MORG Fundamental Analysis - SPAREBANKEN MORE-CAP CERT

Fundamental Rating

Overall MORG gets a fundamental rating of 2 out of 10. We evaluated MORG against 97 industry peers in the Banks industry. Both the profitability and financial health of MORG have multiple concerns. MORG does not seem to be growing, but still is valued expensively.

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1. Profitability

1.1 Basic Checks

In the past year MORG was profitable.

MORG had a negative operating cash flow in the past year.

MORG had positive earnings in each of the past 5 years.

The reported operating cash flow has been mixed in the past 5 years: MORG reported negative operating cash flow in multiple years.

1.2 Ratios

Looking at the Return On Assets, with a value of 0.50%, MORG is doing worse than 64.95% of the companies in the same industry.

Looking at the Return On Equity, with a value of 5.63%, MORG is doing worse than 68.04% of the companies in the same industry.

		Industry Rank	Sector Rank
ROA	0.5%
ROE	5.63%
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

1.3 Margins

MORG has a worse Profit Margin (12.30%) than 82.47% of its industry peers.

In the last couple of years the Profit Margin of MORG has remained more or less at the same level.

MORG does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.

		Industry Rank	Sector Rank
OM	N/A
PM (TTM)	12.3%
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

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ROA

ROE

ROIC

Operating and Profit Margin

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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.

The number of shares outstanding for MORG has been increased compared to 1 year ago.

The number of shares outstanding for MORG has been increased compared to 5 years ago.

MORG has a worse debt/assets ratio than last year.

2.2 Solvency

MORG has a Debt/Equity ratio of 4.31. This is a high value indicating a heavy dependency on external financing.

MORG has a worse Debt to Equity ratio (4.31) than 86.60% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	4.31
Debt/FCF	N/A
Altman-Z	N/A

ROIC/WACCN/A

WACC5.21%

2.3 Liquidity

		Industry Rank	Sector Rank
Current Ratio	N/A
Quick Ratio	N/A

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

The earnings per share for MORG have decreased strongly by -17.15% in the last year.

The Earnings Per Share has been growing slightly by 7.75% on average over the past years.

MORG shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -20.96%.

MORG shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 9.84% yearly.

EPS 1Y (TTM)-17.15%

EPS 3Y17.45%

EPS 5Y7.75%

EPS Q2Q%-20.7%

Revenue 1Y (TTM)-20.96%

Revenue growth 3Y3.25%

Revenue growth 5Y9.84%

Sales Q2Q%1.86%

3.2 Future

Based on estimates for the next years, MORG will show a decrease in Earnings Per Share. The EPS will decrease by -0.93% on average per year.

Based on estimates for the next years, MORG will show a small growth in Revenue. The Revenue will grow by 1.16% on average per year.

EPS Next Y-7.87%

EPS Next 2Y-4.09%

EPS Next 3Y-0.93%

EPS Next 5YN/A

Revenue Next Year-2.27%

Revenue Next 2Y-0.04%

Revenue Next 3Y1.16%

Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.

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.

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4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 11.67, the valuation of MORG can be described as very reasonable.

Based on the Price/Earnings ratio, MORG is valued a bit more expensive than 69.07% of the companies in the same industry.

Compared to an average S&P500 Price/Earnings ratio of 27.86, MORG is valued rather cheaply.

MORG is valuated reasonably with a Price/Forward Earnings ratio of 11.58.

MORG's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. MORG is more expensive than 64.95% of the companies in the same industry.

When comparing the Price/Forward Earnings ratio of MORG to the average of the S&P500 Index (23.29), we can say MORG is valued rather cheaply.

		Industry Rank	Sector Rank
PE	11.67
Fwd PE	11.58

4.2 Price Multiples

		Industry Rank	Sector Rank
P/FCF	N/A
EV/EBITDA	N/A

4.3 Compensation for Growth

PEG (NY)N/A

PEG (5Y)1.51

EPS Next 2Y-4.09%

EPS Next 3Y-0.93%

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.90%, MORG is a good candidate for dividend investing.

Compared to an average industry Dividend Yield of 5.02, 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 2.41.

