Haugesund Sparebank (HGSB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Haugesund Sparebank NOK 269, price NOK 158, upside +70.0%, quality 26 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
27‑month range kr 115.54 – kr 174.98 · fair‑value band kr 201.42 – kr 335.71 · the kr 157.98 price screens below the kr 268.57 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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Haugesund Sparebank, a savings bank, provides various financial products and services to individuals and corporate customers in Norway.
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Haugesund Sparebank, a savings bank, provides various financial products and services to individuals and corporate customers in Norway. 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 157.98, while our model-based Fair Value estimate is kr 268.57, implying the stock looks roughly 41.2% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 467.51 per share, and 4 of the 4 models we run sit above the kr 157.98 price.
Bear case: the Asset-Based group reads lowest at kr 352.03, and 0 of the 4 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 201.42 (bear) to kr 335.71 (bull), the price of kr 157.98 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 26/100 (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 830M NOK (≈ $87.4M) · P/E ratio 19.6 · P/S ratio 7.67 · EPS (TTM) kr 8.04 · Dividend yield 6.4% · Net margin 39.1% · Return on equity 7.5% · Return on assets (EBIT) 1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 10% 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 −38% fair-value upside, at 70%, HGSB screens cheaper than that median.
Fair Value models
Bear kr 201.42Fair Value kr 268.57Bull kr 335.71
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.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 · 1074 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score25 · Bottom 25%
Fair Value upside+70% · Top 25%
Profitability
Return on equity (TTM)7% · Below median
Return on assets1% · Below median
Net margin (TTM)40% · Top 25%
Operating margin (TTM)49% · Above median
Growth and dividend
Revenue growth8% · Below median
Dividend yield (TTM)6.4% · Top 25%
Balance sheet
Debt / equity1.71× · 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). "Haugesund Sparebank Fair Value". https://www.fairvalue-calculator.com/stock/HGSB
Frequently asked questions
Is Haugesund Sparebank (HGSB) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 268.57 versus a price of kr 157.98, about +70% upside (undervalued).
What is the fair value of HGSB?
Our model-based fair value for Haugesund Sparebank is kr 268.57 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 157.98.
What is the quality score of HGSB?
Haugesund Sparebank has a Quality Score of 26/100. 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 268.57 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario kr 201.42, optimistic scenario kr 335.71. 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 268.57, about +70% upside versus a price of kr 157.98 (undervalued). Cautious scenario kr 201.42, optimistic scenario kr 335.71. 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 461M NOK (latest available figure, as of Sep 24, 2026).
Does Haugesund Sparebank pay a dividend?
Haugesund Sparebank currently shows a dividend yield of about 6.39% relative to its recent price (as of Sep 24, 2026).
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 268.57 per share (as of Sep 24, 2026), against a price of kr 157.98. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Haugesund Sparebank stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HGSB trades below its calculated fair value: price kr 157.98, fair value kr 268.57, 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 157.98); the fair value is what the company's own numbers justify (kr 268.57). For Haugesund Sparebank the two are kr 110.59 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 830M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 157.98; our models calculate a fair value of kr 268.57 per share.
What do the bullish and bearish scenarios say about HGSB?
Our models span a range for Haugesund Sparebank: cautious scenario kr 201.42, base kr 268.57, optimistic kr 335.71 per share (as of Sep 24, 2026, price kr 157.98). 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 19.6 (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 268.57 is built from several models across several years. Other multiples: P/B 0.3, P/S 1.8, EV/EBITDA 25.5.
How solid is the balance sheet of Haugesund Sparebank (HGSB)?
Balance-sheet figures for Haugesund Sparebank (as of Sep 24, 2026): return on equity 7.5%, debt of 1.71 per unit of equity. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is HGSB from its 52-week high?
Haugesund Sparebank trades at kr 157.98, about 10% below its 52-week high of kr 174.98 and 8% above the low of kr 146.92 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 268.57 is for.
Which stocks are comparable to Haugesund 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 Haugesund Sparebank stock attractive at the current price?
The data as of Sep 24, 2026: price kr 157.98, calculated fair value kr 268.57 (+70%), Quality Score 26/100, 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 HGSB calculated?
We run Haugesund 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 268.57, 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 14.1 % above its aggregate fair value. Haugesund Sparebank currently trades 70 % 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 Sep 23, 2026 was kr 157.98. Our model-based fair value is kr 268.57, 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 (26/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 201.42). 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 830M NOK (≈ $87.4M). 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 7.67 (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 8.04 (price ÷ EPS = P/E 19.6). 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 126%). 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 7.5% (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 49.5% (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 +7.5% 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 −37.0% 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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