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Sparebanken Møre

OB:MORG
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MORG
OB
NOK3B
Market Cap
  1. Home
  2. NO
  3. Banks
Company description

Sparebanken Møre, together with its subsidiaries, provides banking services for retail and corporate customers primarily in Møre og Romsdal, Norway. The last earnings update was 36 days ago. More info.


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MORG Share Price and Events
7 Day Returns
-0.3%
OB:MORG
2.8%
NO Banks
1.6%
NO Market
1 Year Returns
8%
OB:MORG
-5.9%
NO Banks
-8.3%
NO Market
MORG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sparebanken Møre (MORG) -0.3% -1.3% -2.5% 8% 52.9% 45.1%
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
  • MORG outperformed the Banks industry which returned -5.9% over the past year.
  • MORG outperformed the Market in Norway which returned -8.3% over the past year.
Price Volatility
MORG
Industry
5yr Volatility vs Market

MORG Value

 Is Sparebanken Møre 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 Sparebanken Møre 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 Sparebanken Møre.

OB:MORG 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
= NOK341.82 * 9.7%
NOK33.11
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. NOK341.82
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:MORG
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%) (967.18%))
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:MORG using Excess Returns Model Model

The calculations below outline how an intrinsic value for Sparebanken Møre 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:MORG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9.7% – 9.21%) * NOK341.82)
NOK1.62
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK1.62 / (9.21% - 1.76%)
NOK21.78
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK341.82 + NOK21.78
NOK363.6
OB:MORG Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK363.60
Current discount Discount to share price of NOK312.00
= -1 x (NOK312.00 - NOK363.60) / NOK363.60
14.2%

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

Current Discount
Amount off the current price Sparebanken Møre is available for.
Intrinsic value
14%
Share price is NOK312 vs Future cash flow value of NOK363.6
Current Discount Checks
For Sparebanken Møre to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sparebanken Møre's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Sparebanken Møre'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 Sparebanken Møre's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sparebanken Møre's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:MORG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK31.33
OB:MORG Share Price ** OB (2019-09-19) in NOK NOK312
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 Sparebanken Møre.

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

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

= 312 ÷ 31.33

9.96x

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

  • Sparebanken Møre is overvalued based on earnings compared to the NO Banks industry average.
  • Sparebanken Møre is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Sparebanken Møre's expected growth come at a high price?
Raw Data
OB:MORG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.96x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
11.1%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:MORG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.96x ÷ 11.1%

0.89x

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

  • Sparebanken Møre is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Sparebanken Møre's assets?
Raw Data
OB:MORG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK676.53
OB:MORG Share Price * OB (2019-09-19) in NOK NOK312
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:MORG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 312 ÷ 676.53

0.46x

* Primary Listing of Sparebanken Møre.

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

  • Sparebanken Møre is good value based on assets compared to the NO Banks industry average.
X
Value checks
We assess Sparebanken Møre'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. Sparebanken Møre 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.

MORG Future Performance

 How is Sparebanken Møre 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
11.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sparebanken Møre expected to grow at an attractive rate?
  • Sparebanken Møre's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Sparebanken Møre's earnings growth is positive but not above the Norway market average.
  • Sparebanken Møre's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:MORG Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:MORG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 11.1%
OB:MORG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 5%
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:MORG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 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.
OB:MORG Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,717 714 3
2020-12-31 1,657 688 3
2019-12-31 1,589 680 3
2019-09-19
OB:MORG Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 1,457 -1,152 308
2019-03-31 1,439 1,328 306
2018-12-31 1,411 -906 295
2018-09-30 1,407 -2,357 302
2018-06-30 1,393 -3,699 297
2018-03-31 1,344 -4,801 276
2017-12-31 1,329 -3,631 273
2017-09-30 1,276 -770 254
2017-06-30 1,286 323 258
2017-03-31 1,338 1,887 284
2016-12-31 1,341 3,163 285
2016-09-30 1,345 2,067 292

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sparebanken Møre's earnings are expected to grow by 11.1% yearly, however this is not considered high growth (20% yearly).
  • Sparebanken Møre's revenue is expected to grow by 5% 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:MORG 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 4 Analyst Estimates (S&P Global) See Below

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

OB:MORG Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 35.47 36.75 34.32 4.00
2020-12-31 34.19 35.09 32.38 4.00
2019-12-31 33.76 34.54 32.71 4.00
2019-09-19
OB:MORG Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 31.33
2019-03-31 30.92
2018-12-31 29.97
2018-09-30 30.45
2018-06-30 30.10
2018-03-31 28.20
2017-12-31 27.75
2017-09-30 26.08
2017-06-30 26.40
2017-03-31 28.86
2016-12-31 29.12
2016-09-30 29.87

*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.
  • Sparebanken Møre is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sparebanken Møre'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.
Sparebanken Møre has a total score of 2/6, 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.

