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Sparebank 1 Nordvest (SNOR) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Sparebank 1 Nordvest stock NOK 380, price NOK 190, upside +100.0%, quality 51 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services NO · ISIN NO0010691660

S1 Sparebank 1 Nordvest logo Broad data Nov 8, 2026

Sparebank 1 Nordvest

SNOR · OL
Undervalued, in an uptrend

The stock costs 50% less than our calculation considers fair.

Fair value kr 380.00 · Strongly undervalued
Highly profitable · 46.9% net margin (TTM)
5.8% dividend yield · Sustainable
Ranks above peers (12/14)
Broad data
Even on cautious assumptions the value is 50% above the price (kr 285.00).
Quality 51/100
Mixed Growth (revenue 5y +20.9 %/yr in NOK)
Wide moat 69/100 · thin data
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What runs behind every stock

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

Price vs Fair Value

kr 201.15 kr 93.43 Fair Value kr 380.00 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range kr 93.43 – kr 201.15 · fair‑value band kr 285.00 – kr 475.00 · the kr 190.00 price screens below the kr 380.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

SpareBank 1 Nordmøre provides various banking products and services for businesses and individuals in Norway. It operates through Retail Market and Corporate Market segments.

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The company offers financing, leasing, payment processing, and consulting services; and accounting services, including agricultural accounting.

It also provides usage, current, buffer, savings, deposit, business, currency, group, and investment accounts; fixed-rate deposits; mobile and online banking; bank and credit cards; savings products, including savings in funds, savings on account, stocks and investments, and savings for children and retirement; pension savings accounts and tax-advantaged retirement savings; mandatory occupational pensions; and cash services.

In addition, the company offers mortgage loans for housing, cottages, and construction projects; car loans for new and used cars; loan transfers; proof of financing; consumer loans; refinancing of mortgages and consumer debt; vehicle loans for boats, caravans, and other vehicles; green loans; business loans; overdrafts; bank guarantees; construction loans; growth guarantee schemes; agricultural operating credit; and factoring.

Further, it provides car, housing, person, animal, vehicle, travel, valuable item, vehicle and machine, building and value, employee/personnel, and agriculture insurance; property brokerage and valuation; payroll payment and reporting; business counseling; and investment in funds and shares.

The company was formerly known as Sparebank 1 Nordvest and changed its name to SpareBank 1 Nordmøre in May 2021. The company was founded in 1835 and is based in Kristiansund, Norway.

Stock analysis

Sparebank 1 Nordvest (SNOR) currently trades at kr 190.00, while our model-based Fair Value estimate is kr 380.00, implying the stock looks roughly 50% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of kr 472.50 per share, and 3 of the 6 models we run sit above the kr 190.00 price.

Bear case: the Dividend Discount group reads lowest at kr 113.82, and 3 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: kr 285.00 (bear) to kr 475.00 (bull), the price of kr 190.00 sits below 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 51/100 (solid quality), in the Financial Services sector.

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

Sparebank 1 Nordvest reported revenue of 1.0B NOK in FY2025 versus 588M NOK in FY2021, a compound +15.6%/yr. Reported net income was 502M NOK in FY2025, compounding +37.1%/yr from FY2021.

Key figures

Market cap 1.7B NOK (≈ $182M) Micro · P/E ratio 10.4 · P/S ratio 4.97 · EPS (TTM) kr 18.29 · Dividend yield 5.8% · Net margin 47.9% · Return on equity 11.0% · Return on assets (EBIT) 1.4% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).

What moves the price

The share trades about 6% below its 52-week high and 21% 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 100%, SNOR screens cheaper than that median.

