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Storebrand

OB:STB
Snowflake Description

Proven track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
STB
OB
NOK30B
Market Cap
  1. Home
  2. NO
  3. Insurance
Company description

Storebrand ASA, through its subsidiaries, primarily provides insurance products and services for private individuals, companies, municipalities, and public sector in Norway and Sweden. The last earnings update was 39 days ago. More info.


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STB Share Price and Events
7 Day Returns
-1.6%
OB:STB
0.3%
Europe Insurance
-0.9%
NO Market
1 Year Returns
-6.2%
OB:STB
5.7%
Europe Insurance
-9.6%
NO Market
STB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Storebrand (STB) -1.6% -4.2% -7.7% -6.2% 99.3% 77.3%
Europe Insurance 0.3% -0.5% 0.1% 5.7% 33.6% 24.7%
NO Market -0.9% -3.3% -6.3% -9.6% 31.4% 8.1%
1 Year Return vs Industry and Market
  • STB underperformed the Insurance industry which returned 5.7% over the past year.
  • STB outperformed the Market in Norway which returned -9.6% over the past year.
Price Volatility
STB
Industry
5yr Volatility vs Market

STB Value

 Is Storebrand undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Storebrand to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Storebrand.

OB:STB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 9 analysts.
= Stable Book Value * Return on Equity
= NOK70.83 * 7.5%
NOK5.32
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. NOK70.83
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year NO Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:STB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.69 (1 + (1- 23%) (90.8%))
1.116
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (1.116 * 5.96%)
8.41%

Discounted Cash Flow Calculation for OB:STB using Excess Returns Model Model

The calculations below outline how an intrinsic value for Storebrand is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

OB:STB Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.5% – 8.41%) * NOK70.83)
NOK-0.63
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK-0.63 / (8.41% - 1.76%)
NOK-9.51
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK70.83 + NOK-9.51
NOK61.33
OB:STB Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK61.33
Current discount Discount to share price of NOK65.20
= -1 x (NOK65.20 - NOK61.33) / NOK61.33
-6.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Storebrand is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Storebrand's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Storebrand's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:STB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in NOK NOK7.39
OB:STB Share Price ** OB (2019-06-14) in NOK NOK65.2
Europe Insurance Industry PE Ratio Median Figure of 67 Publicly-Listed Insurance Companies 13.3x
Norway Market PE Ratio Median Figure of 135 Publicly-Listed Companies 13.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Storebrand.

OB:STB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:STB Share Price ÷ EPS (both in NOK)

= 65.2 ÷ 7.39

8.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Storebrand is good value based on earnings compared to the Europe Insurance industry average.
  • Storebrand is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Storebrand's expected growth come at a high price?
Raw Data
OB:STB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
1.6%per year
Europe Insurance Industry PEG Ratio Median Figure of 54 Publicly-Listed Insurance Companies 2.02x
Norway Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 0.86x

*Line of best fit is calculated by linear regression .

OB:STB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.83x ÷ 1.6%

5.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Storebrand is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Storebrand's assets?
Raw Data
OB:STB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in NOK NOK71.02
OB:STB Share Price * OB (2019-06-14) in NOK NOK65.2
Europe Insurance Industry PB Ratio Median Figure of 73 Publicly-Listed Insurance Companies 1.3x
Norway Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.09x
OB:STB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:STB Share Price ÷ Book Value per Share (both in NOK)

= 65.2 ÷ 71.02

0.92x

* Primary Listing of Storebrand.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Storebrand is good value based on assets compared to the Europe Insurance industry average.
X
Value checks
We assess Storebrand's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Storebrand has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

STB Future Performance

 How is Storebrand expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Storebrand expected to grow at an attractive rate?
  • Storebrand's earnings growth is positive but not above the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Storebrand's earnings growth is positive but not above the Norway market average.
  • Storebrand's revenues are expected to decrease over the next 1-3 years, this is below the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:STB Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:STB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 1.6%
OB:STB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts -36.2%
Europe Insurance Industry Earnings Growth Rate Market Cap Weighted Average 8.9%
Europe Insurance Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
Norway Market Earnings Growth Rate Market Cap Weighted Average 13.9%
Norway Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:STB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:STB Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 23,490 2,557 1
2020-12-31 22,794 2,422 1
2019-12-31 22,144 2,234 1
OB:STB Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-03-31 62,748 956 3,451
2018-12-31 40,413 1,310 3,684
2018-09-30 47,415 2,527 2,302
2018-06-30 45,276 2,195 2,474
2018-03-31 38,759 328 2,638
2017-12-31 47,362 739 2,375
2017-09-30 41,403 612 2,575
2017-06-30 45,370 1,672 2,318
2017-03-31 48,133 -990 2,277
2016-12-31 42,009 1,576 2,118
2016-09-30 50,819 -374 2,063
2016-06-30 35,008 -407 1,684

