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SPAREBANKEN MORE-CAP CERT (MORG.OL) Stock Fundamental Analysis

OSL:MORG - Euronext Oslo - NO0012483207 - Common Stock - Currency: NOK

99.89  -0.11 (-0.11%)

Fundamental Rating

2

Overall MORG gets a fundamental rating of 2 out of 10. We evaluated MORG against 95 industry peers in the Banks industry. Both the profitability and financial health of MORG have multiple concerns. While showing a medium growth rate, MORG is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year MORG was profitable.
In the past year MORG has reported a negative cash flow from operations.
MORG had positive earnings in each of the past 5 years.
In multiple years MORG reported negative operating cash flow during the last 5 years.
MORG.OL Yearly Net Income VS EBIT VS OCF VS FCFMORG.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 2B -2B

1.2 Ratios

MORG has a Return On Assets of 0.52%. This is comparable to the rest of the industry: MORG outperforms 43.16% of its industry peers.
The Return On Equity of MORG (5.91%) is worse than 64.21% of its industry peers.
Industry RankSector Rank
ROA 0.52%
ROE 5.91%
ROIC N/A
ROA(3y)0.5%
ROA(5y)0.45%
ROE(3y)5.57%
ROE(5y)4.97%
ROIC(3y)N/A
ROIC(5y)N/A
MORG.OL Yearly ROA, ROE, ROICMORG.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6

1.3 Margins

MORG has a Profit Margin of 12.89%. This is in the lower half of the industry: MORG underperforms 78.95% of its industry peers.
In the last couple of years the Profit Margin of MORG has remained more or less at the same level.
The Operating Margin and Gross Margin are not available for MORG so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 12.89%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y14.93%
PM growth 5Y-1.11%
GM growth 3YN/A
GM growth 5YN/A
MORG.OL Yearly Profit, Operating, Gross MarginsMORG.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

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2. Health

2.1 Basic Checks

MORG does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, MORG has more shares outstanding
MORG has more shares outstanding than it did 5 years ago.
MORG has a worse debt/assets ratio than last year.
MORG.OL Yearly Shares OutstandingMORG.OL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
MORG.OL Yearly Total Debt VS Total AssetsMORG.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B 80B 100B

2.2 Solvency

MORG has a Debt/Equity ratio of 4.41. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 4.41, MORG is not doing good in the industry: 83.16% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 4.41
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC5.16%
MORG.OL Yearly LT Debt VS Equity VS FCFMORG.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 10B 20B 30B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MORG.OL Yearly Current Assets VS Current LiabilitesMORG.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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3. Growth

3.1 Past

The earnings per share for MORG have decreased by -1.68% in the last year.
The Earnings Per Share has been growing slightly by 7.75% on average over the past years.
MORG shows a strong growth in Revenue. In the last year, the Revenue has grown by 84.81%.
The Revenue has been growing by 9.84% on average over the past years. This is quite good.
EPS 1Y (TTM)-1.68%
EPS 3Y17.45%
EPS 5Y7.75%
EPS Q2Q%-38.11%
Revenue 1Y (TTM)84.81%
Revenue growth 3Y3.25%
Revenue growth 5Y9.84%
Sales Q2Q%2.08%

3.2 Future

The Earnings Per Share is expected to grow by 1.08% on average over the next years.
Based on estimates for the next years, MORG will show a small growth in Revenue. The Revenue will grow by 1.69% on average per year.
EPS Next Y-0.6%
EPS Next 2Y-2.63%
EPS Next 3Y1.08%
EPS Next 5YN/A
Revenue Next Year1.7%
Revenue Next 2Y0.34%
Revenue Next 3Y1.69%
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 decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
MORG.OL Yearly Revenue VS EstimatesMORG.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1B 2B 3B
MORG.OL Yearly EPS VS EstimatesMORG.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2 4 6 8 10

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4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 10.04, the valuation of MORG can be described as very reasonable.
61.05% of the companies in the same industry are cheaper than MORG, based on the Price/Earnings ratio.
Compared to an average S&P500 Price/Earnings ratio of 28.10, MORG is valued rather cheaply.
Based on the Price/Forward Earnings ratio of 10.10, the valuation of MORG can be described as reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of MORG is on the same level as its industry peers.
The average S&P500 Price/Forward Earnings ratio is at 20.74. MORG is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 10.04
Fwd PE 10.1
MORG.OL Price Earnings VS Forward Price EarningsMORG.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
MORG.OL Per share dataMORG.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 50 100 150

