Sparebanken Ost (SPOG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Sparebanken Ost NOK 144, price NOK 72.28, upside +98.7%, quality 49 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 32.17 – kr 82.60 · fair‑value band kr 90.63 – kr 183.71 · the kr 72.28 price screens below the kr 143.60 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 Øst operates as a savings bank in eastern Norway.
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Sparebanken Øst operates as a savings bank in eastern Norway. 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 72.28, while our model-based Fair Value estimate is kr 143.60, implying the stock looks roughly 49.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 327.83 per share, and 6 of the 6 models we run sit above the kr 72.28 price.
Bear case: the Asset-Based group reads lowest at kr 162.96, and 0 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 90.63 (bear) to kr 183.71 (bull), the price of kr 72.28 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 49/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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) · P/E ratio 9.0 · P/S ratio 4.56 · EPS (TTM) kr 7.99 · Dividend yield 9.5% · Net margin 50.4% · Return on equity 10.9% · 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 12% 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 −36% fair-value upside, at 99%, SPOG screens cheaper than that median.
Fair Value models
Bear kr 90.63Fair Value kr 143.60Bull kr 183.71
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 0.8003 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.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%
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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.
+17.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.7%
Dividend (yield on the price)9.5%
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.8% vs 5%, picking up
Profit margin 2014 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.150% → 57%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+67.7%
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.
+1.8%
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 +63.8% a year for the price and −0.6% 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 · 1076 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+99% · Top 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets1% · Above median
Net margin (TTM)51% · Top 25%
Operating margin (TTM)53% · Top 25%
Growth and dividend
Revenue growth−7% · Bottom 25%
Dividend yield (TTM)9.5% · Top 25%
Balance sheet
Debt / equity4.59× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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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 Sep 24, 2026, our model estimates a fair value of kr 143.60 versus a price of kr 72.28, about +99% upside (undervalued).
What is the fair value of SPOG?
Our model-based fair value for Sparebanken Ost is kr 143.60 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 72.28.
What is the quality score of SPOG?
Sparebanken Ost has a Quality Score of 49/100. 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 143.60 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 90.63, optimistic scenario kr 183.71. 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 143.60, about +99% upside versus a price of kr 72.28 (undervalued). Cautious scenario kr 90.63, optimistic scenario kr 183.71. 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 1.0B NOK (latest available figure, as of Sep 24, 2026).
Does Sparebanken Ost pay a dividend?
Sparebanken Ost currently shows a dividend yield of about 9.55% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Sparebanken Ost (SPOG)?
For today's price to be fair in a discounted-cash-flow model, Sparebanken Ost would have to grow free cash flow by +67.7 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of SPOG use?
Our models discount Sparebanken Ost at 11.0 %: a base by market capitalisation (micro), damped by beta 0.27, 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 Ost that is +67.7 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Sparebanken Ost (SPOG) delivered so far?
Over the past 5 years revenue at Sparebanken Ost grew +4.7 % a year. The price currently implies +67.7 % 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 Ost (SPOG) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Sparebanken Ost (+67.7 % 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 Ost (SPOG)?
The free-cash-flow yield on the price is 6.40 %: that much free cash flow Sparebanken Ost produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), 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 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 143.60 per share (as of Sep 24, 2026), against a price of kr 72.28. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Sparebanken Ost stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SPOG trades below its calculated fair value: price kr 72.28, fair value kr 143.60, a gap of about +99% (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 72.28); the fair value is what the company's own numbers justify (kr 143.60). For Sparebanken Ost the two are kr 71.32 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 Sep 24, 2026). Per share that is kr 72.28; our models calculate a fair value of kr 143.60 per share.
What do the bullish and bearish scenarios say about SPOG?
Our models span a range for Sparebanken Ost: cautious scenario kr 90.63, base kr 143.60, optimistic kr 183.71 per share (as of Sep 24, 2026, price kr 72.28). 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 9.0 (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 143.60 is built from several models across several years. Other multiples: P/B 0.3, P/S 1.5, EV/EBITDA 30.3.
How solid is the balance sheet of Sparebanken Ost (SPOG)?
Balance-sheet figures for Sparebanken Ost (as of Sep 24, 2026): return on equity 10.9%, debt of 4.59 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is SPOG from its 52-week high?
Sparebanken Ost trades at kr 72.28, about 12% below its 52-week high of kr 82.60 and 12% above the low of kr 64.61 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 143.60 is for.
Which stocks are comparable to Sparebanken Ost?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 Sep 24, 2026: price kr 72.28, calculated fair value kr 143.60 (+99%), Quality Score 49/100, 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 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 143.60, 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 14.0 % above its aggregate fair value. Sparebanken Ost currently trades 99 % 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 Sep 24, 2026 was kr 72.28. Our model-based fair value is kr 143.60, about +99% 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 90.63). The market is more pessimistic than our downside scenario. Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 90.63 to kr 183.71) 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 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 4.56 (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 7.99 (price ÷ EPS = P/E 9.0). 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 9.5% (payout 86.4%). 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 10.9% (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 53.0% (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 −7.3% 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 −16.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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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