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Morrow Bank (MORROW) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Morrow Bank stock SEK 7.84, price SEK 16.04, that is 51.1% below the price, quality 45 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services SE · ISIN SE0026852725

MB Morrow Bank logo Some data Nov 7, 2026

Morrow Bank

MORROW · ST
Weakest Setup

Our calculation puts a fair price 51% below what the stock costs today.

Highly profitable · 37.0% net margin (TTM)
Revenue last quarter +20% vs. a year ago.
Quality 45/100
Expensive Growth (revenue 3y +21.2 %/yr in SEK)
Wide moat 67/100 · thin data
Some data
Fair value kr 7.84 · Strongly overvalued
Trails peers (4/11)
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 16.92 kr 3.78 Fair Value kr 7.84 Dec 2025 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

11‑month range kr 3.78 – kr 16.92 · fair‑value band kr 7.18 – kr 9.28 · the kr 16.04 price screens above the kr 7.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Morrow Bank AB provides unsecured financing to consumers in Norway, Sweden, and Finland. The company offers deposit products, consumer loans, and credit cards. Morrow Bank AB was founded in 2012 and is headquartered in Stockholm, Sweden.

Stock analysis

Morrow Bank (MORROW) currently trades at kr 16.04, while our model-based Fair Value estimate is kr 7.84, 51% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 11.66 per share, and 0 of the 6 models we run sit above the kr 16.04 price.

Bear case: the Dividend Discount group reads lowest at kr 3.91, and 6 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 7.18 (bear) to kr 9.28 (bull), the price of kr 16.04 sits above 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 45/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Morrow Bank reported revenue of 1.4B SEK in FY2025 versus 801M SEK in FY2022, a compound +21.2%/yr. Reported net income was 282M SEK in FY2025, compounding +579.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.

Key figures

Market cap 5.0B SEK (≈ $507M) Small · P/E ratio 14.9 · P/S ratio 6.35 · EPS (TTM) kr 1.08 · Dividend yield 1.9% · Net margin 37.0% · Return on equity 10.7% · Return on assets 1.5%.

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 324% 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 −51%, MORROW screens richer than that median.

Fair Value models

Bear kr 7.18 Fair Value kr 7.84 Bull kr 9.28
Price kr 16.04 · Downside -51.1%
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 0.9261 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 Income kr 7.18 kr 7.84 kr 9.28 73
Gordon GGM kr 2.27 kr 4.09 kr 5.63 65
DDM Multi-Stage kr 2.27 kr 3.73 kr 4.37 64
All 6 models by family
Dividend Discount
Gordon GGM kr 2.27 kr 4.09 kr 5.63 65
DDM Multi-Stage kr 2.27 kr 3.73 kr 4.37 64
Multiples
P/E Multiple kr 8.69 kr 11.59 kr 14.48 63
P/B Multiple kr 8.80 kr 11.73 kr 14.66 55
Asset-Based
NCAV (Graham) kr 4.19 kr 5.61 kr 8.38 51
Economic Profit
Residual Income kr 7.18 kr 7.84 kr 9.28 73

Open the full fair value analysis →

Quality Score breakdown

Overall quality 45/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 38
How much profit the company makes from its sales and capital
Quality Growth 53
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Investment 45
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 74
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 97
Distance to the 52-week high, does not count
New shares 80
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.6%
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.
+21.2%
What shareholders gained per year (last 3 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 3 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.
≈ +55.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+54.0%
Dividend (yield on the price)1.9%
⚠ Approximate: the rate leans on 2025, which sits 84% above its own trend.

MORROW screens overvalued: fair value 51% below the price. Compare with China Merchants Bank Co →

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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 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 45 · Bottom 25%
Fair Value upside −51.1% · Bottom 25%
Profitability
Return on equity (12 months) 10.7% · Below median
Return on assets 1.4% · Top 25%
Net margin (12 months) 37.0% · Above median
Operating margin (12 months) 47.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) 20.3% · Top 25%
Dividend yield (12 months) 1.9% · Below median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 14.9× · Priciest 25%
P/B 1.84× · Priciest 25%
P/S (12 months) 6.35× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)43 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)38 · sector 53

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs MORROW
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs MORROW
BNP Paribas SA BNP €91.93 €106.01 +15% vs MORROW
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs MORROW
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs MORROW
UniCredit S.p.A UCG €76.80 €50.44 −34% vs MORROW
Mizuho Financial Group MFG $9.40 $5.89 −37% vs MORROW
DBS Group D05 69.72 SGD 40.39 SGD −42% vs MORROW
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs MORROW
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs MORROW

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Morrow Bank: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Morrow Bank Fair Value". https://www.fairvalue-calculator.com/stock/MORROW

