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Sparebanken Vest

OB:SVEG
Snowflake Description

Adequate balance sheet average dividend payer.

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

Sparebanken Vest, a financial services company, provides banking and financing services in the counties of Hordaland, Rogaland, and Sogn og Fjordane, Norway. The last earnings update was 35 days ago. More info.


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SVEG Share Price and Events
7 Day Returns
5%
OB:SVEG
2.8%
NO Banks
1.6%
NO Market
1 Year Returns
2.6%
OB:SVEG
-5.9%
NO Banks
-8.3%
NO Market
SVEG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sparebanken Vest (SVEG) 5% 1.1% 8.3% 2.6% 35.5% 3.8%
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
  • SVEG outperformed the Banks industry which returned -5.9% over the past year.
  • SVEG outperformed the Market in Norway which returned -8.3% over the past year.
Price Volatility
SVEG
Industry
5yr Volatility vs Market

Value

 Is Sparebanken Vest 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 Vest 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 Vest.

OB:SVEG 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
= NOK62.47 * 12.1%
NOK7.55
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. NOK62.47
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:SVEG
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%) (3079.34%))
10.33
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:SVEG using Excess Returns Model Model

The calculations below outline how an intrinsic value for Sparebanken Vest 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:SVEG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.1% – 13.68%) * NOK62.47)
NOK-1.00
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK-1.00 / (13.68% - 1.76%)
NOK-8.36
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK62.47 + NOK-8.36
NOK54.11
OB:SVEG Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK54.11
Current discount Discount to share price of NOK55.00
= -1 x (NOK55.00 - NOK54.11) / NOK54.11
-1.6%

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

  • The current share price of Sparebanken Vest 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 Sparebanken Vest's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sparebanken Vest's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:SVEG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK6.86
OB:SVEG Share Price ** OB (2019-09-19) in NOK NOK55
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 Vest.

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

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

= 55 ÷ 6.86

8.02x

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

  • Sparebanken Vest is overvalued based on earnings compared to the NO Banks industry average.
  • Sparebanken Vest is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Sparebanken Vest's expected growth come at a high price?
Raw Data
OB:SVEG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
12.6%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:SVEG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.02x ÷ 12.6%

0.63x

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

  • Sparebanken Vest is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Sparebanken Vest's assets?
Raw Data
OB:SVEG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK261.51
OB:SVEG Share Price * OB (2019-09-19) in NOK NOK55
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:SVEG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 55 ÷ 261.51

0.21x

* Primary Listing of Sparebanken Vest.

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

  • Sparebanken Vest is good value based on assets compared to the NO Banks industry average.
X
Value checks
We assess Sparebanken Vest'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 Vest has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is Sparebanken Vest 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
12.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sparebanken Vest expected to grow at an attractive rate?
  • Sparebanken Vest's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Sparebanken Vest's earnings growth is positive but not above the Norway market average.
  • Sparebanken Vest's revenue growth is positive but not above the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:SVEG Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:SVEG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 12.6%
OB:SVEG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 3.9%
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:SVEG 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:SVEG Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 2,264
2021-12-31 4,349 2,028 4
2020-12-31 4,178 1,926 4
2019-12-31 4,041 1,915 4
2019-09-19
OB:SVEG Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 3,912 2,001 427
2019-03-31 3,735 1,706 391
2018-12-31 3,649 1,658 373
2018-09-30 3,571 1,272 347
2018-06-30 3,526 1,297 344
2018-03-31 3,324 1,382 310
2017-12-31 3,293 1,228 313
2017-09-30 3,188 1,143 290
2017-06-30 3,195 1,097 345
2017-03-31 3,321 1,104 370
2016-12-31 3,226 1,176 353
2016-09-30 3,191 1,389 415

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sparebanken Vest's earnings are expected to grow by 12.6% yearly, however this is not considered high growth (20% yearly).
  • Sparebanken Vest's revenue is expected to grow by 3.9% 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:SVEG 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 Sparebanken Vest Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SVEG Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 7.54 8.41 7.00 5.00
2020-12-31 7.16 7.71 6.78 5.00
2019-12-31 7.11 7.46 6.46 5.00
2019-09-19
OB:SVEG Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 6.86
2019-03-31 6.30
2018-12-31 6.04
2018-09-30 5.97
2018-06-30 5.98
2018-03-31 5.38
2017-12-31 5.42
2017-09-30 5.09
2017-06-30 6.05
2017-03-31 6.53
2016-12-31 6.24
2016-09-30 6.70

