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Totens Sparebank

OB:TOTG
Snowflake Description

Undervalued average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TOTG
OB
NOK772M
Market Cap
  1. Home
  2. NO
  3. Banks
Company description

Totens Sparebank provides various financial products and services in Norway. The last earnings update was 36 days ago. More info.


Add to Portfolio Compare Print
TOTG Share Price and Events
7 Day Returns
1.6%
OB:TOTG
2.8%
NO Banks
1.6%
NO Market
1 Year Returns
4.1%
OB:TOTG
-5.9%
NO Banks
-8.3%
NO Market
TOTG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Totens Sparebank (TOTG) 1.6% 1.6% 1.6% 4.1% 53.7% 69.1%
NO Banks 2.8% 5.6% 2.1% -5.9% 50.5% 39.2%
NO Market 1.6% 7.6% 2.7% -8.3% 31.1% 16.1%
1 Year Return vs Industry and Market
  • TOTG outperformed the Banks industry which returned -5.9% over the past year.
  • TOTG outperformed the Market in Norway which returned -8.3% over the past year.
Price Volatility
TOTG
Industry
5yr Volatility vs Market

Value

 Is Totens Sparebank 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 Totens Sparebank 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 Totens Sparebank.

OB:TOTG 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
= NOK159.96 * 10.8%
NOK17.32
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. NOK159.96
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:TOTG
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%) (726.13%))
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:TOTG using Excess Returns Model Model

The calculations below outline how an intrinsic value for Totens Sparebank 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:TOTG 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%) * NOK159.96)
NOK2.58
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK2.58 / (9.21% - 1.76%)
NOK34.65
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK159.96 + NOK34.65
NOK194.61
OB:TOTG Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK194.61
Current discount Discount to share price of NOK126.00
= -1 x (NOK126.00 - NOK194.61) / NOK194.61
35.3%

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

Current Discount
Amount off the current price Totens Sparebank is available for.
Intrinsic value
35%
Share price is NOK126 vs Future cash flow value of NOK194.61
Current Discount Checks
For Totens Sparebank to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Totens Sparebank's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Totens Sparebank'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 Totens Sparebank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Totens Sparebank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:TOTG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK16.11
OB:TOTG Share Price ** OB (2019-09-19) in NOK NOK126
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 Totens Sparebank.

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

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

= 126 ÷ 16.11

7.82x

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

  • Totens Sparebank is good value based on earnings compared to the NO Banks industry average.
  • Totens Sparebank is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Totens Sparebank's expected growth come at a high price?
Raw Data
OB:TOTG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
12.2%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:TOTG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.82x ÷ 12.2%

0.64x

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

  • Totens Sparebank is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Totens Sparebank's assets?
Raw Data
OB:TOTG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK299.95
OB:TOTG Share Price * OB (2019-09-19) in NOK NOK126
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:TOTG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 126 ÷ 299.95

0.42x

* Primary Listing of Totens Sparebank.

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

  • Totens Sparebank is good value based on assets compared to the NO Banks industry average.
X
Value checks
We assess Totens Sparebank'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. Totens Sparebank has a total score of 5/6, 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 Totens Sparebank 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
12.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Totens Sparebank expected to grow at an attractive rate?
  • Totens Sparebank's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Totens Sparebank's earnings growth is positive but not above the Norway market average.
  • Totens Sparebank's revenues are expected to decrease over the next 1-3 years, this is below the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:TOTG Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:TOTG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 12.2%
OB:TOTG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -2.6%
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:TOTG 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:TOTG Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 204
2021-12-31 346 192 2
2020-12-31 330 185 2
2019-12-31 313 190 1
2019-09-19
OB:TOTG Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 398 -924 97
2019-03-31 394 -1,032 96
2018-12-31 397 -958 97
2018-09-30 397 -662 98
2018-06-30 400 -420 98
2018-03-31 390 -705 95
2017-12-31 388 -329 94
2017-09-30 387 -223 93
2017-06-30 390 -657 95
2017-03-31 380 136 90
2016-12-31 349 -308 75
2016-09-30 333 -270 67

