NOBA Bank (NOBA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of NOBA Bank stock SEK 60.58, price SEK 94.20, that is 35.7% below the price, quality 63 out of 100. Rating: strongly overvalued. 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 5, 2026.
How to read this chart
13‑month range kr 74.40 – kr 120.05 · fair‑value band kr 45.46 – kr 82.99 · the kr 94.20 price screens above the kr 60.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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NOBA Bank Group AB (publ) provides financial and banking products and services in Sweden, Norway, Finland, Denmark, Germany, Spain, Ireland, and the Netherlands. It operates through three brands namely, Nordax Bank, Bank Norwegian and Svensk Hypotekspension.
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The company's services include private loans, credit cards, specialist mortgages, equity release mortgages, cross-border lending, and deposits for retail customers. The company was formerly known as Nordax Bank AB (publ) and changed its name to NOBA Bank Group AB (publ) in June 2023.
NOBA Bank Group AB (publ) was incorporated in 2003 and is based in Stockholm, Sweden.
Stock analysis
NOBA Bank (NOBA) currently trades at kr 94.20, while our model-based Fair Value estimate is kr 60.58, 36% 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 66.39 per share, and 0 of the 6 models we run sit above the kr 94.20 price.
Bear case: the Dividend Discount group reads lowest at kr 6.40, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 45.46 (bear) to kr 82.99 (bull), the price of kr 94.20 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 63/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
NOBA Bank reported revenue of 15.2B SEK in FY2025 versus 3.1B SEK in FY2021, a compound +49.3%/yr. Reported net income was 3.4B SEK in FY2025.
Key figures
Market cap 47.2B SEK (≈ $4.8B) Mid · P/E ratio 11.5 · P/S ratio 5.76 · EPS (TTM) kr 8.17 · Dividend yield 1.7% · Net margin 49.1% · Return on equity 15.5% · Return on assets (EBIT) 1.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −36%, NOBA screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (kr 5.93 to kr 88.72). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bearkr 45.46Fair Value kr 60.58Bullkr 82.99
Price kr 94.20 · Downside -35.7%
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 5.62 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.1%
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.
+24.8%
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.
+46.6%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+65.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+63.6%
Dividend (yield on the price)1.7%
Profit margin 2020 to 2025 ⓘ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.32% → 30%
2025 sits 220% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
AI conclusion: Diversification across four consumer finance brands and eight markets offers broad reach as main strength, while limited public information creates the main weak point with low confidence in assessments.
Main risk: Limits in the diversified lending model could hinder funding flexibility across its consumer finance brands and markets.
NOBA is redeeming its Additional Tier 1 and subordinated Tier 2 notes early at the end of October. The bank has also completed recent taps of senior preferred bonds. Will this capital structure shift strengthen funding flexibility across its four consumer finance brands and eight markets, or highlight limits in the diversified lending model?
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 - Diversified · 46 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside−35.7% · Bottom 25%
Profitability
Return on equity (12 months)15.5% · Above median
Return on assets2.1% · Top 25%
Net margin (12 months)49.1% · Top 25%
Operating margin (12 months)66.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)21.3% · Top 25%
Dividend yield (12 months)1.7% · Bottom 25%
Valuation Multiplesvs Banks - Diversified median · lower = cheaper
P/E (12 months)11.5× · Cheaper than median
P/B2.02× · Priciest 25%
P/S (12 months)5.76× · Priciest 25%
Price / free cash flow (fiscal year)6.0× · Cheaper than median
EV/EBITDA10.0× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 34
PAST (return on equity)62· sector 47
HEALTH (low debt)–
DIVIDEND (yield)34· sector 68
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.
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). "NOBA Bank Fair Value". https://www.fairvalue-calculator.com/stock/NOBA
Frequently asked questions
Is NOBA Bank (NOBA) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of kr 60.58 versus a price of kr 94.20, about 36% lower (overvalued).
What is the fair value of NOBA?
Our model-based fair value for NOBA Bank is kr 60.58 (as of Nov 5, 2026), built from audited fundamentals. The current price: kr 94.20.
What is the quality score of NOBA?
NOBA Bank has a Quality Score of 63/100. 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 NOBA Bank (NOBA)?
Our model-based price target is the fair value of kr 60.58 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario kr 45.46, optimistic scenario kr 82.99. It is a calculation from audited fundamentals, not an analyst target.
What is the NOBA Bank stock forecast for 2026?