MORG Past Performance

  How has Sparebanken Møre 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 Sparebanken Møre'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.
  • Sparebanken Møre's year on year earnings growth rate has been positive over the past 5 years.
  • Sparebanken Møre's 1-year earnings growth exceeds its 5-year average (3.7% vs 1%)
  • Sparebanken Møre's earnings growth has not exceeded the NO Banks industry average in the past year (3.7% vs 13.3%).
Earnings and Revenue History
Sparebanken Møre'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 Sparebanken Møre Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:MORG 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 1,457.00 308.00 522.00
2019-03-31 1,439.00 306.00 509.00
2018-12-31 1,411.00 295.00 504.00
2018-09-30 1,407.00 302.00 495.00
2018-06-30 1,393.00 297.00 492.00
2018-03-31 1,344.00 276.00 495.00
2017-12-31 1,329.00 273.00 494.00
2017-09-30 1,276.00 254.00 507.00
2017-06-30 1,286.00 258.00 529.00
2017-03-31 1,338.00 284.00 524.00
2016-12-31 1,341.00 285.00 520.00
2016-09-30 1,345.00 292.00 528.00
2016-06-30 1,311.00 276.00 505.00
2016-03-31 1,267.00 254.00 502.00
2015-12-31 1,253.00 249.00 501.00
2015-09-30 1,269.00 247.00 511.00
2015-06-30 1,388.00 306.00 503.00
2015-03-31 1,377.00 303.00 499.00
2014-12-31 1,386.00 309.00 497.00
2014-09-30 1,381.00 312.00 482.00
2014-06-30 1,260.00 253.00 486.00
2014-03-31 1,241.00 242.00 489.00
2013-12-31 1,190.00 214.00 499.00
2013-09-30 1,186.00 252.00 368.00
2013-06-30 1,178.00 245.00 367.00
2013-03-31 1,178.00 242.00 377.00
2012-12-31 1,179.00 244.00 372.00
2012-09-30 1,130.00 182.00 491.00

*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.
  • Sparebanken Møre has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sparebanken Møre used its assets less efficiently than the NO Banks industry average last year based on Return on Assets.
  • Unable to establish if Sparebanken Møre 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 Sparebanken Møre'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.
Sparebanken Møre has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

MORG Health

 How is Sparebanken Møre'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 Sparebanken Møre'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 Sparebanken Møre Company Filings, last reported 2 months ago.

OB:MORG Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 6,672.00 29,760.00 2,162.00
2019-03-31 6,240.00 28,906.00 1,390.00
2018-12-31 6,394.00 29,456.00 2,248.00
2018-09-30 6,239.00 28,144.00 1,406.00
2018-06-30 6,094.00 29,521.00 950.00
2018-03-31 5,926.00 28,248.00 1,079.00
2017-12-31 6,078.00 26,878.00 1,641.00
2017-09-30 5,905.00 26,506.00 2,151.00
2017-06-30 5,773.00 25,777.00 2,256.00
2017-03-31 5,288.00 24,355.00 1,686.00
2016-12-31 5,441.00 22,919.00 1,526.00
2016-09-30 5,312.00 23,462.00 1,585.00
2016-06-30 5,153.00 24,352.00 2,409.00
2016-03-31 5,003.00 24,663.00 1,775.00
2015-12-31 5,112.00 24,895.00 2,290.00
2015-09-30 4,944.00 24,754.00 1,761.00
2015-06-30 4,835.00 23,257.00 2,201.00
2015-03-31 4,709.00 24,217.00 1,135.00
2014-12-31 4,845.00 22,512.00 979.00
2014-09-30 4,813.00 21,279.00 1,179.00
2014-06-30 4,658.00 20,509.00 1,404.00
2014-03-31 4,521.00 20,483.00 1,067.00
2013-12-31 4,491.00 21,534.00 1,870.00
2013-09-30 4,388.00 20,298.00 1,339.00
2013-06-30 3,774.00 19,945.00 1,032.00
2013-03-31 3,658.00 19,509.00 6,057.00
2012-12-31 3,761.00 19,862.00 6,788.00
2012-09-30 3,575.00 19,030.00 6,481.00
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.
  • Sparebanken Møre has an acceptable proportion of non-loan assets held.
  • Sparebanken Møre's liabilities are made up of primarily low risk sources of funding.
  • Sparebanken Møre has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Sparebanken Møre's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Sparebanken Møre has a low allowance for bad loans.
  • Sparebanken Møre has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Sparebanken Møre'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. Sparebanken Møre 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.

