Sparebank 1 Ringerike Hadeland (RING) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Sparebank 1 Ringerike Hadeland NOK 528, price NOK 446, upside +18.4%, quality 62 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 206.78 – kr 456.76 · fair‑value band kr 333.05 – kr 686.73 · the kr 446.00 price screens below the kr 527.97 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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SpareBank 1 Ringerike Hadeland, a financial institution, provides various banking products and services to private and corporate customers in Norway. The company offers Current, Buffer, and Savings accounts.
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SpareBank 1 Ringerike Hadeland, a financial institution, provides various banking products and services to private and corporate customers in Norway. The company offers Current, Buffer, and Savings accounts. It also provides housing, flexi, fixed-rate, financing certificate for housing, cabin, intermediate financing, and construction loans, as well as refinancing loans; financing services, such as agricultural operating credit, cash credit factoring, and leasing; bank guarantees;, car, workshop and transport, housing cooperatives and condominiums, building and construction, real estate, teams and associations, agriculture and small farms, and other insurance products, as well as advice and services; pension products; and savings and investment products. In addition, the company offers debit and credit cards, as well as mobile and online banking services. Further, it provides real estate brokerage, consulting, and accounting services. SpareBank 1 Ringerike Hadeland was incorporated in 1833 and is headquartered in Hønefoss, Norway.
Stock analysis
Sparebank 1 Ringerike Hadeland (RING) currently trades at kr 446.00, while our model-based Fair Value estimate is kr 527.97, implying the stock looks roughly 15.5% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 495.05 per share, and 2 of the 6 models we run sit above the kr 446.00 price.
Bear case: the Asset-Based group reads lowest at kr 236.92, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 333.05 (bear) to kr 686.73 (bull), the price of kr 446.00 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 62/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Sparebank 1 Ringerike Hadeland reported revenue of 1.4B NOK in FY2025 versus 831M NOK in FY2021, a compound +13.3%/yr. Reported net income was 734M NOK in FY2025, compounding +13.3%/yr from FY2021.
Key figures
Market cap 7.0B NOK (≈ $735M) · P/E ratio 9.3 · P/S ratio 4.98 · EPS (TTM) kr 48.11 · Dividend yield 5.9% · Net margin 53.7% · Return on equity 15.1% · Return on assets (EBIT) 1.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 26% 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 18%, RING screens cheaper than that median.
Fair Value models
Bear kr 333.05Fair Value kr 527.97Bull kr 686.73
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 15.92 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.97/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.6%
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.
+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.
+12.7%
Start year 2020 (pandemic). Over 10 years: +9.0% a year
Revenue growth 25 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.
+6.8%
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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. Basis: EBIT basis.
≈ −1.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.7%
Dividend (yield on the price)5.9%
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.12% vs 9%, picking up
Profit margin 2014 to 2019 ⓘ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.133% → 66%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 59% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−1.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about −3.6% a year for the price.
Compare Sparebank 1 Ringerike Hadeland with another stock
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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 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside+18% · Top 25%
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)51% · Top 25%
Operating margin (TTM)60% · Top 25%
Growth and dividend
Revenue growth10% · Above median
Dividend yield (TTM)5.9% · Top 25%
Balance sheet
Debt / equity0.74× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is Sparebank 1 Ringerike Hadeland (RING) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 527.97 versus a price of kr 446.00, about +18% upside (undervalued).
What is the fair value of RING?
Our model-based fair value for Sparebank 1 Ringerike Hadeland is kr 527.97 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 446.00.
What is the quality score of RING?
Sparebank 1 Ringerike Hadeland has a Quality Score of 62/100. 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 Sparebank 1 Ringerike Hadeland (RING)?
Our model-based price target is the fair value of kr 527.97 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 333.05, optimistic scenario kr 686.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Sparebank 1 Ringerike Hadeland stock forecast for 2026?
Our models put fair value at kr 527.97, about +18% upside versus a price of kr 446.00 (undervalued). Cautious scenario kr 333.05, optimistic scenario kr 686.73. The calculation is refreshed regularly with new filings.
What is the revenue of Sparebank 1 Ringerike Hadeland (RING)?
Sparebank 1 Ringerike Hadeland reported trailing-twelve-month revenue of about 1.5B NOK (latest available figure, as of Sep 24, 2026).
Does Sparebank 1 Ringerike Hadeland pay a dividend?
Sparebank 1 Ringerike Hadeland currently shows a dividend yield of about 5.91% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Sparebank 1 Ringerike Hadeland (RING)?
For today's price to be fair in a discounted-cash-flow model, Sparebank 1 Ringerike Hadeland would have to grow free cash flow by -1.3 % 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 +12.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of RING use?
Our models discount Sparebank 1 Ringerike Hadeland at 9.6 %: a base by market capitalisation (small), damped by beta 0.14, country premium for Norway. 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 Sparebank 1 Ringerike Hadeland that is -1.3 % 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 Sparebank 1 Ringerike Hadeland (RING) delivered so far?
