Voss Veksel og Landmandsbank ASA (VVL) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Voss Veksel og Landmandsbank ASA stock NOK 352, price NOK 430, that is 18.0% below the price, quality 52 out of 100. Rating: 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 8, 2026.
How to read this chart
60‑month range kr 151.15 – kr 515.00 · fair‑value band kr 289.90 – kr 414.26 · the kr 430.00 price screens above the kr 352.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Voss Veksel- og Landmandsbank ASA provides banking and insurance services to private individuals, business, and agriculture in Norway.
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It offers saving accounts; car and other vehicle, home, small, and construction loans; overdrafts facilities; leasing services; bank guarantees; bank and payment cards; insurance products; and online and mobile banking services. The company was founded in 1843 and is based in Voss, Norway.
Stock analysis
Voss Veksel og Landmandsbank ASA (VVL) currently trades at kr 430.00, while our model-based Fair Value estimate is kr 352.43, 18% 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 386.53 per share, and 1 of the 6 models we run sit above the kr 430.00 price.
Bear case: the Dividend Discount group reads lowest at kr 209.32, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 289.90 (bear) to kr 414.26 (bull), the price of kr 430.00 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 52/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Voss Veksel og Landmandsbank ASA reported revenue of 198M NOK in FY2025 versus 144M NOK in FY2021, a compound +8.2%/yr. Reported net income was 88.6M NOK in FY2025, compounding +18.7%/yr from FY2021.
Key figures
Market cap 948M NOK (≈ $100M) Micro · P/E ratio 12.7 · P/S ratio 4.95 · EPS (TTM) kr 33.89 · Dividend yield 4.4% · Net margin 43.3% · Return on equity 9.9% · Return on assets (EBIT) 1.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −18%, VVL screens cheaper than that median.
Fair Value models
Bearkr 289.90Fair Value kr 352.43Bullkr 414.26
Price kr 430.00 · Downside -18.0%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 12.98 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.36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−50.8%
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.
+0.0%
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.
+3.5%
Start year 2020 (pandemic). Over 10 years: +4.3% a year
Revenue growth 25 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.
+3.8%
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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.
+19.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.7%
Dividend (yield on the price)4.4%
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.14.7% vs 10.3%, picking up
Profit margin 2019 to 2024 ⓘ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.33% → 29%
Compare Voss Veksel og Landmandsbank ASA with another stock
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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 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−18.0% · Above median
Profitability
Return on equity (12 months)9.9% · Below median
Return on assets1.3% · Above median
Net margin (12 months)43.3% · Top 25%
Operating margin (12 months)55.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−1.2% · Bottom 25%
Dividend yield (12 months)4.4% · Top 25%
Balance sheet
Debt / equity1.29× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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). "Voss Veksel og Landmandsbank ASA Fair Value". https://www.fairvalue-calculator.com/stock/VVL
Frequently asked questions
Is Voss Veksel og Landmandsbank ASA (VVL) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 352.43 versus a price of kr 430.00, about 18% lower (overvalued).
What is the fair value of VVL?
Our model-based fair value for Voss Veksel og Landmandsbank ASA is kr 352.43 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 430.00.
What is the quality score of VVL?
Voss Veksel og Landmandsbank ASA has a Quality Score of 52/100. 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 Voss Veksel og Landmandsbank ASA (VVL)?
Our model-based price target is the fair value of kr 352.43 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario kr 289.90, optimistic scenario kr 414.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Voss Veksel og Landmandsbank ASA stock forecast for 2026?
Our models put fair value at kr 352.43, about 18% lower versus a price of kr 430.00 (overvalued). Cautious scenario kr 289.90, optimistic scenario kr 414.26. The calculation is refreshed regularly with new filings.
What is the revenue of Voss Veksel og Landmandsbank ASA (VVL)?
Voss Veksel og Landmandsbank ASA reported trailing-twelve-month revenue of about 191M NOK (latest available figure, as of Nov 8, 2026).
Does Voss Veksel og Landmandsbank ASA pay a dividend?
Voss Veksel og Landmandsbank ASA currently shows a dividend yield of 4.36% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Voss Veksel og Landmandsbank ASA (VVL) and when is the ex-dividend date?
Voss Veksel og Landmandsbank ASA pays a dividend of kr 18.75 per share a year, a dividend yield of 4.4%. The last ex-dividend date was Apr 30, 2026. The payout ratio is 55.3% 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 Voss Veksel og Landmandsbank ASA (VVL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Voss Veksel og Landmandsbank ASA it is kr 352.43 per share (as of Nov 8, 2026), against a price of kr 430.00. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Voss Veksel og Landmandsbank ASA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, VVL trades above its calculated fair value: price kr 430.00, fair value kr 352.43, a gap of about −18% (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 VVL?
