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Sparebanken Sør

OB:SOR
Snowflake Description

Good value with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SOR
OB
NOK1B
Market Cap
  1. Home
  2. NO
  3. Banks
Company description

Sparebanken Sør operates as an independent savings bank in Norway. The last earnings update was 42 days ago. More info.


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SOR Share Price and Events
7 Day Returns
0.5%
OB:SOR
2.8%
NO Banks
1.6%
NO Market
1 Year Returns
-4.4%
OB:SOR
-5.9%
NO Banks
-8.3%
NO Market
SOR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sparebanken Sør (SOR) 0.5% -0.5% 0.5% -4.4% 21.2% -48.4%
NO Banks 2.8% 5.6% 2.1% -5.9% 50.5% 39.2%
NO Market 1.6% 7.6% 2.7% -8.3% 31.1% 16.1%
1 Year Return vs Industry and Market
  • SOR outperformed the Banks industry which returned -5.9% over the past year.
  • SOR outperformed the Market in Norway which returned -8.3% over the past year.
Price Volatility
SOR
Industry
5yr Volatility vs Market

SOR Value

 Is Sparebanken Sør 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 Sør 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 Sør.

OB:SOR 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
= NOK132.87 * 8.9%
NOK11.77
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. NOK132.87
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:SOR
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%) (3569.44%))
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:SOR using Excess Returns Model Model

The calculations below outline how an intrinsic value for Sparebanken Sør 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:SOR Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.9% – 9.21%) * NOK132.87)
NOK-0.47
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK-0.47 / (9.21% - 1.76%)
NOK-6.30
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK132.87 + NOK-6.30
NOK126.57
OB:SOR Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK126.57
Current discount Discount to share price of NOK94.50
= -1 x (NOK94.50 - NOK126.57) / NOK126.57
25.3%

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

Current Discount
Amount off the current price Sparebanken Sør is available for.
Intrinsic value
25%
Share price is NOK94.5 vs Future cash flow value of NOK126.57
Current Discount Checks
For Sparebanken Sør to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sparebanken Sør's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sparebanken Sør'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 Sør's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sparebanken Sør's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:SOR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK9.66
OB:SOR Share Price ** OB (2019-09-19) in NOK NOK94.5
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 Sparebanken Sør.

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

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

= 94.5 ÷ 9.66

9.78x

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

  • Sparebanken Sør is overvalued based on earnings compared to the NO Banks industry average.
  • Sparebanken Sør is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Sparebanken Sør's expected growth come at a high price?
Raw Data
OB:SOR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.78x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
14.8%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:SOR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.78x ÷ 14.8%

0.66x

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

  • Sparebanken Sør is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Sparebanken Sør's assets?
Raw Data
OB:SOR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK779.05
OB:SOR Share Price * OB (2019-09-19) in NOK NOK94.5
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:SOR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 94.5 ÷ 779.05

0.12x

* Primary Listing of Sparebanken Sør.

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

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

SOR Future Performance

 How is Sparebanken Sør 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
14.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sparebanken Sør expected to grow at an attractive rate?
  • Sparebanken Sør's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Sparebanken Sør's earnings growth is expected to exceed the Norway market average.
  • Sparebanken Sør's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:SOR Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:SOR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 14.8%
OB:SOR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 5.4%
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:SOR 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:SOR Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,130
2021-12-31 2,519 1,080 4
2020-12-31 2,416 1,028 4
2019-12-31 2,287 1,002 4
2019-09-19
OB:SOR Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 2,148 152
2019-03-31 2,135 -2,704 156
2018-12-31 2,123 -4,360 158
2018-09-30 2,212 -5,060 180
2018-06-30 2,237 -5,125 187
2018-03-31 2,154 -5,356 178
2017-12-31 2,099 -5,822 175
2017-09-30 2,000 -5,193 173
2017-06-30 2,039 -3,882 184
2017-03-31 2,116 -2,819 189
2016-12-31 2,041 -1,849 167
2016-09-30 1,970 -3,987 -271

