Norion Bank (NORION) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Norion Bank SEK 66.90, price SEK 65.70, upside +1.8%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 24.19 – kr 72.70 · fair‑value band kr 51.63 – kr 108.96 · the kr 65.70 price screens below the kr 66.90 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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Norion Bank AB (publ) provides financial solutions for medium-sized corporates and real estate companies, merchants, and private individuals in Sweden, Germany, Norway, Denmark, Finland, and internationally. It operates through four segments: Corporate, Real estate, Consumer, Payments, and others segments.
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Norion Bank AB (publ) provides financial solutions for medium-sized corporates and real estate companies, merchants, and private individuals in Sweden, Germany, Norway, Denmark, Finland, and internationally. It operates through four segments: Corporate, Real estate, Consumer, Payments, and others segments. The company offers corporate loans comprising acquisition financing, bridge financing, revolving credits, and stock financing solutions; invoice factoring, loan factoring, purchase order financing, and export factoring services; and real estate loans, such as acquisition financing, revolving credit facility (RCF), and development credit; unsecured loans; savings accounts; and personal loans and credit cards. It also provides payment and checkout solutions for e-commerce and retail businesses, as well as invoicing and payment by instalment services for private individuals. The company also engages in the provision of active asset management and pension solutions. The company was formerly known as Collector Bank AB and changed its name to Norion Bank AB (publ) in September 2023. Norion Bank AB (publ) was founded in 1999 and is headquartered in Gothenburg, Sweden.
Stock analysis
Norion Bank (NORION) currently trades at kr 65.70, while our model-based Fair Value estimate is kr 66.90, implying the stock looks roughly 1.8% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 73.41 per share, and 2 of the 4 models we run sit above the kr 65.70 price.
Bear case: the Asset-Based group reads lowest at kr 35.13, and 2 of the 4 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 51.63 (bear) to kr 108.96 (bull), the price of kr 65.70 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 63/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Norion Bank reported revenue of 5.5B SEK in FY2025 versus 3.0B SEK in FY2021, a compound +16.3%/yr. Reported net income was 1.4B SEK in FY2025, compounding +17.6%/yr from FY2021.
Key figures
Market cap 13.2B SEK (≈ $1.3B) · P/E ratio 9.9 · P/S ratio 2.59 · EPS (TTM) kr 6.65 · Net margin 26.2% · Return on equity 13.5% · Return on assets (EBIT) 2.7% · Operating margin 56.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 34% 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 2%, NORION screens cheaper than that median.
Fair Value models
Bear kr 51.63Fair Value kr 66.90Bull kr 108.96
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 4.86 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.
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.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.5%
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.
+14.0%
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.
+17.0%
Start year 2020 (pandemic)
Revenue growth 9 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.
+19.2%
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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.
+22.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.7%
Dividend (yield on the price)0.0%
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.23% vs 13%, picking up
Profit margin 2020 to 2025 ⓘ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.16% → 34%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−10.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −11.8% a year for the price and −2.3% for the forecasts.
Price, fair value, quality and upside side by side.
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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 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside+2% · Above median
Profitability
Return on equity (TTM)13% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)46% · Top 25%
Operating margin (TTM)56% · Top 25%
Growth and dividend
Revenue growth−14% · Bottom 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Norion Bank Fair Value". https://www.fairvalue-calculator.com/stock/NORION
Frequently asked questions
Is Norion Bank (NORION) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 66.90 versus a price of kr 65.70, about +2% upside (fairly valued).
What is the fair value of NORION?
Our model-based fair value for Norion Bank is kr 66.90 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 65.70.
What is the quality score of NORION?
Norion Bank has a Quality Score of 63/100. 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 Norion Bank (NORION)?
Our model-based price target is the fair value of kr 66.90 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario kr 51.63, optimistic scenario kr 108.96. It is a calculation from audited fundamentals, not an analyst target.
What is the Norion Bank stock forecast for 2026?
