Stock Analysis Report

Header cover image

SpareBank 1 Østlandet

Executive Summary

SpareBank 1 Østlandet provides various financial products and services to individuals, businesses, public sectors, clubs, and societies. More Details

Snowflake Analysis

Good value with adequate balance sheet.

Share Price & News

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

Latest Share Price and Events

Stable Share Price: SPOL is less volatile than 75% of Norwegian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: SPOL's weekly volatility (3%) has been stable over the past year.

Market Performance

7 Day Return




NO Banks


NO Market

1 Year Return




NO Banks


NO Market

Return vs Industry: SPOL matched the Norwegian Banks industry which returned 10.5% over the past year.

Return vs Market: SPOL underperformed the Norwegian Market which returned 16.8% over the past year.

Shareholder returns

7 Day1.9%3.2%-0.5%
30 Day1.5%4.9%2.9%
90 Day9.4%10.5%11.0%
1 Year18.7%11.5%21.5%16.1%23.7%19.1%
3 Year29.9%11.2%29.0%12.5%17.9%4.1%
5 Yearn/a119.5%74.7%76.6%42.4%

Long-Term Price Volatility Vs. Market

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

Simply Wall St News


Is SpareBank 1 Østlandet undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: SPOL (NOK105.6) is trading below our estimate of fair value (NOK141.14)

Significantly Below Fair Value: SPOL is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: SPOL is poor value based on its PE Ratio (11x) compared to the NO Banks industry average (10.8x).

PE vs Market: SPOL is good value based on its PE Ratio (11x) compared to the Norwegian market (14.7x).

Price to Earnings Growth Ratio

PEG Ratio: SPOL is good value based on its PEG Ratio (0.5x)

Price to Book Ratio

PB vs Industry: SPOL is overvalued based on its PB Ratio (0.7x) compared to the NO Banks industry average (0.5x).

Next Steps

Future Growth

How is SpareBank 1 Østlandet forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SPOL's forecast earnings growth (20.1% per year) is above the savings rate (1.4%).

Earnings vs Market: SPOL's earnings (20.1% per year) are forecast to grow slower than the Norwegian market (26.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: SPOL's revenue (7.9% per year) is forecast to grow faster than the Norwegian market (7.5% per year).

High Growth Revenue: SPOL's revenue (7.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SPOL's Return on Equity is forecast to be low in 3 years time (10.4%).

Next Steps

Past Performance

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


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SPOL has high quality earnings.

Growing Profit Margin: SPOL's current net profit margins (28.9%) are lower than last year (31.4%).

Past Earnings Growth Analysis

Earnings Trend: SPOL's earnings have grown by 16.2% per year over the past 5 years.

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

Earnings vs Industry: SPOL had negative earnings growth (-17%) over the past year, making it difficult to compare to the Banks industry average (-2.7%).

Return on Equity

High ROE: SPOL's Return on Equity (9.4%) is considered low.

Next Steps

Financial Health

How is SpareBank 1 Østlandet'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: SPOL's Assets to Equity ratio (8.5x) is low.

Allowance for Bad Loans: SPOL has a low allowance for bad loans (99%).

Low Risk Liabilities: 66% of SPOL's liabilities are made up of primarily low risk sources of funding.

Loan Level: SPOL has an appropriate level of Loans to Assets ratio (78%).

Low Risk Deposits: SPOL's Loans to Deposits ratio (133%) is high.

Level of Bad Loans: SPOL has an appropriate level of bad loans (0.4%).

Next Steps


What is SpareBank 1 Østlandet current dividend yield, its reliability and sustainability?


Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: SPOL's dividend (4.54%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.01%).

High Dividend: SPOL's dividend (4.54%) is low compared to the top 25% of dividend payers in the Norwegian market (5.29%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, SPOL has been paying a dividend for less than 10 years.

