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Voss Veksel- og Landmandsbank

OB:VVL
Snowflake Description

Proven track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VVL
OB
NOK313M
Market Cap
  1. Home
  2. NO
  3. Banks
Company description

Voss Veksel- og Landmandsbank ASA provides financial products and services to private individuals and corporate customers in Voss and surrounding areas in Norway. The last earnings update was 36 days ago. More info.


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VVL Share Price and Events
7 Day Returns
-1.8%
OB:VVL
2.8%
NO Banks
1.6%
NO Market
1 Year Returns
26.7%
OB:VVL
-5.9%
NO Banks
-8.3%
NO Market
VVL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Voss Veksel- og Landmandsbank (VVL) -1.8% 1.2% 2.5% 26.7% 41.9% 33.9%
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
  • VVL outperformed the Banks industry which returned -5.9% over the past year.
  • VVL outperformed the Market in Norway which returned -8.3% over the past year.
Price Volatility
VVL
Industry
5yr Volatility vs Market

Value

 Is Voss Veksel- og Landmandsbank 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 Voss Veksel- og Landmandsbank 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 Voss Veksel- og Landmandsbank.

OB:VVL 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
= NOK279.86 * 7.1%
NOK19.76
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. NOK279.86
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:VVL
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%) (445.17%))
2.122
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:VVL using Excess Returns Model Model

The calculations below outline how an intrinsic value for Voss Veksel- og Landmandsbank 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:VVL Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.1% – 13.68%) * NOK279.86)
NOK-18.53
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= NOK-18.53 / (13.68% - 1.76%)
NOK-155.45
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= NOK279.86 + NOK-155.45
NOK124.41
OB:VVL Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK124.41
Current discount Discount to share price of NOK166.00
= -1 x (NOK166.00 - NOK124.41) / NOK124.41
-33.4%

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

  • The current share price of Voss Veksel- og Landmandsbank 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 Voss Veksel- og Landmandsbank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Voss Veksel- og Landmandsbank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:VVL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK22.88
OB:VVL Share Price ** OB (2019-09-19) in NOK NOK166
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 Voss Veksel- og Landmandsbank.

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

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

= 166 ÷ 22.88

7.26x

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

  • Voss Veksel- og Landmandsbank is good value based on earnings compared to the NO Banks industry average.
  • Voss Veksel- og Landmandsbank is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Voss Veksel- og Landmandsbank's expected growth come at a high price?
Raw Data
OB:VVL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
1.5%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:VVL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.26x ÷ 1.5%

4.71x

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

  • Voss Veksel- og Landmandsbank is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Voss Veksel- og Landmandsbank's assets?
Raw Data
OB:VVL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK261.25
OB:VVL Share Price * OB (2019-09-19) in NOK NOK166
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:VVL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 166 ÷ 261.25

0.64x

* Primary Listing of Voss Veksel- og Landmandsbank.

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

  • Voss Veksel- og Landmandsbank is overvalued based on assets compared to the NO Banks industry average.
X
Value checks
We assess Voss Veksel- og Landmandsbank'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. Voss Veksel- og Landmandsbank has a total score of 2/6, 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 Voss Veksel- og Landmandsbank 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
1.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Voss Veksel- og Landmandsbank expected to grow at an attractive rate?
  • Voss Veksel- og Landmandsbank's earnings growth is positive but not above the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Voss Veksel- og Landmandsbank's earnings growth is positive but not above the Norway market average.
  • Voss Veksel- og Landmandsbank's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:VVL Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:VVL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 1.5%
OB:VVL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 7%
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:VVL 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:VVL Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 45
2021-12-31 121 44 2
2020-12-31 113 41 2
2019-12-31 102 42 1
2019-09-19
OB:VVL Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 104 75 43
2019-03-31 104 83 42
2018-12-31 102 4 40
2018-09-30 101 -250 39
2018-06-30 87 -129 24
2018-03-31 86 -326 23
2017-12-31 83 -455 20
2017-09-30 79 -303 19
2017-06-30 86 -469 27
2017-03-31 88 -199 29
2016-12-31 85 -362 29
2016-09-30 86 -388 28

