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Sbanken

OB:SBANK
Snowflake Description

Adequate balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SBANK
OB
NOK7B
Market Cap
  1. Home
  2. NO
  3. Banks
Company description

Sbanken ASA, a digital bank that provides various banking products to retail customers through its banking platform in Norway. The last earnings update was 69 days ago. More info.


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SBANK Share Price and Events
7 Day Returns
2.9%
OB:SBANK
2%
NO Banks
2.1%
NO Market
1 Year Returns
-18.8%
OB:SBANK
-7.9%
NO Banks
-9.3%
NO Market
SBANK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sbanken (SBANK) 2.9% 3.7% -6.8% -18.8% 7.6% -
NO Banks 2% 6.3% 0.3% -7.9% 49.3% 37.7%
NO Market 2.1% 8.2% 2.6% -9.3% 30.2% 15.3%
1 Year Return vs Industry and Market
  • SBANK underperformed the Banks industry which returned -7.9% over the past year.
  • SBANK underperformed the Market in Norway which returned -9.3% over the past year.
Price Volatility
SBANK
Industry
5yr Volatility vs Market

SBANK Value

 Is Sbanken 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 Sbanken 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 Sbanken.

OB:SBANK 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
= NOK64.12 * 11.9%
NOK7.65
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. NOK64.12
Discount Rate (Cost of Equity) See below 13.7%
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:SBANK
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))
= 0.602 (1 + (1- 23%) (468.89%))
2.191
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (2 * 5.96%)
13.68%

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

The calculations below outline how an intrinsic value for Sbanken 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:SBANK Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.9% – 13.68%) * NOK64.12)
NOK-1.12
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK-1.12 / (13.68% - 1.76%)
NOK-9.43
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK64.12 + NOK-9.43
NOK54.69
OB:SBANK Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK54.69
Current discount Discount to share price of NOK67.50
= -1 x (NOK67.50 - NOK54.69) / NOK54.69
-23.4%

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

  • The current share price of Sbanken is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Sbanken's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sbanken's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:SBANK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK6.07
OB:SBANK Share Price ** OB (2019-09-18) in NOK NOK67.5
Norway Banks Industry PE Ratio Median Figure of 35 Publicly-Listed Banks Companies 7.82x
Norway Market PE Ratio Median Figure of 149 Publicly-Listed Companies 13.14x

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

** Primary Listing of Sbanken.

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

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

= 67.5 ÷ 6.07

11.12x

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

  • Sbanken is overvalued based on earnings compared to the NO Banks industry average.
  • Sbanken is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Sbanken's expected growth come at a high price?
Raw Data
OB:SBANK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
9.3%per year
Norway Banks Industry PEG Ratio Median Figure of 29 Publicly-Listed Banks Companies 0.62x
Norway Market PEG Ratio Median Figure of 110 Publicly-Listed Companies 0.77x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.12x ÷ 9.3%

1.2x

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

  • Sbanken is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Sbanken's assets?
Raw Data
OB:SBANK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK60.27
OB:SBANK Share Price * OB (2019-09-18) in NOK NOK67.5
Norway Banks Industry PB Ratio Median Figure of 35 Publicly-Listed Banks Companies 0.49x
Norway Market PB Ratio Median Figure of 238 Publicly-Listed Companies 1.1x
OB:SBANK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 67.5 ÷ 60.27

1.12x

* Primary Listing of Sbanken.

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

  • Sbanken is overvalued based on assets compared to the NO Banks industry average.
X
Value checks
We assess Sbanken'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. Sbanken has a total score of 1/6, 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.

