Sparebanken Vest (SBNOR) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Sparebanken Vest NOK 307, price NOK 210, upside +46.3%, quality 40 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 60.91 – kr 212.20 · fair‑value band kr 249.89 – kr 462.52 · the kr 209.60 price screens below the kr 306.65 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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Sparebanken Norge, a financial services company, provides banking and financing services. The company is involved in investment banking; trading in securities for professional investors; leasing and selling mortgage loans; and real estate agency business.
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Sparebanken Norge, a financial services company, provides banking and financing services. The company is involved in investment banking; trading in securities for professional investors; leasing and selling mortgage loans; and real estate agency business. It serves retail and commercial markets, as well as the public sector in Southern, Western, and Eastern Norway. Sparebanken Norge was founded in 1823 and is headquartered in Bergen, Norway.
Stock analysis
Sparebanken Vest (SBNOR) currently trades at kr 209.60, while our model-based Fair Value estimate is kr 306.65, implying the stock looks roughly 31.6% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 433.25 per share, and 4 of the 6 models we run sit above the kr 209.60 price.
Bear case: the Dividend Discount group reads lowest at kr 202.92, and 2 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 249.89 (bear) to kr 462.52 (bull), the price of kr 209.60 sits below 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 40/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Sparebanken Vest reported revenue of 11.5B NOK in FY2025 versus 4.2B NOK in FY2021, a compound +28.9%/yr. Reported net income was 6.5B NOK in FY2025, compounding +26.8%/yr from FY2021.
Key figures
Market cap 36.3B NOK (≈ $3.8B) · P/E ratio 12.7 · P/S ratio 7.16 · EPS (TTM) kr 16.48 · Dividend yield 5.7% · Net margin 56.3% · Return on equity 18.8% · Return on assets 1.6%.
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 31% 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 46%, SBNOR screens cheaper than that median.
Fair Value models
Bear kr 249.89Fair Value kr 306.65Bull kr 462.52
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 3.28 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+56.9%
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.
+32.2%
’21
’22
’23
’24
’25
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.
+15.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.8%
Dividend (yield on the price)5.7%
Growth Forecast
A lot of optimism in the price
The price assumes less growth than 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).
+21.7%
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.
+8.3%
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 +18.8% a year for the price and +5.7% 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 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+46% · Top 25%
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)55% · Top 25%
Operating margin (TTM)67% · Top 25%
Growth and dividend
Revenue growth60% · Top 25%
Dividend yield (TTM)5.7% · Top 25%
Balance sheet
Debt / equity5.49× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Sparebanken Vest Fair Value". https://www.fairvalue-calculator.com/stock/SBNOR
Frequently asked questions
Is Sparebanken Vest (SBNOR) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 306.65 versus a price of kr 209.60, about +46% upside (undervalued).
What is the fair value of SBNOR?
Our model-based fair value for Sparebanken Vest is kr 306.65 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 209.60.
What is the quality score of SBNOR?
Sparebanken Vest has a Quality Score of 40/100. 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 Sparebanken Vest (SBNOR)?
Our model-based price target is the fair value of kr 306.65 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 249.89, optimistic scenario kr 462.52. It is a calculation from audited fundamentals, not an analyst target.
What is the Sparebanken Vest stock forecast for 2026?
Our models put fair value at kr 306.65, about +46% upside versus a price of kr 209.60 (undervalued). Cautious scenario kr 249.89, optimistic scenario kr 462.52. The calculation is refreshed regularly with new filings.
What is the revenue of Sparebanken Vest (SBNOR)?
Sparebanken Vest reported trailing-twelve-month revenue of about 12.9B NOK (latest available figure, as of Sep 24, 2026).
Does Sparebanken Vest pay a dividend?
Sparebanken Vest currently shows a dividend yield of about 5.73% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Sparebanken Vest (SBNOR)?
For today's price to be fair in a discounted-cash-flow model, Sparebanken Vest would have to grow free cash flow by +21.7 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +28.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of SBNOR use?
