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Norion Bank (NORION) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Norion Bank stock SEK 70.00, price SEK 66.70, upside +4.9%, quality 63 out of 100. Rating: fairly valued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services SE · ISIN SE0017831795

NB Norion Bank logo Some data Nov 6, 2026

Norion Bank

NORION · ST
Fairly valued, sideways

The stock costs about what our calculation considers fair.

Quality 63/100
Highly profitable · 41.5% net margin (TTM)
Ranks above peers (10/12)
Last quarter vs. a year ago: revenue +16%, profit +28%.
Fair value kr 70.00 · Fairly valued
Mixed Growth (revenue 5y +17.0 %/yr in SEK)
Wide moat 70/100 · thin data
Some data
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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 72.70 kr 24.19 Fair Value kr 70.00 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range kr 24.19 – kr 72.70 · fair‑value band kr 54.01 – kr 107.03 · the kr 66.70 price screens below the kr 70.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Norion Bank AB (publ) provides financial solutions for medium-sized corporates and real estate companies, merchants, and private individuals in Sweden, Germany, Norway, Denmark, Finland, and internationally.

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It operates through four segments: Corporate, Real estate, Consumer, Payments, and others segments.

The company offers corporate loans comprising acquisition financing, bridge financing, revolving credits, and stock financing solutions; invoice factoring, loan factoring, purchase order financing, and export factoring services; and real estate loans, such as acquisition financing, revolving credit facility (RCF), and development credit; unsecured loans; savings accounts; and personal loans and credit cards.

It also provides payment and checkout solutions for e-commerce and retail businesses, as well as invoicing and payment by instalment services for private individuals. The company also engages in the provision of active asset management and pension solutions.

The company was formerly known as Collector Bank AB and changed its name to Norion Bank AB (publ) in September 2023. Norion Bank AB (publ) was founded in 1999 and is headquartered in Gothenburg, Sweden.

Stock analysis

Norion Bank (NORION) currently trades at kr 66.70, while our model-based Fair Value estimate is kr 70.00, so the stock looks roughly fairly valued today (gap 4.7%).

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Valuation

Bull case: the Multiples group reads highest at a median of kr 91.18 per share, and 3 of the 4 models we run sit above the kr 66.70 price.

Bear case: the Asset-Based group reads lowest at kr 35.49, and 1 of the 4 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 54.01 (bear) to kr 107.03 (bull), the price of kr 66.70 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 63/100 (solid quality), in the Financial Services sector.

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

Norion Bank reported revenue of 5.5B SEK in FY2025 versus 3.0B SEK in FY2021, a compound +16.3%/yr. Reported net income was 1.4B SEK in FY2025, compounding +17.6%/yr from FY2021.

Key figures

Market cap 12.3B SEK (≈ $1.2B) Small · P/E ratio 10.3 · P/S ratio 4.08 · EPS (TTM) kr 6.47 · Net margin 41.5% · Return on equity 12.6% · Return on assets (EBIT) 2.7% (5-year average) · Operating margin 62.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 36% 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 5%, NORION screens cheaper than that median.

Fair Value models

Bear kr 54.01 Fair Value kr 70.00 Bull kr 107.03
Price kr 66.70 · Upside +4.9%
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 5.55 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 54.01 kr 70.00 kr 107.03 69
P/E Multiple kr 81.14 kr 108.19 kr 135.24 63
P/B Multiple kr 55.62 kr 74.16 kr 92.70 55
All 4 models by family
Multiples
P/E Multiple kr 81.14 kr 108.19 kr 135.24 63
P/B Multiple kr 55.62 kr 74.16 kr 92.70 55
Asset-Based
NCAV (Graham) kr 26.49 kr 35.49 kr 52.97 51
Economic Profit
Residual Income kr 54.01 kr 70.00 kr 107.03 69

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Quality Score breakdown

Overall quality 63/100

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

Profitability 40
How much profit the company makes from its sales and capital
Quality Growth 60
Are margins and returns getting better?
Cashflow 75
Do the profits arrive as real cash?
Financial strength 23
Debt, balance sheet and risk of trouble
Investment 64
Does it invest with discipline instead of growing at any price?
Low Volatility 74
How calm the share price moves, does not count
Price momentum 51
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 53
Distance to the 52-week high, does not count
New shares 100
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. 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.5%
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.
+14.0%
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.
+17.0%
Start year 2020 (pandemic)
Revenue growth 9 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.
+19.2%
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.
+22.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.7%
Dividend (yield on the price)0.0%
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.22.7% vs 12.7%, picking up
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.16% → 34%
Pace: the 5-year rate starts in 2020 (pandemic)

