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Olav Thon Eiendomsselskap

OB:OLT
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
OLT
OB
NOK15B
Market Cap
  1. Home
  2. NO
  3. Real Estate
Company description

Olav Thon Eiendomsselskap ASA engages in the property rental business in Norway and Sweden. The last earnings update was 26 days ago. More info.


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OLT Share Price and Events
7 Day Returns
4.4%
OB:OLT
3.4%
NO Real Estate
-0.9%
NO Market
1 Year Returns
-1.3%
OB:OLT
8.3%
NO Real Estate
-9.6%
NO Market
OLT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Olav Thon Eiendomsselskap (OLT) 4.4% -4.5% 0.1% -1.3% 0.7% 28.1%
NO Real Estate 3.4% -2.5% 4.3% 8.3% 34.2% 29.9%
NO Market -0.9% -3.3% -6.9% -9.6% 31.4% 8.1%
1 Year Return vs Industry and Market
  • OLT underperformed the Real Estate industry which returned 8.3% over the past year.
  • OLT outperformed the Market in Norway which returned -9.6% over the past year.
Price Volatility
OLT
Industry
5yr Volatility vs Market

OLT Value

 Is Olav Thon Eiendomsselskap 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 Olav Thon Eiendomsselskap 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 Olav Thon Eiendomsselskap.

OB:OLT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.6%
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:OLT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.02
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.025 (1 + (1- 23%) (152.37%))
1.822
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (1.822 * 5.96%)
12.62%

Discounted Cash Flow Calculation for OB:OLT using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Olav Thon Eiendomsselskap is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OB:OLT DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 12.62%)
2019 1,465.94 Est @ -2.08% 1,301.69
2020 1,452.38 Est @ -0.92% 1,145.16
2021 1,450.65 Est @ -0.12% 1,015.64
2022 1,457.10 Est @ 0.44% 905.86
2023 1,469.33 Est @ 0.84% 811.12
2024 1,485.72 Est @ 1.12% 728.27
2025 1,505.16 Est @ 1.31% 655.14
2026 1,526.90 Est @ 1.44% 590.14
2027 1,550.40 Est @ 1.54% 532.08
2028 1,575.28 Est @ 1.61% 480.05
Present value of next 10 years cash flows NOK8,165.16
OB:OLT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= NOK1,575.28 × (1 + 1.76%) ÷ (12.62% – 1.76%)
NOK14,763.67
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK14,763.67 ÷ (1 + 12.62%)10
NOK4,499.09
OB:OLT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK8,165.16 + NOK4,499.09
NOK12,664.25
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK12,664.25 / 103.62
NOK122.21
OB:OLT Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK122.21
Current discount Discount to share price of NOK148.00
= -1 x (NOK148.00 - NOK122.21) / NOK122.21
-21.1%

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

  • The current share price of Olav Thon Eiendomsselskap 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 Olav Thon Eiendomsselskap's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Olav Thon Eiendomsselskap's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:OLT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in NOK NOK18.99
OB:OLT Share Price ** OB (2019-06-17) in NOK NOK148
Norway Real Estate Industry PE Ratio Median Figure of 5 Publicly-Listed Real Estate Companies 9.71x
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 Olav Thon Eiendomsselskap.

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

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

= 148 ÷ 18.99

7.79x

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

  • Olav Thon Eiendomsselskap is good value based on earnings compared to the NO Real Estate industry average.
  • Olav Thon Eiendomsselskap is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Olav Thon Eiendomsselskap's expected growth come at a high price?
Raw Data
OB:OLT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.79x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-4.1%per year
Norway Real Estate Industry PEG Ratio Median Figure of 5 Publicly-Listed Real Estate Companies -0.66x
Norway Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 0.86x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.79x ÷ -4.1%

-1.9x

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

  • Olav Thon Eiendomsselskap earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Olav Thon Eiendomsselskap's assets?
Raw Data
OB:OLT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in NOK NOK251.57
OB:OLT Share Price * OB (2019-06-17) in NOK NOK148
Norway Real Estate Industry PB Ratio Median Figure of 8 Publicly-Listed Real Estate Companies 1.11x
Norway Market PB Ratio Median Figure of 215 Publicly-Listed Companies 1.07x
OB:OLT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 148 ÷ 251.57

0.59x

* Primary Listing of Olav Thon Eiendomsselskap.