SBANK Future Performance

 How is Sbanken 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
9.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sbanken expected to grow at an attractive rate?
  • Sbanken's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Sbanken's earnings growth is positive but not above the Norway market average.
  • Sbanken's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:SBANK Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:SBANK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 9.3%
OB:SBANK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 9%
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:SBANK 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:SBANK Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 883
2021-12-31 2,033 866 5
2020-12-31 1,918 809 5
2019-12-31 1,739 709 5
2019-09-18
OB:SBANK Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 1,542 3,097 649
2019-03-31 1,596 -1,517 702
2018-12-31 1,581 -5,109 697
2018-09-30 1,604 -4,610 703
2018-06-30 1,579 -6,301 690
2018-03-31 1,500 -2,857 635
2017-12-31 1,492 -8,395 634
2017-09-30 1,421 -7,348 611
2017-06-30 1,401 -7,694 601
2017-03-31 1,595 -9,368 807
2016-12-31 1,535 -4,944 768
2016-09-30 1,490 -7,060 725

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sbanken's earnings are expected to grow by 9.3% yearly, however this is not considered high growth (20% yearly).
  • Sbanken's revenue is expected to grow by 9% 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:SBANK 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 Sbanken Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SBANK Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 8.10 8.33 7.64 5.00
2020-12-31 7.56 7.94 7.11 5.00
2019-12-31 6.64 7.25 6.27 5.00
2019-09-18
OB:SBANK Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 6.07
2019-03-31 6.57
2018-12-31 6.53
2018-09-30 6.57
2018-06-30 6.46
2018-03-31 5.95
2017-12-31 5.94
2017-09-30 5.72
2017-06-30 5.63
2017-03-31 7.57
2016-12-31 7.21
2016-09-30 6.84

*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.
  • Sbanken is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sbanken'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.
Sbanken 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.

SBANK Past Performance

  How has Sbanken 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 Sbanken'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.
  • Sbanken's year on year earnings growth rate has been positive over the past 5 years.
  • Sbanken's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Sbanken's 1-year earnings growth is negative, it can't be compared to the NO Banks industry average.
Earnings and Revenue History
Sbanken'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 Sbanken Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SBANK 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 1,542.49 648.87 604.53
2019-03-31 1,596.24 701.92 605.24
2018-12-31 1,580.96 697.34 598.09
2018-09-30 1,603.79 702.58 576.29
2018-06-30 1,578.71 689.88 565.41
2018-03-31 1,500.44 635.49 545.82
2017-12-31 1,492.14 634.37 544.26
2017-09-30 1,421.14 610.82 518.84
2017-06-30 1,401.02 600.91 515.52
2017-03-31 1,594.80 806.70 515.69
2016-12-31 1,534.79 768.32 508.14
2016-09-30 1,490.45 724.86 450.63
2016-06-30 1,424.02 655.65 479.50
2016-03-31 1,139.88 385.00 483.21
2015-12-31 1,087.17 370.17 454.18
2015-09-30 1,029.31 336.18 541.90
2015-06-30 1,003.94 362.75 486.70
2015-03-31 1,003.45 383.42 459.83
2014-12-31 979.82 371.90 461.75
2014-09-30 901.45 354.26 425.80
2014-06-30 837.60 303.00 432.61
2014-03-31 768.79 252.81 424.71
2013-12-31 698.57 199.32 420.95
2013-09-30 676.14 187.05 419.47
2013-06-30 655.14 176.05 409.47
2013-03-31 627.14 160.05 406.47
2012-12-31 625.14 157.05 406.47

*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.
  • Sbanken has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sbanken used its assets less efficiently than the NO Banks industry average last year based on Return on Assets.
  • Unable to establish if Sbanken 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 Sbanken'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.
Sbanken has a total score of 1/6, see the detailed checks below.

