Storebrand ASA (STB) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Storebrand ASA stock NOK 109, price NOK 200, that is 45.6% below the price, quality 56 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range kr 57.15 – kr 206.80 · fair‑value band kr 83.52 – kr 171.09 · the kr 200.00 price screens above the kr 108.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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Storebrand ASA provides insurance products and services in Norway, the United States, Germany, Sweden, the United Kingdom, and internationally. It operates through four segments: Savings, Insurance, Guaranteed Pensions, and Other.
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The Savings segment offers retirement savings, defined contribution pensions, asset management, and retail banking products. The Insurance segment provides personal insurance, non-life insurance, personal risk, and pension-related insurance products.
The Guaranteed Pensions segment offers long-term pension savings products, such as defined contribution pensions, paid-up policies, and individual capital and pension insurance products. The Other segment provides life insurance products.
The company serves private individuals, businesses, public enterprises, and corporate and retail markets. Storebrand ASA was founded in 1767 and is headquartered in Lysaker, Norway.
Stock analysis
Storebrand ASA (STB) currently trades at kr 200.00, while our model-based Fair Value estimate is kr 108.73, 46% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 116.78 per share, and 0 of the 6 models we run sit above the kr 200.00 price.
Bear case: the Asset-Based group reads lowest at kr 36.65, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 83.52 (bear) to kr 171.09 (bull), the price of kr 200.00 sits above 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 56/100 (solid quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2007: revenue and profit before it include the divested business. Growth is measured afresh from 2007.
Storebrand ASA reported revenue of 207M NOK in FY2025 versus 118B NOK in FY2021, a compound −79.6%/yr. Reported net income was 5.0B NOK in FY2025, compounding +12.7%/yr from FY2021.
Key figures
Market cap 84.9B NOK (≈ $9.0B) Mid · P/E ratio 19.2 · P/S ratio 0.86 · EPS (TTM) kr 10.43 · Dividend yield 2.7% · Net margin 4.6% · Return on equity 13.7% · Return on assets (EBIT) 0.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at −46%, STB screens richer than that median.
Fair Value models
Bearkr 83.52Fair Value kr 108.73Bullkr 171.09
Price kr 200.00 · Downside -45.6%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 4.31 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. 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.
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.55/100
Spin-off in 2007: revenue and profit before it include the divested business. Growth is measured afresh from 2007.
Revenue growth 1 year
−93.4%
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.
−82.5%
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.
−69.7%
Start year 2020 (pandemic). Over 10 years: −41.2% a year
Revenue growth 18 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.
−24.6%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+26.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.8%
Dividend (yield on the price)2.7%
Per share before 2007divided by the spin-off factor 1.1903
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.18.7% vs 9.9%, picking up
Profit margin 2020 to 2025 ⓘ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.2% → −6,978%
2025 sits 58% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 42.2%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
News mood ⓘNews mood, the average tone of recent news (59 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Storebrand draws strength from steady cash generation in long-term savings and risk products with growth in insurance and asset management, yet its main weakness remains significant leverage with debt exceeding equity.
Main risk: A shift in rates or markets would hit the steady cash generation from long-term savings and risk products in the financial conglomerate model.
Bull case: By promptly remedying the identified control and disclosure shortcomings Storebrand could strengthen its compliance culture and position itself as a trusted provider in a tightly regulated Nordic market.
Bear case: Persistent regulatory findings might result in sanctions that raise compliance costs or constrain activities in the banking and fund platform segments, squeezing margins across the conglomerate's core operations.
Storebrand keeps executing share buybacks under its ongoing program while its insurance and asset management segments deliver operational growth. This capital return approach sits alongside a financial conglomerate model that generates steady cash from long-term savings and risk products. Our models currently see it as overvalued. Will the buybacks support resilience more than they mask slower underlying expansion if rates or markets shift?
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.Financial Conglomerates · 49 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−45.6% · Below median
Profitability
Return on equity (12 months)13.7% · Above median
Return on assets0.5% · Bottom 25%
Net margin (12 months)4.6% · Bottom 25%
Operating margin (12 months)70.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−40.9% · Bottom 25%
Dividend yield (12 months)2.7% · Below median
Balance sheet
Debt / equity1.88× · Highest 25%
Valuation Multiplesvs Financial Conglomerates 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). "Storebrand ASA Fair Value". https://www.fairvalue-calculator.com/stock/STB
Frequently asked questions
Is Storebrand ASA (STB) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of kr 108.73 versus a price of kr 200.00, about 46% lower (overvalued).
What is the fair value of STB?
Our model-based fair value for Storebrand ASA is kr 108.73 (as of Nov 5, 2026), built from audited fundamentals. The current price: kr 200.00.
What is the quality score of STB?
Storebrand ASA has a Quality Score of 56/100. 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 Storebrand ASA (STB)?
Our model-based price target is the fair value of kr 108.73 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario kr 83.52, optimistic scenario kr 171.09. It is a calculation from audited fundamentals, not an analyst target.
