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Skue Sparebank (SKUE) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Skue Sparebank NOK 555, price NOK 326, upside +70.4%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · NO · ISIN NO0006001809

SS Broad data Sep 24, 2026

Skue Sparebank

SKUE · OL

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value kr 555.01 · Strongly undervalued (+70%)
!Quality 48/100
✓Healthy Growth (revenue 5y +19.3 %/yr)
✓Highly profitable · 42.0% net margin (TTM)
✓Moderate debt · generates free cash flow
·6.84% dividend yield
✓Ranks above peers (9/14)
✓Wide moat 66/100
!Insider activity 40/100
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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 343.00 kr 125.81 Fair Value kr 555.01 Jun 2021 Sep 2026

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 125.81 – kr 343.00 · fair‑value band kr 535.94 – kr 673.14 · the kr 325.75 price screens below the kr 555.01 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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Company profile

Skue Sparebank provides various banking products and services for individuals and business in Norway.

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Skue Sparebank provides various banking products and services for individuals and business in Norway. The company offers checking, business, deposit, tax withholding, client, agricultural, currency, investment, deposit, retirement, and group accounts; business, construction, consumer, car, other vehicle, and small loans, as well as mortgage, bank guarantee, overdraft, and leasing services; and home and leisure, car and other vehicles, pet, company and employees, agriculture, and travel insurance products. It also provides savings and pension products, online and mobile banking, bank card, and payment services. In addition, it offers financial products, commercial solutions and skills-enhancing services, funds and pensions, insurance products, card and small loan products, and real estate brokerage. The company was formerly known as Nes Prestegjelds Sparebank and changed its name to Skue Sparebank in October 2013. Skue Sparebank was founded in 1842 and is based in Geilo, Norway.

Stock analysis

Skue Sparebank (SKUE) currently trades at kr 325.75, while our model-based Fair Value estimate is kr 555.01, implying the stock looks roughly 41.3% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 680.62 per share, and 4 of the 6 models we run sit above the kr 325.75 price.

Bear case: the Dividend Discount group reads lowest at kr 142.84, and 2 of the 6 models stay below the price. Evidence for this calculation is high.

Scenario range: kr 535.94 (bear) to kr 673.14 (bull), the price of kr 325.75 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 48/100 (below-average quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Skue Sparebank reported revenue of 728M NOK in FY2025 versus 358M NOK in FY2021, a compound +19.4%/yr. Reported net income was 303M NOK in FY2025, compounding +19.3%/yr from FY2021.

Key figures

Market cap 1.9B NOK (≈ $201M) · P/E ratio 15.3 · P/S ratio 6.37 · EPS (TTM) kr 21.25 · Dividend yield 6.8% · Net margin 41.6% · Return on equity 8.5% · Return on assets (EBIT) 1.1%.

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 5% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 70%, SKUE screens cheaper than that median.

Fair Value models

Bear kr 535.94 Fair Value kr 555.01 Bull kr 673.14
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
Residual Income kr 511.86 kr 520.56 kr 503.38 76
Gordon GGM kr 89.92 kr 150.60 kr 195.48 68
DDM Multi-Stage kr 89.92 kr 142.84 kr 162.02 67
All 6 models by family
Dividend Discount
Gordon GGM kr 89.92 kr 150.60 kr 195.48 68
DDM Multi-Stage kr 89.92 kr 142.84 kr 162.02 67
Multiples
P/E Multiple kr 510.47 kr 680.62 kr 850.78 63
P/B Multiple kr 667.53 kr 890.04 kr 1,113 55
Asset-Based
NCAV (Graham) kr 347.18 kr 465.22 kr 694.36 54
Economic Profit
Residual Income kr 511.86 kr 520.56 kr 503.38 76

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Quality Score breakdown

Overall quality 48/100

Of which business quality 46 · Market factors (momentum, volatility) 62

Profitability 33
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 1
Balance sheet, leverage, solvency risk
Investment 34
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 66
Share count: buybacks or dilution?

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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. 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+27.8%
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.
+20.9%
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.
+19.3%
Start year 2020 (pandemic). Over 10 years: +13.8% 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.
+8.6%
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.
+28.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.7%
Dividend (yield on the price)6.8%
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.22% vs 15%, picking up
Profit margin 2013 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.118% → 51%
Start year 2020 (pandemic)

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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 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside +70% · Top 25%
Profitability
Return on equity (TTM) 9% · Below median
Return on assets 1% · Above median
Net margin (TTM) 42% · Top 25%
Operating margin (TTM) 53% · Top 25%
Growth and dividend
Revenue growth 11% · Above median
Dividend yield (TTM) 6.8% · Top 25%
Balance sheet
Debt / equity 1.15× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 15.3× · Pricier than median
P/B 0.48× · Cheapest 25%
P/S (TTM) 2.68× · Cheaper than median
P/FCF 0.1× · Cheapest 25%
EV/EBITDA 22.1× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 11
FUTURE (revenue growth)53 · sector 45
PAST (return on equity)34 · sector 41
HEALTH (low debt)42 · sector 85
DIVIDEND (yield)100 · sector 53