*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 Vest is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sparebanken Vest'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 Vest has a total score of 1/6, 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 Sparebanken Vest 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 Vest'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 Vest's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Sparebanken Vest's 1-year earnings growth exceeds its 5-year average (24.1% vs -8.9%)
  • Sparebanken Vest's earnings growth has exceeded the NO Banks industry average in the past year (24.1% vs 13.3%).
Earnings and Revenue History
Sparebanken Vest'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 Vest Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SVEG 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 3,912.00 427.00 1,310.00
2019-03-31 3,735.00 391.00 1,277.00
2018-12-31 3,649.00 373.00 1,244.00
2018-09-30 3,571.00 347.00 1,229.00
2018-06-30 3,526.00 344.00 1,185.00
2018-03-31 3,324.00 310.00 1,192.00
2017-12-31 3,293.00 313.00 1,200.00
2017-09-30 3,188.00 290.00 1,143.00
2017-06-30 3,195.00 345.00 1,164.00
2017-03-31 3,321.00 370.00 1,189.00
2016-12-31 3,226.00 353.00 1,190.00
2016-09-30 3,191.00 415.00 1,243.00
2016-06-30 2,975.00 310.00 1,247.00
2016-03-31 2,768.00 258.00 1,208.00
2015-12-31 2,839.00 258.00 1,193.00
2015-09-30 2,849.00 -526.00 1,156.00
2015-06-30 2,753.00 -429.00 1,180.00
2015-03-31 2,836.00 836.00 1,256.00
2014-12-31 2,963.00 232.00 1,203.00
2014-09-30 2,828.00 1,107.00 1,301.00
2014-06-30 3,003.00 1,243.00 1,295.00
2014-03-31 2,912.00 1,124.00 1,295.00
2013-12-31 2,649.00 908.00 1,290.00
2013-09-30 2,720.00 1,099.00 946.00
2013-06-30 2,683.00 1,053.00 987.00
2013-03-31 2,528.00 944.00 978.00
2012-12-31 2,512.00 931.00 1,000.00
2012-09-30 2,363.00 704.00 1,295.00

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

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

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

Health

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

OB:SVEG Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 15,993.00 101,778.00 4,397.00
2019-03-31 15,334.00 102,101.00 3,216.00
2018-12-31 15,635.00 100,095.00 4,591.00
2018-09-30 15,456.00 91,607.00 3,019.00
2018-06-30 14,789.00 93,296.00 4,142.00
2018-03-31 14,241.00 91,866.00 4,594.00
2017-12-31 14,054.00 91,075.00 5,295.00
2017-09-30 13,707.00 86,620.00 4,098.00
2017-06-30 13,321.00 83,039.00 4,733.00
2017-03-31 12,991.00 87,271.00 4,736.00
2016-12-31 13,065.00 82,131.00 4,372.00
2016-09-30 12,822.00 80,702.00 4,532.00
2016-06-30 11,892.00 81,826.00 5,870.00
2016-03-31 11,438.00 84,290.00 6,165.00
2015-12-31 11,314.00 85,367.00 7,365.00
2015-09-30 9,704.00 82,686.00 7,561.00
2015-06-30 9,490.00 70,894.00 4,903.00
2015-03-31 9,221.00 71,362.00 5,637.00
2014-12-31 9,094.00 70,390.00 7,935.00
2014-09-30 8,861.00 64,478.00 3,359.00
2014-06-30 8,775.00 67,083.00 5,921.00
2014-03-31 8,411.00 65,917.00 4,112.00
2013-12-31 8,135.00 62,741.00 3,252.00
2013-09-30 8,002.00 62,947.00 3,008.00
2013-06-30 7,728.00 59,157.00 2,913.00
2013-03-31 7,474.00 59,463.00 2,715.00
2012-12-31 7,394.00 59,284.00 2,962.00
2012-09-30 7,166.00 59,344.00 2,795.00
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 Vest has an acceptable proportion of non-loan assets held.
  • Sparebanken Vest's liabilities are made up of primarily higher risk sources of funding.
  • Sparebanken Vest has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Sparebanken Vest's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Sparebanken Vest has a sufficient allowance for bad loans.
  • Sparebanken Vest has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Sparebanken Vest'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 Vest 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.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.18%
Current annual income from Sparebanken Vest dividends. Estimated to be 5.72% next year.
If you bought NOK2,000 of Sparebanken Vest shares you are expected to receive NOK84 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 Vest's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.54%).
  • Sparebanken Vest'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:SVEG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Norway Banks Industry Average Dividend Yield Market Cap Weighted Average of 29 Stocks 5.1%
Norway Market Average Dividend Yield Market Cap Weighted Average of 115 Stocks 4.4%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.5%
Norway Bottom 25% Dividend Yield 25th Percentile 2.5%
Norway Top 25% Dividend Yield 75th Percentile 6.4%

