Tysnes Sparebank Valuation

Q: What is the Fair Price of TYSB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TYSB (NOK117.5) is trading below our estimate of [[fair value]] (NOK134.32)

Is TYSB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TYSB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TYSB (NOK117.5) is trading below our estimate of fair value (NOK134.32)

Significantly Below Fair Value: TYSB is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TYSB?

Key metric: As TYSB is an unprofitable bank we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for TYSB. This is calculated by dividing TYSB's market cap by their current book value.
What is TYSB's PB Ratio?
PB Ratio	0.5x
Book	NOK 444.82m
Market Cap	NOK 221.47m

TYSB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does TYSB's PB Ratio compare to its peers?

The above table shows the PB ratio for TYSB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	0.4x
KRAB Kraft Bank	0.8x	58.2%	NOK 373.8m
AASB Aasen Sparebank	0.3x	16.7%	NOK 211.4m
ROMSB Romsdal Sparebank	0.3x	16.6%	NOK 345.5m
SOGN Sogn Sparebank	0.1x	2.6%	NOK 162.2m
TYSB Tysnes Sparebank	0.5x	79.2%	NOK 221.5m

Price-To-Book vs Peers: TYSB is expensive based on its Price-To-Book Ratio (0.5x) compared to the peer average (0.4x).

Price to Book Ratio vs Industry

How does TYSB's PB Ratio compare vs other companies in the NO Banks Industry?

3 Companies	Price / Book	Estimated Growth	Market Cap
FFSB Flekkefjord Sparebank	0.1x	4.1%	US$15.03m
SOGN Sogn Sparebank	0.1x	2.6%	US$14.64m
HSPG Høland og Setskog Sparebank	0.1x	52.2%	US$8.45m

No more companies available in this PB range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: TYSB is good value based on its Price-To-Book Ratio (0.5x) compared to the Norwegian Banks industry average (0.6x).

Price to Book Ratio vs Fair Ratio

What is TYSB's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TYSB PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.5x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate TYSB's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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