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Norwegian Block Exchange AS (NBX) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Norwegian Block Exchange AS NOK 0.05, price NOK 0.46, upside -88.9%, quality 19 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · NO · ISIN NO0010984966

NB Thin data Sep 24, 2026

Norwegian Block Exchange AS

NBX · OL

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 0.0510 · Strongly overvalued (−89%)
!Quality 19/100
!Mixed Growth (revenue 5y +89.3 %/yr)
!Loss-making · -78.6% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (2/10)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
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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 11.00 kr 0.1955 Fair Value kr 0.0510 Dec 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

57‑month range kr 0.1955 – kr 11.00 · fair‑value band kr 0.0340 – kr 0.0765 · the kr 0.4610 price screens above the kr 0.0510 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

Norwegian Block Exchange AS, a financial services company, offers an internet-based marketplace for customers to buy and sell digital assets in Norway. It develops digital asset-based products; and offers OTC trading, compliance and custody, staking, and credit card with bitcoin cashback services.

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Norwegian Block Exchange AS, a financial services company, offers an internet-based marketplace for customers to buy and sell digital assets in Norway. It develops digital asset-based products; and offers OTC trading, compliance and custody, staking, and credit card with bitcoin cashback services. Norwegian Block Exchange AS was incorporated in 2018 and is based in Lysaker, Norway.

Stock analysis

Norwegian Block Exchange AS (NBX) currently trades at kr 0.4610, while our model-based Fair Value estimate is kr 0.0510, implying the stock looks roughly 804.2% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: kr 0.0340 (bear) to kr 0.0765 (bull), the price of kr 0.4610 sits above 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 19/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Norwegian Block Exchange AS reported revenue of 18.5M NOK in FY2025 versus 83.8K NOK in FY2021, a compound +285.3%/yr. Reported net income was −14.5M NOK in FY2025.

Key figures

Market cap 167M NOK (≈ $17.6M) · P/S ratio 9.05 · EPS (TTM) kr −0.0600 · Net margin −78.6% · Return on equity −18.2% · Return on assets (EBIT) −24.0% · Operating margin −134% · Revenue (TTM) 18.5M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 39% below its 52-week high and 40% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −89%, NBX screens richer than that median.

Fair Value models

Bear kr 0.0340 Fair Value kr 0.0510 Bull kr 0.0765
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. 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
NCAV (Graham) kr 0.1600 kr 0.2100 kr 0.3200 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.1600 kr 0.2100 kr 0.3200 54

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Quality Score breakdown

Overall quality 19/100

Of which business quality 25 · Market factors (momentum, volatility) 26

Profitability 1
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 22
Disciplined investing over empire-building
Low Volatility 31
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 0
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. 29/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.6%
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.
+147.3%
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.
+89.3%
Start year 2020 (pandemic)
Revenue growth 6 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.
+159.8%
Profit margin (trend) ⓘ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.
−3,152.4% (2020) → −114.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

NBX screens 804% overvalued. Compare with Morgan Stanley, a financial holding company, →

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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.Capital Markets · 463 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 25 · Bottom 25%
Fair Value upside −89% · Bottom 25%
Profitability
Return on assets −8% · Bottom 25%
Net margin (TTM) −79% · Bottom 25%
Operating margin (TTM) −134% · Bottom 25%
Growth and dividend
Revenue growth −16% · Bottom 25%
Balance sheet
Debt / equity 0.22× · Above median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/B 0.20× · Cheapest 25%
P/S (TTM) 0.95× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 27
FUTURE (revenue growth)0 · sector 91
PAST (return on equity)0 · sector 30
HEALTH (low debt)89 · sector 95
DIVIDEND (yield)0 · sector 41

VALUE 0: the price sits above our fair-value range.

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $200.18 $312.73 +56%
The Goldman Sachs Group GS $949.49 $756.89 −20%
The Charles Schwab Corporation SCHW $100.35 $117.26 +17%
Interactive Brokers Group IBKR $91.88 $23.37 −75%
Robinhood Markets, Inc HOOD $124.25 $47.73 −62%
Macquarie Group MQG A$242.35 A$75.58 −69%
CITIC Securities Company 600030 ¥26.79 ¥18.35 −32%
Guotai Haitong Securities Co 601211 ¥17.67 ¥19.29 +9%
East Money Information Co 300059 ¥18.77 ¥4.94 −74%
CSC Financial Co 601066 ¥23.67 ¥39.83 +68%

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Norwegian Block Exchange AS · Fair Value
kr 0.0510 −804%Fair Value
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Cite: Fair Value Calculator (2026). "Norwegian Block Exchange AS Fair Value". https://www.fairvalue-calculator.com/stock/NBX

