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B2Holding

DB:B28
Snowflake Description

Undervalued with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
B28
DB
NOK1B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

B2Holding ASA provides debt solutions for banks and institutional vendors. The last earnings update was 32 days ago. More info.


Add to Portfolio Compare Print
  • B2Holding has significant price volatility in the past 3 months.
B28 Share Price and Events
7 Day Returns
-10.7%
DB:B28
6%
Europe Consumer Finance
7.3%
DE Market
1 Year Returns
-75.7%
DB:B28
-48.3%
Europe Consumer Finance
-17.7%
DE Market
B28 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
B2Holding (B28) -10.7% -47.2% -69.4% -75.7% - -
Europe Consumer Finance 6% -34.5% -40.3% -48.3% -64.4% -63.3%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • B28 underperformed the Consumer Finance industry which returned -48.3% over the past year.
  • B28 underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
B28
Industry
5yr Volatility vs Market
Related Companies

Value

 Is B2Holding 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 B2Holding 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 B2Holding.

DB:B28 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= NOK12.50 * 12.2%
NOK1.52
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. NOK12.50
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:B28
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Consumer Finance Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.586 (1 + (1- 23%) (797.86%))
3.132
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 5.44%)
10.49%

Discounted Cash Flow Calculation for DB:B28 using Excess Returns Model Model

The calculations below outline how an intrinsic value for B2Holding 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.

DB:B28 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.2% – 10.49%) * NOK12.50)
NOK0.21
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK0.21 / (10.49% - -0.39%)
NOK1.93
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK12.50 + NOK1.93
NOK14.43
DB:B28 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:B28 represents 0.08322x of OB:B2H
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.08322x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (NOK) x Listing Adjustment Factor
= NOK 14.43 x 0.08322
€1.20
Value per share (EUR) From above. €1.20
Current discount Discount to share price of €0.30
= -1 x (€0.30 - €1.20) / €1.20
75.1%

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

Current Discount
Amount off the current price B2Holding is available for.
Intrinsic value
>50%
Share price is €0.3 vs Future cash flow value of €1.2
Current Discount Checks
For B2Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • B2Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • B2Holding's share price is below the future cash flow value, and 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 B2Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are B2Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:B28 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in NOK NOK0.26
OB:B2H Share Price ** OB (2020-03-30) in NOK NOK3.59
Europe Consumer Finance Industry PE Ratio Median Figure of 27 Publicly-Listed Consumer Finance Companies 5.55x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

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

** Primary Listing of B2Holding.

DB:B28 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:B2H Share Price ÷ EPS (both in NOK)

= 3.59 ÷ 0.26

13.8x

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

  • B2Holding is overvalued based on earnings compared to the Europe Consumer Finance industry average.
  • B2Holding is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does B2Holding's expected growth come at a high price?
Raw Data
DB:B28 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
33.1%per year
Europe Consumer Finance Industry PEG Ratio Median Figure of 19 Publicly-Listed Consumer Finance Companies 0.41x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

DB:B28 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.8x ÷ 33.1%

0.42x

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

  • B2Holding is good value based on expected growth next year.
Price based on value of assets
What value do investors place on B2Holding's assets?
Raw Data
DB:B28 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in NOK NOK10.33
OB:B2H Share Price * OB (2020-03-30) in NOK NOK3.59
Europe Consumer Finance Industry PB Ratio Median Figure of 42 Publicly-Listed Consumer Finance Companies 0.71x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:B28 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:B2H Share Price ÷ Book Value per Share (both in NOK)

= 3.59 ÷ 10.33

0.35x

* Primary Listing of B2Holding.