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Totens Sparebank's earnings are expected to grow by 12.2% yearly, however this is not considered high growth (20% yearly).
  • Totens Sparebank's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:TOTG 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 Totens Sparebank Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:TOTG Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 15.98 16.85 15.12 2.00
2020-12-31 15.75 16.78 14.73 2.00
2019-12-31 16.53 16.53 16.53 1.00
2019-09-19
OB:TOTG Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 16.11
2019-03-31 15.69
2018-12-31 15.86
2018-09-30 16.03
2018-06-30 15.88
2018-03-31 15.49
2017-12-31 15.42
2017-09-30 14.13
2017-06-30 15.18
2017-03-31 14.35
2016-12-31 11.89
2016-09-30 11.20

*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.
  • Totens Sparebank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Totens Sparebank'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.
Totens Sparebank 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 Totens Sparebank 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 Totens Sparebank'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.
  • Totens Sparebank's year on year earnings growth rate has been positive over the past 5 years.
  • Totens Sparebank's 1-year earnings growth is less than its 5-year average (-0% vs 3.2%)
  • Totens Sparebank's earnings growth has not exceeded the NO Banks industry average in the past year (-0% vs 13.3%).
Earnings and Revenue History
Totens Sparebank'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 Totens Sparebank Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:TOTG Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 397.87 97.50 149.59
2019-03-31 393.65 95.56 146.48
2018-12-31 396.83 97.11 143.92
2018-09-30 397.36 98.12 145.97
2018-06-30 399.51 97.55 117.89
2018-03-31 389.92 94.50 140.65
2017-12-31 388.00 94.41 140.35
2017-09-30 386.60 93.09 157.86
2017-06-30 389.70 95.10 160.13
2017-03-31 379.95 90.48 160.70
2016-12-31 349.50 75.29 151.69
2016-09-30 333.25 66.71 155.43
2016-06-30 303.83 53.26 154.25
2016-03-31 295.69 51.72 153.87
2015-12-31 312.38 61.48 141.18
2015-09-30 305.00 9.42 143.58
2015-06-30 354.15 66.54 138.92
2015-03-31 346.80 76.95 137.27
2014-12-31 371.74 165.55 133.07
2014-09-30 374.42 118.90 149.96
2014-06-30 349.16 82.13 160.00
2014-03-31 352.14 86.24 152.75
2013-12-31 315.36 60.49 142.34
2013-09-30 308.59 94.65 149.44
2013-06-30 293.64 84.25 149.15
2013-03-31 304.72 85.13 165.14
2012-12-31 324.93 102.03 154.62
2012-09-30 300.35 85.21 166.81

*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.
  • Totens Sparebank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Totens Sparebank used its assets less efficiently than the NO Banks industry average last year based on Return on Assets.
  • Unable to establish if Totens Sparebank 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 Totens Sparebank'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.
Totens Sparebank 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 Totens Sparebank'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 Totens Sparebank'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 Totens Sparebank Company Filings, last reported 2 months ago.

