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Hvidbjerg Bank (HVID) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Hvidbjerg Bank stock DKK 185, price DKK 184, upside +0.3%, quality 53 out of 100. Rating: fairly valued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services DK · ISIN DK0060135978

HB Hvidbjerg Bank logo Some data Nov 9, 2026

Hvidbjerg Bank

HVID · CO
Fairly valued, in an uptrend

The stock costs about what our calculation considers fair.

Highly profitable · 21.7% net margin (TTM)
Profit last quarter +29% vs. a year ago.
Fair value kr 184.50 · Fairly valued
Quality 53/100
Expensive Growth (revenue 5y +12.7 %/yr in DKK)
Mixed vs. peers (7/12)
Moderate moat 63/100 · thin data
Some data
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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 228.00 kr 92.13 Fair Value kr 184.50 Apr 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range kr 92.13 – kr 228.00 · fair‑value band kr 138.38 – kr 230.62 · the kr 184.00 price screens below the kr 184.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Hvidbjerg Bank A/S provides various banking products and services to private and business customers in Denmark.

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The company offers various accounts; debit cards; car and motorcycle loans, consumer loans, and housing financing; and self-service, payment card, travel currency, signature room, protected email, electronic payment, and mobile banking solutions.

It also provides insurance products, such as life and private insurance, as well as salary security; pension and investment products; online and mobile banking services; and housing-related advisory services in the areas of home purchase and sales, renovation and extension, new construction, housing financing, cooperative housing, mortgage broker, and energy renovation.

Hvidbjerg Bank A/S was founded in 1912 and is headquartered in Thyholm, Denmark.

Stock analysis

Hvidbjerg Bank (HVID) currently trades at kr 184.00, while our model-based Fair Value estimate is kr 184.50, so the stock looks roughly fairly valued today (gap 0.3%).

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Valuation

Bull case: the Multiples group reads highest at a median of kr 184.50 per share, and 1 of the 4 models we run sit above the kr 184.00 price.

Bear case: the Asset-Based group reads lowest at kr 118.29, and 3 of the 4 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 138.38 (bear) to kr 230.62 (bull), the price of kr 184.00 sits inside 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 53/100 (solid quality), in the Financial Services sector.

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

Hvidbjerg Bank reported revenue of 148M DKK in FY2025 versus 88.5M DKK in FY2021, a compound +13.8%/yr. Reported net income was 29.8M DKK in FY2025, compounding +5.8%/yr from FY2021.

Key figures

Market cap 309M DKK (≈ $46.1M) Micro · P/E ratio 10.3 · P/S ratio 2.23 · EPS (TTM) kr 17.88 · Net margin 21.7% · Return on equity 9.6% · Return on assets (EBIT) 1.8% (5-year average) · Operating margin 30.3%.

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 19% 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 −28% fair-value upside, at 0%, HVID screens cheaper than that median.

Fair Value models

Bear kr 138.38 Fair Value kr 184.50 Bull kr 230.62
Price kr 184.00 · Upside +0.3%
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 15.33 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 159.37 kr 179.07 kr 237.90 71
P/E Multiple kr 172.67 kr 230.23 kr 287.78 63
P/B Multiple kr 104.08 kr 138.77 kr 173.46 55
All 4 models by family
Multiples
P/E Multiple kr 172.67 kr 230.23 kr 287.78 63
P/B Multiple kr 104.08 kr 138.77 kr 173.46 55
Asset-Based
NCAV (Graham) kr 88.28 kr 118.29 kr 176.55 54
Economic Profit
Residual Income kr 159.37 kr 179.07 kr 237.90 71

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Quality Score breakdown

Overall quality 53/100

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

Profitability 32
How much profit the company makes from its sales and capital
Quality Growth 36
Are margins and returns getting better?
Cashflow 36
Do the profits arrive as real cash?
Financial strength 64
Debt, balance sheet and risk of trouble
Investment 60
Does it invest with discipline instead of growing at any price?
Low Volatility 90
How calm the share price moves, does not count
Price momentum 43
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 36
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.1%
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.
+11.5%
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.
+12.7%
Start year 2020 (pandemic). Over 10 years: +7.6% a year
Revenue growth 25 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.
+6.1%
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.
+4.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.6%
Dividend (yield on the price)0.0%
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.4.6% vs 10.0%, slowing
Profit margin 2020 to 2025 ⓘ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.23% → 25%
Pace: the 5-year rate starts in 2020 (pandemic)

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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 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside +0.3% · Above median
Profitability
Return on equity (12 months) 9.6% · Below median
Return on assets 1.2% · Above median
Net margin (12 months) 21.7% · Bottom 25%
Operating margin (12 months) 30.3% · Below median
Growth and dividend
Revenue growth (quarter YoY) 9.4% · Above median
Balance sheet
Debt / equity 0.08× · Lowest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.3× · Cheaper than median
P/B 1.04× · Cheaper than median
P/S (12 months) 2.23× · Cheapest 25%
Price / free cash flow (fiscal year) 115.4× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)34 · sector 8
FUTURE (revenue growth)47 · sector 47
PAST (return on equity)38 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 53

