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Flekkefjord Sparebank (FFSB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Flekkefjord Sparebank stock NOK 232, price NOK 115, upside +101.4%, quality 38 out of 100. Rating: strongly undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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FS Flekkefjord Sparebank logo Some data Nov 3, 2026

Flekkefjord Sparebank

FFSB · OL
Cheap, value-trap risk

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

Fair value kr 231.56 · Strongly undervalued
Highly profitable · 38.7% net margin (TTM)
5.6% dividend yield · Low payout
Ranks above peers (9/13)
Costs just 1.4 times its yearly profit.
Expensive Growth (revenue 5y +25.5 %/yr in NOK)
Wide moat 65/100 · thin data
Some data
Quality 38/100
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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 124.17 kr 98.39 Fair Value kr 231.56 May 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

29‑month range kr 98.39 – kr 124.17 · fair‑value band kr 213.86 – kr 273.99 · the kr 115.00 price screens below the kr 231.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

Flekkefjord Sparebank, a savings bank, provides banking services for retail and corporate markets in Flekkefjord, Egersund, Farsund, Hægebostad, Kristiansand, Kvinesdal, Lindesnes, Lund, Lyngdal, and Sirdal and Sokndal.

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It offers mortgage, car, boat, mortgages for young people, cottage, and construction loans; bank, Boligsparing for ungdom, mutual fund, Borea, stock trading, and retirement savings; and business loans/credit and financing, guarantees, and leasing facilities.

The company also provides life and personal, house and contents, vehicle, travel and leisure, property, and liability insurance products; and mobile and online banking, cards, accounts, bankID, watch and mobile payment, foreign payments, contract giro and eInvoice, telebank, and Vips services, as well as pension services.

Flekkefjord Sparebank was founded in 1837 and is headquartered in Flekkefjord, Norway.

Stock analysis

Flekkefjord Sparebank (FFSB) currently trades at kr 115.00, while our model-based Fair Value estimate is kr 231.56, implying the stock looks roughly 50% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 1,293 per share, and 4 of the 4 models we run sit above the kr 115.00 price.

Bear case: the Asset-Based group reads lowest at kr 703.55, and 0 of the 4 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 213.86 (bear) to kr 273.99 (bull), the price of kr 115.00 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 38/100 (below-average quality), in the Financial Services sector.

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

Flekkefjord Sparebank reported revenue of 336M NOK in FY2025 versus 189M NOK in FY2021, a compound +15.4%/yr. Reported net income was 127M NOK in FY2025, compounding +22.5%/yr from FY2021.

Key figures

Market cap 172M NOK (≈ $18.3M) Micro · P/E ratio 1.4 · P/S ratio 0.53 · EPS (TTM) kr 83.23 · Dividend yield 5.6% · Net margin 38.7% · Return on equity 8.1% · Return on assets (EBIT) 1.1% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).

What moves the price

The share trades about 6% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at 101%, FFSB screens cheaper than that median.

Fair Value models

Bear kr 213.86 Fair Value kr 231.56 Bull kr 273.99
Price kr 115.00 · Upside +101.4%
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 65.88 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 908.34 kr 983.50 kr 1,164 71
P/E Multiple kr 836.18 kr 1,115 kr 1,394 63
P/B Multiple kr 1,103 kr 1,470 kr 1,838 55
All 4 models by family
Multiples
P/E Multiple kr 836.18 kr 1,115 kr 1,394 63
P/B Multiple kr 1,103 kr 1,470 kr 1,838 55
Asset-Based
NCAV (Graham) kr 525.04 kr 703.55 kr 1,050 54
Economic Profit
Residual Income kr 908.34 kr 983.50 kr 1,164 71

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Quality Score breakdown

Overall quality 38/100

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

Profitability 34
How much profit the company makes from its sales and capital
Quality Growth 56
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 42
Does it invest with discipline instead of growing at any price?
Low Volatility 95
How calm the share price moves, does not count
Price momentum 37
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 32
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. 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−48.3%
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.
+6.4%
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.
+25.5%
Start year 2020 (pandemic). Over 10 years: +14.1% 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.
+14.1%
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.
+30.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.5%
Dividend (yield on the price)5.6%
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.68% → 23%

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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 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside +101.4% · Top 25%
Profitability
Return on equity (12 months) 8.1% · Below median
Return on assets 1.0% · Above median
Net margin (12 months) 38.7% · Top 25%
Operating margin (12 months) 42.9% · Above median
Growth and dividend
Revenue growth (quarter YoY) 14.2% · Above median
Dividend yield (12 months) 5.6% · Top 25%
Balance sheet
Debt / equity 1.82× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 1.4× · Cheapest 25%
P/B 0.11× · Cheapest 25%
P/S (12 months) 0.53× · Cheapest 25%
EV/EBITDA 18.5× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 8
FUTURE (revenue growth)71 · sector 47
PAST (return on equity)32 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)100 · sector 52

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 ¥5.62 ¥7.59 +35% vs FFSB
China Merchants Bank Co 600036 ¥43.01 ¥52.73 +23% vs FFSB
BNP Paribas SA BNP €93.98 €106.01 +13% vs FFSB
State Bank of India SBIN ₹1,042 ₹736.65 −29% vs FFSB
Intesa Sanpaolo S.p.A ISP €6.35 €4.49 −29% vs FFSB
Mizuho Financial Group MFG $9.40 $5.89 −37% vs FFSB
UniCredit S.p.A UCG €81.62 €50.44 −38% vs FFSB
DBS Group D05 69.72 SGD 40.39 SGD −42% vs FFSB
HDFC Bank Limited HDFCBANK ₹798.15 ₹406.39 −49% vs FFSB
ICICI Bank Limited ICICIBANK ₹1,589 ₹615.63 −61% vs FFSB