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sparebanken Sør's earnings are expected to grow by 14.8% yearly, however this is not considered high growth (20% yearly).
  • Sparebanken Sør's revenue is expected to grow by 5.4% 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:SOR 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 Sør Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SOR Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 10.71 10.86 10.59 4.00
2020-12-31 10.61 10.97 10.35 4.00
2019-12-31 10.72 11.05 10.30 4.00
2019-09-19
OB:SOR Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 9.66
2019-03-31 9.88
2018-12-31 10.09
2018-09-30 11.50
2018-06-30 11.91
2018-03-31 11.37
2017-12-31 11.17
2017-09-30 10.86
2017-06-30 11.57
2017-03-31 12.11
2016-12-31 10.66
2016-09-30 -17.31

*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 Sør is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sparebanken Sør'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 Sør has a total score of 3/6, 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.

SOR Past Performance

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

OB:SOR 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 2,148.00 152.00 600.00
2019-03-31 2,135.00 156.00 588.00
2018-12-31 2,123.00 158.00 572.00
2018-09-30 2,212.00 180.00 546.00
2018-06-30 2,237.00 187.00 541.00
2018-03-31 2,154.00 178.00 534.00
2017-12-31 2,099.00 175.00 522.00
2017-09-30 2,000.00 173.00 498.00
2017-06-30 2,039.00 184.00 495.00
2017-03-31 2,116.00 189.00 495.00
2016-12-31 2,041.00 167.00 496.00
2016-09-30 1,970.00 -271.00 516.00
2016-06-30 1,764.00 -217.00 526.00
2016-03-31 1,655.00 -84.00 527.00
2015-12-31 1,708.00 84.00 532.00
2015-09-30 1,766.00 -129.00 533.00
2015-06-30 1,723.00 -150.00 523.00
2015-03-31 1,714.00 -160.00 521.00
2014-12-31 1,779.00 97.00 521.00
2014-09-30 1,457.00 793.00 403.00
2014-06-30 1,324.00 782.00 331.00
2014-03-31 1,059.00 692.00 266.00
2013-12-31 684.00 302.00 169.00
2013-09-30 654.00 279.00 171.00
2013-06-30 654.00 286.00 181.00
2013-03-31 614.00 260.00 179.00
2012-12-31 654.00 290.00 215.00
2012-09-30 600.00 246.00 218.00

*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 Sør has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sparebanken Sør used its assets less efficiently than the NO Banks industry average last year based on Return on Assets.
  • Unable to establish if Sparebanken Sør 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 Sør'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 Sør has a total score of 0/6, see the detailed checks below.

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

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

SOR Health

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

OB:SOR Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 12,200.00 52,819.00 1,652.00
2019-03-31 11,952.00 53,555.00 1,019.00
2018-12-31 11,845.00 52,024.00 16,875.00
2018-09-30 11,666.00 52,874.00 806.00
2018-06-30 11,478.00 49,125.00 1,039.00
2018-03-31 11,233.00 49,461.00 969.00
2017-12-31 11,108.00 46,955.00 15,937.00
2017-09-30 10,831.00 45,212.00 1,229.00
2017-06-30 10,391.00 44,217.00 1,560.00
2017-03-31 9,947.00 42,497.00 949.00
2016-12-31 10,051.00 43,214.00 13,758.00
2016-09-30 9,800.00 43,528.00 1,346.00
2016-06-30 9,521.00 45,234.00 2,228.00
2016-03-31 8,363.00 46,820.00 2,317.00
2015-12-31 8,263.00 44,088.00 12,189.00
2015-09-30 7,569.00 42,170.00 1,555.00
2015-06-30 7,461.00 40,758.00 1,565.00
2015-03-31 7,288.00 40,310.00 1,126.00
2014-12-31 7,157.00 38,010.00 12,305.00
2014-09-30 7,090.00 38,018.00 1,087.00
2014-06-30 7,034.00 41,258.00 2,570.00
2014-03-31 6,875.00 41,470.00 1,345.00
2013-12-31 3,111.00 21,102.00 7,424.00
2013-09-30 3,043.00 19,624.00 528.00
2013-06-30 2,965.00 19,521.00 580.00
2013-03-31 2,888.00 19,706.00 511.00
2012-12-31 2,852.00 21,442.00 7,746.00
2012-09-30 2,780.00 20,526.00 519.00
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 Sør has an acceptable proportion of non-loan assets held.
  • Sparebanken Sør's liabilities are made up of primarily low risk sources of funding.
  • Sparebanken Sør has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Sparebanken Sør's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Sparebanken Sør has a low allowance for bad loans.
  • Sparebanken Sør has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Sparebanken Sør'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 Sør 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.