OB:TOTG Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,837.04 5,603.47 2,692.98
2019-03-31 1,733.66 5,313.62 2,246.06
2018-12-31 1,762.58 5,175.24 2,296.90
2018-09-30 1,694.51 4,678.05 2,284.03
2018-06-30 1,652.16 4,755.30 2,865.72
2018-03-31 1,586.95 4,614.93 2,163.10
2017-12-31 1,608.62 4,713.67 2,151.08
2017-09-30 1,593.74 4,652.06 1,799.84
2017-06-30 1,553.53 4,868.33 1,990.81
2017-03-31 1,545.44 4,948.84 1,679.46
2016-12-31 1,550.27 4,866.08 1,788.91
2016-09-30 1,494.38 5,140.92 1,732.31
2016-06-30 1,452.22 5,020.49 1,797.26
2016-03-31 1,267.53 5,273.82 1,598.87
2015-12-31 1,438.42 4,999.47 1,373.99
2015-09-30 1,237.54 5,205.42 1,900.19
2015-06-30 1,220.73 5,017.21 1,634.69
2015-03-31 1,179.42 5,934.95 2,247.20
2014-12-31 1,368.21 5,849.80 458.61
2014-09-30 1,097.71 5,749.20 578.51
2014-06-30 1,074.56 5,701.61 2,223.78
2014-03-31 1,037.08 5,511.94 1,824.77
2013-12-31 989.85 5,668.70 1,766.93
2013-09-30 957.19 5,664.37 304.07
2013-06-30 925.63 5,715.43 483.93
2013-03-31 878.43 5,594.22 647.29
2012-12-31 900.38 5,766.13 1,651.62
2012-09-30 879.19 6,010.30 568.44
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.
  • Totens Sparebank has an acceptable proportion of non-loan assets held.
  • Totens Sparebank's liabilities are made up of primarily low risk sources of funding.
  • Totens Sparebank has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Totens Sparebank's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Unable to establish if Totens Sparebank has a sufficient allowance for bad loans without relevant financial data.
  • Unable to establish if Totens Sparebank has an acceptable level of bad loans without bad loans data.
X
Financial health checks
We assess Totens Sparebank'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. Totens Sparebank has a total score of 3/6, 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 Totens Sparebank'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 Totens Sparebank dividends. Estimated to be 6.83% next year.
If you bought NOK2,000 of Totens Sparebank 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?
  • Totens Sparebank's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.54%).
  • Totens Sparebank'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:TOTG 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:TOTG Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 8.50 2.00
2020-12-31 8.50 2.00
2019-12-31 9.00 1.00
2019-09-19
OB:TOTG Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-03-14 8.000 6.454
2019-02-13 8.000 6.338
2018-03-08 8.000 6.659
2018-02-15 8.000 6.205
2017-03-16 6.000 5.279
2017-02-16 6.000 5.829
2016-03-29 5.000 5.927
2016-02-11 5.000 5.759
2015-03-20 5.000 5.823
2015-02-11 5.000 5.808
2014-03-19 2.500 3.670
2014-03-12 2.500 4.063
2014-02-06 2.500 4.080
2013-03-14 2.000 4.008
2013-02-11 2.000 3.683
2012-10-25 0.000 0.000
2012-04-24 0.000 0.000
2012-03-19 0.000 0.000
2012-02-08 0.000 0.000
2011-03-30 5.471 9.818
2011-02-15 5.471 7.213
2010-01-04 4.941 7.357
2009-05-04 2.471 5.117
2009-02-09 2.471 6.919

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 Totens Sparebank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Totens Sparebank'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 Totens Sparebank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Totens Sparebank 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 Totens Sparebank'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
Rolf Delingsrud
COMPENSATION NOK2,738,000
TENURE AS CEO 8.7 years
CEO Bio

Mr. Rolf Endre Delingsrud has been the Chief Executive Officer and Bank Manager of Totens Sparebank since 2011. Mr. Delingsrud served as President of Totens Sparebank. Mr. Delingsrud served as Chief Executive Officer, Project Manager and Manager for retail market at KLP. He served as Managing Director of Valdres Næringsforu and Chief Executive Officer of Totens Sparebank. He served as the Chairman of Totens Sparebank Boligkreditt AS. Mr. Delingsrud served as Vice Chairman of Eika Gruppen AS.

