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Høland og Setskog Sparebank

OB:HSPG
Snowflake Description

Undervalued with reasonable growth potential and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HSPG
OB
NOK80M
Market Cap
  1. Home
  2. NO
  3. Banks
Company description

Høland og Setskog Sparebank, a savings bank, provides banking products and services to private and business clients. The last earnings update was 36 days ago. More info.


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HSPG Share Price and Events
7 Day Returns
0.9%
OB:HSPG
2.8%
NO Banks
1.6%
NO Market
1 Year Returns
27.2%
OB:HSPG
-5.9%
NO Banks
-8.3%
NO Market
HSPG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Høland og Setskog Sparebank (HSPG) 0.9% 4.5% 9.3% 27.2% 18.2% 20.6%
NO Banks 2.8% 5.6% 2.1% -5.9% 50.5% 39.2%
NO Market 1.6% 7.6% 2.7% -8.3% 31.1% 16.1%
1 Year Return vs Industry and Market
  • HSPG outperformed the Banks industry which returned -5.9% over the past year.
  • HSPG outperformed the Market in Norway which returned -8.3% over the past year.
Price Volatility
HSPG
Industry
5yr Volatility vs Market

Value

 Is Høland og Setskog Sparebank 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 Høland og Setskog Sparebank 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 Høland og Setskog Sparebank.

OB:HSPG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= NOK833.65 * 9%
NOK75.30
Book Value of Equity per Share Median Book Value from the past 5 years. NOK833.65
Discount Rate (Cost of Equity) See below 9.2%
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:HSPG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.604 (1 + (1- 23%) (1750.14%))
1.25
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.25
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (1.25 * 5.96%)
9.21%

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

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

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

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

Note the calculations below are per share.

See our documentation to learn about this calculation.

OB:HSPG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9% – 9.21%) * NOK833.65)
NOK-1.49
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK-1.49 / (9.21% - 1.76%)
NOK-20.05
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK833.65 + NOK-20.05
NOK813.6
OB:HSPG Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK813.60
Current discount Discount to share price of NOK117.00
= -1 x (NOK117.00 - NOK813.60) / NOK813.60
85.6%

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

Current Discount
Amount off the current price Høland og Setskog Sparebank is available for.
Intrinsic value
>50%
Share price is NOK117 vs Future cash flow value of NOK813.6
Current Discount Checks
For Høland og Setskog Sparebank to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Høland og Setskog Sparebank's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Høland og Setskog Sparebank'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 Høland og Setskog Sparebank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Høland og Setskog Sparebank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:HSPG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK11.33
OB:HSPG Share Price ** OB (2019-09-19) in NOK NOK117
Norway Banks Industry PE Ratio Median Figure of 35 Publicly-Listed Banks Companies 7.93x
Norway Market PE Ratio Median Figure of 149 Publicly-Listed Companies 13.35x

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

** Primary Listing of Høland og Setskog Sparebank.

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

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

= 117 ÷ 11.33

10.33x

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

  • Høland og Setskog Sparebank is overvalued based on earnings compared to the NO Banks industry average.
  • Høland og Setskog Sparebank is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Høland og Setskog Sparebank's expected growth come at a high price?
Raw Data
OB:HSPG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.33x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
40.4%per year
Norway Banks Industry PEG Ratio Median Figure of 29 Publicly-Listed Banks Companies 0.63x
Norway Market PEG Ratio Median Figure of 110 Publicly-Listed Companies 0.77x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.33x ÷ 40.4%

0.26x

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

  • Høland og Setskog Sparebank is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Høland og Setskog Sparebank's assets?
Raw Data
OB:HSPG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK918.59
OB:HSPG Share Price * OB (2019-09-19) in NOK NOK117
Norway Banks Industry PB Ratio Median Figure of 35 Publicly-Listed Banks Companies 0.49x
Norway Market PB Ratio Median Figure of 239 Publicly-Listed Companies 1.12x
OB:HSPG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 117 ÷ 918.59

0.13x

* Primary Listing of Høland og Setskog Sparebank.

