EN DE
Watch Trøndelag Sparebank for free: we tell you when fair value or trend changes.
Data-driven stock valuation

Trøndelag Sparebank (TRSB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Trøndelag Sparebank stock NOK 147, price NOK 108, upside +35.8%, quality 26 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

  1. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Financial Services NO

TN Trøndelag Sparebank logo Some data Nov 5, 2026

Trøndelag Sparebank

TRSB · OL
Speculative

The stock costs 26% less than our calculation considers fair.

Fair value kr 146.69 · Undervalued
Solidly profitable · 14.4% net margin (TTM)
4.6% dividend yield · Low payout
Even on cautious assumptions the value is 36% above the price (kr 146.69).
Expensive Growth (revenue 5y +19.4 %/yr in NOK)
Moderate moat 56/100 · thin data
Some data
Quality 26/100
Trails peers (4/13)
⚠ Dilution
Watch Trøndelag Sparebank for free: we tell you when fair value or trend changes. Watch for free

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 118.78 kr 98.58 Fair Value kr 146.69 Dec 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

23‑month range kr 98.58 – kr 118.78 · fair‑value band kr 146.69 – kr 153.37 · the kr 108.00 price screens below the kr 146.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

Follow Trøndelag Sparebank in your weekly email

Every Wednesday you see whether Trøndelag Sparebank is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

Trøndelag Sparebank, a savings bank, provides banking products and services in Norway. It operates in three segments: Private Market, Corporate Market, and Other Services.

Show moreShow less

The company offers bank ID, bank card, credit card, current and savings accounts, mobile payment, pay aboard solutions, and mobile and online banking; and insurance products, including car and other vehicles, household and belongings, life and health, and animal.

It also provides loans, such as car, green rehabilitation, and consumer, as well as loans for motorcycles, motorhomes, and ATVs, mortgage, green mortgage, and refinancing consumer debt; and house, retirement, and mutual fund savings.

In addition, the company offers accounting and real estate brokerage services. Trøndelag Sparebank was founded in 1864 and is based in Brekstad, Norway.

Stock analysis

Trøndelag Sparebank (TRSB) currently trades at kr 108.00, while our model-based Fair Value estimate is kr 146.69, implying the stock looks roughly 26% undervalued today.

Show more

Valuation

Bull case: the Multiples group reads highest at a median of kr 256.22 per share, and 4 of the 6 models we run sit above the kr 108.00 price.

Bear case: the Dividend Discount group reads lowest at kr 54.56, and 2 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 146.69 (bear) to kr 153.37 (bull), the price of kr 108.00 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 26/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Trøndelag Sparebank reported revenue of 338M NOK in FY2025 versus 145M NOK in FY2021, a compound +23.5%/yr. Reported net income was 70.2M NOK in FY2025, compounding +16.5%/yr from FY2021.

Key figures

Market cap 516M NOK (≈ $54.7M) Micro · P/E ratio 11.6 · P/S ratio 1.67 · EPS (TTM) kr 9.32 · Dividend yield 4.6% · Net margin 14.4% · Return on equity 4.0% · Return on assets (EBIT) 1.0% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 6% 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 36%, TRSB screens cheaper than that median.

Fair Value models

Bear kr 146.69 Fair Value kr 146.69 Bull kr 153.37
Price kr 108.00 · Upside +35.8%
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 3.70 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.
Best data coverage
Residual Income kr 174.26 kr 172.58 kr 180.43 76
Gordon GGM kr 33.43 kr 56.00 kr 72.68 68
DDM Multi-Stage kr 33.43 kr 53.11 kr 60.25 67
All 6 models by family
Dividend Discount
Gordon GGM kr 33.43 kr 56.00 kr 72.68 68
DDM Multi-Stage kr 33.43 kr 53.11 kr 60.25 67
Multiples
P/E Multiple kr 143.35 kr 191.13 kr 238.92 63
P/B Multiple kr 240.98 kr 321.31 kr 401.64 55
Asset-Based
NCAV (Graham) kr 114.75 kr 153.77 kr 229.51 54
Economic Profit
Residual Income kr 174.26 kr 172.58 kr 180.43 76

