Sparebank 1 SMN (MING) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Sparebank 1 SMN stock NOK 266, price NOK 223, upside +19.3%, quality 60 out of 100. Rating: 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
60‑month range kr 83.25 – kr 222.70 · fair‑value band kr 199.19 – kr 331.98 · the kr 222.55 price screens below the kr 265.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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SpareBank 1 SMN, together with its subsidiaries, provides various banking, accounting, and real estate products and services to private individuals and companies in Norway and internationally.
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The company offers deposits, savings and investment products, financing and real estate brokerage services, vehicle financing and leasing services, insurance products, credit and debit cards, loans, structured products, and stock trading and international payment services.
It also provides bank guarantee, such as payment, lien, rent, loan, contract, other guarantees; documentary collection; foreign currency accounts; letters of credit; forward contracts; capital market and accounting services; and mobile, online, and other banking services.
The company distributes its products through physical branches and digital channels, as well as a customer service center. SpareBank 1 SMN was founded in 1823 and is headquartered in Trondheim, Norway.
Stock analysis
Sparebank 1 SMN (MING) currently trades at kr 222.55, while our model-based Fair Value estimate is kr 265.58, implying the stock looks roughly 16% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of kr 271.28 per share, and 3 of the 6 models we run sit above the kr 222.55 price.
Bear case: the Asset-Based group reads lowest at kr 139.00, and 3 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 199.19 (bear) to kr 331.98 (bull), the price of kr 222.55 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 60/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Sparebank 1 SMN reported revenue of 8.1B NOK in FY2025 versus 5.9B NOK in FY2021, a compound +7.9%/yr. Reported net income was 4.3B NOK in FY2025, compounding +11.8%/yr from FY2021.
Key figures
Market cap 32.1B NOK (≈ $3.4B) Mid · P/E ratio 12.6 · P/S ratio 6.72 · EPS (TTM) kr 17.61 · Dividend yield 6.1% · Net margin 53.1% · Return on equity 14.1% · Return on assets (EBIT) 1.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at 19%, MING screens cheaper than that median.
Fair Value models
Bearkr 199.19Fair Value kr 265.58Bullkr 331.98
Price kr 222.55 · Upside +19.3%
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 3.57 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.
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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.3%
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.
+14.8%
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.
+7.5%
Start year 2020 (pandemic). Over 10 years: +9.0% 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.
+4.6%
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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.
+15.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.9%
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.8.9% vs 9.1%, steady
News mood ⓘNews mood, the average tone of recent news (46 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
AI conclusion: As a typical regional bank the main strength is the ability to adjust loan and deposit rates to protect margins while the main weak point remains the absence of public signals confirming any durable moat beyond standard metrics.
Main risk: Uncertain economic conditions represent the biggest risk to this regional bank as they could trigger higher loan losses that directly hit net interest income and asset quality.
SpareBank 1 SMN recently raised rates on loans and deposits by up to 0.25 percentage points after Norges Bank lifted its policy rate. The adjustment aims to protect margins amid higher rates yet comes as the bank notes customers have already adapted and the economy remains uncertain. Our models currently see it as undervalued. Will the changes mainly boost net interest income or lead to higher loan losses?
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 · 998 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside+19.3% · Top 25%
Profitability
Return on equity (12 months)14.1% · Top 25%
Return on assets1.8% · Top 25%
Net margin (12 months)47.7% · Top 25%
Operating margin (12 months)61.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−0.4% · Bottom 25%
Dividend yield (12 months)6.1% · Top 25%
Balance sheet
Debt / equity1.51× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Sparebank 1 SMN (MING) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 265.58 versus a price of kr 222.55, about +19% upside (undervalued).
What is the fair value of MING?
Our model-based fair value for Sparebank 1 SMN is kr 265.58 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 222.55.
What is the quality score of MING?
Sparebank 1 SMN has a Quality Score of 60/100. 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 Sparebank 1 SMN (MING)?
Our model-based price target is the fair value of kr 265.58 (as of Nov 9, 2026) from 6 valuation models. Cautious scenario kr 199.19, optimistic scenario kr 331.98. It is a calculation from audited fundamentals, not an analyst target.
What is the Sparebank 1 SMN stock forecast for 2026?
Our models put fair value at kr 265.58, about +19% upside versus a price of kr 222.55 (undervalued). Cautious scenario kr 199.19, optimistic scenario kr 331.98. The calculation is refreshed regularly with new filings.
What is the revenue of Sparebank 1 SMN (MING)?
Sparebank 1 SMN reported trailing-twelve-month revenue of about 8.7B NOK (latest available figure, as of Nov 9, 2026).
