Haugesund Sparebank (HGSB) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Haugesund Sparebank stock NOK 269, price NOK 159, upside +70.0%, quality 25 out of 100. Rating: strongly undervalued. 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 9, 2026.
How to read this chart
28‑month range kr 115.54 – kr 174.98 · fair‑value band kr 269.45 – kr 369.27 · the kr 158.50 price screens below the kr 269.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Haugesund Sparebank, a savings bank, provides various financial products and services to individuals and corporate customers in Norway.
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Offers current, deposit, and personal accounts, as well as mortgage, 55 percent, construction, fixed-rate, cottage, car, consumer, and framework loans; refinancing of mortgages and consumer debt; and loans for motorcycles, motorhomes, boats, and ATVs. It also provides ATMs, debit and credit cards, mobile payment, mobile and online banking, and in-store cash services; car, travel, home, contents, child, electric scooter, dog, and valuables insurance products; and savings and retirement solutions.
The company was incorporated in 1928 and is based in Haugesund, Norway.
Stock analysis
Haugesund Sparebank (HGSB) currently trades at kr 158.50, while our model-based Fair Value estimate is kr 269.45, implying the stock looks roughly 41% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 598.04 per share, and 4 of the 6 models we run sit above the kr 158.50 price.
Bear case: the Dividend Discount group reads lowest at kr 61.02, and 2 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 269.45 (bear) to kr 369.27 (bull), the price of kr 158.50 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 25/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Haugesund Sparebank reported revenue of 484M NOK in FY2025 versus 362M NOK in FY2021, a compound +7.5%/yr. Reported net income was 189M NOK in FY2025, compounding +10.8%/yr from FY2021.
Key figures
Market cap 833M NOK (≈ $88.2M) Micro · P/E ratio 7.9 · P/S ratio 3.08 · EPS (TTM) kr 20.11 · Dividend yield 6.4% · Net margin 39.1% · Return on equity 8.4% · Return on assets (EBIT) 1.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 8% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 70%, HGSB screens cheaper than that median.
Fair Value models
Bearkr 269.45Fair Value kr 269.45Bullkr 369.27
Price kr 158.50 · Upside +70.0%
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 8.58 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 Incomekr 380.05kr 379.05kr 403.4876
Gordon GGMkr 37.39kr 62.63kr 81.2968
DDM Multi-Stagekr 37.39kr 59.40kr 67.3867
All 6 models by family
Dividend Discount
Gordon GGMkr 37.39kr 62.63kr 81.2968
DDM Multi-Stagekr 37.39kr 59.40kr 67.3867
Multiples
P/E Multiplekr 351.61kr 468.81kr 586.0263
P/B Multiplekr 545.45kr 727.27kr 909.0855
Asset-Based
NCAV (Graham)kr 259.74kr 348.05kr 519.4854
Economic Profit
Residual Incomekr 380.05kr 379.05kr 403.4876
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−49.6%
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.
+1.2%
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.
+13.1%
Start year 2020 (pandemic)
Revenue growth 6 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.
+11.1%
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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. Basis: EBIT basis.
+54.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+48.4%
Dividend (yield on the price)6.4%
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.57% → 21%
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 · 996 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score25 · Bottom 25%
Fair Value upside+70.0% · Top 25%
Profitability
Return on equity (12 months)8.4% · Below median
Return on assets0.9% · Below median
Net margin (12 months)41.8% · Top 25%
Operating margin (12 months)63.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)31.3% · Top 25%
Dividend yield (12 months)6.4% · Top 25%
Balance sheet
Debt / equity1.71× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)7.9× · Cheapest 25%
P/B0.30× · Cheapest 25%
P/S (12 months)1.67× · Cheapest 25%
EV/EBITDA25.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)100· sector 8
FUTURE (revenue growth)100· sector 47
PAST (return on equity)34· sector 43
HEALTH (low debt)–
DIVIDEND (yield)100· sector 53
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
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). "Haugesund Sparebank Fair Value". https://www.fairvalue-calculator.com/stock/HGSB
Frequently asked questions
Is Haugesund Sparebank (HGSB) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 269.45 versus a price of kr 158.50, about +70% upside (undervalued).
What is the fair value of HGSB?
Our model-based fair value for Haugesund Sparebank is kr 269.45 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 158.50.
What is the quality score of HGSB?
Haugesund Sparebank has a Quality Score of 25/100. 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 Haugesund Sparebank (HGSB)?
Our model-based price target is the fair value of kr 269.45 (as of Nov 9, 2026) from 6 valuation models. Cautious scenario kr 269.45, optimistic scenario kr 369.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Haugesund Sparebank stock forecast for 2026?