SOR Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.35%
Current annual income from Sparebanken Sør dividends. Estimated to be 6.83% next year.
If you bought NOK2,000 of Sparebanken Sør shares you are expected to receive NOK127 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 Sør's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.54%).
  • Sparebanken Sør'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:SOR 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:SOR Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 6.68 4.00
2020-12-31 6.44 4.00
2019-12-31 6.25 4.00
2019-09-19
OB:SOR Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-03-29 6.000 6.404
2019-02-08 6.000 6.340
2018-04-04 6.000 6.165
2018-02-09 6.000 5.797
2017-03-09 6.000 5.892
2017-02-15 6.000 5.684
2016-03-31 9.000 12.024
2016-02-10 9.000 6.808
2015-03-27 10.000 5.721
2015-02-16 10.000 4.977
2014-02-13 10.000 5.890
2013-04-12 10.000 7.139
2013-02-12 10.000 7.068
2012-06-14 6.500 5.510
2012-02-09 6.500 4.975
2011-03-11 8.500 5.601
2011-02-10 8.500 4.752
2010-03-17 8.500 5.166
2010-01-06 8.500 5.018
2009-04-29 12.000 7.319
2009-01-05 12.000 8.320

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 Sør'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 (1.6x coverage).
X
Income/ dividend checks
We assess Sparebanken Sør'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 Sør afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sparebanken Sør 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.

SOR Management

 What is the CEO of Sparebanken Sør'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
Geir Bergskaug
COMPENSATION NOK5,123,000
AGE 59
TENURE AS CEO 5.7 years
CEO Bio

Mr. Geir Bergskaug has been Chief Executive Officer of Sparebanken Sør since January 1, 2014. Mr. Bergskaug served as Chief Executive Officer of Sparebanken Sør Boligkreditt AS (Former Name: Sør Boligkreditt AS) since November 2010 and serves as its Chairman. He served as an Executive Vice President of Gjensidige Forsikring ASA. He joined Gjensidige from Sparebanken NOR in 1999. He served as President and Chief Executive Officer of Gjensidige from 1999 to 2010. He served as Chairman of Gjensidige Bank ASA (Norway) from 2008 to September 16, 2010. He served as Member of Council of Representatives at Eksportfinans ASA until April 14, 2016. He served as a Director of DnB NOR from 1988 to 1999. He holds Master of Business and Economics from the Norwegian School of Economics and Business Administration. He has an MBA from INSEAD (Fountainebleau) and has completed the Harvard Business School’s General Manager Program.

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

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

5.7
Average Tenure
58.5
Average Age
  • The average tenure for the Sparebanken Sør management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Geir Bergskaug

TITLE
Chief Executive Officer
COMPENSATION
NOK5M
AGE
59
TENURE
5.7 yrs

Lasse Kvinlaug

TITLE
Deputy CEO & Director of Corporate Market
COMPENSATION
NOK3M
AGE
58
TENURE
13.3 yrs