Our models put fair value at kr 66.90, about +2% upside versus a price of kr 65.70 (fairly valued). Cautious scenario kr 51.63, optimistic scenario kr 108.96. The calculation is refreshed regularly with new filings.
What is the revenue of Norion Bank (NORION)?
Norion Bank reported trailing-twelve-month revenue of about 2.9B SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Norion Bank (NORION)?
For today's price to be fair in a discounted-cash-flow model, Norion Bank would have to grow free cash flow by -10.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of NORION use?
Our models discount Norion Bank at 9.6 %: a base by market capitalisation (small), damped by beta 0.50, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Norion Bank that is -10.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Norion Bank (NORION) delivered so far?
Over the past 5 years revenue at Norion Bank grew +17.0 % a year. The price currently implies -10.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Norion Bank (NORION) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Norion Bank (-10.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Norion Bank (NORION)?
The free-cash-flow yield on the price is 9.40 %: that much free cash flow Norion Bank produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Norion Bank (NORION)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norion Bank it is kr 66.90 per share (as of Sep 24, 2026), against a price of kr 65.70. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Norion Bank stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NORION trades below its calculated fair value: price kr 65.70, fair value kr 66.90, a gap of about +2% (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 NORION?
No. The price is what the market pays today (kr 65.70); the fair value is what the company's own numbers justify (kr 66.90). For Norion Bank the two are kr 1.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norion Bank worth?
The market values Norion Bank at about 13.2B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 65.70; our models calculate a fair value of kr 66.90 per share.
What do the bullish and bearish scenarios say about NORION?
Our models span a range for Norion Bank: cautious scenario kr 51.63, base kr 66.90, optimistic kr 108.96 per share (as of Sep 24, 2026, price kr 65.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NORION?
Norion Bank trades at a price-to-earnings ratio of 9.9 (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 66.90 is built from several models across several years. Other multiples: P/B 1.4, P/S 4.6, EV/EBITDA 4.4.
How solid is the balance sheet of Norion Bank (NORION)?
Balance-sheet figures for Norion Bank (as of Sep 24, 2026): return on equity 13.5%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is NORION from its 52-week high?
Norion Bank trades at kr 65.70, about 10% below its 52-week high of kr 72.70 and 34% above the low of kr 49.15 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 66.90 is for.
Which stocks are comparable to Norion Bank?
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 Norion Bank stock attractive at the current price?
The data as of Sep 24, 2026: price kr 65.70, calculated fair value kr 66.90 (+2%), Quality Score 63/100, 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 NORION calculated?
We run Norion Bank 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 66.90, 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. Norion Bank currently trades 2 % 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 Norion Bank (NORION)?
The closing price on Sep 23, 2026 was kr 65.70. Our model-based fair value is kr 66.90, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norion Bank right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 51.63 to kr 108.96) leaves room in how you read the outcome. 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 Norion Bank
How large is the market capitalisation of Norion Bank (NORION)?
The market capitalisation of Norion Bank is 13.2B SEK (≈ $1.3B). 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 Norion Bank (NORION)?
The price-to-sales ratio of Norion Bank is 2.59 (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 Norion Bank (NORION)?
Earnings per share at Norion Bank are kr 6.65 (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Norion Bank (NORION)?
The net margin of Norion Bank is 26.2% (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 Norion Bank (NORION)?
The return on equity (ROE) of Norion Bank is 13.5% (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 Norion Bank (NORION)?
On an EBIT basis the return on assets of Norion Bank is 2.7% (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 Norion Bank (NORION)?
The operating margin of Norion Bank is 56.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norion Bank (NORION)?
Revenue at Norion Bank is growing −14.0% versus a year earlier (3y avg +14.0%). 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 Norion Bank (NORION)?
Earnings per share at Norion Bank are growing −23.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Norion Bank (NORION) hold?
Norion Bank holds more cash than debt, 1.3B SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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