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Pareto Bank ASA (0RI3) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Pareto Bank ASA NOK 79.34, price NOK 52.30, upside +51.7%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Some data
Sep 24, 2026
Pareto Bank ASA
0RI3 · LSEClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value kr 79.34 · Strongly undervalued (+51.7%)
!Quality 54/100
✓Healthy Growth (revenue 5y +19.3 %/yr)
✓Highly profitable · 54.6% net margin (TTM)
✓Moderate debt · generates free cash flow
✓15.3% dividend yield · Sustainable
✓Wide moat 65/100
!Evidence only medium, so the estimate is less certain
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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
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 18.68 – kr 87.64 · fair‑value band kr 64.41 – kr 129.82 · the kr 52.30 price screens below the kr 79.34 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Pareto Bank ASA provides various banking products and services in Norway. The company accepts corporate and private deposits.
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Pareto Bank ASA provides various banking products and services in Norway. The company accepts corporate and private deposits. It also offers business financing, such as acquisition, buyout, recapitalization, owner, bridging, operating and working capital, and operating loans; and land, construction, top funding, bridge financing, liquidity, and other credits. Pareto Bank ASA was incorporated in 2007 and is headquartered in Oslo, Norway.
Stock analysis
Pareto Bank ASA (0RI3) currently trades at kr 52.30, while our model-based Fair Value estimate is kr 79.34, implying the stock looks roughly 34.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 94.69 per share, and 5 of the 6 models we run sit above the kr 52.30 price.
Bear case: the Asset-Based group reads lowest at kr 45.32, and 1 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 64.41 (bear) to kr 129.82 (bull), the price of kr 52.30 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 54/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Pareto Bank ASA reported revenue of 2.4B NOK in FY2025 versus 1.0B NOK in FY2021, a compound +23.9%/yr. Reported net income was 676M NOK in FY2025, compounding +7.6%/yr from FY2021.
Key figures
Market cap 4.3B NOK (≈ $452M) · P/E ratio 0.1 · P/S ratio 0.02 · EPS (TTM) kr 7.05 · Net margin 28.6% · Return on equity 7.7% · Return on assets (EBIT) 3.3% · Operating margin 45.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at 52%, 0RI3 screens cheaper than that median.
Fair Value models
Bear kr 64.41
Fair Value kr 79.34
Bull kr 129.82
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
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.
Evidence ⓘEvidence = 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.
Highest evidence
Residual Income
kr 60.64
kr 69.51
kr 90.52
75
Gordon GGM
kr 32.26
kr 58.13
kr 80.02
65
DDM Multi-Stage
kr 32.26
kr 53.10
kr 62.10
65
All 6 models by family
Dividend Discount
Gordon GGM
kr 32.26
kr 58.13
kr 80.02
65
DDM Multi-Stage
kr 32.26
kr 53.10
kr 62.10
65
Multiples
P/E Multiple
kr 85.83
kr 114.44
kr 143.05
61
P/B Multiple
kr 71.02
kr 94.69
kr 118.36
53
Asset-Based
NCAV (Graham)
kr 33.82
kr 45.32
kr 67.64
52
Economic Profit
Residual Income
kr 60.64
kr 69.51
kr 90.52
75
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Set up alert →Quality Score breakdown
Overall quality
54/100
Of which business quality 51 · Market factors (momentum, volatility) 31
Profitability
39
Margins and returns on capital today
Quality Growth
41
Are margins and returns improving?
Cashflow
83
Earnings quality: real cash, not paper profit
Fin. Strength
16
Balance sheet, leverage, solvency risk
Investment
76
Disciplined investing over empire-building
Low Volatility
88
Calm price path (market factor)
Momentum
11
Price trend over the last 3–12 months (market factor)
52W Momentum
0
Distance to the 52-week high (market factor)
Net Issuance
66
Share count: buybacks or dilution?
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 growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.8%
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.
+22.6%
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.
+19.3%
Start year 2020 (pandemic). Over 10 years: +21.9% a year
Revenue growth 13 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.
+23.0%
’14
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’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.5%
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.7.5% vs 8.5%, steady
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.57% → 37%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +3.0% a year for the price.
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Compare Pareto Bank 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 · 1053 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Banks - Regional median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK 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 |
|---|---|---|---|
| DBS Group D05 | 78.00 SGD | 40.39 SGD | −48% |
| China Merchants Bank Co 600036 | ¥40.69 | ¥52.73 | +30% |
| UniCredit S.p.A UCG | €79.53 | €77.12 | −3% |
| Mizuho Financial Group MFG | $11.05 | $6.82 | −38% |
| Intesa Sanpaolo S.p.A ISP | €6.38 | €4.06 | −36% |
| BNP Paribas SA BNP | €91.54 | €105.99 | +16% |
| HDFC Bank Limited HDFCBANK | ₹721.20 | ₹406.44 | −44% |
| Oversea-Chinese Banking Corporation O39 | 32.01 SGD | 19.78 SGD | −38% |
| Al Rajhi Banking and Investment Corporation 1120 | 63.15 SAR | 36.95 SAR | −41% |
| CaixaBank, S.A CABK | €12.03 | €8.46 | −30% |
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Frequently asked questions
Is Pareto Bank ASA (0RI3) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 79.34 versus a price of kr 52.30, about +52% upside (undervalued).