Bjørn Friestad

TITLE
Director of Risk Management
COMPENSATION
NOK2M
AGE
60
TENURE
5.7 yrs

Gunnar Thomassen

TITLE
Director of Retail Banking
COMPENSATION
NOK2M
AGE
54
TENURE
5.7 yrs

Rolf Søraker

TITLE
Director of Group Support
COMPENSATION
NOK2M
AGE
59
TENURE
5.7 yrs

Gry Moen

TITLE
Director of Business Support
COMPENSATION
NOK2M
AGE
56
TENURE
5.7 yrs

Marianne Lofthus

TITLE
Director of Capital Market
COMPENSATION
NOK2M
AGE
58
TENURE
5.7 yrs

Steinar Vigsnes

TITLE
Finance Manager

Thomas Schulz

TITLE
Controller

Tellef Myrvold

TITLE
Director of Merger Secretary
COMPENSATION
NOK2M
AGE
68
TENURE
5.7 yrs
Board of Directors

Stein Hannevik

TITLE
Chairman
COMPENSATION
NOK762K
AGE
65

Inger Johansen

TITLE
Deputy Chairman
COMPENSATION
NOK199K

Jorunn Aarrestad

TITLE
Chairman of Board of Trustees
TENURE
0.7 yrs

Terje Spilling

TITLE
Vice Chairman of Board of Trustees
TENURE
0.7 yrs

Marit Kittilsen

TITLE
Director
COMPENSATION
NOK145K

Erling Holm

TITLE
Director
COMPENSATION
NOK234K

Jan Tobiassen

TITLE
Employee Representative Director
COMPENSATION
NOK130K

Gunnhild Golid

TITLE
Employee Representative Director
COMPENSATION
NOK131K

Tom Jebsen

TITLE
Director
COMPENSATION
NOK99K

Mette Harv

TITLE
Director
COMPENSATION
NOK132K
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Sparebanken Sør individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
16. Aug 19 Buy Vidar Hansen Individual 16. Aug 19 16. Aug 19 500 NOK94.00 NOK47,000
06. Jun 19 Buy Gunnar Thomassen Individual 06. Jun 19 06. Jun 19 1,000 NOK94.00 NOK94,000
24. May 19 Buy Geir Bergskaug Individual 23. May 19 23. May 19 10,000 NOK93.95 NOK939,500
15. May 19 Buy Tom Jebsen Individual 15. May 19 15. May 19 2,500 NOK92.00 NOK230,000
15. May 19 Buy Steinar Vigsnes Individual 14. May 19 14. May 19 1,500 NOK92.45 NOK138,675
07. Mar 19 Buy Stein Hannevik Individual 07. Mar 19 07. Mar 19 13,000 NOK95.60 NOK1,242,800
16. Nov 18 Buy Geir Bergskaug Individual 08. Nov 18 15. Nov 18 17,000 NOK98.77 NOK1,638,730
X
Management checks
We assess Sparebanken Sør'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 Sør 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.

SOR News

Simply Wall St News

Is Sparebanken Sør (OB:SOR) Undervalued After Accounting For Its Future Growth?

Growth expectations for Sparebanken Sør (OB:SOR) are high, but many investors are starting to ask whether its last close at NOK95 can still be rationalized by the future potential. … According to the analysts covering the company, the following few years should bring about good growth prospects for Sparebanken Sør. … However, seeing as Sparebanken Sør is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio.

Simply Wall St -

Something To Consider Before Buying Sparebanken Sør (OB:SOR) For The 6.3% Dividend

Today we'll take a closer look at Sparebanken Sør (OB:SOR) from a dividend investor's perspective. Owning a strong business and reinvesting the dividends is widely seen as an attractive way of growing your wealth. 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. In this case, Sparebanken Sør likely looks attractive to investors, given its 6.3% dividend yield and a payment history of over ten years. It would not be a surprise to discover that many investors buy it for the dividends. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Dividends are about stability, and Sparebanken Sør's earnings per share, which support the dividend, have been anything but stable. … Conclusion To summarise, shareholders should always check that Sparebanken Sør'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 -

Did You Miss Sparebanken Sør's (OB:SOR) 50% Share Price Gain?

For example, Sparebanken Sør (OB:SOR) shareholders have seen the share price rise 50% over three years, well in excess of the market return (24%, not including dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Sparebanken Sør is not the only stock insiders are buying.