Fair Value models

Bear kr 285.00 Fair Value kr 380.00 Bull kr 475.00
Price kr 190.00 · Upside +100.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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 6.25 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 430.33 kr 472.50 kr 584.51 76
Gordon GGM kr 66.02 kr 118.96 kr 163.76 68
DDM Multi-Stage kr 66.02 kr 108.67 kr 127.08 67
All 6 models by family
Dividend Discount
Gordon GGM kr 66.02 kr 118.96 kr 163.76 68
DDM Multi-Stage kr 66.02 kr 108.67 kr 127.08 67
Multiples
P/E Multiple kr 540.12 kr 720.17 kr 900.21 63
P/B Multiple kr 114.70 kr 152.93 kr 191.16 55
Asset-Based
NCAV (Graham) kr 247.52 kr 331.68 kr 495.04 54
Economic Profit
Residual Income kr 430.33 kr 472.50 kr 584.51 76

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Quality Score breakdown

Overall quality 51/100

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

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 47
Are margins and returns getting better?
Cashflow 68
Do the profits arrive as real cash?
Financial strength 1
Debt, balance sheet and risk of trouble
Investment 62
Does it invest with discipline instead of growing at any price?
Low Volatility 92
How calm the share price moves, does not count
Price momentum 49
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 64
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

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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. 95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.7%
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.
+10.1%
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.
+20.9%
Start year 2020 (pandemic). Over 10 years: +11.9% a year
Revenue growth 16 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.
+8.7%
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. Basis: EBIT basis.
≈ +6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.7%
Dividend (yield on the price)5.8%
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.−2.8% vs −6.5%, picking up
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 8.9%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2025 sits 52% above its own trend.

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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 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside +100.0% · Top 25%
Profitability
Return on equity (12 months) 11.0% · Above median
Return on assets 1.7% · Top 25%
Net margin (12 months) 46.9% · Top 25%
Operating margin (12 months) 61.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −2.9% · Bottom 25%
Dividend yield (12 months) 5.8% · Top 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.4× · Cheaper than median
P/B 0.37× · Cheapest 25%
P/S (12 months) 1.62× · Cheapest 25%
Price / free cash flow (fiscal year) 6.1× · Cheapest 25%
EV/EBITDA 4.7× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 8
FUTURE (revenue growth)0 · sector 47
PAST (return on equity)44 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)100 · 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 SNOR
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs SNOR
BNP Paribas SA BNP €91.93 €106.01 +15% vs SNOR
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs SNOR
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs SNOR
UniCredit S.p.A UCG €76.80 €50.44 −34% vs SNOR
Mizuho Financial Group MFG $9.40 $5.89 −37% vs SNOR
DBS Group D05 69.72 SGD 40.39 SGD −42% vs SNOR
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs SNOR
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs SNOR

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Sparebank 1 Nordvest: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Sparebank 1 Nordvest Fair Value". https://www.fairvalue-calculator.com/stock/SNOR

