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MORROW BANK ASA (MOBA.OL) Stock Fundamental Analysis

OSL:MOBA - Euronext Oslo - NO0010694029 - Common Stock - Currency: NOK

12.05  +0.05 (+0.42%)

Fundamental Rating

3

MOBA gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 92 industry peers in the Banks industry. MOBA has a bad profitability rating. Also its financial health evaluation is rather negative. MOBA is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

MOBA had positive earnings in the past year.
In the past year MOBA has reported a negative cash flow from operations.
The reported net income has been mixed in the past 5 years: MOBA reported negative net income in multiple years.
Of the past 5 years MOBA 4 years had a positive operating cash flow.
MOBA.OL Yearly Net Income VS EBIT VS OCF VS FCFMOBA.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M

1.2 Ratios

MOBA has a Return On Assets of 1.15%. This is in the better half of the industry: MOBA outperforms 78.26% of its industry peers.
MOBA has a Return On Equity (8.23%) which is in line with its industry peers.
Industry RankSector Rank
ROA 1.15%
ROE 8.23%
ROIC N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
MOBA.OL Yearly ROA, ROE, ROICMOBA.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20

1.3 Margins

MOBA has a Profit Margin of 15.75%. This is in the lower half of the industry: MOBA underperforms 70.65% of its industry peers.
In the last couple of years the Profit Margin of MOBA has remained more or less at the same level.
MOBA does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 15.75%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5Y-1.25%
GM growth 3YN/A
GM growth 5YN/A
MOBA.OL Yearly Profit, Operating, Gross MarginsMOBA.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 -20 30

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1

2. Health

2.1 Basic Checks

MOBA does not have a ROIC to compare to the WACC, probably because it is not profitable.
MOBA has more shares outstanding than it did 5 years ago.
MOBA.OL Yearly Shares OutstandingMOBA.OL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2024 50M 100M 150M 200M
MOBA.OL Yearly Total Debt VS Total AssetsMOBA.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2024 5B 10B 15B

2.2 Solvency

A Debt/Equity ratio of 0.10 indicates that MOBA is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.10, MOBA belongs to the top of the industry, outperforming 90.22% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.1
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC8.32%
MOBA.OL Yearly LT Debt VS Equity VS FCFMOBA.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MOBA.OL Yearly Current Assets VS Current LiabilitesMOBA.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2024 20M 40M 60M 80M 100M

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6

3. Growth

3.1 Past

MOBA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 50.00%, which is quite impressive.
Measured over the past years, MOBA shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.00% on average per year.
The Revenue has grown by 15.78% in the past year. This is quite good.
Measured over the past years, MOBA shows a decrease in Revenue. The Revenue has been decreasing by -0.13% on average per year.
EPS 1Y (TTM)50%
EPS 3YN/A
EPS 5Y-5%
EPS Q2Q%47.06%
Revenue 1Y (TTM)15.78%
Revenue growth 3Y11%
Revenue growth 5Y-0.13%
Sales Q2Q%16.26%

3.2 Future

The Earnings Per Share is expected to grow by 24.46% on average over the next years. This is a very strong growth
MOBA is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.86% yearly.
EPS Next Y53%
EPS Next 2Y35.91%
EPS Next 3Y24.46%
EPS Next 5YN/A
Revenue Next Year14.47%
Revenue Next 2Y10.79%
Revenue Next 3Y8.86%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
MOBA.OL Yearly Revenue VS EstimatesMOBA.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 500M 1B 1.5B
MOBA.OL Yearly EPS VS EstimatesMOBA.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 1 -1 2

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5

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 13.39 indicates a correct valuation of MOBA.
MOBA's Price/Earnings ratio is rather expensive when compared to the industry. MOBA is more expensive than 84.78% of the companies in the same industry.
When comparing the Price/Earnings ratio of MOBA to the average of the S&P500 Index (26.25), we can say MOBA is valued slightly cheaper.
Based on the Price/Forward Earnings ratio of 7.96, the valuation of MOBA can be described as very cheap.
Based on the Price/Forward Earnings ratio, MOBA is valued a bit cheaper than 78.26% of the companies in the same industry.
MOBA's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.15.
Industry RankSector Rank
PE 13.39
Fwd PE 7.96
MOBA.OL Price Earnings VS Forward Price EarningsMOBA.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
MOBA.OL Per share dataMOBA.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6 8 10