Our models discount Sparebanken Vest at 8.3 %: a base by market capitalisation (mid), damped by beta 0.40, 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 Sparebanken Vest that is +21.7 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Sparebanken Vest (SBNOR) delivered so far?
Over the past 4 years revenue at Sparebanken Vest grew +28.9 % a year. The price currently implies +21.7 % 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 Sparebanken Vest (SBNOR) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Sparebanken Vest (+21.7 % 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 Sparebanken Vest (SBNOR)?
The free-cash-flow yield on the price is 18.89 %: that much free cash flow Sparebanken Vest produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sparebanken Vest (SBNOR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sparebanken Vest it is kr 306.65 per share (as of Sep 24, 2026), against a price of kr 209.60. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Sparebanken Vest stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SBNOR trades below its calculated fair value: price kr 209.60, fair value kr 306.65, a gap of about +46% (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 SBNOR?
No. The price is what the market pays today (kr 209.60); the fair value is what the company's own numbers justify (kr 306.65). For Sparebanken Vest the two are kr 97.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sparebanken Vest worth?
The market values Sparebanken Vest at about 36.3B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 209.60; our models calculate a fair value of kr 306.65 per share.
What do the bullish and bearish scenarios say about SBNOR?
Our models span a range for Sparebanken Vest: cautious scenario kr 249.89, base kr 306.65, optimistic kr 462.52 per share (as of Sep 24, 2026, price kr 209.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SBNOR?
Sparebanken Vest trades at a price-to-earnings ratio of 12.7 (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 306.65 is built from several models across several years. Other multiples: P/B 0.7, P/S 2.8.
How solid is the balance sheet of Sparebanken Vest (SBNOR)?
Balance-sheet figures for Sparebanken Vest (as of Sep 24, 2026): return on equity 18.8%, debt of 5.49 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is SBNOR from its 52-week high?
Sparebanken Vest trades at kr 209.60, about 1% below its 52-week high of kr 212.20 and 31% above the low of kr 159.50 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 306.65 is for.
Which stocks are comparable to Sparebanken Vest?
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 Sparebanken Vest stock attractive at the current price?
The data as of Sep 24, 2026: price kr 209.60, calculated fair value kr 306.65 (+46%), Quality Score 40/100, 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 SBNOR calculated?
We run Sparebanken Vest 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 306.65, 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. Sparebanken Vest currently trades 46 % 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 Sparebanken Vest (SBNOR)?
The closing price on Sep 23, 2026 was kr 209.60. Our model-based fair value is kr 306.65, about +46% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sparebanken Vest right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 249.89). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 249.89 to kr 462.52) 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 Sparebanken Vest
How large is the market capitalisation of Sparebanken Vest (SBNOR)?
The market capitalisation of Sparebanken Vest is 36.3B NOK (≈ $3.8B). 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 Sparebanken Vest (SBNOR)?
The price-to-sales ratio of Sparebanken Vest is 7.16 (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 Sparebanken Vest (SBNOR)?
Earnings per share at Sparebanken Vest are kr 16.48 (price ÷ EPS = P/E 12.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sparebanken Vest (SBNOR)?
The dividend yield of Sparebanken Vest is 5.7% (payout 72.8%). 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 Sparebanken Vest (SBNOR)?
The net margin of Sparebanken Vest is 56.3% (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 Sparebanken Vest (SBNOR)?
The return on equity (ROE) of Sparebanken Vest is 18.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Sparebanken Vest (SBNOR)?
The return on assets (ROA) of Sparebanken Vest 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 Sparebanken Vest (SBNOR)?
The operating margin of Sparebanken Vest is 67.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sparebanken Vest (SBNOR)?
Revenue at Sparebanken Vest is growing +60.4% versus a year earlier (3y avg +32.2%). 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 Sparebanken Vest (SBNOR)?
Earnings per share at Sparebanken Vest are growing −6.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sparebanken Vest (SBNOR) carry?
The net debt of Sparebanken Vest is 285B NOK (fiscal year 2025, ≈ 41.6 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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