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Voss Veksel- og Landmandsbank's earnings are expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
  • Voss Veksel- og Landmandsbank's revenue is expected to grow by 7% 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:VVL 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 Voss Veksel- og Landmandsbank Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:VVL Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 22.91 23.69 22.12 2.00
2020-12-31 21.51 23.16 19.85 2.00
2019-12-31 22.15 22.15 22.15 1.00
2019-09-19
OB:VVL Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 22.88
2019-03-31 21.97
2018-12-31 20.82
2018-09-30 20.45
2018-06-30 12.67
2018-03-31 12.04
2017-12-31 10.70
2017-09-30 9.73
2017-06-30 14.39
2017-03-31 15.50
2016-12-31 15.07
2016-09-30 14.81

*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.
  • Voss Veksel- og Landmandsbank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Voss Veksel- og Landmandsbank'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.
Voss Veksel- og Landmandsbank 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 Voss Veksel- og Landmandsbank 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 Voss Veksel- og Landmandsbank'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.
  • Voss Veksel- og Landmandsbank's year on year earnings growth rate has been positive over the past 5 years.
  • Voss Veksel- og Landmandsbank's 1-year earnings growth exceeds its 5-year average (80.6% vs 6.1%)
  • Voss Veksel- og Landmandsbank's earnings growth has exceeded the NO Banks industry average in the past year (80.6% vs 13.3%).
Earnings and Revenue History
Voss Veksel- og Landmandsbank'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 Voss Veksel- og Landmandsbank Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:VVL Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 103.71 43.48 25.40
2019-03-31 103.98 41.74 27.72
2018-12-31 101.70 39.56 27.65
2018-09-30 101.24 38.83 30.32
2018-06-30 86.88 24.08 31.04
2018-03-31 85.72 22.88 33.24
2017-12-31 82.94 20.32 32.58
2017-09-30 78.66 18.50 32.18
2017-06-30 85.79 27.34 36.11
2017-03-31 87.60 29.42 39.10
2016-12-31 85.45 28.64 44.47
2016-09-30 85.75 28.14 44.64
2016-06-30 84.03 26.13 44.68
2016-03-31 72.79 18.17 43.28
2015-12-31 70.44 16.80 42.67
2015-09-30 68.41 15.48 42.38
2015-06-30 71.63 19.39 40.51
2015-03-31 82.91 29.65 39.71
2014-12-31 88.72 33.93 39.80
2014-09-30 88.74 35.88 38.43
2014-06-30 87.83 35.12 39.24
2014-03-31 79.61 26.51 40.32
2013-12-31 74.70 22.79 40.30
2013-09-30 73.43 19.49 41.88
2013-06-30 69.77 16.18 42.13
2013-03-31 69.34 15.69 41.88
2012-12-31 74.21 20.86 41.38
2012-09-30 74.85 23.97 38.85

*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.
  • Voss Veksel- og Landmandsbank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Voss Veksel- og Landmandsbank used its assets more efficiently than the NO Banks industry average last year based on Return on Assets.
  • Unable to establish if Voss Veksel- og Landmandsbank 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 Voss Veksel- og Landmandsbank'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.
Voss Veksel- og Landmandsbank has a total score of 4/6, 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 Voss Veksel- og Landmandsbank'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 Voss Veksel- og Landmandsbank'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 Voss Veksel- og Landmandsbank Company Filings, last reported 2 months ago.