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Storebrand's earnings are expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
  • Storebrand's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:STB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Storebrand Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:STB Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 5.33 5.78 4.75 7.00
2020-12-31 5.11 5.42 4.60 8.00
2019-12-31 4.73 5.02 4.32 7.00
OB:STB Past Financials Data
Date (Data in NOK Millions) EPS *
2019-03-31 7.39
2018-12-31 7.89
2018-09-30 4.97
2018-06-30 5.39
2018-03-31 5.80
2017-12-31 5.28
2017-09-30 5.74
2017-06-30 5.17
2017-03-31 5.08
2016-12-31 4.73
2016-09-30 4.61
2016-06-30 3.75

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Storebrand is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Storebrand's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Storebrand has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

STB Past Performance

  How has Storebrand performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Storebrand's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Storebrand's year on year earnings growth rate has been positive over the past 5 years.
  • Storebrand's 1-year earnings growth exceeds its 5-year average (30.8% vs 13.3%)
  • Storebrand's earnings growth has exceeded the Europe Insurance industry average in the past year (30.8% vs 5.5%).
Earnings and Revenue History
Storebrand's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Storebrand Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:STB Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 62,748.00 3,451.00 4,540.00
2018-12-31 40,413.00 3,684.00 4,542.00
2018-09-30 47,415.00 2,302.00 4,695.00
2018-06-30 45,276.00 2,474.00 4,644.00
2018-03-31 38,759.00 2,638.00 4,420.00
2017-12-31 47,362.00 2,375.00 4,266.00
2017-09-30 41,403.00 2,575.00 4,086.00
2017-06-30 45,370.00 2,318.00 4,003.00
2017-03-31 48,133.00 2,277.00 3,765.00
2016-12-31 42,009.00 2,118.00 3,788.00
2016-09-30 50,819.00 2,063.00 3,636.00
2016-06-30 35,008.00 1,684.00 3,570.00
2016-03-31 23,958.00 1,234.00 3,800.00
2015-12-31 35,347.00 1,178.00 3,727.00
2015-09-30 33,220.00 1,255.00 2,961.00
2015-06-30 43,858.00 1,573.00 3,013.00
2015-03-31 58,578.00 1,804.00 3,012.00
2014-12-31 51,381.00 2,064.00 2,913.00
2014-09-30 58,116.00 1,770.00 3,094.00
2014-06-30 58,451.00 2,078.00 3,115.00
2014-03-31 47,782.00 2,124.00 3,147.00
2013-12-31 49,633.00 1,975.00 3,265.00
2013-09-30 51,039.00 1,642.00 3,747.00
2013-06-30 53,754.00 1,237.00 4,001.00
2013-03-31 53,506.00 840.00 4,007.00
2012-12-31 52,479.00 1,006.00 4,003.00
2012-09-30 52,256.00 954.00 3,886.00
2012-06-30 38,764.00 497.00 3,550.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Storebrand has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Storebrand used its assets less efficiently than the Europe Insurance industry average last year based on Return on Assets.
  • Storebrand has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Storebrand's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Storebrand has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

STB Health

 How is Storebrand's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Storebrand's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Storebrand's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Storebrand's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Storebrand's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Storebrand Company Filings, last reported 2 months ago.

OB:STB Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 33,176.00 27,640.00 3,918.00
2018-12-31 32,873.00 25,755.00 3,951.00
2018-09-30 30,742.00 24,338.00 3,326.00
2018-06-30 30,227.00 23,764.00 3,436.00
2018-03-31 31,140.00 26,724.00 5,462.00
2017-12-31 30,832.00 25,597.00 3,779.00
2017-09-30 29,088.00 25,317.00 2,431.00
2017-06-30 28,558.00 24,912.00 3,484.00
2017-03-31 28,208.00 25,092.00 4,259.00
2016-12-31 27,637.00 24,910.00 3,966.00
2016-09-30 27,189.00 24,496.00 2,639.00
2016-06-30 27,001.00 24,813.00 3,381.00
2016-03-31 26,538.00 25,343.00 7,105.00
2015-12-31 26,947.00 23,657.00 3,132.00
2015-09-30 25,982.00 22,335.00 3,103.00
2015-06-30 25,276.00 21,140.00 3,100.00
2015-03-31 24,744.00 22,668.00 3,720.00
2014-12-31 24,740.00 21,831.00 5,473.00
2014-09-30 23,618.00 22,116.00 3,882.00
2014-06-30 23,528.00 22,345.00 4,430.00
2014-03-31 23,080.00 25,817.00 5,607.00
2013-12-31 22,775.00 25,437.00 4,219.00
2013-09-30 22,274.00 25,069.00 4,219.00
2013-06-30 21,301.00 25,115.00 4,609.00
2013-03-31 20,696.00 26,251.00 5,141.00
2012-12-31 19,935.00 27,607.00 3,552.00
2012-09-30 19,706.00 27,972.00 4,033.00
2012-06-30 19,335.00 26,220.00 3,657.00
  • Storebrand's level of debt (80.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (111.7% vs 80.2% today).
  • Debt is not well covered by operating cash flow (3.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.1x coverage).
X
Financial health checks
We assess Storebrand's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Storebrand has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

