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Tinde Sparebank (TINDE) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Tinde Sparebank stock NOK 136, price NOK 112, upside +21.5%, quality 23 out of 100. Rating: 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

TS Tinde Sparebank logo Some data Nov 5, 2026

Tinde Sparebank

TINDE · OL
Speculative

The stock costs 18% less than our calculation considers fair.

Fair value kr 136.09 · Undervalued
Highly profitable · 23.7% net margin (TTM)
Expensive Growth (revenue 3y +26.0 %/yr in NOK)
4.4% dividend yield · Payout strained
Mixed vs. peers (6/12)
Moderate moat 59/100 · thin data
Some data
Quality 23/100
⚠ 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 124.64 kr 72.01 Fair Value kr 136.09 Apr 2020 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range kr 72.01 – kr 124.64 · fair‑value band kr 102.06 – kr 170.10 · the kr 112.00 price screens below the kr 136.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Tinde Sparebank operates as a savings bank that provides various financial products and services to retail and corporate customers in Norway. It offers savings and pension accounts, credit cards, and mobile and online banking services.

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The company also provides insurance products for cars, children, contents, household items, home, travel, dog, and damage; and loan products for car, mortgage, consumer, motorcycles, motorhomes, and ATVs, as well as refinances consumer debt.

The company was formerly known as Romsdal Sparebank and changed its name to Tinde Sparebank in June 2025. The company was founded in 1878 and is based in Elnesvågen, Norway.

Stock analysis

Tinde Sparebank (TINDE) currently trades at kr 112.00, while our model-based Fair Value estimate is kr 136.09, implying the stock looks roughly 18% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of kr 246.57 per share, and 4 of the 6 models we run sit above the kr 112.00 price.

Bear case: the Dividend Discount group reads lowest at kr 52.32, and 2 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 102.06 (bear) to kr 170.10 (bull), the price of kr 112.00 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 23/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Tinde Sparebank reported revenue of 376M NOK in FY2025 versus 164M NOK in FY2021, a compound +23.0%/yr. Reported net income was 83.3M NOK in FY2025, compounding +12.0%/yr from FY2021.

Key figures

Market cap 610M NOK (≈ $64.7M) Micro · P/E ratio 23.4 · P/S ratio 5.18 · EPS (TTM) kr 4.79 · Dividend yield 4.4% · Net margin 22.1% · Return on equity 3.8% · Return on assets 0.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −39% fair-value upside, at 22%, TINDE screens cheaper than that median.

Fair Value models

Bear kr 102.06 Fair Value kr 136.09 Bull kr 170.10
Price kr 112.00 · Upside +21.5%
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
Residual Income kr 246.73 kr 246.57 kr 259.87 73
Gordon GGM kr 32.06 kr 53.70 kr 69.70 65
DDM Multi-Stage kr 32.06 kr 50.93 kr 57.77 65
All 6 models by family
Dividend Discount
Gordon GGM kr 32.06 kr 53.70 kr 69.70 65
DDM Multi-Stage kr 32.06 kr 50.93 kr 57.77 65
Multiples
P/E Multiple kr 149.02 kr 198.70 kr 248.37 63
P/B Multiple kr 91.12 kr 121.49 kr 151.86 55
Asset-Based
NCAV (Graham) kr 177.90 kr 238.39 kr 355.80 54
Economic Profit
Residual Income kr 246.73 kr 246.57 kr 259.87 73

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

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Quality Score breakdown

Overall quality 23/100

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

Profitability 35
How much profit the company makes from its sales and capital
Quality Growth 64
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 2
Debt, balance sheet and risk of trouble
Investment 32
Does it invest with discipline instead of growing at any price?
Low Volatility 100
How calm the share price moves, does not count
Price momentum 36
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 28
Distance to the 52-week high, does not count
New shares 0
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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+56.3%
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.
+26.0%
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.
−5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.2%
Dividend (yield on the price)4.4%

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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.Financial Conglomerates · 49 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside +21.5% · Above median
Profitability
Return on equity (12 months) 3.8% · Bottom 25%
Return on assets 0.6% · Bottom 25%
Net margin (12 months) 23.7% · Above median
Operating margin (12 months) 39.8% · Above median
Growth and dividend
Revenue growth (quarter YoY) 6.7% · Below median
Dividend yield (12 months) 4.4% · Above median
Balance sheet
Debt / equity 1.28× · Above median

Valuation Multiplesvs Financial Conglomerates median · lower = cheaper

P/E (12 months) 23.4× · Pricier than median
P/B 0.29× · Cheapest 25%
P/S (12 months) 1.83× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)62 · sector 39
FUTURE (revenue growth)34 · sector 71
PAST (return on equity)15 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)88 · sector 64

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 Financial Conglomerates stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Guosen Securities Co 002736 ¥9.03 ¥15.33 +70% vs TINDE
ORIX Corporation IX $34.85 $59.05 +69% vs TINDE
China Galaxy Securities Co 601881 ¥11.81 ¥12.36 +5% vs TINDE
CNPC Capital Company 000617 ¥6.49 ¥6.25 −4% vs TINDE
Voya Financial, Inc VOYA $99.01 $60.87 −39% vs TINDE
Aditya Birla Capital Limited ABCAPITAL ₹398.80 ₹217.72 −45% vs TINDE
Storebrand ASA STB kr 200.00 kr 108.73 −46% vs TINDE
Bajaj Finserv Ltd BAJAJFINSV ₹1,865 ₹796.21 −57% vs TINDE
Yuanta Financial Holding 2885 69.40 TWD 23.12 TWD −67% vs TINDE
Freedom Holding FRHC $178.85 $23.86 −87% vs TINDE

