Loading...

SpareBank 1 SMN

OTCPK:SRMG.F
Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SRMG.F
OTCPK
NOK11B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

SpareBank 1 SMN, together with its subsidiaries, provides various financial and banking products and services. The last earnings update was 65 days ago. More info.


Add to Portfolio Compare Print
SRMG.F Share Price and Events
7 Day Returns
0%
OTCPK:SRMG.F
2.8%
US Banks
3%
US Market
1 Year Returns
-
OTCPK:SRMG.F
-18.3%
US Banks
-8.4%
US Market
SRMG.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SpareBank 1 SMN (SRMG.F) 0% 0% - - - -
US Banks 2.8% -14.9% -17.6% -18.3% 17.4% 27.8%
US Market 3% -9.7% -15.8% -8.4% 20.1% 28.6%
1 Year Return vs Industry and Market
  • No trading data on SRMG.F.
  • No trading data on SRMG.F.
Price Volatility
SRMG.F
Industry
5yr Volatility vs Market

Value

 Is SpareBank 1 SMN 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 SpareBank 1 SMN 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 SpareBank 1 SMN.

OTCPK:SRMG.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= NOK93.67 * 11.5%
NOK10.82
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. NOK93.67
Discount Rate (Cost of Equity) See below 10.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 3%

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 OTCPK:SRMG.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.532 (1 + (1- 23%) (469.56%))
1.106
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (1.106 * 7.05%)
10.75%

Discounted Cash Flow Calculation for OTCPK:SRMG.F using Excess Returns Model Model

The calculations below outline how an intrinsic value for SpareBank 1 SMN 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.

OTCPK:SRMG.F Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.5% – 10.75%) * NOK93.67)
NOK0.75
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK0.75 / (10.75% - 2.95%)
NOK9.65
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK93.67 + NOK9.65
NOK103.32
OTCPK:SRMG.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:SRMG.F represents 0.13298x of OB:MING
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.13298x
Value per Share
(Listing Adjusted, USD)
= Value per Share (NOK) x Listing Adjustment Factor
= NOK 103.32 x 0.13298
$13.74
Value per share (USD) From above. $13.74
Current discount Discount to share price of $11.25
= -1 x ($11.25 - $13.74) / $13.74
18.1%

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

Current Discount
Amount off the current price SpareBank 1 SMN is available for.
Intrinsic value
18%
Share price is $11.25 vs Future cash flow value of $13.74
Current Discount Checks
For SpareBank 1 SMN to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • SpareBank 1 SMN's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • SpareBank 1 SMN's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 SpareBank 1 SMN's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SpareBank 1 SMN's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:SRMG.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in NOK NOK10.72
OB:MING Share Price ** OB (2018-10-01) in NOK NOK84.6
United States of America Banks Industry PE Ratio Median Figure of 572 Publicly-Listed Banks Companies 14.08x
United States of America Market PE Ratio Median Figure of 3,020 Publicly-Listed Companies 16.04x

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

** Primary Listing of SpareBank 1 SMN.

OTCPK:SRMG.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 84.6 ÷ 10.72

7.89x

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

  • SpareBank 1 SMN is good value based on earnings compared to the US Banks industry average.
  • SpareBank 1 SMN is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does SpareBank 1 SMN's expected growth come at a high price?
Raw Data
OTCPK:SRMG.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.89x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
4.1%per year
United States of America Banks Industry PEG Ratio Median Figure of 253 Publicly-Listed Banks Companies 1.06x
United States of America Market PEG Ratio Median Figure of 2,107 Publicly-Listed Companies 1.13x

*Line of best fit is calculated by linear regression .

OTCPK:SRMG.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.89x ÷ 4.1%

1.91x

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

  • SpareBank 1 SMN is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SpareBank 1 SMN's assets?
Raw Data
OTCPK:SRMG.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in NOK NOK136.68
OB:MING Share Price * OB (2018-10-01) in NOK NOK84.6
United States of America Banks Industry PB Ratio Median Figure of 583 Publicly-Listed Banks Companies 1.19x
United States of America Market PB Ratio Median Figure of 5,096 Publicly-Listed Companies 1.61x
OTCPK:SRMG.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 84.6 ÷ 136.68

0.62x

* Primary Listing of SpareBank 1 SMN.

