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SpareBank 1 SMN

OB:MING
Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MING
OB
NOK13B
Market Cap
  1. Home
  2. NO
  3. Banks
Company description

SpareBank 1 SMN, together with its subsidiaries, provides various financial and banking products and services. The last earnings update was 43 days ago. More info.


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MING Share Price and Events
7 Day Returns
0.1%
OB:MING
2.8%
NO Banks
1.6%
NO Market
1 Year Returns
6.9%
OB:MING
-5.9%
NO Banks
-8.3%
NO Market
MING Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SpareBank 1 SMN (MING) 0.1% 1.3% 2.3% 6.9% 74.8% 64.4%
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
  • MING outperformed the Banks industry which returned -5.9% over the past year.
  • MING outperformed the Market in Norway which returned -8.3% over the past year.
Price Volatility
MING
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.

OB:MING 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
= NOK99.56 * 12.1%
NOK12.09
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. NOK99.56
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:MING
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%) (376.45%))
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:MING 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.

OB:MING Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.1% – 9.21%) * NOK99.56)
NOK2.92
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK2.92 / (9.21% - 1.76%)
NOK39.13
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK99.56 + NOK39.13
NOK138.69
OB:MING Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK138.69
Current discount Discount to share price of NOK97.00
= -1 x (NOK97.00 - NOK138.69) / NOK138.69
30.1%

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
30%
Share price is NOK97 vs Future cash flow value of NOK138.69
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, and 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
OB:MING PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK12.51
OB:MING Share Price ** OB (2019-09-19) in NOK NOK97
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 SpareBank 1 SMN.

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

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

= 97 ÷ 12.51

7.76x

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 NO Banks industry average.
  • SpareBank 1 SMN is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does SpareBank 1 SMN's expected growth come at a high price?
Raw Data
OB:MING PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.76x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-2.7%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:MING PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.76x ÷ -2.7%

-2.83x

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

  • SpareBank 1 SMN earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on SpareBank 1 SMN's assets?
Raw Data
OB:MING PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK137.76
OB:MING Share Price * OB (2019-09-19) in NOK NOK97
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:MING PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 97 ÷ 137.76

0.7x

* 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 overvalued based on assets compared to the NO 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
-2.7%
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 are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.8%.
Growth vs Market Checks
  • SpareBank 1 SMN's earnings are expected to decrease over the next 1-3 years, this is below the Norway market average.
  • SpareBank 1 SMN's revenue growth is positive but not above the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:MING Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:MING Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -2.7%
OB:MING Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 0.3%
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:MING 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.
OB:MING Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 6,224 2,365 3
2020-12-31 5,961 2,225 3
2019-12-31 6,329 2,745 3
2019-09-19
OB:MING Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 5,828 -525 1,620
2019-03-31 5,839 -8,782 1,655
2018-12-31 5,223 -7,918 1,291
2018-09-30 5,317 -9,331 1,386
2018-06-30 5,301 -7,557 1,399
2018-03-31 4,855 -4,483 1,181
2017-12-31 4,653 -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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SpareBank 1 SMN's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • SpareBank 1 SMN's revenue is expected to grow by 0.3% 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
OB:MING 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.

OB:MING Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 11.26 11.58 10.87 5.00
2020-12-31 10.57 11.00 10.21 5.00
2019-12-31 13.19 13.59 12.69 5.00
2019-09-19
OB:MING Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 12.51
2019-03-31 12.78
2018-12-31 9.98
2018-09-30 10.66
2018-06-30 10.81
2018-03-31 9.16
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

*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 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.
SpareBank 1 SMN has a total score of 0/6, 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 (15.8% vs -3.6%)
  • SpareBank 1 SMN's earnings growth has exceeded the NO Banks industry average in the past year (15.8% vs 13.3%).
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.

OB:MING 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 5,828.00 1,620.00 1,759.00
2019-03-31 5,839.00 1,655.00 1,734.00
2018-12-31 5,223.00 1,291.00 1,690.00
2018-09-30 5,317.00 1,386.00 1,637.00
2018-06-30 5,301.00 1,399.00 1,644.00
2018-03-31 4,855.00 1,181.00 1,593.00
2017-12-31 4,653.00 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

*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 more efficiently than the NO 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 3/6, 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.

