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Sparebanken Ost (SPOG) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Sparebanken Ost stock NOK 143, price NOK 71.49, upside +100.2%, quality 50 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services NO · ISIN NO0006222009

SO Sparebanken Ost logo Broad data Nov 6, 2026

Sparebanken Ost

SPOG · OL
Undervalued, in an uptrend

The stock costs 50% less than our calculation considers fair.

Fair value kr 143.10 · Strongly undervalued
Highly profitable · 45.7% net margin (TTM)
Broad data
Even on cautious assumptions the value is 50% above the price (kr 107.33).
Quality 50/100
Mixed Growth (revenue 5y +4.7 %/yr in NOK)
9.7% dividend yield · Payout strained
Mixed vs. peers (7/14)
Wide moat 66/100 · thin data
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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 82.60 kr 32.17 Fair Value kr 143.10 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range kr 32.17 – kr 82.60 · fair‑value band kr 107.33 – kr 178.88 · the kr 71.49 price screens below the kr 143.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Sparebanken Øst operates as a savings bank in eastern Norway.

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The company offers savings, tax withholding, guardianship, investment, high-interest business, and other accounts; retirement savings; corporate and other deposits; agricultural operating and agricultural credits; letters of credit; interest rate swaps; commercial property financing; commercial property upgrade, green business, car, framework, and installment loans, as well as construction loans for businesses; mortgages; guarantees; and overdrafts.

It also provides cyber, warranty, group life, health, truck and construction machinery, project, travel, child, car, home, contents, life, disability, boats, and other vehicle insurance products, as well as homeowners insurance for commercial buildings; debit and bank cards; and refinancing, pension, payment, mobile and online banking, and other banking services.

In addition, the company buys, sells, and stores cryptocurrencies; trades in shares and funds; operates as a real estate agent; and provides investment banking services. Sparebanken Øst was founded in 1843 and is headquartered in Drammen, Norway.

Stock analysis

Sparebanken Ost (SPOG) currently trades at kr 71.49, while our model-based Fair Value estimate is kr 143.10, implying the stock looks roughly 50% undervalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of kr 254.87 per share, and 5 of the 6 models we run sit above the kr 71.49 price.

Bear case: the Asset-Based group reads lowest at kr 161.96, and 1 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: kr 107.33 (bear) to kr 178.88 (bull), the price of kr 71.49 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 50/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Sparebanken Ost reported revenue of 1.0B NOK in FY2025 versus 758M NOK in FY2021, a compound +8.2%/yr. Reported net income was 523M NOK in FY2025, compounding +9.7%/yr from FY2021.

Key figures

Market cap 1.5B NOK (≈ $157M) Micro · P/E ratio 14.4 · P/S ratio 7.27 · EPS (TTM) kr 4.95 · Dividend yield 9.7% · Net margin 50.4% · Return on equity 8.6% · Return on assets (EBIT) 1.1% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 100%, SPOG screens cheaper than that median.

Fair Value models

Bear kr 107.33 Fair Value kr 143.10 Bull kr 178.88
Price kr 71.49 · Upside +100.2%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Residual Income kr 205.50 kr 224.53 kr 257.12 76
Gordon GGM kr 180.63 kr 262.92 kr 340.23 69
DDM Multi-Stage kr 180.63 kr 246.81 kr 311.90 67
All 6 models by family
Dividend Discount
Gordon GGM kr 180.63 kr 262.92 kr 340.23 69
DDM Multi-Stage kr 180.63 kr 246.81 kr 311.90 67
Multiples
P/E Multiple kr 245.88 kr 327.83 kr 409.79 63
P/B Multiple kr 51.62 kr 68.83 kr 86.04 55
Asset-Based
NCAV (Graham) kr 120.87 kr 161.96 kr 241.74 54
Economic Profit
Residual Income kr 205.50 kr 224.53 kr 257.12 76

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Quality Score breakdown

Overall quality 50/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 35
How much profit the company makes from its sales and capital
Quality Growth 26
Are margins and returns getting better?
Cashflow 47
Do the profits arrive as real cash?
Financial strength 2
Debt, balance sheet and risk of trouble
Investment 95
Does it invest with discipline instead of growing at any price?
Low Volatility 98
How calm the share price moves, does not count
Price momentum 41
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 41
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

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. 44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.2%
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.
+14.2%
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.
+4.7%
Start year 2020 (pandemic). Over 10 years: +5.4% 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.
+0.1%
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.
+17.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.7%
Dividend (yield on the price)9.7%
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.7.7% vs 4.7%, picking up
Pace: the 5-year rate starts in 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 · 996 stocks

Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside +100.2% · Top 25%
Profitability
Return on equity (12 months) 8.6% · Below median
Return on assets 1.1% · Above median
Net margin (12 months) 45.7% · Top 25%
Operating margin (12 months) 63.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −31.3% · Bottom 25%
Dividend yield (12 months) 9.7% · Top 25%
Balance sheet
Debt / equity 4.59× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 14.4× · Priciest 25%
P/B 0.29× · Cheapest 25%
P/S (12 months) 1.65× · Cheapest 25%
Price / free cash flow (fiscal year) 15.5× · Pricier than median
EV/EBITDA 30.3× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 8
FUTURE (revenue growth)0 · sector 47
PAST (return on equity)34 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)100 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

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 Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs SPOG
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs SPOG
BNP Paribas SA BNP €91.93 €106.01 +15% vs SPOG
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs SPOG
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs SPOG
UniCredit S.p.A UCG €76.80 €50.44 −34% vs SPOG
Mizuho Financial Group MFG $9.40 $5.89 −37% vs SPOG
DBS Group D05 69.72 SGD 40.39 SGD −42% vs SPOG
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs SPOG
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs SPOG