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 ¥5.53 ¥7.59 +37% vs HVID
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs HVID
BNP Paribas SA BNP €91.93 €106.01 +15% vs HVID
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs HVID
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs HVID
UniCredit S.p.A UCG €76.80 €50.44 −34% vs HVID
Mizuho Financial Group MFG $9.40 $5.89 −37% vs HVID
DBS Group D05 69.72 SGD 40.39 SGD −42% vs HVID
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs HVID
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs HVID

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Hvidbjerg Bank: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Hvidbjerg Bank Fair Value". https://www.fairvalue-calculator.com/stock/HVID

Frequently asked questions

Is Hvidbjerg Bank (HVID) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 184.50 versus a price of kr 184.00, about +0% upside (fairly valued).
What is the fair value of HVID?
Our model-based fair value for Hvidbjerg Bank is kr 184.50 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 184.00.
What is the quality score of HVID?
Hvidbjerg Bank has a Quality Score of 53/100. 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 Hvidbjerg Bank (HVID)?
Our model-based price target is the fair value of kr 184.50 (as of Nov 9, 2026) from 4 valuation models. Cautious scenario kr 138.38, optimistic scenario kr 230.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Hvidbjerg Bank stock forecast for 2026?
Our models put fair value at kr 184.50, about +0% upside versus a price of kr 184.00 (fairly valued). Cautious scenario kr 138.38, optimistic scenario kr 230.62. The calculation is refreshed regularly with new filings.
What is the revenue of Hvidbjerg Bank (HVID)?
Hvidbjerg Bank reported trailing-twelve-month revenue of about 138M DKK (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Hvidbjerg Bank (HVID)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hvidbjerg Bank it is kr 184.50 per share (as of Nov 9, 2026), against a price of kr 184.00. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Hvidbjerg Bank stock overvalued or undervalued in 2026?
As of Nov 9, 2026, HVID trades below its calculated fair value: price kr 184.00, fair value kr 184.50, a gap of about +0% (fairly valued). 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 HVID?
No. The price is what the market pays today (kr 184.00); the fair value is what the company's own numbers justify (kr 184.50). For Hvidbjerg Bank the two are kr 0.5000 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hvidbjerg Bank worth?
The market values Hvidbjerg Bank at about 309M DKK (market capitalisation, as of Nov 9, 2026). Per share that is kr 184.00; our models calculate a fair value of kr 184.50 per share.
What do the bullish and bearish scenarios say about HVID?
Our models span a range for Hvidbjerg Bank: cautious scenario kr 138.38, base kr 184.50, optimistic kr 230.62 per share (as of Nov 9, 2026, price kr 184.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HVID?
Hvidbjerg Bank trades at a price-to-earnings ratio of 10.3 (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 184.50 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 7.3. Other multiples: P/B 1.0, P/S 2.2.
How solid is the balance sheet of Hvidbjerg Bank (HVID)?
Balance-sheet figures for Hvidbjerg Bank (as of Nov 9, 2026): return on equity 9.6%, debt of 0.08 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is HVID from its 52-week high?
Hvidbjerg Bank trades at kr 184.00, about 19% below its 52-week high of kr 228.00 and 11% above the low of kr 166.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 184.50 is for.
Which stocks are comparable to Hvidbjerg Bank?
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 Hvidbjerg Bank stock attractive at the current price?
The data as of Nov 9, 2026: price kr 184.00, calculated fair value kr 184.50 (+0%), Quality Score 53/100, 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 HVID calculated?
We run Hvidbjerg Bank through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 184.50 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. Hvidbjerg Bank itself currently trades above fair value. 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 Hvidbjerg Bank (HVID)?
The closing price on Nov 6, 2026 was kr 184.00. Our model-based fair value is kr 184.50, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hvidbjerg Bank right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Hvidbjerg Bank (HVID) come from?
Earnings per share at Hvidbjerg Bank grew +10.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.3 %, EBIT margin +5.0 %, tax rate −0.7 %, residual (interest, one-offs) −2.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Hvidbjerg Bank

How large is the market capitalisation of Hvidbjerg Bank (HVID)?
The market capitalisation of Hvidbjerg Bank is 309M DKK (≈ $46.1M). 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 Hvidbjerg Bank (HVID)?
The price-to-sales ratio of Hvidbjerg Bank is 2.23 (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 Hvidbjerg Bank (HVID)?
Earnings per share at Hvidbjerg Bank are kr 17.88 (price ÷ EPS = P/E 10.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hvidbjerg Bank (HVID)?
The net margin of Hvidbjerg Bank is 21.7% (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 Hvidbjerg Bank (HVID)?
The return on equity (ROE) of Hvidbjerg Bank is 9.6% (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 Hvidbjerg Bank (HVID)?
On an EBIT basis the return on assets of Hvidbjerg Bank is 1.8% (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 Hvidbjerg Bank (HVID)?
The operating margin of Hvidbjerg Bank is 30.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hvidbjerg Bank (HVID)?
Revenue at Hvidbjerg Bank is growing +9.4% versus a year earlier (3y avg +11.5%). 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 Hvidbjerg Bank (HVID)?
Earnings per share at Hvidbjerg Bank are growing +28.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hvidbjerg Bank (HVID) generate?
The free cash flow of Hvidbjerg Bank is 2.7M DKK (fiscal year 2023). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Hvidbjerg Bank (HVID) hold?
Hvidbjerg Bank holds more cash than debt, 415M DKK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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