OB:VVL Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 492.29 1,392.47 250.80
2019-03-31 495.10 1,267.67 128.27
2018-12-31 485.89 1,379.01 323.40
2018-09-30 432.11 1,519.64 258.32
2018-06-30 419.28 1,468.53 263.02
2018-03-31 415.20 1,368.78 154.01
2017-12-31 398.68 1,202.24 104.49
2017-09-30 390.77 1,102.56 127.07
2017-06-30 384.37 1,202.57 160.82
2017-03-31 385.04 952.77 98.88
2016-12-31 380.73 852.04 229.02
2016-09-30 373.15 852.40 217.24
2016-06-30 366.16 827.65 244.38
2016-03-31 364.51 432.01 82.84
2015-12-31 360.05 455.37 175.65
2015-09-30 353.82 457.87 277.85
2015-06-30 350.48 458.19 132.05
2015-03-31 351.78 535.83 175.86
2014-12-31 347.88 804.03 299.19
2014-09-30 345.38 799.09 138.98
2014-06-30 340.66 804.83 231.91
2014-03-31 334.39 845.06 135.55
2013-12-31 328.15 827.20 134.81
2013-09-30 320.53 827.31 112.97
2013-06-30 312.71 830.43 142.28
2013-03-31 312.30 730.36 67.61
2012-12-31 308.05 797.22 191.75
2012-09-30 304.71 829.27 106.46
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.
  • Voss Veksel- og Landmandsbank has an acceptable proportion of non-loan assets held.
  • Voss Veksel- og Landmandsbank's liabilities are made up of primarily low risk sources of funding.
  • Voss Veksel- og Landmandsbank has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Voss Veksel- og Landmandsbank's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Unable to establish if Voss Veksel- og Landmandsbank has a sufficient allowance for bad loans without relevant financial data.
  • Unable to establish if Voss Veksel- og Landmandsbank has an acceptable level of bad loans without bad loans data.
X
Financial health checks
We assess Voss Veksel- og Landmandsbank'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. Voss Veksel- og Landmandsbank 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 Voss Veksel- og Landmandsbank'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
4.52%
Current annual income from Voss Veksel- og Landmandsbank dividends. Estimated to be 5.63% next year.
If you bought NOK2,000 of Voss Veksel- og Landmandsbank shares you are expected to receive NOK90 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?
  • Voss Veksel- og Landmandsbank's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.54%).
  • Voss Veksel- og Landmandsbank'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:VVL 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:VVL Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 9.85 2.00
2020-12-31 9.00 2.00
2019-12-31 9.00 1.00
2019-09-19
OB:VVL Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-04-08 7.500 4.652
2019-01-30 7.500 5.080
2018-04-26 3.500 2.729
2018-01-31 3.500 2.773
2017-04-28 4.750 3.894
2017-01-23 4.750 3.868
2016-04-21 3.500 2.991
2016-01-27 3.500 2.907
2015-04-23 5.000 4.167
2015-01-28 5.000 3.885
2014-02-11 2.650 2.204
2014-01-24 2.650 2.535
2013-02-12 2.250 2.258
2013-01-23 2.250 2.217
2012-04-19 2.000 1.918
2011-04-14 2.600 2.261
2011-01-19 2.600 2.147
2010-04-15 2.500 1.996
2009-02-11 1.800 1.728

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 Voss Veksel- og Landmandsbank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Voss Veksel- og Landmandsbank'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 Voss Veksel- og Landmandsbank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Voss Veksel- og Landmandsbank 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 Voss Veksel- og Landmandsbank'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
Stig Røthe
TENURE AS CEO 2 years
CEO Bio

Mr. Stig Gunnar Røthe serves as Chief Executive Officer and served as a Director of Voss Veksel- og Landmandsbank ASA.

CEO Compensation
  • Insufficient data for Stig to compare compensation growth.
  • Insufficient data for Stig to establish whether their remuneration is reasonable compared to companies of similar size in Norway.
Management Team

