Sparebanken Møre, (MORG) Fair Value & Analysis

Financial Services · NO · Market cap 5.5B NOK

Below-average quality, screening 99% undervalued on our models.

What matters 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 167.62). 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 (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range kr 49.12 – kr 118.00 · fair‑value band kr 167.62 – kr 279.35 · the kr 112.56 price screens below the kr 223.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

Which stocks are undervalued right now? Check free Discover now →

Analysis

Sparebanken Møre, (MORG) currently trades at kr 112.56, while our model-based Fair Value estimate is kr 223.48, implying the stock looks roughly 98.5% undervalued today. The Quality Score stands at 40/100 (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, Sparebanken Møre, generated revenue of 2.3B NOK at a net margin of 43.5%. Revenue declined 4.5% year over year. It earns a return on equity of 10.7%. Net debt stands at 44.1B NOK. Fundamentals as of Jul 18, 2026

Our scenario range runs from kr 167.62 (bear case) to kr 279.35 (bull case); at kr 112.56, 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 6% below its 52-week high and 21% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 99%, MORG 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.

Widest divergence: Multiples (kr 264.78) versus Asset-Based (kr 126.72). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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

Watch MORG: get an alert when its fair value changes →

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.

Insider activity: 45/100

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 18, 2026).

Explore undervalued stocks

More undervalued Financial Services stocks →

Frequently asked questions

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.