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

  • B2Holding is good value based on assets compared to the Europe Consumer Finance industry average.
X
Value checks
We assess B2Holding'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 Consumer Finance 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 Consumer Finance industry average (and greater than 0)? (1 check)
  5. B2Holding has a total score of 5/6, 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 B2Holding expected to perform in the next 1 to 3 years based on estimates from 4 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
33.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is B2Holding expected to grow at an attractive rate?
  • B2Holding's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • B2Holding's earnings growth is expected to exceed the Germany market average.
  • B2Holding's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:B28 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:B28 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 33.1%
DB:B28 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 15.8%
Europe Consumer Finance Industry Earnings Growth Rate Market Cap Weighted Average 13%
Europe Consumer Finance Industry Revenue Growth Rate Market Cap Weighted Average 9.7%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*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
DB:B28 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:B28 Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 3,625 3,878 644 3
2021-12-31 3,641 3,938 641 4
2020-12-31 3,418 3,659 542 4
2020-03-31
DB:B28 Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-12-31 2,103 2,872 107
2019-09-30 2,068 2,698 173
2019-06-30 1,964 2,609 151
2019-03-31 2,405 2,545 603
2018-12-31 2,295 2,291 649
2018-09-30 2,227 2,191 649
2018-06-30 2,085 1,820 604
2018-03-31 1,861 1,451 529
2017-12-31 1,726 1,289 482
2017-09-30 1,573 1,157 401
2017-06-30 1,461 1,082 332
2017-03-31 1,336 1,031 287

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • B2Holding's earnings are expected to grow significantly at over 20% yearly.
  • B2Holding's revenue is expected to grow by 15.8% 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
DB:B28 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from B2Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:B28 Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.54 2.03 0.83 4.00
2021-12-31 1.54 2.10 0.83 4.00
2020-12-31 1.30 1.47 0.86 4.00
2020-03-31
DB:B28 Past Financials Data
Date (Data in NOK Millions) EPS *
2019-12-31 0.26
2019-09-30 0.42
2019-06-30 0.37
2019-03-31 1.48
2018-12-31 1.63
2018-09-30 1.66
2018-06-30 1.60
2018-03-31 1.44
2017-12-31 1.30
2017-09-30 1.10
2017-06-30 0.90
2017-03-31 0.80

*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.
  • B2Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess B2Holding'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.
B2Holding has a total score of 4/6, 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 B2Holding 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 B2Holding's growth in the last year to its industry (Consumer Finance).
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.
  • B2Holding's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • B2Holding's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • B2Holding's 1-year earnings growth is negative, it can't be compared to the Europe Consumer Finance industry average.
Earnings and Revenue History
B2Holding'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 B2Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:B28 Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 2,103.32 106.76 887.89
2019-09-30 2,068.16 173.25 910.77
2019-06-30 1,964.11 151.33 856.87
2019-03-31 2,404.90 602.65 819.77
2018-12-31 2,295.06 648.58 749.89
2018-09-30 2,226.58 648.88 684.00
2018-06-30 2,085.00 603.76 633.63
2018-03-31 1,861.46 529.48 580.60
2017-12-31 1,725.61 481.65 521.57
2017-09-30 1,573.09 401.11 460.98
2017-06-30 1,461.16 331.97 424.27
2017-03-31 1,336.42 287.44 397.64
2016-12-31 1,172.68 181.58 384.83
2016-09-30 1,113.52 103.53 385.64
2016-06-30 1,049.26 183.52 371.58
2016-03-31 975.94 204.22 338.43
2015-12-31 964.63 197.21 313.27
2014-12-31 466.84 46.77 147.11
2013-12-31 192.76 31.31 68.17

*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.
  • B2Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • B2Holding used its assets less efficiently than the Europe Consumer Finance industry average last year based on Return on Assets.
  • Unable to establish if B2Holding 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 B2Holding'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 Consumer Finance 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.
B2Holding 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.

Health

 How is B2Holding'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 B2Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • B2Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • B2Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of B2Holding'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 covered by short term assets, assets are 1.3x 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 B2Holding Company Filings, last reported 3 months ago.

DB:B28 Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 4,236.80 11,735.18 355.88
2019-09-30 4,121.56 12,002.78 316.13
2019-06-30 3,941.87 11,901.90 540.51
2019-03-31 4,363.62 10,588.14 405.84
2018-12-31 4,355.49 11,036.36 382.79
2018-09-30 4,011.29 9,881.10 673.31
2018-06-30 3,826.78 8,419.80 613.87
2018-03-31 3,874.73 7,423.72 569.08
2017-12-31 3,148.38 7,043.77 448.14
2017-09-30 2,819.44 5,023.05 332.56
2017-06-30 2,781.58 4,553.46 350.72
2017-03-31 2,620.42 3,405.55 222.81
2016-12-31 2,424.89 3,324.71 217.61
2016-09-30 2,362.10 2,434.67 221.90
2016-06-30 2,280.51 2,466.73 214.71
2016-03-31 1,666.64 2,490.33 273.05
2015-12-31 1,671.91 2,602.31 758.11
2014-12-31 1,372.15 1,275.92 284.30
2013-12-31 454.32 351.83 117.70
  • B2Holding's level of debt (274%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (93.3% vs 274% today).
  • Debt is well covered by operating cash flow (24.7%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on B2Holding's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess B2Holding'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. B2Holding has a total score of 3/6, 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 B2Holding'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
2.23%
Current annual income from B2Holding dividends. Estimated to be 13.45% next year.
If you bought €2,000 of B2Holding shares you are expected to receive €45 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?
  • B2Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • B2Holding's dividend is below the markets top 25% of dividend payers in Germany (4.97%).
Upcoming dividend payment

