Sparebanken Vest (SBNOR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Sparebanken Vest stock NOK 279, price NOK 202, upside +37.9%, quality 40 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range kr 61.08 – kr 215.35 · fair‑value band kr 209.22 – kr 430.52 · the kr 202.25 price screens below the kr 278.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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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.
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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.
Stock analysis
Sparebanken Vest (SBNOR) currently trades at kr 202.25, while our model-based Fair Value estimate is kr 278.96, implying the stock looks roughly 27% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 478.45 per share, and 4 of the 6 models we run sit above the kr 202.25 price.
Bear case: the Asset-Based group reads lowest at kr 183.60, and 2 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 209.22 (bear) to kr 430.52 (bull), the price of kr 202.25 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap 35.0B NOK (≈ $3.7B) Mid · P/E ratio 9.6 · P/S ratio 5.40 · EPS (TTM) kr 21.10 · Dividend yield 5.9% · Net margin 56.3% · Return on equity 13.4% · Return on assets 1.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 38%, SBNOR screens cheaper than that median.
Fair Value models
Bearkr 209.22Fair Value kr 278.96Bullkr 430.52
Price kr 202.25 · Upside +37.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 7.80 per share) are deliberately not added.Bear ⓘ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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Incomekr 294.46kr 361.34kr 535.5472
DDM Multi-Stagekr 131.62kr 237.27kr 304.6363
P/E Multiplekr 591.68kr 788.90kr 986.1363
All 6 models by family
Dividend Discount
Gordon GGMkr 131.62kr 293.21kr 506.4962
DDM Multi-Stagekr 131.62kr 237.27kr 304.6363
Multiples
P/E Multiplekr 591.68kr 788.90kr 986.1363
P/B Multiplekr 126.00kr 168.00kr 210.0055
Asset-Based
NCAV (Graham)kr 137.02kr 183.60kr 274.0354
Economic Profit
Residual Incomekr 294.46kr 361.34kr 535.5472
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+56.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+32.2%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
News mood ⓘNews mood, the average tone of recent news (4 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The regional bank's strength is its post-merger technology modernisation and AI expansion to ease net interest margin pressure, yet its weak point remains the challenge of preserving close local ties amid efforts to build broader national reach.
Main risk: The biggest risk is that the push for national reach through efficiency measures could undermine the close regional ties and community focus that define its operations, affecting customer relationships and the distinctive local model.
Sparebanken Norge is pushing ahead with its post-merger transformation, modernising technology and expanding AI use to offset pressure on net interest margins while reallocating staff to customer-facing roles. The moves aim to build national reach but test whether the bank can keep the close regional ties and community focus that have long shaped its operations. Will the efficiency gains outweigh any loss of its distinctive local model?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Banks - Regional · 996 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+37.9% · Top 25%
Profitability
Return on equity (12 months)13.4% · Above median
Return on assets1.1% · Above median
Net margin (12 months)54.1% · Top 25%
Operating margin (12 months)67.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−3.4% · Bottom 25%
Dividend yield (12 months)5.9% · Top 25%
Balance sheet
Debt / equity5.49× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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
Frequently asked questions
Is Sparebanken Vest (SBNOR) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of kr 278.96 versus a price of kr 202.25, about +38% upside (undervalued).
What is the fair value of SBNOR?
Our model-based fair value for Sparebanken Vest is kr 278.96 (as of Nov 5, 2026), built from audited fundamentals. The current price: kr 202.25.
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 278.96 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario kr 209.22, optimistic scenario kr 430.52. 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 278.96, about +38% upside versus a price of kr 202.25 (undervalued). Cautious scenario kr 209.22, optimistic scenario kr 430.52. 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 13.0B NOK (latest available figure, as of Nov 5, 2026).
Does Sparebanken Vest pay a dividend?
Sparebanken Vest currently shows a dividend yield of 5.93% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Sparebanken Vest (SBNOR) and when is the ex-dividend date?
Sparebanken Vest pays a dividend of kr 12.00 per share a year, a dividend yield of 5.9%. The last ex-dividend date was Mar 27, 2026. A dividend has been paid every year since at least 2000. The payout ratio is 56.9% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
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 278.96 per share (as of Nov 5, 2026), against a price of kr 202.25. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Sparebanken Vest stock overvalued or undervalued in 2026?
As of Nov 5, 2026, SBNOR trades below its calculated fair value: price kr 202.25, fair value kr 278.96, a gap of about +38% (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 202.25); the fair value is what the company's own numbers justify (kr 278.96). For Sparebanken Vest the two are kr 76.71 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 35.0B NOK (market capitalisation, as of Nov 5, 2026). Per share that is kr 202.25; our models calculate a fair value of kr 278.96 per share.
What do the bullish and bearish scenarios say about SBNOR?
Our models span a range for Sparebanken Vest: cautious scenario kr 209.22, base kr 278.96, optimistic kr 430.52 per share (as of Nov 5, 2026, price kr 202.25). 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 9.6 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 278.96 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 3.6. Other multiples: P/B 0.7, P/S 2.7.
How solid is the balance sheet of Sparebanken Vest (SBNOR)?
Balance-sheet figures for Sparebanken Vest (as of Nov 5, 2026): return on equity 13.4%, 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 202.25, about 6% below its 52-week high of kr 215.35 and 27% above the low of kr 159.50 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 278.96 is for.
Which stocks are comparable to Sparebanken Vest?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Nov 5, 2026: price kr 202.25, calculated fair value kr 278.96 (+38%), 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 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 278.96 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Sparebanken Vest currently trades 27% 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 is it worth investing now.
What is the share price of Sparebanken Vest (SBNOR)?
The closing price on Nov 6, 2026 was kr 202.25. Our model-based fair value is kr 278.96, about +38% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sparebanken Vest right 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 209.22). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 209.22 to kr 430.52) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Sparebanken Vest
How large is the market capitalisation of Sparebanken Vest (SBNOR)?
The market capitalisation of Sparebanken Vest is 35.0B NOK (≈ $3.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Sparebanken Vest (SBNOR)?
The price-to-sales ratio of Sparebanken Vest is 5.40 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sparebanken Vest (SBNOR)?
Earnings per share at Sparebanken Vest are kr 21.10 (price ÷ EPS = P/E 9.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sparebanken Vest (SBNOR)?
The dividend yield of Sparebanken Vest is 5.9% (payout 56.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sparebanken Vest (SBNOR)?
The net margin of Sparebanken Vest is 56.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sparebanken Vest (SBNOR)?
The return on equity (ROE) of Sparebanken Vest is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Sparebanken Vest (SBNOR)?
The return on assets (ROA) of Sparebanken Vest is 1.2% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Sparebanken Vest (SBNOR)?
The operating margin of Sparebanken Vest is 67.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sparebanken Vest (SBNOR)?
Revenue at Sparebanken Vest is growing −3.4% versus a year earlier (3y avg +32.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Sparebanken Vest (SBNOR)?
Earnings per share at Sparebanken Vest are growing −9.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sparebanken Vest (SBNOR) generate?
The free cash flow of Sparebanken Vest is 6.9B NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Sparebanken Vest (SBNOR) carry?
The net debt of Sparebanken Vest is 285B NOK (fiscal year 2025, ≈ 41.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 5, 2026