DnB ASA (DNB) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of DnB ASA stock NOK 312, price NOK 327, that is 4.7% below the price, quality 66 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
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 2, 2026.
How to read this chart
60‑month range kr 126.57 – kr 326.70 · fair‑value band kr 214.54 – kr 389.38 · the kr 326.70 price screens above the kr 311.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
Follow DnB in your weekly email
Every Wednesday you see whether DnB is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
DNB Bank ASA provides financial services to individuals and businesses in Norway and internationally.
Show moreShow less
The company offers savings, current, currency, client, tax withholding, and pension accounts; fixed rate and security deposits; home and cabin mortgages, construction and fixed-rate loans, car and consumer loans, business loans, and refinancing; home equity credit lines; car, house, home contents, travel, personal, and non-life insurance products; payment services; and online and mobile banking services, as well as cards.
It also provides overdraft facilities; leasing; factoring, supply chain, and receivable purchase financing; bank guarantees; secure trading, documentary collection, and letter of credit; investment banking services, such as mergers and acquisitions, equity and debt capital market, loans, bonds, convertible bonds, direct lending, and other private placements; and private financing and commodities services.
In addition, the company offers equity trading, foreign exchange, research, share and stock market, securities, and risk advisory services. Further, it provides treasury management, working capital, trade finance, equipment financing, real estate broking, and corporate finance services.
DNB Bank ASA was founded in 1822 and is headquartered in Oslo, Norway.
Stock analysis
DnB ASA (DNB) currently trades at kr 326.70, while our model-based Fair Value estimate is kr 311.50, so the stock looks roughly fairly valued today (gap 4.9%).
Show more
Valuation
Bull case: the Dividend Discount group reads highest at a median of kr 305.84 per share, and 2 of the 6 models we run sit above the kr 326.70 price.
Bear case: the Asset-Based group reads lowest at kr 128.71, and 4 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 214.54 (bear) to kr 389.38 (bull), the price of kr 326.70 sits inside 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 66/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
DnB ASA reported revenue of 89.4B NOK in FY2025 versus 55.4B NOK in FY2021, a compound +12.7%/yr. Reported net income was 41.9B NOK in FY2025, compounding +13.4%/yr from FY2021.
Key figures
Market cap 477B NOK (≈ $51.3B) Large · P/E ratio 12.0 · P/S ratio 5.49 · EPS (TTM) kr 27.12 · Dividend yield 5.5% · Net margin 47.2% · Return on equity 14.4% · Return on assets (EBIT) 1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −5%, DNB screens cheaper than that median.
Fair Value models
Bearkr 214.54Fair Value kr 311.50Bullkr 389.38
Price kr 326.70 · Downside -4.7%
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 7.72 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.
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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.5%
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.
+10.9%
Revenue growth 5 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.
+9.8%
Start year 2020 (pandemic). Over 10 years: +5.2% a year
Revenue growth 16 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.
+3.0%
’14
’15
’16
’17
’18
’19
’20
’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.
+17.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.1%
Dividend (yield on the price)5.5%
Per share before 2009divided by the spin-off factor 1.0531
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.1% vs 8.5%, picking up
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +3.2% a year for the price and +1.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (97 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.Very negative
AI conclusion: As Norway's largest bank DNB draws strength from scale-driven profitability, yet limited innovation and a standard sector governance profile remain its main constraints.
Main risk: Consolidating Norwegian savings banks such as Sparebanken Norge and SpareBank 1 Sør-Norge could take corporate and mortgage customers from DNB or force lower prices and margins in those segments.
Bull case: DNB could leverage its scale, sector expertise in energy and shipping plus ongoing digital investments to retain customers and defend margins against the savings banks.
Bear case: If savings banks capture significant market share and regulatory demands tighten lending further, DNB could lose ground in its core Norwegian retail and corporate segments with slower growth and pressure on profitability.
DNB is directing substantial investment into artificial intelligence and digital solutions to meet customer demand for simpler and faster services. The bank reports already seeing considerable efficiency gains from these efforts, which is now leading to organisational adjustments in its technology and services areas. Will the productivity improvements ultimately strengthen the business more than the transition disrupts established operations and team expertise?
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 1002 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−4.7% · Above median
Profitability
Return on equity (12 months)14.4% · Top 25%
Return on assets1.1% · Above median
Net margin (12 months)47.2% · Top 25%
Operating margin (12 months)59.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−3.1% · Bottom 25%
Dividend yield (12 months)5.5% · Top 25%
Balance sheet
Debt / equity3.17× · 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). "DnB ASA Fair Value". https://www.fairvalue-calculator.com/stock/DNB
Frequently asked questions
Is DnB ASA (DNB) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of kr 311.50 versus a price of kr 326.70, about 5% lower (fairly valued).
What is the fair value of DNB?
Our model-based fair value for DnB ASA is kr 311.50 (as of Nov 2, 2026), built from audited fundamentals. The current price: kr 326.70.
What is the quality score of DNB?
DnB ASA has a Quality Score of 66/100. 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 DnB ASA (DNB)?