Purchase B2Holding before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
DB:B28 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 4 Analyst Estimates (S&P Global) See Below
Europe Consumer Finance Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 6.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

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

DB:B28 Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.57 4.00
2021-12-31 0.48 4.00
2020-12-31 0.39 4.00
2020-03-31
DB:B28 Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2020-02-28 0.080 1.888
2019-02-28 0.450 5.071
2018-02-28 0.300 1.858
2017-02-27 0.150 0.867

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

  • B2Holding has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • B2Holding has only been paying a dividend for 3 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of B2Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess B2Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - 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 B2Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. B2Holding 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.

Management

 What is the CEO of B2Holding'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
Erik Johnsen
COMPENSATION NOK3,593,000
AGE 59
TENURE AS CEO 0.6 years
CEO Bio

Mr. Erik Just Johnsen has been Chief Executive Officer of B2 Holding AS since February 5, 2020 and has been its Chief Financial Officer since January 16, 2017 and served as its Interim Chief Executive Officer since August 15, 2019 until February 5, 2020. He served as Chief Group Controller of B2 Holding AS since April 2013 until January 15, 2017. He served as a Director of finance at Marine Subsea AS. Mr. Johnsen held various positions in Orkla Finans and Elkem before operating Erling Johnsen AS from 1992 to 2000. He joined B2 Holding ASA in 2013. He served as the Head of Accounting and Assistant Financial of Elkem. He served as Chief Financial Officer of Northstar. He worked as a Private Investor for couple of years. He has experience from accounting, finance and management. He had been Vice-Chairman of The Supervisory Board at ULTIMO S. A. since October 26, 2016 and served as its Member of Supervisory Board. Mr. Johnsen holds a Bachelor of Business Administration with major in Finance from University of Wisconsin and has MBA with major in Finance from University of Chicago.

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

Average tenure and age of the B2Holding management team in years:

0.4
Average Tenure
55
Average Age
  • The average tenure for the B2Holding management team is less than 2 years, this suggests a new team.
Management Team

Jon Nordbrekken

TITLE
Founder & Chairman of the Board
COMPENSATION
NOK688K
AGE
67
TENURE
15.2 yrs

Erik Johnsen

TITLE
CEO & CFO
COMPENSATION
NOK4M
AGE
59
TENURE
0.6 yrs

Rasmus Hansson

TITLE
Head of M&A and Investor Relations
COMPENSATION
NOK3M
AGE
47

Maria Haddad

TITLE
Head of Corporate Development
COMPENSATION
NOK2M
AGE
52
TENURE
0.2 yrs

Olav Zahl

TITLE
Consultant
COMPENSATION
NOK5M
AGE
58
TENURE
0.6 yrs

Jeremi Bobowski

TITLE
Chief Risk Officer
COMPENSATION
NOK3M
TENURE
0.4 yrs

Adam Parfiniewicz

TITLE
Head of Unsecured Asset Management
COMPENSATION
NOK3M
TENURE
0.4 yrs

Tore Krogstad

TITLE
Head of Personnel
COMPENSATION
NOK3M
AGE
51
TENURE
0.2 yrs

George Christoforou

TITLE
Head of Secured Asset Management
COMPENSATION
NOK3M
TENURE
0.4 yrs

Johannes Raschke

TITLE
Chief Investment Officer
TENURE
0.4 yrs
Board of Directors Tenure

Average tenure and age of the B2Holding board of directors in years:

