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Fjordkraft Holding

OB:FKRAFT
Snowflake Description

Excellent balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FKRAFT
OB
NOK5B
Market Cap
  1. Home
  2. NO
  3. Utilities
Company description

Fjordkraft Holding ASA, together with its subsidiaries, engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway. The last earnings update was 30 days ago. More info.


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FKRAFT Share Price and Events
7 Day Returns
8.1%
OB:FKRAFT
0.8%
Europe Electric Utilities
1.9%
NO Market
1 Year Returns
58.1%
OB:FKRAFT
16.7%
Europe Electric Utilities
-8.5%
NO Market
FKRAFT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fjordkraft Holding (FKRAFT) 8.1% 11.7% 22.1% 58.1% - -
Europe Electric Utilities 0.8% 2.1% 3.4% 16.7% 38.9% 5.5%
NO Market 1.9% 7.4% 3.2% -8.5% 30.5% 17.1%
1 Year Return vs Industry and Market
  • FKRAFT outperformed the Electric Utilities industry which returned 16.7% over the past year.
  • FKRAFT outperformed the Market in Norway which returned -8.5% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Fjordkraft Holding 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 Fjordkraft Holding 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 Fjordkraft Holding.

OB:FKRAFT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
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:FKRAFT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.32
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.324 (1 + (1- 23%) (3.53%))
0.553
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (0.8 * 5.96%)
6.53%

Discounted Cash Flow Calculation for OB:FKRAFT using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Fjordkraft Holding is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

OB:FKRAFT DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 6.53%)
2020 371.00 Analyst x1 348.27
2021 421.00 Analyst x1 370.98
2022 418.77 Est @ -0.53% 346.41
2023 419.43 Est @ 0.16% 325.69
2024 422.10 Est @ 0.64% 307.68
2025 426.22 Est @ 0.97% 291.64
2026 431.38 Est @ 1.21% 277.08
2027 437.31 Est @ 1.38% 263.68
2028 443.83 Est @ 1.49% 251.21
2029 450.80 Est @ 1.57% 239.52
Present value of next 10 years cash flows NOK3,022.00
OB:FKRAFT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NOK450.80 × (1 + 1.76%) ÷ (6.53% – 1.76%)
NOK9,621.15
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK9,621.15 ÷ (1 + 6.53%)10
NOK5,111.98
OB:FKRAFT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK3,022.00 + NOK5,111.98
NOK8,133.98
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK8,133.98 / 104.50
NOK77.84
OB:FKRAFT Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK77.84
Current discount Discount to share price of NOK52.50
= -1 x (NOK52.50 - NOK77.84) / NOK77.84
32.6%

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

Current Discount
Amount off the current price Fjordkraft Holding is available for.
Intrinsic value
33%
Share price is NOK52.5 vs Future cash flow value of NOK77.84
Current Discount Checks
For Fjordkraft Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fjordkraft Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Fjordkraft Holding'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 Fjordkraft Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fjordkraft Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:FKRAFT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in NOK NOK2.95
OB:FKRAFT Share Price ** OB (2019-09-20) in NOK NOK52.5
Europe Electric Utilities Industry PE Ratio Median Figure of 76 Publicly-Listed Electric Utilities Companies 12.42x
Norway Market PE Ratio Median Figure of 149 Publicly-Listed Companies 13.66x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fjordkraft Holding.

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

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

= 52.5 ÷ 2.95

17.81x

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

  • Fjordkraft Holding is overvalued based on earnings compared to the Europe Electric Utilities industry average.
  • Fjordkraft Holding is overvalued based on earnings compared to the Norway market.
Price based on expected Growth
Does Fjordkraft Holding's expected growth come at a high price?
Raw Data
OB:FKRAFT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.81x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
8.7%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 40 Publicly-Listed Electric Utilities Companies 1.26x
Norway Market PEG Ratio Median Figure of 110 Publicly-Listed Companies 0.77x

*Line of best fit is calculated by linear regression .

OB:FKRAFT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.81x ÷ 8.7%

2.05x

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

  • Fjordkraft Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Fjordkraft Holding's assets?
Raw Data
OB:FKRAFT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in NOK NOK8.17
OB:FKRAFT Share Price * OB (2019-09-20) in NOK NOK52.5
Europe Electric Utilities Industry PB Ratio Median Figure of 88 Publicly-Listed Electric Utilities Companies 0.85x
Norway Market PB Ratio Median Figure of 240 Publicly-Listed Companies 1.12x
OB:FKRAFT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 52.5 ÷ 8.17

6.43x

* Primary Listing of Fjordkraft Holding.