Stig Røthe

TITLE
Chief Executive Officer
TENURE
2 yrs
Board of Directors

Stein Kvarekvål

TITLE
Chairman of the Board

Hildegunn Reime

TITLE
Vice Chairman

Kathrine Lahlum

TITLE
Director
AGE
48

Solfrid Midttun

TITLE
Employee Representative Director

Olav Seim

TITLE
Director

Nils Ringheim

TITLE
Deputy Director

Elin Bryn

TITLE
Employee Representative Deputy Director

Marita Østrem

TITLE
Deputy Director
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Voss Veksel- og Landmandsbank individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
23. Aug 19 Buy Norvald Fretheim Individual 23. Aug 19 23. Aug 19 25 NOK165.00 NOK4,125
23. Aug 19 Buy Norvald Fretheim Individual 22. Aug 19 22. Aug 19 35 NOK164.00 NOK5,740
17. Aug 19 Buy Lars Djukastein Individual 16. Aug 19 16. Aug 19 60 NOK164.03 NOK9,842
14. Aug 19 Buy Stig Røthe Individual 14. Aug 19 14. Aug 19 1,500 NOK167.02 NOK250,523
08. May 19 Buy Stein Kvarekvål Individual 08. May 19 08. May 19 1,000 NOK160.00 NOK160,000
03. May 19 Buy Bård Gjerde Individual 02. May 19 02. May 19 1,025 NOK159.00 NOK162,975
03. May 19 Buy Eli Mokleiv Individual 02. May 19 02. May 19 35 NOK159.00 NOK5,565
02. Apr 19 Sell Bård Gjerde Individual 02. Apr 19 02. Apr 19 -8 NOK149.00 NOK-1,192
30. Jan 19 Buy Bård Gjerde Individual 30. Jan 19 30. Jan 19 250 NOK141.00 NOK35,250
25. Oct 18 Buy Bård Gjerde Individual 24. Oct 18 24. Oct 18 300 NOK134.33 NOK40,299
24. Oct 18 Buy Bård Gjerde Individual 24. Oct 18 24. Oct 18 300 NOK134.33 NOK40,299
24. Oct 18 Buy Stig Røthe Individual 24. Oct 18 24. Oct 18 1,000 NOK134.28 NOK134,280
X
Management checks
We assess Voss Veksel- og Landmandsbank'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. Voss Veksel- og Landmandsbank 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

Chief Executive Officer Stig Røthe Just Bought Shares In Voss Veksel- og Landmandsbank ASA (OB:VVL)

See our latest analysis for Voss Veksel- og Landmandsbank Voss Veksel- og Landmandsbank Insider Transactions Over The Last Year Notably, that recent purchase by Stig Røthe is the biggest insider purchase of Voss Veksel- og Landmandsbank shares that we've seen in the last year. … OB:VVL Recent Insider Trading, August 16th 2019 Insider Ownership of Voss Veksel- og Landmandsbank For a common shareholder, it is worth checking how many shares are held by company insiders. … While the overall levels of insider ownership are below what we'd like to see, the history of transactions imply that Voss Veksel- og Landmandsbank insiders are reasonably well aligned, and optimistic for the future.

Simply Wall St -

Do Directors Own Voss Veksel- og Landmandsbank ASA (OB:VVL) Shares?

Check out our latest analysis for Voss Veksel- og Landmandsbank OB:VVL Ownership Summary, July 10th 2019 What Does The Institutional Ownership Tell Us About Voss Veksel- og Landmandsbank? … Insider Ownership Of Voss Veksel- og Landmandsbank The definition of an insider can differ slightly between different countries, but members of the board of directors always count. … General Public Ownership The general public -- mostly retail investors -- own 64% of Voss Veksel- og Landmandsbank.

Simply Wall St -

Can You Imagine How Voss Veksel- og Landmandsbank's (OB:VVL) Shareholders Feel About The 40% Share Price Increase?

Just take a look at Voss Veksel- og Landmandsbank ASA (OB:VVL), which is up 40%, over three years, soundly beating the market return of 30% (not including dividends). … Voss Veksel- og Landmandsbank was able to grow its EPS at 32% per year over three years, sending the share price higher. … As it happens, Voss Veksel- og Landmandsbank's TSR for the last 3 years was 57%, which exceeds the share price return mentioned earlier.