OB:MING Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 19,450.00 46,800.00 27,117.00
2019-03-31 18,673.00 49,815.00 26,649.00
2018-12-31 18,686.00 50,425.00 6,760.00
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 47,987.00 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
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
5.26%
Current annual income from SpareBank 1 SMN dividends. Estimated to be 6.52% next year.
If you bought NOK2,000 of SpareBank 1 SMN shares you are expected to receive NOK105 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 Norway (2.54%).
  • SpareBank 1 SMN's dividend is below 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:MING 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
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:MING Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 6.13 5.00
2020-12-31 5.93 5.00
2019-12-31 6.92 5.00
2019-09-19
OB:MING Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-03-07 5.100 5.376
2018-02-07 4.400 5.098
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

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 SpareBank 1 SMN's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x 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 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 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
Jan-Frode Janson
AGE 50
TENURE AS CEO 0.3 years
CEO Bio

Mr. Jan-Frode Janson is a Director of SpareBank 1 Gruppen AS. He served as President at SpareBank 1 Nord-Norge until March 15, 2019. He was the Chief Executive Officer of SpareBank 1 Nord-Norge from January 1, 2013 until March 15, 2019. Mr. Janson has been a Member of Fokus Bank's group management since 2001. Mr. Janson served as Deputy Chief Executive Officer at Fokus Bank. He has widespread banking experience and a thorough knowledge of the challenges of the finance sector. He served as General Manager at ABB Installasjon Midt-Norge. He served as Marketing and Production Manager of Nidar AS. He served as Senior Consultant/Research Scientist at the Norwegian University of Science and Technology/Sintef. He was the Chairman of The Board at SpareBank 1 Gruppen AS. since April 8, 2016 until April 26, 2016. He was a Director of SpareBank 1 Gruppen AS since January 23, 2013. He is a graduate in Business Management from the Bodo Graduate School of Business and has a Doctorate in Industrial Economics and Technology Management from the Norwegian University of Science and Technology.

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

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

0.7
Average Tenure
53
Average Age
  • The average tenure for the SpareBank 1 SMN management team is less than 2 years, this suggests a new team.
Management Team

Kjell Fordal

TITLE
Chief Financial Officer
COMPENSATION
NOK4M
AGE
62
TENURE
28.7 yrs

Ola Neråsen

TITLE
Head of Risk Management and Compliance
COMPENSATION
NOK2M
AGE
54

Jan-Frode Janson

TITLE
Group Chief Executive Officer
AGE
50
TENURE
0.3 yrs

Kjersti Hønstad

TITLE
Executive Vice President of Legal
AGE
52
TENURE
0.7 yrs

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

Arne Nypan

TITLE
Chief Executive Officer of Sparebank 1 Finans Midt-Norge

Stein Husby

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

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

6.5
Average Tenure
59
Average Age
  • The tenure for the SpareBank 1 SMN board of directors is about average.
Board of Directors

Kjell Bjordal

TITLE
Chairman
COMPENSATION
NOK496K
AGE
66
TENURE
6.7 yrs

Bard Benum

TITLE
Deputy Board Chair
COMPENSATION
NOK306K
AGE
57
TENURE
6.5 yrs

Knut Solberg

TITLE
Chair of the Supervisory Board
AGE
67
TENURE
1.5 yrs

Paul Hjelm-Hansen

TITLE
Director
COMPENSATION
NOK300K
AGE
57
TENURE
11.7 yrs

Per Tyldum

TITLE
Supervisory Board Vice Chairman

Venche Jonsen

TITLE
Employee Representative Director
COMPENSATION
NOK1M
AGE
67
TENURE
15.7 yrs

Morten Loktu

TITLE
Director
COMPENSATION
NOK233K
AGE
59
TENURE
6.7 yrs

Janne Thomsen

TITLE
Director
COMPENSATION
NOK291K
AGE
62
TENURE
5.4 yrs

Erik Gunnes

TITLE
Employee representative Director
COMPENSATION
NOK1M
AGE
53
TENURE
3.7 yrs

Jøran Nyheim

TITLE
Supervisory Board Member
AGE
53
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
12. Apr 19 Buy Knut Solberg Individual 30. Jan 19 30. Jan 19 1,200 NOK86.13 NOK103,356
14. Nov 18 Buy Mette Kamsvåg Individual 13. Nov 18 13. Nov 18 5,600 NOK88.74 NOK496,964
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

Simply Wall St News

Did You Miss SpareBank 1 SMN's (OB:MING) 90% Share Price Gain?