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

  • Fjordkraft Holding is overvalued based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess Fjordkraft Holding'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 Electric Utilities 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 Electric Utilities industry average (and greater than 0)? (1 check)
  5. Fjordkraft Holding has a total score of 1/6, 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 Fjordkraft Holding expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
8.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fjordkraft Holding expected to grow at an attractive rate?
  • Fjordkraft Holding's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Fjordkraft Holding's earnings growth is positive but not above the Norway market average.
  • Fjordkraft Holding's revenue growth is positive but not above the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:FKRAFT Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:FKRAFT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 8.7%
OB:FKRAFT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 4.4%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 7.1%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
Norway Market Earnings Growth Rate Market Cap Weighted Average 14.6%
Norway Market Revenue Growth Rate Market Cap Weighted Average 4.5%

*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:FKRAFT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:FKRAFT Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 8,219 384 1
2020-12-31 7,644 356 1
2019-12-31 7,226 328 1
2019-09-21
OB:FKRAFT Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-06-30 7,482 661 308
2019-03-31 7,351 743 286
2018-12-31 6,721 298 254
2018-09-30 5,952 183 250
2018-06-30 5,388 433 259
2018-03-31 4,983 -154 250
2017-12-31 4,453 445 252
2016-12-31 3,925 130 257

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fjordkraft Holding's earnings are expected to grow by 8.7% yearly, however this is not considered high growth (20% yearly).
  • Fjordkraft Holding's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:FKRAFT 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 1 Analyst Estimates (S&P Global) See Below

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

OB:FKRAFT Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.68 3.68 3.68 1.00
2020-12-31 3.41 3.41 3.41 1.00
2019-12-31 3.14 3.14 3.14 1.00
2019-09-21
OB:FKRAFT Past Financials Data
Date (Data in NOK Millions) EPS *
2019-06-30 2.95
2019-03-31 2.74
2018-12-31 2.43
2018-09-30 2.40
2018-06-30 2.48
2018-03-31 2.39
2017-12-31 2.41
2016-12-31 2.46

*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.
  • Fjordkraft Holding is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Fjordkraft Holding'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Fjordkraft Holding has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

Past Performance

  How has Fjordkraft Holding 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 Fjordkraft Holding's growth in the last year to its industry (Electric Utilities).
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.
  • Insufficient data to establish if Fjordkraft Holding's year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Fjordkraft Holding's 1-year earnings growth to the 5-year average due to insufficient past data.
  • Fjordkraft Holding's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (18.8% vs -1.5%).
Earnings and Revenue History
Fjordkraft Holding'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 Fjordkraft Holding Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:FKRAFT 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 7,481.98 307.97 246.13
2019-03-31 7,350.58 286.31 238.89
2018-12-31 6,720.95 253.57 228.14
2018-09-30 5,951.73 250.39 224.51
2018-06-30 5,387.77 259.14 212.16
2018-03-31 4,982.86 250.09 202.56
2017-12-31 4,452.51 251.94 189.78
2016-12-31 3,925.01 257.05 143.50

*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.
  • Fjordkraft Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Fjordkraft Holding used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • Unable to establish if Fjordkraft Holding 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 Fjordkraft Holding'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 Electric Utilities 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.
Fjordkraft Holding has a total score of 3/6, 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 Fjordkraft Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Fjordkraft Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fjordkraft Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fjordkraft Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Fjordkraft Holding'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 10.6x debt.
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 Fjordkraft Holding Company Filings, last reported 2 months ago.

OB:FKRAFT Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 853.23 166.80 514.65
2019-03-31 1,006.33 180.70 213.03
2018-12-31 871.04 250.20 381.41
2018-09-30 810.29 264.10 397.50
2018-06-30 772.46 278.00 321.01
2018-03-31 717.99 330.62
2017-12-31 716.30 0.00 363.21
2016-12-31 604.65 0.00 193.23
  • Fjordkraft Holding's level of debt (19.5%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Fjordkraft Holding's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (396.5%, greater than 20% of total debt).
  • Fjordkraft Holding earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Fjordkraft Holding'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. Fjordkraft Holding has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Fjordkraft Holding'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
4.19%
Current annual income from Fjordkraft Holding dividends. Estimated to be 5.27% next year.
If you bought NOK2,000 of Fjordkraft Holding 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?
  • Fjordkraft Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.51%).
  • Fjordkraft Holding'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:FKRAFT 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 1 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 51 Stocks 4%
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:FKRAFT Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 3.00 1.00
2020-12-31 2.70 1.00
2019-12-31 2.60 1.00
2019-09-21
OB:FKRAFT Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-04-17 2.200 4.972
2018-11-07 0.000 0.000
2018-08-30 0.000 0.000
2018-05-08 0.000 0.000