Our models put fair value at kr 269.45, about +70% upside versus a price of kr 158.50 (undervalued). Cautious scenario kr 269.45, optimistic scenario kr 369.27. The calculation is refreshed regularly with new filings.
What is the revenue of Haugesund Sparebank (HGSB)?
Haugesund Sparebank reported trailing-twelve-month revenue of about 500M NOK (latest available figure, as of Nov 9, 2026).
Does Haugesund Sparebank pay a dividend?
Haugesund Sparebank currently shows a dividend yield of 6.37% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Haugesund Sparebank (HGSB) and when is the ex-dividend date?
Haugesund Sparebank pays a dividend of kr 10.10 per share a year, a dividend yield of 6.4%. The last ex-dividend date was Apr 23, 2026. The payout ratio is 50.2% 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 Haugesund Sparebank (HGSB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Haugesund Sparebank it is kr 269.45 per share (as of Nov 9, 2026), against a price of kr 158.50. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Haugesund Sparebank stock overvalued or undervalued in 2026?
As of Nov 9, 2026, HGSB trades below its calculated fair value: price kr 158.50, fair value kr 269.45, a gap of about +70% (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 HGSB?
No. The price is what the market pays today (kr 158.50); the fair value is what the company's own numbers justify (kr 269.45). For Haugesund Sparebank the two are kr 110.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is Haugesund Sparebank worth?
The market values Haugesund Sparebank at about 833M NOK (market capitalisation, as of Nov 9, 2026). Per share that is kr 158.50; our models calculate a fair value of kr 269.45 per share.
What do the bullish and bearish scenarios say about HGSB?
Our models span a range for Haugesund Sparebank: cautious scenario kr 269.45, base kr 269.45, optimistic kr 369.27 per share (as of Nov 9, 2026, price kr 158.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HGSB?
Haugesund Sparebank trades at a price-to-earnings ratio of 7.9 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 269.45 is built from several models across several years. Other multiples: P/B 0.3, P/S 1.7, EV/EBITDA 25.5.
How solid is the balance sheet of Haugesund Sparebank (HGSB)?
Balance-sheet figures for Haugesund Sparebank (as of Nov 9, 2026): return on equity 8.4%, debt of 1.71 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is HGSB from its 52-week high?
Haugesund Sparebank trades at kr 158.50, about 9% below its 52-week high of kr 174.98 and 8% above the low of kr 147.41 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 269.45 is for.
Which stocks are comparable to Haugesund 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 Haugesund Sparebank stock attractive at the current price?
The data as of Nov 9, 2026: price kr 158.50, calculated fair value kr 269.45 (+70%), Quality Score 25/100, 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 HGSB calculated?
We run Haugesund 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 269.45 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. Haugesund Sparebank currently trades 41% 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 Haugesund Sparebank (HGSB)?
The closing price on Nov 6, 2026 was kr 158.50. Our model-based fair value is kr 269.45, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Haugesund Sparebank right now?
The large discount to fair value meets weak quality (25/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 269.45). 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 Haugesund Sparebank
How large is the market capitalisation of Haugesund Sparebank (HGSB)?
The market capitalisation of Haugesund Sparebank is 833M NOK (≈ $88.2M). 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 Haugesund Sparebank (HGSB)?
The price-to-sales ratio of Haugesund Sparebank is 3.08 (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 Haugesund Sparebank (HGSB)?
Earnings per share at Haugesund Sparebank are kr 20.11 (price ÷ EPS = P/E 7.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Haugesund Sparebank (HGSB)?
The dividend yield of Haugesund Sparebank is 6.4% (payout 50.2%). 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 Haugesund Sparebank (HGSB)?
The net margin of Haugesund Sparebank is 39.1% (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 Haugesund Sparebank (HGSB)?
The return on equity (ROE) of Haugesund Sparebank is 8.4% (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 Haugesund Sparebank (HGSB)?
On an EBIT basis the return on assets of Haugesund Sparebank 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 Haugesund Sparebank (HGSB)?
The operating margin of Haugesund Sparebank is 63.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Haugesund Sparebank (HGSB)?
Revenue at Haugesund Sparebank is growing +31.3% versus a year earlier (3y avg +1.2%). 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 Haugesund Sparebank (HGSB)?
Earnings per share at Haugesund Sparebank are growing +5.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Haugesund Sparebank (HGSB) generate?
The free cash flow of Haugesund Sparebank is −78.8M 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 Haugesund Sparebank (HGSB) carry?
The net debt of Haugesund Sparebank is 4.5B 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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Nov 9, 2026