Siauliu Bankas AB (SAB1L; Nasdaq Vilnius)

Highly profitable fastest growing bank in Lithuania (EU member country) with consistently high ROE available at book value specializing in commercial banking.

MCap 315M

PE 5.5

PBv 1

PS 2.5

DY 6%

ROE 20%

Yearly stock trading volume of 13% making it an overlooked stock.

Siauliu Bankas, AB was established in the year 1992. Listed on NASDAQ Vilnius since 1994.

Bank has 62 physical outlets in 37 towns, more then any other bank in the country.

4-th largest bank in Lithuania by market share of deposits and loans.

2.4 billion Eu in assets.

Fastest growing bank in Lithuania.

Employees > 800.

Siauliu Bankas AB Group has few subsidiaries: SB Lizingas (Consumer leasing and consumer credits), Bonum Publicum (Life insurance), also few others, notably real estate and investment management subsidiaries.

Shareholders’ structure: 50%/50% split between local and international investors. EBRD (European Bank for Reconstruction and Development) is the largest shareholder with 26% share.

Dividend policy states that the bank will aim to allocate at least 25% of the group’s annual profit in dividends.

Capital adequacy ratio >15%.

Cost to income ratio is constantly being pushed down by management and now down to almost ~35%.

Best customer service bank in the Baltics according to research by Dive in the year 2018.

Financials and other info:

Long Siauliu Bankas AB as of 01/21/2020

Purchase price: 0.535 Eu