Sparebanken Vest (SBNOR) fair value: what the stock is really worth
We calculate from audited financials what Sparebanken Vest is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Financial Services · NO · Market cap 35.4B NOK (≈ $3.8B) · ISIN NO0006000900
At a glance
SVSparebanken VestSBNOR · OL
Pricekr 204.20
Fair Valuekr 333.03
Upside+63.1%
Quality40/100
Below-average quality, trading 39% below our fair value of kr 333.03.
As of Aug 14, 2026, the fair value of Sparebanken Vest is kr 333.03 per share against a price of kr 204.20, so the fair value sits 63% above the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 3y +32.2 %/yr)
✓Highly profitable · 55.4% net margin
!High debt · generates free cash flow
·5.88% dividend yield
✓Ranks above peers (10/13)
✓Wide moat 73/100
!Evidence only medium, so the estimate is less certain
Evidence: MediumRange kr 249.77 to kr 416.29
Fair value as of: Aug 14, 2026
From 6 valuation models · updated 28 days ago
Share price +5.0% over the past month.
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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 60.91 – kr 210.75 · fair‑value band kr 249.77 – kr 416.29 · the kr 204.20 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.
Sparebanken Vest (SBNOR) currently trades at kr 204.20, while our model-based Fair Value estimate is kr 333.03, implying the stock looks roughly 38.7% undervalued today. The Quality Score stands at 40/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of kr 433.25 per share, and 6 of the 6 models we run sit above the kr 204.20 price. Bear case: the Asset-Based group reads lowest at kr 207.34, and 0 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Sparebanken Vest 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
Scenario range: kr 249.77 (bear) to kr 416.29 (bull), the price of kr 204.20 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 4% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −13% fair-value upside, at 63%, SBNOR screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (kr 3.12 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
Residual Income best evidencekr 287.74kr 343.08kr 730.7968
DDM Multi-Stagekr 123.19kr 215.99kr 268.8364
Gordon GGMkr 123.19kr 256.14kr 406.3563
All 6 models by family
Dividend Discount
Gordon GGMkr 123.19kr 256.14kr 406.3563
DDM Multi-Stagekr 123.19kr 215.99kr 268.8364
Multiples
P/E Multiplekr 365.69kr 487.59kr 609.4863
P/B Multiplekr 324.94kr 433.25kr 541.5755
Asset-Based
NCAV (Graham)kr 154.73kr 207.34kr 309.4754
Economic Profit
Residual Income best evidencekr 287.74kr 343.08kr 730.7968
Widest divergence: Multiples (kr 433.25) versus Asset-Based (kr 207.34). Highest evidence: Residual Income (68).
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Key figures & financial health
P/E ratio12.4
P/S ratio6.98P/E × margin
EPS (TTM)kr 16.48price ÷ EPS = P/E 12.4
Dividend yield5.9%payout 72.8%
Net margin56.3%FY2025
Return on equity18.8%TTM
More key figures
Profitability
Return on assets1.6%TTM
Operating margin67.1%TTM
Growth
Revenue (TTM)12.9B NOKTTM
Revenue growth (YoY)+60.4%3y avg +32.2%
EPS growth (YoY)−6.4%
Balance sheet & cash flow
Free cash flow6.9B NOKFY2025
Net debt285B NOKFY2025 · ≈ 41.6 yrs of FCF
Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality40/100
Of which business quality 39
· Market factors (momentum, volatility) 74
Profitability44
Margins and returns on capital today
Quality Growth66
Are margins and returns improving?
Cashflow85
Earnings quality: real cash, not paper profit
Fin. Strength0
Balance sheet, leverage, solvency risk
Investment33
Disciplined investing over empire-building
Low Volatility95
Calm price path (market factor)
Momentum57
Price trend over the last 3–12 months (market factor)
52W Momentum78
Distance to the 52-week high (market factor)
Net Issuance0
Buybacks instead of dilution
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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 Vest reported revenue of 11.5B NOK in FY2025 versus 4.2B NOK in FY2021, a compound +28.9%/yr. Reported net income was 6.5B NOK in FY2025, compounding +26.8%/yr from FY2021.
Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
11.5B NOK
Latest YoY
+56.9%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+32.2%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+15.7%
Earnings growth per share plus dividend yield: the value created per share and year.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Sparebanken Vest Fair Value". https://www.fairvalue-calculator.com/stock/SBNOR
Peer Group
Banks - Regional · 1073 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
Quality Score40 · Bottom 25%
Fair Value upside+62% · Top 25%
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)55% · Top 25%
Operating margin (TTM)67% · Top 25%
Growth and dividend
Revenue growth60% · Top 25%
Dividend yield (TTM)5.9% · Top 25%
Balance sheet
Debt / equity5.49× · Highest 25%
Valuation Multiples vs Banks - Regional median · lower = cheaper
P/E (TTM)12.4× · Pricier than median
P/B0.63× · Cheapest 25%
P/S (TTM)2.62× · Cheaper than median
P/FCF0.5× · Cheapest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Sparebanken Vest deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+16.3 % per year
Achieved revenue growth, 4 years+28.9 % p.a.