		Industry Rank	Sector Rank
Dividend Yield	5.9%

5.2 History

On average, the dividend of MORG grows each year by 19.19%, which is quite nice.

Dividend Growth(5Y)19.19%

Div Incr Years0

Div Non Decr Years0

5.3 Sustainability

71.22% of the earnings are spent on dividend by MORG. This is not a sustainable payout ratio.

The Dividend Rate of MORG has been growing, while earnings will be declining. This means the dividend growth is most likely not sustainable.

DP71.22%

EPS Next 2Y-4.09%

EPS Next 3Y-0.93%

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SPAREBANKEN MORE-CAP CERT

OSL:MORG (10/2/2025, 7:00:00 PM)

106

0 (0%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)08-14 2025-08-14/bmo

Earnings (Next)10-23 2025-10-23

Inst Owners26.21%

Inst Owner ChangeN/A

Ins Owners0.72%

Ins Owner ChangeN/A

Market Cap5.28B

Analysts76

Price Target108.8 (2.64%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	5.9%

Yearly Dividend7.51

Dividend Growth(5Y)19.19%

DP71.22%

Div Incr Years0

Div Non Decr Years0

Ex-DateN/A

Surprises & Revisions

EPS beat(2)0

Avg EPS beat(2)-14.05%

Min EPS beat(2)-14.22%

Max EPS beat(2)-13.89%

EPS beat(4)2

Avg EPS beat(4)-2.44%

Min EPS beat(4)-14.22%

Max EPS beat(4)14.05%

EPS beat(8)4

Avg EPS beat(8)-2.35%

EPS beat(12)5

Avg EPS beat(12)-2.87%

EPS beat(16)7

Avg EPS beat(16)16.58%

Revenue beat(2)0

Avg Revenue beat(2)-5.95%

Min Revenue beat(2)-6.28%

Max Revenue beat(2)-5.61%

Revenue beat(4)1

Avg Revenue beat(4)-2.93%

Min Revenue beat(4)-6.28%

Max Revenue beat(4)2.34%

Revenue beat(8)2

Avg Revenue beat(8)-2.29%

Revenue beat(12)4

Avg Revenue beat(12)-0.84%

Revenue beat(16)5

Avg Revenue beat(16)-0.95%

PT rev (1m)0%

PT rev (3m)4.23%

EPS NQ rev (1m)0%

EPS NQ rev (3m)-10.35%

EPS NY rev (1m)0.2%

EPS NY rev (3m)-7.31%

Revenue NQ rev (1m)0%

Revenue NQ rev (3m)-4.97%

Revenue NY rev (1m)-0.29%

Revenue NY rev (3m)-3.52%

Valuation

		Industry Rank	Sector Rank
PE	11.67
Fwd PE	11.58
P/S	1.25
P/FCF	N/A
P/OCF	N/A
P/B	0.57
P/tB	0.57
EV/EBITDA	N/A

EPS(TTM)9.08

EY8.57%

EPS(NY)9.15

Fwd EY8.63%

FCF(TTM)-16.91

FCFYN/A

OCF(TTM)-15.28

OCFYN/A

SpS85.06

BVpS185.9

TBVpS184.7

PEG (NY)N/A

PEG (5Y)1.51

Profitability

		Industry Rank	Sector Rank
ROA	0.5%
ROE	5.63%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	12.3%
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 Rank	Sector Rank
Debt/Equity	4.31
Debt/FCF	N/A
Debt/EBITDA	N/A
Cap/Depr	N/A
Cap/Sales	1.91%
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

WACC5.21%

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)-17.15%

EPS 3Y17.45%

EPS 5Y7.75%

EPS Q2Q%-20.7%

EPS Next Y-7.87%

EPS Next 2Y-4.09%

EPS Next 3Y-0.93%

EPS Next 5YN/A

Revenue 1Y (TTM)-20.96%

Revenue growth 3Y3.25%

Revenue growth 5Y9.84%

Sales Q2Q%1.86%

Revenue Next Year-2.27%

Revenue Next 2Y-0.04%

Revenue Next 3Y1.16%

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 1Y86.29%

FCF growth 3YN/A

FCF growth 5YN/A

OCF growth 1Y87.53%

OCF growth 3YN/A

OCF growth 5YN/A

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

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens