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Nordic Financials ASA (NOFIN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Nordic Financials ASA stock NOK 1.05, price NOK 1.27, that is 17.0% below the price, quality 53 out of 100. Rating: overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services NO

NF Nordic Financials ASA logo Thin data Nov 7, 2026

Nordic Financials ASA

NOFIN · OL
Expensive, in a downtrend

Our calculation puts a fair price 17% below what the stock costs today.

Low debt
Quality 53/100
Fair value kr 1.05 · Overvalued
Weak Growth (revenue 3y −66.3 %/yr in NOK)
Negative free cash flow
Trails peers (2/8)
Narrow moat 10/100 · thin data
Thin data
⚠ Dilution
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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 103.98 kr 1.02 Fair Value kr 1.05 Aug 2021 Nov 2026

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

How to read this chart

60‑month range kr 1.02 – kr 103.98 · fair‑value band kr 0.7905 – kr 1.33 · the kr 1.27 price screens above the kr 1.05 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

Nordic Financials ASA does not have significant operations. Previously, it was engaged in the solar power and renewable energy businesses. The company was formerly known as Aega ASA. Nordic Financials ASA was incorporated in 2011 and is headquartered in Oslo, Norway.

Stock analysis

Nordic Financials ASA (NOFIN) currently trades at kr 1.27, while our model-based Fair Value estimate is kr 1.05, 17% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: kr 0.7905 (bear) to kr 1.33 (bull), the price of kr 1.27 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 53/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Nordic Financials ASA reported revenue of 1.1M NOK in FY2025 versus 20.9M NOK in FY2021, a compound −51.9%/yr. Reported net income was −11.9M NOK in FY2025.

Key figures

Market cap 25.0M NOK (≈ $2.6M) Micro · P/S ratio 23.7 · EPS (TTM) kr −0.2200 · Return on equity −69.3% · Return on assets (EBIT) −64.0% (5-year average) · Operating margin 767% · Revenue (TTM) 1.1M NOK · Free cash flow −23.5M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 38% below its 52-week high and 2% 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 −17%, NOFIN screens richer than that median.

Fair Value models

Bear kr 0.7905 Fair Value kr 1.05 Bull kr 1.33
Price kr 1.27 · Downside -17.0%
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. 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
P/B Multiple kr 0.9300 kr 1.24 kr 1.56 55
NCAV (Graham) kr 0.5400 kr 0.8200 kr 1.03 54
All 2 models by family
Multiples
P/B Multiple kr 0.9300 kr 1.24 kr 1.56 55
Asset-Based
NCAV (Graham) kr 0.5400 kr 0.8200 kr 1.03 54

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

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

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 85
Are margins and returns getting better?
Cashflow 50
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 71
How calm the share price moves, does not count
Price momentum 8
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 2
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. 0/100
Revenue growth is weak, negative or inconsistent.
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

NOFIN screens overvalued: fair value 17% below the price. Compare with Blackstone Inc →

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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.Asset Management · 587 stocks

Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −17.0% · Below median
Profitability
Return on assets −40.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.87× · Cheaper than median
P/S (12 months) 23.16× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)11 · sector 60
FUTURE (revenue growth)0 · sector 38
PAST (return on equity)0 · sector 29
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)0 · sector 80

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €73.35 €139.37 +90% vs NOFIN
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs NOFIN
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs NOFIN
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs NOFIN
State Street Corporation STT $165.56 $139.37 −16% vs NOFIN
Ares Management Corporation ARES $133.98 $99.35 −26% vs NOFIN
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs NOFIN
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs NOFIN
Blackstone Inc BX $119.50 $52.29 −56% vs NOFIN
KKR & Co KKR $96.48 $27.32 −72% vs NOFIN

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Nordic Financials ASA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Nordic Financials ASA Fair Value". https://www.fairvalue-calculator.com/stock/NOFIN