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Flekkefjord Sparebank: fair value per Fair Value Calculator

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

Frequently asked questions

Is Flekkefjord Sparebank (FFSB) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of kr 231.56 versus a price of kr 115.00, about +101% upside (undervalued).
What is the fair value of FFSB?
Our model-based fair value for Flekkefjord Sparebank is kr 231.56 (as of Nov 3, 2026), built from audited fundamentals. The current price: kr 115.00.
What is the quality score of FFSB?
Flekkefjord Sparebank has a Quality Score of 38/100. 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 Flekkefjord Sparebank (FFSB)?
Our model-based price target is the fair value of kr 231.56 (as of Nov 3, 2026) from 4 valuation models. Cautious scenario kr 213.86, optimistic scenario kr 273.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Flekkefjord Sparebank stock forecast for 2026?
Our models put fair value at kr 231.56, about +101% upside versus a price of kr 115.00 (undervalued). Cautious scenario kr 213.86, optimistic scenario kr 273.99. The calculation is refreshed regularly with new filings.
What is the revenue of Flekkefjord Sparebank (FFSB)?
Flekkefjord Sparebank reported trailing-twelve-month revenue of about 323M NOK (latest available figure, as of Nov 3, 2026).
Does Flekkefjord Sparebank pay a dividend?
Flekkefjord Sparebank currently shows a dividend yield of 5.57% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Flekkefjord Sparebank (FFSB) and when is the ex-dividend date?
Flekkefjord Sparebank pays a dividend of kr 6.40 per share a year, a dividend yield of 5.6%. The last ex-dividend date was Mar 27, 2026. The payout ratio is 7.7% 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 Flekkefjord Sparebank (FFSB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Flekkefjord Sparebank it is kr 231.56 per share (as of Nov 3, 2026), against a price of kr 115.00. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Flekkefjord Sparebank stock overvalued or undervalued in 2026?
As of Nov 3, 2026, FFSB trades below its calculated fair value: price kr 115.00, fair value kr 231.56, a gap of about +101% (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 FFSB?
No. The price is what the market pays today (kr 115.00); the fair value is what the company's own numbers justify (kr 231.56). For Flekkefjord Sparebank the two are kr 116.56 per share apart. That gap is exactly why we show both numbers side by side.
How much is Flekkefjord Sparebank worth?
The market values Flekkefjord Sparebank at about 172M NOK (market capitalisation, as of Nov 3, 2026). Per share that is kr 115.00; our models calculate a fair value of kr 231.56 per share.
What do the bullish and bearish scenarios say about FFSB?
Our models span a range for Flekkefjord Sparebank: cautious scenario kr 213.86, base kr 231.56, optimistic kr 273.99 per share (as of Nov 3, 2026, price kr 115.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FFSB?
Flekkefjord Sparebank trades at a price-to-earnings ratio of 1.4 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 231.56 is built from several models across several years. Other multiples: P/B 0.1, P/S 0.5, EV/EBITDA 18.5.
How solid is the balance sheet of Flekkefjord Sparebank (FFSB)?
Balance-sheet figures for Flekkefjord Sparebank (as of Nov 3, 2026): return on equity 8.1%, debt of 1.82 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is FFSB from its 52-week high?
Flekkefjord Sparebank trades at kr 115.00, about 6% below its 52-week high of kr 122.98 and 4% above the low of kr 111.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 231.56 is for.
Which stocks are comparable to Flekkefjord Sparebank?
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 Flekkefjord Sparebank stock attractive at the current price?
The data as of Nov 3, 2026: price kr 115.00, calculated fair value kr 231.56 (+101%), Quality Score 38/100, 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 FFSB calculated?
We run Flekkefjord Sparebank through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 231.56 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. Flekkefjord Sparebank 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 Flekkefjord Sparebank (FFSB)?
The closing price on Nov 6, 2026 was kr 115.00. Our model-based fair value is kr 231.56, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Flekkefjord Sparebank right now?
The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 213.86). 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 Flekkefjord Sparebank

How large is the market capitalisation of Flekkefjord Sparebank (FFSB)?
The market capitalisation of Flekkefjord Sparebank is 172M NOK (≈ $18.3M). 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 Flekkefjord Sparebank (FFSB)?
The price-to-sales ratio of Flekkefjord Sparebank is 0.53 (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 Flekkefjord Sparebank (FFSB)?
Earnings per share at Flekkefjord Sparebank are kr 83.23 (price ÷ EPS = P/E 1.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Flekkefjord Sparebank (FFSB)?
The dividend yield of Flekkefjord Sparebank is 5.6% (payout 7.7%). 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 Flekkefjord Sparebank (FFSB)?
The net margin of Flekkefjord Sparebank is 38.7% (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 Flekkefjord Sparebank (FFSB)?
The return on equity (ROE) of Flekkefjord Sparebank is 8.1% (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 Flekkefjord Sparebank (FFSB)?
On an EBIT basis the return on assets of Flekkefjord Sparebank is 1.1% (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 Flekkefjord Sparebank (FFSB)?
The operating margin of Flekkefjord Sparebank is 42.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Flekkefjord Sparebank (FFSB)?
Revenue at Flekkefjord Sparebank is growing +14.2% versus a year earlier (3y avg +6.4%). 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 Flekkefjord Sparebank (FFSB)?
Earnings per share at Flekkefjord Sparebank are growing +1.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Flekkefjord Sparebank (FFSB) generate?
The free cash flow of Flekkefjord Sparebank is −617M 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 Flekkefjord Sparebank (FFSB) carry?
The net debt of Flekkefjord Sparebank is 2.8B 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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