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1. Company Snapshot

1.a. Company Description

SpareBank 1 SMN, together with its subsidiaries, provides various banking, accounting, and real estate products and services to private individuals and companies in Norway and internationally.The company offers mortgage, green, car, boat, other vehicles, and consumer loans, as well as refinancing, as well as savings accounts.It also provides BSU house savings for young people, BSU, and mikrosparing, as well as fixed rate and green deposits, and placement accounts; savings funds; investment solutions, such as share savings accounts, stock trading, and private banking services; and individual pension savings, and pension savings accounts.


In addition, the company offers vehicle, housing and travel, person, animal, and valuables insurance services; property buying and selling advisory services; and mobile and online banking, and various debit and credit cards.Further, it offers loans and finances, including bank guarantees, corporate and construction loans, operating credit for agriculture, factoring, invoice sales, leasing, and liquidity loans with government guarantees; various pension products; and business and personal insurance products.Additionally, the company provides services, including accounting and payroll, HR, taxes and duties, and change of ownership, as well as IT solutions.


It offers real estate agency, advisory, and external and equity financing services.SpareBank 1 SMN was founded in 1823 and is headquartered in Trondheim, Norway.

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1.b. Last Insights on MING

SpareBank 1 SMN's recent stock performance was driven by its successful share buyback, which has been well received by the market. The company's strong Q4 2024 earnings release, which included a 14% dividend payout, also supported its positive trend. Furthermore, SpareBank 1 SMN's new mobile banking service, which was launched in December 2024, is expected to contribute to its future growth.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.08%)

6. Segments

Retail Market

Expected Growth: 1.2%

SpareBank 1 SMN's 1.2% growth in the retail market is driven by increasing demand for digital banking services, strategic partnerships with local businesses, and a strong focus on customer experience. Additionally, the bank's investment in mobile payment solutions and online lending platforms has contributed to its growth in the retail segment.

Corporate Market

Expected Growth: 1.1%

SpareBank 1 SMN's 1.1% corporate market growth is driven by increasing demand for digital banking services, strategic partnerships, and cost-effective solutions. The bank's strong brand reputation, efficient operations, and favorable interest rate environment also contribute to its growth. Additionally, the bank's focus on SMEs and corporate clients has led to increased market share and revenue growth.

Sunnmore og Fjordane

Expected Growth: 0.8%

SpareBank 1 SMN's 0.8% growth in Sunnmore og Fjordane is driven by increasing demand for mortgage loans, steady growth in personal banking, and a moderate expansion in commercial lending. Additionally, the bank's strong brand presence and efficient cost management contribute to its stable growth in the region.

SpareBank1 Regnskapshuset SMN

Expected Growth: 1.0%

SpareBank1 Regnskapshuset SMN's 1.0% growth is driven by increasing demand for accounting and advisory services, expansion into new markets, and strategic partnerships. The bank's strong brand reputation, efficient operations, and investment in digitalization also contribute to its growth. Furthermore, the Norwegian economy's stability and moderate growth rate provide a favorable environment for the bank's operations.

EiendomsMegler 1

Expected Growth: 1.3%

EiendomsMegler 1's 1.3% growth is driven by SpareBank 1 SMN's strong market presence, increasing demand for real estate services, and effective cost management. Additionally, the segment benefits from the bank's digitalization efforts, enhancing customer experience and driving operational efficiency.

Other

Expected Growth: 0.9%

SpareBank 1 SMN's 0.9% growth in 'Other' segment is driven by increasing demand for digital payment solutions, growth in e-commerce, and rising adoption of mobile banking services. Additionally, strategic partnerships and investments in fintech companies have contributed to this growth.

SpareBank1 Finans Midt-Norge

Expected Growth: 1.1%

SpareBank1 Finans Midt-Norge's 1.1% growth is driven by strong lending activities, fueled by Norway's stable economy and increasing consumer spending. The bank's diversified loan portfolio, comprising mortgages, consumer, and corporate loans, contributes to its growth. Additionally, the bank's efficient cost management and digitalization efforts have improved operational efficiency, further supporting growth.

Uncollated

Expected Growth: 0.7%

SpareBank 1 SMN's 0.7% growth is driven by strong lending growth, particularly in the mortgage segment, coupled with a stable net interest income. Additionally, the bank's focus on digitalization and cost-cutting initiatives have improved operational efficiency, contributing to the growth.

7. Detailed Products

Personal Banking

SpareBank 1 SMN offers a range of personal banking services, including current and savings accounts, credit cards, and personal loans.

Business Banking

SpareBank 1 SMN provides business banking services, including business accounts, loans, and cash management solutions.

Mortgage Loans

SpareBank 1 SMN offers mortgage loans for individuals and businesses, with competitive interest rates and flexible repayment terms.

Investment Services

SpareBank 1 SMN provides investment services, including brokerage, asset management, and pension savings.

Insurance Services

SpareBank 1 SMN offers a range of insurance products, including life insurance, non-life insurance, and pension insurance.

Card Services

SpareBank 1 SMN provides card services, including debit and credit cards, with rewards programs and travel insurance.

Digital Banking

SpareBank 1 SMN offers digital banking services, including online banking, mobile banking, and mobile payment solutions.

8. SpareBank 1 SMN's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SpareBank 1 SMN is medium, as there are some alternatives to traditional banking services, but they are not yet widely adopted.

Bargaining Power Of Customers

The bargaining power of customers for SpareBank 1 SMN is low, as customers have limited alternatives and the bank has a strong market position.

Bargaining Power Of Suppliers

The bargaining power of suppliers for SpareBank 1 SMN is low, as the bank has a strong market position and can negotiate favorable terms with suppliers.

Threat Of New Entrants

The threat of new entrants for SpareBank 1 SMN is low, as there are significant barriers to entry in the banking industry, including regulatory hurdles and high capital requirements.

Intensity Of Rivalry

The intensity of rivalry for SpareBank 1 SMN is high, as the banking industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 69.28%
Debt Cost 8.15%
Equity Weight 30.72%
Equity Cost 8.15%
WACC 8.15%
Leverage 225.57%

11. Quality Control: SpareBank 1 SMN passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SpareBank 1 Nord-Norge

A-Score: 8.0/10

Value: 7.4

Growth: 7.8

Quality: 6.2

Yield: 9.4

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
Sparekassen Sjælland-Fyn

A-Score: 7.6/10

Value: 7.5

Growth: 7.7

Quality: 7.6

Yield: 4.4

Momentum: 10.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
SpareBank 1 SMN

A-Score: 7.6/10

Value: 7.0

Growth: 5.6

Quality: 6.1

Yield: 8.8

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Lån & Spar Bank

A-Score: 7.4/10

Value: 8.0

Growth: 7.0

Quality: 7.7

Yield: 3.1

Momentum: 9.5

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Sparebanken Sør

A-Score: 6.7/10

Value: 7.4

Growth: 3.0

Quality: 6.4

Yield: 9.4

Momentum: 7.5

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Danske Bank

A-Score: 6.3/10

Value: 6.1

Growth: 2.9

Quality: 7.7

Yield: 5.0

Momentum: 8.5

Volatility: 7.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

195.76$

Current Price

195.76$

Potential

-0.00%

Expected Cash-Flows