Frequently asked questions

Is Morrow Bank (MORROW) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 7.84 versus a price of kr 16.04, about 51% lower (overvalued).
What is the fair value of MORROW?
Our model-based fair value for Morrow Bank is kr 7.84 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 16.04.
What is the quality score of MORROW?
Morrow Bank has a Quality Score of 45/100. 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 Morrow Bank (MORROW)?
Our model-based price target is the fair value of kr 7.84 (as of Nov 7, 2026) from 6 valuation models. Cautious scenario kr 7.18, optimistic scenario kr 9.28. It is a calculation from audited fundamentals, not an analyst target.
What is the Morrow Bank stock forecast for 2026?
Our models put fair value at kr 7.84, about 51% lower versus a price of kr 16.04 (overvalued). Cautious scenario kr 7.18, optimistic scenario kr 9.28. The calculation is refreshed regularly with new filings.
What is the revenue of Morrow Bank (MORROW)?
Morrow Bank reported trailing-twelve-month revenue of about 789M SEK (latest available figure, as of Nov 7, 2026).
Does Morrow Bank pay a dividend?
Morrow Bank currently shows a dividend yield of 1.88% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Morrow Bank (MORROW)?
Morrow Bank has a dividend yield of 1.9%.
What is the intrinsic value of Morrow Bank (MORROW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Morrow Bank it is kr 7.84 per share (as of Nov 7, 2026), against a price of kr 16.04. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Morrow Bank stock overvalued or undervalued in 2026?
As of Nov 7, 2026, MORROW trades above its calculated fair value: price kr 16.04, fair value kr 7.84, a gap of about −51% (overvalued). 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 MORROW?
No. The price is what the market pays today (kr 16.04); the fair value is what the company's own numbers justify (kr 7.84). For Morrow Bank the two are kr 8.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is Morrow Bank worth?
The market values Morrow Bank at about 5.0B SEK (market capitalisation, as of Nov 7, 2026). Per share that is kr 16.04; our models calculate a fair value of kr 7.84 per share.
What do the bullish and bearish scenarios say about MORROW?
Our models span a range for Morrow Bank: cautious scenario kr 7.18, base kr 7.84, optimistic kr 9.28 per share (as of Nov 7, 2026, price kr 16.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MORROW?
Morrow Bank trades at a price-to-earnings ratio of 14.9 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 7.84 is built from several models across several years. Other multiples: P/B 1.8, P/S 6.4.
How solid is the balance sheet of Morrow Bank (MORROW)?
Balance-sheet figures for Morrow Bank (as of Nov 7, 2026): return on equity 10.7%. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is MORROW from its 52-week high?
Morrow Bank trades at kr 16.04, about 5% below its 52-week high of kr 16.92 and 324% above the low of kr 3.78 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 7.84 is for.
Which stocks are comparable to Morrow Bank?
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 Morrow Bank stock attractive at the current price?
The data as of Nov 7, 2026: price kr 16.04, calculated fair value kr 7.84 (−51%), Quality Score 45/100, 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 MORROW calculated?
We run Morrow Bank 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 7.84 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. Morrow Bank 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 Morrow Bank (MORROW)?
The closing price on Nov 6, 2026 was kr 16.04. Our model-based fair value is kr 7.84, about 51% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Morrow Bank right now?
The price sits above even our optimistic bull case (kr 9.28). The favourable scenario is already priced in. Weak quality (45/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 Morrow Bank

How large is the market capitalisation of Morrow Bank (MORROW)?
The market capitalisation of Morrow Bank is 5.0B SEK (≈ $507M). 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 Morrow Bank (MORROW)?
The price-to-sales ratio of Morrow Bank is 6.35 (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 Morrow Bank (MORROW)?
Earnings per share at Morrow Bank are kr 1.08 (price ÷ EPS = P/E 14.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Morrow Bank (MORROW)?
The dividend yield of Morrow Bank is 1.9% (payout 28.0%). 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 Morrow Bank (MORROW)?
The net margin of Morrow Bank is 37.0% (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 Morrow Bank (MORROW)?
The return on equity (ROE) of Morrow Bank is 10.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Morrow Bank (MORROW)?
The return on assets (ROA) of Morrow Bank is 1.5% (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 Morrow Bank (MORROW)?
The operating margin of Morrow Bank is 47.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Morrow Bank (MORROW)?
Revenue at Morrow Bank is growing +20.3% versus a year earlier (3y avg +21.2%). 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 Morrow Bank (MORROW)?
Earnings per share at Morrow Bank are growing +5.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Morrow Bank (MORROW) generate?
The free cash flow of Morrow Bank is −717M SEK (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 Morrow Bank (MORROW) carry?
The net debt of Morrow Bank is 809M SEK (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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