Simply Wall St -

I Ran A Stock Scan For Earnings Growth And Voss Veksel- og Landmandsbank (OB:VVL) Passed With Ease

Over the last 12 months Voss Veksel- og Landmandsbank insiders spent øre641k more buying shares than they received from selling them. … For growth investors like me, Voss Veksel- og Landmandsbank's raw rate of earnings growth is a beacon in the night. … The good news is that Voss Veksel- og Landmandsbank is not the only growth stock with insider buying.

Simply Wall St -

What To Know Before Buying Voss Veksel- og Landmandsbank ASA (OB:VVL) For Its Dividend

Could Voss Veksel- og Landmandsbank ASA (OB:VVL) be an attractive dividend share to own for the long haul? Investors are often drawn to a company for its dividend.. … A high yield and a long history of paying dividends is an appealing combination for Voss Veksel- og Landmandsbank. … OB:VVL Historical Dividend Yield, April 22nd 2019

Simply Wall St -

Why These Fundamentals Make Voss Veksel- og Landmandsbank ASA’s (OB:VVL) More Attractive

Voss Veksel- og Landmandsbank ASA’s (OB:VVL) profitability and risk are largely affected by the underlying economic growth for the region it operates in NO given it is a small-cap stock with a market capitalisation of øre283m. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks like Voss Veksel- og Landmandsbank to vulnerabilities. … Today we will be measuring Voss Veksel- og Landmandsbank’s financial risk position by looking at three leverage and liquidity metrics.

Simply Wall St -

What Type Of Shareholder Owns Voss Veksel- og Landmandsbank ASA's (OB:VVL)?

If you want to know who really controls Voss Veksel- og Landmandsbank ASA (OB:VVL), then you'll have to look at the makeup of its share registry. … With a market capitalization of øre279m, Voss Veksel- og Landmandsbank is a small cap stock, so it might not be well known by many institutional investors. … institutions are noticeable on the share registry.

Simply Wall St -

Can You Imagine How Voss Veksel- og Landmandsbank's Shareholders Feel About The 38% Share Price Increase?

Better yet, you'd like to see the share price move up more than the market average. … But Voss Veksel- og Landmandsbank ASA (OB:VVL) has fallen short of that second goal, with a share price rise of 38% over five years, which is below the market return. … Over half a decade, Voss Veksel- og Landmandsbank managed to grow its earnings per share at 11% a year.

Simply Wall St -

Voss Veksel- og Landmandsbank ASA (OB:VVL): What Does The Future Look Like?

Help shape the future of investing tools and you could win a $250 gift card! … In December 2018, Voss Veksel- og Landmandsbank ASA (OB:VVL) released its latest earnings announcement, whicha

Simply Wall St -

Who Has Been Buying Voss Veksel- og Landmandsbank ASA (OB:VVL) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Voss Veksel- og Landmandsbank ASA (OB:VVL). … Voss Veksel- og Landmandsbank Insider Transactions Over The Last Year. … In the last twelve months there was more buying than selling by Voss Veksel- og Landmandsbank insiders

Simply Wall St -

Company Info

Description

Voss Veksel- og Landmandsbank ASA provides financial products and services to private individuals and corporate customers in Voss and surrounding areas in Norway. It offers saving accounts, loans, mortgages, credit and overdraft facilities, credit and debit cards, investment banking services, pension related investments, insurance services, foreign payments, giro services, and online and mobile banking services. The company was founded in 1843 and is headquartered in Voss, Norway.

Details
Name: Voss Veksel- og Landmandsbank ASA
VVL
Exchange: OB
Founded: 1843
NOK312,797,784
1,884,324
Website: http://www.vekselbanken.no
Address: Voss Veksel- og Landmandsbank ASA
Vangsgata 24,
Voss,
Hordaland, 5700,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB VVL Share Capital Oslo Bors NO NOK 03. May 1993
Number of employees
Current staff
Staff numbers
0
Voss Veksel- og Landmandsbank employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/19 20:34
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.