OB:B2H

Stock Analysis Report

Executive Summary

B2Holding ASA provides debt solutions for banks and institutional vendors.

Snowflake

Fundamentals

Reasonable growth potential and fair value.


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

5.1%

B2H

-1.0%

NO Consumer Finance

1.1%

NO Market


1 Year Return

-39.6%

B2H

-23.5%

NO Consumer Finance

-4.0%

NO Market

Return vs Industry: B2H underperformed the Norwegian Consumer Finance industry which returned -23.5% over the past year.

Return vs Market: B2H underperformed the Norwegian Market which returned -4% over the past year.


Shareholder returns

B2HIndustryMarket
7 Day5.1%-1.0%1.1%
30 Day45.0%3.2%2.6%
90 Day2.9%-0.009%8.6%
1 Year-37.0%-39.6%-20.7%-23.5%1.1%-4.0%
3 Year-28.6%-33.2%-28.8%-43.0%44.2%26.2%
5 Yearn/a-8.0%-34.7%58.0%22.0%

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?

32.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: B2H (NOK8.85) is trading below our estimate of fair value (NOK13.17)

Significantly Below Fair Value: B2H is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: B2H is poor value based on its PE Ratio (21.3x) compared to the Consumer Finance industry average (11.7x).

PE vs Market: B2H is poor value based on its PE Ratio (21.3x) compared to the Norwegian market (13.3x).


Price to Earnings Growth Ratio

PEG Ratio: B2H is good value based on its PEG Ratio (0.4x)


Price to Book Ratio

PB vs Industry: B2H is good value based on its PB Ratio (0.9x) compared to the XE Consumer Finance industry average (1.2x).


Next Steps

Future Growth

How is B2Holding forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

60.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: B2H's forecast earnings growth (60.7% per year) is above the savings rate (1.8%).

Earnings vs Market: B2H's earnings (60.7% per year) are forecast to grow faster than the Norwegian market (20.2% per year).

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

Revenue vs Market: B2H's revenue (18.2% per year) is forecast to grow faster than the Norwegian market (4.2% per year).

High Growth Revenue: B2H's revenue (18.2% 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 (12.4%).


Next Steps

Past Performance

How has B2Holding performed over the past 5 years?

26.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: B2H has a high level of non-cash earnings.

Growing Profit Margin: B2H's current net profit margins (8.4%) are lower than last year (29.1%).


Past Earnings Growth Analysis

Earnings Trend: B2H's earnings have grown significantly by 26.3% per year over the past 5 years.

Accelerating Growth: B2H's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: B2H had negative earnings growth (-73.3%) over the past year, making it difficult to compare to the Consumer Finance industry average (6.6%).


Return on Equity

High ROE: B2H's Return on Equity (4.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is B2Holding'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: B2H has a low level of unsold assets or inventory.

Debt Coverage by Assets: B2H's debt is covered by short term assets (assets are 1.3x debt).


Financial Institutions Analysis

Asset Level: B2H's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if B2H has a sufficient allowance for bad loans.

Low Risk Liabilities: B2H reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if B2H has an acceptable proportion of non-loan assets held.

Low Risk Deposits: B2H has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if B2H has an appropriate level of bad loans.


Next Steps

Dividend

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

5.09%

Current Dividend Yield


Dividend Yield vs Market

company5.1%marketbottom25%2.5%markettop25%6.1%industryaverage4.6%forecastin3Years3.4%

Current dividend yield vs market & industry

Notable Dividend: B2H's dividend (5.09%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.53%).

High Dividend: B2H's dividend (5.09%) is low compared to the top 25% of dividend payers in the Norwegian market (6.05%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, B2H has been paying a dividend for less than 10 years.

Growing Dividend: B2H's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (108.2%), B2H's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: B2H's dividends in 3 years are forecast to be well covered by earnings (27.7% payout ratio).


Next Steps

Management

What is the CEO of B2Holding's salary, the management and board of directors tenure and is there insider trading?

0.2yrs

Average management tenure


CEO

Erik Johnsen (59yo)

0.3yrs

Tenure

kr3,593,000

Compensation

Mr. Erik Just Johnsen has been Interim Chief Executive Officer of B2 Holding AS since August 15, 2019 and has been its Chief Financial Officer since January 16, 2017. He served as Chief Group Controller of ...


CEO Compensation Analysis

Compensation vs Market: Erik's total compensation ($USD392.35K) is about average for companies of similar size in the Norwegian market ($USD464.00K).

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


Management Age and Tenure

0.2yrs

Average Tenure

59yo

Average Age

Experienced Management: B2H's management team is not considered experienced ( 0.2 years average tenure), which suggests a new team.


