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Sparebanken Møre (MORG) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Sparebanken Møre NOK 223, price NOK 111, upside +100.0%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · NO · ISIN NO0012483207

SM Broad data Sep 24, 2026

Sparebanken Møre

MORG · OL

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value kr 222.76 · Strongly undervalued (+100%)
!Quality 40/100
!Expensive Growth (revenue 5y +9.5 %/yr)
✓Highly profitable · 43.5% net margin (TTM)
!High debt · negative free cash flow
·6.28% dividend yield
!Mixed vs. peers (8/14)
✓Wide moat 67/100
!Insider activity 45/100
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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 118.00 kr 53.29 Fair Value kr 222.76 Jun 2021 Sep 2026

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

60‑month range kr 53.29 – kr 118.00 · fair‑value band kr 167.07 – kr 278.45 · the kr 111.38 price screens below the kr 222.76 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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Company profile

Sparebanken Møre, together with its subsidiaries, provides banking services for the retail and business markets in Norway. It operates through Corporate, Retail, and Real Estate Brokerage segments.

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Sparebanken Møre, together with its subsidiaries, provides banking services for the retail and business markets in Norway. It operates through Corporate, Retail, and Real Estate Brokerage segments. The company offers deposits and investments, savings, payment, financial advice, insurance brokerage, and consulting services; mortgage loans; and brokerage services in the purchase and sale of residential and commercial properties. It also provides financing products, such as overdrafts, installment loans, green commercial building loans, construction loans, leasing, and growth guarantee schemes; asset management; mutual funds; online banking; credit cards; and car, home, contents, travel, personal, cabin, boat, valuables, dog, cat, horse, electric scooter, employee/personnel, agriculture, vehicles and machinery, and building and asset insurance products. Sparebanken Møre was founded in 1843 and is headquartered in Ålesund, Norway.

Stock analysis

Sparebanken Møre (MORG) currently trades at kr 111.38, while our model-based Fair Value estimate is kr 222.76, implying the stock looks roughly 50.0% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 264.78 per share, and 4 of the 4 models we run sit above the kr 111.38 price.

Bear case: the Asset-Based group reads lowest at kr 126.72, and 0 of the 4 models stay below the price. Evidence for this calculation is high.

Scenario range: kr 167.07 (bear) to kr 278.45 (bull), the price of kr 111.38 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 40/100 (below-average quality), in the Financial Services sector.

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

Sparebanken Møre reported revenue of 2.4B NOK in FY2025 versus 1.5B NOK in FY2021, a compound +11.9%/yr. Reported net income was 1.0B NOK in FY2025, compounding +12.5%/yr from FY2021.

Key figures

Market cap 5.5B NOK (≈ $581M) · P/E ratio 5.7 · P/S ratio 2.48 · EPS (TTM) kr 19.38 · Dividend yield 6.3% · Net margin 43.1% · Return on equity 10.7% · Return on assets (EBIT) 1.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 6% below its 52-week high and 20% 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 100%, MORG screens cheaper than that median.

Fair Value models

Bear kr 167.07 Fair Value kr 222.76 Bull kr 278.45
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 9.06 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. 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.
Highest evidence
Residual Income kr 160.37 kr 177.13 kr 244.07 76
P/E Multiple kr 202.62 kr 270.15 kr 337.69 63
P/B Multiple kr 198.58 kr 264.78 kr 330.97 55
All 4 models by family
Multiples
P/E Multiple kr 202.62 kr 270.15 kr 337.69 63
P/B Multiple kr 198.58 kr 264.78 kr 330.97 55
Asset-Based
NCAV (Graham) kr 94.56 kr 126.72 kr 189.13 54
Economic Profit
Residual Income kr 160.37 kr 177.13 kr 244.07 76

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Quality Score breakdown

Overall quality 40/100

Of which business quality 32 · Market factors (momentum, volatility) 63

Profitability 35
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 3
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 80
Share count: buybacks or dilution?

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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. 47/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−0.5%
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.
+10.8%
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.
+9.5%
Start year 2020 (pandemic). Over 10 years: +6.3% a year
Revenue growth 20 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.
+5.7%
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.
+16.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.8%
Dividend (yield on the price)6.3%
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.10% vs 6%, picking up
Profit margin 2014 to 2019 ⓘ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.59% → 57%
Start year 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 · 1074 stocks

Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside +100% · Top 25%
Profitability
Return on equity (TTM) 11% · Above median
Return on assets 1% · Below median
Net margin (TTM) 44% · Top 25%
Operating margin (TTM) 52% · Top 25%
Growth and dividend
Revenue growth −5% · Bottom 25%
Dividend yield (TTM) 6.3% · Top 25%
Balance sheet
Debt / equity 2.72× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 5.7× · Cheapest 25%
P/B 0.59× · Cheapest 25%
P/S (TTM) 2.38× · Cheaper than median
EV/EBITDA 23.3× · Priciest 25%
PEG 5.26× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 11
FUTURE (revenue growth)0 · sector 45
PAST (return on equity)43 · sector 41
HEALTH (low debt)0 · sector 85
DIVIDEND (yield)100 · sector 53