Frequently asked questions

Is Sparebank 1 Nordvest (SNOR) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 380.00 versus a price of kr 190.00, about +100% upside (undervalued).
What is the fair value of SNOR?
Our model-based fair value for Sparebank 1 Nordvest is kr 380.00 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 190.00.
What is the quality score of SNOR?
Sparebank 1 Nordvest has a Quality Score of 51/100. 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 Sparebank 1 Nordvest (SNOR)?
Our model-based price target is the fair value of kr 380.00 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario kr 285.00, optimistic scenario kr 475.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Sparebank 1 Nordvest stock forecast for 2026?
Our models put fair value at kr 380.00, about +100% upside versus a price of kr 190.00 (undervalued). Cautious scenario kr 285.00, optimistic scenario kr 475.00. The calculation is refreshed regularly with new filings.
What is the revenue of Sparebank 1 Nordvest (SNOR)?
Sparebank 1 Nordvest reported trailing-twelve-month revenue of about 1.1B NOK (latest available figure, as of Nov 8, 2026).
Does Sparebank 1 Nordvest pay a dividend?
Sparebank 1 Nordvest currently shows a dividend yield of 5.79% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Sparebank 1 Nordvest (SNOR) and when is the ex-dividend date?
Sparebank 1 Nordvest pays a dividend of kr 11.00 per share a year, a dividend yield of 5.8%. The last ex-dividend date was Apr 16, 2026. A dividend has been paid every year since at least 2018. The payout ratio is 60.1% of earnings. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of Sparebank 1 Nordvest (SNOR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sparebank 1 Nordvest it is kr 380.00 per share (as of Nov 8, 2026), against a price of kr 190.00. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Sparebank 1 Nordvest stock overvalued or undervalued in 2026?
As of Nov 8, 2026, SNOR trades below its calculated fair value: price kr 190.00, fair value kr 380.00, a gap of about +100% (undervalued). 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 SNOR?
No. The price is what the market pays today (kr 190.00); the fair value is what the company's own numbers justify (kr 380.00). For Sparebank 1 Nordvest the two are kr 190.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sparebank 1 Nordvest worth?
The market values Sparebank 1 Nordvest at about 1.7B NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 190.00; our models calculate a fair value of kr 380.00 per share.
What do the bullish and bearish scenarios say about SNOR?
Our models span a range for Sparebank 1 Nordvest: cautious scenario kr 285.00, base kr 380.00, optimistic kr 475.00 per share (as of Nov 8, 2026, price kr 190.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SNOR?
Sparebank 1 Nordvest trades at a price-to-earnings ratio of 10.4 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 380.00 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 2.7. Other multiples: P/B 0.4, P/S 1.6, EV/EBITDA 4.7.
How solid is the balance sheet of Sparebank 1 Nordvest (SNOR)?
Balance-sheet figures for Sparebank 1 Nordvest (as of Nov 8, 2026): return on equity 11.0%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is SNOR from its 52-week high?
Sparebank 1 Nordvest trades at kr 190.00, about 6% below its 52-week high of kr 201.15 and 21% above the low of kr 157.38 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 380.00 is for.
Which stocks are comparable to Sparebank 1 Nordvest?
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 Sparebank 1 Nordvest stock attractive at the current price?
The data as of Nov 8, 2026: price kr 190.00, calculated fair value kr 380.00 (+100%), Quality Score 51/100, 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 SNOR calculated?
We run Sparebank 1 Nordvest 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 380.00 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. Sparebank 1 Nordvest currently trades 50% 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 Sparebank 1 Nordvest (SNOR)?
The closing price on Nov 6, 2026 was kr 190.00. Our model-based fair value is kr 380.00, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sparebank 1 Nordvest right now?
The price is below even our cautious bear case (kr 285.00). The market is more pessimistic than our downside scenario. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Sparebank 1 Nordvest

How large is the market capitalisation of Sparebank 1 Nordvest (SNOR)?
The market capitalisation of Sparebank 1 Nordvest is 1.7B NOK (≈ $182M). 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 Sparebank 1 Nordvest (SNOR)?
The price-to-sales ratio of Sparebank 1 Nordvest is 4.97 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sparebank 1 Nordvest (SNOR)?
Earnings per share at Sparebank 1 Nordvest are kr 18.29 (price ÷ EPS = P/E 10.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sparebank 1 Nordvest (SNOR)?
The dividend yield of Sparebank 1 Nordvest is 5.8% (payout 60.1%). 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 Sparebank 1 Nordvest (SNOR)?
The net margin of Sparebank 1 Nordvest is 47.9% (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 Sparebank 1 Nordvest (SNOR)?
The return on equity (ROE) of Sparebank 1 Nordvest is 11.0% (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 Sparebank 1 Nordvest (SNOR)?
On an EBIT basis the return on assets of Sparebank 1 Nordvest 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 Sparebank 1 Nordvest (SNOR)?
The operating margin of Sparebank 1 Nordvest is 61.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sparebank 1 Nordvest (SNOR)?
Revenue at Sparebank 1 Nordvest is growing −2.9% versus a year earlier (3y avg +10.1%). 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 Sparebank 1 Nordvest (SNOR)?
Earnings per share at Sparebank 1 Nordvest are growing −3.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sparebank 1 Nordvest (SNOR) generate?
The free cash flow of Sparebank 1 Nordvest is 282M 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 Sparebank 1 Nordvest (SNOR) carry?
The net debt of Sparebank 1 Nordvest is 6.5B NOK (fiscal year 2025, ≈ 23.1 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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