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

  • Olav Thon Eiendomsselskap is good value based on assets compared to the NO Real Estate industry average.
X
Value checks
We assess Olav Thon Eiendomsselskap'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Olav Thon Eiendomsselskap 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.

OLT Future Performance

 How is Olav Thon Eiendomsselskap expected to perform in the next 1 to 3 years based on estimates from 2 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
-4.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Olav Thon Eiendomsselskap expected to grow at an attractive rate?
  • Olav Thon Eiendomsselskap's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Olav Thon Eiendomsselskap's earnings are expected to decrease over the next 1-3 years, this is below the Norway market average.
  • Olav Thon Eiendomsselskap's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:OLT Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:OLT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -4.1%
OB:OLT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.9%
Norway Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -10%
Norway Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
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:OLT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:OLT Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 4,513 2,079 1,635 1
2021-12-31 4,433 2,019 1,590 1
2020-12-31 4,151 1,914 1,451 2
2019-12-31 4,235 1,768 1,363 1
OB:OLT Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-03-31 3,818 1,497 2,116
2018-12-31 3,798 1,587 2,516
2018-09-30 3,949 2,309 2,598
2018-06-30 3,906 1,916 2,979
2018-03-31 3,886 1,887 3,296
2017-12-31 3,814 1,626 3,406
2017-09-30 3,732 1,609 4,188
2017-06-30 3,689 1,534 4,139
2017-03-31 3,612 1,621 3,956
2016-12-31 3,538 1,796 3,567
2016-09-30 3,427 2,138 3,118
2016-06-30 3,309 1,432 2,788

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Olav Thon Eiendomsselskap's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Olav Thon Eiendomsselskap's revenue is expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
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:OLT 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 2 Analyst Estimates (S&P Global) See Below

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

OB:OLT Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 15.78 15.78 15.78 1.00
2021-12-31 15.34 15.34 15.34 1.00
2020-12-31 13.83 14.55 13.11 2.00
2019-12-31 13.15 13.15 13.15 1.00
OB:OLT Past Financials Data
Date (Data in NOK Millions) EPS *
2019-03-31 18.99
2018-12-31 23.79
2018-09-30 24.25
2018-06-30 28.37
2018-03-31 31.16
2017-12-31 32.21
2017-09-30 41.29
2017-06-30 40.10
2017-03-31 38.89
2016-12-31 33.54
2016-09-30 28.26
2016-06-30 26.30

*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.
  • Olav Thon Eiendomsselskap is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Olav Thon Eiendomsselskap'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 Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway 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.
Olav Thon Eiendomsselskap has a total score of 1/6, 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.

OLT Past Performance

  How has Olav Thon Eiendomsselskap 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 Olav Thon Eiendomsselskap's growth in the last year to its industry (Real Estate).
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.
  • Olav Thon Eiendomsselskap's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Olav Thon Eiendomsselskap's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Olav Thon Eiendomsselskap's 1-year earnings growth is negative, it can't be compared to the NO Real Estate industry average.
Earnings and Revenue History
Olav Thon Eiendomsselskap'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 Olav Thon Eiendomsselskap Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:OLT 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 3,818.00 2,116.00 197.00
2018-12-31 3,798.00 2,516.00 195.00
2018-09-30 3,949.00 2,598.00 182.00
2018-06-30 3,906.00 2,979.00 177.00
2018-03-31 3,886.00 3,296.00 176.00
2017-12-31 3,814.00 3,406.00 168.00
2017-09-30 3,732.00 4,188.00 160.00
2017-06-30 3,689.00 4,139.00 156.00
2017-03-31 3,612.00 3,956.00 149.00
2016-12-31 3,538.00 3,567.00 145.00
2016-09-30 3,427.00 3,118.00 141.00
2016-06-30 3,309.00 2,788.00 134.00
2016-03-31 3,284.00 3,585.00 129.00
2015-12-31 3,223.00 3,666.00 128.00
2015-09-30 3,148.00 2,832.00 126.00
2015-06-30 3,181.00 2,712.00 126.00
2015-03-31 3,055.00 1,418.00 118.00
2014-12-31 2,953.00 1,172.00 109.00
2014-09-30 2,943.00 1,236.00 105.00
2014-06-30 2,791.00 1,079.00 101.00
2014-03-31 2,930.00 1,456.00 99.00
2013-12-31 2,765.00 1,711.00 99.00
2013-09-30 2,759.00 1,939.00 72.00
2013-06-30 2,762.00 1,572.00 80.00
2013-03-31 2,593.00 1,266.00 93.00
2012-12-31 2,671.00 1,121.00 101.00
2012-09-30 2,578.00 660.00 127.00
2012-06-30 2,538.00 517.00 120.00

