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SpareBank 1 BV

OB:SBVG
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SBVG
OB
NOK2B
Market Cap
  1. Home
  2. NO
  3. Banks
Company description

SpareBank 1 BV provides various banking products and services in Norway. The last earnings update was 38 days ago. More info.


Add to Portfolio Compare Print
SBVG Share Price and Events
7 Day Returns
1.4%
OB:SBVG
2.8%
NO Banks
1.6%
NO Market
1 Year Returns
3.6%
OB:SBVG
-5.9%
NO Banks
-8.3%
NO Market
SBVG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SpareBank 1 BV (SBVG) 1.4% 0.3% 0.3% 3.6% 82.9% -25%
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
  • SBVG outperformed the Banks industry which returned -5.9% over the past year.
  • SBVG outperformed the Market in Norway which returned -8.3% over the past year.
Price Volatility
SBVG
Industry
5yr Volatility vs Market

Value

 Is SpareBank 1 BV 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 BV 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 BV.

OB:SBVG 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
= NOK45.57 * 10.8%
NOK4.91
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. NOK45.57
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:SBVG
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%) (370.66%))
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:SBVG using Excess Returns Model Model

The calculations below outline how an intrinsic value for SpareBank 1 BV 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:SBVG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.8% – 9.21%) * NOK45.57)
NOK0.71
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK0.71 / (9.21% - 1.76%)
NOK9.55
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK45.57 + NOK9.55
NOK55.12
OB:SBVG Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK55.12
Current discount Discount to share price of NOK37.50
= -1 x (NOK37.50 - NOK55.12) / NOK55.12
32%

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

Current Discount
Amount off the current price SpareBank 1 BV is available for.
Intrinsic value
32%
Share price is NOK37.5 vs Future cash flow value of NOK55.12
Current Discount Checks
For SpareBank 1 BV to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • SpareBank 1 BV's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • SpareBank 1 BV'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 BV's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SpareBank 1 BV's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:SBVG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK4.76
OB:SBVG Share Price ** OB (2019-09-19) in NOK NOK37.5
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 BV.

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

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

= 37.5 ÷ 4.76

7.88x

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

  • SpareBank 1 BV is good value based on earnings compared to the NO Banks industry average.
  • SpareBank 1 BV is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does SpareBank 1 BV's expected growth come at a high price?
Raw Data
OB:SBVG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
6.6%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:SBVG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.88x ÷ 6.6%

1.19x

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

  • SpareBank 1 BV is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SpareBank 1 BV's assets?
Raw Data
OB:SBVG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK80.26
OB:SBVG Share Price * OB (2019-09-19) in NOK NOK37.5
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:SBVG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 37.5 ÷ 80.26

0.47x

* Primary Listing of SpareBank 1 BV.

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

  • SpareBank 1 BV is good value based on assets compared to the NO Banks industry average.
X
Value checks
We assess SpareBank 1 BV'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 BV has a total score of 4/6, 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 BV expected to perform in the next 1 to 3 years based on estimates from 2 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
6.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SpareBank 1 BV expected to grow at an attractive rate?
  • SpareBank 1 BV's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • SpareBank 1 BV's earnings growth is positive but not above the Norway market average.
  • SpareBank 1 BV's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:SBVG Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:SBVG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 6.6%
OB:SBVG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 5.2%
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:SBVG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:SBVG Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 521
2021-12-31 1,392 539 1
2020-12-31 1,341 498 1
2019-12-31 1,293 547 1
2019-09-19
OB:SBVG Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 1,208 -1,455 300
2019-03-31 1,219 -1,361 357
2018-12-31 1,198 -1,905 347
2018-09-30 1,235 -3,125 361
2018-06-30 1,191 -2,527 334
2018-03-31 1,186 -2,541 280
2017-12-31 1,213 -1,933 299
2017-09-30 1,092 -1,265 242
2017-06-30 1,053 -1,321 219
2017-03-31 1,007 -855 176
2016-12-31 824 -1,004 73
2016-09-30 819 -898 77

