SpareBank 1 SMN, (MING) Fair Value & Analysis
Financial Services · NO · Market cap 28.1B NOK
Fair value as of: Aug 13, 2026
From 4 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from kr 385.63 to kr 338.02 (−12.3%) since Jul 19, 2026. Share price +4.2% over the past month.
A solid business, screening 67% undervalued on our models.
What matters now
- The price is below even our cautious bear case (kr 253.52). The market is more pessimistic than our downside scenario.
- Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range kr 81.86 – kr 213.25 · fair‑value band kr 253.52 – kr 422.52 · the kr 202.05 price screens below the kr 338.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
SpareBank 1 SMN, (MING) currently trades at kr 202.05, while our model-based Fair Value estimate is kr 338.02, implying the stock looks roughly 67.3% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, SpareBank 1 SMN, generated revenue of 8.8B NOK at a net margin of 47.2%. Revenue declined 7.7% year over year. It earns a return on equity of 14.5%. Net debt stands at 45.4B NOK. Fundamentals as of Aug 13, 2026
Our scenario range runs from kr 253.52 (bear case) to kr 422.52 (bull case); at kr 202.05, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 47% fair-value upside, at 67%, MING screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 4 models by family
Widest divergence: Multiples (kr 302.54) versus Asset-Based (kr 144.79). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 67
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full 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 deposits, savings and investment products, financing and real estate brokerage services, vehicle financing and leasing services, insurance products, credit and debit cards, loans, structured products, and stock trading and international payment services. It also provides bank guarantee, such as payment, lien, rent, loan, contract, other guarantees; documentary collection; foreign currency accounts; letters of credit; forward contracts; capital market and accounting services; and mobile, online, and other banking services. The company distributes its products through physical branches and digital channels, as well as a customer service center. SpareBank 1 SMN was founded in 1823 and is headquartered in Trondheim, Norway.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
SpareBank 1 SMN, reported revenue of kr 8.1B in FY2025 versus kr 5.9B in FY2021, a compound +7.9%/yr. Reported net income was kr 4.3B in FY2025, compounding +11.8%/yr from FY2021.
of which total revenue +9.6 pp · buybacks/dilution −1.4 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
Watch MING: get an alert when its fair value changes →
Peer Group
Banks - Regional · 1086 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| PT Bank Central Asia Tbk BBCA | 6,350 IDR | 4,637 IDR | -27% |
| KB Financial Group 105560 | 168,100 KRW | 220,258 KRW | +31% |
| PT Bank Rakyat Indonesia (Persero) Tbk BBRI | 3,110 IDR | 3,792 IDR | +22% |
| PT Bank Mandiri (Persero) Tbk BMRI | 4,130 IDR | 6,067 IDR | +47% |
| Banco Bradesco S.A BBD | 5,120 ARS | 8,400 ARS | +64% |
| Shinhan Financial Group 055550 | 103,800 KRW | 146,032 KRW | +41% |
| Hana Financial Group 086790 | 127,900 KRW | 210,506 KRW | +65% |
| Lloyds Banking Group LYG | 4,138 ARS | 8,275 ARS | +100% |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB | 59,500 VND | 45,959 VND | -23% |
| Woori Financial Group 316140 | 33,000 KRW | 60,758 KRW | +84% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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