No. The price is what the market pays today (kr 430.00); the fair value is what the company's own numbers justify (kr 352.43). For Voss Veksel og Landmandsbank ASA the two are kr 77.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is Voss Veksel og Landmandsbank ASA worth?
The market values Voss Veksel og Landmandsbank ASA at about 948M NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 430.00; our models calculate a fair value of kr 352.43 per share.
What do the bullish and bearish scenarios say about VVL?
Our models span a range for Voss Veksel og Landmandsbank ASA: cautious scenario kr 289.90, base kr 352.43, optimistic kr 414.26 per share (as of Nov 8, 2026, price kr 430.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VVL?
Voss Veksel og Landmandsbank ASA trades at a price-to-earnings ratio of 12.7 (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 352.43 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 8.5. Other multiples: PEG 2.8, P/B 1.1, P/S 4.9, EV/EBITDA 16.4.
What is the PEG ratio of VVL?
The PEG ratio of Voss Veksel og Landmandsbank ASA is 2.84 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Voss Veksel og Landmandsbank ASA (VVL)?
Balance-sheet figures for Voss Veksel og Landmandsbank ASA (as of Nov 8, 2026): return on equity 9.9%, debt of 1.29 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is VVL from its 52-week high?
Voss Veksel og Landmandsbank ASA trades at kr 430.00, about 17% below its 52-week high of kr 515.00 and 21% above the low of kr 356.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 352.43 is for.
Which stocks are comparable to Voss Veksel og Landmandsbank ASA?
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 Voss Veksel og Landmandsbank ASA stock attractive at the current price?
The data as of Nov 8, 2026: price kr 430.00, calculated fair value kr 352.43 (−18%), Quality Score 52/100, 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 VVL calculated?
We run Voss Veksel og Landmandsbank ASA 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 352.43 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. Voss Veksel og Landmandsbank 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 Voss Veksel og Landmandsbank ASA (VVL)?
The closing price on Nov 6, 2026 was kr 430.00. Our model-based fair value is kr 352.43, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Voss Veksel og Landmandsbank ASA right now?
The price sits above even our optimistic bull case (kr 414.26). The favourable scenario is already priced in. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Voss Veksel og Landmandsbank ASA (VVL) come from?
Earnings per share at Voss Veksel og Landmandsbank ASA grew +10.7 % a year from 2013 to 2024. Broken into its drivers: revenue per share +6.0 %, EBIT margin +4.2 %, tax rate +0.3 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Voss Veksel og Landmandsbank ASA
How large is the market capitalisation of Voss Veksel og Landmandsbank ASA (VVL)?
The market capitalisation of Voss Veksel og Landmandsbank ASA is 948M NOK (≈ $100M). 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 Voss Veksel og Landmandsbank ASA (VVL)?
The price-to-sales ratio of Voss Veksel og Landmandsbank ASA is 4.95 (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 Voss Veksel og Landmandsbank ASA (VVL)?
Earnings per share at Voss Veksel og Landmandsbank ASA are kr 33.89 (price ÷ EPS = P/E 12.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Voss Veksel og Landmandsbank ASA (VVL)?
The dividend yield of Voss Veksel og Landmandsbank ASA is 4.4% (payout 55.3%). 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 Voss Veksel og Landmandsbank ASA (VVL)?
The net margin of Voss Veksel og Landmandsbank ASA is 43.3% (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 Voss Veksel og Landmandsbank ASA (VVL)?
The return on equity (ROE) of Voss Veksel og Landmandsbank ASA is 9.9% (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 Voss Veksel og Landmandsbank ASA (VVL)?
On an EBIT basis the return on assets of Voss Veksel og Landmandsbank ASA is 1.3% (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 Voss Veksel og Landmandsbank ASA (VVL)?
The operating margin of Voss Veksel og Landmandsbank ASA is 55.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Voss Veksel og Landmandsbank ASA (VVL)?
Revenue at Voss Veksel og Landmandsbank ASA is growing −1.2% versus a year earlier (3y avg +0.0%). 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 Voss Veksel og Landmandsbank ASA (VVL)?
Earnings per share at Voss Veksel og Landmandsbank ASA are growing −0.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Voss Veksel og Landmandsbank ASA (VVL) generate?
The free cash flow of Voss Veksel og Landmandsbank ASA is 13.6M 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 Voss Veksel og Landmandsbank ASA (VVL) carry?
The net debt of Voss Veksel og Landmandsbank ASA is 1.0B NOK (fiscal year 2025, ≈ 75.1 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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Broad data
Nov 8, 2026