Over the past 5 years revenue at Sparebank 1 Ringerike Hadeland grew +12.7 % a year. The price currently implies -1.3 % 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 Sparebank 1 Ringerike Hadeland (RING) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Sparebank 1 Ringerike Hadeland (-1.3 % 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 Sparebank 1 Ringerike Hadeland (RING)?
The free-cash-flow yield on the price is 14.68 %: that much free cash flow Sparebank 1 Ringerike Hadeland 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 Sparebank 1 Ringerike Hadeland (RING)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sparebank 1 Ringerike Hadeland it is kr 527.97 per share (as of Sep 24, 2026), against a price of kr 446.00. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Sparebank 1 Ringerike Hadeland stock overvalued or undervalued in 2026?
As of Sep 24, 2026, RING trades below its calculated fair value: price kr 446.00, fair value kr 527.97, a gap of about +18% (undervalued). 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 RING?
No. The price is what the market pays today (kr 446.00); the fair value is what the company's own numbers justify (kr 527.97). For Sparebank 1 Ringerike Hadeland the two are kr 81.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sparebank 1 Ringerike Hadeland worth?
The market values Sparebank 1 Ringerike Hadeland at about 7.0B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 446.00; our models calculate a fair value of kr 527.97 per share.
What do the bullish and bearish scenarios say about RING?
Our models span a range for Sparebank 1 Ringerike Hadeland: cautious scenario kr 333.05, base kr 527.97, optimistic kr 686.73 per share (as of Sep 24, 2026, price kr 446.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RING?
Sparebank 1 Ringerike Hadeland trades at a price-to-earnings ratio of 9.3 (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 527.97 is built from several models across several years. Other multiples: PEG 5.6, P/B 1.3, P/S 4.7, EV/EBITDA 15.4.
What is the PEG ratio of RING?
The PEG ratio of Sparebank 1 Ringerike Hadeland is 5.65 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sparebank 1 Ringerike Hadeland (RING)?
Balance-sheet figures for Sparebank 1 Ringerike Hadeland (as of Sep 24, 2026): return on equity 15.1%, debt of 0.74 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is RING from its 52-week high?
Sparebank 1 Ringerike Hadeland trades at kr 446.00, about 2% below its 52-week high of kr 456.76 and 26% above the low of kr 354.63 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 527.97 is for.
Which stocks are comparable to Sparebank 1 Ringerike Hadeland?
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 Sparebank 1 Ringerike Hadeland stock attractive at the current price?
The data as of Sep 24, 2026: price kr 446.00, calculated fair value kr 527.97 (+18%), Quality Score 62/100, 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 RING calculated?
We run Sparebank 1 Ringerike Hadeland through 6 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 527.97, 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. Sparebank 1 Ringerike Hadeland currently trades 18 % 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 Sparebank 1 Ringerike Hadeland (RING)?
The closing price on Sep 23, 2026 was kr 446.00. Our model-based fair value is kr 527.97, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sparebank 1 Ringerike Hadeland right now?
A fairly wide model range (kr 333.05 to kr 686.73) 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.
Where does the earnings growth of Sparebank 1 Ringerike Hadeland (RING) come from?
Earnings per share at Sparebank 1 Ringerike Hadeland grew −2.9 % a year from 2008 to 2019. Broken into its drivers: revenue per share −2.6 %, EBIT margin −6.0 %, tax rate −0.7 %, residual (interest, one-offs) +6.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Sparebank 1 Ringerike Hadeland
How large is the market capitalisation of Sparebank 1 Ringerike Hadeland (RING)?
The market capitalisation of Sparebank 1 Ringerike Hadeland is 7.0B NOK (≈ $735M). 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 Sparebank 1 Ringerike Hadeland (RING)?
The price-to-sales ratio of Sparebank 1 Ringerike Hadeland is 4.98 (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 Sparebank 1 Ringerike Hadeland (RING)?
Earnings per share at Sparebank 1 Ringerike Hadeland are kr 48.11 (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sparebank 1 Ringerike Hadeland (RING)?
The dividend yield of Sparebank 1 Ringerike Hadeland is 5.9% (payout 54.8%). 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 Sparebank 1 Ringerike Hadeland (RING)?
The net margin of Sparebank 1 Ringerike Hadeland is 53.7% (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 Sparebank 1 Ringerike Hadeland (RING)?
The return on equity (ROE) of Sparebank 1 Ringerike Hadeland is 15.1% (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 Sparebank 1 Ringerike Hadeland (RING)?
On an EBIT basis the return on assets of Sparebank 1 Ringerike Hadeland is 1.8% (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 Sparebank 1 Ringerike Hadeland (RING)?
The operating margin of Sparebank 1 Ringerike Hadeland is 60.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sparebank 1 Ringerike Hadeland (RING)?
Revenue at Sparebank 1 Ringerike Hadeland is growing +9.9% 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 Sparebank 1 Ringerike Hadeland (RING)?
Earnings per share at Sparebank 1 Ringerike Hadeland are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sparebank 1 Ringerike Hadeland (RING) carry?
The net debt of Sparebank 1 Ringerike Hadeland is 4.3B NOK (fiscal year 2025, ≈ 4.2 yrs of FCF). 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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