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

  • Høland og Setskog Sparebank is good value based on assets compared to the NO Banks industry average.
X
Value checks
We assess Høland og Setskog Sparebank'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. Høland og Setskog Sparebank 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 Høland og Setskog Sparebank expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
40.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Høland og Setskog Sparebank expected to grow at an attractive rate?
  • Høland og Setskog Sparebank's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Høland og Setskog Sparebank's earnings growth is expected to exceed the Norway market average.
  • Høland og Setskog Sparebank's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:HSPG Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:HSPG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 40.4%
OB:HSPG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 9.7%
Norway Banks Industry Earnings Growth Rate Market Cap Weighted Average 0.2%
Norway Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Norway Market Earnings Growth Rate Market Cap Weighted Average 14.8%
Norway Market Revenue Growth Rate Market Cap Weighted Average 4.4%

*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
OB:HSPG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:HSPG Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 175 60 1
2020-12-31 165 52 1
2019-12-31 151 48 1
OB:HSPG Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 136 -365 8
2019-03-31 135 -314 7
2018-12-31 135 -325 8
2018-09-30 137 -133 17
2018-06-30 133 -196 48
2018-03-31 129 -207 45
2017-12-31 128 -35 43
2017-09-30 124 25 34
2017-06-30 128 -27 26
2017-03-31 131 133 17
2016-12-31 127 48 10
2016-09-30 130 -19 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Høland og Setskog Sparebank's earnings are expected to grow significantly at over 20% yearly.
  • Høland og Setskog Sparebank's revenue is expected to grow by 9.7% 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:HSPG 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 1 Analyst Estimates (S&P Global) See Below

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

OB:HSPG Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 13.68 13.68 13.68 1.00
2020-12-31 12.34 12.34 12.34 1.00
2019-12-31 11.06 11.06 11.06 1.00
OB:HSPG Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 11.33
2019-03-31 10.51
2018-12-31 11.40
2018-09-30 24.03
2018-06-30 69.34
2018-03-31 11.45
2017-12-31 10.73
2017-09-30 47.13
2017-06-30 41.69
2017-03-31 9.52
2016-12-31 13.38
2016-09-30 11.39

*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.
  • Høland og Setskog Sparebank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Høland og Setskog Sparebank'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.
Høland og Setskog Sparebank 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 Høland og Setskog Sparebank 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 Høland og Setskog Sparebank'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.
  • Høland og Setskog Sparebank's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Høland og Setskog Sparebank's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Høland og Setskog Sparebank's 1-year earnings growth is negative, it can't be compared to the NO Banks industry average.
Earnings and Revenue History
Høland og Setskog Sparebank'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 Høland og Setskog Sparebank Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:HSPG Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 135.58 7.79 39.58
2019-03-31 135.40 7.23 39.59
2018-12-31 135.42 7.85 39.58
2018-09-30 137.48 16.53 58.67
2018-06-30 133.36 47.70 34.54
2018-03-31 129.25 44.91 33.87
2017-12-31 127.54 43.13 33.10
2017-09-30 124.13 33.62 42.02
2017-06-30 128.41 25.66 45.84
2017-03-31 131.05 17.03 41.79
2016-12-31 127.20 9.53 46.35
2016-09-30 130.18 8.72 45.42
2016-06-30 119.42 8.07 46.58
2016-03-31 115.49 5.40 55.12
2015-12-31 115.27 5.51 56.39
2015-09-30 104.23 32.73 54.60
2015-06-30 109.30 34.17 52.55
2015-03-31 107.51 33.93 53.00
2014-12-31 109.52 34.55 52.56
2014-09-30 113.72 29.21 52.95
2014-06-30 112.90 29.10 52.94
2014-03-31 100.41 27.35 52.33
2013-12-31 97.75 27.12 52.17
2013-09-30 89.63 23.71 50.55
2013-06-30 82.02 22.56 50.52
2013-03-31 96.96 25.95 50.13
2012-12-31 93.17 25.43 49.70
2012-09-30 90.83 7.81 50.79

*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.
  • Høland og Setskog Sparebank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Høland og Setskog Sparebank used its assets less efficiently than the NO Banks industry average last year based on Return on Assets.
  • Unable to establish if Høland og Setskog Sparebank 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 Høland og Setskog Sparebank'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.
Høland og Setskog Sparebank has a total score of 0/6, 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 Høland og Setskog Sparebank'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 Høland og Setskog Sparebank'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 Høland og Setskog Sparebank Company Filings, last reported 2 months ago.