Frequently asked questions

Is Norwegian Block Exchange AS (NBX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 0.0510 versus a price of kr 0.4610, about −89% upside (overvalued).
What is the fair value of NBX?
Our model-based fair value for Norwegian Block Exchange AS is kr 0.0510 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 0.4610.
What is the quality score of NBX?
Norwegian Block Exchange AS has a Quality Score of 19/100. 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 Norwegian Block Exchange AS (NBX)?
Our model-based price target is the fair value of kr 0.0510 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 0.0340, optimistic scenario kr 0.0765. It is a calculation from audited fundamentals, not an analyst target.
What is the Norwegian Block Exchange AS stock forecast for 2026?
Our models put fair value at kr 0.0510, about −89% upside versus a price of kr 0.4610 (overvalued). Cautious scenario kr 0.0340, optimistic scenario kr 0.0765. The calculation is refreshed regularly with new filings.
What is the revenue of Norwegian Block Exchange AS (NBX)?
Norwegian Block Exchange AS reported trailing-twelve-month revenue of about 18.5M NOK (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Norwegian Block Exchange AS (NBX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norwegian Block Exchange AS it is kr 0.0510 per share (as of Sep 24, 2026), against a price of kr 0.4610. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Norwegian Block Exchange AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NBX trades above its calculated fair value: price kr 0.4610, fair value kr 0.0510, a gap of about −89% (overvalued). 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 NBX?
No. The price is what the market pays today (kr 0.4610); the fair value is what the company's own numbers justify (kr 0.0510). For Norwegian Block Exchange AS the two are kr 0.4100 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norwegian Block Exchange AS worth?
The market values Norwegian Block Exchange AS at about 167M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 0.4610; our models calculate a fair value of kr 0.0510 per share.
What do the bullish and bearish scenarios say about NBX?
Our models span a range for Norwegian Block Exchange AS: cautious scenario kr 0.0340, base kr 0.0510, optimistic kr 0.0765 per share (as of Sep 24, 2026, price kr 0.4610). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Norwegian Block Exchange AS (NBX)?
Balance-sheet figures for Norwegian Block Exchange AS (as of Sep 24, 2026): return on equity −18.2%, debt of 0.22 per unit of equity. They feed the Quality Score of 19/100, which measures business quality independently of the share price.
How far is NBX from its 52-week high?
Norwegian Block Exchange AS trades at kr 0.4610, about 39% below its 52-week high of kr 0.7600 and 40% above the low of kr 0.3300 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.0510 is for.
Which stocks are comparable to Norwegian Block Exchange AS?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers 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 Norwegian Block Exchange AS stock attractive at the current price?
The data as of Sep 24, 2026: price kr 0.4610, calculated fair value kr 0.0510 (−89%), Quality Score 19/100, from 1 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 NBX calculated?
We run Norwegian Block Exchange AS through 1 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 0.0510, 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. Norwegian Block Exchange AS 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 Norwegian Block Exchange AS (NBX)?
The closing price on Sep 23, 2026 was kr 0.4610. Our model-based fair value is kr 0.0510, about −89% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norwegian Block Exchange AS right now?
The price sits above even our optimistic bull case (kr 0.0765). The favourable scenario is already priced in. Weak quality (19/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 0.0340 to kr 0.0765) leaves room in how you read the outcome.

Key figures of Norwegian Block Exchange AS

How large is the market capitalisation of Norwegian Block Exchange AS (NBX)?
The market capitalisation of Norwegian Block Exchange AS is 167M NOK (≈ $17.6M). 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 Norwegian Block Exchange AS (NBX)?
The price-to-sales ratio of Norwegian Block Exchange AS is 9.05 (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 Norwegian Block Exchange AS (NBX)?
Earnings per share at Norwegian Block Exchange AS are kr −0.0600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Norwegian Block Exchange AS (NBX)?
The net margin of Norwegian Block Exchange AS is −78.6% (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 Norwegian Block Exchange AS (NBX)?
The return on equity (ROE) of Norwegian Block Exchange AS is −18.2% (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 Norwegian Block Exchange AS (NBX)?
On an EBIT basis the return on assets of Norwegian Block Exchange AS is −24.0% (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 Norwegian Block Exchange AS (NBX)?
The operating margin of Norwegian Block Exchange AS is −134% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norwegian Block Exchange AS (NBX)?
Revenue at Norwegian Block Exchange AS is growing −16.1% versus a year earlier (3y avg +147%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Norwegian Block Exchange AS (NBX) generate?
The free cash flow of Norwegian Block Exchange AS is −20.4M 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 Norwegian Block Exchange AS (NBX) carry?
The net debt of Norwegian Block Exchange AS is 21.4M 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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