Growing Dividend: SPOL's dividend payments have increased, but the company has only paid a dividend for 3 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.1%), SPOL's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: SPOL's dividends in 3 years are forecast to be well covered by earnings (43% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Richard Heiberg (64 yo)





Mr. Richard H. Heiberg has been Deputy Chairman of the Board at SpareBank 1 Gruppen AS since April 4, 2018 and serves as its Director. He has been the Chief Executive Officer of SpareBank 1 Østlandet (form...

CEO Compensation Analysis

Compensation vs Market: Richard's total compensation ($USD596.59K) is about average for companies of similar size in the Norwegian market ($USD594.06K).

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

Leadership Team

Richard Heiberg
Chief Executive Officer10.75yrskr5.06m0.093%
NOK 11.4m
Geir-Egil Bolstad
Chief Financial Officer4.25yrskr3.37m0.034%
NOK 4.2m
Elin Ørbæk
Chief Operations Officer1.75yrskr2.12mno data
Eldar Kjendlie
Head of HR & Legalno datakr2.33m0.0057%
NOK 696.2k
Siv Stenseth
Head of Communicationsno datakr2.17mno data
Hans Wedvik
Head of Corporate Bankingno datakr2.76mno data
Dag-Arne Hoberg
Head of Innovation & Business Developmentno datakr2.69m0.0062%
NOK 756.3k
Vidar Nordheim
Chief Risk Officerno datakr2.27m0.0044%
NOK 536.5k
Kari Gisnås
Head of Retail Bankingno datakr2.92mno data
Espen Mejlænder-Larsen
Head of Organizations & Capital Marketsno datakr2.23m0.0054%
NOK 669.1k
Magnus Aasen
Managing Director of EiendomsMegler 1 Innlandet AS8.33yrskr1.68mno data
Bjarne Finstad
Managing Director of Sparebank 1 Finans Østlandet AS4.83yrskr1.86mno data


Average Tenure


Average Age

Experienced Management: SPOL's management team is considered experienced (4.8 years average tenure).

Board Members

Siri Strømmevold
Chair of the Board9.17yrskr364.00kno data
Nina Lier
Deputy Chairman of the Board5.17yrskr287.00kno data
Espen Larsen
Chief Employee Representative Director13.17yrskr1.06mno data
Tore Dobloug
Director2.17yrskr180.00kno data
Jonny Holen
Member of the Board of Representativesno datakr24.00kno data
Pål-Jan Stokke
Chairman of the Supervisory Boardno datakr6.00kno data
Alexander Lund
Director2.17yrskr193.00kno data
Hans-Christian Gabrielsen
Director5.17yrskr142.00kno data
Guro Vestvik
Director5.17yrskr182.00kno data
Siri Enget
Deputy Chairman of supervisory board3yrsno datano data
Jørn-Henning Eggum
Deputy Directorno datakr103.00kno data
Marit Jørgenrud
Employee Representative Director1.17yrskr967.00kno data


Average Tenure


Average Age

Experienced Board: SPOL's board of directors are considered experienced (5.2 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: SPOL 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 Østlandet's company bio, employee growth, exchange listings and data sources

Key Information

Number of Employees


  • SpareBank 1 Østlandet
  • Strandgata 15
  • Hamar
  • Hedmark
  • 2302
  • Norway


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPOLOB (Oslo Bors)YesEquity Capital InstrumentsNONOKJun 2017
2SFDB (Deutsche Boerse AG)YesEquity Capital InstrumentsDEEURJun 2017
0RU6LSE (London Stock Exchange)YesEquity Capital InstrumentsGBNOKJun 2017
SPOLOBATS-CHIXE (BATS 'Chi-X Europe')YesEquity Capital InstrumentsGBNOKJun 2017
SPRB.FOTCPK (Pink Sheets LLC)YesEquity Capital InstrumentsUSUSDJun 2017


SpareBank 1 Østlandet provides various financial products and services to individuals, businesses, public sectors, clubs, and societies. It offers retail and corporate banking services, deposits, loans, sa...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/04 17:21
End of Day Share Price2021/03/04 00:00
Annual Earnings2020/12/31

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.