Frequently asked questions

Is Nordic Financials ASA (NOFIN) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 1.05 versus a price of kr 1.27, about 17% lower (overvalued).
What is the fair value of NOFIN?
Our model-based fair value for Nordic Financials ASA is kr 1.05 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 1.27.
What is the quality score of NOFIN?
Nordic Financials ASA has a Quality Score of 53/100. 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 Nordic Financials ASA (NOFIN)?
Our model-based price target is the fair value of kr 1.05 (as of Nov 7, 2026) from 2 valuation models. Cautious scenario kr 0.7905, optimistic scenario kr 1.33. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordic Financials ASA stock forecast for 2026?
Our models put fair value at kr 1.05, about 17% lower versus a price of kr 1.27 (overvalued). Cautious scenario kr 0.7905, optimistic scenario kr 1.33. The calculation is refreshed regularly with new filings.
What is the revenue of Nordic Financials ASA (NOFIN)?
Nordic Financials ASA reported trailing-twelve-month revenue of about 1.1M NOK (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Nordic Financials ASA (NOFIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordic Financials ASA it is kr 1.05 per share (as of Nov 7, 2026), against a price of kr 1.27. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Nordic Financials ASA stock overvalued or undervalued in 2026?
As of Nov 7, 2026, NOFIN trades above its calculated fair value: price kr 1.27, fair value kr 1.05, a gap of about −17% (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 NOFIN?
No. The price is what the market pays today (kr 1.27); the fair value is what the company's own numbers justify (kr 1.05). For Nordic Financials ASA the two are kr 0.2160 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordic Financials ASA worth?
The market values Nordic Financials ASA at about 25.0M NOK (market capitalisation, as of Nov 7, 2026). Per share that is kr 1.27; our models calculate a fair value of kr 1.05 per share.
What do the bullish and bearish scenarios say about NOFIN?
Our models span a range for Nordic Financials ASA: cautious scenario kr 0.7905, base kr 1.05, optimistic kr 1.33 per share (as of Nov 7, 2026, price kr 1.27). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nordic Financials ASA (NOFIN)?
Balance-sheet figures for Nordic Financials ASA (as of Nov 7, 2026): return on equity −69.3%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is NOFIN from its 52-week high?
Nordic Financials ASA trades at kr 1.27, about 38% below its 52-week high of kr 2.06 and 2% above the low of kr 1.24 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1.05 is for.
Which stocks are comparable to Nordic Financials ASA?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, 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 Nordic Financials ASA stock attractive at the current price?
The data as of Nov 7, 2026: price kr 1.27, calculated fair value kr 1.05 (−17%), Quality Score 53/100, from 2 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 NOFIN calculated?
We run Nordic Financials ASA through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 1.05 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. Nordic Financials ASA 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 Nordic Financials ASA (NOFIN)?
The closing price on Nov 6, 2026 was kr 1.27. Our model-based fair value is kr 1.05, about 17% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordic Financials ASA right now?
Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Nordic Financials ASA

How large is the market capitalisation of Nordic Financials ASA (NOFIN)?
The market capitalisation of Nordic Financials ASA is 25.0M NOK (≈ $2.6M). 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 Nordic Financials ASA (NOFIN)?
The price-to-sales ratio of Nordic Financials ASA is 23.7 (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 Nordic Financials ASA (NOFIN)?
Earnings per share at Nordic Financials ASA are kr −0.2200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Nordic Financials ASA (NOFIN)?
The return on equity (ROE) of Nordic Financials ASA is −69.3% (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 Nordic Financials ASA (NOFIN)?
On an EBIT basis the return on assets of Nordic Financials ASA is −64.0% (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 Nordic Financials ASA (NOFIN)?
The operating margin of Nordic Financials ASA is 767% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does Nordic Financials ASA (NOFIN) generate?
The free cash flow of Nordic Financials ASA is −23.5M 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 Nordic Financials ASA (NOFIN) carry?
The net debt of Nordic Financials ASA is 344K NOK (fiscal year 2024). 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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