1.8
Average Tenure
45
Average Age
  • The average tenure for the B2Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

Per Spone

TITLE
Independent Director
COMPENSATION
NOK288K
AGE
46
TENURE
8.2 yrs

Jon Nordbrekken

TITLE
Founder & Chairman of the Board
COMPENSATION
NOK688K
AGE
67
TENURE
11.2 yrs

Kari Moe

TITLE
Independent Director
COMPENSATION
NOK263K
AGE
44
TENURE
3.8 yrs

Niklas Wiberg

TITLE
Director
COMPENSATION
NOK115K
AGE
41
TENURE
1.8 yrs

Adele Bugge Pran

TITLE
Independent Director
COMPENSATION
NOK175K
AGE
49
TENURE
1.8 yrs

Kjetil Garstad

TITLE
Deputy Director
COMPENSATION
NOK175K
AGE
43
TENURE
1.8 yrs

Grethe Meier

TITLE
Deputy Board Member
COMPENSATION
NOK175K
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by B2Holding individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
13. Mar 20 Buy Tore Krogstad Individual 13. Mar 20 13. Mar 20 32,000 €0.30 €9,700
02. Mar 20 Sell Valset Invest AS Company 28. Feb 20 28. Feb 20 -1,000,000 €0.59 €-592,125
02. Mar 20 Buy Valset Invest AS Company 28. Feb 20 28. Feb 20 1,000,000 €0.59 €592,125
20. Dec 19 Buy Haralditt AS Company 20. Dec 19 20. Dec 19 920,057 €0.94 €861,198
20. Dec 19 Sell J. Henriksen Individual 20. Dec 19 20. Dec 19 -920,057 €0.94 €-861,198
04. Sep 19 Buy Stenshagen Invest AS Company 04. Sep 19 04. Sep 19 1,000,000 €0.67 €667,355
02. Sep 19 Buy RMH Invest AS Company 02. Sep 19 02. Sep 19 50,000 €0.69 €34,332
02. Sep 19 Buy Maria Haddad Individual 02. Sep 19 02. Sep 19 35,000 €0.69 €24,292
30. Aug 19 Buy Tore Krogstad Individual 30. Aug 19 30. Aug 19 25,000 €0.75 €18,690
30. Aug 19 Sell Valset Invest AS Company 30. Aug 19 30. Aug 19 -1,000,000 €0.69 €-693,899
30. Aug 19 Buy Valset Invest AS Company 30. Aug 19 30. Aug 19 1,000,000 €0.69 €693,899
X
Management checks
We assess B2Holding'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. B2Holding 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

Simply Wall St News

Company Info

Description

B2Holding ASA provides debt solutions for banks and institutional vendors. It focuses on purchasing and collecting non-performing and performing consumer primarily from the banking and financial sector, as well as from telecom operators, and retail and utility companies. The company also provides other services related to recovery of consumer debts, such as third party debt collection, debt purchase, consumer lending, and credit information services, as well as telemarketing and fraud prevention services. It principally operates in Norway, Sweden, Denmark, Finland, Estonia, Latvia, Lithuania, Poland, Croatia, Slovenia, Serbia, Montenegro, Bosnia-Herzegovina, Austria, the Czech Republic, Hungary, Italy, Spain, Bulgaria, Romania, and Greece. B2 Holding AS was founded in 2011 and is headquartered in Oslo, Norway.

Details
Name: B2Holding ASA
B28
Exchange: DB
Founded: 2011
NOK126,349,362
409,932,598
Website: http://www.b2holding.no
Address: B2Holding ASA
Stortingsgaten 22,
7th Floor,
Oslo,
Oslo, 0161,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB B2H Ordinary Shares Oslo Bors NO NOK 04. Dec 2014
OTCPK BTOH.F Ordinary Shares Pink Sheets LLC US USD 04. Dec 2014
DB B28 Ordinary Shares Deutsche Boerse AG DE EUR 04. Dec 2014
LSE 0RIT Ordinary Shares London Stock Exchange GB NOK 04. Dec 2014
BATS-CHIXE B2HO Ordinary Shares BATS 'Chi-X Europe' GB NOK 04. Dec 2014
Number of employees
Current staff
Staff numbers
2,517
B2Holding employees.
Industry
Consumer Finance
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 01:17
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/24
Last earnings filing: 2020/02/28
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.