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Jaeren Sparebank (JAREN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Jaeren Sparebank stock NOK 537, price NOK 329, upside +63.1%, quality 43 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services NO · ISIN NO0010359433

JS Jaeren Sparebank logo Some data Nov 8, 2026

Jaeren Sparebank

JAREN · OL
Cheap, value-trap risk

The stock costs 39% less than our calculation considers fair.

Fair value kr 536.61 · Strongly undervalued
Highly profitable · 50.3% net margin (TTM)
6.1% dividend yield · Sustainable
Ranks above peers (8/12)
Even on cautious assumptions the value is 23% above the price (kr 402.97).
Quality 43/100
Expensive Growth (revenue 5y +11.7 %/yr in NOK)
Wide moat 65/100 · 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 368.82 kr 132.27 Fair Value kr 536.61 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range kr 132.27 – kr 368.82 · fair‑value band kr 402.97 – kr 671.62 · the kr 328.95 price screens below the kr 536.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Jæren Sparebank engages in providing banking and financial services to personal and agricultural customers as well as small/medium-sized businesses in Norway. The company operates through Private Market and Corporate Market.

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It offers checking and savings accounts; pension accounts; deposits; and refinancing services.

The company also provides loans that include mortgage, mortgages for young people, construction loan, fixed-rate loans, proof of financing, moving mortgage, green mortgage, framework loan, refinancing of mortgages, cottage loan, and other types loans, such as refinancing consumer debt, car loan, consumer loans, and loans for motorcycles, motorhomes, and boats.

In addition, it offers insurance brokerage services for cars and other vehicles, house and belonging, life and health, and animal insurance. Further, the company provides credit and debit cards and mobile payment solutions. The company was founded in 2015 and is headquartered in Bryne, Norway.

Stock analysis

Jaeren Sparebank (JAREN) currently trades at kr 328.95, while our model-based Fair Value estimate is kr 536.61, implying the stock looks roughly 39% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 537.29 per share, and 5 of the 6 models we run sit above the kr 328.95 price.

Bear case: the Asset-Based group reads lowest at kr 381.69, and 1 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 402.97 (bear) to kr 671.62 (bull), the price of kr 328.95 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 43/100 (below-average quality), in the Financial Services sector.

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

Jaeren Sparebank reported revenue of 586M NOK in FY2025 versus 349M NOK in FY2021, a compound +13.8%/yr. Reported net income was 307M NOK in FY2025, compounding +19.4%/yr from FY2021.

Key figures

Market cap 1.6B NOK (≈ $171M) Micro · P/E ratio 11.2 · P/S ratio 5.89 · EPS (TTM) kr 29.30 · Dividend yield 6.1% · Net margin 52.4% · Return on equity 10.8% · Return on assets 1.4%.

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 11% below its 52-week high and 3% 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 63%, JAREN screens cheaper than that median.

Fair Value models

Bear kr 402.97 Fair Value kr 536.61 Bull kr 671.62
Price kr 328.95 · Upside +63.1%
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 7.98 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 486.74 kr 536.61 kr 636.97 76
Gordon GGM kr 283.46 kr 510.79 kr 703.16 68
DDM Multi-Stage kr 283.46 kr 466.59 kr 545.64 67
All 6 models by family
Dividend Discount
Gordon GGM kr 283.46 kr 510.79 kr 703.16 68
DDM Multi-Stage kr 283.46 kr 466.59 kr 545.64 67
Multiples
P/E Multiple kr 609.02 kr 812.02 kr 1,015 63
P/B Multiple kr 196.92 kr 262.56 kr 328.20 55
Asset-Based
NCAV (Graham) kr 284.84 kr 381.69 kr 569.69 54
Economic Profit
Residual Income kr 486.74 kr 536.61 kr 636.97 76

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Quality Score breakdown

Overall quality 43/100

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

Profitability 43
How much profit the company makes from its sales and capital
Quality Growth 46
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 1
Debt, balance sheet and risk of trouble
Investment 76
Does it invest with discipline instead of growing at any price?
Low Volatility 96
How calm the share price moves, does not count
Price momentum 35
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 21
Distance to the 52-week high, does not count
New shares 83
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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+6.2%
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.
+13.0%
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.
+11.7%
Start year 2020 (pandemic)
Revenue growth 8 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.
+7.8%
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.
+21.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.2%
Dividend (yield on the price)6.1%
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.15.2% vs 8.2%, picking up
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 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 43 · Bottom 25%
Fair Value upside +63.1% · Top 25%
Profitability
Return on equity (12 months) 10.8% · Below median
Return on assets 1.5% · Top 25%
Net margin (12 months) 50.3% · Top 25%
Operating margin (12 months) 64.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −6.3% · Bottom 25%
Dividend yield (12 months) 6.1% · Top 25%
Balance sheet
Debt / equity 1.58× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 11.2× · Cheaper than median
P/B 0.58× · Cheapest 25%
P/S (12 months) 2.81× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 8
FUTURE (revenue growth)0 · sector 47
PAST (return on equity)43 · 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.

