SpareBank 1 Nordmøre (SNOR) Fair Value & Analysis

Financial Services · NO · Market cap 1.6B NOK

A solid business, screening 99% undervalued on our models.

What matters now

• The price is below even our cautious bear case (kr 267.00). The market is more pessimistic than our downside scenario.
• Solid quality (55/100) 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.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range kr 89.63 – kr 201.15 · fair‑value band kr 267.00 – kr 445.00 · the kr 179.00 price screens below the kr 356.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

SpareBank 1 Nordmøre (SNOR) currently trades at kr 179.00, while our model-based Fair Value estimate is kr 356.00, implying the stock looks roughly 98.9% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, SpareBank 1 Nordmøre generated revenue of 1.1B NOK at a net margin of 45.8%. It earns a return on equity of 11.2%. Net debt stands at 6.5B NOK. The stock trades on a trailing P/E of 10.2. Fundamentals as of Jul 19, 2026

Our scenario range runs from kr 267.00 (bear case) to kr 445.00 (bull case); at kr 179.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 22% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 99%, SNOR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (kr 711.80) versus Dividend Discount (kr 108.75). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

SpareBank 1 Nordmøre provides various banking products and services for businesses and individuals in Norway. It operates through Retail Market and Corporate Market segments. The company offers financing, leasing, payment processing, and consulting services; and accounting services, including agricultural accounting.

Full company description

SpareBank 1 Nordmøre provides various banking products and services for businesses and individuals in Norway. It operates through Retail Market and Corporate Market segments. The company offers financing, leasing, payment processing, and consulting services; and accounting services, including agricultural accounting. It also provides usage, current, buffer, savings, deposit, business, currency, group, and investment accounts; fixed-rate deposits; mobile and online banking; bank and credit cards; savings products, including savings in funds, savings on account, stocks and investments, and savings for children and retirement; pension savings accounts and tax-advantaged retirement savings; mandatory occupational pensions; and cash services. In addition, the company offers mortgage loans for housing, cottages, and construction projects; car loans for new and used cars; loan transfers; proof of financing; consumer loans; refinancing of mortgages and consumer debt; vehicle loans for boats, caravans, and other vehicles; green loans; business loans; overdrafts; bank guarantees; construction loans; growth guarantee schemes; agricultural operating credit; and factoring. Further, it provides car, housing, person, animal, vehicle, travel, valuable item, vehicle and machine, building and value, employee/personnel, and agriculture insurance; property brokerage and valuation; payroll payment and reporting; business counseling; and investment in funds and shares. The company was formerly known as Sparebank 1 Nordvest and changed its name to SpareBank 1 Nordmøre in May 2021. The company was founded in 1835 and is based in Kristiansund, Norway.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SpareBank 1 Nordmøre reported revenue of kr 1.0B in FY2025 versus kr 588M in FY2021, a compound +15.6%/yr. Reported net income was kr 502M in FY2025, compounding +37.1%/yr from FY2021.

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Peer Group

Banks - Regional · 1083 stocks

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.

Valuation Multiples vs Banks - Regional median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Insider activity: 48/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.