Haugesund Sparebank, a savings bank, (HGSB) Fair Value & Analysis
Financial Services · NO · Market cap 835M NOK
Fair value as of: Jul 19, 2026
From 4 valuation models · updated 22 days ago
Share price +0.9% over the past month.
Below-average quality, screening 69% undervalued on our models.
What matters 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 202.67). 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.
Price vs Fair Value (2 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
25‑month range kr 115.54 – kr 174.98 · fair‑value band kr 202.67 – kr 337.79 · the kr 159.48 price screens below the kr 270.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.
Analysis
Haugesund Sparebank, a savings bank, (HGSB) currently trades at kr 159.48, while our model-based Fair Value estimate is kr 270.23, implying the stock looks roughly 69.5% undervalued today. The Quality Score stands at 26/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, Haugesund Sparebank, a savings bank, generated revenue of 461M NOK at a net margin of 40.1%. Revenue grew 7.5% year over year. It earns a return on equity of 7.5%. Net debt stands at 4.5B NOK. Fundamentals as of Jul 19, 2026
Our scenario range runs from kr 202.67 (bear case) to kr 337.79 (bull case); at kr 159.48, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 69%, HGSB screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 4 models by family
Widest divergence: Multiples (kr 467.51) versus Asset-Based (kr 352.03). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 21 · Market factors (momentum, volatility) 53
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Haugesund Sparebank, a savings bank, provides various financial products and services to individuals and corporate customers in Norway.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Haugesund Sparebank, a savings bank, reported revenue of kr 484M in FY2025 versus kr 362M in FY2021, a compound +7.5%/yr. Reported net income was kr 189M in FY2025, compounding +10.8%/yr from FY2021.
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Peer Group
Banks - Regional · 1083 stocks
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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| PT Bank Central Asia Tbk BBCA | 6,175 IDR | 6,087 IDR | -1% |
| KB Financial Group 105560 | 184,400 KRW | 213,797 KRW | +16% |
| PT Bank Rakyat Indonesia (Persero) Tbk BBRI | 2,970 IDR | 4,891 IDR | +65% |
| PT Bank Mandiri (Persero) Tbk BMRI | 4,310 IDR | 7,841 IDR | +82% |
| Banco Bradesco S.A BBD | 5,120 ARS | 10,240 ARS | +100% |
| Shinhan Financial Group 055550 | 107,900 KRW | 137,259 KRW | +27% |
| Hana Financial Group 086790 | 136,800 KRW | 193,969 KRW | +42% |
| Lloyds Banking Group LYG | 4,138 ARS | 8,275 ARS | +100% |
| Banco de Chile, CHILE | 193.10 CLP | 152.55 CLP | -21% |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB | 59,400 VND | 84,201 VND | +42% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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