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 26/100

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

Profitability 29
How much profit the company makes from its sales and capital
Quality Growth 56
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 3
Debt, balance sheet and risk of trouble
Investment 23
Does it invest with discipline instead of growing at any price?
Low Volatility 79
How calm the share price moves, does not count
Price momentum 39
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 36
Distance to the 52-week high, does not count
New shares 41
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. 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−48.1%
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.
+20.8%
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.
+19.4%
Start year 2020 (pandemic)
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.
+20.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.2%
Dividend (yield on the price)4.6%
Profit margin 2020 to 2024 ⓘ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.25% → 13%

Watch TRSB, get fair value alerts →

Compare Trøndelag Sparebank with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 26 · Bottom 25%
Fair Value upside +35.8% · Top 25%
Profitability
Return on equity (12 months) 4.0% · Bottom 25%
Return on assets 0.7% · Below median
Net margin (12 months) 14.4% · Bottom 25%
Operating margin (12 months) 32.9% · Below median
Growth and dividend
Revenue growth (quarter YoY) 0.3% · Bottom 25%
Dividend yield (12 months) 4.6% · Top 25%
Balance sheet
Debt / equity 2.23× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 11.6× · Pricier than median
P/B 0.44× · Cheapest 25%
P/S (12 months) 1.67× · Cheapest 25%
EV/EBITDA 32.7× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)81 · sector 8
FUTURE (revenue growth)2 · sector 47
PAST (return on equity)16 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)93 · 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 TRSB
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs TRSB
BNP Paribas SA BNP €91.93 €106.01 +15% vs TRSB
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs TRSB
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs TRSB
UniCredit S.p.A UCG €76.80 €50.44 −34% vs TRSB
Mizuho Financial Group MFG $9.40 $5.89 −37% vs TRSB
DBS Group D05 69.72 SGD 40.39 SGD −42% vs TRSB
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs TRSB
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs TRSB

Explore undervalued stocks

More undervalued Financial Services stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend StocksUndervalued 52-Week Low Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Free calculator Peter Lynch Fair Value Formula &…Free calculator
Run the numbers yourself: free valuation calculators
DCF CalculatorP/E Ratio CalculatorPEG Ratio CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorIntrinsic ValueIntrinsic vs Extrinsic ValueP/E Ratio by Sector
For bloggers & editors: embed code + live data

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.

Trøndelag Sparebank: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Trøndelag Sparebank Fair Value". https://www.fairvalue-calculator.com/stock/TRSB