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

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

SBANK Health

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

OB:SBANK Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 6,440.52 33,824.56 14,780.90
2019-03-31 6,468.05 33,591.31 12,538.43
2018-12-31 6,199.37 34,959.24 977.24
2018-09-30 6,049.29 34,504.99 11,942.83
2018-06-30 5,891.12 34,642.02 15,387.75
2018-03-31 5,776.52 31,402.72 11,510.41
2017-12-31 5,606.29 30,212.81 2,033.52
2017-09-30 5,444.81 28,521.61 1,638.71
2017-06-30 5,281.73 28,146.63 2,721.20
2017-03-31 5,288.18 26,204.45 685.02
2016-12-31 5,014.92 20,180.11 589.79
2016-09-30 4,852.80 19,361.45 283.58
2016-06-30 4,699.51 18,484.35 1,185.70
2016-03-31 4,406.72 16,690.91 544.83
2015-12-31 4,286.01 15,502.99 1,165.59
2015-09-30 3,348.28 13,212.86 586.24
2015-06-30 3,100.90 14,336.74 3,261.57
2015-03-31 3,000.00 14,400.00
2014-12-31 2,679.68 16,142.77 1,490.85
2014-09-30 2,300.00 14,400.00
2014-06-30 2,100.00 13,700.00
2014-03-31 2,000.00 14,400.00
2013-12-31 1,653.18 11,481.14 593.66
2013-09-30 1,400.00 6,500.00
2013-06-30
2013-03-31 1,302.27 961.19 351.25
2012-12-31 1,292.57 961.19 806.19
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.
  • Sbanken has an acceptable proportion of non-loan assets held.
  • Sbanken's liabilities are made up of primarily low risk sources of funding.
  • Sbanken has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Sbanken's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Sbanken has a low allowance for bad loans.
  • Sbanken has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Sbanken'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. Sbanken 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.

SBANK Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.59%
Current annual income from Sbanken dividends. Estimated to be 3.35% next year.
If you bought NOK2,000 of Sbanken shares you are expected to receive NOK52 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?
  • Sbanken's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.5%).
  • Sbanken's dividend is below the markets top 25% of dividend payers in Norway (6.47%).
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:SBANK 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 5.2%
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 6.5%

Industry and Market average data is calculated daily.

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

OB:SBANK Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 2.81 5.00
2020-12-31 2.28 5.00
2019-12-31 1.70 5.00
2019-09-18
OB:SBANK Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-02-13 1.750 2.384
2018-04-27 0.750 0.922
2017-02-09 1.500 1.897

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

  • Sbanken has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Sbanken only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Sbanken's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess Sbanken'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 Sbanken afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sbanken 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.

SBANK Management

 What is the CEO of Sbanken'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
Magnar Øyhovden
COMPENSATION NOK3,804,000
AGE 51
TENURE AS CEO 9.7 years
CEO Bio

Mr. Magnar Erik Øyhovden has been Chief Executive Officer of Skandiabanken ASA since 2010. Mr. Øyhovden joined the Bank in 2006, and was promoted to Managing Director in 2010. He has nine years tenure in the banking industry, and he served as the Chief Executive Officer of COOP Power Holding A/S. He holds a degree in Business Administration from Norwegian School of Economics (NHH). He owns 9 815 shares in Skandiabanken ASA.

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

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

3.9
Average Tenure
50.5
Average Age
  • The tenure for the Sbanken management team is about average.
Management Team

Magnar Øyhovden

TITLE
Chief Executive Officer
COMPENSATION
NOK4M
AGE
51
TENURE
9.7 yrs

Henning Nordgulen

TITLE
CFO & Deputy CEO
COMPENSATION
NOK3M
AGE
54
TENURE
4.1 yrs

Anne-Christine Fiksdal

TITLE
Chief Operating Officer
COMPENSATION
NOK2M
AGE
46
TENURE
1.7 yrs

Geir Hansen

TITLE
Head of Strategy
COMPENSATION
NOK2M
AGE
53
TENURE
9.7 yrs

Eirik Christensen

TITLE
Chief Risk Officer
COMPENSATION
NOK2M
AGE
41
TENURE
3.9 yrs

Christoffer Hernæs

TITLE
Chief Digital Officer
COMPENSATION
NOK2M
AGE
38
TENURE
2.7 yrs

Svein Frøystad

TITLE
Head of IT Governance & Employee Representative Director
AGE
54

Atle Tidemann

TITLE
Head of Organisation
COMPENSATION
NOK2M
AGE
50
TENURE
1.1 yrs

Arlin Mæland

TITLE
Chief Compliance Officer

Ann Lerstad

TITLE
Head of Legal
Board of Directors Tenure

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

3.6
Average Tenure
55.5
Average Age
  • The tenure for the Sbanken board of directors is about average.
Board of Directors

Lars Midby

TITLE
Chairman of the Board
COMPENSATION
NOK731K
AGE
60
TENURE
4.7 yrs

Svein Frøystad

TITLE
Head of IT Governance & Employee Representative Director
AGE
54
TENURE
1.7 yrs