MORG Dividends

 What is Sparebanken Møre'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
4.97%
Current annual income from Sparebanken Møre dividends. Estimated to be 5.29% next year.
If you bought NOK2,000 of Sparebanken Møre shares you are expected to receive NOK99 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?
  • Sparebanken Møre's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.54%).
  • Sparebanken Møre'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:MORG 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
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:MORG Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 17.25 4.00
2020-12-31 16.75 4.00
2019-12-31 15.50 4.00
2019-09-19
OB:MORG Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-02-21 15.500 4.989
2019-01-24 15.500 5.346
2018-02-22 14.000 5.036
2018-01-25 14.000 5.182
2017-03-08 14.000 5.526
2017-01-26 14.000 5.455
2016-03-17 11.500 5.643
2016-01-28 11.500 6.037
2015-03-26 13.500 6.388
2015-01-29 13.500 5.738
2014-03-27 8.000 3.880
2014-01-30 8.000 3.993
2013-03-25 12.000 6.198
2013-01-15 12.000 6.523
2012-02-29 8.000 5.087
2012-02-02 8.000 4.583
2011-03-09 12.000 6.521
2011-02-02 12.000 5.670
2010-06-11 12.000 6.307
2009-03-02 16.667 10.008
2009-01-05 16.667 11.413

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Sparebanken Møre's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Sparebanken Møre'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 Sparebanken Møre afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sparebanken Møre 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.

MORG Management

 What is the CEO of Sparebanken Møre'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
Trond Nydal
COMPENSATION NOK2,976,000
AGE 49
TENURE AS CEO 2.4 years
CEO Bio

Mr. Trond Lars Nydal serves as an Executive Vice President of Retail Banking Division at Sparebanken Møre and served as its Executive Vice President, Ålesund and Sula Region Retail Banking since 2008. Mr. Nydal served as Executive Vice President of Inner Region at Sparebanken Møre since 2003. Mr. Nydal served at Sparebanken Møre as Sales Consultant since 1997. He serves as a Director of Møre Boligkreditt AS. He is Business School Graduate from NHH in 1997.

CEO Compensation
  • Trond's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Trond's remuneration is lower than average for companies of similar size in Norway.
Management Team Tenure

Average tenure and age of the Sparebanken Møre management team in years:

2.2
Average Tenure
53
Average Age
  • The tenure for the Sparebanken Møre management team is about average.
Management Team

Trond Nydal

TITLE
Chief Executive Officer
COMPENSATION
NOK3M
AGE
49
TENURE
2.4 yrs

Idar Vattøy

TITLE
Executive Vice President of Finance & Facilities Management
COMPENSATION
NOK1M
AGE
60
TENURE
1.9 yrs

Tone Gjerdsbakk

TITLE
Public Information Manager and Executive VP of Communication & Group Support
COMPENSATION
NOK1M
AGE
37

Erik Røkke

TITLE
Executive Vice President of Risk Management & Compliance
COMPENSATION
NOK2M
AGE
50

Perdy Lunde

TITLE
Executive Vice President of Business Support
COMPENSATION
NOK1M
AGE
62
TENURE
17.7 yrs

Terje Krøvel

TITLE
Executive Vice President of Corporate Banking Division
COMPENSATION
NOK2M
AGE
60

Kjetil Hauge

TITLE
Executive Vice President of Organisational Development
COMPENSATION
NOK1M
AGE
47
TENURE
1.9 yrs

Arild Sulebakk

TITLE
Executive Vice President of Customer Experience
COMPENSATION
NOK1M
AGE
56

Elisabeth Blomvik

TITLE
Executive Vice President of Retail Banking Division
COMPENSATION
NOK2M
AGE
41
TENURE
2.2 yrs

Runar Sandanger

TITLE
Head of Treasury & Markets and Director
COMPENSATION
NOK2M
AGE
62
Board of Directors Tenure

Average tenure and age of the Sparebanken Møre board of directors in years:

5.7
Average Tenure
59.5
Average Age
  • The tenure for the Sparebanken Møre board of directors is about average.
Board of Directors