Industry and Market average data is calculated daily.

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

OB:SVEG Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 3.37 5.00
2020-12-31 3.12 5.00
2019-12-31 2.94 5.00
2019-09-19
OB:SVEG Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-04-26 2.300 4.324
2019-01-30 2.300 4.346
2018-04-20 3.750 7.384
2018-01-15 3.750 7.074
2017-03-31 4.500 8.346
2017-01-31 4.500 8.137
2016-03-16 1.100 2.852
2015-03-18 4.000 8.853
2014-04-28 3.000 5.966
2014-01-15 3.000 6.196
2013-04-25 2.500 5.969
2013-02-06 2.500 6.357
2012-04-13 2.000 6.909
2012-02-15 2.000 5.602
2011-03-28 3.500 9.282
2011-02-22 3.500 7.644
2010-02-05 2.000 4.326
2010-01-04 2.000 3.518
2009-03-02 1.875 3.912
2009-01-30 1.875 3.906

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 Sparebanken Vest's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess Sparebanken Vest'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 Vest afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sparebanken Vest has a total score of 4/6, see the detailed checks below.


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

Management

 What is the CEO of Sparebanken Vest's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jan Kjerpeseth
COMPENSATION NOK6,545,000
AGE 48
TENURE AS CEO 5.9 years
CEO Bio

Mr. Jan Erik Kjerpeseth has been Chairman of the Board at Bergenshalvøens Kommunale Kraftselskap AS since June 07, 2018. Mr. Kjerpeseth has been Chief Executive Officer of Sparebanken Vest since October 31, 2013. Previously, Mr. Kjerpeseth served as Deputy Managing Director of Sparebanken Vest from June 19, 2006 to October 2013. Mr. Kjerpeseth served as a Deputy Chief Executive Officer of Sparebanken Vest since 2006 and serves as its Deputy Chief Executive Officer of Business Development Division. He served as a Market Director of Sparebanken Vest since 2003. He joined Sparebanken Vest in 1999. Previously, he served as Market Manager at Sparebanken Sogn & Fjordane. He has been Chairman of the Board of Brage Finans AS since December 2013. He serves as Chairman of the Board of Directors of Frende Liv, Frende Skade, Bergen Næringsråd and Nets. Mr. Kjerpeseth is graduated in civil marketing at the Norwegian School of Management, MBA from Herriot Watt University and Executive MBA in brand management at the Norwegian School of Economics (NHH).

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

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

3.2
Average Tenure
48
Average Age
  • The tenure for the Sparebanken Vest management team is about average.
Management Team

Jan Kjerpeseth

TITLE
MD & CEO
COMPENSATION
NOK7M
AGE
48
TENURE
5.9 yrs

Jørgen Gudmundsson

TITLE
Executive VP of Economics
COMPENSATION
NOK12M
AGE
38
TENURE
0.8 yrs

Siren Sundland

TITLE
Executive VP & Head of Operational Services
COMPENSATION
NOK3M
AGE
48
TENURE
3.8 yrs

Frank Johannesen

TITLE
Executive VP & Chief Risk Officer
COMPENSATION
NOK3M
AGE
60
TENURE
3.8 yrs

Frank Bjørndal

TITLE
Executive VP & Head of Retail Market
COMPENSATION
NOK3M
AGE
54
TENURE
2.6 yrs