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 Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
DBS Group D05 77.69 SGD 40.48 SGD −48%
China Merchants Bank Co 3968 HK$51.25 HK$62.30 +22%
Intesa Sanpaolo S.p.A ISP €6.73 €4.04 −40%
HDFC Bank Limited HDFCBANK ₹737.25 ₹406.85 −45%
BNP Paribas SA BNP €101.30 €105.99 +5%
UniCredit S.p.A UCG €83.28 €77.62 −7%
Mizuho Financial Group MFG $10.87 $6.75 −38%
ICICI Bank Limited ICICIBANK ₹1,340 ₹616.16 −54%
The PNC Financial Services Group PNC $227.96 $159.52 −30%
Oversea-Chinese Banking Corporation O39 32.14 SGD 19.80 SGD −38%

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Skue Sparebank · Fair Value
kr 555.01 +41%Fair Value
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Cite: Fair Value Calculator (2026). "Skue Sparebank Fair Value". https://www.fairvalue-calculator.com/stock/SKUE

Frequently asked questions

Is Skue Sparebank (SKUE) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 555.01 versus a price of kr 325.75, about +70% upside (undervalued).
What is the fair value of SKUE?
Our model-based fair value for Skue Sparebank is kr 555.01 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 325.75.
What is the quality score of SKUE?
Skue Sparebank has a Quality Score of 48/100. 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 Skue Sparebank (SKUE)?
Our model-based price target is the fair value of kr 555.01 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 535.94, optimistic scenario kr 673.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Skue Sparebank stock forecast for 2026?
Our models put fair value at kr 555.01, about +70% upside versus a price of kr 325.75 (undervalued). Cautious scenario kr 535.94, optimistic scenario kr 673.14. The calculation is refreshed regularly with new filings.
What is the revenue of Skue Sparebank (SKUE)?
Skue Sparebank reported trailing-twelve-month revenue of about 714M NOK (latest available figure, as of Sep 24, 2026).
Does Skue Sparebank pay a dividend?
Skue Sparebank currently shows a dividend yield of about 6.84% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Skue Sparebank (SKUE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Skue Sparebank it is kr 555.01 per share (as of Sep 24, 2026), against a price of kr 325.75. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Skue Sparebank stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SKUE trades below its calculated fair value: price kr 325.75, fair value kr 555.01, a gap of about +70% (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 SKUE?
No. The price is what the market pays today (kr 325.75); the fair value is what the company's own numbers justify (kr 555.01). For Skue Sparebank the two are kr 229.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Skue Sparebank worth?
The market values Skue Sparebank at about 1.9B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 325.75; our models calculate a fair value of kr 555.01 per share.
What do the bullish and bearish scenarios say about SKUE?
Our models span a range for Skue Sparebank: cautious scenario kr 535.94, base kr 555.01, optimistic kr 673.14 per share (as of Sep 24, 2026, price kr 325.75). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SKUE?
Skue Sparebank trades at a price-to-earnings ratio of 15.3 (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 555.01 is built from several models across several years. Other multiples: P/B 0.5, P/S 2.7, EV/EBITDA 22.1.
How solid is the balance sheet of Skue Sparebank (SKUE)?
Balance-sheet figures for Skue Sparebank (as of Sep 24, 2026): return on equity 8.5%, debt of 1.15 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is SKUE from its 52-week high?
Skue Sparebank trades at kr 325.75, about 5% below its 52-week high of kr 343.00 and 12% above the low of kr 289.80 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 555.01 is for.
Which stocks are comparable to Skue Sparebank?
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 Skue Sparebank stock attractive at the current price?
The data as of Sep 24, 2026: price kr 325.75, calculated fair value kr 555.01 (+70%), Quality Score 48/100, 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 SKUE calculated?
We run Skue Sparebank 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 555.01, 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. Skue Sparebank currently trades 70 % 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 Skue Sparebank (SKUE)?
The closing price on Sep 23, 2026 was kr 325.75. Our model-based fair value is kr 555.01, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Skue Sparebank right now?
The price is below even our cautious bear case (kr 535.94). The market is more pessimistic than our downside scenario. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Skue Sparebank (SKUE) come from?
Earnings per share at Skue Sparebank grew +11.7 % a year from 2009 to 2019. Broken into its drivers: revenue per share +6.0 %, EBIT margin −14.3 %, tax rate +0.9 %, residual (interest, one-offs) +21.9 %. 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 Skue Sparebank

How large is the market capitalisation of Skue Sparebank (SKUE)?
The market capitalisation of Skue Sparebank is 1.9B NOK (≈ $201M). 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 Skue Sparebank (SKUE)?
The price-to-sales ratio of Skue Sparebank is 6.37 (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 Skue Sparebank (SKUE)?
Earnings per share at Skue Sparebank are kr 21.25 (price ÷ EPS = P/E 15.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Skue Sparebank (SKUE)?
The dividend yield of Skue Sparebank is 6.8% (payout 105%). 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 Skue Sparebank (SKUE)?
The net margin of Skue Sparebank is 41.6% (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 Skue Sparebank (SKUE)?
The return on equity (ROE) of Skue Sparebank is 8.5% (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 Skue Sparebank (SKUE)?
On an EBIT basis the return on assets of Skue Sparebank is 1.1% (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 Skue Sparebank (SKUE)?
The operating margin of Skue Sparebank is 52.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Skue Sparebank (SKUE)?
Revenue at Skue Sparebank is growing +10.5% versus a year earlier (3y avg +20.9%). 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 Skue Sparebank (SKUE)?
Earnings per share at Skue Sparebank are growing −17.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Skue Sparebank (SKUE) generate?
The free cash flow of Skue Sparebank is 1.5B 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 Skue Sparebank (SKUE) carry?
The net debt of Skue Sparebank is 4.6B NOK (fiscal year 2025, ≈ 3.0 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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