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)1.29
EPS Next 2Y-2.63%
EPS Next 3Y1.08%

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5. Dividend

5.1 Amount

MORG has a Yearly Dividend Yield of 6.25%, which is a nice return.
Compared to an average industry Dividend Yield of 5.30, MORG pays a bit more dividend than its industry peers.
MORG's Dividend Yield is rather good when compared to the S&P500 average which is at 2.43.
Industry RankSector Rank
Dividend Yield 6.25%

5.2 History

The dividend of MORG is nicely growing with an annual growth rate of 19.19%!
Dividend Growth(5Y)19.19%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

MORG pays out 69.58% of its income as dividend. This is not a sustainable payout ratio.
The dividend of MORG is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP69.58%
EPS Next 2Y-2.63%
EPS Next 3Y1.08%
MORG.OL Yearly Income VS Free CF VS DividendMORG.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 2B -2B
MORG.OL Dividend Payout.MORG.OL Dividend Payout, showing the Payout Ratio.MORG.OL Dividend Payout.PayoutRetained Earnings

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SPAREBANKEN MORE-CAP CERT

OSL:MORG (5/6/2025, 2:21:41 PM)

99.89

-0.11 (-0.11%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-30 2025-04-30
Earnings (Next)08-14 2025-08-14
Inst Owners26.72%
Inst Owner ChangeN/A
Ins Owners0.31%
Ins Owner ChangeN/A
Market Cap4.97B
Analysts76.36
Price Target102.26 (2.37%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.25%
Yearly Dividend7.51
Dividend Growth(5Y)19.19%
DP69.58%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-4.95%
Min EPS beat(2)-14.22%
Max EPS beat(2)4.31%
EPS beat(4)2
Avg EPS beat(4)-0.71%
Min EPS beat(4)-14.22%
Max EPS beat(4)14.05%
EPS beat(8)4
Avg EPS beat(8)-2.94%
EPS beat(12)6
Avg EPS beat(12)24.18%
EPS beat(16)8
Avg EPS beat(16)18.82%
Revenue beat(2)1
Avg Revenue beat(2)-1.97%
Min Revenue beat(2)-6.28%
Max Revenue beat(2)2.34%
Revenue beat(4)1
Avg Revenue beat(4)-2.49%
Min Revenue beat(4)-6.28%
Max Revenue beat(4)2.34%
Revenue beat(8)2
Avg Revenue beat(8)-2.02%
Revenue beat(12)4
Avg Revenue beat(12)-0.65%
Revenue beat(16)6
Avg Revenue beat(16)-0.35%
PT rev (1m)0.75%
PT rev (3m)7.22%
EPS NQ rev (1m)0%
EPS NQ rev (3m)N/A
EPS NY rev (1m)0.6%
EPS NY rev (3m)3.5%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.4%
Revenue NY rev (3m)0.8%
Valuation
Industry RankSector Rank
PE 10.04
Fwd PE 10.1
P/S 1.2
P/FCF N/A
P/OCF N/A
P/B 0.55
P/tB 0.55
EV/EBITDA N/A
EPS(TTM)9.95
EY9.96%
EPS(NY)9.89
Fwd EY9.9%
FCF(TTM)-47.93
FCFYN/A
OCF(TTM)-46.51
OCFYN/A
SpS83.05
BVpS181.24
TBVpS180.02
PEG (NY)N/A
PEG (5Y)1.29
Profitability
Industry RankSector Rank
ROA 0.52%
ROE 5.91%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 12.89%
GM N/A
FCFM N/A
ROA(3y)0.5%
ROA(5y)0.45%
ROE(3y)5.57%
ROE(5y)4.97%
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 3Y14.93%
PM growth 5Y-1.11%
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 4.41
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 1.72%
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
WACC5.16%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)1.92%
Cap/Sales(5y)1.62%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-1.68%
EPS 3Y17.45%
EPS 5Y7.75%
EPS Q2Q%-38.11%
EPS Next Y-0.6%
EPS Next 2Y-2.63%
EPS Next 3Y1.08%
EPS Next 5YN/A
Revenue 1Y (TTM)84.81%
Revenue growth 3Y3.25%
Revenue growth 5Y9.84%
Sales Q2Q%2.08%
Revenue Next Year1.7%
Revenue Next 2Y0.34%
Revenue Next 3Y1.69%
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 1Y22.45%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y23.34%
OCF growth 3YN/A
OCF growth 5YN/A