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SpareBank 1 BV's earnings are expected to grow by 6.6% yearly, however this is not considered high growth (20% yearly).
  • SpareBank 1 BV's revenue is expected to grow by 5.2% 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:SBVG 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 2 Analyst Estimates (S&P Global) See Below

All data from SpareBank 1 BV Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SBVG Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 4.54 4.74 4.35 2.00
2020-12-31 4.29 4.57 4.01 2.00
2019-12-31 4.81 5.00 4.62 2.00
2019-09-19
OB:SBVG Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 4.76
2019-03-31 5.65
2018-12-31 5.50
2018-09-30 5.72
2018-06-30 5.29
2018-03-31 4.43
2017-12-31 4.74
2017-09-30 4.60
2017-06-30 5.18
2017-03-31 5.54
2016-12-31 3.38
2016-09-30 3.57

*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 BV 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 BV'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 BV 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.

Past Performance

  How has SpareBank 1 BV 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 BV'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 BV has delivered over 20% year on year earnings growth in the past 5 years.
  • SpareBank 1 BV's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • SpareBank 1 BV's 1-year earnings growth is negative, it can't be compared to the NO Banks industry average.
Earnings and Revenue History
SpareBank 1 BV'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 BV Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SBVG 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 1,208.10 300.45 255.45
2019-03-31 1,219.40 356.68 252.08
2018-12-31 1,198.18 346.95 253.53
2018-09-30 1,235.28 360.86 356.33
2018-06-30 1,190.60 333.96 352.46
2018-03-31 1,186.23 279.72 355.49
2017-12-31 1,212.83 299.28 351.21
2017-09-30 1,091.86 242.17 305.05
2017-06-30 1,053.08 218.85 305.72
2017-03-31 1,006.67 176.29 280.08
2016-12-31 823.89 72.51 258.13
2016-09-30 819.34 76.58 257.61
2016-06-30 745.38 58.98 233.25
2016-03-31 670.49 9.95 232.21
2015-12-31 656.96 39.38 229.77
2015-09-30 595.02 -128.80 259.79
2015-06-30 631.37 -108.84 296.30
2015-03-31 653.81 6.60 293.12
2014-12-31 675.82 32.01 291.17
2014-09-30 763.57 252.50 280.47
2014-06-30 761.78 284.27 246.28
2014-03-31 725.86 254.42 250.46
2013-12-31 692.88 223.34 246.50
2013-09-30 656.08 197.39 237.88
2013-06-30 652.94 203.68 230.61
2013-03-31 641.75 196.46 219.36
2012-12-31 611.52 188.04 214.00
2012-09-30 546.79 144.28 195.49

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

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

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

Health

 How is SpareBank 1 BV'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 BV'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 BV Company Filings, last reported 2 months ago.

