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Nova Ljubljanska Banka d.d. (NLB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Nova Ljubljanska Banka d.d. stock €40.79, price €43.00, that is 5.1% below the price, quality 59 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services GB · Based in Slovenia

NL Nova Ljubljanska Banka d.d. logo Some data Nov 5, 2026

Nova Ljubljanska Banka d.d.

NLB · LSE
Fairly valued, in an uptrend

The stock costs about what our calculation considers fair.

Healthy Growth (revenue 5y +21.6 %/yr in EUR)
Highly profitable · 37.6% net margin (TTM)
Ranks above peers (11/12)
Costs just 2.3 times its yearly profit.
Fair value €40.79 · Fairly valued (−5.1%)
Quality 59/100
6.5% dividend yield · Payout strained
Wide moat 69/100 · 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

€47.20 €7.43 Fair Value €40.79 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range €7.43 – €47.20 · fair‑value band €34.83 – €57.98 · the €43.00 price screens above the €40.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Nova Ljubljanska Banka d.d., together with its subsidiaries, provides various banking services for retail and corporate clients in Slovenia, South East Europe, and Western Europe.

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It operates through Retail Banking in Slovenia, Corporate and Investment Banking in Slovenia, Strategic Foreign Markets, Financial Markets in Slovenia, Non-Core Members, and Other segments. The company offers saving, deposits, and business accounts; and personal, home, and green housing loans.

It also provides credit, debit, and deferred payment cards, as well as other services; savings and investment products; security trading; and digital services.

In addition, the company offers life, health, investment, accident, disability, home, and car insurance products; and asset management, and personal and private banking services. Nova Ljubljanska Banka d.d. was founded in 1889 and is based in Ljubljana, Slovenia.

Stock analysis

Nova Ljubljanska Banka d.d. (NLB) currently trades at €43.00, while our model-based Fair Value estimate is €40.79, so the stock looks roughly fairly valued today (gap 5.4%).

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Valuation

Bull case: the Multiples group reads highest at a median of €58.36 per share, and 2 of the 6 models we run sit above the €43.00 price.

Bear case: the Asset-Based group reads lowest at €24.56, and 4 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €34.83 (bear) to €57.98 (bull), the price of €43.00 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 59/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Nova Ljubljanska Banka d.d. reported revenue of €1.4B in FY2025 versus €704M in FY2021, a compound +17.8%/yr. Reported net income was €503M in FY2025, compounding +20.8%/yr from FY2021.

Key figures

Market cap €1.1B Small · P/E ratio 2.3 · P/S ratio 0.88 · EPS (TTM) €4.82 · Dividend yield 6.5% · Net margin 37.6% · Return on equity 13.4% · Return on assets 1.6%.

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 about 9% below its 52-week high and 33% 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 −5%, NLB screens cheaper than that median.

Fair Value models

Bear €34.83 Fair Value €40.79 Bull €57.98
Price €43.00 · Downside -5.1%
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. 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 €34.83 €40.79 €54.07 76
Gordon GGM €21.72 €40.69 €57.98 67
DDM Multi-Stage €21.72 €36.40 €43.28 67
All 6 models by family
Dividend Discount
Gordon GGM €21.72 €40.69 €57.98 67
DDM Multi-Stage €21.72 €36.40 €43.28 67
Multiples
P/E Multiple €49.05 €65.40 €81.75 63
P/B Multiple €38.49 €51.32 €64.15 55
Asset-Based
NCAV (Graham) €18.33 €24.56 €36.66 51
Economic Profit
Residual Income €34.83 €40.79 €54.07 76

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Quality Score breakdown

Overall quality 59/100

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

Profitability 45
How much profit the company makes from its sales and capital
Quality Growth 43
Are margins and returns getting better?
Cashflow 76
Do the profits arrive as real cash?
Financial strength 47
Debt, balance sheet and risk of trouble
Investment 48
Does it invest with discipline instead of growing at any price?
Low Volatility 86
How calm the share price moves, does not count
Price momentum 51
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 69
Distance to the 52-week high, does not count
New shares 82
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. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.0%
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.
+17.7%
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.
+21.6%
Start year 2020 (pandemic)
Revenue growth 7 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.
+15.1%
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.
+22.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.3%
Dividend (yield on the price)6.5%

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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 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside −5.1% · Above median
Profitability
Return on equity (12 months) 13.4% · Above median
Return on assets 1.6% · Top 25%
Net margin (12 months) 37.6% · Above median
Operating margin (12 months) 49.7% · Above median
Growth and dividend
Revenue growth (quarter YoY) −6.2% · Bottom 25%
Dividend yield (12 months) 6.5% · Top 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 2.3× · Cheapest 25%
P/B 0.30× · Cheapest 25%
P/S (12 months) 0.88× · Cheapest 25%
Price / free cash flow (fiscal year) 3.1× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)27 · sector 8
FUTURE (revenue growth)0 · sector 47
PAST (return on equity)53 · 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 NLB
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs NLB
BNP Paribas SA BNP €91.93 €106.01 +15% vs NLB
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs NLB
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs NLB
UniCredit S.p.A UCG €76.80 €50.44 −34% vs NLB
Mizuho Financial Group MFG $9.40 $5.90 −37% vs NLB
DBS Group D05 69.72 SGD 40.39 SGD −42% vs NLB
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs NLB
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs NLB

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Nova Ljubljanska Banka d.d.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Nova Ljubljanska Banka d.d. Fair Value". https://www.fairvalue-calculator.com/stock/NLB