STB Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.6%
Current annual income from Storebrand dividends. Estimated to be 7% next year.
If you bought NOK2,000 of Storebrand shares you are expected to receive NOK92 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Storebrand's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.62%).
  • Storebrand's dividend is below the markets top 25% of dividend payers in Norway (6.44%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:STB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Insurance Industry Average Dividend Yield Market Cap Weighted Average of 65 Stocks 4.9%
Norway Market Average Dividend Yield Market Cap Weighted Average of 110 Stocks 4.5%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.9%
Norway Bottom 25% Dividend Yield 25th Percentile 2.6%
Norway Top 25% Dividend Yield 75th Percentile 6.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:STB Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 5.43 8.00
2020-12-31 4.75 10.00
2019-12-31 3.69 10.00
OB:STB Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-02-22 3.000 4.385
2018-02-08 2.100 3.096
2017-02-08 1.550 2.501
2012-10-24 0.000 0.000
2012-07-13 0.000 0.000
2012-05-03 0.000 0.000
2012-03-21 0.000 0.000
2012-02-14 0.000 0.000
2011-03-02 1.100 3.022
2011-02-16 1.100 2.317
2009-10-28 0.000 0.000
2009-07-17 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Storebrand has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Storebrand only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Storebrand's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Storebrand's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Storebrand afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Storebrand has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

STB Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Odd Grefstad
COMPENSATION NOK8,208,000
AGE 53
TENURE AS CEO 7 years
CEO Bio

Mr. Odd Arild Grefstad has been Chief Executive Officer of Storebrand ASA since June 1, 2012 and also served as its Managing Director. Mr. Grefstad served as the Chairman of the Board of Directors at Skagen AS. Mr. Grefstad served as Managing Director of Storebrand Livsforsikring AS at Storebrand ASA since January 24, 2011. He was a Senior Employee of Storebrand Livsforsikring AS. Mr. Grefstad served as an Executive Vice President, Group Legal and Chief Financial Officer of Storebrand ASA until January 24, 2011 and served as its Head of Business Control from 1998 to 2002, Group Controller of Life Insurance from 1997 to 1998, Vice President of Internal Audit from 1994 to 1997, Acting Chief Executive Officer since June 1, 2012 and Managing Director of Storebrand Life Insurance. He served as Vice President of Internal Audit of Arthur Andersen & Co., from 1989 to 1994. He has been the Chairman of Storebrand Livsforsikring AS since May 2012. Mr. Grefstad had been the Chairman of the Board at Storebrand Bank ASA since April 18, 2016. He served as Chairman at Storebrand Boligkreditt AS since April 18, 2016. He served as Vice Chairman of Storebrand Bank ASA from May 31, 2012 to November 14, 2012. Mr. Grefstad has been a Member of Corporate Assembly at Norsk Hydro ASA since May 2, 2016. He serves as a Director of Oslo Reinsurance Company ASA and Fair Forsikring. Mr. Grefstad served as a Director at SPP Livförsäkring AB (formerly, SPP Liv AB) since August 2012. He served as a Director of Storebrand Bank ASA until November 14, 2012. Mr. Grefstad served as a Director of If Skadeförsäkring Holding AB (publ) (Also known as, IF P&C Insurance Holding Ltd.) since April 7, 2003. He is a State Authorized Public Accountant. Mr. Grefstad holds Authorized Finance Analyst (AFA) from Norwegian School of Economics and Business Administration (NHH).

