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Nordic Financials ASA (NOFIN) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Nordic Financials ASA NOK 1.05, price NOK 1.34, upside -21.3%, quality 51 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? Yes
  3. Add to watchlist

Financial Services · NO

NF Thin data Sep 23, 2026

Nordic Financials ASA

NOFIN · OL

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value kr 1.05 · Overvalued (−21%)
!Quality 51/100
!Weak Growth (revenue 3y −66.3 %/yr)
!Low debt · negative free cash flow
!Trails peers (3/8)
!Narrow moat 10/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 5 out of 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 103.98 kr 1.02 Fair Value kr 1.05 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range kr 1.02 – kr 103.98 · fair‑value band kr 0.7905 – kr 1.33 · the kr 1.34 price screens above the kr 1.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Nordic Financials ASA does not have significant operations. Previously, it was engaged in the solar power and renewable energy businesses. The company was formerly known as Aega ASA. Nordic Financials ASA was incorporated in 2011 and is headquartered in Oslo, Norway.

Stock analysis

Nordic Financials ASA (NOFIN) currently trades at kr 1.34, while our model-based Fair Value estimate is kr 1.05, implying the stock looks roughly 27.1% overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: kr 0.7905 (bear) to kr 1.33 (bull), the price of kr 1.34 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 51/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Nordic Financials ASA reported revenue of 1.1M NOK in FY2025 versus 20.9M NOK in FY2021, a compound −51.9%/yr. Reported net income was −11.9M NOK in FY2025.

Key figures

Market cap 29.5M NOK (≈ $3.1M) · P/S ratio 23.0 · EPS (TTM) kr −0.0100 · Return on equity −92.4% · Return on assets (EBIT) −64.0% · Operating margin −574% · Revenue (TTM) 1.4M NOK · Free cash flow −23.5M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 37% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −21%, NOFIN screens richer than that median.

Fair Value models

Bear kr 0.7905 Fair Value kr 1.05 Bull kr 1.33
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
P/B Multiple kr 0.9300 kr 1.24 kr 1.56 55
NCAV (Graham) kr 0.7300 kr 0.9800 kr 1.46 54
All 2 models by family
Multiples
P/B Multiple kr 0.9300 kr 1.24 kr 1.56 55
Asset-Based
NCAV (Graham) kr 0.7300 kr 0.9800 kr 1.46 54

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Quality Score breakdown

Overall quality 51/100

Of which business quality 53 · Market factors (momentum, volatility) 27

Profitability 0
Margins and returns on capital today
Quality Growth 85
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 9
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

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. 0/100
Revenue growth is weak, negative or inconsistent.
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

NOFIN screens 27% overvalued. Compare with Blackstone Inc →

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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.Asset Management · 658 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −21% · Below median
Profitability
Return on assets −33% · Bottom 25%
Growth and dividend
Revenue growth 0% · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.11× · Cheapest 25%
P/S (TTM) 2.17× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)5 · sector 54
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)0 · sector 22
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 81

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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Nordic Financials ASA · Fair Value
kr 1.05 −27%Fair Value
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Cite: Fair Value Calculator (2026). "Nordic Financials ASA Fair Value". https://www.fairvalue-calculator.com/stock/NOFIN

Frequently asked questions

Is Nordic Financials ASA (NOFIN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of kr 1.05 versus a price of kr 1.34, about −21% upside (overvalued).
What is the fair value of NOFIN?
Our model-based fair value for Nordic Financials ASA is kr 1.05 (as of Sep 23, 2026), built from audited fundamentals. The current price: kr 1.34.
What is the quality score of NOFIN?
Nordic Financials ASA has a Quality Score of 51/100. 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 Nordic Financials ASA (NOFIN)?
Our model-based price target is the fair value of kr 1.05 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario kr 0.7905, optimistic scenario kr 1.33. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordic Financials ASA stock forecast for 2026?
Our models put fair value at kr 1.05, about −21% upside versus a price of kr 1.34 (overvalued). Cautious scenario kr 0.7905, optimistic scenario kr 1.33. The calculation is refreshed regularly with new filings.
What is the revenue of Nordic Financials ASA (NOFIN)?
Nordic Financials ASA reported trailing-twelve-month revenue of about 1.4M NOK (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Nordic Financials ASA (NOFIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordic Financials ASA it is kr 1.05 per share (as of Sep 23, 2026), against a price of kr 1.34. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Nordic Financials ASA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NOFIN trades above its calculated fair value: price kr 1.34, fair value kr 1.05, a gap of about −21% (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 NOFIN?
No. The price is what the market pays today (kr 1.34); the fair value is what the company's own numbers justify (kr 1.05). For Nordic Financials ASA the two are kr 0.2860 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordic Financials ASA worth?
The market values Nordic Financials ASA at about 29.5M NOK (market capitalisation, as of Sep 23, 2026). Per share that is kr 1.34; our models calculate a fair value of kr 1.05 per share.
What do the bullish and bearish scenarios say about NOFIN?
Our models span a range for Nordic Financials ASA: cautious scenario kr 0.7905, base kr 1.05, optimistic kr 1.33 per share (as of Sep 23, 2026, price kr 1.34). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nordic Financials ASA (NOFIN)?
Balance-sheet figures for Nordic Financials ASA (as of Sep 23, 2026): return on equity −92.4%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is NOFIN from its 52-week high?
Nordic Financials ASA trades at kr 1.34, about 37% below its 52-week high of kr 2.14 and at the low of kr 1.34 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1.05 is for.
Which stocks are comparable to Nordic Financials ASA?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 Nordic Financials ASA stock attractive at the current price?
The data as of Sep 23, 2026: price kr 1.34, calculated fair value kr 1.05 (−21%), Quality Score 51/100, from 2 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 NOFIN calculated?
We run Nordic Financials ASA through 2 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 1.05, 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. Nordic Financials ASA 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 Nordic Financials ASA (NOFIN)?
The closing price on Sep 24, 2026 was kr 1.34. Our model-based fair value is kr 1.05, about −21% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordic Financials ASA right now?
Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 Nordic Financials ASA

How large is the market capitalisation of Nordic Financials ASA (NOFIN)?
The market capitalisation of Nordic Financials ASA is 29.5M NOK (≈ $3.1M). 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 Nordic Financials ASA (NOFIN)?
The price-to-sales ratio of Nordic Financials ASA is 23.0 (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 Nordic Financials ASA (NOFIN)?
Earnings per share at Nordic Financials ASA are kr −0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Nordic Financials ASA (NOFIN)?
The return on equity (ROE) of Nordic Financials ASA is −92.4% (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 Nordic Financials ASA (NOFIN)?
On an EBIT basis the return on assets of Nordic Financials ASA is −64.0% (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 Nordic Financials ASA (NOFIN)?
The operating margin of Nordic Financials ASA is −574% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does Nordic Financials ASA (NOFIN) generate?
The free cash flow of Nordic Financials ASA is −23.5M 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 Nordic Financials ASA (NOFIN) carry?
The net debt of Nordic Financials ASA is 344K NOK (fiscal year 2024). 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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