SpareBank 1 Sør-Norge ASA (SB1NO) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of SpareBank 1 Sør-Norge ASA NOK 201, price NOK 228, upside -11.6%, quality 47 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 79.32 – kr 229.00 · fair‑value band kr 142.05 – kr 264.79 · the kr 227.50 price screens above the kr 201.17 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 Sør-Norge ASA, together with its subsidiaries, provides various financial products and services for personal and corporate customers in Norway. The company operates through Retail Market, Corporate Market, SME & Agriculture, and Other Activities segments. It offers savings, loans, insurance, and pension products.
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SpareBank 1 Sør-Norge ASA, together with its subsidiaries, provides various financial products and services for personal and corporate customers in Norway. The company operates through Retail Market, Corporate Market, SME & Agriculture, and Other Activities segments. It offers savings, loans, insurance, and pension products. The company also provides account and payment, international cash management, foreign exchange, administrative securities, accounting, estate agency, HR, securities trading, and investment services; green loans; credit cards; consulting; commercial properties for leasing; and banking services. In addition, it facilitates and advises debt and equity funding; and sells real estate properties, homes, and commercial properties. Further, the company is involved in the customer trading of interest-rate instruments; and purchasing of home mortgages. It serves retail and corporate, SME, small business, and agricultural customers, as well as the public sector. The company was founded in 1839 and is headquartered in Stavanger, Norway.
Stock analysis
SpareBank 1 Sør-Norge ASA (SB1NO) currently trades at kr 227.50, while our model-based Fair Value estimate is kr 201.17, implying the stock looks roughly 13.1% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 207.04 per share, and 1 of the 6 models we run sit above the kr 227.50 price.
Bear case: the Asset-Based group reads lowest at kr 99.08, and 5 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 142.05 (bear) to kr 264.79 (bull), the price of kr 227.50 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 47/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
SpareBank 1 Sør-Norge ASA reported revenue of 13.0B NOK in FY2025 versus 7.8B NOK in FY2021, a compound +13.7%/yr. Reported net income was 6.7B NOK in FY2025, compounding +20.7%/yr from FY2021.
Key figures
Market cap 85.3B NOK (≈ $9.0B) · P/E ratio 13.6 · P/S ratio 6.99 · EPS (TTM) kr 16.69 · Dividend yield 5.3% · Net margin 51.3% · Return on equity 11.8% · Return on assets (EBIT) 1.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 42% 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 −12%, SB1NO screens cheaper than that median.
Fair Value models
Bear kr 142.05Fair Value kr 201.17Bull kr 264.79
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 3.42 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.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−49.6%
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.
+4.7%
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.
+9.2%
Start year 2020 (pandemic). Over 10 years: +6.2% a year
Revenue growth 17 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.
+2.9%
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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.
−1.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.7%
Dividend (yield on the price)5.3%
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.−7% vs −14%, picking up
Profit margin 2019 to 2024 ⓘ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.41% → 25%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 20.7%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more 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).
+11.9%
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.
+5.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +9.3% a year for the price and +2.5% for the forecasts.
Compare SpareBank 1 Sør-Norge ASA 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 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−12% · Above median
Profitability
Return on equity (TTM)12% · Above median
Return on assets1% · Above median
Net margin (TTM)49% · Top 25%
Operating margin (TTM)61% · Top 25%
Growth and dividend
Revenue growth−5% · Bottom 25%
Dividend yield (TTM)5.3% · Top 25%
Balance sheet
Debt / equity3.81× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is SpareBank 1 Sør-Norge ASA (SB1NO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 201.17 versus a price of kr 227.50, about −12% upside (overvalued).
What is the fair value of SB1NO?
Our model-based fair value for SpareBank 1 Sør-Norge ASA is kr 201.17 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 227.50.
What is the quality score of SB1NO?
SpareBank 1 Sør-Norge ASA has a Quality Score of 47/100. 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 Sør-Norge ASA (SB1NO)?
Our model-based price target is the fair value of kr 201.17 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 142.05, optimistic scenario kr 264.79. It is a calculation from audited fundamentals, not an analyst target.
What is the SpareBank 1 Sør-Norge ASA stock forecast for 2026?
Our models put fair value at kr 201.17, about −12% upside versus a price of kr 227.50 (overvalued). Cautious scenario kr 142.05, optimistic scenario kr 264.79. The calculation is refreshed regularly with new filings.
What is the revenue of SpareBank 1 Sør-Norge ASA (SB1NO)?
SpareBank 1 Sør-Norge ASA reported trailing-twelve-month revenue of about 13.5B NOK (latest available figure, as of Sep 24, 2026).
Does SpareBank 1 Sør-Norge ASA pay a dividend?
SpareBank 1 Sør-Norge ASA currently shows a dividend yield of about 5.27% relative to its recent price (as of Sep 24, 2026).
What growth is priced into SpareBank 1 Sør-Norge ASA (SB1NO)?
For today's price to be fair in a discounted-cash-flow model, SpareBank 1 Sør-Norge ASA would have to grow free cash flow by +11.9 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of SB1NO use?
