OB:B2H

Stock Analysis Report

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Executive Summary

B2Holding ASA provides debt solutions for banks and institutional vendors. More Details


Snowflake Analysis

Very undervalued with solid track record.


Similar Companies

Share Price & News

How has B2Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: B2H's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-12.3%

B2H

-5.9%

NO Consumer Finance

-5.2%

NO Market


1 Year Return

-26.3%

B2H

-24.7%

NO Consumer Finance

-14.0%

NO Market

Return vs Industry: B2H underperformed the Norwegian Consumer Finance industry which returned -24.2% over the past year.

Return vs Market: B2H underperformed the Norwegian Market which returned -13.3% over the past year.


Shareholder returns

B2HIndustryMarket
7 Day-12.3%-5.9%-5.2%
30 Day-1.3%-4.3%-5.0%
90 Day33.6%3.4%-1.8%
1 Year-26.3%-26.3%-23.6%-24.7%-11.0%-14.0%
3 Year-66.0%-67.9%-34.8%-42.5%-3.0%-13.9%
5 Year-49.8%-53.0%-49.6%-63.0%33.6%6.9%

Price Volatility Vs. Market

How volatile is B2Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is B2Holding undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: B2H (NOK6.2) is trading below our estimate of fair value (NOK12.74)

Significantly Below Fair Value: B2H is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: B2H is good value based on its PE Ratio (7.8x) compared to the XE Consumer Finance industry average (10.1x).

PE vs Market: B2H is good value based on its PE Ratio (7.8x) compared to the Norwegian market (14.9x).


Price to Earnings Growth Ratio

PEG Ratio: B2H is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: B2H is good value based on its PB Ratio (0.5x) compared to the XE Consumer Finance industry average (0.8x).


Next Steps

Future Growth

How is B2Holding forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

28.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: B2H's forecast earnings growth (28.5% per year) is above the savings rate (1.6%).

Earnings vs Market: B2H's earnings (28.5% per year) are forecast to grow slower than the Norwegian market (30.9% per year).

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

Revenue vs Market: B2H's revenue (8.6% per year) is forecast to grow faster than the Norwegian market (4.6% per year).

High Growth Revenue: B2H's revenue (8.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: B2H's Return on Equity is forecast to be low in 3 years time (9.3%).


Next Steps

Past Performance

How has B2Holding performed over the past 5 years?

5.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: B2H has high quality earnings.

Growing Profit Margin: B2H's current net profit margins (14.2%) are higher than last year (7.7%).


Past Earnings Growth Analysis

Earnings Trend: B2H's earnings have grown by 5% per year over the past 5 years.

Accelerating Growth: B2H's earnings growth over the past year (117.2%) exceeds its 5-year average (5% per year).

Earnings vs Industry: B2H earnings growth over the past year (117.2%) exceeded the Consumer Finance industry -1.9%.


Return on Equity

High ROE: B2H's Return on Equity (7.1%) is considered low.


Next Steps

Financial Health

How is B2Holding's financial position?


Financial Position Analysis

Short Term Liabilities: B2H's short term assets (NOK16.4B) exceed its short term liabilities (NOK1.4B).

Long Term Liabilities: B2H's short term assets (NOK16.4B) exceed its long term liabilities (NOK12.1B).


Debt to Equity History and Analysis

Debt Level: B2H's debt to equity ratio (269.6%) is considered high.

Reducing Debt: B2H's debt to equity ratio has increased from 127.5% to 269.6% over the past 5 years.

Debt Coverage: B2H's debt is well covered by operating cash flow (22.1%).

Interest Coverage: Insufficient data to determine if B2H's interest payments on its debt are well covered by EBIT.


Balance Sheet


Next Steps

Dividend

What is B2Holding current dividend yield, its reliability and sustainability?

4.34%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate B2H's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate B2H's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if B2H's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if B2H's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: B2H is not paying a notable dividend for the Norwegian market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of B2H's dividend in 3 years as they are not forecast to pay a notable one for the Norwegian market.


Next Steps

Management

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

1.0yrs

Average management tenure


CEO

Erik Johnsen (60 yo)

1.17yrs

Tenure

kr4,038,000

Compensation

Mr. Erik Just Johnsen has been Chief Executive Officer of B2 Holding AS since February 5, 2020 and serves as its Chief Financial Officer since January 16, 2017 and served as its Interim Chief Executive Off ...


CEO Compensation Analysis

Compensation vs Market: Erik's total compensation ($USD424.40K) is about average for companies of similar size in the Norwegian market ($USD439.53K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Erik Johnsen
CEO & CFO1.17yrskr4.04m0.49%
NOK 12.7m
Johannes Raschke
Chief Investment Officer1yrkr1.00mno data
Rasmus Hansson
Head of M&A and Investor Relationsno datakr2.85mno data
Cecilie Kjelland
Chief Legal & Compliance Officer1.08yrskr2.39mno data
Maria Haddad
Head of Corporate Development0.75yrkr3.01m0.024%
NOK 631.9k
Tore Krogstad
Head of Personnel0.75yrkr2.95m0.029%
NOK 758.3k
Jeremi Bobowski
Chief Risk Officer1yrkr3.24mno data
Adam Parfiniewicz
Head of Unsecured Asset Management1yrkr2.75mno data
George Christoforou
Head of Secured Asset Management1yrkr3.75mno data
Maris Baidekalns
Chief Executive of Creditreform Latvija - Latviano datano datano data
Jon Smith
Chief Group Controllerno datano datano data
Irene Berge
Financial Controller4.17yrsno datano data

1.0yrs

Average Tenure

52.5yo

Average Age

Experienced Management: B2H's management team is not considered experienced ( 1 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Adele Bugge Pran
Independent Director2.42yrskr340.00k0.022%
NOK 568.7k
Trygve Lauvdal
Board Member0.42yrkr88.00kno data
Kari Moe
Independent Director4.42yrskr315.00k0.0015%
NOK 39.1k
Harald Thorstein
Chair of the Board0.42yrno data0.030%
NOK 789.9k
Niklas Wiberg
Representative Director2.42yrskr315.00kno data
Grethe Meier
Board Member0.42yrkr300.00k0.0061%
NOK 158.0k
Trond Andreassen
Board Member0.42yrno data0.040%
NOK 1.0m

0.4yrs

Average Tenure

45yo

Average Age

Experienced Board: B2H's board of directors are not considered experienced ( 0.4 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

Insider Buying: B2H 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

B2Holding ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: B2Holding ASA
  • Ticker: B2H
  • Exchange: OB
  • Founded: 2011
  • Industry: Consumer Finance
  • Sector: Diversified Financials
  • Market Cap: kr2.591b
  • Shares outstanding: 409.93m
  • Website: https://www.b2holding.no

Number of Employees


Location

  • B2Holding ASA
  • Stortingsgaten 22
  • 7th Floor
  • Oslo
  • Oslo
  • 161
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
B2HOB (Oslo Bors)YesOrdinary SharesNONOKDec 2014
0RITLSE (London Stock Exchange)YesOrdinary SharesGBNOKDec 2014
B2HOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKDec 2014
B28DB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2014

Biography

B2Holding ASA provides debt solutions for banks and institutional vendors. The company’s portfolio of business consists of purchase, management, and collection of unsecured and secured non-performing loans ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/30 20:38
End of Day Share Price2020/10/30 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.