Our models put fair value at kr 60.58, about 36% lower versus a price of kr 94.20 (overvalued). Cautious scenario kr 45.46, optimistic scenario kr 82.99. The calculation is refreshed regularly with new filings.
What is the revenue of NOBA Bank (NOBA)?
NOBA Bank reported trailing-twelve-month revenue of about 8.2B SEK (latest available figure, as of Nov 5, 2026).
Does NOBA Bank pay a dividend?
NOBA Bank currently shows a dividend yield of 1.70% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of NOBA Bank (NOBA) and when is the ex-dividend date?
NOBA Bank pays a dividend of kr 1.60 per share a year, a dividend yield of 1.7%. The last ex-dividend date was May 22, 2026. The payout ratio is 19.6% 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 NOBA Bank (NOBA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NOBA Bank it is kr 60.58 per share (as of Nov 5, 2026), against a price of kr 94.20. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is NOBA Bank stock overvalued or undervalued in 2026?
As of Nov 5, 2026, NOBA trades above its calculated fair value: price kr 94.20, fair value kr 60.58, a gap of about −36% (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 NOBA?
No. The price is what the market pays today (kr 94.20); the fair value is what the company's own numbers justify (kr 60.58). For NOBA Bank the two are kr 33.62 per share apart. That gap is exactly why we show both numbers side by side.
How much is NOBA Bank worth?
The market values NOBA Bank at about 47.2B SEK (market capitalisation, as of Nov 5, 2026). Per share that is kr 94.20; our models calculate a fair value of kr 60.58 per share.
What do the bullish and bearish scenarios say about NOBA?
Our models span a range for NOBA Bank: cautious scenario kr 45.46, base kr 60.58, optimistic kr 82.99 per share (as of Nov 5, 2026, price kr 94.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NOBA?
NOBA Bank trades at a price-to-earnings ratio of 11.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 60.58 is built from several models across several years. Other multiples: P/B 2.0, P/S 5.8, EV/EBITDA 10.0.
How solid is the balance sheet of NOBA Bank (NOBA)?
Balance-sheet figures for NOBA Bank (as of Nov 5, 2026): return on equity 15.5%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is NOBA from its 52-week high?
NOBA Bank trades at kr 94.20, about 22% below its 52-week high of kr 120.05 and 27% above the low of kr 74.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 60.58 is for.
Which stocks are comparable to NOBA Bank?
From the same area (Financial Services) we also value JPMorgan Chase & Co, China Construction Bank Corporation, Industrial and Commercial Bank of China Limited, Agricultural Bank of China Limited, 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 NOBA Bank stock attractive at the current price?
The data as of Nov 5, 2026: price kr 94.20, calculated fair value kr 60.58 (−36%), Quality Score 63/100, 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 NOBA calculated?
We run NOBA 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 60.58 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. NOBA 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 NOBA Bank (NOBA)?
The closing price on Nov 6, 2026 was kr 94.20. Our model-based fair value is kr 60.58, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NOBA Bank right now?
The price sits above even our optimistic bull case (kr 82.99). The favourable scenario is already priced in. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 45.46 to kr 82.99) 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 NOBA Bank
How large is the market capitalisation of NOBA Bank (NOBA)?
The market capitalisation of NOBA Bank is 47.2B SEK (≈ $4.8B). 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 NOBA Bank (NOBA)?
The price-to-sales ratio of NOBA Bank is 5.76 (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 NOBA Bank (NOBA)?
Earnings per share at NOBA Bank are kr 8.17 (price ÷ EPS = P/E 11.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NOBA Bank (NOBA)?
The dividend yield of NOBA Bank is 1.7% (payout 19.6%). 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 NOBA Bank (NOBA)?
The net margin of NOBA Bank is 49.1% (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 NOBA Bank (NOBA)?
The return on equity (ROE) of NOBA Bank is 15.5% (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 NOBA Bank (NOBA)?
On an EBIT basis the return on assets of NOBA Bank 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 NOBA Bank (NOBA)?
The operating margin of NOBA Bank is 66.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NOBA Bank (NOBA)?
Revenue at NOBA Bank is growing +21.3% versus a year earlier (3y avg +24.8%). 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 NOBA Bank (NOBA)?
Earnings per share at NOBA Bank are growing +25.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NOBA Bank (NOBA) generate?
The free cash flow of NOBA Bank is 7.8B 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 NOBA Bank (NOBA) carry?
The net debt of NOBA Bank is 27.3B SEK (fiscal year 2025, ≈ 3.5 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 5, 2026