OB:HSPG Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 631.90 1,408.59 1,088.50
2019-03-31 622.62 1,257.80 854.19
2018-12-31 614.65 1,187.77 662.30
2018-09-30 600.68 1,202.38 917.06
2018-06-30 587.14 1,051.10 817.30
2018-03-31 570.08 950.85 745.02
2017-12-31 564.82 822.90 647.14
2017-09-30 547.22 732.59 698.39
2017-06-30 539.43 732.07 744.38
2017-03-31 601.54 782.93 806.31
2016-12-31 573.55 713.11 526.23
2016-09-30 433.90 934.66 548.66
2016-06-30 422.32 1,020.24 666.42
2016-03-31 403.69 1,052.81 574.96
2015-12-31 526.64 827.89 576.71
2015-09-30 389.78 862.15 553.18
2015-06-30 385.35 968.76 697.82
2015-03-31 374.71 992.71 791.55
2014-12-31 376.47 1,135.40 733.23
2014-09-30 364.39 1,064.21 707.95
2014-06-30 353.54 1,086.09 593.59
2014-03-31 344.02 1,125.55 507.35
2013-12-31 343.85 1,054.95 341.71
2013-09-30 333.91 914.58 346.21
2013-06-30 323.17 984.91 379.45
2013-03-31 323.24 994.91 485.85
2012-12-31 319.50 1,113.13 579.48
2012-09-30 318.20 1,097.07 674.60
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.
  • Høland og Setskog Sparebank has an acceptable proportion of non-loan assets held.
  • Høland og Setskog Sparebank's liabilities are made up of primarily low risk sources of funding.
  • Loans at Høland og Setskog Sparebank are broadly funded by customer deposits.
  • Høland og Setskog Sparebank's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Unable to establish if Høland og Setskog Sparebank has a sufficient allowance for bad loans without relevant financial data.
  • Unable to establish if Høland og Setskog Sparebank has an acceptable level of bad loans without bad loans data.
X
Financial health checks
We assess Høland og Setskog Sparebank'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. Høland og Setskog Sparebank has a total score of 4/6, 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 Høland og Setskog Sparebank'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
6.41%
Current annual income from Høland og Setskog Sparebank dividends. Estimated to be 5.13% next year.
If you bought NOK2,000 of Høland og Setskog Sparebank shares you are expected to receive NOK128 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?
  • Høland og Setskog Sparebank's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.54%).
  • Høland og Setskog Sparebank's dividend is above the markets top 25% of dividend payers in Norway (6.4%).
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:HSPG 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 1 Analyst Estimates (S&P Global) See Below
Norway Banks Industry Average Dividend Yield Market Cap Weighted Average of 29 Stocks 5.1%
Norway Market Average Dividend Yield Market Cap Weighted Average of 115 Stocks 4.4%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.5%
Norway Bottom 25% Dividend Yield 25th Percentile 2.5%
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:HSPG Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 6.00 1.00
2020-12-31 6.00 1.00
2019-12-31 6.00 1.00
OB:HSPG Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-03-08 7.500 6.903
2019-02-06 7.500 7.116
2018-05-07 5.000 5.222
2017-02-10 5.000 4.842
2017-02-09 5.000 4.673
2016-03-15 5.000 4.925
2016-02-12 5.000 3.846
2015-03-20 10.500 8.288
2015-02-13 10.500 7.512
2014-02-14 9.000 9.308
2014-02-13 9.000 9.997
2013-04-12 5.200 6.536
2013-02-19 5.200 5.969
2013-02-15 5.200 5.843
2012-03-16 4.750 4.989
2011-04-14 6.500 6.649
2011-02-15 6.500 6.576
2010-04-26 8.000 7.378
2009-05-27 4.000 3.725
2009-02-06 4.000 3.905

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 increased over the past 10 years.
Current Payout to shareholders
What portion of Høland og Setskog Sparebank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Høland og Setskog Sparebank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - 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 Høland og Setskog Sparebank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Høland og Setskog Sparebank 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 Høland og Setskog Sparebank'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
John Bjørknes
COMPENSATION NOK1,277,000
AGE 57
TENURE AS CEO 11 years
CEO Bio

Mr. John Sigurd Bjørknes serves as a Chief Executive Officer and served as Bank Manager of Høland og Setskog Sparebank since 2008 and served as its Managing Director since September 01, 2008. Mr. Bjørknes serves as Head of Norsk Wavin AS and Managing Director of Løvens Vækerø AS. He serves as a Member of The Board at Eidskog Stangeskovene AS, Bjørkelangen Torg AS, Bjørkelangen Stasjon AS and Terra Eiendomsmegling Akershus AS. He serves as a Member of Supervisory Board at Eika Boligkreditt AS.

