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Norwegian Block Exchange AS (NBX) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Norwegian Block Exchange AS stock NOK 0.42, price NOK 0.49, that is 14.3% below the price, quality 25 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Financial Services NO · ISIN NO0010984966

NB Norwegian Block Exchange AS logo Thin data Nov 10, 2026

Norwegian Block Exchange AS

NBX · OL
Expensive, weak quality

Our calculation puts a fair price 14% below what the stock costs today.

Low debt
Mixed Growth (revenue 5y +89.3 %/yr in NOK)
Revenue last quarter 35% below a year ago.
Fair value kr 0.4218 · Overvalued
Quality 25/100
Loss-making · -153.6% net margin (TTM)
Negative free cash flow
Trails peers (0/10)
Narrow moat 12/100 · thin data
Thin data
Estimate
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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 11.00 kr 0.1955 Fair Value kr 0.4218 Dec 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

59‑month range kr 0.1955 – kr 11.00 · fair‑value band kr 0.3163 – kr 0.5272 · the kr 0.4920 price screens above the kr 0.4218 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Norwegian Block Exchange AS, a financial services company, offers an internet-based marketplace for customers to buy and sell digital assets in Norway. It develops digital asset-based products; and offers OTC trading, compliance and custody, staking, and credit card with bitcoin cashback services.

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Norwegian Block Exchange AS was incorporated in 2018 and is based in Lysaker, Norway.

Stock analysis

Norwegian Block Exchange AS (NBX) currently trades at kr 0.4920, while our estimate is kr 0.4218, 14% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: kr 0.3163 (bear) to kr 0.5272 (bull), the price of kr 0.4920 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 25/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Norwegian Block Exchange AS reported revenue of 18.5M NOK in FY2025 versus 83.8K NOK in FY2021, a compound +285.3%/yr. Reported net income was −14.5M NOK in FY2025.

Key figures

Market cap 175M NOK (≈ $18.5M) Micro · P/S ratio 12.1 · EPS (TTM) kr −0.0900 · Net margin −78.6% · Return on equity −27.1% · Return on assets (EBIT) −24.0% (5-year average) · Operating margin −199% · Revenue (TTM) 15.3M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 49% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −14%, NBX screens cheaper than that median.

Fair Value

Bear kr 0.3163 Fair Value kr 0.4218 Bull kr 0.5272
Price kr 0.4920 · Downside -14.3%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 25/100

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

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 68
Are margins and returns getting better?
Cashflow 10
Do the profits arrive as real cash?
Financial strength 53
Debt, balance sheet and risk of trouble
Investment 22
Does it invest with discipline instead of growing at any price?
Low Volatility 36
How calm the share price moves, does not count
Price momentum 38
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 38
Distance to the 52-week high, does not count
New shares 0
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. 29/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.6%
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.
+147.3%
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.
+89.3%
Start year 2020 (pandemic)
Revenue growth 6 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.
+159.8%
Profit margin (trend) ⓘ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.
−3,152.4% (2020) → −114.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

NBX screens overvalued: fair value 14% below the price. Compare with Morgan Stanley →

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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.Capital Markets · 455 stocks

Beats the industry median on 0/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 25 · Bottom 25%
Fair Value upside −14.3% · Below median
Profitability
Return on assets −8.2% · Bottom 25%
Net margin (12 months) −153.6% · Bottom 25%
Operating margin (12 months) −199.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −34.6% · Bottom 25%
Balance sheet
Debt / equity 0.22× · Above median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/B 2.04× · Pricier than median
P/S (12 months) 11.48× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)14 · sector 32
FUTURE (revenue growth)0 · sector 58
PAST (return on equity)0 · sector 31
HEALTH (low debt)89 · sector 94
DIVIDEND (yield)0 · sector 46

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $187.56 $260.72 +39% vs NBX
The Charles Schwab Corporation SCHW $93.03 $117.60 +26% vs NBX
Guotai Haitong Securities Co 601211 ¥16.21 ¥18.02 +11% vs NBX
Nomura Holdings NMR $9.51 $10.17 +7% vs NBX
The Goldman Sachs Group GS $910.19 $766.86 −16% vs NBX
CITIC Securities Company 600030 ¥25.53 ¥20.42 −20% vs NBX
Robinhood Markets, Inc HOOD $81.33 $47.60 −41% vs NBX
Macquarie Group MQG A$249.23 A$123.84 −50% vs NBX
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs NBX
Interactive Brokers Group IBKR $77.59 $17.48 −77% vs NBX