Bjørg Eknes

TITLE
Executive VP
COMPENSATION
NOK3M
AGE
50
TENURE
2.6 yrs

Ragnhild Fresvik

TITLE
Executive VP & Head of Corporate Market
COMPENSATION
NOK3M
AGE
39
TENURE
5.8 yrs

Tina Ødegård

TITLE
Executive VP and Head of Organization & Development
COMPENSATION
NOK2M
AGE
42
TENURE
2 yrs

Terje Mjelde

TITLE
Head of Management Accounting

Lars Breivik

TITLE
Chief Information Officer & Head of Communication
Board of Directors Tenure

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

4.1
Average Tenure
53
Average Age
  • The tenure for the Sparebanken Vest board of directors is about average.
Board of Directors

Arild Bødal

TITLE
Chairman of the Board
COMPENSATION
NOK229K
AGE
54
TENURE
0.5 yrs

Magne Morken

TITLE
Deputy Chairman
COMPENSATION
NOK224K
AGE
61
TENURE
0.1 yrs

Borghild Ones

TITLE
Chair of Supervisory Board
TENURE
4.7 yrs

Richard Rettedal

TITLE
Director
COMPENSATION
NOK227K
AGE
48
TENURE
11.4 yrs

Anne-Marit Hope

TITLE
Employee Representative Board Member
COMPENSATION
NOK184K
AGE
60
TENURE
9.4 yrs

Kristin Axelsen

TITLE
Employee Representative Board Member
COMPENSATION
NOK170K
AGE
53
TENURE
6.4 yrs

Birthe Lange

TITLE
Director
COMPENSATION
NOK198K
AGE
46
TENURE
7.4 yrs

Gunnar Skeie

TITLE
Director
COMPENSATION
NOK235K
AGE
64
TENURE
3.5 yrs

Fred David Risløw

TITLE
Employee Representative Board Member
COMPENSATION
NOK170K
AGE
38
TENURE
3.5 yrs

Marianne Dorthea Jacobsen

TITLE
Director
COMPENSATION
NOK181K
AGE
39
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Sparebanken Vest individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
26. Aug 19 Buy Ahb Invest As Company 26. Aug 19 26. Aug 19 4,940 NOK51.80 NOK255,892
19. Aug 19 Buy Ahb Invest As Company 19. Aug 19 19. Aug 19 18,400 NOK55.05 NOK1,012,920
16. Aug 19 Buy Magne Morken Individual 16. Aug 19 16. Aug 19 5,000 NOK53.62 NOK268,100
27. May 19 Buy Ahb Invest As Company 27. May 19 27. May 19 9,000 NOK52.60 NOK473,400
08. May 19 Buy Jan Kjerpeseth Individual 08. May 19 08. May 19 4,350 NOK53.40 NOK232,290
13. Nov 18 Sell Sparbankstiftinga Hardanger, Endowment Arm Company 12. Nov 18 12. Nov 18 -1,000,000 NOK52.50 NOK-52,499,996
X
Management checks
We assess Sparebanken Vest'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 Vest 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

Does Sparebanken Vest's (OB:SVEG) CEO Pay Matter?

View our latest analysis for Sparebanken Vest How Does Jan Kjerpeseth's Compensation Compare With Similar Sized Companies? … It would therefore appear that Sparebanken Vest pays Jan Kjerpeseth more than the median CEO remuneration at companies of a similar size, in the same market. … We compared total CEO remuneration at Sparebanken Vest with the amount paid at companies with a similar market capitalization.

Simply Wall St -

Trade Alert: The Director Of Sparebanken Vest (OB:SVEG), Magne Morken, Has Just Spent kr268k Buying Shares

View our latest analysis for Sparebanken Vest Sparebanken Vest Insider Transactions Over The Last Year Notably, that recent purchase by Magne Morken is the biggest insider purchase of Sparebanken Vest shares that we've seen in the last year. … Sparebanken Vest insiders may have bought shares in the last year, but they didn't sell any. … OB:SVEG Recent Insider Trading, August 20th 2019 Insider Ownership of Sparebanken Vest Many investors like to check how much of a company is owned by insiders.

Simply Wall St -

Have Insiders Been Buying Sparebanken Vest (OB:SVEG) Shares?

OB:SVEG Recent Insider Trading, August 6th 2019 Does Sparebanken Vest Boast High Insider Ownership? … Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. … Along with the high insider ownership, this analysis suggests that insiders are quite bullish about Sparebanken Vest.

