Sparebanken Møre (MORG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Sparebanken Møre stock NOK 215, price NOK 113, upside +90.8%, quality 41 out of 100. Rating: strongly 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 4, 2026.
How to read this chart
60‑month range kr 53.29 – kr 118.00 · fair‑value band kr 168.32 – kr 321.86 · the kr 112.56 price screens below the kr 214.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Sparebanken Møre, together with its subsidiaries, provides banking services for the retail and business markets in Norway. It operates through Corporate, Retail, and Real Estate Brokerage segments.
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The company offers deposits and investments, savings, payment, financial advice, insurance brokerage, and consulting services; mortgage loans; and brokerage services in the purchase and sale of residential and commercial properties.
It also provides financing products, such as overdrafts, installment loans, green commercial building loans, construction loans, leasing, and growth guarantee schemes; asset management; mutual funds; online banking; credit cards; and car, home, contents, travel, personal, cabin, boat, valuables, dog, cat, horse, electric scooter, employee/personnel, agriculture, vehicles and machinery, and building and asset insurance products.
Sparebanken Møre was founded in 1843 and is headquartered in Ålesund, Norway.
Stock analysis
Sparebanken Møre (MORG) currently trades at kr 112.56, while our model-based Fair Value estimate is kr 214.72, implying the stock looks roughly 48% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 266.38 per share, and 6 of the 6 models we run sit above the kr 112.56 price.
Bear case: the Asset-Based group reads lowest at kr 125.72, and 0 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 168.32 (bear) to kr 321.86 (bull), the price of kr 112.56 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 41/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Sparebanken Møre reported revenue of 2.4B NOK in FY2025 versus 1.5B NOK in FY2021, a compound +11.9%/yr. Reported net income was 1.0B NOK in FY2025, compounding +12.5%/yr from FY2021.
Key figures
Market cap 5.6B NOK (≈ $590M) Small · P/E ratio 11.6 · P/S ratio 4.99 · EPS (TTM) kr 9.73 · Dividend yield 6.2% · Net margin 43.1% · Return on equity 11.6% · Return on assets (EBIT) 1.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 20% 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 91%, MORG screens cheaper than that median.
Fair Value models
Bearkr 168.32Fair Value kr 214.72Bullkr 321.86
Price kr 112.56 · Upside +90.8%
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 2.33 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.47/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−0.5%
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.
+10.8%
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.
+9.5%
Start year 2020 (pandemic). Over 10 years: +6.3% a year
Revenue growth 20 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%
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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.
+16.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.8%
Dividend (yield on the price)6.2%
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.9.8% vs 5.9%, picking up
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 · 998 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+90.8% · Top 25%
Profitability
Return on equity (12 months)11.6% · Above median
Return on assets0.9% · Below median
Net margin (12 months)44.2% · Top 25%
Operating margin (12 months)58.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)6.7% · Below median
Dividend yield (12 months)6.2% · Top 25%
Balance sheet
Debt / equity2.72× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)11.6× · Pricier than median
P/B0.60× · Cheapest 25%
P/S (12 months)2.37× · Cheapest 25%
EV/EBITDA23.3× · Priciest 25%
PEG5.26× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)100· sector 8
FUTURE (revenue growth)34· sector 47
PAST (return on equity)46· sector 43
HEALTH (low debt)–
DIVIDEND (yield)100· 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). "Sparebanken Møre Fair Value". https://www.fairvalue-calculator.com/stock/MORG
Frequently asked questions
Is Sparebanken Møre (MORG) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of kr 214.72 versus a price of kr 112.56, about +91% upside (undervalued).
What is the fair value of MORG?
Our model-based fair value for Sparebanken Møre is kr 214.72 (as of Nov 4, 2026), built from audited fundamentals. The current price: kr 112.56.
What is the quality score of MORG?
Sparebanken Møre has a Quality Score of 41/100. 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 Møre (MORG)?
Our model-based price target is the fair value of kr 214.72 (as of Nov 4, 2026) from 6 valuation models. Cautious scenario kr 168.32, optimistic scenario kr 321.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Sparebanken Møre stock forecast for 2026?
Our models put fair value at kr 214.72, about +91% upside versus a price of kr 112.56 (undervalued). Cautious scenario kr 168.32, optimistic scenario kr 321.86. The calculation is refreshed regularly with new filings.