What is the fair value of 0RI3?
Our model-based fair value for Pareto Bank ASA is kr 79.34 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 52.30.
What is the quality score of 0RI3?
Pareto Bank ASA has a Quality Score of 54/100. 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 Pareto Bank ASA (0RI3)?
Our model-based price target is the fair value of kr 79.34 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 64.41, optimistic scenario kr 129.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Pareto Bank ASA stock forecast for 2026?
Our models put fair value at kr 79.34, about +52% upside versus a price of kr 52.30 (undervalued). Cautious scenario kr 64.41, optimistic scenario kr 129.82. The calculation is refreshed regularly with new filings.
What growth is priced into Pareto Bank ASA (0RI3)?
For today's price to be fair in a discounted-cash-flow model, Pareto Bank ASA would have to grow free cash flow by +5.5 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0RI3 use?
Our models discount Pareto Bank ASA at 10.3 %: a base by market capitalisation (small), damped by beta 0.41, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Pareto Bank ASA that is +5.5 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Pareto Bank ASA (0RI3) delivered so far?
Over the past 5 years revenue at Pareto Bank ASA grew +19.3 % a year. The price currently implies +5.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Pareto Bank ASA (0RI3) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Pareto Bank ASA (+5.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pareto Bank ASA (0RI3)?
The free-cash-flow yield on the price is 17.17 %: that much free cash flow Pareto Bank ASA produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pareto Bank ASA (0RI3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pareto Bank ASA it is kr 79.34 per share (as of Sep 24, 2026), against a price of kr 52.30. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Pareto Bank ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0RI3 trades below its calculated fair value: price kr 52.30, fair value kr 79.34, a gap of about +52% (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 0RI3?
No. The price is what the market pays today (kr 52.30); the fair value is what the company's own numbers justify (kr 79.34). For Pareto Bank ASA the two are kr 27.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pareto Bank ASA worth?
The market values Pareto Bank ASA at about 4.3B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 52.30; our models calculate a fair value of kr 79.34 per share.
What do the bullish and bearish scenarios say about 0RI3?
Our models span a range for Pareto Bank ASA: cautious scenario kr 64.41, base kr 79.34, optimistic kr 129.82 per share (as of Sep 24, 2026, price kr 52.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0RI3?
Pareto Bank ASA trades at a price-to-earnings ratio of 0.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 79.34 is built from several models across several years.
How solid is the balance sheet of Pareto Bank ASA (0RI3)?
Balance-sheet figures for Pareto Bank ASA (as of Sep 24, 2026): return on equity 7.7%, debt of 1.22 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 0RI3 from its 52-week high?
Pareto Bank ASA trades at kr 52.30, about 38% below its 52-week high of kr 84.91 and at the low of kr 52.30 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 79.34 is for.
Which stocks are comparable to Pareto Bank ASA?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, 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 Pareto Bank ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 52.30, calculated fair value kr 79.34 (+52%), Quality Score 54/100, 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 0RI3 calculated?
We run Pareto Bank ASA through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 79.34, 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 14.5 % above its aggregate fair value. Pareto Bank ASA currently trades 34 % 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 Pareto Bank ASA (0RI3)?
The closing price on Oct 2, 2026 was kr 52.30. Our model-based fair value is kr 79.34, about +52% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pareto Bank ASA right now?
The price is below even our cautious bear case (kr 64.41). The market is more pessimistic than our downside scenario. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 64.41 to kr 129.82) 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.
Where does the earnings growth of Pareto Bank ASA (0RI3) come from?
Earnings per share at Pareto Bank ASA grew +8.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.8 %, EBIT margin −3.0 %, tax rate +0.3 %, residual (interest, one-offs) −0.4 %. 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 Pareto Bank ASA
How large is the market capitalisation of Pareto Bank ASA (0RI3)?
The market capitalisation of Pareto Bank ASA is 4.3B NOK (≈ $452M). 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 Pareto Bank ASA (0RI3)?
The price-to-sales ratio of Pareto Bank ASA is 0.02 (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 Pareto Bank ASA (0RI3)?
Earnings per share at Pareto Bank ASA are kr 7.05 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pareto Bank ASA (0RI3)?
The net margin of Pareto Bank ASA is 28.6% (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 Pareto Bank ASA (0RI3)?
The return on equity (ROE) of Pareto Bank ASA is 7.7% (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 Pareto Bank ASA (0RI3)?
On an EBIT basis the return on assets of Pareto Bank ASA is 3.3% (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 Pareto Bank ASA (0RI3)?
The operating margin of Pareto Bank ASA is 45.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pareto Bank ASA (0RI3)?
Revenue at Pareto Bank ASA is growing −70.0% versus a year earlier (3y avg +22.6%). 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 Pareto Bank ASA (0RI3)?
Earnings per share at Pareto Bank ASA are growing −86.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pareto Bank ASA (0RI3) carry?
The net debt of Pareto Bank ASA is 8.0B NOK (fiscal year 2025, ≈ 11.6 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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