Mai-Lill Ibsen

TITLE
Director
COMPENSATION
NOK672K
AGE
64
TENURE
4.1 yrs

August Johan Baumann

TITLE
Director
COMPENSATION
NOK557K
AGE
53
TENURE
4.1 yrs

Ragnhild Wiborg

TITLE
Director
COMPENSATION
NOK591K
AGE
58
TENURE
4 yrs

Hugo Maurstad

TITLE
Director
COMPENSATION
NOK332K
AGE
54
TENURE
3.3 yrs

Cathrine Klouman

TITLE
Director
COMPENSATION
NOK233K
AGE
57
TENURE
1.7 yrs

Karianne Mjøs-Haugland

TITLE
Employee Representative Director
AGE
43
TENURE
1.7 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)
25. Feb 19 Buy Atle Tidemann Individual 25. Feb 19 25. Feb 19 372 NOK78.74 NOK29,290
12. Dec 18 Buy Atle Tidemann Individual 12. Dec 18 12. Dec 18 185 NOK80.80 NOK14,948
29. May 19 Buy Lars Midby Individual 29. May 19 29. May 19 800 NOK70.42 NOK56,336
22. May 19 Buy Lars Midby Individual 22. May 19 22. May 19 650 NOK72.70 NOK47,255
25. Feb 19 Buy Mari Rørvik Individual 25. Feb 19 25. Feb 19 317 NOK78.74 NOK24,959
25. Feb 19 Buy Christoffer Hernæs Individual 25. Feb 19 25. Feb 19 95 NOK78.74 NOK7,480
25. Feb 19 Buy Magnar Øyhovden Individual 25. Feb 19 25. Feb 19 1,587 NOK78.74 NOK124,955
25. Feb 19 Buy Henning Nordgulen Individual 25. Feb 19 25. Feb 19 1,265 NOK78.74 NOK99,602
21. Dec 18 Buy Lars Midby Individual 21. Dec 18 21. Dec 18 670 NOK76.00 NOK50,920
20. Dec 18 Buy Lars Midby Individual 20. Dec 18 20. Dec 18 660 NOK76.60 NOK50,556
12. Dec 18 Buy Eirik Christensen Individual 12. Dec 18 12. Dec 18 185 NOK80.80 NOK14,948
22. Nov 18 Buy Lars Midby Individual 22. Nov 18 22. Nov 18 1,250 NOK78.31 NOK97,888
21. Nov 18 Buy Lars Midby Individual 21. Nov 18 21. Nov 18 1,250 NOK78.30 NOK97,875
20. Nov 18 Buy Lars Midby Individual 20. Nov 18 20. Nov 18 1,250 NOK79.50 NOK99,375
X
Management checks
We assess Sbanken'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. Sbanken 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.

SBANK News

Simply Wall St News

Should You Worry About Sbanken ASA's (OB:SBANK) CEO Salary Level?

First, this article will compare CEO compensation with compensation at similar sized companies. … Check out our latest analysis for Sbanken How Does Magnar Øyhovden's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Sbanken ASA has a market cap of kr6.9b, and is paying total annual CEO compensation of kr3.8m.

Simply Wall St -

How Much Are Sbanken ASA (OB:SBANK) Insiders Spending On Buying Shares?

Sbanken insiders may have bought shares in the last year, but they didn't sell any. … OB:SBANK Recent Insider Trading, August 8th 2019 Sbanken Insiders Bought Stock Recently Over the last three months, we've seen a bit of insider buying at Sbanken. … Insiders likely see value in Sbanken shares, given these transactions (along with notable insider ownership of the company).

Simply Wall St -

What To Know Before Buying Sbanken ASA (OB:SBANK) For Its Dividend

A company paying out less than a quarter of its earnings as dividends, and growing earnings at more than 10% per annum, looks to be right in the cusp of its growth phase. … Conclusion When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. … Earnings growth generally bodes well for the future value of company dividend payments.