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

  • SpareBank 1 SMN is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess SpareBank 1 SMN'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 Banks 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 Banks industry average (and greater than 0)? (1 check)
  5. SpareBank 1 SMN 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.

Future Performance

 How is SpareBank 1 SMN expected to perform in the next 1 to 3 years based on estimates from 5 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 SpareBank 1 SMN expected to grow at an attractive rate?
  • SpareBank 1 SMN's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
  • SpareBank 1 SMN's earnings growth is positive but not above the United States of America market average.
  • SpareBank 1 SMN's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:SRMG.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:SRMG.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 4.1%
OTCPK:SRMG.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 2.3%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 6.4%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*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
OTCPK:SRMG.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:SRMG.F Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 5,600 2,068 4
2019-12-31 5,785 2,052 4
2018-12-31 5,383 2,046 4
OTCPK:SRMG.F Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2018-09-30 5,310 -9,331 1,386
2018-06-30 5,294 -7,557 1,399
2018-03-31 4,851 -5,716 1,188
2017-12-31 4,649 -10,937 1,128
2017-09-30 4,442 -6,611 1,090
2017-06-30 4,244 -8,015 1,031
2017-03-31 4,201 -9,776 1,066
2016-12-31 4,036 -6,462 1,027
2016-09-30 3,849 -6,438 1,428
2016-06-30 3,621 -7,791 1,331
2016-03-31 3,560 -5,777 1,320
2015-12-31 3,707 -5,761 1,410

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SpareBank 1 SMN's earnings are expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
  • SpareBank 1 SMN's revenue is expected to grow by 2.3% 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
OTCPK:SRMG.F 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 5 Analyst Estimates (S&P Global) See Below

All data from SpareBank 1 SMN Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:SRMG.F Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 10.19 10.77 8.68 5.00
2019-12-31 10.11 11.89 8.51 5.00
2018-12-31 10.09 10.65 9.05 5.00
OTCPK:SRMG.F Past Financials Data
Date (Data in NOK Millions) EPS *
2018-09-30 10.72
2018-06-30 10.87
2018-03-31 9.17
2017-12-31 8.71
2017-09-30 8.44
2017-06-30 7.96
2017-03-31 8.21
2016-12-31 7.93
2016-09-30 11.03
2016-06-30 10.25
2016-03-31 10.41
2015-12-31 10.86

*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.
  • SpareBank 1 SMN is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess SpareBank 1 SMN'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
SpareBank 1 SMN 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.

Past Performance

  How has SpareBank 1 SMN 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 SpareBank 1 SMN's growth in the last year to its industry (Banks).
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.
  • SpareBank 1 SMN's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • SpareBank 1 SMN's 1-year earnings growth exceeds its 5-year average (27.2% vs -6.3%)
  • SpareBank 1 SMN's earnings growth has exceeded the US Banks industry average in the past year (27.2% vs 15.8%).
Earnings and Revenue History
SpareBank 1 SMN'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 SpareBank 1 SMN Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:SRMG.F Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 5,310.00 1,386.00 1,663.00
2018-06-30 5,294.00 1,399.00 1,670.00
2018-03-31 4,851.00 1,188.00 1,593.00
2017-12-31 4,649.00 1,128.00 1,530.00
2017-09-30 4,442.00 1,090.00 1,417.00
2017-06-30 4,244.00 1,031.00 1,352.00
2017-03-31 4,201.00 1,066.00 1,333.00
2016-12-31 4,036.00 1,027.00 1,257.00
2016-09-30 3,849.00 1,428.00 1,286.00
2016-06-30 3,621.00 1,331.00 1,232.00
2016-03-31 3,560.00 1,320.00 1,214.00
2015-12-31 3,707.00 1,410.00 1,189.00
2015-09-30 3,722.00 1,096.00 856.00
2015-06-30 3,918.00 1,374.00 949.00
2015-03-31 3,911.00 1,558.00 996.00
2014-12-31 3,934.00 1,772.00 1,083.00
2014-09-30 3,956.00 1,759.00 1,072.00
2014-06-30 3,923.00 1,748.00 1,039.00
2014-03-31 3,741.00 1,569.00 1,021.00
2013-12-31 3,510.00 1,390.00 981.00
2013-09-30 3,340.00 1,287.00 992.00
2013-06-30 3,209.00 1,162.00 1,015.00
2013-03-31 3,101.00 1,116.00 981.00
2012-12-31 3,026.00 1,068.00 973.00
2012-09-30 3,003.00 1,087.00 974.00
2012-06-30 2,866.00 1,021.00 923.00
2012-03-31 2,826.00 1,034.00 907.00
2011-12-31 2,761.00 1,016.00 860.00