Our models discount SpareBank 1 Sør-Norge ASA at 7.9 %: a base by market capitalisation (large), damped by beta 0.53, 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 Sør-Norge ASA that is +11.9 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has SpareBank 1 Sør-Norge ASA (SB1NO) delivered so far?
Over the past 5 years revenue at SpareBank 1 Sør-Norge ASA grew +9.2 % a year. The price currently implies +11.9 % 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 Sør-Norge ASA (SB1NO) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into SpareBank 1 Sør-Norge ASA (+11.9 % 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 Sør-Norge ASA (SB1NO)?
The free-cash-flow yield on the price is 11.52 %: that much free cash flow SpareBank 1 Sør-Norge ASA produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), 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 Sør-Norge ASA (SB1NO)?
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 Sør-Norge ASA it is kr 201.17 per share (as of Sep 24, 2026), against a price of kr 227.50. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is SpareBank 1 Sør-Norge ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SB1NO trades above its calculated fair value: price kr 227.50, fair value kr 201.17, a gap of about −12% (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 SB1NO?
No. The price is what the market pays today (kr 227.50); the fair value is what the company's own numbers justify (kr 201.17). For SpareBank 1 Sør-Norge ASA the two are kr 26.33 per share apart. That gap is exactly why we show both numbers side by side.
How much is SpareBank 1 Sør-Norge ASA worth?
The market values SpareBank 1 Sør-Norge ASA at about 85.3B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 227.50; our models calculate a fair value of kr 201.17 per share.
What do the bullish and bearish scenarios say about SB1NO?
Our models span a range for SpareBank 1 Sør-Norge ASA: cautious scenario kr 142.05, base kr 201.17, optimistic kr 264.79 per share (as of Sep 24, 2026, price kr 227.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SB1NO?
SpareBank 1 Sør-Norge ASA trades at a price-to-earnings ratio of 13.6 (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 201.17 is built from several models across several years. Other multiples: PEG 2.9, P/B 1.6, P/S 6.4, EV/EBITDA 45.0.
What is the PEG ratio of SB1NO?
The PEG ratio of SpareBank 1 Sør-Norge ASA is 2.86 (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 Sør-Norge ASA (SB1NO)?
Balance-sheet figures for SpareBank 1 Sør-Norge ASA (as of Sep 24, 2026): return on equity 11.8%, debt of 3.81 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is SB1NO from its 52-week high?
SpareBank 1 Sør-Norge ASA trades at kr 227.50, about 1% below its 52-week high of kr 229.00 and 42% above the low of kr 160.62 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 201.17 is for.
Which stocks are comparable to SpareBank 1 Sør-Norge ASA?
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 Sør-Norge ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 227.50, calculated fair value kr 201.17 (−12%), Quality Score 47/100, 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 SB1NO calculated?
We run SpareBank 1 Sør-Norge ASA 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 201.17, 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 Sør-Norge 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 SpareBank 1 Sør-Norge ASA (SB1NO)?
The closing price on Sep 23, 2026 was kr 227.50. Our model-based fair value is kr 201.17, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SpareBank 1 Sør-Norge ASA right now?
A fairly wide model range (kr 142.05 to kr 264.79) 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 Sør-Norge ASA (SB1NO) come from?
Earnings per share at SpareBank 1 Sør-Norge ASA grew −21.7 % a year from 2013 to 2024. Broken into its drivers: revenue per share −20.8 %, EBIT margin −1.2 %, tax rate +0.0 %, residual (interest, one-offs) +0.0 %. 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 Sør-Norge ASA
How large is the market capitalisation of SpareBank 1 Sør-Norge ASA (SB1NO)?
The market capitalisation of SpareBank 1 Sør-Norge ASA is 85.3B NOK (≈ $9.0B). 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 Sør-Norge ASA (SB1NO)?
The price-to-sales ratio of SpareBank 1 Sør-Norge ASA is 6.99 (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 Sør-Norge ASA (SB1NO)?
Earnings per share at SpareBank 1 Sør-Norge ASA are kr 16.69 (price ÷ EPS = P/E 13.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SpareBank 1 Sør-Norge ASA (SB1NO)?
The dividend yield of SpareBank 1 Sør-Norge ASA is 5.3% (payout 71.9%). 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 Sør-Norge ASA (SB1NO)?
The net margin of SpareBank 1 Sør-Norge ASA is 51.3% (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 Sør-Norge ASA (SB1NO)?
The return on equity (ROE) of SpareBank 1 Sør-Norge ASA is 11.8% (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 Sør-Norge ASA (SB1NO)?
On an EBIT basis the return on assets of SpareBank 1 Sør-Norge ASA is 1.2% (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 Sør-Norge ASA (SB1NO)?
The operating margin of SpareBank 1 Sør-Norge ASA is 61.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SpareBank 1 Sør-Norge ASA (SB1NO)?
Revenue at SpareBank 1 Sør-Norge ASA is growing −5.2% versus a year earlier (3y avg +4.7%). 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 SpareBank 1 Sør-Norge ASA (SB1NO)?
Earnings per share at SpareBank 1 Sør-Norge ASA are growing −6.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SpareBank 1 Sør-Norge ASA (SB1NO) carry?
The net debt of SpareBank 1 Sør-Norge ASA is 211B NOK (fiscal year 2025, ≈ 21.5 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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