OB:VVL

Stock Analysis Report

Voss Veksel- og Landmandsbank

Executive Summary

Voss Veksel- og Landmandsbank ASA provides financial products and services to private individuals and corporate customers in Voss and surrounding areas in Norway.

Snowflake

Fundamentals

Proven track record average dividend payer.

Share Price & News

How has Voss Veksel- og Landmandsbank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VVL has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

VVL

-0.7%

NO Banks

-0.3%

NO Market


1 Year Return

22.8%

VVL

8.9%

NO Banks

-3.2%

NO Market

Return vs Industry: VVL exceeded the Norwegian Banks industry which returned 8.9% over the past year.

Return vs Market: VVL exceeded the Norwegian Market which returned -3.2% over the past year.


Shareholder returns

VVLIndustryMarket
7 Day0%-0.7%-0.3%
30 Day0.6%5.6%3.1%
90 Day-4.3%13.7%10.0%
1 Year28.7%22.8%14.3%8.9%2.0%-3.2%
3 Year50.7%34.5%53.3%34.6%41.8%24.1%
5 Year53.3%27.9%77.5%40.7%56.8%20.9%

Price Volatility Vs. Market

How volatile is Voss Veksel- og Landmandsbank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Voss Veksel- og Landmandsbank undervalued compared to its fair value and its price relative to the market?

6.84x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VVL (NOK156) is trading above our estimate of fair value (NOK116.17)

Significantly Below Fair Value: VVL is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: VVL is good value based on its PE Ratio (6.8x) compared to the Banks industry average (8.1x).

PE vs Market: VVL is good value based on its PE Ratio (6.8x) compared to the Norwegian market (12.9x).


Price to Earnings Growth Ratio

PEG Ratio: VVL is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: VVL is overvalued based on its PB Ratio (0.6x) compared to the NO Banks industry average (0.5x).


Next Steps

Future Growth

How is Voss Veksel- og Landmandsbank forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

4.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VVL's forecast earnings growth (4.7% per year) is above the savings rate (1.8%).

Earnings vs Market: VVL's earnings (4.7% per year) are forecast to grow slower than the Norwegian market (20.5% per year).

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

Revenue vs Market: VVL's revenue (7.8% per year) is forecast to grow faster than the Norwegian market (4.3% per year).

High Growth Revenue: VVL's revenue (7.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VVL's Return on Equity is forecast to be low in 3 years time (8.2%).


Next Steps

Past Performance

How has Voss Veksel- og Landmandsbank performed over the past 5 years?

10.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VVL has high quality earnings.

Growing Profit Margin: VVL's current net profit margins (41.1%) are higher than last year (38.4%).


Past Earnings Growth Analysis

Earnings Trend: VVL's earnings have grown by 10.1% per year over the past 5 years.

Accelerating Growth: VVL's earnings growth over the past year (11.7%) exceeds its 5-year average (10.1% per year).

Earnings vs Industry: VVL earnings growth over the past year (11.7%) underperformed the Banks industry 14%.


Return on Equity

High ROE: VVL's Return on Equity (8.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Voss Veksel- og Landmandsbank'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: VVL has a low level of unsold assets or inventory.

Debt Coverage by Assets: VVL's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

Asset Level: VVL's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if VVL has a sufficient allowance for bad loans.

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

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

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

Level of Bad Loans: Insufficient data to determine if VVL has an appropriate level of bad loans.


Next Steps

Dividend

What is Voss Veksel- og Landmandsbank's current dividend yield, its reliability and sustainability?

4.81%

Current Dividend Yield


Dividend Yield vs Market

company4.8%marketbottom25%2.5%markettop25%6.1%industryaverage4.9%forecastin3Years5.5%

Current dividend yield vs market & industry

Notable Dividend: VVL's dividend (4.81%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.53%).

High Dividend: VVL's dividend (4.81%) is low compared to the top 25% of dividend payers in the Norwegian market (6.07%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (32.9%), VVL's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VVL's dividends in 3 years are forecast to be well covered by earnings (41.6% payout ratio).


Next Steps

Management

What is the CEO of Voss Veksel- og Landmandsbank's salary, the management and board of directors tenure and is there insider trading?


CEO

Stig Røthe 0

2.2yrs

Tenure

0

Mr. Stig Gunnar Røthe serves as Chief Executive Officer and served as a Director of Voss Veksel- og Landmandsbank ASA. 


Insider Trading

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


Recent Insider Transactions

Buykr4,12523 Aug 19
Norvald Fretheim
EntityIndividual
Shares25
Max Pricekr165.00
Buykr5,74023 Aug 19
Norvald Fretheim
EntityIndividual
Shares35
Max Pricekr164.00
Buykr9,84217 Aug 19
Lars Djukastein
EntityIndividual
Shares60
Max Pricekr164.03
Buykr250,52314 Aug 19
Stig Røthe
EntityIndividual
Role
Chief Executive Officer
Chief Executive Officer
Shares1,500
Max Pricekr167.02
Buykr160,00008 May 19
Stein Kvarekvål
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares1,000
Max Pricekr160.00
Buykr5,56503 May 19
Eli Mokleiv
EntityIndividual
Shares35
Max Pricekr159.00
Buykr162,97503 May 19
Bård Gjerde
EntityIndividual
Shares1,025
Max Pricekr159.00
Sellkr1,19202 Apr 19
Bård Gjerde
EntityIndividual
Shares8
Max Pricekr149.00
Buykr35,25030 Jan 19
Bård Gjerde
EntityIndividual
Shares250
Max Pricekr141.00

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Stig Røthe

    Chief Executive Officer

    • Tenure: 2.2yrs

Board Members

  • Kathrine Lahlum (48yo)

    Director

    • Tenure: 0yrs
  • Stein Kvarekvål

    Chairman of the Board

    • Tenure: 0yrs
  • Nils Ringheim

    Deputy Director

    • Tenure: 0yrs
  • Solfrid Midttun

    Employee Representative Director

    • Tenure: 0yrs
  • Hildegunn Reime

    Vice Chairman

    • Tenure: 0yrs
  • Olav Seim

    Director

    • Tenure: 0yrs
  • Elin Bryn

    Employee Representative Deputy Director

    • Tenure: 0yrs
  • Marita Østrem

    Deputy Director

    • Tenure: 0yrs

Company Information

Voss Veksel- og Landmandsbank ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Voss Veksel- og Landmandsbank ASA
  • Ticker: VVL
  • Exchange: OB
  • Founded: 1843
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: kr293.817m
  • Shares outstanding: 1.88m
  • Website: https://www.vekselbanken.no

Location

  • Voss Veksel- og Landmandsbank ASA
  • Vangsgata 24
  • Voss
  • Hordaland
  • 5700
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VVLOB (Oslo Bors)YesShare CapitalNONOKMay 1993
VVLOBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBNOKMay 1993

Biography

Voss Veksel- og Landmandsbank ASA provides financial products and services to private individuals and corporate customers in Voss and surrounding areas in Norway. It offers saving accounts, loans, mortgage ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/13 20:36
End of Day Share Price2019/11/13 00:00
Earnings2019/09/30
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.