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

As of Sep 24, 2026: fair value of Trøndelag Sparebank NOK 146, price NOK 107, upside +36.9%, quality 22 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · NO

TN Some data Sep 24, 2026

Trøndelag Sparebank

TRSB · OL

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value kr 146.48 · Undervalued (+37%)
!Quality 22/100
!Expensive Growth (revenue 5y +19.4 %/yr)
✓Solidly profitable · 17.3% net margin (TTM)
!High debt · negative free cash flow
·4.67% dividend yield
!Trails peers (5/13)
!Narrow moat 41/100
!Insider activity 30/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 19 out of 100
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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 118.78 kr 98.58 Fair Value kr 146.48 Dec 2024 Sep 2026

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

21‑month range kr 98.58 – kr 118.78 · fair‑value band kr 135.01 – kr 146.48 · the kr 107.04 price screens below the kr 146.48 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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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.

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Trøndelag Sparebank, a savings bank, provides banking products and services in Norway. It operates in three segments: Private Market, Corporate Market, and Other Services. 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 107.04, while our model-based Fair Value estimate is kr 146.48, implying the stock looks roughly 26.9% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 190.86 per share, and 4 of the 6 models we run sit above the kr 107.04 price.

Bear case: the Dividend Discount group reads lowest at kr 53.04, and 2 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: kr 135.01 (bear) to kr 146.48 (bull), the price of kr 107.04 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 22/100 (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 512M NOK (≈ $53.7M) · P/E ratio 9.6 · P/S ratio 1.98 · EPS (TTM) kr 11.20 · Dividend yield 4.7% · Net margin 20.7% · Return on equity 4.8% · Return on assets (EBIT) 1.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).

What moves the price

The share trades about 10% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at 37%, TRSB screens cheaper than that median.

Fair Value models

Bear kr 135.01 Fair Value kr 146.48 Bull kr 146.48
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 4.55 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.
Highest evidence
Residual Income kr 174.01 kr 172.33 kr 153.19 76
Gordon GGM kr 33.39 kr 55.92 kr 72.58 68
DDM Multi-Stage kr 33.39 kr 53.04 kr 60.16 67
All 6 models by family
Dividend Discount
Gordon GGM kr 33.39 kr 55.92 kr 72.58 68
DDM Multi-Stage kr 33.39 kr 53.04 kr 60.16 67
Multiples
P/E Multiple kr 143.15 kr 190.86 kr 238.58 63
P/B Multiple kr 187.19 kr 249.59 kr 311.98 55
Asset-Based
NCAV (Graham) kr 122.90 kr 164.69 kr 245.81 54
Economic Profit
Residual Income kr 174.01 kr 172.33 kr 153.19 76

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Quality Score breakdown

Overall quality 22/100

Of which business quality 22 · Market factors (momentum, volatility) 49

Profitability 29
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 3
Balance sheet, leverage, solvency risk
Investment 23
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 41
Share count: buybacks or dilution?

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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.
+20.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.2%
Dividend (yield on the price)4.7%
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%

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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 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 22 · Bottom 25%
Fair Value upside +33% · Top 25%
Profitability
Return on equity (TTM) 5% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) 17% · Bottom 25%
Operating margin (TTM) 5% · Bottom 25%
Growth and dividend
Revenue growth −6% · Bottom 25%
Dividend yield (TTM) 4.7% · Top 25%
Balance sheet
Debt / equity 2.23× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 9.6× · Cheaper than median
P/B 0.45× · Cheapest 25%
P/S (TTM) 1.70× · Cheapest 25%
EV/EBITDA 32.8× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)82 · sector 11
FUTURE (revenue growth)0 · sector 45
PAST (return on equity)19 · sector 41
HEALTH (low debt)0 · sector 85
DIVIDEND (yield)93 · sector 53

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
DBS Group D05 77.69 SGD 40.48 SGD −48%
China Merchants Bank Co 3968 HK$51.25 HK$62.30 +22%
Intesa Sanpaolo S.p.A ISP €6.73 €4.04 −40%
HDFC Bank Limited HDFCBANK ₹737.25 ₹406.85 −45%
BNP Paribas SA BNP €98.43 €105.99 +8%
UniCredit S.p.A UCG €82.18 €77.62 −6%
Mizuho Financial Group MFG $10.74 $6.75 −37%
ICICI Bank Limited ICICIBANK ₹1,340 ₹616.16 −54%
The PNC Financial Services Group PNC $224.03 $159.52 −29%
Oversea-Chinese Banking Corporation O39 32.14 SGD 19.80 SGD −38%

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Trøndelag Sparebank · Fair Value
kr 146.48 +27%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of kr 146.48 versus a price of kr 107.04, about +37% upside (undervalued).
What is the fair value of TRSB?
Our model-based fair value for Trøndelag Sparebank is kr 146.48 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 107.04.
What is the quality score of TRSB?
Trøndelag Sparebank has a Quality Score of 22/100. 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 146.48 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 135.01, optimistic scenario kr 146.48. 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 146.48, about +37% upside versus a price of kr 107.04 (undervalued). Cautious scenario kr 135.01, optimistic scenario kr 146.48. 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 Sep 24, 2026).
Does Trøndelag Sparebank pay a dividend?
Trøndelag Sparebank currently shows a dividend yield of about 4.67% relative to its recent price (as of Sep 24, 2026).
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 146.48 per share (as of Sep 24, 2026), against a price of kr 107.04. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Trøndelag Sparebank stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TRSB trades below its calculated fair value: price kr 107.04, fair value kr 146.48, a gap of about +37% (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 107.04); the fair value is what the company's own numbers justify (kr 146.48). For Trøndelag Sparebank the two are kr 39.44 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 512M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 107.04; our models calculate a fair value of kr 146.48 per share.
What do the bullish and bearish scenarios say about TRSB?
Our models span a range for Trøndelag Sparebank: cautious scenario kr 135.01, base kr 146.48, optimistic kr 146.48 per share (as of Sep 24, 2026, price kr 107.04). 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 9.6 (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 146.48 is built from several models across several years. Other multiples: P/B 0.5, P/S 1.7, EV/EBITDA 32.8.
How solid is the balance sheet of Trøndelag Sparebank (TRSB)?
Balance-sheet figures for Trøndelag Sparebank (as of Sep 24, 2026): return on equity 4.8%, debt of 2.23 per unit of equity. They feed the Quality Score of 22/100, which measures business quality independently of the share price.
How far is TRSB from its 52-week high?
Trøndelag Sparebank trades at kr 107.04, about 10% below its 52-week high of kr 118.78 and 5% above the low of kr 101.66 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 146.48 is for.
Which stocks are comparable to Trøndelag Sparebank?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Sep 24, 2026: price kr 107.04, calculated fair value kr 146.48 (+37%), Quality Score 22/100, 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 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 146.48, 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 13.0 % above its aggregate fair value. Trøndelag Sparebank currently trades 37 % 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 Sep 24, 2026 was kr 107.04. Our model-based fair value is kr 146.48, about +37% 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 (22/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 135.01). The market is more pessimistic than our downside scenario. The models converge in a tight band (kr 135.01 to kr 146.48), 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 512M NOK (≈ $53.7M). 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 1.98 (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 Trøndelag Sparebank (TRSB)?
Earnings per share at Trøndelag Sparebank are kr 11.20 (price ÷ EPS = P/E 9.6). 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 4.7% (payout 44.6%). 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 20.7% (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 Trøndelag Sparebank (TRSB)?
The return on equity (ROE) of Trøndelag Sparebank is 4.8% (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 4.8% (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 −5.9% 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 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.
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