Does Sparebank 1 SMN pay a dividend?
Sparebank 1 SMN currently shows a dividend yield of 6.07% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Sparebank 1 SMN (MING) and when is the ex-dividend date?
Sparebank 1 SMN pays a dividend of kr 13.50 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 at least 1995. The payout ratio is 76.7% of earnings. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of Sparebank 1 SMN (MING)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sparebank 1 SMN it is kr 265.58 per share (as of Nov 9, 2026), against a price of kr 222.55. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Sparebank 1 SMN stock overvalued or undervalued in 2026?
As of Nov 9, 2026, MING trades below its calculated fair value: price kr 222.55, fair value kr 265.58, a gap of about +19% (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 MING?
No. The price is what the market pays today (kr 222.55); the fair value is what the company's own numbers justify (kr 265.58). For Sparebank 1 SMN the two are kr 43.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sparebank 1 SMN worth?
The market values Sparebank 1 SMN at about 32.1B NOK (market capitalisation, as of Nov 9, 2026). Per share that is kr 222.55; our models calculate a fair value of kr 265.58 per share.
What do the bullish and bearish scenarios say about MING?
Our models span a range for Sparebank 1 SMN: cautious scenario kr 199.19, base kr 265.58, optimistic kr 331.98 per share (as of Nov 9, 2026, price kr 222.55). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MING?
Sparebank 1 SMN trades at a price-to-earnings ratio of 12.6 (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 265.58 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: PEG 2.7, P/B 1.0, P/S 3.7, EV/EBITDA 16.5.
What is the PEG ratio of MING?
The PEG ratio of Sparebank 1 SMN is 2.71 (P/E divided by earnings growth, as of Nov 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sparebank 1 SMN (MING)?
Balance-sheet figures for Sparebank 1 SMN (as of Nov 9, 2026): return on equity 14.1%, debt of 1.51 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is MING from its 52-week high?
Sparebank 1 SMN trades at kr 222.55, at its 52-week high of kr 222.70 and 30% above the low of kr 170.70 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of kr 265.58 is for.
Which stocks are comparable to Sparebank 1 SMN?
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 Sparebank 1 SMN stock attractive at the current price?
The data as of Nov 9, 2026: price kr 222.55, calculated fair value kr 265.58 (+19%), Quality Score 60/100, 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 MING calculated?
We run Sparebank 1 SMN 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 265.58 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 14.3% above its aggregate fair value. Sparebank 1 SMN currently trades 16% 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 Sparebank 1 SMN (MING)?
The closing price on Nov 12, 2026 was kr 222.55. Our model-based fair value is kr 265.58, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sparebank 1 SMN right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Sparebank 1 SMN (MING) come from?
Earnings per share at Sparebank 1 SMN grew +9.2 % a year from 2008 to 2019. Broken into its drivers: revenue per share +8.2 %, EBIT margin −1.0 %, tax rate +0.1 %, residual (interest, one-offs) +1.8 %. 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 Sparebank 1 SMN
How large is the market capitalisation of Sparebank 1 SMN (MING)?
The market capitalisation of Sparebank 1 SMN is 32.1B NOK (≈ $3.4B). 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 Sparebank 1 SMN (MING)?
The price-to-sales ratio of Sparebank 1 SMN is 6.72 (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 Sparebank 1 SMN (MING)?
Earnings per share at Sparebank 1 SMN are kr 17.61 (price ÷ EPS = P/E 12.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sparebank 1 SMN (MING)?
The dividend yield of Sparebank 1 SMN is 6.1% (payout 76.7%). 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 Sparebank 1 SMN (MING)?
The net margin of Sparebank 1 SMN is 53.1% (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 Sparebank 1 SMN (MING)?
The return on equity (ROE) of Sparebank 1 SMN is 14.1% (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 Sparebank 1 SMN (MING)?
On an EBIT basis the return on assets of Sparebank 1 SMN is 1.5% (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 Sparebank 1 SMN (MING)?
The operating margin of Sparebank 1 SMN is 61.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sparebank 1 SMN (MING)?
Revenue at Sparebank 1 SMN is growing −0.4% versus a year earlier (3y avg +14.8%). 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 Sparebank 1 SMN (MING)?
Earnings per share at Sparebank 1 SMN are growing +4.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sparebank 1 SMN (MING) generate?
The free cash flow of Sparebank 1 SMN is 9.9B 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 Sparebank 1 SMN (MING) carry?
The net debt of Sparebank 1 SMN is 45.4B NOK (fiscal year 2025, ≈ 4.6 yrs of FCF). 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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Broad data
Nov 9, 2026