4.3 Compensation for Growth

MOBA's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
MOBA's earnings are expected to grow with 24.46% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.25
PEG (5Y)N/A
EPS Next 2Y35.91%
EPS Next 3Y24.46%

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2

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.28%, MOBA has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 5.03, MOBA is paying slightly less dividend.
MOBA's Dividend Yield is a higher than the S&P500 average which is at 2.40.
Industry RankSector Rank
Dividend Yield 3.28%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

DP0%
EPS Next 2Y35.91%
EPS Next 3Y24.46%
MOBA.OL Yearly Income VS Free CF VS DividendMOBA.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M

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MORROW BANK ASA

OSL:MOBA (5/30/2025, 7:00:00 PM)

12.05

+0.05 (+0.42%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)05-08 2025-05-08/bmo
Earnings (Next)08-14 2025-08-14
Inst Owners7.58%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap2.78B
Analysts82.5
Price Target11.63 (-3.49%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.28%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-14.96%
Min EPS beat(2)-15.48%
Max EPS beat(2)-14.44%
EPS beat(4)2
Avg EPS beat(4)11.96%
Min EPS beat(4)-15.48%
Max EPS beat(4)47.06%
EPS beat(8)6
Avg EPS beat(8)14%
EPS beat(12)7
Avg EPS beat(12)-12.85%
EPS beat(16)7
Avg EPS beat(16)-36.54%
Revenue beat(2)0
Avg Revenue beat(2)-2.02%
Min Revenue beat(2)-2.95%
Max Revenue beat(2)-1.1%
Revenue beat(4)2
Avg Revenue beat(4)2.02%
Min Revenue beat(4)-2.95%
Max Revenue beat(4)8.21%
Revenue beat(8)5
Avg Revenue beat(8)2.82%
Revenue beat(12)8
Avg Revenue beat(12)2.65%
Revenue beat(16)9
Avg Revenue beat(16)2.79%
PT rev (1m)0%
PT rev (3m)3.64%
EPS NQ rev (1m)-8.33%
EPS NQ rev (3m)17.86%
EPS NY rev (1m)0%
EPS NY rev (3m)-11.51%
Revenue NQ rev (1m)-3.95%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-4.84%
Valuation
Industry RankSector Rank
PE 13.39
Fwd PE 7.96
P/S 2.11
P/FCF N/A
P/OCF N/A
P/B 1.1
P/tB 1.13
EV/EBITDA N/A
EPS(TTM)0.9
EY7.47%
EPS(NY)1.51
Fwd EY12.57%
FCF(TTM)-1.48
FCFYN/A
OCF(TTM)-1.3
OCFYN/A
SpS5.72
BVpS10.95
TBVpS10.65
PEG (NY)0.25
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.15%
ROE 8.23%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 15.75%
GM N/A
FCFM N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5Y-1.25%
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.07
Health
Industry RankSector Rank
Debt/Equity 0.1
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 92.32%
Cap/Sales 3.19%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score3
WACC8.32%
ROIC/WACCN/A
Cap/Depr(3y)94.9%
Cap/Depr(5y)97.75%
Cap/Sales(3y)5.08%
Cap/Sales(5y)6%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)50%
EPS 3YN/A
EPS 5Y-5%
EPS Q2Q%47.06%
EPS Next Y53%
EPS Next 2Y35.91%
EPS Next 3Y24.46%
EPS Next 5YN/A
Revenue 1Y (TTM)15.78%
Revenue growth 3Y11%
Revenue growth 5Y-0.13%
Sales Q2Q%16.26%
Revenue Next Year14.47%
Revenue Next 2Y10.79%
Revenue Next 3Y8.86%
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y61.56%
FCF growth 3Y16.62%
FCF growth 5YN/A
OCF growth 1Y63.71%
OCF growth 3Y11.16%
OCF growth 5YN/A