Simply Wall St -

What Did Sparebanken Sør's (OB:SOR) CEO Take Home Last Year?

Geir Bergskaug became the CEO of Sparebanken Sør (OB:SOR) in 2014. … First, this article will compare CEO compensation with compensation at similar sized companies. … See our latest analysis for Sparebanken Sør How Does Geir Bergskaug's Compensation Compare With Similar Sized Companies?

Simply Wall St -

What Did Sparebanken Sør's (OB:SOR) CEO Take Home Last Year?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … View our latest analysis for Sparebanken Sør How Does Geir Bergskaug's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Sparebanken Sør has a market cap of øre1.5b, and is paying total annual CEO compensation of øre5.1m.

Simply Wall St -

Need To Know: Sparebanken Sør (OB:SOR) Insiders Have Been Buying Shares

OB:SOR Recent Insider Trading, May 31st 2019 Sparebanken Sør is not the only stock that insiders are buying. … Insiders at Sparebanken Sør Have Bought Stock Recently It's good to see that Sparebanken Sør insiders have made notable investments in the company's shares. … Insiders likely see value in Sparebanken Sør shares, given these transactions (along with notable insider ownership of the company).

Simply Wall St -

Should You Buy Sparebanken Sør (OB:SOR) For Its Dividend?

Today we'll take a closer look at Sparebanken Sør (OB:SOR) from a dividend investor's perspective. … In this case, Sparebanken Sør likely looks attractive to dividend investors, given its 6.4% dividend yield and nine-year payment history. … OB:SOR Historical Dividend Yield, April 30th 2019

Simply Wall St -

Sparebanken Sør (OB:SOR): Is Growth Priced In?

Sparebanken Sør (OB:SOR) closed yesterday at NOK93, which left some investors asking whether the high earnings potential can still be justified at this price. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … Sparebanken Sør's growth potential is very attractive

Simply Wall St -

Do Directors Own Sparebanken Sør (OB:SOR) Shares?

The big shareholder groups in Sparebanken Sør (OB:SOR) have power over the company. … Generally speaking, as a company grows, institutions will increase their ownership. … Sparebanken Sør is a smaller company with a market capitalization of øre1.4b, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

If You Had Bought Sparebanken Sør (OB:SOR) Stock Five Years Ago, You'd Be Sitting On A 35% Loss, Today

At this point some shareholders may be questioning their investment in Sparebanken Sør (OB:SOR), since the last five years saw the share price fall 35%. … During the five years over which the share price declined, Sparebanken Sør's earnings per share (EPS) dropped by 47% each year. … Dive deeper into the earnings by checking this interactive graph of Sparebanken Sør's earnings, revenue and cash flow.

Simply Wall St -

SOR Company Info

Description

Sparebanken Sør operates as an independent savings bank in Norway. The company operates through two segments, Retail Market and Corporate Market. It is involved in banking, securities, and real estate brokerage activities in Vest-Agder, Aust-Agder, and Telemark. The company also provides mortgaging, car financing, leasing, and property management services; and sells life and general insurance, pension, and group life insurance products to retail and business customers. It conducts banking operations in 34 locations and real estate brokerage business in 12 locations. The company was founded in 1824 and is headquartered in Kristiansand, Norway. Sparebanken Sør is a subsidiary of Sparebankstiftelsen Sparebanken Sør.

Details
Name: Sparebanken Sør
SOR
Exchange: OB
Founded: 1824
NOK1,479,754,332
15,658,776
Website: http://www.sor.no
Address: Sparebanken Sør
Rådhusgaten 7/9,
Kristiansand,
Vest-Agder, 4662,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB SOR Equity Certificates Oslo Bors NO NOK 16. Jul 1998
Number of employees
Current staff
Staff numbers
427
Sparebanken Sør employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/19 20:41
End of day share price update: 2019/09/19 00:00
Last estimates confirmation: 2019/09/03
Last earnings filing: 2019/08/08
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.