Sparebanken Vest (SBNOR) Fair Value & Analysis
Financial Services · NO · Market cap 33.7B NOK (≈ $3.6B) · ISIN NO0006000900
What is Sparebanken Vest really worth?
Below-average quality, trading 38% below our fair value of kr 333.03.
Strengths
Risks
For context
Fair value as of: Aug 14, 2026
From 6 valuation models · updated 22 days ago
Share price +3.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
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 205.90 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 Vest (SBNOR) currently trades at kr 205.90, while our model-based Fair Value estimate is kr 333.03, implying the stock looks roughly 38.2% 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 205.90 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
Our scenario range runs from kr 249.77 (bear case) to kr 416.29 (bull case); at kr 205.90, 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 3% below its 52-week high and 46% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 62%, SBNOR screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 3.03 per share, which is 0.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 6 models by family
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
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) 75
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.
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Peer Group
Banks - Regional · 1071 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
Strength profile in five axes (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.
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 |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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Frequently asked questions
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