CEO Compensation
  • Odd's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Odd's remuneration is about average for companies of similar size in Norway.
Management Team Tenure

Average tenure and age of the Storebrand management team in years:

3.1
Average Tenure
53
Average Age
  • The tenure for the Storebrand management team is about average.
Management Team

Odd Grefstad

TITLE
Group Chief Executive Officer
COMPENSATION
NOK8M
AGE
53
TENURE
7 yrs

Lars Løddesøl

TITLE
Group Chief Financial Officer
COMPENSATION
NOK6M
AGE
54
TENURE
8.3 yrs

Heidi Skaaret

TITLE
Executive Vice President of People & Technology
COMPENSATION
NOK5M
AGE
57
TENURE
2.5 yrs

Karin Greve-Isdahl

TITLE
Executive Vice President of Communications
COMPENSATION
NOK3M
AGE
39

Jan Saugestad

TITLE
Executive Vice President of Asset Management
COMPENSATION
NOK7M
AGE
53
TENURE
3.8 yrs

Geir Holmgren

TITLE
Managing Director of Customer Service & Product
COMPENSATION
NOK5M
AGE
46

Staffan Hansén

TITLE
Executive Vice President of SPP Pension & Insurance AB
COMPENSATION
NOK6M
AGE
53

Jostein Dalland

TITLE
Executive Vice President of Digital Business Development
COMPENSATION
NOK4M
AGE
49
TENURE
2.5 yrs

Wenche Martinussen

TITLE
Executive Vice President of Customer Retail Norway
COMPENSATION
NOK4M
AGE
50
TENURE
2 yrs

Kjetil Krøkje

TITLE
Head of Investor Relations
Board of Directors Tenure

Average tenure and age of the Storebrand board of directors in years:

4.9
Average Tenure
59
Average Age
  • The tenure for the Storebrand board of directors is about average.
Board of Directors

Didrik Munch

TITLE
Chairman of the Board
COMPENSATION
NOK760K
AGE
62
TENURE
2.2 yrs

Terje Venold

TITLE
Chairman of the Board of Representatives
AGE
68

Martin Skancke

TITLE
Director
COMPENSATION
NOK720K
AGE
52
TENURE
4.8 yrs

Per Dyb

TITLE
Chairman of Nominating Committee
AGE
63

Karin Orgland

TITLE
Director
COMPENSATION
NOK482K
AGE
59
TENURE
4.1 yrs

Vibeke Madsen

TITLE
Deputy Chairman of Board of Representatives
AGE
63

Rune Pedersen

TITLE
Observer and Member of Board of Representatives

Laila Dahlen

TITLE
Director
COMPENSATION
NOK340K
AGE
50
TENURE
6.3 yrs

Heidi Storruste

TITLE
Director
COMPENSATION
NOK433K
AGE
53
TENURE
6.4 yrs

Arne Håstein

TITLE
Director
COMPENSATION
NOK355K
AGE
45
TENURE
5.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Storebrand insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
31. May 19 Buy Lars Løddesøl Individual 31. May 19 31. May 19 1,000 NOK63.04 NOK63,040
27. May 19 Buy Laila Dahlen Individual 27. May 19 27. May 19 2,000 NOK65.45 NOK130,900
16. May 19 Buy Didrik Munch Individual 16. May 19 16. May 19 5,000 NOK66.99 NOK334,950
15. May 19 Buy Karl Sandlund Individual 15. May 19 15. May 19 3,000 NOK65.96 NOK197,880
08. May 19 Buy Arne Håstein Individual 08. May 19 08. May 19 355 NOK68.30 NOK24,246
08. May 19 Buy Martin Skancke Individual 08. May 19 08. May 19 2,000 NOK68.58 NOK137,160
25. Feb 19 Buy Didrik Munch Individual 25. Feb 19 25. Feb 19 12,000 NOK67.30 NOK807,600
X
Management checks
We assess Storebrand's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Storebrand has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

STB News

Simply Wall St News

Should We Be Cautious About Storebrand ASA's (OB:STB) ROE Of 7.6%?

This article is for those who would like to learn about Return On Equity (ROE). … That means that for every NOK1 worth of shareholders' equity, it generated NOK0.076 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Does Storebrand ASA's (OB:STB) Recent Track Record Look Strong?

When Storebrand ASA (OB:STB) released its most recent earnings update (30 June 2018), I compared it against two factor: its historical earnings track record, and the performance of its industry peers on average. … STB's trailing twelve-month earnings (from 30 June 2018) of øre2.5b has? … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 8.9%, indicating the rate at which STB is growing has slowed down

Simply Wall St -

What You Must Know About Storebrand ASA's (OB:STB) Return on Equity

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … With an ROE of 8.29%, Storebrand ASA (OB:STB) returned in-line to its own industry which delivered 9.44% over the past year. … I will take you through how metrics such as financial leverage impact ROE which may affect the overall sustainability of STB's returns.