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

Average tenure of the Totens Sparebank management team in years:

3.4
Average Tenure
  • The tenure for the Totens Sparebank management team is about average.
Management Team

Rolf Delingsrud

TITLE
Chief Executive Officer
COMPENSATION
NOK3M
TENURE
8.7 yrs

Stig Blikseth

TITLE
Deputy Managing Director
COMPENSATION
NOK2M

Anne Domaas

TITLE
Consultant
COMPENSATION
NOK3K
TENURE
5.1 yrs

Erik Evensen

TITLE
Chief Financial Officer

Ole Lund

TITLE
Head of Corporate Communications
COMPENSATION
NOK67K
AGE
69

Bente Overland

TITLE
Controller of Risk & Compliance
TENURE
1.7 yrs

Svein Løkkebakken

TITLE
Chief Human Resource Officer

Jon-Magnus Helganger

TITLE
Head of Department Savings & Placement
COMPENSATION
NOK785K

Unni Lindberg

TITLE
Administration Secretary
TENURE
0.2 yrs

Torleif Lilløy

TITLE
Corporate Banking Manager
COMPENSATION
NOK1M
AGE
48
Board of Directors Tenure

Average tenure and age of the Totens Sparebank board of directors in years:

3.7
Average Tenure
52
Average Age
  • The tenure for the Totens Sparebank board of directors is about average.
Board of Directors

Geir Stenseth

TITLE
Chairman of the Board
COMPENSATION
NOK315K
AGE
54

Steinar Nordengen

TITLE
Deputy Chairman of the Board
COMPENSATION
NOK210K
AGE
52

Erik Evensen

TITLE
Chief Financial Officer
TENURE
0.4 yrs

Roar Lunder

TITLE
Chairman of the Board of Trustees
COMPENSATION
NOK75K

Erland Ostre Toten

TITLE
Director
COMPENSATION
NOK109K
AGE
52
TENURE
4.7 yrs

Nina Dyste

TITLE
Employee Representative Director
COMPENSATION
NOK105K
TENURE
3.7 yrs

Anne Onsrud

TITLE
Director
COMPENSATION
NOK145K
TENURE
3.7 yrs

Øistein Løvbakke

TITLE
Employee Representative Director
COMPENSATION
NOK17K
AGE
38

Heidi Ekrem

TITLE
Director
TENURE
0.4 yrs

Åge Nicolaisen

TITLE
Member of the Board of Trustees
AGE
64
TENURE
7.7 yrs
Who owns this company?
Recent Insider Trading
  • Totens Sparebank individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
05. Sep 19 Sell Nina Dyste Individual 05. Sep 19 05. Sep 19 -1,200 NOK124.00 NOK-148,800
X
Management checks
We assess Totens Sparebank'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. Totens Sparebank 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

Could Totens Sparebank (OB:TOTG) Have The Makings Of Another Dividend Aristocrat?

Could Totens Sparebank (OB:TOTG) be an attractive dividend share to own for the long haul? Investors are often drawn to strong companies with the idea of reinvesting the dividends. On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. With Totensrebank yielding 6.5% and having paid a dividend for over 10 years, many investors likely find the company quite interesting. We'd guess that plenty of investors have purchased it for the income. 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. … Dividend Volatility From the perspective of an income investor who wants to earn dividends for many years, there is not much point buying a stock if its dividend is regularly cut or is not reliable. … This works out to be a compound annual growth rate (CAGR) of approximately 12% a year over that time. The dividends haven't grown at precisely 12% every year, but this is a useful way to average out the historical rate of growth. So, its dividends have grown at a rapid rate over this time, but payments have been cut in the past. The stock may still be worth considering as part of a diversified dividend portfolio. Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. Earnings have grown at around 9.7% a year for the past five years, which is better than seeing them shrink! The rate at which earnings have grown is quite decent, and by paying out more than half of its earnings as dividends, the company is striking a reasonable balance between reinvestment and returns to shareholders. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Do Institutions Own Totens Sparebank (OB:TOTG) Shares?

General Public Ownership The general public, with a 45% stake in the company, will not easily be ignored. … Private Company Ownership It seems that Private Companies own 5.8%, of the TOTG stock. … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Simply Wall St -

Have Insiders Been Selling Totens Sparebank (OB:TOTG) Shares This Year?