Sector median revenue growth+8.2 %
FCF yield on price19.39 %
Discount rate (WACC) in the models8.3 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
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.
This stockSector peers
VALUE100· sector 33
FUTURE100· sector 44
PAST75· sector 41
HEALTH0· sector 85
DIVIDEND100· sector 51
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).
Is Sparebanken Vest (SBNOR) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of kr 333.03 versus a price of kr 204.20, about +63% upside (undervalued).
What is the fair value of SBNOR?
Our model-based fair value for Sparebanken Vest is kr 333.03 (as of Aug 14, 2026), built from audited fundamentals. The current price: kr 204.20.
What is the quality score of SBNOR?
Sparebanken Vest has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Sparebanken Vest (SBNOR)?
Our model-based price target is the fair value of kr 333.03 (as of Aug 14, 2026) from 6 valuation models. Cautious scenario kr 249.77, optimistic scenario kr 416.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Sparebanken Vest stock forecast for 2026?
Our models put fair value at kr 333.03, about +63% upside versus a price of kr 204.20 (undervalued). Cautious scenario kr 249.77, optimistic scenario kr 416.29. The calculation is refreshed regularly with new filings.
What is the revenue of Sparebanken Vest (SBNOR)?
Sparebanken Vest reported trailing-twelve-month revenue of about 12.9B NOK (latest available figure, as of Aug 14, 2026).
What is the net profit margin of SBNOR?
The net profit margin of Sparebanken Vest is about 55.4%, meaning it keeps roughly 55.4% of revenue as net income. Based on the latest reported figures.
Does Sparebanken Vest pay a dividend?
Sparebanken Vest currently shows a dividend yield of about 5.88% relative to its recent price (as of Aug 14, 2026).
What growth is priced into Sparebanken Vest (SBNOR)?
For today's price to be fair in a discounted-cash-flow model, Sparebanken Vest would have to grow free cash flow by +16.3 % per year for ten years (discount rate 8.3 %, then 2 % perpetual growth). Over the last 4 years revenue grew +28.9 % per year. As of Aug 14, 2026.
What discount rate (WACC) does the fair value of SBNOR use?
Our models discount Sparebanken Vest at 8.3 %: a base by market capitalisation (mid), damped by beta 0.40, country premium for Norway. The same rate applies in all 26 models.
What is the intrinsic value of Sparebanken Vest (SBNOR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sparebanken Vest it is kr 333.03 per share (as of Aug 14, 2026), against a price of kr 204.20. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Sparebanken Vest stock overvalued or undervalued in 2026?
As of Aug 14, 2026, SBNOR trades below its calculated fair value: price kr 204.20, fair value kr 333.03, a gap of about +63% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SBNOR?
No. The price is what the market pays today (kr 204.20); the fair value is what the company's own numbers justify (kr 333.03). For Sparebanken Vest the two are kr 128.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sparebanken Vest worth?
The market values Sparebanken Vest at about 35.4B NOK (market capitalisation, as of Aug 14, 2026). Per share that is kr 204.20; our models calculate a fair value of kr 333.03 per share.
What do the bullish and bearish scenarios say about SBNOR?
Our models span a range for Sparebanken Vest: cautious scenario kr 249.77, base kr 333.03, optimistic kr 416.29 per share (as of Aug 14, 2026, price kr 204.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SBNOR?
Sparebanken Vest trades at a price-to-earnings ratio of 12.4 (as of Aug 14, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 333.03 is built from several models across several years. Other multiples: P/B 0.6, P/S 2.6.
How solid is the balance sheet of Sparebanken Vest (SBNOR)?
Balance-sheet figures for Sparebanken Vest (as of Aug 14, 2026): return on equity 18.8%, debt of 5.49 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is SBNOR from its 52-week high?
Sparebanken Vest trades at kr 204.20, about 4% below its 52-week high of kr 212.00 and 45% above the low of kr 140.98 (as of Aug 14, 2026). Distance from the high says nothing about value: that is what the fair value of kr 333.03 is for.
Which stocks are comparable to Sparebanken Vest?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sparebanken Vest stock attractive at the current price?
The data as of Aug 14, 2026: price kr 204.20, calculated fair value kr 333.03 (+63%), Quality Score 40/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SBNOR calculated?
We run Sparebanken Vest through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 333.03, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Sparebanken Vest currently trades 63 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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