Leif-Arne Langøy

TITLE
Chairman of Board of Directors
COMPENSATION
NOK380K
AGE
63
TENURE
8.7 yrs

Roy Reite

TITLE
Deputy Chairman
COMPENSATION
NOK186K
AGE
54

Runar Sandanger

TITLE
Head of Treasury & Markets and Director
COMPENSATION
NOK2M
AGE
62

Roald Fiksdal

TITLE
Chairman of Thetresfjord Bridge & Thevagetunnel

Tormod Hvattum

TITLE
Chairman of Parent Bank

Finn Stene

TITLE
Deputy Chairman of Trustee
TENURE
0.4 yrs

Jan Aurdal

TITLE
Chairman of Trustee
TENURE
2.7 yrs

Helge Knudsen

TITLE
Director
COMPENSATION
NOK160K
AGE
65
TENURE
5.7 yrs

Ragna Bjerkeset

TITLE
Director
COMPENSATION
NOK166K
AGE
57
TENURE
8.7 yrs

Ann Magritt Vikebakk

TITLE
Director
COMPENSATION
NOK175K
AGE
42
TENURE
5.7 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)
14. May 19 Buy Roy Reite Individual 14. May 19 14. May 19 1,000 NOK311.49 NOK311,490
12. Dec 18 Sell Sigrun Rekkedal Ambakk Individual 05. Dec 18 05. Dec 18 -26 NOK280.34 NOK-7,289
06. Nov 18 Buy Karen Synnes Individual 06. Nov 18 06. Nov 18 68 NOK282.00 NOK19,176
06. Nov 18 Buy Sandra Helseth Individual 06. Nov 18 06. Nov 18 80 NOK282.00 NOK22,560
06. Nov 18 Buy Elisabeth Blomvik Individual 06. Nov 18 06. Nov 18 93 NOK282.00 NOK26,226
06. Nov 18 Buy Marie Hide Individual 06. Nov 18 06. Nov 18 67 NOK282.00 NOK18,894
06. Nov 18 Buy Sigrun Rekkedal Ambakk Individual 06. Nov 18 06. Nov 18 68 NOK282.00 NOK19,176
06. Nov 18 Buy Tone Gjerdsbakk Individual 06. Nov 18 06. Nov 18 86 NOK282.00 NOK24,252
06. Nov 18 Buy Marian Barstad Individual 06. Nov 18 06. Nov 18 77 NOK282.00 NOK21,714
06. Nov 18 Buy Anne-Britt Jensen Individual 06. Nov 18 06. Nov 18 70 NOK282.00 NOK19,740
06. Nov 18 Buy Erik Røkke Individual 06. Nov 18 06. Nov 18 90 NOK282.00 NOK25,380
06. Nov 18 Buy Anders Lausund Individual 06. Nov 18 06. Nov 18 67 NOK282.00 NOK18,894
06. Nov 18 Buy Idar Vattøy Individual 06. Nov 18 06. Nov 18 89 NOK282.00 NOK25,098
06. Nov 18 Buy Arild Sulebakk Individual 06. Nov 18 06. Nov 18 86 NOK282.00 NOK24,252
06. Nov 18 Buy Kjetil Hauge Individual 06. Nov 18 06. Nov 18 86 NOK282.00 NOK24,252
06. Nov 18 Buy Ove Ness Individual 06. Nov 18 06. Nov 18 82 NOK282.00 NOK23,124
06. Nov 18 Buy Helge Knudsen Individual 06. Nov 18 06. Nov 18 68 NOK282.00 NOK19,176
06. Nov 18 Buy Terje Krøvel Individual 06. Nov 18 06. Nov 18 95 NOK282.00 NOK26,790
06. Nov 18 Buy Perdy Lunde Individual 06. Nov 18 06. Nov 18 89 NOK282.00 NOK25,098
06. Nov 18 Buy Runar Sandanger Individual 06. Nov 18 06. Nov 18 95 NOK282.00 NOK26,790
X
Management checks
We assess Sparebanken Møre'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. Sparebanken Møre 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.

MORG News

Simply Wall St News

Can You Imagine How Sparebanken Møre's (OB:MORG) Shareholders Feel About The 66% Share Price Increase?

For example, the Sparebanken Møre (OB:MORG) share price is up 66% in the last three years, clearly besting than the market return of around 21% (not including dividends). … During three years of share price growth, Sparebanken Møre achieved compound earnings per share growth of 3.5% per year. … As it happens, Sparebanken Møre's TSR for the last 3 years was 98%, which exceeds the share price return mentioned earlier.