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Tinde Sparebank: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Tinde Sparebank Fair Value". https://www.fairvalue-calculator.com/stock/TINDE

Frequently asked questions

Is Tinde Sparebank (TINDE) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of kr 136.09 versus a price of kr 112.00, about +22% upside (undervalued).
What is the fair value of TINDE?
Our model-based fair value for Tinde Sparebank is kr 136.09 (as of Nov 5, 2026), built from audited fundamentals. The current price: kr 112.00.
What is the quality score of TINDE?
Tinde Sparebank has a Quality Score of 23/100. 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 Tinde Sparebank (TINDE)?
Our model-based price target is the fair value of kr 136.09 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario kr 102.06, optimistic scenario kr 170.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Tinde Sparebank stock forecast for 2026?
Our models put fair value at kr 136.09, about +22% upside versus a price of kr 112.00 (undervalued). Cautious scenario kr 102.06, optimistic scenario kr 170.10. The calculation is refreshed regularly with new filings.
What is the revenue of Tinde Sparebank (TINDE)?
Tinde Sparebank reported trailing-twelve-month revenue of about 334M NOK (latest available figure, as of Nov 5, 2026).
Does Tinde Sparebank pay a dividend?
Tinde Sparebank currently shows a dividend yield of 4.38% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Tinde Sparebank (TINDE) and when is the ex-dividend date?
Tinde Sparebank pays a dividend of kr 4.90 per share a year, a dividend yield of 4.4%. The last ex-dividend date was Mar 27, 2026. A dividend has been paid every year since at least 2021. The payout ratio is 102% of earnings. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What is the intrinsic value of Tinde Sparebank (TINDE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tinde Sparebank it is kr 136.09 per share (as of Nov 5, 2026), against a price of kr 112.00. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Tinde Sparebank stock overvalued or undervalued in 2026?
As of Nov 5, 2026, TINDE trades below its calculated fair value: price kr 112.00, fair value kr 136.09, a gap of about +22% (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 TINDE?
No. The price is what the market pays today (kr 112.00); the fair value is what the company's own numbers justify (kr 136.09). For Tinde Sparebank the two are kr 24.09 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tinde Sparebank worth?
The market values Tinde Sparebank at about 610M NOK (market capitalisation, as of Nov 5, 2026). Per share that is kr 112.00; our models calculate a fair value of kr 136.09 per share.
What do the bullish and bearish scenarios say about TINDE?
Our models span a range for Tinde Sparebank: cautious scenario kr 102.06, base kr 136.09, optimistic kr 170.10 per share (as of Nov 5, 2026, price kr 112.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TINDE?
Tinde Sparebank trades at a price-to-earnings ratio of 23.4 (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 136.09 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 4.4. Other multiples: P/B 0.3, P/S 1.8.
How solid is the balance sheet of Tinde Sparebank (TINDE)?
Balance-sheet figures for Tinde Sparebank (as of Nov 5, 2026): return on equity 3.8%, debt of 1.28 per unit of equity. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is TINDE from its 52-week high?
Tinde Sparebank trades at kr 112.00, about 8% below its 52-week high of kr 121.80 and 3% above the low of kr 108.44 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 136.09 is for.
Which stocks are comparable to Tinde Sparebank?
From the same area (Financial Services) we also value ORIX Corporation, Bajaj Finserv Ltd, Yuanta Financial Holding, China Galaxy Securities Co, 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 Tinde Sparebank stock attractive at the current price?
The data as of Nov 5, 2026: price kr 112.00, calculated fair value kr 136.09 (+22%), Quality Score 23/100, 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 TINDE calculated?
We run Tinde Sparebank 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 136.09 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. Tinde Sparebank currently trades 18% 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 Tinde Sparebank (TINDE)?
The closing price on Nov 6, 2026 was kr 112.00. Our model-based fair value is kr 136.09, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tinde Sparebank right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Tinde Sparebank

How large is the market capitalisation of Tinde Sparebank (TINDE)?
The market capitalisation of Tinde Sparebank is 610M NOK (≈ $64.7M). 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 Tinde Sparebank (TINDE)?
The price-to-sales ratio of Tinde Sparebank is 5.18 (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 Tinde Sparebank (TINDE)?
Earnings per share at Tinde Sparebank are kr 4.79 (price ÷ EPS = P/E 23.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tinde Sparebank (TINDE)?
The dividend yield of Tinde Sparebank is 4.4% (payout 102%). 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 Tinde Sparebank (TINDE)?
The net margin of Tinde Sparebank is 22.1% (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 Tinde Sparebank (TINDE)?
The return on equity (ROE) of Tinde Sparebank is 3.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Tinde Sparebank (TINDE)?
The return on assets (ROA) of Tinde Sparebank is 0.6% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Tinde Sparebank (TINDE)?
The operating margin of Tinde Sparebank is 39.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tinde Sparebank (TINDE)?
Revenue at Tinde Sparebank is growing +6.7% versus a year earlier (3y avg +26.0%). 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 Tinde Sparebank (TINDE)?
Earnings per share at Tinde Sparebank are growing +6.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tinde Sparebank (TINDE) generate?
The free cash flow of Tinde Sparebank is −483M 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 Tinde Sparebank (TINDE) carry?
The net debt of Tinde Sparebank is 2.7B 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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