Simply Wall St -

Who Really Owns Storebrand ASA (OB:STB)?

Today, I will be analyzing Storebrand ASA’s (OB:STB) recent ownership structure, an important but not-so-popular subject among individual investors. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … It also impacts the trading environment of company shares, which is more of a concern for short-term investors.

Simply Wall St -

Storebrand ASA (OB:STB): Has Recent Earnings Growth Beaten Long-Term Trend?

After reading Storebrand ASA's (OB:STB) most recent earnings announcement (31 March 2018), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … As a long-term investor I tend to focus on earnings trend, rather than a single number at one point in time. … STB's trailing twelve-month earnings (from 31 March 2018) of øre2.64b has

Simply Wall St -

Should Storebrand ASA (OB:STB) Be Part Of Your Portfolio?

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … In the past 10 years Storebrand ASA (OB:STB) has returned an average of 1.00% per year to investors in the form of dividend payouts. … Let's take a look at Storebrand in more detail.

Simply Wall St -

Who Just Ramped Up Their Shares In Storebrand ASA (OB:STB)?

some insider buying over the past three months, with insiders investing in. … Generally, insiders buying more shares in their own firm sends a bullish signal … A two-decade research published in The MIT Press (1998) showed that stocks following insider buying outperformed the market by 4.5%

Simply Wall St -

How Confident Are Insiders About Storebrand ASA (OB:STB)?

I will be analysing whether these buying activities are supported by favourable future outlook and recent share price volatility. … Alternatively, the timing of these insider transactions may have been driven by share price volatility. … Next Steps: Storebrand’s insider meaningful buying activity tells us the shares are currently in favour, though negative growth in expected earnings contests this assumption, and the share price has not moved significantly to warrant reassessment of mispricing.

Simply Wall St -

Storebrand ASA (OB:STB): Can It Deliver A Superior ROE To The Industry?

See our latest analysis for Storebrand What you must know about ROE Return on Equity (ROE) weighs Storebrand’s profit against the level of its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Storebrand’s equity capital deployed. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity OB:STB Last Perf May 10th 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.

Simply Wall St -

Does Storebrand ASA's (OB:STB) 12.13% Earnings Growth Reflect The Long-Term Trend?

After reading Storebrand ASA's (OB:STB) most recent earnings announcement (31 December 2017), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … Check out our latest analysis for Storebrand How STB fared against its long-term earnings performance and its industry For the most up-to-date info, I use the ‘latest twelve-month’ data, which either annualizes the most recent 6-month earnings update, or in some cases, the most recent annual report is already the latest available financial data. … Since these values are somewhat short-term thinking, I’ve computed an annualized five-year figure for Storebrand's earnings, which stands at ØRE1.63B This shows that, generally, Storebrand has been able to steadily raise its bottom line over the past couple of years as well.

Simply Wall St -

STB Company Info

Description

Storebrand ASA, through its subsidiaries, primarily provides insurance products and services for private individuals, companies, municipalities, and public sector in Norway and Sweden. It operates through Savings, Insurance, Guaranteed Pension, and Other segments. The Savings segment offers pension saving products, including retirement, defined contribution pensions, asset management, and retail banking products for private individuals. The Insurance segment provides health insurance, property and casualty insurance, personal risk products, employer’s liability insurance, and pension-related insurance products to the corporate and retail markets. The Guaranteed Pension segment offers long-term pension savings products, such as retirement, defined benefit pensions, paid-up policies, and individual capital and pension insurance products. The Other segment provides life insurance products; and lending products to commercial enterprises. Storebrand ASA was founded in 1767 and is headquartered in Lysaker, Norway.

Details
Name: Storebrand ASA
STB
Exchange: OB
Founded: 1767
NOK30,439,443,736
466,862,634
Website: http://www.storebrand.no
Address: Storebrand ASA
Professor Kohts vei 9,
Lysaker,
Akershus, 1366,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB STB Ordinary Shares Oslo Bors NO NOK 02. Jan 1992
OTCPK SRED.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB SKT Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0NO0 Ordinary Shares London Stock Exchange GB NOK 02. Jan 1992
BATS-CHIXE STBO Ordinary Shares BATS 'Chi-X Europe' GB NOK 02. Jan 1992
Number of employees
Current staff
Staff numbers
1,789
Storebrand employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 20:38
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/05/28
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.