Simply Wall St -

How Many Sparebanken Møre (OB:MORG) Shares Do Institutions Own?

The big shareholder groups in Sparebanken Møre (OB:MORG) have power over the company. … See our latest analysis for Sparebanken Møre OB:MORG Ownership Summary, July 31st 2019 What Does The Institutional Ownership Tell Us About Sparebanken Møre? … Private Company Ownership Our data indicates that Private Companies hold 11%, of the company's shares.

Simply Wall St -

Is Sparebanken Møre's (OB:MORG) Future Growth Already Accounted For In Today's Price?

See our latest analysis for Sparebanken Møre What can we expect from Sparebanken Møre in the future? … But, to properly examine the value of a high-growth stock such as Sparebanken Møre, we must reflect its earnings growth into the valuation. … A PE ratio of 10.28x and expected year-on-year earnings growth of 13% give Sparebanken Møre a very low PEG ratio of 0.78x.

Simply Wall St -

With EPS Growth And More, Sparebanken Møre (OB:MORG) Is Interesting

One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing. … Sparebanken Møre maintained stable EBIT margins over the last year, all while growing revenue 7.1% to øre1.4b. … You can take a look at the company's revenue and earnings growth trend, in the chart below

Simply Wall St -

Investors Who Bought Sparebanken Møre (OB:MORG) Shares Three Years Ago Are Now Up 66%

Just take a look at Sparebanken Møre (OB:MORG), which is up 66%, over three years, soundly beating the market return of 32% (not including dividends). … During three years of share price growth, Sparebanken Møre achieved compound earnings per share growth of 5.5% per year. … It might be well worthwhile taking a look at our free report on Sparebanken Møre's earnings, revenue and cash flow.

Simply Wall St -

Could The Sparebanken Møre (OB:MORG) Ownership Structure Tell Us Something Useful?

If you want to know who really controls Sparebanken Møre (OB:MORG), then you'll have to look at the makeup of its share registry. … Sparebanken Møre is a smaller company with a market capitalization of øre3.0b, so it may still be flying under the radar of many institutional investors. … institutional investors have bought into the company.

Simply Wall St -

Sparebanken Møre (OB:MORG) Will Pay øre15.50 In Dividends

To qualify for the dividend check of øre15.50 per share, investors must have owned the shares prior to 21 March 2019, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:? … Has its dividend been stable over the past (i.e. no missed payments or significant payout cuts)?

Simply Wall St -

Is Sparebanken Møre (OB:MORG) Over-Exposed To Risk?

As a small-cap bank with a market capitalisation of øre2.9b, Sparebanken Møre’s (OB:MORG) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Sparebanken Møre’s bottom line. … See our latest analysis for Sparebanken Møre

Simply Wall St -

What Do Analysts Think About Sparebanken Møre's (OB:MORG) Future?

On 31 December 2018, Sparebanken Møre (OB:MORG) released its earnings update. … as earnings are expected to increase by more than twofold next year,

Simply Wall St -

How Does Sparebanken Møre (OB:MORG) Fare As A Dividend Stock?

Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … Historically, Sparebanken Møre (OB:MORG) has been paying a dividend to shareholders. … Let's dig deeper into whether Sparebanken Møre should have a place in your portfolio.

Simply Wall St -

MORG Company Info

Description

Sparebanken Møre, together with its subsidiaries, provides banking services for retail and corporate customers primarily in Møre og Romsdal, Norway. It operates through Corporate, Retail, and Real Estate Brokerage segments. The company offers services in the areas of deposits and other forms of investments, asset management, financing, financial advisory, payment transfers, currency and interest rate hedging, insurance, real estate brokerage, and real estate management, as well as provides foreign exchange services. As of December 31, 2017, it operated through a network of 28 branches located in 16 municipalities of Sunnmøre, 6 municipalities of Romsdal, and 2 municipalities of Nordmøre. The company was founded in 1843 and is headquartered in Ålesund, Norway.

Details
Name: Sparebanken Møre
MORG
Exchange: OB
Founded: 1843
NOK3,076,982,064
9,862,122
Website: http://www.sbm.no
Address: Sparebanken Møre
Keiser Wilhelmsgt. 29/33,
PO Box 121,
Ålesund,
Møre og Romsdal, 6001,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB MORG Primary Capital Certificates Oslo Bors NO NOK 02. Jan 1992
Number of employees
Current staff
Staff numbers
358
Sparebanken Møre employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/19 20:37
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.