Board Age and Tenure

1.5yrs

Average Tenure

46yo

Average Age

Experienced Board: B2H's board of directors are not considered experienced ( 1.5 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: B2H insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buykr6,649,99904 Sep 19
Stenshagen Invest AS
EntityCompany
Shares1,000,000
Max Pricekr6.65
Buykr242,41002 Sep 19
Maria Haddad
EntityIndividual
Shares35,000
Max Pricekr6.93
Buykr342,60502 Sep 19
RMH Invest AS
EntityCompany
Shares50,000
Max Pricekr6.85
Buykr187,44230 Aug 19
Tore Krogstad
EntityIndividual
Shares25,000
Max Pricekr7.50
Sellkr6,959,20430 Aug 19
Valset Invest AS
EntityCompany
Shares1,000,000
Max Pricekr6.96
Buykr6,959,20430 Aug 19
Valset Invest AS
EntityCompany
Shares1,000,000
Max Pricekr6.96
Buykr3,616,35111 Mar 19
Prioritet Group AB
EntityCompany
Shares292,585
Max Pricekr12.36
Buykr476,62614 Dec 18
Per Spone
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares36,108
Max Pricekr13.20
Buykr403,30814 Dec 18
Per Spone
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares30,600
Max Pricekr13.18
Buykr197,10013 Dec 18
Grethe Meier
EntityIndividual
Role
Alternate Director
Deputy Board Member
Shares15,000
Max Pricekr13.14
Buykr378,00012 Dec 18
Olav Zahl
EntityIndividual
Role
Senior Key Executive
Consultant
Shares30,000
Max Pricekr12.60
Buykr197,60007 Dec 18
Tore Krogstad
EntityIndividual
Shares16,000
Max Pricekr12.35
Buykr1,509,76530 Nov 18
Jon Nordbrekken
EntityIndividual
Role
Chairman of the Board
Founder & Chairman of the Board
Shares111,504
Max Pricekr13.54
Buykr802,80030 Nov 18
Kjetil Garstad
EntityIndividual
Role
Alternate Director
Deputy Director
Shares60,000
Max Pricekr13.38
Buykr895,05029 Nov 18
Maria Haddad
EntityIndividual
Shares65,000
Max Pricekr13.77
Buykr73,92028 Nov 18
Ingeborg Andresen
EntityIndividual
Shares5,500
Max Pricekr13.44

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.8%.


Management Team

  • Olav Zahl (58yo)

    Consultant

    • Tenure: 0.3yrs
    • Compensation: kr5.31m
  • Jon Nordbrekken (67yo)

    Founder & Chairman of the Board

    • Tenure: 10.8yrs
    • Compensation: kr688.00k
  • Adam Parfiniewicz

    Head of Unsecured and Regional Director Poland

    • Tenure: 0.08yrs
    • Compensation: kr2.99m
  • J. Henriksen (64yo)

    Chief Governance Officer

    • Tenure: 0.8yrs
    • Compensation: kr2.91m
  • Erik Johnsen (59yo)

    CFO & Interim CEO

    • Tenure: 0.3yrs
    • Compensation: kr3.59m
  • Rasmus Hansson (47yo)

    Director of M&A and Investor Relations

    • Tenure: 0yrs
    • Compensation: kr2.75m
  • Jeremi Bobowski

    Chief Risk Officer

    • Tenure: 0.08yrs
    • Compensation: kr3.32m
  • George Christoforou

    Head of Secured and Regional Director Central & South East Europe

    • Tenure: 0.08yrs
    • Compensation: kr2.68m
  • Cecilie Kjelland

    Chief Legal & Compliance Officer

    • Tenure: 0.2yrs
  • Johannes Raschke

    Chief Investment Officer

    • Tenure: 0.08yrs

Board Members

  • Jon Nordbrekken (67yo)

    Founder & Chairman of the Board

    • Tenure: 10.8yrs
    • Compensation: kr688.00k
  • Adele Bugge Pran (49yo)

    Independent Director

    • Tenure: 1.5yrs
    • Compensation: kr175.00k
  • Kjetil Garstad

    Deputy Director

    • Tenure: 1.5yrs
    • Compensation: kr175.00k
  • Kari Moe (44yo)

    Independent Director

    • Tenure: 3.5yrs
    • Compensation: kr263.00k
  • Per Spone (46yo)

    Independent Director

    • Tenure: 7.8yrs
    • Compensation: kr288.00k
  • Niklas Wiberg (41yo)

    Director

    • Tenure: 1.5yrs
    • Compensation: kr115.00k
  • Grethe Meier

    Deputy Board Member

    • Tenure: 1.5yrs
    • Compensation: kr175.00k

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: kr3.626b
  • 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
BTOH.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 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. It focuses on purchasing and collecting non-performing and performing consumer primarily from the banking and financial sector, as ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/10 21:34
End of Day Share Price2019/11/08 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.