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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 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 63 · Top 25%
Fair Value upside +4.9% · Above median
Profitability
Return on equity (12 months) 12.6% · Above median
Return on assets 2.1% · Top 25%
Net margin (12 months) 41.5% · Top 25%
Operating margin (12 months) 62.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 15.8% · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.3× · Cheaper than median
P/B 1.30× · Pricier than median
P/S (12 months) 4.08× · Pricier than median
Price / free cash flow (fiscal year) 9.9× · Cheaper than median
EV/EBITDA 3.9× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)40 · sector 8
FUTURE (revenue growth)79 · sector 47
PAST (return on equity)50 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 53

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

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Norion Bank: fair value per Fair Value Calculator

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

Frequently asked questions

Is Norion Bank (NORION) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of kr 70.00 versus a price of kr 66.70, about +5% upside (fairly valued).
What is the fair value of NORION?
Our model-based fair value for Norion Bank is kr 70.00 (as of Nov 6, 2026), built from audited fundamentals. The current price: kr 66.70.
What is the quality score of NORION?
Norion 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 Norion Bank (NORION)?
Our model-based price target is the fair value of kr 70.00 (as of Nov 6, 2026) from 4 valuation models. Cautious scenario kr 54.01, optimistic scenario kr 107.03. It is a calculation from audited fundamentals, not an analyst target.
What is the Norion Bank stock forecast for 2026?
Our models put fair value at kr 70.00, about +5% upside versus a price of kr 66.70 (fairly valued). Cautious scenario kr 54.01, optimistic scenario kr 107.03. The calculation is refreshed regularly with new filings.
What is the revenue of Norion Bank (NORION)?
Norion Bank reported trailing-twelve-month revenue of about 3.0B SEK (latest available figure, as of Nov 6, 2026).
What is the intrinsic value of Norion Bank (NORION)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norion Bank it is kr 70.00 per share (as of Nov 6, 2026), against a price of kr 66.70. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Norion Bank stock overvalued or undervalued in 2026?
As of Nov 6, 2026, NORION trades below its calculated fair value: price kr 66.70, fair value kr 70.00, a gap of about +5% (fairly valued). 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 NORION?
No. The price is what the market pays today (kr 66.70); the fair value is what the company's own numbers justify (kr 70.00). For Norion Bank the two are kr 3.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norion Bank worth?
The market values Norion Bank at about 12.3B SEK (market capitalisation, as of Nov 6, 2026). Per share that is kr 66.70; our models calculate a fair value of kr 70.00 per share.
What do the bullish and bearish scenarios say about NORION?
Our models span a range for Norion Bank: cautious scenario kr 54.01, base kr 70.00, optimistic kr 107.03 per share (as of Nov 6, 2026, price kr 66.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NORION?
Norion Bank trades at a price-to-earnings ratio of 10.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 70.00 is built from several models across several years. Other multiples: P/B 1.3, P/S 4.1, EV/EBITDA 3.9.
How solid is the balance sheet of Norion Bank (NORION)?
Balance-sheet figures for Norion Bank (as of Nov 6, 2026): return on equity 12.6%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is NORION from its 52-week high?
Norion Bank trades at kr 66.70, about 8% below its 52-week high of kr 72.70 and 36% above the low of kr 49.15 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 70.00 is for.
Which stocks are comparable to Norion 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 Norion Bank stock attractive at the current price?
The data as of Nov 6, 2026: price kr 66.70, calculated fair value kr 70.00 (+5%), Quality Score 63/100, from 4 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 NORION calculated?
We run Norion Bank through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 70.00 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. Norion Bank currently trades 5% 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 Norion Bank (NORION)?
The closing price on Nov 6, 2026 was kr 66.70. Our model-based fair value is kr 70.00, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norion Bank right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 54.01 to kr 107.03) 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 Norion Bank

How large is the market capitalisation of Norion Bank (NORION)?
The market capitalisation of Norion Bank is 12.3B SEK (≈ $1.2B). 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 Norion Bank (NORION)?
The price-to-sales ratio of Norion Bank is 4.08 (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 Norion Bank (NORION)?
Earnings per share at Norion Bank are kr 6.47 (price ÷ EPS = P/E 10.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Norion Bank (NORION)?
The net margin of Norion Bank is 41.5% (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 Norion Bank (NORION)?
The return on equity (ROE) of Norion Bank is 12.6% (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 Norion Bank (NORION)?
On an EBIT basis the return on assets of Norion Bank is 2.7% (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 Norion Bank (NORION)?
The operating margin of Norion Bank is 62.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norion Bank (NORION)?
Revenue at Norion Bank is growing +15.8% versus a year earlier (3y avg +14.0%). 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 Norion Bank (NORION)?
Earnings per share at Norion Bank are growing +28.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Norion Bank (NORION) generate?
The free cash flow of Norion Bank is 1.2B 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 cash does Norion Bank (NORION) hold?
Norion Bank holds more cash than debt, 1.3B SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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