*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.
  • SpareBank 1 SMN has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SpareBank 1 SMN used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if SpareBank 1 SMN improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess SpareBank 1 SMN'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 Banks 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.
SpareBank 1 SMN has a total score of 2/6, 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.

Health

 How is SpareBank 1 SMN's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of SpareBank 1 SMN'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.
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 SpareBank 1 SMN Company Filings, last reported 2 months ago.

OTCPK:SRMG.F Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 18,650.00 51,332.00 26,198.00
2018-06-30 17,982.00 48,837.00 25,493.00
2018-03-31 17,364.00 48,032.00 24,874.00
2017-12-31 17,510.00 47,988.00 9,422.00
2017-09-30 16,255.00 46,251.00 27,377.00
2017-06-30 15,780.00 47,064.00 33,835.00
2017-03-31 15,314.00 47,638.00 29,200.00
2016-12-31 16,253.00 42,856.00 6,549.00
2016-09-30 14,894.00 46,693.00 24,594.00
2016-06-30 14,461.00 48,027.00 35,335.00
2016-03-31 14,051.00 46,153.00 29,148.00
2015-12-31 13,903.00 44,222.00 12,171.00
2015-09-30 13,455.00 51,020.00 26,002.00
2015-06-30 13,192.00 50,317.00 27,348.00
2015-03-31 12,522.00 49,276.00 23,814.00
2014-12-31 12,525.00 42,698.00 13,226.00
2014-09-30 12,228.00 44,853.00 21,703.00
2014-06-30 11,780.00 45,659.00 24,137.00
2014-03-31 11,389.00 43,237.00 23,110.00
2013-12-31 11,242.00 46,347.00 8,819.00
2013-09-30 10,863.00 44,998.00 22,961.00
2013-06-30 10,439.00 45,408.00 25,659.00
2013-03-31 10,171.00 45,798.00 25,596.00
2012-12-31 10,082.00 43,659.00 4,870.00
2012-09-30 9,766.00 47,742.00 26,086.00
2012-06-30 9,365.00 44,887.00 24,973.00
2012-03-31 8,392.00 39,892.00 5,871.00
2011-12-31 8,348.00 43,247.00 5,751.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • SpareBank 1 SMN has an acceptable proportion of non-loan assets held.
  • SpareBank 1 SMN's liabilities are made up of primarily low risk sources of funding.
  • SpareBank 1 SMN has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • SpareBank 1 SMN's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • SpareBank 1 SMN has a sufficient allowance for bad loans.
  • SpareBank 1 SMN has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess SpareBank 1 SMN'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. SpareBank 1 SMN has a total score of 5/6, 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.

Dividends

 What is SpareBank 1 SMN'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
5.2%
Current annual income from SpareBank 1 SMN dividends. Estimated to be 7.07% next year.
If you bought $2,000 of SpareBank 1 SMN shares you are expected to receive $104 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?
  • SpareBank 1 SMN's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.55%).
  • SpareBank 1 SMN's dividend is above the markets top 25% of dividend payers in United States of America (3.96%).
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
OTCPK:SRMG.F 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 5 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 459 Stocks 3.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1985 Stocks 2.8%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 4%

Industry and Market average data is calculated daily.

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

OTCPK:SRMG.F Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 5.74 5.00
2019-12-31 6.30 5.00
2018-12-31 5.90 5.00
OTCPK:SRMG.F Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2018-02-07 4.400 5.128
2017-02-07 3.000 3.894
2016-03-10 2.250 4.164
2016-02-03 2.250 4.514
2015-03-27 2.250 3.932
2015-02-05 2.250 3.811
2014-03-27 1.750 3.167
2014-02-05 1.750 3.065
2013-03-22 1.500 3.005
2013-02-06 1.500 3.213
2012-03-07 2.000 5.771
2011-08-10 3.000 7.485
2011-02-28 3.000 5.939
2011-02-02 3.000 5.429
2010-04-16 2.500 5.122
2010-02-11 2.500 5.135
2009-03-27 1.667 3.996
2009-02-04 1.667 7.243
2008-12-30 4.854 20.324

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of SpareBank 1 SMN's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess SpareBank 1 SMN's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 SpareBank 1 SMN afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SpareBank 1 SMN has a total score of 4/6, see the detailed checks below.


