average for companies of similar size in the Norwegian market ($USD432.39K).

Compensation vs Earnings: Rune's compensation has been consistent with company performance over the past year.


Board Age and Tenure

2.8yrs

Average Tenure

60yo

Average Age

Experienced Board: SBVG's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


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

Buykr375,00024 Jun 19
Finn Haugan
EntityIndividual
Role
Chairman of Corporate Board
Chairman of the Board
Shares10,000
Max Pricekr37.50
Buykr101,25014 Jun 19
Elisabeth Haug
EntityIndividual
Shares2,700
Max Pricekr37.50
Sellkr75,00007 Jun 19
Britt Westlin
EntityIndividual
Shares2,000
Max Pricekr37.50
Buykr994,85309 May 19
Heine Wang
EntityIndividual
Role
Vice Chairman
Deputy Chair
Shares27,000
Max Pricekr36.85
Sellkr20,58028 Mar 19
Britt Westlin
EntityIndividual
Shares525
Max Pricekr39.20
Buykr14,96515 Oct 18
Britt Westlin
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Wenche Foyn
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Inger Midtskogen
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Sindre Stokke
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Wenke Skjærve
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Vibeke Brandt Andersen
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Leif Fjellin
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Havard Hordvik
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Oivind Eriksen
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Gunnar Flåten
EntityIndividual
Shares408
Max Pricekr36.68
Buykr24,97915 Oct 18
Rune Fjeldstad
EntityIndividual
Role
Chief Executive Officer
Managing Director
Shares681
Max Pricekr36.68
Buykr24,97915 Oct 18
Geir Hansen
EntityIndividual
Role
Senior Key Executive
Deputy CEO
Shares681
Max Pricekr36.68
Buykr14,96515 Oct 18
Arne Fjellvang
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Johan Hjerkin
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Bente Klinkenberg
EntityIndividual
Shares408
Max Pricekr36.68
Buykr24,97915 Oct 18
Erik Bjørnstad
EntityIndividual
Shares681
Max Pricekr36.68
Buykr14,96515 Oct 18
Per Grøtterød
EntityIndividual
Role
Head of Investor Relations
Bank Manager
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Leonora Ademi
EntityIndividual
Shares408
Max Pricekr36.68
Buykr24,97915 Oct 18
Lasse Olsen
EntityIndividual
Role
Other Key Executive
Director of Person Market
Shares681
Max Pricekr36.68
Buykr24,97915 Oct 18
Stian Thomassen
EntityIndividual
Shares681
Max Pricekr36.68
Buykr14,96515 Oct 18
Steinar Schjesvold
EntityIndividual
Shares408
Max Pricekr36.68
Buykr24,97915 Oct 18
Tonje Stormoen
EntityIndividual
Role
Other Key Executive
Director of Business Support
Shares681
Max Pricekr36.68
Buykr14,96515 Oct 18
Geir Vestre
EntityIndividual
Shares408
Max Pricekr36.68
Buykr14,96515 Oct 18
Orjan Larsen
EntityIndividual
Shares408
Max Pricekr36.68
Buykr24,97915 Oct 18
Marianne Evensen
EntityIndividual
Role
Chief Administrative Officer
Director of Risk Management
Shares681
Max Pricekr36.68
Buykr24,97915 Oct 18
Kristian Kloster
EntityIndividual
Shares681
Max Pricekr36.68
Buykr24,97915 Oct 18
Hanne Gravdal
EntityIndividual
Role
Member of the Board of Directors
Employee Representative Director
Shares681
Max Pricekr36.68

Ownership Breakdown


Management Team

  • Per Grøtterød

    Bank Manager

    • Tenure: 0yrs
    • Compensation: kr1.00m
  • Ola Saltrøe

    Executive Officer of Legal Affairs & Business Operations

    • Tenure: 0yrs
    • Compensation: kr1.08m
  • Geir Hansen (60yo)

    Deputy CEO

    • Tenure: 10.9yrs
    • Compensation: kr1.96m
  • Marianne Evensen (49yo)

    Director of Risk Management

    • Tenure: 0yrs
    • Compensation: kr1.53m
  • Tonje Stormoen (54yo)

    Director of Business Support

    • Tenure: 0yrs
    • Compensation: kr1.25m
  • Rune Fjeldstad (57yo)

    Managing Director

    • Tenure: 4.4yrs
    • Compensation: kr6.45m
  • Live Stensholt

    Head of Communication

    • Tenure: 0yrs
    • Compensation: kr709.00k
  • Lasse Olsen (44yo)

    Director of Person Market

    • Tenure: 0yrs
    • Compensation: kr1.80m
  • Johan Hjerkinn (49yo)

    Director of Business & Organizational Development

    • Tenure: 0yrs
    • Compensation: kr1.61m
  • Ørjan Larsen

    Chief Financial Officer

    • Tenure: 0yrs

Board Members

  • Finn Haugan (66yo)

    Chairman of the Board

    • Tenure: 0yrs
  • Kristin Barkost (65yo)

    Director

    • Tenure: 0yrs
    • Compensation: kr165.00k
  • Bjørn Hellevammen (71yo)

    Member of Supervisory Board

    • Tenure: 0yrs
  • Hanne Gravdal (55yo)

    Employee Representative Director

    • Tenure: 10.9yrs
    • Compensation: kr132.00k
  • Lars Bjørnsrud

    Chairman of the Supervisory Board

    • Tenure: 0.5yrs
    • Compensation: kr57.00k
  • Tom Mello

    Deputy Chairman of the Supervisory Board

    • Tenure: 0.5yrs
  • Janne Weseth (40yo)

    Director

    • Tenure: 3.4yrs
    • Compensation: kr160.00k
  • Eric Sandtrø (47yo)

    Director

    • Tenure: 2.8yrs
    • Compensation: kr22.00k
  • Øyvind Birkeland (64yo)

    Chairman of the Board

    • Tenure: 0yrs
    • Compensation: kr321.00k
  • Heine Wang (56yo)

    Deputy Chair

    • Tenure: 0yrs

Company Information

SpareBank 1 BV's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SpareBank 1 BV
  • Ticker: SBVG
  • Exchange: OB
  • Founded: 1859
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: kr2.335b
  • Shares outstanding: 63.10m
  • Website: https://www.sparebank1.no/nb/bv

Number of Employees


Location

  • SpareBank 1 BV
  • Anton Jenssens gate 2
  • Tønsberg
  • Vestfold
  • 3125
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SBVGOB (Oslo Bors)YesPrimary Capital CertificatesNONOKMay 1994

Biography

SpareBank 1 BV provides various banking products and services in Norway. The company offers share and housing savings accounts; mortgages and loans; car, auto, and housing insurance products; and mobile an ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/13 20:51
End of Day Share Price2019/10/11 00:00
Earnings2019/06/30
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.

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