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

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Jaeren Sparebank: fair value per Fair Value Calculator

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

Frequently asked questions

Is Jaeren Sparebank (JAREN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 536.61 versus a price of kr 328.95, about +63% upside (undervalued).
What is the fair value of JAREN?
Our model-based fair value for Jaeren Sparebank is kr 536.61 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 328.95.
What is the quality score of JAREN?
Jaeren Sparebank has a Quality Score of 43/100. 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 Jaeren Sparebank (JAREN)?
Our model-based price target is the fair value of kr 536.61 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario kr 402.97, optimistic scenario kr 671.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Jaeren Sparebank stock forecast for 2026?
Our models put fair value at kr 536.61, about +63% upside versus a price of kr 328.95 (undervalued). Cautious scenario kr 402.97, optimistic scenario kr 671.62. The calculation is refreshed regularly with new filings.
What is the revenue of Jaeren Sparebank (JAREN)?
Jaeren Sparebank reported trailing-twelve-month revenue of about 575M NOK (latest available figure, as of Nov 8, 2026).
Does Jaeren Sparebank pay a dividend?
Jaeren Sparebank currently shows a dividend yield of 6.08% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Jaeren Sparebank (JAREN) and when is the ex-dividend date?
Jaeren Sparebank pays a dividend of kr 20.00 per share a year, a dividend yield of 6.1%. The last ex-dividend date was Mar 27, 2026. A dividend has been paid every year since 2013. The payout ratio is 68.3% of earnings. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of Jaeren Sparebank (JAREN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jaeren Sparebank it is kr 536.61 per share (as of Nov 8, 2026), against a price of kr 328.95. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Jaeren Sparebank stock overvalued or undervalued in 2026?
As of Nov 8, 2026, JAREN trades below its calculated fair value: price kr 328.95, fair value kr 536.61, a gap of about +63% (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 JAREN?
No. The price is what the market pays today (kr 328.95); the fair value is what the company's own numbers justify (kr 536.61). For Jaeren Sparebank the two are kr 207.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is Jaeren Sparebank worth?
The market values Jaeren Sparebank at about 1.6B NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 328.95; our models calculate a fair value of kr 536.61 per share.
What do the bullish and bearish scenarios say about JAREN?
Our models span a range for Jaeren Sparebank: cautious scenario kr 402.97, base kr 536.61, optimistic kr 671.62 per share (as of Nov 8, 2026, price kr 328.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JAREN?
Jaeren Sparebank trades at a price-to-earnings ratio of 11.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 536.61 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 5.8. Other multiples: P/B 0.6, P/S 2.8.
How solid is the balance sheet of Jaeren Sparebank (JAREN)?
Balance-sheet figures for Jaeren Sparebank (as of Nov 8, 2026): return on equity 10.8%, debt of 1.58 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is JAREN from its 52-week high?
Jaeren Sparebank trades at kr 328.95, about 11% below its 52-week high of kr 367.92 and 3% above the low of kr 320.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 536.61 is for.
Which stocks are comparable to Jaeren 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 Jaeren Sparebank stock attractive at the current price?
The data as of Nov 8, 2026: price kr 328.95, calculated fair value kr 536.61 (+63%), Quality Score 43/100, 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 JAREN calculated?
We run Jaeren 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 536.61 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. Jaeren Sparebank currently trades 39% 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 Jaeren Sparebank (JAREN)?
The closing price on Nov 6, 2026 was kr 328.95. Our model-based fair value is kr 536.61, about +63% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jaeren Sparebank right now?
The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 402.97). 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 Jaeren Sparebank

How large is the market capitalisation of Jaeren Sparebank (JAREN)?
The market capitalisation of Jaeren Sparebank is 1.6B NOK (≈ $171M). 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 Jaeren Sparebank (JAREN)?
The price-to-sales ratio of Jaeren Sparebank is 5.89 (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 Jaeren Sparebank (JAREN)?
Earnings per share at Jaeren Sparebank are kr 29.30 (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jaeren Sparebank (JAREN)?
The dividend yield of Jaeren Sparebank is 6.1% (payout 68.3%). 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 Jaeren Sparebank (JAREN)?
The net margin of Jaeren Sparebank is 52.4% (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 Jaeren Sparebank (JAREN)?
The return on equity (ROE) of Jaeren Sparebank is 10.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Jaeren Sparebank (JAREN)?
The return on assets (ROA) of Jaeren Sparebank is 1.4% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Jaeren Sparebank (JAREN)?
The operating margin of Jaeren Sparebank is 64.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jaeren Sparebank (JAREN)?
Revenue at Jaeren Sparebank is growing −6.3% versus a year earlier (3y avg +13.0%). 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 Jaeren Sparebank (JAREN)?
Earnings per share at Jaeren Sparebank are growing −10.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Jaeren Sparebank (JAREN) generate?
The free cash flow of Jaeren Sparebank is −303M 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 Jaeren Sparebank (JAREN) carry?
The net debt of Jaeren Sparebank is 4.4B 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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