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

Management

 What is the CEO of SpareBank 1 SMN'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
Finn Haugan
COMPENSATION NOK9,338,000
AGE 65
TENURE AS CEO 27.9 years
CEO Bio

Mr. Finn Haugan serves as the Managing Director and Group Chief Executive Officer at Sparebanken Midt-Norge. Mr. Haugan has been Group Chief Executive Officer of SpareBank 1 SMN since 1991 and serves as its Managing Director. He serves as Chief Executive Officer at SMN Regnskap AS. Mr. Haugan serves as the Chairman of EiendomsMegler 1 Midt-Norge AS and BN Bank ASA. He serves as Chairman of the Supervisory Board of Selskabet for Trondhjems bys Vel. He served as Chairman of SpareBank 1 Gruppen AS. He serves as the Deputy Chairman of Savings Banks Guarantee Fund. He serves as a Director at Leiv Eriksson AS, Fotograf Schrøders stiftelse, Adolf Øiense fond and Leiv Eiriksson Nyskapning AS. He serves as a Director of Bank 1 Oslo Akershus AS and Sparebanken Midt-Norge. He serves as a Director at SpareBank 1 Gruppen AS. Mr. Haugan has been a Director at BN Bank ASA since 2009. Mr. Haugan serves as a Member of Supervisory Board of Sparebanken Rogaland and Sparebanken Nord-Norge. He served as a Director of SpareBank 1 SMN. He served as a Member of Supervisory Board at SpareBank 1 SR-Bank. He served as a Director of Leiv Eiriksson Nyskaping AS. Mr. Haugan served as a Member of the Board of Governors of Sparebanken Vest. He served as Member of Council of Representative at Eksportfinans ASA since 2005.

CEO Compensation
  • Finn's compensation has been consistent with company performance over the past year.
  • Finn's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the SpareBank 1 SMN management team in years:

18.1
Average Tenure
48
Average Age
  • The average tenure for the SpareBank 1 SMN management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Finn Haugan

TITLE
Group Chief Executive Officer
COMPENSATION
NOK9M
AGE
65
TENURE
27.9 yrs

Kjell Fordal

TITLE
Executive Vice President
COMPENSATION
NOK4M
AGE
61
TENURE
27.9 yrs

Nelly Maske

TITLE
Executive Director of Retail Banking
COMPENSATION
NOK3M
AGE
43
TENURE
0.1 yrs

Vegard Helland

TITLE
Executive Director of Corporate Banking
COMPENSATION
NOK3M
AGE
43
TENURE
8.3 yrs

Rolf Brøske

TITLE
Executive Director of Communications & Society
COMPENSATION
NOK2M
AGE
38

Ola Neråsen

TITLE
Head of Risk Management and Compliance
COMPENSATION
NOK4M
AGE
53

Hans Tronstad

TITLE
Head of Corporate Communications

Petter de Lange

TITLE
Chief Economist

Jon Havdal

TITLE
Managing Director of Regnskapshuset SMN

Tom Jensen

TITLE
Chief Executive Officer of Sparebank 1 Bilplan
Board of Directors Tenure

Average tenure and age of the SpareBank 1 SMN board of directors in years:

5.9
Average Tenure
58.5
Average Age
  • The tenure for the SpareBank 1 SMN board of directors is about average.
Board of Directors

Kjell Bjordal

TITLE
Board Chair
COMPENSATION
NOK481K
AGE
65
TENURE
5.9 yrs

Bard Benum

TITLE
Deputy Board Chair
COMPENSATION
NOK306K
AGE
56
TENURE
5.8 yrs

Knut Solberg

TITLE
Chair of the Supervisory Board
AGE
66
TENURE
0.8 yrs

Paul Hjelm-Hansen

TITLE
Director
COMPENSATION
NOK300K
AGE
56
TENURE
10.9 yrs

Per Tyldum

TITLE
Supervisory Board Vice Chairman

Tore Foss

TITLE
Director
TENURE
0.8 yrs

Venche Jonsen

TITLE
Employee Representative Director
COMPENSATION
NOK911K
AGE
66
TENURE
14.9 yrs