Frequently asked questions

Is Nova Ljubljanska Banka d.d. (NLB) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €40.79 versus a price of €43.00, about 5% lower (fairly valued).
What is the fair value of NLB?
Our model-based fair value for Nova Ljubljanska Banka d.d. is €40.79 (as of Nov 5, 2026), built from audited fundamentals. The current price: €43.00.
What is the quality score of NLB?
Nova Ljubljanska Banka d.d. has a Quality Score of 59/100. 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 Nova Ljubljanska Banka d.d. (NLB)?
Our model-based price target is the fair value of €40.79 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario €34.83, optimistic scenario €57.98. It is a calculation from audited fundamentals, not an analyst target.
What is the Nova Ljubljanska Banka d.d. stock forecast for 2026?
Our models put fair value at €40.79, about 5% lower versus a price of €43.00 (fairly valued). Cautious scenario €34.83, optimistic scenario €57.98. The calculation is refreshed regularly with new filings.
What is the revenue of Nova Ljubljanska Banka d.d. (NLB)?
Nova Ljubljanska Banka d.d. reported trailing-twelve-month revenue of about €1.3B (latest available figure, as of Nov 5, 2026).
Does Nova Ljubljanska Banka d.d. pay a dividend?
Nova Ljubljanska Banka d.d. currently shows a dividend yield of 6.46% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Nova Ljubljanska Banka d.d. (NLB) and when is the ex-dividend date?
Nova Ljubljanska Banka d.d. has a dividend yield of 6.5%. The last ex-dividend date was Jun 19, 2026. A dividend has been paid every year since 2021. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What is the intrinsic value of Nova Ljubljanska Banka d.d. (NLB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nova Ljubljanska Banka d.d. it is €40.79 per share (as of Nov 5, 2026), against a price of €43.00. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Nova Ljubljanska Banka d.d. stock overvalued or undervalued in 2026?
As of Nov 5, 2026, NLB trades above its calculated fair value: price €43.00, fair value €40.79, a gap of about −5% (fairly valued). 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 NLB?
No. The price is what the market pays today (€43.00); the fair value is what the company's own numbers justify (€40.79). For Nova Ljubljanska Banka d.d. the two are €2.21 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nova Ljubljanska Banka d.d. worth?
The market values Nova Ljubljanska Banka d.d. at about €1.1B (market capitalisation, as of Nov 5, 2026). Per share that is €43.00; our models calculate a fair value of €40.79 per share.
What do the bullish and bearish scenarios say about NLB?
Our models span a range for Nova Ljubljanska Banka d.d.: cautious scenario €34.83, base €40.79, optimistic €57.98 per share (as of Nov 5, 2026, price €43.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NLB?
Nova Ljubljanska Banka d.d. trades at a price-to-earnings ratio of 2.3 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €40.79 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 1.1. Other multiples: P/B 0.3, P/S 0.9.
How solid is the balance sheet of Nova Ljubljanska Banka d.d. (NLB)?
Balance-sheet figures for Nova Ljubljanska Banka d.d. (as of Nov 5, 2026): return on equity 13.4%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is NLB from its 52-week high?
Nova Ljubljanska Banka d.d. trades at €43.00, about 9% below its 52-week high of €47.20 and 33% above the low of €32.32 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €40.79 is for.
Which stocks are comparable to Nova Ljubljanska Banka d.d.?
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 Nova Ljubljanska Banka d.d. stock attractive at the current price?
The data as of Nov 5, 2026: price €43.00, calculated fair value €40.79 (−5%), Quality Score 59/100, 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 NLB calculated?
We run Nova Ljubljanska Banka d.d. through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €40.79 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 13.0% above its aggregate fair value. Nova Ljubljanska Banka d.d. 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 Nova Ljubljanska Banka d.d. (NLB)?
The closing price on Nov 6, 2026 was €43.00. Our model-based fair value is €40.79, about 5% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nova Ljubljanska Banka d.d. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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 Nova Ljubljanska Banka d.d.

How large is the market capitalisation of Nova Ljubljanska Banka d.d. (NLB)?
The market capitalisation of Nova Ljubljanska Banka d.d. is €1.1B. 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 Nova Ljubljanska Banka d.d. (NLB)?
The price-to-sales ratio of Nova Ljubljanska Banka d.d. is 0.88 (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 Nova Ljubljanska Banka d.d. (NLB)?
Earnings per share at Nova Ljubljanska Banka d.d. are €4.82 (price ÷ EPS = P/E 2.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nova Ljubljanska Banka d.d. (NLB)?
The dividend yield of Nova Ljubljanska Banka d.d. is 6.5% (payout 57.6%). 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 Nova Ljubljanska Banka d.d. (NLB)?
The net margin of Nova Ljubljanska Banka d.d. is 37.6% (last twelve months). 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 Nova Ljubljanska Banka d.d. (NLB)?
The return on equity (ROE) of Nova Ljubljanska Banka d.d. is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Nova Ljubljanska Banka d.d. (NLB)?
The return on assets (ROA) of Nova Ljubljanska Banka d.d. is 1.6% (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 Nova Ljubljanska Banka d.d. (NLB)?
The operating margin of Nova Ljubljanska Banka d.d. is 49.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nova Ljubljanska Banka d.d. (NLB)?
Revenue at Nova Ljubljanska Banka d.d. is growing −6.2% versus a year earlier (3y avg +17.7%). 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 Nova Ljubljanska Banka d.d. (NLB)?
Earnings per share at Nova Ljubljanska Banka d.d. are growing −10.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nova Ljubljanska Banka d.d. (NLB) generate?
The free cash flow of Nova Ljubljanska Banka d.d. is €361M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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