CEO Compensation
  • Insufficient data for John to compare compensation growth.
  • John's remuneration is lower than average for companies of similar size in Norway.
Management Team

John Bjørknes

TITLE
Chief Executive Officer
COMPENSATION
NOK1M
AGE
57
TENURE
11 yrs

Liv Jacklin

TITLE
Administrative Manager
AGE
59

Kristin Nordby

TITLE
Head of Commercial Market
AGE
53

Ola Gunnes

TITLE
Head of IT and Finance

Jørn-Erik Sether

TITLE
Head of Casualty Insurance
AGE
54

Dag-Finn Førrisdahl

TITLE
Head of Security

Kjell Sæther

TITLE
Head of Savings & Life Insurance
AGE
62

Mariann Veiby

TITLE
Trustee
AGE
54

Anna Ingier

TITLE
Controller

Bjørg Lunder

TITLE
Project & Marketing Consultant
Board of Directors Tenure

Average tenure and age of the Høland og Setskog Sparebank board of directors in years:

10.7
Average Tenure
54
Average Age
  • The average tenure for the Høland og Setskog Sparebank board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Jarle Bergsjø

TITLE
Chairman
COMPENSATION
NOK83K
AGE
52
TENURE
10.7 yrs

Mariann Veiby

TITLE
Trustee
AGE
54
TENURE
9.7 yrs

Carsten Troberg

TITLE
Chairman of the Control Committee

Geir Frøshaug

TITLE
Trustee - Elected by ECs Holder
TENURE
19.6 yrs

Åsmund Krogstad

TITLE
Director
AGE
65
TENURE
10.7 yrs

John-Ivar Udnesseter

TITLE
Director
AGE
57
TENURE
9.7 yrs

Siri Hidle

TITLE
Director
AGE
54
TENURE
9.7 yrs

Mads Wiel

TITLE
Trustee - Elected by Depositors
TENURE
15.7 yrs

Aud Gangnæs

TITLE
Trustee - Elected by ECs Holder
TENURE
12.7 yrs

Øystein Heggedal

TITLE
Director
AGE
52
TENURE
9.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Høland og Setskog Sparebank individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
14. Aug 19 Buy Jarle Bergsjø Individual 14. Aug 19 14. Aug 19 2,187 NOK110.05 NOK240,690
X
Management checks
We assess Høland og Setskog Sparebank'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. Høland og Setskog Sparebank 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

Trade Alert: The Chairman Of Høland og Setskog Sparebank (OB:HSPG), Jarle Bergsjø, Has Just Spent kr241k Buying Shares

View our latest analysis for Høland og Setskogrebank The Last 12 Months Of Insider Transactions At Høland og Setskogrebank Notably, that recent purchase by Jarle Bergsjø is the biggest insider purchase of Høland og Setskogrebank shares that we've seen in the last year. … OB:HSPG Recent Insider Trading, August 16th 2019 Insider Ownership For a common shareholder, it is worth checking how many shares are held by company insiders. … When combined with notable insider ownership, these factors suggest Høland og Setskogrebank insiders are well aligned, and that they may think the share price is too low.

Simply Wall St -

Is Høland og Setskog Sparebank's (OB:HSPG) 6.9% Dividend Worth Your Time?

Høland og Setskogrebank's dividend payments have fluctuated, so it hasn't grown 6.5% every year, but the CAGR is a useful rule of thumb for approximating the historical growth. … Conclusion To summarise, shareholders should always check that Høland og Setskogrebank's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Second, earnings growth has been ordinary, and its history of dividend payments is chequered - having cut its dividend at least once in the past.

Simply Wall St -

Is It Too Late To Buy Høland og Setskog Sparebank (OB:HSPG) At Its June Price?

Høland og Setskogrebank is poised for extremely high earnings growth in the near future. … But, seeing as Høland og Setskogrebank is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio. … A PE ratio of 9.08x and expected year-on-year earnings growth of 40% give Høland og Setskogrebank an extremely low PEG ratio of 0.23x.

Simply Wall St -

Høland og Setskogrebank (OB:HSPG) Shareholders Booked A 27% Gain In The Last Five Years

For example, the Høland og Setskog Sparebank (OB:HSPG) share price is up 27% in the last 5 years, clearly besting than the market return of around 18% (ignoring dividends). … It is important to consider the total shareholder return, as well as the share price return, for any given stock. … We note that for Høland og Setskogrebank the TSR over the last 5 years was 69%, which is better than the share price return mentioned above.