What is the revenue of Sparebanken Møre (MORG)?
Sparebanken Møre reported trailing-twelve-month revenue of about 2.4B NOK (latest available figure, as of Nov 4, 2026).
Does Sparebanken Møre pay a dividend?
Sparebanken Møre currently shows a dividend yield of 6.22% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Sparebanken Møre (MORG) and when is the ex-dividend date?
Sparebanken Møre pays a dividend of kr 7.00 per share a year, a dividend yield of 6.2%. The last ex-dividend date was Apr 9, 2026. A dividend has been paid every year since at least 1994. The payout ratio is 71.9% of earnings. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of Sparebanken Møre (MORG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sparebanken Møre it is kr 214.72 per share (as of Nov 4, 2026), against a price of kr 112.56. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Sparebanken Møre stock overvalued or undervalued in 2026?
As of Nov 4, 2026, MORG trades below its calculated fair value: price kr 112.56, fair value kr 214.72, a gap of about +91% (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 MORG?
No. The price is what the market pays today (kr 112.56); the fair value is what the company's own numbers justify (kr 214.72). For Sparebanken Møre the two are kr 102.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sparebanken Møre worth?
The market values Sparebanken Møre at about 5.6B NOK (market capitalisation, as of Nov 4, 2026). Per share that is kr 112.56; our models calculate a fair value of kr 214.72 per share.
What do the bullish and bearish scenarios say about MORG?
Our models span a range for Sparebanken Møre: cautious scenario kr 168.32, base kr 214.72, optimistic kr 321.86 per share (as of Nov 4, 2026, price kr 112.56). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MORG?
Sparebanken Møre trades at a price-to-earnings ratio of 11.6 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 214.72 is built from several models across several years. Other multiples: PEG 5.3, P/B 0.6, P/S 2.4, EV/EBITDA 23.3.
What is the PEG ratio of MORG?
The PEG ratio of Sparebanken Møre is 5.26 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sparebanken Møre (MORG)?
Balance-sheet figures for Sparebanken Møre (as of Nov 4, 2026): return on equity 11.6%, debt of 2.72 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is MORG from its 52-week high?
Sparebanken Møre trades at kr 112.56, about 5% below its 52-week high of kr 118.00 and 20% above the low of kr 93.79 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 214.72 is for.
Which stocks are comparable to Sparebanken Møre?
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 Møre stock attractive at the current price?
The data as of Nov 4, 2026: price kr 112.56, calculated fair value kr 214.72 (+91%), Quality Score 41/100, 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 MORG calculated?
We run Sparebanken Møre 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 214.72 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 13.0% above its aggregate fair value. Sparebanken Møre currently trades 48% 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 Møre (MORG)?
The closing price on Nov 6, 2026 was kr 112.56. Our model-based fair value is kr 214.72, about +91% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sparebanken Møre right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 168.32). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 168.32 to kr 321.86) 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 Møre
How large is the market capitalisation of Sparebanken Møre (MORG)?
The market capitalisation of Sparebanken Møre is 5.6B NOK (≈ $590M). 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 Møre (MORG)?
The price-to-sales ratio of Sparebanken Møre is 4.99 (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 Møre (MORG)?
Earnings per share at Sparebanken Møre are kr 9.73 (price ÷ EPS = P/E 11.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sparebanken Møre (MORG)?
The dividend yield of Sparebanken Møre is 6.2% (payout 71.9%). 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 Møre (MORG)?
The net margin of Sparebanken Møre is 43.1% (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 Møre (MORG)?
The return on equity (ROE) of Sparebanken Møre is 11.6% (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 Sparebanken Møre (MORG)?
On an EBIT basis the return on assets of Sparebanken Møre is 1.2% (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 Sparebanken Møre (MORG)?
The operating margin of Sparebanken Møre is 58.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sparebanken Møre (MORG)?
Revenue at Sparebanken Møre is growing +6.7% versus a year earlier (3y avg +10.8%). 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 Møre (MORG)?
Earnings per share at Sparebanken Møre are growing +13.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sparebanken Møre (MORG) generate?
The free cash flow of Sparebanken Møre is −2.7B 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 Møre (MORG) carry?
The net debt of Sparebanken Møre is 44.1B NOK (fiscal year 2025). 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 4, 2026