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

  • It is too early to tell whether Fjordkraft Holding has stable dividend payments.
  • Fjordkraft Holding only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Fjordkraft Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Fjordkraft Holding'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 Fjordkraft Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fjordkraft Holding has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Fjordkraft Holding'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 Barmen
COMPENSATION NOK3,657,000
AGE 55
TENURE AS CEO 6.7 years
CEO Bio

Mr. Rolf Barmen has been the Chief Executive Officer at Fjordkraft Holding ASA since 2013 and serves as its President. Mr. Barmen has been Chairman of Trondheim Kraft AS since 2013 He has extensive experience as the Chief Executive Officer within the telecommunication industry including with Telering AS from 1999 until 2008, Chess Communication from 2008 until 2011 and NextGenTel from 2011 until 2013. Furthermore, he has experience as Regional Director at Telenor Telehus and operations manager at IKEA Bergen, as well as the Chairman of Sportsklubben Brann. Mr. Barmen holds a Master of Science in Economics and Business Administration (siviløkonom) from the Norwegian School of Economics (NHH).

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 and age of the Fjordkraft Holding management team in years:

2.7
Average Tenure
50
Average Age
  • The tenure for the Fjordkraft Holding management team is about average.
Management Team

Rolf Barmen

TITLE
President & CEO
COMPENSATION
NOK4M
AGE
55
TENURE
6.7 yrs

Birte Strander

TITLE
Executive VP & CFO
COMPENSATION
NOK2M
AGE
43

Ingeborg Cecilie Morken

TITLE
Executive VP & COO
COMPENSATION
NOK2M
AGE
41

Alf-Kåre Hjartnes

TITLE
EVP & Head of Technology and Digitalisation
COMPENSATION
NOK2M
AGE
50

Jeanne Tjomsland

TITLE
Executive VP and Head of Group Marketing
COMPENSATION
NOK2M
AGE
54

Arnstein Flaskerud

TITLE
Executive VP and Head of Strategy & M&A
COMPENSATION
NOK2M
AGE
56

Torkel Rolfseng

TITLE
Executive VP and Head of Power Trading & Alliances
COMPENSATION
NOK2M
AGE
48

Solfrid Aase

TITLE
Executive VP & Head of Alliances
COMPENSATION
NOK2M
AGE
50
TENURE
2.7 yrs

Lindi Vinsand

TITLE
Senior Advisor & Employee Representative Director
AGE
63
TENURE
2.7 yrs

Morten A. Opdal

TITLE
Head of Controlling & Investor Relations
Board of Directors Tenure

Average tenure and age of the Fjordkraft Holding board of directors in years:

1.8
Average Tenure
57
Average Age
  • The average tenure for the Fjordkraft Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

Per Koch

TITLE
Chairman of the Board
AGE
58
TENURE
1.5 yrs

Birthe Grotle

TITLE
Deputy Chairman
AGE
54
TENURE
1.8 yrs

Lindi Vinsand

TITLE
Senior Advisor & Employee Representative Director
AGE
63
TENURE
1.8 yrs

Frank Økland

TITLE
Employee Representative Director
AGE
50
TENURE
1.8 yrs

Øistein Prestø

TITLE
Employee Representative Director
AGE
65
TENURE
1.8 yrs

Steinar Sonsteby

TITLE
Director
AGE
57
TENURE
1.5 yrs

Live Haukvik Aker

TITLE
Director
AGE
56
TENURE
1.5 yrs

Bettina Bergesen

TITLE
Deputy Director
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
04. Jun 19 Sell Bergenshalvøens Kommunale Kraftselskap AS Company 04. Jun 19 04. Jun 19 -15,674,432 NOK42.50 NOK-666,163,322
29. Mar 19 Sell Statkraft SF Company 29. Mar 19 29. Mar 19 -15,528,228 NOK35.70 NOK-554,357,786
X
Management checks
We assess Fjordkraft Holding'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. Fjordkraft Holding 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

Here's What You Should Know About Fjordkraft Holding ASA's (OB:FKRAFT) 4.7% Dividend Yield

Dividend paying stocks like Fjordkraft Holding ASA (OB:FKRAFT) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. … It's positive to see that Fjordkraft Holding's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut. … First, we think Fjordkraft Holding has an acceptable payout ratio and its dividend is well covered by cashflow.

Simply Wall St -

Is Fjordkraft Holding ASA's (OB:FKRAFT) 28% ROE Better Than Average?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Fjordkraft Holding: 28% = øre286m ÷ øre1.0b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Shareholders' equity can be calculated by subtracting the total liabilities of the company from the total assets of the company. … Combining Fjordkraft Holding's Debt And Its 28% Return On Equity Although Fjordkraft Holding does use debt, its debt to equity ratio of 0.18 is still low.

