Helgeland Sparebank (HELG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Helgeland Sparebank stock NOK 183, price NOK 175, upside +4.4%, quality 60 out of 100. Rating: fairly valued. 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 6, 2026.
How to read this chart
60‑month range kr 82.59 – kr 180.47 · fair‑value band kr 136.96 – kr 228.27 · the kr 174.90 price screens below the kr 182.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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SpareBank 1 Helgeland provides various banking products and services to private customers, small and medium-sized enterprises, municipalities, and institutions in Norway. The company operates in two segments, Corporate Market and Retail Market.
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It offers savings, investment, pension, and insurance products; leasing and mortgage loans; bank and credit cards; and online and mobile banking, and payment services, as well as buys and sells homes.
The company is also involved in owning and operating of business premises; and real estate rental business. SpareBank 1 Helgeland was founded in 1860 and is headquartered in Mo i Rana, Norway.
Stock analysis
Helgeland Sparebank (HELG) currently trades at kr 174.90, while our model-based Fair Value estimate is kr 182.61, so the stock looks roughly fairly valued today (gap 4.2%).
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Valuation
Bull case: the Economic Profit group reads highest at a median of kr 186.20 per share, and 2 of the 6 models we run sit above the kr 174.90 price.
Bear case: the Asset-Based group reads lowest at kr 132.91, and 4 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 136.96 (bear) to kr 228.27 (bull), the price of kr 174.90 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 60/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Helgeland Sparebank reported revenue of 1.2B NOK in FY2025 versus 913M NOK in FY2021, a compound +6.7%/yr. Reported net income was 504M NOK in FY2025, compounding +25.2%/yr from FY2021.
Key figures
Market cap 4.7B NOK (≈ $499M) Small · P/E ratio 13.6 · P/S ratio 4.51 · EPS (TTM) kr 12.88 · Dividend yield 4.4% · Net margin 42.4% · Return on equity 8.1% · Return on assets (EBIT) 1.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 15% 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 4%, HELG screens cheaper than that median.
Fair Value models
Bearkr 136.96Fair Value kr 182.61Bullkr 228.27
Price kr 174.90 · Upside +4.4%
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 4.47 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−53.4%
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.
−5.7%
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.
−1.6%
Start year 2020 (pandemic). Over 10 years: +1.4% a year
Revenue growth 25 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.
+4.6%
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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.
+9.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.2%
Dividend (yield on the price)4.4%
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.5.2% vs 3.9%, steady
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.31% → 29%
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 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside+4.4% · Above median
Profitability
Return on equity (12 months)8.1% · Below median
Return on assets1.2% · Above median
Net margin (12 months)42.4% · Top 25%
Operating margin (12 months)59.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−13.9% · Bottom 25%
Dividend yield (12 months)4.4% · Top 25%
Balance sheet
Debt / equity1.59× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)13.6× · Pricier than median
P/B0.87× · Cheaper than median
P/S (12 months)4.51× · Priciest 25%
Price / free cash flow (fiscal year)9.8× · Cheaper than median
EV/EBITDA17.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)39· sector 8
FUTURE (revenue growth)0· sector 47
PAST (return on equity)33· sector 43
HEALTH (low debt)–
DIVIDEND (yield)88· sector 53
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
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). "Helgeland Sparebank Fair Value". https://www.fairvalue-calculator.com/stock/HELG
Frequently asked questions
Is Helgeland Sparebank (HELG) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of kr 182.61 versus a price of kr 174.90, about +4% upside (fairly valued).
What is the fair value of HELG?
Our model-based fair value for Helgeland Sparebank is kr 182.61 (as of Nov 6, 2026), built from audited fundamentals. The current price: kr 174.90.
What is the quality score of HELG?
Helgeland Sparebank has a Quality Score of 60/100. 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 Helgeland Sparebank (HELG)?
Our model-based price target is the fair value of kr 182.61 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario kr 136.96, optimistic scenario kr 228.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Helgeland Sparebank stock forecast for 2026?
Our models put fair value at kr 182.61, about +4% upside versus a price of kr 174.90 (fairly valued). Cautious scenario kr 136.96, optimistic scenario kr 228.27. The calculation is refreshed regularly with new filings.
What is the revenue of Helgeland Sparebank (HELG)?
Helgeland Sparebank reported trailing-twelve-month revenue of about 1.0B NOK (latest available figure, as of Nov 6, 2026).