*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.
  • Olav Thon Eiendomsselskap has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Olav Thon Eiendomsselskap used its assets less efficiently than the NO Real Estate industry average last year based on Return on Assets.
  • Olav Thon Eiendomsselskap's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Olav Thon Eiendomsselskap'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 Real Estate 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.
Olav Thon Eiendomsselskap has a total score of 1/6, 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.

OLT Health

 How is Olav Thon Eiendomsselskap'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 Olav Thon Eiendomsselskap's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Olav Thon Eiendomsselskap's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Olav Thon Eiendomsselskap's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Olav Thon Eiendomsselskap'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x 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 Olav Thon Eiendomsselskap Company Filings, last reported 2 months ago.

OB:OLT Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 27,079.00 23,210.00 326.00
2018-12-31 26,826.00 23,143.00 305.00
2018-09-30 26,002.00 22,735.00 560.00
2018-06-30 25,451.00 23,004.00 256.00
2018-03-31 25,225.00 22,770.00 275.00
2017-12-31 24,579.00 23,535.00 366.00
2017-09-30 23,645.00 23,366.00 256.00
2017-06-30 22,668.00 23,505.00 193.00
2017-03-31 22,188.00 23,141.00 279.00
2016-12-31 21,397.00 23,183.00 325.00
2016-09-30 19,638.00 22,116.00 236.00
2016-06-30 18,855.00 22,552.00 186.00
2016-03-31 18,389.00 22,165.00 185.00
2015-12-31 18,040.00 20,055.00 183.00
2015-09-30 16,349.00 18,793.00 283.00
2015-06-30 15,758.00 18,336.00 191.00
2015-03-31 14,518.00 18,580.00 264.00
2014-12-31 14,035.00 18,801.00 276.00
2014-09-30 13,522.00 18,476.00 354.00
2014-06-30 13,104.00 16,530.00 1,438.00
2014-03-31 13,172.00 15,091.00 310.00
2013-12-31 13,067.00 14,658.00 284.00
2013-09-30 12,712.00 16,442.00 786.00
2013-06-30 12,383.00 16,573.00 652.00
2013-03-31 12,040.00 15,304.00 562.00
2012-12-31 11,551.00 15,554.00 628.00
2012-09-30 10,565.00 14,174.00 532.00
2012-06-30 10,667.00 14,115.00 533.00
  • Olav Thon Eiendomsselskap's level of debt (84.4%) 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 (114.7% vs 84.4% today).
  • Debt is not well covered by operating cash flow (6.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).
X
Financial health checks
We assess Olav Thon Eiendomsselskap'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. Olav Thon Eiendomsselskap 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.

OLT Dividends

 What is Olav Thon Eiendomsselskap'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
2.97%
Current annual income from Olav Thon Eiendomsselskap dividends. Estimated to be 3.36% next year.
If you bought NOK2,000 of Olav Thon Eiendomsselskap shares you are expected to receive NOK59 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?
  • Olav Thon Eiendomsselskap's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.62%).
  • Olav Thon Eiendomsselskap'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:OLT 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 2 Analyst Estimates (S&P Global) See Below
Norway Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.9%
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:OLT Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 6.10 1.00
2021-12-31 5.70 1.00
2020-12-31 4.10 2.00
2019-12-31 4.90 1.00
OB:OLT Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-04-26 4.400 2.901
2019-02-14 4.400 2.920
2018-02-15 2.200 1.493
2017-02-16 2.000 1.220
2016-04-25 1.800 1.152
2015-04-22 1.600 1.132
2015-02-13 1.600 0.970
2014-04-24 1.400 1.180
2014-02-13 1.400 1.309
2013-04-24 1.200 1.204
2013-02-14 1.200 1.317
2012-05-07 1.000 1.152
2012-02-15 1.000 1.160
2011-04-15 1.000 1.195
2011-02-14 1.000 1.103
2010-04-09 0.800 1.018
2010-02-15 0.800 1.026
2009-11-09 0.000 0.000