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
DBS Group D05 77.69 SGD 40.48 SGD −48%
China Merchants Bank Co 3968 HK$51.25 HK$62.30 +22%
Intesa Sanpaolo S.p.A ISP €6.73 €4.04 −40%
HDFC Bank Limited HDFCBANK ₹737.25 ₹406.85 −45%
BNP Paribas SA BNP €101.30 €105.99 +5%
UniCredit S.p.A UCG €83.28 €77.62 −7%
Mizuho Financial Group MFG $10.87 $6.75 −38%
ICICI Bank Limited ICICIBANK ₹1,340 ₹616.16 −54%
The PNC Financial Services Group PNC $227.96 $159.52 −30%
Oversea-Chinese Banking Corporation O39 32.14 SGD 19.80 SGD −38%

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Sparebanken Møre · Fair Value
kr 222.76 +50%Fair Value
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Cite: Fair Value Calculator (2026). "Sparebanken Møre Fair Value". https://www.fairvalue-calculator.com/stock/MORG

Frequently asked questions

Is Sparebanken Møre (MORG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 222.76 versus a price of kr 111.38, about +100% upside (undervalued).
What is the fair value of MORG?
Our model-based fair value for Sparebanken Møre is kr 222.76 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 111.38.
What is the quality score of MORG?
Sparebanken Møre has a Quality Score of 40/100. 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 Sparebanken Møre (MORG)?
Our model-based price target is the fair value of kr 222.76 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario kr 167.07, optimistic scenario kr 278.45. It is a calculation from audited fundamentals, not an analyst target.
What is the Sparebanken Møre stock forecast for 2026?
Our models put fair value at kr 222.76, about +100% upside versus a price of kr 111.38 (undervalued). Cautious scenario kr 167.07, optimistic scenario kr 278.45. The calculation is refreshed regularly with new filings.
What is the revenue of Sparebanken Møre (MORG)?
Sparebanken Møre reported trailing-twelve-month revenue of about 2.3B NOK (latest available figure, as of Sep 24, 2026).
Does Sparebanken Møre pay a dividend?
Sparebanken Møre currently shows a dividend yield of about 6.28% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Sparebanken Møre (MORG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sparebanken Møre it is kr 222.76 per share (as of Sep 24, 2026), against a price of kr 111.38. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Sparebanken Møre stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MORG trades below its calculated fair value: price kr 111.38, fair value kr 222.76, a gap of about +100% (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 MORG?
No. The price is what the market pays today (kr 111.38); the fair value is what the company's own numbers justify (kr 222.76). For Sparebanken Møre the two are kr 111.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sparebanken Møre worth?
The market values Sparebanken Møre at about 5.5B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 111.38; our models calculate a fair value of kr 222.76 per share.
What do the bullish and bearish scenarios say about MORG?
Our models span a range for Sparebanken Møre: cautious scenario kr 167.07, base kr 222.76, optimistic kr 278.45 per share (as of Sep 24, 2026, price kr 111.38). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MORG?
Sparebanken Møre trades at a price-to-earnings ratio of 5.7 (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 222.76 is built from several models across several years. Other multiples: PEG 5.3, P/B 0.6, P/S 2.4, EV/EBITDA 23.3.
What is the PEG ratio of MORG?
The PEG ratio of Sparebanken Møre is 5.26 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sparebanken Møre (MORG)?
Balance-sheet figures for Sparebanken Møre (as of Sep 24, 2026): return on equity 10.7%, debt of 2.72 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is MORG from its 52-week high?
Sparebanken Møre trades at kr 111.38, about 6% below its 52-week high of kr 118.00 and 20% above the low of kr 93.19 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 222.76 is for.
Which stocks are comparable to Sparebanken Møre?
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 Sparebanken Møre stock attractive at the current price?
The data as of Sep 24, 2026: price kr 111.38, calculated fair value kr 222.76 (+100%), Quality Score 40/100, 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 MORG calculated?
We run Sparebanken Møre 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 222.76, 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. Sparebanken Møre currently trades 100 % 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 Sparebanken Møre (MORG)?
The closing price on Sep 23, 2026 was kr 111.38. Our model-based fair value is kr 222.76, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sparebanken Møre right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 167.07). 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 Sparebanken Møre

How large is the market capitalisation of Sparebanken Møre (MORG)?
The market capitalisation of Sparebanken Møre is 5.5B NOK (≈ $581M). 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 Sparebanken Møre (MORG)?
The price-to-sales ratio of Sparebanken Møre is 2.48 (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 Sparebanken Møre (MORG)?
Earnings per share at Sparebanken Møre are kr 19.38 (price ÷ EPS = P/E 5.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sparebanken Møre (MORG)?
The dividend yield of Sparebanken Møre is 6.3% (payout 36.1%). 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 Sparebanken Møre (MORG)?
The net margin of Sparebanken Møre is 43.1% (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 Sparebanken Møre (MORG)?
The return on equity (ROE) of Sparebanken Møre is 10.7% (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 Sparebanken Møre (MORG)?
On an EBIT basis the return on assets of Sparebanken Møre is 1.2% (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 Sparebanken Møre (MORG)?
The operating margin of Sparebanken Møre is 52.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sparebanken Møre (MORG)?
Revenue at Sparebanken Møre is growing −4.5% versus a year earlier (3y avg +10.8%). 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 Sparebanken Møre (MORG)?
Earnings per share at Sparebanken Møre are growing −8.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sparebanken Møre (MORG) generate?
The free cash flow of Sparebanken Møre is −2.7B 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 Sparebanken Møre (MORG) carry?
The net debt of Sparebanken Møre is 44.1B 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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