Simply Wall St -

Should You Invest In The Financial Stock Sbanken ASA (OB:SBANK)?

is a bank operating in an industry, … which now face the choice of either being disintermediated or proactively disrupting their own business models to thrive in the future … Many banks and capital markets firms, particularly the large, complex institutions, have been simplifying their business and operating models over the last few years, both for economic reasons and to reduce organizational complexity

Simply Wall St -

Is Sbanken ASA's (OB:SBANK) Growth Strong Enough To Justify Its July Share Price?

Looking at Sbanken ASA’s (OB:SBANK) fundamentals some investors are wondering if its last closing price of NOK78.8 represents a good value for money for this high growth stock. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … According to the analysts covering the company, the following few years should bring about good growth prospects for Sbanken

Simply Wall St -

Real Risks To Know Before Investing In Sbanken ASA (OB:SBANK)

Its profit and value are directly impacted by its borrowers’ ability to pay which is driven by the level of economic growth. … This is because growth determines the stability of a borrower’s salary as well as the level of interest rates. … Since the level of risky assets held by the bank impacts the attractiveness of it as an investment, I will take you through three metrics that are insightful proxies for risk.

Simply Wall St -

Investors Are Undervaluing Sbanken ASA (OB:SBANK) By 30.04%

Understanding these differences is crucial when it comes to putting a value on the bank stock. … The tiered capital structure is common for banks to abide by, in order to ensure they maintain a sufficient level of cash for their customers.

Simply Wall St -

Is Sbanken ASA's (OB:SBANK) 11.00% ROE Strong Compared To Its Industry?

and looking to gauge the potential return on investment in Sbanken ASA (OB:SBANK). … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface. … Return on Equity (ROE) weighs Sbanken’s profit against the level of its shareholders’ equity.

Simply Wall St -

Should You Expect Sbanken ASA (OB:SBANK) To Continue Delivering An ROE Of 11.00%?

Return on Equity = Net Profit ÷ Shareholders Equity ROE is assessed against cost of equity, which is measured using the Capital Asset Pricing Model (CAPM) – but let’s not dive into the details of that today. … Since Sbanken’s return covers its cost in excess of 6.54%, its use of equity capital is efficient and likely to be sustainable. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity OB:SBANK Last Perf May 25th 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses.

Simply Wall St -

Interested In Sbanken ASA (OB:SBANK)? Here's How It Performed Recently

After looking at Sbanken ASA's (OB:SBANK) latest earnings announcement (31 December 2017), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … Let's take a look at if it is merely a result of an industry uplift, or if Sbanken has experienced some company-specific growth. … This means that whatever uplift the industry is benefiting from, Sbanken has not been able to gain as much as its industry peers.What does this mean?

Simply Wall St -

SBANK Company Info

Description

Sbanken ASA, a digital bank that provides various banking products to retail customers through its banking platform in Norway. It offers deposit products, such as security deposit accounts and home savings account; and home loans, car loans, credit cards, overdraft facilities, personal loans, consumer loans, and custody account loans, as well as short-term loans. The company also provides payment services, including payment of bills, international payments, card transactions, etc.; log-in, security solutions, etc.; and investment products, as well as online banking services. The company was formerly known as Skandiabanken ASA and changed its name to Skandiabanken ASA in November 2017. Sbanken ASA was founded in 2000 and is headquartered in Bergen, Norway.

Details
Name: Sbanken ASA
SBANK
Exchange: OB
Founded: 2000
NOK7,213,679,977
106,869,333
Website: http://sbanken.no
Address: Sbanken ASA
Folke Bernadottesvei 38,
Bergen,
Hordaland, Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB SBANK Registered Shares Oslo Bors NO NOK 02. Nov 2015
OTCPK MDRD.F Registered Shares Pink Sheets LLC US USD 02. Nov 2015
DB 7SB Registered Shares Deutsche Boerse AG DE EUR 02. Nov 2015
LSE 0RD6 Registered Shares London Stock Exchange GB NOK 02. Nov 2015
Number of employees
Current staff
Staff numbers
344
Sbanken employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/18 21:40
End of day share price update: 2019/09/18 00:00
Last estimates confirmation: 2019/08/28
Last earnings filing: 2019/07/11
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.