Simply Wall St -

Is Fjordkraft Holding (OB:FKRAFT) Using Too Much Debt?

OB:FKRAFT Historical Debt, July 17th 2019 A Look At Fjordkraft Holding's Liabilities Zooming in on the latest balance sheet data, we can see that Fjordkraft Holding had liabilities of øre1.76b due within 12 months and liabilities of øre304.8m due beyond that. … This surplus suggests that Fjordkraft Holding has a conservative balance sheet, and could probably eliminate its debt without much difficulty. … While Fjordkraft Holding has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance.

Simply Wall St -

Do Institutions Own Shares In Fjordkraft Holding ASA (OB:FKRAFT)?

View our latest analysis for Fjordkraft Holding OB:FKRAFT Ownership Summary, July 5th 2019 What Does The Institutional Ownership Tell Us About Fjordkraft Holding? … Insider Ownership Of Fjordkraft Holding The definition of company insiders can be subjective, and does vary between jurisdictions. … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Simply Wall St -

Is Fjordkraft Holding ASA's (OB:FKRAFT) Stock Available For A Good Price After Accounting For Growth?

Fjordkraft Holding ASA (OB:FKRAFT) is a stock well-positioned for future growth, but many investors are wondering whether its last closing price of NOK43 is based on unrealistic expectations. … Fjordkraft Holding is available at a price-to-earnings ratio of 15.69x, showing us it is overvalued compared to the NO market average ratio of 12.88x , and overvalued based on current earnings compared to the Electric Utilities industry average of 12.01x. … So, when we include the growth factor in our analysis, Fjordkraft Holding appears slightly overvalued , based on fundamental analysis.

Simply Wall St -

Fjordkraft Holding (OB:FKRAFT) Shareholders Have Enjoyed A 19% Share Price Gain

Fjordkraft Holding ASA (OB:FKRAFT) shareholders might be concerned after seeing the share price drop 11% in the last week. … During the last year Fjordkraft Holding grew its earnings per share (EPS) by 14%. … It seems the market is simply waiting on more information, because if the business delivers so will the share price (eventually).

Simply Wall St -

Are Fjordkraft Holding ASA’s (OB:FKRAFT) High Returns Really That Great?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Fjordkraft Holding: 0.28 = øre368m ÷ (øre3.1b - øre1.8b) (Based on the trailing twelve months to March 2019.) So, Fjordkraft Holding has an ROCE of 28%. … How Fjordkraft Holding's Current Liabilities Impact Its ROCE Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Should We Worry About Fjordkraft Holding ASA's (OB:FKRAFT) P/E Ratio?

We'll look at Fjordkraft Holding ASA's (OB:FKRAFT) P/E ratio and reflect on what it tells us about the company's share price. … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Fjordkraft Holding: P/E of 16.28 = NOK39.5 ÷ NOK2.43 (Based on the trailing twelve months to December 2018.) Is A High P/E Ratio Good? … All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' How Growth Rates Impact P/E Ratios Companies that shrink earnings per share quickly will rapidly decrease the 'E' in the equation.

Simply Wall St -

Can Fjordkraft Holding ASA's (OB:FKRAFT) ROE Continue To Surpass The Industry Average?

Our data shows Fjordkraft Holding has a return on equity of 29% for the last year. … View our latest analysis for Fjordkraft Holding? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Do Institutions Own Fjordkraft Holding ASA (OB:FKRAFT) Shares?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Fjordkraft Holding is not a large company by global standards. … institutions own shares in the company.

Simply Wall St -

Company Info

Description

Fjordkraft Holding ASA, together with its subsidiaries, engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway. It operates through two segments, Consumer and Business. The Consumer segment sells electrical power and related services to private consumers. The Business segment sells electrical power and related services to business consumers. The company also provides mobile phone services to private customers. Fjordkraft Holding ASA was founded in 2001 and is headquartered in Bergen, Norway.

Details
Name: Fjordkraft Holding ASA
FKRAFT
Exchange: OB
Founded: 2001
NOK5,486,051,340
104,496,216
Website: http://www.fjordkraft.no
Address: Fjordkraft Holding ASA
Folke Bernadottes Vei 38,
Bergen,
Hordaland, 5147,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB FKRAFT Ordinary Shares Oslo Bors NO NOK 21. Mar 2018
BATS-CHIXE FKRAFO Ordinary Shares BATS 'Chi-X Europe' GB NOK 21. Mar 2018
Number of employees
Current staff
Staff numbers
247
Fjordkraft Holding employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/09/21 22:06
End of day share price update: 2019/09/20 00:00
Last estimates confirmation: 2019/08/23
Last earnings filing: 2019/08/22
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.