Simply Wall St -

Why These Fundamentals Make Høland og Setskog Sparebank’s (OB:HSPG) More Attractive

As a small-cap finance stock with a market capitalisation of øre72m, the risk and profitability of Høland og Setskog Sparebank (OB:HSPG) are largely tied to the underlying economic growth of the region it operates in NO. … Basel III target banking regulations to improve the sector’s ability to absorb shocks resulting from economic stress which may expose financial institutions like Høland og Setskogrebank to vulnerabilities. … Low levels of leverage coupled with sufficient liquidity may place Høland og Setskogrebank in a safe position in the face of adverse headwinds.

Simply Wall St -

Should Høland og Setskog Sparebank (OB:HSPG) Be Part Of Your Portfolio?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Let's dig deeper into whether Høland og Setskogrebank should have a place in your portfolio. … See our latest analysis for Høland og Setskogrebank

Simply Wall St -

4 Days Left Until Høland og Setskog Sparebank (OB:HSPG) Trades Ex-Dividend

If you are interested in cashing in on Høland og Setskog Sparebank's (OB:HSPG) upcoming dividend of øre7.50 per share, you only have 4 days left to buy the shares before its ex-dividend date, 28 February 2019, in time for dividends payable on the 12 March 2019. … Below, I'm going to look at the latest data and analyze the stock and its dividend property in further detail. … Has it consistently paid a stable dividend without missing a payment or drastically cutting payout?

Simply Wall St -

What You Should Know About Høland og Setskog Sparebank’s (OB:HSPG) Liquidity

As a small-cap finance stock with a market capitalisation of øre68m, the risk and profitability of Høland og Setskog Sparebank (OB:HSPG) are largely tied to the underlying economic growth of the region it operates in NO. … Basel III target banking regulations to improve the sector’s ability to absorb shocks resulting from economic stress which may expose financial institutions like Høland og Setskogrebank to vulnerabilities. … Today we will be measuring Høland og Setskogrebank’s financial risk position by looking at three leverage and liquidity metrics.

Simply Wall St -

How Should Investors React To Høland og Setskog Sparebank's (OB:HSPG) CEO Pay?

How Does John Bjørknes's Compensation Compare With Similar Sized Companies. … We examined a group of similar sized companies, with market capitalizations of below øre1.7b. … A first glance this seems like a real positive for shareholders, since John Bjørknes is paid less than the average compensation paid by similar sized companies.

Simply Wall St -

Financial Metrics For Høland og Setskog Sparebank (OB:HSPG)

As a small-cap finance stock with a market capitalisation of øre65.69m, the risk and profitability of Høland og Setskog Sparebank (OB:HSPG) are largely tied to the underlying economic growth of the region it operates in NO. … These reforms target banking regulations and intends to enhance financial institutions’ ability to absorb shocks resulting from economic stress which could expose banks like Høland og Setskogrebank to vulnerabilities. … High liquidity and low leverage could position Høland og Setskogrebank favourably at the face of macro headwinds.

Simply Wall St -

Company Info

Description

Høland og Setskog Sparebank, a savings bank, provides banking products and services to private and business clients. The company offers various accounts, loans, mortgages, financing, fund savings and pension products, banking and cards, payment cards, mobile banking and payment services, payment terminal and OTP services, and guarantees, as well as insurance and leasing services. It operates through offices in Bjørkelangen, Setskog, and Løken in Aurskog-Holand municipality, Norway. The company was formerly known as Holand Sparebank and changed its name to Høland og Setskog Sparebank in 2010. Høland og Setskog Sparebank was founded in 1849 and is based in Bjørkelangen, Norway.

Details
Name: Høland og Setskog Sparebank
HSPG
Exchange: OB
Founded: 1849
NOK80,484,300
687,900
Website: http://www.hsbank.no
Address: Høland og Setskog Sparebank
Bjørkeveien 20,
Bjørkelangen,
Akershus, 1940,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB HSPG Primary Capital Certificates Oslo Bors NO NOK 25. Aug 1999
Number of employees
Current staff
Staff numbers
0
Høland og Setskog Sparebank employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/19 20:38
End of day share price update: 2019/09/19 00:00
Last estimates confirmation: 2019/09/04
Last earnings filing: 2019/08/14
Last earnings reported: 2019/06/30
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.