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

  • Whilst dividend payments have been stable, Olav Thon Eiendomsselskap has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Olav Thon Eiendomsselskap only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Olav Thon Eiendomsselskap's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Olav Thon Eiendomsselskap'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 Olav Thon Eiendomsselskap afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Olav Thon Eiendomsselskap 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.

OLT Management

 What is the CEO of Olav Thon Eiendomsselskap'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
Dag Tangevald-Jensen
AGE 58
TENURE AS CEO 19.4 years
CEO Bio

Mr. Dag Tangevald-Jensen has been the Chief Executive Officer of Olav Thon Eiendomsselskap ASA since 2000 and serves as its Managing Director. He has been employed in various senior positions in the Olav Thon Group since 1990 and since 1992 in corporate management. Mr. Tangevald-Jensen holds a number of appointments and Directorships, including a Board Member in Olav Thon Foundation and Handelsbanken Norway.

CEO Compensation
  • Insufficient data for Dag to compare compensation growth.
  • Insufficient data for Dag to establish whether their remuneration is reasonable compared to companies of similar size in Norway.
Management Team

Dag Tangevald-Jensen

TITLE
MD & CEO
AGE
58
TENURE
19.4 yrs

Arne Spere

TITLE
EVP Finance
Board of Directors Tenure

Average tenure and age of the Olav Thon Eiendomsselskap board of directors in years:

9.4
Average Tenure
66
Average Age
  • The tenure for the Olav Thon Eiendomsselskap board of directors is about average.
Board of Directors

Olav Thon

TITLE
Chairman of the Board
COMPENSATION
NOK100K
AGE
95

Ole-Christian Hallerud

TITLE
Deputy Board Member
COMPENSATION
NOK30K
TENURE
0.1 yrs

Kristian Leer-Salvesen

TITLE
Director
COMPENSATION
NOK130K
AGE
66
TENURE
16.4 yrs

Stig Jacobsen

TITLE
Director
COMPENSATION
NOK100K
AGE
63
TENURE
14.4 yrs

Sissel Haga

TITLE
Director
COMPENSATION
NOK130K
AGE
78
TENURE
9.4 yrs

Line Norbye

TITLE
Director
COMPENSATION
NOK100K
AGE
47
TENURE
5.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
18. Sep 18 Buy Arne Spere Individual 18. Sep 18 18. Sep 18 200 NOK147.00 NOK29,400
17. Sep 18 Buy Line Norbye Individual 17. Sep 18 17. Sep 18 30,000 NOK148.00 NOK4,440,000
23. Aug 18 Buy Dag Tangevald-Jensen Individual 23. Aug 18 23. Aug 18 1,000 NOK149.60 NOK149,600
19. Jun 18 Buy Line Norbye Individual 19. Jun 18 19. Jun 18 8,908 NOK151.50 NOK1,349,562
X
Management checks
We assess Olav Thon Eiendomsselskap'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. Olav Thon Eiendomsselskap 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.

OLT News

Simply Wall St News

Does Olav Thon Eiendomsselskap ASA (OB:OLT) Have A Good P/E Ratio?

We'll look at Olav Thon Eiendomsselskap ASA's (OB:OLT) P/E ratio and reflect on what it tells us about the company's share price. … Olav Thon Eiendomsselskap has a price to earnings ratio of 7, based on the last twelve months. … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Olav Thon Eiendomsselskap: P/E of 7 = NOK140 ÷ NOK20.01 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good?

Simply Wall St -

Have Insiders Been Buying Olav Thon Eiendomsselskap ASA (OB:OLT) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Olav Thon Eiendomsselskap ASA (OB:OLT). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … The good news for Olav Thon Eiendomsselskap share holders is that insiders were buying at near the current price.

