olivLaw · European equity research
Sparekassen Sjælland-Fyn A/S SJF.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060670776 · Vertical: Listed companies from Denmark
Sparekassen Sjælland-Fyn A/S is a value-based Danish savings bank focused on private and business customers in Sjælland and Fyn, with a network of 33 branches. For investors in the 2024 reporting period, the bank's simple model based on avoiding complex products and keeping most lending tied to its home region is the key point.
At the close of 05 Nov 2026, Sparekassen Sjælland-Fyn A/S (SJF.CO) stock was 505.00 DKK (−1.37% on the day), with market capitalisation 9.4 bn DKK, P/E 15.1 on diluted EPS of 33.40 DKK over the last 12 months, dividend yield 1.55%, beta 0.65, 52-week range 299.50–529.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 58.6
- strong (55–70)
- Bollinger (20, 2)
- 442.63 – 524.62
- in the upper half of the band · %B 0.76 · band width 17.0%
- SMA 50 / 200
- 478.81 / 392.65
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 10.29 / 7.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.1% | +0.4% | +3.7 pp | — |
| 3 months | +15.8% | −3.3% | +19.1 pp | — |
| 6 months | +57.1% | +4.0% | +53.1 pp | — |
| Year to date | +35.4% | +8.1% | +27.3 pp | — |
| 1 year | +47.2% | +10.7% | +36.5 pp | −6.5% |
| 3 years | +153.8% | +50.1% | +103.7 pp | +1.4% |
| 5 years | +230.1% | +43.6% | +186.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 6.8, median 7.1, max 7.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 558.4 m | 623.1 m |
| Net income YoY | unavailable | +11.6% |
| Diluted EPS | 29.40 | 33.40 |
| Diluted EPS YoY | unavailable | +13.6% |
| net % | unavailable | unavailable |
| Free cash flow | 1.4 bn | 2.8 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 7.2 bn DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 4.8 bn DKK
- Total assets
- 32.1 bn DKK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 13.5%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
Balance sheet · DKK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 4.6 bn | 7.2 bn | esef· 18 Mar 2025verified |
| Intangibles (excl. goodwill) | 91.2 m | 91.2 m | esef· 18 Mar 2025verified |
| Total assets | 31.7 bn | 32.1 bn | esef· 18 Mar 2025verified |
| Equity | 4.4 bn | 4.8 bn | esef· 18 Mar 2025verified |
| Shares outstanding at year end | 19.0 m | 18.7 m | esef· 18 Mar 2025derived |
Cash flow · DKK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.5 bn | 3.0 bn | esef· 18 Mar 2025verified |
| Capex | 105.4 m | 132.5 m | esef· 18 Mar 2025verified |
| Free cash flow | 1.4 bn ≈ | 2.8 bn ≈ | esef· 18 Mar 2025derived |
| Investing cash flow | -121.9 m | -104.4 m | esef· 18 Mar 2025verified |
| Financing cash flow | -79.5 m | -326.8 m | esef· 18 Mar 2025verified |
| Dividends paid | 103.6 m | 145.6 m | esef· 18 Mar 2025verified |
| Share repurchases | 63.6 m | 103.4 m | esef· 18 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 9.4 bn DKK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 452.3% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 15.1x | 48 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 29.9% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 2.6% | 38 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 5.2% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns63/100 · 2/2 factors with a value
- Valuation71/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Sparekassen Sjælland-Fyn A/S (SJF.CO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 14.8%.
The estimated value range is 371.73–566.02 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 439.86 DKK, the price of 505.00 DKK leaves a potential of -12.9% (value / price − 1) and a margin of safety of -14.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 452.3%
- FCF yield: 29.9%
- Payout ratio (FCF): 5.2%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for SJF.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sparekassen Sjælland-Fyn A/S is a value-based Danish savings bank focused on private and business customers in Sjælland and Fyn, with a network of 33 branches. For investors in the 2024 reporting period, the bank's simple model based on avoiding complex products and keeping most lending tied to its home region is the key point.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Credit riskhigh
Weakly secured exposures and those in category 1 could raise losses if customers cannot repay their debts 1.