For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' View our latest analysis for Totensrebank The Last 12 Months Of Insider Transactions At Totensrebank While no particular insider transaction stood out, we can still look at the overall trading. … You can see a visual depiction of insider transactions (by individuals) over the last 12 months, below. … The fact that there have been no Totensrebank insider transactions recently certainly doesn't bother us.

Simply Wall St -

Is Totens Sparebank's (OB:TOTG) Growth Strong Enough To Justify Its June Share Price?

This tells us the stock is undervalued relative to the current NO market average of 13.35x , and undervalued based on its latest annual earnings update compared to the Banks average of 8.51x. … However, to properly examine the value of a high-growth stock such as Totensrebank, we must reflect its earnings growth into the valuation. … A PE ratio of 7.9x and expected year-on-year earnings growth of 19% give Totensrebank an extremely low PEG ratio of 0.43x.

Simply Wall St -

Totens Sparebank (OB:TOTG) Is Yielding 6.4% - But Is It A Buy?

Today we'll take a closer look at Totens Sparebank (OB:TOTG) from a dividend investor's perspective. Owning a strong dividend company 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.. … OB:TOTG Historical Dividend Yield, April 26th 2019

Simply Wall St -

Totens Sparebank (OB:TOTG) Is A Real Dividend Rock Star - Here Is Why

Over the past 10 years Totens Sparebank (OB:TOTG) has grown its dividend payouts from NOK2.47 to NOK8. … reliable and steady dividend over the past decade, at a rate that is competitive relative to the other dividend-paying companies on the market … It consistently pays out dividend without missing a payment or significantly cutting payout

Simply Wall St -

Totens Sparebank (OB:TOTG) Insiders Have Been Selling

We don't think shareholders should simply follow insider transactions. … But equally, we would consider it foolish to ignore insider transactions altogether. … The Last 12 Months Of Insider Transactions At Totensrebank

Simply Wall St -

Shareholders Are Thrilled That The Totensrebank (OB:TOTG) Share Price Increased 112%

But on a lighter note, a good company can see its share price rise well over 100%. … In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

Simply Wall St -

What You Should Know About Totens Sparebank’s (OB:TOTG) Liquidity

As a small-cap bank stock with a market capitalisation of øre766m, Totens Sparebank’s (OB:TOTG) risk and profitability are largely determined by the underlying economic growth of the NO regions in which it operates. … Since its financial standing can unexpectedly decline in the case of an adverse macro event such as political instability, it is important to understand how prudent the bank is at managing its risk levels. … A way to measure this risk is to look at three leverage and liquidity metrics which I will take you through today.

Simply Wall St -

Will Totens Sparebank's (OB:TOTG) Earnings Grow In The Year Ahead?

Want to participate in a short research study? … Help shape the future of investing tools and receive a $20 prize! … On 31 December 2018, Totens Sparebank (OB:TOTG) released its most recent earnings update.

Simply Wall St -

Company Info

Description

Totens Sparebank provides various financial products and services in Norway. It provides savings; mortgages, loans, credit and guarantees, and cards; pension products; VIPPS; insurance products; billing and payment services; asset management; leasing services; payment services; real estate services; and online and mobile banking services. The company operates through five offices located in Lena, Raufoss, Gjovik, Hamar, and Råholt. Totens Sparebank was founded in 1854 and is headquartered in Lena, Norway.

Details
Name: Totens Sparebank
TOTG
Exchange: OB
Founded: 1854
NOK771,691,284
6,124,534
Website: http://www.totenbanken.no
Address: Totens Sparebank
Lenagata 30,
Mailbox 34,
Lena,
Oppland, 2850,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB TOTG Primary Capital Certificates Oslo Bors NO NOK 19. Dec 1995
Number of employees
Current staff
Staff numbers
0
Totens Sparebank employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/19 20:39
End of day share price update: 2019/09/19 00:00
Last estimates confirmation: 2019/09/04
Last earnings filing: 2019/08/14
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.