SpareBank 1 SMN was able to grow its EPS at 6.9% per year over three years, sending the share price higher. … So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. … As it happens, SpareBank 1 SMN's TSR for the last 3 years was 121%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Read This Before Buying SpareBank 1 SMN (OB:MING) For Its Dividend

Dividend paying stocks like SpareBank 1 SMN (OB:MING) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. … Dividend Growth Potential With a relatively unstable dividend, it's even more important to evaluate if earnings per share (EPS) are growing - it's not worth taking the risk on a dividend getting cut, unless you might be rewarded with larger dividends in future. Earnings have grown at around 3.6% a year for the past five years, which is better than seeing them shrink! A payout ratio below 50% leaves ample room to reinvest in the business, and provides finanical flexibility. Earnings per share growth have grown slowly, which is not great, but if the retained earnings can be reinvested effectively, future growth may be stronger. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Unfortunately, the company has not been able to generate earnings per share growth, and cut its dividend at least once in the past.

Simply Wall St -

How Much Are SpareBank 1 SMN (OB:MING) Insiders Spending On Buying Shares?

So we'll take a look at whether insiders have been buying or selling shares in SpareBank 1 SMN (OB:MING). … In the last twelve months SpareBank 1 SMN insiders were buying shares, but not selling. … OB:MING Recent Insider Trading, July 12th 2019 Insider Ownership of SpareBank 1 SMN For a common shareholder, it is worth checking how many shares are held by company insiders.

Simply Wall St -

Can We See Significant Institutional Ownership On The SpareBank 1 SMN (OB:MING) Share Register?

View our latest analysis for SpareBank 1 SMN OB:MING Ownership Summary, June 23rd 2019 What Does The Institutional Ownership Tell Us About SpareBank 1 SMN? … Insider Ownership Of SpareBank 1 SMN The definition of company insiders can be subjective, and does vary between jurisdictions. … It is always good to see at least some insider ownership, but it might be worth checking if those insiders have been selling.

Simply Wall St -

Do Institutions Own SpareBank 1 SMN (OB:MING) Shares?

Our analysis of the ownership of the company, below, shows that institutional investors have bought into the company. … See our latest analysis for SpareBank 1 SMN OB:MING Ownership Summary, June 23rd 2019 What Does The Institutional Ownership Tell Us About SpareBank 1 SMN? … Insider Ownership Of SpareBank 1 SMN While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

SpareBank 1 SMN (OB:MING): What Are The Future Prospects?

Since SpareBank 1 SMN (OB:MING) released its earnings in December 2018, the consensus outlook from analysts appear highly confident, with profits predicted to ramp up by an impressive 96% next year, relative to the past 5-year average growth rate of -6.8%. … I've plotted out each year's earnings expectations and inserted a line of best fit to calculate an annual growth rate from the slope in order to understand the overall trajectory of MING's earnings growth over these next few years. … OB:MING Past and Future Earnings, May 14th 2019 From the current net income level of øre1.3b and the final forecast of øre2.3b by 2022, the annual rate of growth for MING’s earnings is 14%.

Simply Wall St -

Are You Considering All The Risks For SpareBank 1 SMN’s (OB:MING)?

SpareBank 1 SMN (OB:MING) is a small-cap bank with a market capitalisation of øre12b. … Its profit and value are directly impacted by its borrowers’ ability to pay which is driven by the level of economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting SpareBank 1 SMN’s bottom line.

Simply Wall St -

How Do Analysts See SpareBank 1 SMN (OB:MING) Performing In The Next Couple Of Years?

The latest earnings announcement SpareBank 1 SMN (OB:MING) released in December 2018a … confirmed … company

Simply Wall St -

How Many Insiders Bought SpareBank 1 SMN (OB:MING) Shares?

So we'll take a look at whether insiders have been buying or selling shares in SpareBank 1 SMN (OB:MING). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … SpareBank 1 SMN Insider Transactions Over The Last Year.

Simply Wall St -

SpareBank 1 SMN (OB:MING): 2 Days To Buy Before The Ex-Dividend Date

Have you been keeping an eye on SpareBank 1 SMN's (OB:MING) upcoming dividend of øre5.10 per share payable on the 05 April 2019? … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:? … Will the company be able to keep paying dividend based on the future earnings growth

Simply Wall St -

Company Info

Description

SpareBank 1 SMN, together with its subsidiaries, provides various financial and banking products and services. The company provides advisory services to personal and agricultural 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 stock trading; and debit and credit cards 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
MING
Exchange: OB
Founded: 1823
NOK12,594,074,831
129,835,823
Website: http://www.sparebank1.no/nb/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 MING52 FRN PERP NOK500000 Oslo Bors NO NOK 27. Nov 2012
OB MING51 8.25%-FRN PERP NOK500000 Oslo Bors NO NOK 02. May 2012
Number of employees
Current staff
Staff numbers
1,556
SpareBank 1 SMN employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/19 20:49
End of day share price update: 2019/09/19 00:00
Last estimates confirmation: 2019/09/04
Last earnings filing: 2019/08/07
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.