OTCPK:SRED.F

Stock Analysis Report

Executive Summary

Storebrand ASA, through its subsidiaries, primarily provides insurance products and services for private individuals, companies, municipalities, and public sector in Norway and Sweden.

Snowflake

Fundamentals

Good value with proven track record and pays a dividend.


Similar Companies

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

0%

SRED.F

-1.2%

US Insurance

0.07%

US Market


1 Year Return

-30.8%

SRED.F

15.3%

US Insurance

8.9%

US Market

Return vs Industry: SRED.F underperformed the US Insurance industry which returned 15.3% over the past year.

Return vs Market: SRED.F underperformed the US Market which returned 8.9% over the past year.


Shareholder returns

SRED.FIndustryMarket
7 Day0%-1.2%0.07%
30 Day10.5%-2.8%-0.3%
90 Dayn/a-3.7%-1.6%
1 Year-30.8%-30.8%18.2%15.3%11.3%8.9%
3 Year27.3%27.3%44.2%33.1%46.3%36.8%
5 Year23.4%23.4%66.2%46.3%62.1%44.3%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

10.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SRED.F ($6.21) is trading below our estimate of fair value ($6.93)

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


Price To Earnings Ratio

PE vs Industry: SRED.F is good value based on its PE Ratio (8.6x) compared to the Insurance industry average (15.8x).

PE vs Market: SRED.F is good value based on its PE Ratio (8.6x) compared to the US market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: SRED.F is poor value based on its PEG Ratio (2.8x)


Price to Book Ratio

PB vs Industry: SRED.F is good value based on its PB Ratio (0.9x) compared to the US Insurance industry average (1.2x).


Next Steps

Future Growth

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

3.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SRED.F's forecast earnings growth (3.1% per year) is above the savings rate (2.7%).

Earnings vs Market: SRED.F's earnings (3.1% per year) are forecast to grow slower than the US market (14.5% per year).

High Growth Earnings: SRED.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: SRED.F's revenue is expected to decline over the next 3 years (-36.6% per year).

High Growth Revenue: SRED.F's revenue is forecast to decline over the next 3 years (-36.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SRED.F's Return on Equity is forecast to be low in 3 years time (8%).


Next Steps

Past Performance

How has Storebrand performed over the past 5 years?

15.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: SRED.F's earnings have grown by 15.7% per year over the past 5 years.

Accelerating Growth: SRED.F's earnings growth over the past year (33.9%) exceeds its 5-year average (15.7% per year).

Earnings vs Industry: SRED.F earnings growth over the past year (33.9%) exceeded the Insurance industry 2%.


Return on Equity

High ROE: SRED.F's Return on Equity (10.3%) is considered low.


Return on Assets

ROA vs Industry: SRED.F's Return on Assets is below or equal to the Insurance industry average last year.


Return on Capital Employed

ROCE Improving: SRED.F has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

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


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: SRED.F has a low level of unsold assets or inventory.

Debt Coverage by Assets: SRED.F's debt is not covered by short term assets (assets are 0.7x debt).


Financial Institutions Analysis

Asset Level: SRED.F's level of assets compared to its equity is moderate.

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

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

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

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

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


Next Steps

Dividend

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

4.92%

Current Dividend Yield


Dividend Yield vs Market

company4.9%marketbottom25%1.4%markettop25%3.7%industryaverage2.4%forecastin3Years6.6%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: SRED.F's dividend (4.92%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: SRED.F's dividend (4.92%) is in the top 25% of dividend payers in the US market (3.68%)

Stable Dividend: SRED.F has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: SRED.F's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (42.3%), SRED.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SRED.F's dividends in 3 years are forecast to be covered by earnings (74.7% payout ratio).


Next Steps

Management

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

2.1yrs

Average management tenure


CEO

Odd Grefstad (54yo)

7.3yrs

Tenure

kr8,208,000

Compensation

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 Skage ...


CEO Compensation Analysis

Compensation vs. Market: Odd's total compensation ($USD898.22K) is about average for companies of similar size in the US market ($USD5.11M).

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


Management Age and Tenure

2.1yrs

Average Tenure

54yo

Average Age

Experienced Management: SRED.F's management team is considered experienced (2.1 years average tenure).


Board Age and Tenure

5.3yrs

Average Tenure

60yo

Average Age

Experienced Board: SRED.F's board of directors are considered experienced (5.3 years average tenure).