Aud Skrudland

TITLE
Director
COMPENSATION
NOK227K
AGE
59
TENURE
8.9 yrs

Arnhild Holstad

TITLE
Director
COMPENSATION
NOK205K
AGE
55
TENURE
8.9 yrs

Morten Loktu

TITLE
Director
COMPENSATION
NOK223K
AGE
58
TENURE
5.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by SpareBank 1 SMN insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. Nov 18 Buy Mette Kamsvåg Individual 13. Nov 18 13. Nov 18 5,600 $10.47 $58,610
14. Aug 18 Buy Finn Haugan Individual 14. Aug 18 14. Aug 18 1,000 $10.24 $10,241
13. Aug 18 Buy Camilla Stang Individual 08. Aug 18 08. Aug 18 17 $10.51 $179
13. Aug 18 Buy Katharina Erlandsen Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Oddny Lysberg Individual 08. Aug 18 08. Aug 18 35 $10.51 $368
13. Aug 18 Buy Tove Sorensen Individual 08. Aug 18 08. Aug 18 35 $10.51 $368
13. Aug 18 Buy Cathrine Aunvik Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Endre Reite Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Erik Gunnes Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Rolf Brøske Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Svein Samdal Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Vegard Helland Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Ola Neråsen Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Hans Tronstad Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Kjersti Hønstad Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Tomm Bøyesen Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Berit Rustad Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Venche Jonsen Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Kjell Fordal Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
13. Aug 18 Buy Finn Haugan Individual 08. Aug 18 08. Aug 18 70 $10.51 $736
04. May 18 Buy Ola Neråsen Individual 04. May 18 04. May 18 3,726 $9.96 $37,103
X
Management checks
We assess SpareBank 1 SMN'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. SpareBank 1 SMN 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.

News

External News
Loading...
Simply Wall St News

Company Info

Map
Description

SpareBank 1 SMN, together with its subsidiaries, provides various financial and banking products and services. The company provides advisory services to retail customers, farm sector customers, clubs, associations, and one-person businesses; and a range of products in the fields of financing, savings and investment, insurance, and payment services. It also provides advisory services in investment and operations financing, domestic and foreign money transfers, fixed income and currency hedging, investment of surplus liquidity, and insurance of individuals and buildings/operating equipment; factoring and accountancy services; and mobile and Internet banking services. In addition, the company offers leasing services; and car, consumer, and home loans to retail borrowers and corporates. Further, it provides real estate and asset management services; and trades in fixed income and forex area, bonds, and equities. Additionally, the company offers brokerage services. It operates 48 locations that serves retail and corporate customers. SpareBank 1 SMN was founded in 1823 and is headquartered in Trondheim, Norway.

Details
Name: SpareBank 1 SMN
SRMG.F
Exchange: OTCPK
Founded: 1823
NOK1,253,614,734
129,832,203
Website: http://www.sparebank1.no/smn
Address: SpareBank 1 SMN
no. 4 Søndre gate,
Trondheim,
Sør-Trøndelag, 7011,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB MING Primary Capital Certificates Oslo Bors NO NOK 10. May 1994
OTCPK SRMG.F Primary Capital Certificates Pink Sheets LLC US USD 10. May 1994
LSE 0IVM Primary Capital Certificates London Stock Exchange GB NOK 10. May 1994
BATS-CHIXE MINGO Primary Capital Certificates BATS 'Chi-X Europe' GB NOK 10. May 1994
OB MING51 8.25%-FRN PERP NTS NOK1000 Oslo Bors NO NOK 02. May 2012
OB MING52 FRN PERP NOK500000 Oslo Bors NO NOK 27. Nov 2012
Number of employees
Current staff
Staff numbers
1,467
SpareBank 1 SMN employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/12/29 23:57
End of day share price update: 2018/10/01 00:00
Last estimates confirmation: 2018/12/05
Last earnings filing: 2018/10/25
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


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.