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Norwegian Block Exchange AS: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Norwegian Block Exchange AS Fair Value". https://www.fairvalue-calculator.com/stock/NBX

Frequently asked questions

Is Norwegian Block Exchange AS (NBX) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is kr 0.4218 versus a price of kr 0.4920, about 14% lower (overvalued).
What is the fair value of NBX?
Our estimate for Norwegian Block Exchange AS is kr 0.4218 (as of Nov 10, 2026), built from audited fundamentals. The current price: kr 0.4920.
What is the quality score of NBX?
Norwegian Block Exchange AS has a Quality Score of 25/100. 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 Norwegian Block Exchange AS (NBX)?
Our calculated price target is the estimate of kr 0.4218 (as of Nov 10, 2026). Cautious scenario kr 0.3163, optimistic scenario kr 0.5272. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Norwegian Block Exchange AS stock forecast for 2026?
Our estimate puts fair value at kr 0.4218, about 14% lower versus a price of kr 0.4920 (overvalued). Cautious scenario kr 0.3163, optimistic scenario kr 0.5272. The calculation is refreshed regularly with new filings.
What is the revenue of Norwegian Block Exchange AS (NBX)?
Norwegian Block Exchange AS reported trailing-twelve-month revenue of about 15.3M NOK (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Norwegian Block Exchange AS (NBX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norwegian Block Exchange AS it is kr 0.4218 per share (as of Nov 10, 2026), against a price of kr 0.4920.
Is Norwegian Block Exchange AS stock overvalued or undervalued in 2026?
As of Nov 10, 2026, NBX trades above its calculated fair value: price kr 0.4920, fair value kr 0.4218, a gap of about −14% (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 NBX?
No. The price is what the market pays today (kr 0.4920); the fair value is what the company's own numbers justify (kr 0.4218). For Norwegian Block Exchange AS the two are kr 0.0702 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norwegian Block Exchange AS worth?
The market values Norwegian Block Exchange AS at about 175M NOK (market capitalisation, as of Nov 10, 2026). Per share that is kr 0.4920; our models calculate a fair value of kr 0.4218 per share.
What do the bullish and bearish scenarios say about NBX?
Our models span a range for Norwegian Block Exchange AS: cautious scenario kr 0.3163, base kr 0.4218, optimistic kr 0.5272 per share (as of Nov 10, 2026, price kr 0.4920). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Norwegian Block Exchange AS (NBX)?
Balance-sheet figures for Norwegian Block Exchange AS (as of Nov 10, 2026): return on equity −27.1%, debt of 0.22 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is NBX from its 52-week high?
Norwegian Block Exchange AS trades at kr 0.4920, about 35% below its 52-week high of kr 0.7600 and 49% above the low of kr 0.3300 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.4218 is for.
Which stocks are comparable to Norwegian Block Exchange AS?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers 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 Norwegian Block Exchange AS stock attractive at the current price?
The data as of Nov 10, 2026: price kr 0.4920, calculated fair value kr 0.4218 (−14%), Quality Score 25/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Norwegian Block Exchange AS 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 Norwegian Block Exchange AS (NBX)?
The closing price on Nov 10, 2026 was kr 0.4920. Our estimate is kr 0.4218, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norwegian Block Exchange AS right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 Norwegian Block Exchange AS

How large is the market capitalisation of Norwegian Block Exchange AS (NBX)?
The market capitalisation of Norwegian Block Exchange AS is 175M NOK (≈ $18.5M). 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 Norwegian Block Exchange AS (NBX)?
The price-to-sales ratio of Norwegian Block Exchange AS is 12.1 (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 Norwegian Block Exchange AS (NBX)?
Earnings per share at Norwegian Block Exchange AS are kr −0.0900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Norwegian Block Exchange AS (NBX)?
The net margin of Norwegian Block Exchange AS is −78.6% (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 Norwegian Block Exchange AS (NBX)?
The return on equity (ROE) of Norwegian Block Exchange AS is −27.1% (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 Norwegian Block Exchange AS (NBX)?
On an EBIT basis the return on assets of Norwegian Block Exchange AS is −24.0% (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 Norwegian Block Exchange AS (NBX)?
The operating margin of Norwegian Block Exchange AS is −199% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norwegian Block Exchange AS (NBX)?
Revenue at Norwegian Block Exchange AS is growing −34.6% versus a year earlier (3y avg +147%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Norwegian Block Exchange AS (NBX) generate?
The free cash flow of Norwegian Block Exchange AS is −20.4M 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 Norwegian Block Exchange AS (NBX) carry?
The net debt of Norwegian Block Exchange AS is 21.4M 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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