Insider Trading

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


Recent Insider Transactions

Buykr5,90819 Aug 19
Lars Løddesøl
EntityIndividual
Role
Chief Financial Officer
Group Chief Financial Officer
Shares1,000
Max Pricekr5.91
Buykr21,29405 Aug 19
Heidi Skaaret
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Norwegian Retail Market
Shares3,300
Max Pricekr6.45
Buykr14,44812 Jul 19
Odd Grefstad
EntityIndividual
Role
Chief Executive Officer
Group Chief Executive Officer
Shares2,000
Max Pricekr7.22
Buykr25,61212 Jul 19
Martin Skancke
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares3,586
Max Pricekr7.14
Buykr7,50712 Jul 19
Lars Løddesøl
EntityIndividual
Role
Chief Financial Officer
Group Chief Financial Officer
Shares1,050
Max Pricekr7.15
Buykr7,20331 May 19
Lars Løddesøl
EntityIndividual
Role
Chief Financial Officer
Group Chief Financial Officer
Shares1,000
Max Pricekr7.20
Buykr15,03127 May 19
Laila Dahlen
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,000
Max Pricekr7.52
Buykr38,35116 May 19
Didrik Munch
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares5,000
Max Pricekr7.67
Buykr22,69515 May 19
Karl Sandlund
EntityIndividual
Shares3,000
Max Pricekr7.57
Buykr2,77108 May 19
Arne Håstein
EntityIndividual
Role
Member of the Board of Directors
Director
Shares355
Max Pricekr7.81
Buykr15,67408 May 19
Martin Skancke
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,000
Max Pricekr7.84
Buykr93,83425 Feb 19
Didrik Munch
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares12,000
Max Pricekr7.82

Ownership Breakdown


Management Team

  • Lars Løddesøl (55yo)

    Group Chief Financial Officer

    • Tenure: 8.6yrs
    • Compensation: kr6.33m
  • Odd Grefstad (54yo)

    Group Chief Executive Officer

    • Tenure: 7.3yrs
    • Compensation: kr8.21m
  • Heidi Skaaret (58yo)

    Executive Vice President of Norwegian Retail Market

    • Tenure: 0.2yrs
    • Compensation: kr5.22m
  • Jan Saugestad (54yo)

    Executive Vice President of Asset Management

    • Tenure: 4.1yrs
    • Compensation: kr6.95m
  • Staffan Hansén (54yo)

    Executive Vice President of SPP Pension & Insurance AB

    • Tenure: 0yrs
    • Compensation: kr6.12m
  • Karin Greve-Isdahl (40yo)

    Executive Vice President of Communications & Investor Relations

    • Tenure: 0yrs
    • Compensation: kr2.94m
  • Geir Holmgren (47yo)

    Managing Director of Customer Service & Product

    • Tenure: 0yrs
    • Compensation: kr5.27m
  • Kjetil Krøkje

    Head of Investor Relations

    • Tenure: 0yrs
  • Tove Selnes (50yo)

    Executive Vice President of People

    • Tenure: 0.2yrs
  • Trygve Håkedal (40yo)

    Executive Vice President of Technology

    • Tenure: 0.2yrs

Board Members

  • Didrik Munch (63yo)

    Chairman of the Board

    • Tenure: 2.5yrs
    • Compensation: kr760.00k
  • Terje Venold (69yo)

    Chairman of the Board of Representatives

    • Tenure: 0yrs
  • Rune Pedersen

    Observer and Member of Board of Representatives

    • Tenure: 0yrs
  • Vibeke Madsen (64yo)

    Deputy Chairman of Board of Representatives

    • Tenure: 0yrs
  • Heidi Storruste (54yo)

    Director

    • Tenure: 6.8yrs
    • Compensation: kr433.00k
  • Karin Orgland (60yo)

    Director

    • Tenure: 4.4yrs
    • Compensation: kr482.00k
  • Laila Dahlen (51yo)

    Director

    • Tenure: 6.6yrs
    • Compensation: kr340.00k
  • Per Dyb (64yo)

    Chairman of Nominating Committee

    • Tenure: 0yrs
  • Martin Skancke (53yo)

    Independent Director

    • Tenure: 5.1yrs
    • Compensation: kr720.00k
  • Arne Håstein (46yo)

    Director

    • Tenure: 5.4yrs
    • Compensation: kr355.00k

Company Information

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


Key Information

  • Name: Storebrand ASA
  • Ticker: SRED.F
  • Exchange: OTCPK
  • Founded: 1767
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: kr28.460b
  • Listing Market Cap: kr3.115b
  • Shares outstanding: 466.87m
  • Website: https://www.storebrand.no

Number of Employees


Location

  • Storebrand ASA
  • Professor Kohts vei 9
  • Lysaker
  • Akershus
  • 1366
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SRED.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
STBOB (Oslo Bors)YesOrdinary SharesNONOKJan 1992
SKTDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0NO0LSE (London Stock Exchange)YesOrdinary SharesGBNOKJan 1992
STBOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKJan 1992
SRED.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008

Biography

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  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 23:51
End of Day Share Price2019/10/15 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.