OB:SBVG Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 5,065.81 8,671.21 7,827.43
2019-03-31 4,838.28 8,994.49 6,861.22
2018-12-31 4,848.43 9,241.23 6,525.71
2018-09-30 4,754.39 9,611.36 5,269.40
2018-06-30 4,630.38 9,189.65 5,535.47
2018-03-31 4,415.53 9,046.38 5,444.76
2017-12-31 4,515.56 8,523.75 5,496.34
2017-09-30 4,413.98 7,227.17 4,832.72
2017-06-30 4,339.87 7,213.79 5,855.72
2017-03-31 4,219.56 7,331.55 4,811.48
2016-12-31 3,177.26 5,885.06 4,001.42
2016-09-30 3,162.89 5,718.83 3,911.79
2016-06-30 3,075.92 5,740.49 4,035.86
2016-03-31 2,657.06 6,327.87 3,517.95
2015-12-31 2,631.09 6,514.97 3,707.09
2015-09-30 2,332.69 6,329.63 3,617.56
2015-06-30 2,302.48 6,094.75 4,326.86
2015-03-31 2,226.85 6,293.25 4,467.04
2014-12-31 2,200.36 6,408.54 4,233.52
2014-09-30 2,224.36 5,786.71 3,975.62
2014-06-30 2,200.23 5,850.31 4,711.99
2014-03-31 2,103.40 6,006.44 543.59
2013-12-31 2,052.14 5,908.74 4,934.31
2013-09-30 1,977.89 6,232.31 304.27
2013-06-30 1,920.78 6,661.71 856.33
2013-03-31 1,853.51 6,859.48 506.30
2012-12-31 1,846.19 7,031.97 4,442.85
2012-09-30 1,812.57 7,101.84 526.18
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 BV has an acceptable proportion of non-loan assets held.
  • SpareBank 1 BV's liabilities are made up of primarily low risk sources of funding.
  • Loans at SpareBank 1 BV are broadly funded by customer deposits.
  • SpareBank 1 BV's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • SpareBank 1 BV has a low allowance for bad loans.
  • SpareBank 1 BV has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess SpareBank 1 BV'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 BV 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 BV'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
7.87%
Current annual income from SpareBank 1 BV dividends. Estimated to be 7.42% next year.
If you bought NOK2,000 of SpareBank 1 BV shares you are expected to receive NOK157 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 BV's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.54%).
  • SpareBank 1 BV's dividend is above the markets top 25% of dividend payers in Norway (6.4%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:SBVG 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 2 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:SBVG Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 2.80 2.00
2020-12-31 2.75 2.00
2019-12-31 2.80 2.00
2019-09-19
OB:SBVG Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-03-07 2.950 7.876
2019-02-08 2.950 7.626
2018-03-08 2.400 6.805
2018-02-09 2.400 6.529
2017-03-31 1.870 5.792
2017-02-15 1.870 6.406
2016-03-30 0.810 3.878
2016-02-12 0.810 4.307
2015-03-25 1.155 3.195
2015-02-10 1.155 1.990
2014-03-21 0.750 1.604
2014-02-10 0.750 1.604
2013-03-22 0.675 1.685
2013-02-12 0.675 1.563
2012-08-14 0.600 1.794
2011-03-25 1.080 2.872
2011-02-08 1.080 1.964
2010-04-08 0.819 1.779
2009-04-27 0.000 0.000
2009-02-10 0.610 2.047

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 BV's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess SpareBank 1 BV'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 BV afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SpareBank 1 BV has a total score of 5/6, 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 BV'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
Rune Fjeldstad
COMPENSATION NOK6,447,000
AGE 57
TENURE AS CEO 4.3 years
CEO Bio

Mr. Rune Fjeldstad has been Managing Director of SpareBank 1 BV since May 1, 2015 and served as its Director since April 2014 until February 2015. He has a Master's degree in Economics and Master of Management from the Norwegian Business School BI. He has previously held executive positions in Sparebanken NOR, Postbanken and several of the division director positions in DNB. He was also Group CEO of Nets and then a partner in the consulting firm Bene Agere. Mr. Fjeldstad serves as Director at BN Bank ASA. He has board experience from 20 or so companies both nationally and internationally. He has current directorships in BN Bank, EiendomsMegler 1, Næringsmegling AS, SpareBank 1 Betaling AS, SpareBank 1 Samspar AS and is deputy board member of VBB AS (Vipps, Bankaxept, BankID).

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

Rune Fjeldstad

TITLE
Managing Director
COMPENSATION
NOK6M
AGE
57
TENURE
4.3 yrs

Marianne Evensen

TITLE
Director of Risk Management
COMPENSATION
NOK2M
AGE
49

Johan Hjerkinn

TITLE
Director of Business & Organizational Development
COMPENSATION
NOK2M
AGE
49

Tonje Stormoen

TITLE
Director of Business Support
COMPENSATION
NOK1M
AGE
54

Ørjan Larsen

TITLE
Chief Financial Officer

Ola Saltrøe

TITLE
Executive Officer of Legal Affairs & Business Operations
COMPENSATION
NOK1M

Per Grøtterød

TITLE
Bank Manager
COMPENSATION
NOK1M

Live Stensholt

TITLE
Head of Communication
COMPENSATION
NOK709K

Geir Hansen

TITLE
Deputy CEO
COMPENSATION
NOK2M
AGE
60
TENURE
10.8 yrs

Lasse Olsen

TITLE
Director of Person Market
COMPENSATION
NOK2M
AGE
44
Board of Directors Tenure