Frequently asked questions

Is Trøndelag Sparebank (TRSB) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of kr 146.69 versus a price of kr 108.00, about +36% upside (undervalued).
What is the fair value of TRSB?
Our model-based fair value for Trøndelag Sparebank is kr 146.69 (as of Nov 5, 2026), built from audited fundamentals. The current price: kr 108.00.
What is the quality score of TRSB?
Trøndelag Sparebank has a Quality Score of 26/100. 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 Trøndelag Sparebank (TRSB)?
Our model-based price target is the fair value of kr 146.69 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario kr 146.69, optimistic scenario kr 153.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Trøndelag Sparebank stock forecast for 2026?
Our models put fair value at kr 146.69, about +36% upside versus a price of kr 108.00 (undervalued). Cautious scenario kr 146.69, optimistic scenario kr 153.37. The calculation is refreshed regularly with new filings.
What is the revenue of Trøndelag Sparebank (TRSB)?
Trøndelag Sparebank reported trailing-twelve-month revenue of about 310M NOK (latest available figure, as of Nov 5, 2026).
Does Trøndelag Sparebank pay a dividend?
Trøndelag Sparebank currently shows a dividend yield of 4.63% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Trøndelag Sparebank (TRSB) and when is the ex-dividend date?
Trøndelag Sparebank pays a dividend of kr 5.00 per share a year, a dividend yield of 4.6%. The last ex-dividend date was Mar 27, 2026. The payout ratio is 53.6% 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 Trøndelag Sparebank (TRSB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Trøndelag Sparebank it is kr 146.69 per share (as of Nov 5, 2026), against a price of kr 108.00. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Trøndelag Sparebank stock overvalued or undervalued in 2026?
As of Nov 5, 2026, TRSB trades below its calculated fair value: price kr 108.00, fair value kr 146.69, a gap of about +36% (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 TRSB?
No. The price is what the market pays today (kr 108.00); the fair value is what the company's own numbers justify (kr 146.69). For Trøndelag Sparebank the two are kr 38.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Trøndelag Sparebank worth?
The market values Trøndelag Sparebank at about 516M NOK (market capitalisation, as of Nov 5, 2026). Per share that is kr 108.00; our models calculate a fair value of kr 146.69 per share.
What do the bullish and bearish scenarios say about TRSB?
Our models span a range for Trøndelag Sparebank: cautious scenario kr 146.69, base kr 146.69, optimistic kr 153.37 per share (as of Nov 5, 2026, price kr 108.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TRSB?
Trøndelag Sparebank trades at a price-to-earnings ratio of 11.6 (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 146.69 is built from several models across several years. Other multiples: P/B 0.4, P/S 1.7, EV/EBITDA 32.7.
How solid is the balance sheet of Trøndelag Sparebank (TRSB)?
Balance-sheet figures for Trøndelag Sparebank (as of Nov 5, 2026): return on equity 4.0%, debt of 2.23 per unit of equity. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is TRSB from its 52-week high?
Trøndelag Sparebank trades at kr 108.00, about 9% below its 52-week high of kr 118.78 and 6% above the low of kr 101.66 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 146.69 is for.
Which stocks are comparable to Trøndelag Sparebank?
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 Trøndelag Sparebank stock attractive at the current price?
The data as of Nov 5, 2026: price kr 108.00, calculated fair value kr 146.69 (+36%), Quality Score 26/100, 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 TRSB calculated?
We run Trøndelag Sparebank 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 146.69 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. Trøndelag Sparebank currently trades 26% 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 Trøndelag Sparebank (TRSB)?
The closing price on Nov 6, 2026 was kr 108.00. Our model-based fair value is kr 146.69, about +36% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Trøndelag Sparebank right now?
The large discount to fair value meets weak quality (26/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 146.69). The market is more pessimistic than our downside scenario. The models converge in a tight band (kr 146.69 to kr 153.37), unusually little disagreement for a valuation. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Trøndelag Sparebank

How large is the market capitalisation of Trøndelag Sparebank (TRSB)?
The market capitalisation of Trøndelag Sparebank is 516M NOK (≈ $54.7M). 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 Trøndelag Sparebank (TRSB)?
The price-to-sales ratio of Trøndelag Sparebank is 1.67 (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 Trøndelag Sparebank (TRSB)?
Earnings per share at Trøndelag Sparebank are kr 9.32 (price ÷ EPS = P/E 11.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Trøndelag Sparebank (TRSB)?
The dividend yield of Trøndelag Sparebank is 4.6% (payout 53.6%). 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 Trøndelag Sparebank (TRSB)?
The net margin of Trøndelag Sparebank is 14.4% (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 Trøndelag Sparebank (TRSB)?
The return on equity (ROE) of Trøndelag Sparebank is 4.0% (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 Trøndelag Sparebank (TRSB)?
On an EBIT basis the return on assets of Trøndelag Sparebank is 1.0% (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 Trøndelag Sparebank (TRSB)?
The operating margin of Trøndelag Sparebank is 32.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Trøndelag Sparebank (TRSB)?
Revenue at Trøndelag Sparebank is growing +0.3% versus a year earlier (3y avg +20.8%). 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 Trøndelag Sparebank (TRSB)?
Earnings per share at Trøndelag Sparebank are growing −28.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Trøndelag Sparebank (TRSB) generate?
The free cash flow of Trøndelag Sparebank is −214M 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 Trøndelag Sparebank (TRSB) carry?
The net debt of Trøndelag Sparebank is 2.4B 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.
Free · no account needed

Watch Trøndelag Sparebank in the live analysis

One click puts Trøndelag Sparebank on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.