What is the Storebrand ASA stock forecast for 2026?
Our models put fair value at kr 108.73, about 46% lower versus a price of kr 200.00 (overvalued). Cautious scenario kr 83.52, optimistic scenario kr 171.09. The calculation is refreshed regularly with new filings.
Does Storebrand ASA pay a dividend?
Storebrand ASA currently shows a dividend yield of 2.70% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Storebrand ASA (STB) and when is the ex-dividend date?
Storebrand ASA pays a dividend of kr 5.40 per share a year, a dividend yield of 2.7%. The last ex-dividend date was Apr 10, 2026. A dividend has been paid every year since 2021. The payout ratio is 51.8% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Storebrand ASA (STB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Storebrand ASA it is kr 108.73 per share (as of Nov 5, 2026), against a price of kr 200.00. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Storebrand ASA stock overvalued or undervalued in 2026?
As of Nov 5, 2026, STB trades above its calculated fair value: price kr 200.00, fair value kr 108.73, a gap of about −46% (overvalued). 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 STB?
No. The price is what the market pays today (kr 200.00); the fair value is what the company's own numbers justify (kr 108.73). For Storebrand ASA the two are kr 91.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Storebrand ASA worth?
The market values Storebrand ASA at about 84.9B NOK (market capitalisation, as of Nov 5, 2026). Per share that is kr 200.00; our models calculate a fair value of kr 108.73 per share.
What do the bullish and bearish scenarios say about STB?
Our models span a range for Storebrand ASA: cautious scenario kr 83.52, base kr 108.73, optimistic kr 171.09 per share (as of Nov 5, 2026, price kr 200.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of STB?
Storebrand ASA trades at a price-to-earnings ratio of 19.2 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 108.73 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 12.7. Other multiples: PEG 3.5, P/B 2.6, P/S 0.9, EV/EBITDA 1.6.
What is the PEG ratio of STB?
The PEG ratio of Storebrand ASA is 3.46 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Storebrand ASA (STB)?
Balance-sheet figures for Storebrand ASA (as of Nov 5, 2026): return on equity 13.7%, debt of 1.88 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is STB from its 52-week high?
Storebrand ASA trades at kr 200.00, about 3% below its 52-week high of kr 206.80 and 32% above the low of kr 151.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 108.73 is for.
Which stocks are comparable to Storebrand ASA?
From the same area (Financial Services) we also value ORIX Corporation, Bajaj Finserv Ltd, Yuanta Financial Holding, China Galaxy Securities Co, 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 Storebrand ASA stock attractive at the current price?
The data as of Nov 5, 2026: price kr 200.00, calculated fair value kr 108.73 (−46%), Quality Score 56/100, 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 STB calculated?
We run Storebrand ASA 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 108.73 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. Storebrand ASA itself currently trades above fair value. 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 Storebrand ASA (STB)?
The closing price on Nov 6, 2026 was kr 200.00. Our model-based fair value is kr 108.73, about 46% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Storebrand ASA right now?
The price sits above even our optimistic bull case (kr 171.09). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 83.52 to kr 171.09) 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 Storebrand ASA (STB) come from?
Earnings per share at Storebrand ASA grew +8.4 % a year from 2011 to 2022. Broken into its drivers: revenue per share +5.3 %, EBIT margin +16.5 %, tax rate +1.9 %, residual (interest, one-offs) −13.3 %. 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 Storebrand ASA
How large is the market capitalisation of Storebrand ASA (STB)?
The market capitalisation of Storebrand ASA is 84.9B NOK (≈ $9.0B). 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 Storebrand ASA (STB)?
The price-to-sales ratio of Storebrand ASA is 0.86 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Storebrand ASA (STB)?
Earnings per share at Storebrand ASA are kr 10.43 (price ÷ EPS = P/E 19.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Storebrand ASA (STB)?
The dividend yield of Storebrand ASA is 2.7% (payout 51.8%). 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 Storebrand ASA (STB)?
The net margin of Storebrand ASA is 4.6% (last twelve months). 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 Storebrand ASA (STB)?
The return on equity (ROE) of Storebrand ASA is 13.7% (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 Storebrand ASA (STB)?
On an EBIT basis the return on assets of Storebrand ASA is 0.1% (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 Storebrand ASA (STB)?
The operating margin of Storebrand ASA is 70.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Storebrand ASA (STB)?
Revenue at Storebrand ASA is growing −40.9% versus a year earlier (3y avg −82.5%). 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 Storebrand ASA (STB)?
Earnings per share at Storebrand ASA are growing −27.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Storebrand ASA (STB) generate?
The free cash flow of Storebrand ASA is 4.6B 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 Storebrand ASA (STB) carry?
The net debt of Storebrand ASA is 46.4B NOK (fiscal year 2025, ≈ 10.1 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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Broad data
Nov 5, 2026