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

2.7
Average Tenure
60
Average Age
  • The average tenure for the SpareBank 1 BV board of directors is less than 3 years, this suggests a new board.
Board of Directors

Øyvind Birkeland

TITLE
Chairman of the Board
COMPENSATION
NOK321K
AGE
64

Heine Wang

TITLE
Deputy Chair
AGE
56

Lars Bjørnsrud

TITLE
Chairman of the Supervisory Board
COMPENSATION
NOK57K
TENURE
0.4 yrs

Bjørn Hellevammen

TITLE
Member of Supervisory Board
AGE
71

Finn Haugan

TITLE
Chairman of the Board
AGE
66

Tom Mello

TITLE
Deputy Chairman of the Supervisory Board
TENURE
0.4 yrs

Kristin Barkost

TITLE
Director
COMPENSATION
NOK165K
AGE
65

Hanne Gravdal

TITLE
Employee Representative Director
COMPENSATION
NOK132K
AGE
55
TENURE
10.8 yrs

Janne Weseth

TITLE
Director
COMPENSATION
NOK160K
AGE
40
TENURE
3.3 yrs

Eric Sandtrø

TITLE
Director
COMPENSATION
NOK22K
AGE
47
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by SpareBank 1 BV individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
24. Jun 19 Buy Finn Haugan Individual 24. Jun 19 24. Jun 19 10,000 NOK37.50 NOK375,000
14. Jun 19 Buy Elisabeth Haug Individual 14. Jun 19 14. Jun 19 2,700 NOK37.50 NOK101,250
07. Jun 19 Sell Britt Westlin Individual 07. Jun 19 07. Jun 19 -2,000 NOK37.50 NOK-75,000
09. May 19 Buy Heine Wang Individual 09. May 19 09. May 19 27,000 NOK36.85 NOK994,853
28. Mar 19 Sell Britt Westlin Individual 28. Mar 19 28. Mar 19 -525 NOK39.20 NOK-20,580
15. Oct 18 Buy Stian Thomassen Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Lasse Olsen Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Leonora Ademi Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Wenke Skjærve Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Sindre Stokke Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Inger Midtskogen Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Wenche Foyn Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Steinar Schjesvold Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Kristian Kloster Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Gunnar Flåten Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Orjan Larsen Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Oivind Eriksen Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Havard Hordvik Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Leif Fjellin Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Vibeke Brandt Andersen Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Erik Bjørnstad Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Bente Klinkenberg Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Johan Hjerkin Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Arne Fjellvang Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Britt Westlin Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Rune Fjeldstad Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Hanne Gravdal Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Tonje Stormoen Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Geir Vestre Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
15. Oct 18 Buy Marianne Evensen Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Geir Hansen Individual 15. Oct 18 15. Oct 18 681 NOK36.68 NOK24,979
15. Oct 18 Buy Per Grøtterød Individual 15. Oct 18 15. Oct 18 408 NOK36.68 NOK14,965
X
Management checks
We assess SpareBank 1 BV'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 BV 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

Are Insiders Buying SpareBank 1 BV (OB:SBVG) Stock?

For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' See our latest analysis for SpareBank 1 BV SpareBank 1 BV Insider Transactions Over The Last Year In the last twelve months, the biggest single purchase by an insider was when Deputy Chair Heine Wang bought kr995k worth of shares at a price of kr36.85 per share. … OB:SBVG Recent Insider Trading, August 23rd 2019 Insiders at SpareBank 1 BV Have Bought Stock Recently We saw some SpareBank 1 BV insider buying shares in the last three months. … Insider Ownership For a common shareholder, it is worth checking how many shares are held by company insiders.

Simply Wall St -

Could SpareBank 1 BV's (OB:SBVG) Investor Composition Influence The Stock Price?

We can see that SpareBank 1 BV does have institutional investors; and they hold 51% of the stock. … Private Company Ownership Our data indicates that Private Companies hold 6.0%, of the company's shares. … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Simply Wall St -

The SpareBank 1 BV (OB:SBVG) Share Price Is Up 107% And Shareholders Are Boasting About It

For instance the SpareBank 1 BV (OB:SBVG) share price is 107% higher than it was three years ago. … SpareBank 1 BV was able to grow its EPS at 130% per year over three years, sending the share price higher. … As well as measuring the share price return, investors should also consider the total shareholder return (TSR).