Our model-based price target is the fair value of kr 311.50 (as of Nov 2, 2026) from 6 valuation models. Cautious scenario kr 214.54, optimistic scenario kr 389.38. It is a calculation from audited fundamentals, not an analyst target.
What is the DnB ASA stock forecast for 2026?
Our models put fair value at kr 311.50, about 5% lower versus a price of kr 326.70 (fairly valued). Cautious scenario kr 214.54, optimistic scenario kr 389.38. The calculation is refreshed regularly with new filings.
What is the revenue of DnB ASA (DNB)?
DnB ASA reported trailing-twelve-month revenue of about 87.0B NOK (latest available figure, as of Nov 2, 2026).
Does DnB ASA pay a dividend?
DnB ASA currently shows a dividend yield of 5.51% relative to its recent price (as of Nov 2, 2026).
What growth is priced into DnB ASA (DNB)?
For today's price to be fair in a discounted-cash-flow model, DnB ASA would have to grow free cash flow by +5.7 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of DNB use?
Our models discount DnB ASA at 7.9 %: a base by market capitalisation (large), damped by beta 0.37, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For DnB ASA that is +5.7 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has DnB ASA (DNB) delivered so far?
Over the past 5 years revenue at DnB ASA grew +9.8 % a year. The price currently implies +5.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of DnB ASA (DNB) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into DnB ASA (+5.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DnB ASA (DNB)?
The free-cash-flow yield on the price is 14.65 %: that much free cash flow DnB ASA produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DnB ASA (DNB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DnB ASA it is kr 311.50 per share (as of Nov 2, 2026), against a price of kr 326.70. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is DnB ASA stock overvalued or undervalued in 2026?
As of Nov 2, 2026, DNB trades above its calculated fair value: price kr 326.70, fair value kr 311.50, a gap of about −5% (fairly valued). 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 DNB?
No. The price is what the market pays today (kr 326.70); the fair value is what the company's own numbers justify (kr 311.50). For DnB ASA the two are kr 15.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is DnB ASA worth?
The market values DnB ASA at about 477B NOK (market capitalisation, as of Nov 2, 2026). Per share that is kr 326.70; our models calculate a fair value of kr 311.50 per share.
What do the bullish and bearish scenarios say about DNB?
Our models span a range for DnB ASA: cautious scenario kr 214.54, base kr 311.50, optimistic kr 389.38 per share (as of Nov 2, 2026, price kr 326.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DNB?
DnB ASA trades at a price-to-earnings ratio of 12.0 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 311.50 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 10.0. Other multiples: PEG 5.2, P/B 1.6, P/S 5.5, EV/EBITDA 23.1.
What is the PEG ratio of DNB?
The PEG ratio of DnB ASA is 5.22 (P/E divided by earnings growth, as of Nov 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of DnB ASA (DNB)?
Balance-sheet figures for DnB ASA (as of Nov 2, 2026): return on equity 14.4%, debt of 3.17 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is DNB from its 52-week high?
DnB ASA trades at kr 326.70, at its 52-week high of kr 326.70 and 34% above the low of kr 244.26 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of kr 311.50 is for.
Which stocks are comparable to DnB ASA?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, 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 DnB ASA stock attractive at the current price?
The data as of Nov 2, 2026: price kr 326.70, calculated fair value kr 311.50 (−5%), Quality Score 66/100, 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 DNB calculated?
We run DnB ASA 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 311.50, 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 15.0% above its aggregate fair value. DnB ASA itself currently trades above fair value. 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 DnB ASA (DNB)?
The closing price on Nov 5, 2026 was kr 326.70. Our model-based fair value is kr 311.50, about 5% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DnB ASA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 214.54 to kr 389.38) 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.
Where does the earnings growth of DnB ASA (DNB) come from?
Earnings per share at DnB ASA grew +8.0 % a year from 2012 to 2023. Broken into its drivers: revenue per share +2.1 %, EBIT margin +7.5 %, tax rate +0.4 %, residual (interest, one-offs) −2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of DnB ASA
How large is the market capitalisation of DnB ASA (DNB)?
The market capitalisation of DnB ASA is 477B NOK (≈ $51.3B). 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 DnB ASA (DNB)?
The price-to-sales ratio of DnB ASA is 5.49 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DnB ASA (DNB)?
Earnings per share at DnB ASA are kr 27.12 (price ÷ EPS = P/E 12.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DnB ASA (DNB)?
The dividend yield of DnB ASA is 5.5% (payout 66.4%). 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 DnB ASA (DNB)?
The net margin of DnB ASA is 47.2% (last twelve months). 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 DnB ASA (DNB)?
The return on equity (ROE) of DnB ASA is 14.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of DnB ASA (DNB)?
On an EBIT basis the return on assets of DnB ASA is 1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of DnB ASA (DNB)?
The operating margin of DnB ASA is 59.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DnB ASA (DNB)?
Revenue at DnB ASA is growing −3.1% versus a year earlier (3y avg +10.9%). 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 DnB ASA (DNB)?
Earnings per share at DnB ASA are growing −5.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does DnB ASA (DNB) carry?
The net debt of DnB ASA is 773B NOK (fiscal year 2025, ≈ 11.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch DnB ASA in the live analysis
One click puts DnB ASA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 2, 2026