Does Helgeland Sparebank pay a dividend?
Helgeland Sparebank currently shows a dividend yield of 4.39% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Helgeland Sparebank (HELG) and when is the ex-dividend date?
Helgeland Sparebank pays a dividend of kr 7.67 per share a year, a dividend yield of 4.4%. The last ex-dividend date was Mar 25, 2026. A dividend has been paid every year since 2005. The payout ratio is 59.5% 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 Helgeland Sparebank (HELG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Helgeland Sparebank it is kr 182.61 per share (as of Nov 6, 2026), against a price of kr 174.90. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Helgeland Sparebank stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HELG trades below its calculated fair value: price kr 174.90, fair value kr 182.61, a gap of about +4% (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 HELG?
No. The price is what the market pays today (kr 174.90); the fair value is what the company's own numbers justify (kr 182.61). For Helgeland Sparebank the two are kr 7.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Helgeland Sparebank worth?
The market values Helgeland Sparebank at about 4.7B NOK (market capitalisation, as of Nov 6, 2026). Per share that is kr 174.90; our models calculate a fair value of kr 182.61 per share.
What do the bullish and bearish scenarios say about HELG?
Our models span a range for Helgeland Sparebank: cautious scenario kr 136.96, base kr 182.61, optimistic kr 228.27 per share (as of Nov 6, 2026, price kr 174.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HELG?
Helgeland Sparebank trades at a price-to-earnings ratio of 13.6 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 182.61 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 7.0. Other multiples: P/B 0.9, P/S 4.5, EV/EBITDA 17.1.
How solid is the balance sheet of Helgeland Sparebank (HELG)?
Balance-sheet figures for Helgeland Sparebank (as of Nov 6, 2026): return on equity 8.1%, debt of 1.59 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is HELG from its 52-week high?
Helgeland Sparebank trades at kr 174.90, about 3% below its 52-week high of kr 179.50 and 15% above the low of kr 151.48 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 182.61 is for.
Which stocks are comparable to Helgeland Sparebank?
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 Helgeland Sparebank stock attractive at the current price?
The data as of Nov 6, 2026: price kr 174.90, calculated fair value kr 182.61 (+4%), Quality Score 60/100, 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 HELG calculated?
We run Helgeland Sparebank 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 182.61 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. Helgeland Sparebank currently trades 4% 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 Helgeland Sparebank (HELG)?
The closing price on Nov 6, 2026 was kr 174.90. Our model-based fair value is kr 182.61, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Helgeland Sparebank right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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 Helgeland Sparebank (HELG) come from?
Earnings per share at Helgeland Sparebank grew +5.6 % a year from 2013 to 2024. Broken into its drivers: revenue per share +2.6 %, EBIT margin +2.6 %, tax rate +0.3 %, residual (interest, one-offs) +0.0 %. 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 Helgeland Sparebank
How large is the market capitalisation of Helgeland Sparebank (HELG)?
The market capitalisation of Helgeland Sparebank is 4.7B NOK (≈ $499M). 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 Helgeland Sparebank (HELG)?
The price-to-sales ratio of Helgeland Sparebank is 4.51 (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 Helgeland Sparebank (HELG)?
Earnings per share at Helgeland Sparebank are kr 12.88 (price ÷ EPS = P/E 13.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Helgeland Sparebank (HELG)?
The dividend yield of Helgeland Sparebank is 4.4% (payout 59.5%). 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 Helgeland Sparebank (HELG)?
The net margin of Helgeland Sparebank is 42.4% (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 Helgeland Sparebank (HELG)?
The return on equity (ROE) of Helgeland Sparebank is 8.1% (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 Helgeland Sparebank (HELG)?
On an EBIT basis the return on assets of Helgeland Sparebank is 1.4% (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 Helgeland Sparebank (HELG)?
The operating margin of Helgeland Sparebank is 59.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Helgeland Sparebank (HELG)?
Revenue at Helgeland Sparebank is growing −13.9% versus a year earlier (3y avg −5.7%). 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 Helgeland Sparebank (HELG)?
Earnings per share at Helgeland Sparebank are growing −1.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Helgeland Sparebank (HELG) generate?
The free cash flow of Helgeland Sparebank is 483M 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 Helgeland Sparebank (HELG) carry?
The net debt of Helgeland Sparebank is 8.9B NOK (fiscal year 2025, ≈ 18.4 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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Broad data
Nov 6, 2026