Sparebanken Norge, a financial services company, (SBNOR) Fair Value & Analysis
Financial Services · NO · Market cap 33.7B NOK
Fair value as of: Aug 14, 2026
From 6 valuation models · updated today
Share price +1.8% over the past month.
Below-average quality, screening 70% undervalued on our models.
What matters now
- The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (kr 249.77). The market is more pessimistic than our downside scenario.
- 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 14, 2026.
How to read this chart
60‑month range kr 60.42 – kr 210.75 · fair‑value band kr 249.77 – kr 416.29 · the kr 195.90 price screens below the kr 333.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.
Analysis
Sparebanken Norge, a financial services company, (SBNOR) currently trades at kr 195.90, while our model-based Fair Value estimate is kr 333.03, implying the stock looks roughly 70.0% undervalued today. The Quality Score stands at 40/100 (below-average 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, Sparebanken Norge, a financial services company, generated revenue of 12.9B NOK at a net margin of 55.4%. Revenue grew 60.4% year over year. It earns a return on equity of 18.8%. Net debt stands at 285B NOK. Fundamentals as of Aug 14, 2026
Our scenario range runs from kr 249.77 (bear case) to kr 416.29 (bull case); at kr 195.90, 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 8% below its 52-week high and 39% 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 70%, SBNOR 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 6 models by family
Widest divergence: Multiples (kr 433.25) versus Asset-Based (kr 207.34). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 71
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
Sparebanken Norge, a financial services company, provides banking and financing services. The company is involved in investment banking; trading in securities for professional investors; leasing and selling mortgage loans; and real estate agency business.
Full company description
Sparebanken Norge, a financial services company, provides banking and financing services. The company is involved in investment banking; trading in securities for professional investors; leasing and selling mortgage loans; and real estate agency business. It serves retail and commercial markets, as well as the public sector in Southern, Western, and Eastern Norway. Sparebanken Norge was founded in 1823 and is headquartered in Bergen, Norway.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Sparebanken Norge, a financial services company, reported revenue of kr 11.5B in FY2025 versus kr 4.2B in FY2021, a compound +28.9%/yr. Reported net income was kr 6.5B in FY2025, compounding +26.8%/yr from FY2021.
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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.
Insider activity: 45/100
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 14, 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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