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

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

109.75  -0.15 (-0.14%)

Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to MORG. MORG was compared to 91 industry peers in the Banks industry. Both the profitability and financial health of MORG have multiple concerns. MORG is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

MORG had positive earnings in the past year.
MORG had a negative operating cash flow in the past year.
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's Return On Assets of 0.50% is on the low side compared to the rest of the industry. MORG is outperformed by 61.54% of its industry peers.
The Return On Equity of MORG (5.63%) is worse than 67.03% of its industry peers.
Industry RankSector 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
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 worse Profit Margin (12.30%) than 82.42% of its industry peers.
MORG's Profit Margin has been stable in the last couple of years.
MORG 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) 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
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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0

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
Compared to 5 years ago, MORG has more shares outstanding
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

A Debt/Equity ratio of 4.31 is on the high side and indicates that MORG has dependencies on debt financing.
MORG has a Debt to Equity ratio of 4.31. This is amonst the worse of the industry: MORG underperforms 84.62% of its industry peers.
Industry RankSector Rank
Debt/Equity 4.31
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC5.28%
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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4

3. Growth

3.1 Past

The earnings per share for MORG have decreased by -8.51% in the last year.
The Earnings Per Share has been growing slightly by 7.75% on average over the past years.
Looking at the last year, MORG shows a very strong growth in Revenue. The Revenue has grown by 63.36%.
Measured over the past years, MORG shows a quite strong growth in Revenue. The Revenue has been growing by 9.84% on average per year.
EPS 1Y (TTM)-8.51%
EPS 3Y17.45%
EPS 5Y7.75%
EPS Q2Q%-11.62%
Revenue 1Y (TTM)63.36%
Revenue growth 3Y3.25%
Revenue growth 5Y9.84%
Sales Q2Q%-1.9%

3.2 Future

Based on estimates for the next years, MORG will show a small growth in Earnings Per Share. The EPS will grow by 1.08% on average per year.
Based on estimates for the next years, MORG will show a small growth in Revenue. The Revenue will grow by 2.30% on average per year.
EPS Next Y-0.6%
EPS Next 2Y-2.63%
EPS Next 3Y1.08%
EPS Next 5YN/A
Revenue Next Year1.3%
Revenue Next 2Y0.49%
Revenue Next 3Y2.3%
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.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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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3

4. Valuation

4.1 Price/Earnings Ratio

MORG is valuated reasonably with a Price/Earnings ratio of 11.35.
MORG's Price/Earnings ratio is a bit more expensive when compared to the industry. MORG is more expensive than 69.23% of the companies in the same industry.
When comparing the Price/Earnings ratio of MORG to the average of the S&P500 Index (27.41), we can say MORG is valued rather cheaply.
Based on the Price/Forward Earnings ratio of 11.63, the valuation of MORG can be described as reasonable.
Based on the Price/Forward Earnings ratio, MORG is valued a bit more expensive than 65.93% of the companies in the same industry.
MORG is valuated cheaply when we compare the Price/Forward Earnings ratio to 35.19, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 11.35
Fwd PE 11.63
MORG.OL Price Earnings VS Forward Price EarningsMORG.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

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)1.46
EPS Next 2Y-2.63%
EPS Next 3Y1.08%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.77%, MORG is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.19, MORG pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.35, MORG pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.77%

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 71.22% 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.
DP71.22%
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 (7/14/2025, 1:38:04 PM)

109.75

-0.15 (-0.14%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-30 2025-04-30/bmo
Earnings (Next)08-14 2025-08-14
Inst Owners27.58%
Inst Owner ChangeN/A
Ins Owners0.32%
Ins Owner ChangeN/A
Market Cap5.47B
Analysts76
Price Target104.38 (-4.89%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.77%
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)1.82%
PT rev (3m)2.08%
EPS NQ rev (1m)-3.01%
EPS NQ rev (3m)-2.42%
EPS NY rev (1m)0%
EPS NY rev (3m)0.6%
Revenue NQ rev (1m)-5.26%
Revenue NQ rev (3m)-4.88%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 11.35
Fwd PE 11.63
P/S 1.29
P/FCF N/A
P/OCF N/A
P/B 0.59
P/tB 0.59
EV/EBITDA N/A
EPS(TTM)9.67
EY8.81%
EPS(NY)9.43
Fwd EY8.59%
FCF(TTM)-16.91
FCFYN/A
OCF(TTM)-15.28
OCFYN/A
SpS85.06
BVpS185.9
TBVpS184.7
PEG (NY)N/A
PEG (5Y)1.46
Profitability
Industry RankSector 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 RankSector 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
WACC5.28%
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)-8.51%
EPS 3Y17.45%
EPS 5Y7.75%
EPS Q2Q%-11.62%
EPS Next Y-0.6%
EPS Next 2Y-2.63%
EPS Next 3Y1.08%
EPS Next 5YN/A
Revenue 1Y (TTM)63.36%
Revenue growth 3Y3.25%
Revenue growth 5Y9.84%
Sales Q2Q%-1.9%
Revenue Next Year1.3%
Revenue Next 2Y0.49%
Revenue Next 3Y2.3%
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