Simply Wall St -

Olav Thon Eiendomsselskap ASA (OB:OLT): Time For A Financial Health Check

While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Assessing first and foremost the financial health is. … Let's work through some financial health checks you may wish to consider if you're interested in this stock.

Simply Wall St -

How Much Of Olav Thon Eiendomsselskap ASA (OB:OLT) Do Insiders Own?

A look at the shareholders of Olav Thon Eiendomsselskap ASA (OB:OLT) can tell us which group is most powerful. … Olav Thon Eiendomsselskap isn't enormous, but it's not particularly small either. … See our latest analysis for Olav Thon Eiendomsselskap

Simply Wall St -

Olav Thon Eiendomsselskap (OB:OLT) Shareholders Booked A 36% Gain In The Last Five Years

For example, the Olav Thon Eiendomsselskap ASA (OB:OLT) share price is up 36% in the last five years, slightly above the market return. … During five years of share price growth, Olav Thon Eiendomsselskap achieved compound earnings per share (EPS) growth of 8.3% per year. … It might be well worthwhile taking a look at our free report on Olav Thon Eiendomsselskap's earnings, revenue and cash flow.

Simply Wall St -

Investors Are Undervaluing Olav Thon Eiendomsselskap ASA (OB:OLT) By 28.86%

by taking the expected future cash flows and discounting them to their present value. … discounted cash flows (DCF) … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model.

Simply Wall St -

Should Olav Thon Eiendomsselskap ASA (OB:OLT) Be Part Of Your Income Portfolio?

Historically, Olav Thon Eiendomsselskap ASA (OB:OLT) has paid dividends to shareholders, and these days it yields 1.5%. … Let's take a look at Olav Thon Eiendomsselskap in more detail. … Check out our latest analysis for Olav Thon Eiendomsselskap?

Simply Wall St -

What Investors Should Know About Olav Thon Eiendomsselskap ASA's (OB:OLT) Financial Strength

While small-cap stocks, such as Olav Thon Eiendomsselskap ASA (OB:OLT) with its market cap of øre15b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Assessing first and foremost the financial health is. … Here are few basic financial health checks you should consider before taking the plunge.

Simply Wall St -

Need To Know: Olav Thon Eiendomsselskap ASA (OB:OLT) Insiders Have Been Buying Shares

So we'll take a look at whether insiders have been buying or selling shares in Olav Thon Eiendomsselskap ASA (OB:OLT). … The Last 12 Months Of Insider Transactions At Olav Thon Eiendomsselskap. … In the last twelve months there was more buying than selling by Olav Thon Eiendomsselskap insiders

Simply Wall St -

Here's What Olav Thon Eiendomsselskap ASA's (OB:OLT) P/E Ratio Is Telling Us

To keep it practical, we'll show how Olav Thon Eiendomsselskap ASA's (OB:OLT) P/E ratio could help you assess the value on offer. … Olav Thon Eiendomsselskap has a price to earnings ratio of 6.03, based on the last twelve months. … How Do You Calculate Olav Thon Eiendomsselskap's P/E Ratio

Simply Wall St -

OLT Company Info

Description

Olav Thon Eiendomsselskap ASA engages in the property rental business in Norway and Sweden. It operates through Shopping Centres and Commercial Property segments. The company has 98 shopping centers comprising 30 managed for external owners. Olav Thon Eiendomsselskap ASA was founded in 1982 and is based in Oslo, Norway.

Details
Name: Olav Thon Eiendomsselskap ASA
OLT
Exchange: OB
Founded: 1982
NOK15,232,606,137
103,623,171
Website: http://www.olt.no
Address: Olav Thon Eiendomsselskap ASA
Stenersgata 2,
Sentrum,
Oslo,
Oslo, 0105,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB OLT Ordinary Shares Oslo Bors NO NOK 02. Jan 1992
LSE 0FHP Ordinary Shares London Stock Exchange GB NOK 02. Jan 1992
BATS-CHIXE OLTO Ordinary Shares BATS 'Chi-X Europe' GB NOK 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
Olav Thon Eiendomsselskap employees.
Industry
Real Estate Operating Companies
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 20:42
End of day share price update: 2019/06/17 00:00
Last estimates confirmation: 2019/05/23
Last earnings filing: 2019/05/22
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.