Aasen Sparebank (AASB) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Aasen Sparebank NOK 267, price NOK 135, upside +97.5%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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 81.45 – kr 140.00 · fair‑value band kr 199.98 – kr 333.30 · the kr 135.00 price screens below the kr 266.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Aasen Sparebank provides various banking products and services in Norway. The company offers savings account, savings account for children and home purchase, pension, long-term savings, and stocks. It also provides lease financing; and mortgage, car, green, and small loans.
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Aasen Sparebank provides various banking products and services in Norway. The company offers savings account, savings account for children and home purchase, pension, long-term savings, and stocks. It also provides lease financing; and mortgage, car, green, and small loans. In addition, the company offers health, group life, travel, and occupational injury insurance; and bank card, credit card, online and mobile banking services, and payment solutions. Aasen Sparebank was founded in 1862 and is based in Åsen, Norway.
Stock analysis
Aasen Sparebank (AASB) currently trades at kr 135.00, while our model-based Fair Value estimate is kr 266.64, implying the stock looks roughly 49.4% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 615.74 per share, and 4 of the 4 models we run sit above the kr 135.00 price.
Bear case: the Asset-Based group reads lowest at kr 343.45, and 0 of the 4 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 199.98 (bear) to kr 333.30 (bull), the price of kr 135.00 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 42/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Aasen Sparebank reported revenue of 200M NOK in FY2025 versus 113M NOK in FY2021, a compound +15.3%/yr. Reported net income was 81.9M NOK in FY2025, compounding +19.1%/yr from FY2021.
Key figures
Market cap 234M NOK (≈ $24.5M) · P/E ratio 16.5 · P/S ratio 6.78 · EPS (TTM) kr 8.16 · Dividend yield 7.4% · Net margin 41.0% · Return on equity 8.9% · Return on assets 1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at 98%, AASB screens cheaper than that median.
Fair Value models
Bear kr 199.98Fair Value kr 266.64Bull kr 333.30
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.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.
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.60/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.3%
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.
+18.4%
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.
+12.6%
Start year 2020 (pandemic). Over 10 years: +10.0% a year
Revenue growth 10 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.
+10.0%
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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.
+13.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.6%
Dividend (yield on the price)7.4%
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.6% vs 6%, steady
Price, fair value, quality and upside side by side.
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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 · 1076 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+100% · Top 25%
Profitability
Return on equity (TTM)9% · Below median
Return on assets1% · Above median
Net margin (TTM)40% · Top 25%
Operating margin (TTM)50% · Top 25%
Growth and dividend
Revenue growth−9% · Bottom 25%
Dividend yield (TTM)7.4% · Top 25%
Balance sheet
Debt / equity1.39× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Aasen Sparebank Fair Value". https://www.fairvalue-calculator.com/stock/AASB
Frequently asked questions
Is Aasen Sparebank (AASB) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 266.64 versus a price of kr 135.00, about +98% upside (undervalued).
What is the fair value of AASB?
Our model-based fair value for Aasen Sparebank is kr 266.64 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 135.00.
What is the quality score of AASB?
Aasen Sparebank has a Quality Score of 42/100. 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 Aasen Sparebank (AASB)?
Our model-based price target is the fair value of kr 266.64 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario kr 199.98, optimistic scenario kr 333.30. It is a calculation from audited fundamentals, not an analyst target.
What is the Aasen Sparebank stock forecast for 2026?
Our models put fair value at kr 266.64, about +98% upside versus a price of kr 135.00 (undervalued). Cautious scenario kr 199.98, optimistic scenario kr 333.30. The calculation is refreshed regularly with new filings.
What is the revenue of Aasen Sparebank (AASB)?
Aasen Sparebank reported trailing-twelve-month revenue of about 194M NOK (latest available figure, as of Sep 24, 2026).
Does Aasen Sparebank pay a dividend?
Aasen Sparebank currently shows a dividend yield of about 7.41% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Aasen Sparebank (AASB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aasen Sparebank it is kr 266.64 per share (as of Sep 24, 2026), against a price of kr 135.00. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Aasen Sparebank stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AASB trades below its calculated fair value: price kr 135.00, fair value kr 266.64, a gap of about +98% (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 AASB?
No. The price is what the market pays today (kr 135.00); the fair value is what the company's own numbers justify (kr 266.64). For Aasen Sparebank the two are kr 131.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Aasen Sparebank worth?
The market values Aasen Sparebank at about 234M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 135.00; our models calculate a fair value of kr 266.64 per share.
What do the bullish and bearish scenarios say about AASB?
Our models span a range for Aasen Sparebank: cautious scenario kr 199.98, base kr 266.64, optimistic kr 333.30 per share (as of Sep 24, 2026, price kr 135.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AASB?
Aasen Sparebank trades at a price-to-earnings ratio of 16.5 (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 266.64 is built from several models across several years.
How solid is the balance sheet of Aasen Sparebank (AASB)?
Balance-sheet figures for Aasen Sparebank (as of Sep 24, 2026): return on equity 8.9%, debt of 1.39 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is AASB from its 52-week high?
Aasen Sparebank trades at kr 135.00, about 4% below its 52-week high of kr 140.00 and 18% above the low of kr 114.72 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 266.64 is for.
Which stocks are comparable to Aasen Sparebank?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Aasen Sparebank stock attractive at the current price?
The data as of Sep 24, 2026: price kr 135.00, calculated fair value kr 266.64 (+98%), Quality Score 42/100, 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 AASB calculated?
We run Aasen Sparebank through 4 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 266.64, 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 13.0 % above its aggregate fair value. Aasen Sparebank currently trades 98 % 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 Aasen Sparebank (AASB)?
The closing price on Sep 24, 2026 was kr 135.00. Our model-based fair value is kr 266.64, about +98% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aasen Sparebank right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 199.98). The market is more pessimistic than our downside scenario. 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 Aasen Sparebank
How large is the market capitalisation of Aasen Sparebank (AASB)?
The market capitalisation of Aasen Sparebank is 234M NOK (≈ $24.5M). 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 Aasen Sparebank (AASB)?
The price-to-sales ratio of Aasen Sparebank is 6.78 (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 Aasen Sparebank (AASB)?
Earnings per share at Aasen Sparebank are kr 8.16 (price ÷ EPS = P/E 16.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Aasen Sparebank (AASB)?
The dividend yield of Aasen Sparebank is 7.4% (payout 123%). 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 Aasen Sparebank (AASB)?
The net margin of Aasen Sparebank is 41.0% (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 Aasen Sparebank (AASB)?
The return on equity (ROE) of Aasen Sparebank is 8.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Aasen Sparebank (AASB)?
The return on assets (ROA) of Aasen Sparebank is 1.1% (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 Aasen Sparebank (AASB)?
The operating margin of Aasen Sparebank is 50.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aasen Sparebank (AASB)?
Revenue at Aasen Sparebank is growing −9.2% versus a year earlier (3y avg +18.4%). 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 Aasen Sparebank (AASB)?
Earnings per share at Aasen Sparebank are growing +2.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Aasen Sparebank (AASB) generate?
The free cash flow of Aasen Sparebank is −104M 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 Aasen Sparebank (AASB) carry?
The net debt of Aasen Sparebank is 1.2B 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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