Simply Wall St -

Does SpareBank 1 BV's (OB:SBVG) P/E Ratio Signal A Buying Opportunity?

SpareBank 1 BV has a price to earnings ratio of 6.65, based on the last twelve months. … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for SpareBank 1 BV: P/E of 6.65 = NOK37.6 ÷ NOK5.65 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings.

Simply Wall St -

Does SpareBank 1 BV's (OB:SBVG) CEO Pay Compare Well With Peers?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … Check out our latest analysis for SpareBank 1 BV How Does Rune Fjeldstad's Compensation Compare With Similar Sized Companies? … Thus we can conclude that Rune Fjeldstad receives more in total compensation than the median of a group of companies in the same market, and of similar size to SpareBank 1 BV.

Simply Wall St -

How Should Investors React To SpareBank 1 BV's (OB:SBVG) CEO Pay?

See our latest analysis for SpareBank 1 BV How Does Rune Fjeldstad's Compensation Compare With Similar Sized Companies? … It would therefore appear that SpareBank 1 BV pays Rune Fjeldstad more than the median CEO remuneration at companies of a similar size, in the same market. … We compared the total CEO remuneration paid by SpareBank 1 BV, and compared it to remuneration at a group of similar sized companies.

Simply Wall St -

SpareBank 1 BV (OB:SBVG): What Are The Future Prospects?

SpareBank 1 BV's (OB:SBVG) most recent earnings update in December 2018 indicated that the business benefited from a robust tailwind, leading to a double-digit earnings growth of 16%. … Below, I've presented key growth figures on how market analysts view SpareBank 1 BV's earnings growth outlook over the next few years and whether the future looks even brighter than the past. … OB:SBVG Past and Future Earnings, June 4th 2019 Although it’s useful to understand the growth rate each year relative to today’s figure, it may be more insightful to determine the rate at which the business is rising or falling every year, on average.

Simply Wall St -

Consider This Before Buying SpareBank 1 BV (OB:SBVG) For The 7.8% Dividend

Is SpareBank 1 BV (OB:SBVG) a good dividend stock? … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … Conclusion To summarise, shareholders should always check that SpareBank 1 BV's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.

Simply Wall St -

Have Insiders Been Buying SpareBank 1 BV (OB:SBVG) Shares This Year?

So before you buy or sell SpareBank 1 BV (OB:SBVG), you may well want to know whether insiders have been buying or selling. … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for SpareBank 1 BV SpareBank 1 BV Insider Transactions Over The Last Year While there weren't any large insider transactions in the last twelve months, it's still worth looking at the trading. … OB:SBVG Recent Insider Trading, May 9th 2019 There are plenty of other companies that have insiders buying up shares.

Simply Wall St -

Do Institutions Own SpareBank 1 BV (OB:SBVG) Shares?

The big shareholder groups in SpareBank 1 BV (OB:SBVG) have power over the company. … Companies that have been privatized tend to have low insider ownership. … SpareBank 1 BV is not a large company by global standards.

Simply Wall St -

Company Info

Description

SpareBank 1 BV provides various banking products and services in Norway. The company offers share and housing savings accounts; mortgages and loans; car, auto, and housing insurance products; and mobile and electronic banking, payment, billing, and financing services. It also provides pension plans. The company was founded in 1859 and is based in Tønsberg, Norway.

Details
Name: SpareBank 1 BV
SBVG
Exchange: OB
Founded: 1859
NOK2,366,300,737
63,101,353
Website: http://www.sparebank1.no/nb/bv
Address: SpareBank 1 BV
Anton Jenssens gate 2,
Tønsberg,
Vestfold, 3125,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB SBVG Primary Capital Certificates Oslo Bors NO NOK 31. May 1994
Number of employees
Current staff
Staff numbers
334
SpareBank 1 BV employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/19 20:40
End of day share price update: 2019/09/19 00:00
Last estimates confirmation: 2019/09/04
Last earnings filing: 2019/08/12
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.