Stock Analysis Report

SpareBank 1 Østlandet

Executive Summary

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


Trading at 31.5% below its fair value

Earnings grew by 44.1% over the past year

Risk Analysis

Earnings are forecast to decline by an average of -4.1% per year for the next 3 years

Unstable dividend track record

Shareholders have been diluted in the past year

Snowflake Analysis

Solid track record and good value.

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 has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




NO Banks


NO Market

1 Year Return




NO Banks


NO Market

Return vs Industry: SPOL exceeded the Norwegian Banks industry which returned 10.1% over the past year.

Return vs Market: SPOL exceeded the Norwegian Market which returned 4.5% over the past year.

Shareholder returns

7 Day0.4%-1.1%-0.8%
30 Day7.3%0.07%1.1%
90 Day10.9%-0.6%4.4%
1 Year24.2%18.3%14.5%9.1%10.5%4.9%
3 Yearn/a35.5%18.9%31.4%15.1%
5 Yearn/a92.1%52.2%64.3%26.9%

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 (NOK95.7) is trading below our estimate of fair value (NOK139.61)

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

Price To Earnings Ratio

PE vs Industry: SPOL is good value based on its PE Ratio (8.7x) compared to the Banks industry average (8.8x).

PE vs Market: SPOL is good value based on its PE Ratio (8.4x) compared to the Norwegian market (14.2x).

Price to Earnings Growth Ratio

PEG Ratio: SPOL's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

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 earnings are forecast to decline over the next 3 years (-4.1% per year).

Earnings vs Market: SPOL's earnings are forecast to decline over the next 3 years (-4.1% per year).

High Growth Earnings: SPOL's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SPOL's revenue (0.09% per year) is forecast to grow slower than the Norwegian market (3.2% per year).

High Growth Revenue: SPOL's revenue (0.09% 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 (10.2%).

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 (32.8%) are higher than last year (25.7%).

Past Earnings Growth Analysis

Earnings Trend: SPOL's earnings have grown by 7% per year over the past 5 years.

Accelerating Growth: SPOL's earnings growth over the past year (44.1%) exceeds its 5-year average (7% per year).

Earnings vs Industry: SPOL earnings growth over the past year (44.1%) exceeded the Banks industry 13%.

Return on Equity

High ROE: SPOL's Return on Equity (12.4%) is considered low.

Return on Assets

Return on Capital Employed

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

Inventory Level: SPOL has a low level of unsold assets or inventory.

Debt Coverage by Assets: SPOL's debt is not covered by short term assets (assets are 0.1x debt).

Financial Institutions Analysis

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

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

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

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

Low Risk Deposits: SPOL has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: SPOL has an appropriate level of bad loans (0.46%)

Next Steps


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


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: SPOL's dividend (4.31%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.4%).

High Dividend: SPOL's dividend (4.31%) is low compared to the top 25% of dividend payers in the Norwegian market (5.71%).

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 2 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (36.3%), SPOL's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: SPOL's dividends in 3 years are forecast to be covered by earnings (50.4% payout ratio).

Next Steps


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


Average management tenure


Richard Heiberg (63yo)





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 ($USD550.96K) is about average for companies of similar size in the Norwegian market ($USD587.00K).

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

Management Age and Tenure


Average Tenure


Average Age

Experienced Management: SPOL's management team is seasoned and experienced (7.2 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: SPOL's board of directors are considered experienced (4 years average tenure).

Insider Trading

Insider Buying: SPOL insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Buykr45,79017 Dec 19
Geir-Egil Bolstad
Chief Financial Officer
Executive Vice President & CFO
Max Pricekr91.58
Buykr450,05007 Nov 19
Richard Heiberg
Chief Executive Officer
Chief Executive Officer
Max Pricekr90.01
Buykr99,87512 Aug 19
Vidar Nordheim
Senior Key Executive
Chief Risk Officer
Max Pricekr85.00
Sellkr135,36909 Aug 19
Espen Larsen
Member of the Board of Directors
Max Pricekr84.50
Buykr83,64007 Aug 19
Eldar Kjendlie
Chief Legal Officer
Head of HR & Legal
Max Pricekr83.64
Buykr128,10012 Feb 19
Tom Nerheim
Max Pricekr85.40
Buykr123,79608 Feb 19
Nina Høibråten Buer
Max Pricekr85.20

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 13.4%.

Management Team

  • Richard Heiberg (63yo)

    Chief Executive Officer

    • Tenure: 9.6yrs
    • Compensation: kr4.89m
  • Hans Wedvik

    Head of Corporate Banking

    • Compensation: kr2.47m
  • Eldar Kjendlie

    Head of HR & Legal

    • Compensation: kr2.24m
  • Siv Stenseth

    Head of Communications

    • Compensation: kr2.10m
  • Dag-Arne Hoberg (62yo)

    Head of Innovation & Business Development

    • Compensation: kr2.47m
  • Vidar Nordheim

    Chief Risk Officer

    • Compensation: kr2.20m
  • Kari Gisnås

    Head of Personal Banking

    • Compensation: kr2.80m
  • Geir-Egil Bolstad (52yo)

    Executive Vice President & CFO

    • Tenure: 3.1yrs
    • Compensation: kr3.21m
  • Magnus Aasen

    Managing Director of EiendomsMegler 1 Hedmark Eiendom AS

    • Tenure: 7.2yrs
    • Compensation: kr1.70m
  • Espen Mejlænder-Larsen

    Head of Organizations & Capital Markets

    • Compensation: kr2.11m

Board Members

  • Siri Strømmevold (58yo)

    Chair of the Board

    • Tenure: 8yrs
    • Compensation: kr321.00k
  • Nina Lier (47yo)

    Deputy Chairman of the Board

    • Tenure: 4yrs
    • Compensation: kr253.00k
  • Espen Larsen (43yo)


    • Tenure: 12yrs
    • Compensation: kr1.22m
  • Tore Dobloug (57yo)


    • Tenure: 1yrs
    • Compensation: kr2.12m
  • Pål-Jan Stokke

    Chairman of the Supervisory Board

    • Compensation: kr6.00k
  • Alexander Lund (50yo)


    • Tenure: 1yrs
    • Compensation: kr52.00k
  • Hans-Christian Gabrielsen (52yo)


    • Tenure: 4yrs
    • Compensation: kr154.00k
  • Vibeke Larsen (42yo)


    • Tenure: 4yrs
    • Compensation: kr722.00k
  • Guro Vestvik (52yo)


    • Tenure: 4yrs
    • Compensation: kr165.00k
  • Siri Enget

    Deputy Chairman of supervisory board

    • Tenure: 1.8yrs

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 loans, retail and corporate banking services, deposits, insurance products, and pensions. The company offers payment, real estate brokerage, accounting and payroll services, leasing, and financing, consulting, and online banking services. It has 37 branches, including 21 in Hedmark, 2 in Oppland, 5 in Oslo, and 9 in Akershus. SpareBank 1 Østlandet was founded in 1845 and is headquartered in Hamar, Norway. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/01/26 22:54
End of Day Share Price2020/01/24 00:00
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.