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Sparebanken Ost: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Sparebanken Ost Fair Value". https://www.fairvalue-calculator.com/stock/SPOG

Frequently asked questions

Is Sparebanken Ost (SPOG) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of kr 143.10 versus a price of kr 71.49, about +100% upside (undervalued).
What is the fair value of SPOG?
Our model-based fair value for Sparebanken Ost is kr 143.10 (as of Nov 6, 2026), built from audited fundamentals. The current price: kr 71.49.
What is the quality score of SPOG?
Sparebanken Ost has a Quality Score of 50/100. 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 Ost (SPOG)?
Our model-based price target is the fair value of kr 143.10 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario kr 107.33, optimistic scenario kr 178.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Sparebanken Ost stock forecast for 2026?
Our models put fair value at kr 143.10, about +100% upside versus a price of kr 71.49 (undervalued). Cautious scenario kr 107.33, optimistic scenario kr 178.88. The calculation is refreshed regularly with new filings.
What is the revenue of Sparebanken Ost (SPOG)?
Sparebanken Ost reported trailing-twelve-month revenue of about 901M NOK (latest available figure, as of Nov 6, 2026).
Does Sparebanken Ost pay a dividend?
Sparebanken Ost currently shows a dividend yield of 9.65% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Sparebanken Ost (SPOG) and when is the ex-dividend date?
Sparebanken Ost pays a dividend of kr 6.90 per share a year, a dividend yield of 9.7%. The last ex-dividend date was Mar 27, 2026. A dividend has been paid every year since 2010. The payout ratio is 139% of earnings. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What is the intrinsic value of Sparebanken Ost (SPOG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sparebanken Ost it is kr 143.10 per share (as of Nov 6, 2026), against a price of kr 71.49. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Sparebanken Ost stock overvalued or undervalued in 2026?
As of Nov 6, 2026, SPOG trades below its calculated fair value: price kr 71.49, fair value kr 143.10, a gap of about +100% (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 SPOG?
No. The price is what the market pays today (kr 71.49); the fair value is what the company's own numbers justify (kr 143.10). For Sparebanken Ost the two are kr 71.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sparebanken Ost worth?
The market values Sparebanken Ost at about 1.5B NOK (market capitalisation, as of Nov 6, 2026). Per share that is kr 71.49; our models calculate a fair value of kr 143.10 per share.
What do the bullish and bearish scenarios say about SPOG?
Our models span a range for Sparebanken Ost: cautious scenario kr 107.33, base kr 143.10, optimistic kr 178.88 per share (as of Nov 6, 2026, price kr 71.49). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPOG?
Sparebanken Ost trades at a price-to-earnings ratio of 14.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 143.10 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 3.2. Other multiples: P/B 0.3, P/S 1.6, EV/EBITDA 30.3.
How solid is the balance sheet of Sparebanken Ost (SPOG)?
Balance-sheet figures for Sparebanken Ost (as of Nov 6, 2026): return on equity 8.6%, debt of 4.59 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is SPOG from its 52-week high?
Sparebanken Ost trades at kr 71.49, about 13% below its 52-week high of kr 82.60 and 11% above the low of kr 64.61 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 143.10 is for.
Which stocks are comparable to Sparebanken Ost?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Ost stock attractive at the current price?
The data as of Nov 6, 2026: price kr 71.49, calculated fair value kr 143.10 (+100%), Quality Score 50/100, 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 SPOG calculated?
We run Sparebanken Ost through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 143.10 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Sparebanken Ost currently trades 50% 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 Ost (SPOG)?
The closing price on Nov 6, 2026 was kr 71.49. Our model-based fair value is kr 143.10, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sparebanken Ost right now?
The price is below even our cautious bear case (kr 107.33). The market is more pessimistic than our downside scenario. Solid quality (50/100) 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 Sparebanken Ost (SPOG) come from?
Earnings per share at Sparebanken Ost grew +1.3 % a year from 2009 to 2019. Broken into its drivers: revenue per share −0.6 %, EBIT margin −9.0 %, tax rate +0.3 %, residual (interest, one-offs) +11.7 %. 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 Sparebanken Ost

How large is the market capitalisation of Sparebanken Ost (SPOG)?
The market capitalisation of Sparebanken Ost is 1.5B NOK (≈ $157M). 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 Ost (SPOG)?
The price-to-sales ratio of Sparebanken Ost is 7.27 (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 Ost (SPOG)?
Earnings per share at Sparebanken Ost are kr 4.95 (price ÷ EPS = P/E 14.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sparebanken Ost (SPOG)?
The dividend yield of Sparebanken Ost is 9.7% (payout 139%). 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 Ost (SPOG)?
The net margin of Sparebanken Ost is 50.4% (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 Ost (SPOG)?
The return on equity (ROE) of Sparebanken Ost is 8.6% (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 Sparebanken Ost (SPOG)?
On an EBIT basis the return on assets of Sparebanken Ost 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 Sparebanken Ost (SPOG)?
The operating margin of Sparebanken Ost is 63.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sparebanken Ost (SPOG)?
Revenue at Sparebanken Ost is growing −31.3% versus a year earlier (3y avg +14.2%). 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 Ost (SPOG)?
Earnings per share at Sparebanken Ost are growing −47.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sparebanken Ost (SPOG) generate?
The free cash flow of Sparebanken Ost is 95.9M 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 Sparebanken Ost (SPOG) carry?
The net debt of Sparebanken Ost is 23.1B NOK (fiscal year 2025). 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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