- Concentration riskmedium
Large-exposure sums are close to the regulatory ceiling, and deterioration in a few exposures could affect capital 1.
- IT and security riskmedium
Cyberattacks or an outage at the IT supplier could disrupt services 1.
- Regulatory riskmedium
New DORA rules impose additional compliance requirements and investment 1.
- Regional risklow
Activity is concentrated on two Danish islands, which amplifies the effects of a local crisis 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in category 1 exposures and credit losses2025
- Implementation of DORA requirements and associated costs2025
- Development of digital customer numbers and branch count2025
- Level of the sum of large exposures relative to the 175% ceilingnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sparekassen Sjælland-Fyn is a local Danish bank that describes its values in six principles: community, closeness, competence, inclusiveness, fairness and social responsibility 1. The bank serves roughly 160,000 customers, of whom about 18,000 are also shareholders 1. Its strategic choice of simplicity and personal advice, combined with a dense physical network and digital channels, defines how it does business 1.
The bank organises its activity into three business areas: private, business and wealth, all built on the principle of simplicity and avoiding highly complex products 1. It cooperates with partners in mortgage credit, leasing, insurance, pensions, accounting and investments, from which it receives brokerage and guarantee commissions for certain products 1. IT infrastructure is largely outsourced to the Bankdata data centre, supplemented by internal competence 1.
The distribution structure includes 33 branches grouped in seven regional centres, two business centres, two business departments and one agricultural department, plus Digital Sparekasse, a digital channel with extended opening hours 1. The bank states that at least 90% of loans and guarantees must relate to its primary market area 1.
Segments
Private customers
The private segment offers accounts, savings and personal loans, with pricing differentiated by business volume and risk 1. The bank emphasises personal advice and long-term relationships with customers 1.
Business customers and associations
Companies and associations are served according to risk profile and needs, with a strong focus on knowing the customer's identity 1. Customers with larger exposures are handled in business centres, smaller ones in business departments or branches 1.
Wealth
Wealth is named as one of the three business areas, but the source does not detail its products 1.
Market context
The bank ranks 13th among Danish banks by working capital, with a primary market of Sjælland and Fyn 1. Group loans and receivables at amortised cost totalled 12,790,286 thousand DKK in 2024 1. Credit exposure from lending activities was 23,711,381 thousand DKK, down from the prior year 1.
The regulator sets a 175% ceiling on the sum of large exposures, and the bank reported 68.7% in 2024 1. Exposures to a single customer or group of connected customers may not exceed 25% of the capital base, and the bank says it stayed within these limits 1.
Trends
- Stricter IT requirementsheadwind
The European DORA regulation takes effect in January 2025 and sets higher standards for digital resilience, which raises compliance costs 1.
- Digitalisation of servicestailwind
The bank has defined digitalisation as a priority strategic area, and a growing share of customer meetings take place digitally, which could reduce physical network costs 1.
- Credit qualityheadwind
Category 1 exposures with weak creditworthiness rose in 2024, indicating pressure on the portfolio if the local economy weakens 1.
- Compliance with capital rulesmixed
The bank keeps large exposures below regulated limits, which could support stability if the ceilings remain stable 1.
Competitive position
The bank competes with other Danish banks and savings banks, mainly in the Sjælland and Fyn regions where almost all of its activity is concentrated 1. The source does not identify competitors listed on US markets.
The bank's stated advantage lies in closeness to customers, its local branch network and local decision-making, but the source gives no comparative data against other operators 1.
- Other local Danish banks
Competition for private and business customers in the same regional markets.
- Banks with national digital networks
Competition for customers who prefer digital services without physical branches.
- Banks with mortgage loan portfolios
Competition for lending and mortgage products distributed through partners.
- Insurance and pension providers
Competition for savings and protection products the bank distributes through partners.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202418 Mar 2025
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Sparekassen Sjælland-Fyn A/S · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.