Simply Wall St -

If You Like EPS Growth Then Check Out Sparebanken Vest (OB:SVEG) Before It's Too Late

So if you're like me, you might be more interested in profitable, growing companies, like Sparebanken Vest (OB:SVEG). … On top of the insider buying, it's good to see that Sparebanken Vest insiders have a valuable investment in the business. … The good news is that Sparebanken Vest is not the only growth stock with insider buying.

Simply Wall St -

The Sparebanken Vest (OB:SVEG) Share Price Is Up 59% And Shareholders Are Holding On

For example, Sparebanken Vest (OB:SVEG) shareholders have seen the share price rise 59% over three years, well in excess of the market return (25%, not including dividends). … During three years of share price growth, Sparebanken Vest achieved compound earnings per share growth of 5.4% per year. … We note that for Sparebanken Vest the TSR over the last 3 years was 93%, which is better than the share price return mentioned above.

Simply Wall St -

What Percentage Of Sparebanken Vest (OB:SVEG) Shares Do Insiders Own?

Check out our latest analysis for Sparebanken Vest OB:SVEG Ownership Summary, May 17th 2019 What Does The Institutional Ownership Tell Us About Sparebanken Vest? … As you can see, institutional investors own 53% of Sparebanken Vest. … Insider Ownership Of Sparebanken Vest The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Is Sparebanken Vest's (OB:SVEG) CEO Being Overpaid?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Jan Kjerpeseth's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Sparebanken Vest has a market cap of øre3.2b, and is paying total annual CEO compensation of øre6.3m.

Simply Wall St -

Does The Hype Around Sparebanken Vest's (OB:SVEG) Growth Justify Its April Share Price?

Looking at Sparebanken Vest’s (OB:SVEG) fundamentals some investors are wondering if its last closing price of NOK52.4 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. … Sparebanken Vest's growth potential is very attractive

Simply Wall St -

Does Sparebanken Vest (OB:SVEG) Have A Place In Your Portfolio?

Historically, Sparebanken Vest (OB:SVEG) has been paying a dividend to shareholders. … Let's dig deeper into whether Sparebanken Vest should have a place in your portfolio. … Check out our latest analysis for Sparebanken Vest

Simply Wall St -

Can You Imagine How Sparebanken Vest's Shareholders Feel About The 56% Share Price Increase?

For example, the Sparebanken Vest (OB:SVEG) share price is up 56% in the last three years, clearly besting than the market return of around 34% (not including dividends). … During the three years of share price growth, Sparebanken Vest actually saw its earnings per share (EPS) drop 1.5% per year. … Companies are not always focussed on EPS growth in the short term, and looking at how the share price has reacted, we don't think EPS is the most important metric for Sparebanken Vest at the moment.

Simply Wall St -

Company Info

Description

Sparebanken Vest, a financial services company, provides banking and financing services in the counties of Hordaland, Rogaland, and Sogn og Fjordane, Norway. It operates through Corporate Market, Retail Market, Treasury, and Estate Agency Activities segments. The company is also involved in the estate agency and home mortgages activities. As of December 31, 2018, it had 33 points of sale outlets. The company was founded in 1823 and is headquartered in Bergen, Norway.

Details
Name: Sparebanken Vest
SVEG
Exchange: OB
Founded: 1823
NOK3,310,315,030
60,187,546
Website: http://www.spv.no
Address: Sparebanken Vest
Jonsvollsgaten 2,
Bergen,
Hordaland, 5011,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB SVEG Primary Capital Certificates Oslo Bors NO NOK 05. Jan 1995
OTCPK SPIZ.F Primary Capital Certificates Pink Sheets LLC US USD 05. Jan 1995
LSE 0G67 Primary Capital Certificates London Stock Exchange GB NOK 05. Jan 1995
OB SVEG58 8.05%-VAR SUB BDS PERP NOK500000 Oslo Bors NO NOK 03. Jun 2010
Number of employees
Current staff
Staff numbers
701
Sparebanken Vest employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/19 20:37
End of day share price update: 2019/09/19 00:00
Last estimates confirmation: 2019/09/04
Last earnings filing: 2019/08/15
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.