SpareBank 1 Østfold Akershus (SOAG.OL) | Investment Case

1. Company Snapshot

1.a. Company Description

SpareBank 1 Østfold Akershus, a savings bank, provides various banking products and services in Østfold and the southern part of Akershus.The company offers savings, operating, tax deduction, deposit, placement, and currency accounts; and savings and investment products.It also provides consumer, construction, repayment, boat, motorcycle, and car loans; operating credit products; bank guarantees; liquidity loans with government guarantees; operating credit for agriculture; mortgage products; leasing and factoring services; and refinancing services.

In addition, the company offers various insurance products, such as vehicle, house and travel, personal, animal, liability, work machine, interruption, condominium, cyber, truck, movable property, commercial building, project, transport, crime, bus, group life, health, leisure accident, occupational injury, accident insurance children, and sick pay insurance products; and pension products.Further, it provides credit, municipal payment, and other bank cards; payment terminal, debt collection, and document collection services; bonds, forwards, and currency options; accounting approved, invoice automatic, eGiro/Cremul, KID invoice, and OCR and eGiro payment services; and mobile and online banking services.The company was founded in 1835 and is headquartered in Moss, Norway.

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1.b. Last Insights on SOAG

SpareBank 1 Østfold Akershus benefits from a favorable European market backdrop, characterized by easing trade tensions and optimism over potential U.S. interest rate cuts. As a dividend stock, it may offer stability and income, attracting investors navigating economic uncertainties. With mixed European market performance in October, the bank's resilience is noteworthy. Dovish signals from the U.S. Fed Chair and easing trade tensions between the U.S. and China create opportunities for discerning investors to identify potential among small-cap stocks. No recent earnings release or share buyback information is available.

1.c. Company Highlights

Last Price	458
Change Percentage	0.22%
Open	458
Previous Close	457
Market Cap ( Millions)	5674
Volume	382
Year High	467.2
Year Low	365
M A 50	443.45
M A 200	429.12

FCF Yield	0.21%
Dividend Yield	6.57%
ROE	14.90%
Debt / Equity	98.57%
Net Debt / EBIDTA	648.62%
Price To Book	1.19
Price Earnings Ratio	8.34
Price To FCF	472.8
Price To sales	2.96
EV / EBITDA	13.92

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

Private Markets

Expected Growth: 1.2%

SpareBank 1 Østfold Akershus' 1.2% growth in Private Markets is driven by increasing demand for wealth management services, strategic partnerships, and expansion into new regions. Additionally, the bank's digital transformation efforts and focus on sustainable investments have attracted environmentally conscious clients, contributing to the growth.

Business Markets

Expected Growth: 0.8%

SpareBank 1 Østfold Akershus' 0.8% growth in Business Markets is driven by increasing demand for digital banking services, strategic partnerships with local businesses, and a strong focus on customer relationships. Additionally, the bank's investment in digital infrastructure and cost-cutting initiatives have improved operational efficiency, contributing to the growth.

Property Brokerage

Expected Growth: 1.5%

SpareBank 1 Østfold Akershus' 1.5% growth in Property Brokerage is driven by increasing demand for housing in the region, fueled by population growth and urbanization. Additionally, the bank's strong brand reputation, extensive network, and competitive pricing strategy contribute to its market share expansion.

Accounting Services

Expected Growth: 0.9%

SpareBank 1 Østfold Akershus' 0.9% growth in Accounting Services is driven by increasing demand for digitalization and automation of financial processes, coupled with the bank's strategic expansion into the SME segment, and investments in cloud-based accounting solutions, enhancing customer experience and driving operational efficiency.

Unallocated

Expected Growth: 1.0%

Unallocated from SpareBank 1 Østfold Akershus' 1.0 growth driven by strong deposit growth, efficient cost management, and strategic investments in digitalization, enhancing customer experience and increasing market share in the Norwegian banking sector.

7. Detailed Products

Personal Banking

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

Business Banking

The bank provides a variety of business banking services, including business loans, credit facilities, and cash management solutions.

Investment and Wealth Management

SpareBank 1 Østfold Akershus offers investment and wealth management services, including portfolio management, investment advice, and pension planning.

Insurance

The bank provides a range of insurance products, including life insurance, non-life insurance, and pension insurance.

Real Estate Financing

SpareBank 1 Østfold Akershus offers financing solutions for real estate development, construction, and property acquisition.

Corporate Banking

The bank provides corporate banking services, including cash management, trade finance, and risk management solutions.

8. SpareBank 1 Østfold Akershus's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate for SpareBank 1 Østfold Akershus, as customers have alternative banking options available in the market.

Bargaining Power Of Customers

The bargaining power of customers is high, as they have multiple banking options and can easily switch to competitors if not satisfied with the services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low, as SpareBank 1 Østfold Akershus has a strong negotiating position due to its large customer base and financial resources.

Threat Of New Entrants

The threat of new entrants is low, as the banking industry has high barriers to entry, including regulatory requirements and high capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high, as SpareBank 1 Østfold Akershus operates in a highly competitive market with many established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	50.36%
Debt Cost	5.25%
Equity Weight	49.64%
Equity Cost	5.25%
WACC	5.25%
Leverage	101.44%

11. Quality Control: SpareBank 1 Østfold Akershus passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

SpareBank 1 Ostlandet

A-Score: 7.7/10

Value: 6.4

Growth: 7.9

Quality: 5.5

Yield: 8.8

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

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 ->

BKS Bank

A-Score: 7.0/10

Value: 7.3

Growth: 7.8

Quality: 5.6

Yield: 3.1

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

SpareBank 1 Østfold Akershus

A-Score: 6.5/10

Value: 4.7

Growth: 5.1

Quality: 5.5

Yield: 7.5

Momentum: 8.5

Volatility: 7.7

1-Year Total Return ->

Spar Nord Bank

A-Score: 6.5/10

Value: 4.6

Growth: 7.3

Quality: 7.6

Yield: 4.4

Momentum: 9.5

Volatility: 5.3

1-Year Total Return ->

BankNordik

A-Score: 5.1/10

Value: 6.4

Growth: 6.1

Quality: 7.7

Yield: 5.0

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

26.11%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.25%

SpareBank 1 Østfold Akershus - NO0010285562

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SOAG

1.c. Company Highlights

Average Growth

Average Yield

Medium Volatility

Earnings Beats

Revenues Beats

Earnings Miss

Expensive

Fairly Valued

Stable Momentum

Average Quality

Better Quality

Strong Momentum

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

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

6. Segments

Private Markets

Expected Growth: 1.2%

Business Markets

Expected Growth: 0.8%

Property Brokerage

Expected Growth: 1.5%

Accounting Services

Expected Growth: 0.9%

Unallocated

Expected Growth: 1.0%

7. Detailed Products

Personal Banking

Business Banking

Investment and Wealth Management

Insurance

Real Estate Financing

Corporate Banking

8. SpareBank 1 Østfold Akershus's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: SpareBank 1 Østfold Akershus passed 2 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

458.0$

Current Price

458$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA