Voss Veksel og Landmandsbank ASA (VVL) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Voss Veksel og Landmandsbank ASA NOK 351, price NOK 434, upside -19.1%, quality 52 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 147.81 – kr 515.00 · fair‑value band kr 320.51 – kr 448.99 · the kr 434.00 price screens above the kr 351.31 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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Voss Veksel- og Landmandsbank ASA provides banking and insurance services to private individuals, business, and agriculture in Norway.
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Voss Veksel- og Landmandsbank ASA provides banking and insurance services to private individuals, business, and agriculture in Norway. It offers saving accounts; car and other vehicle, home, small, and construction loans; overdrafts facilities; leasing services; bank guarantees; bank and payment cards; insurance products; and online and mobile banking services. The company was founded in 1843 and is based in Voss, Norway.
Stock analysis
Voss Veksel og Landmandsbank ASA (VVL) currently trades at kr 434.00, while our model-based Fair Value estimate is kr 351.31, implying the stock looks roughly 23.5% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 522.90 per share, and 2 of the 6 models we run sit above the kr 434.00 price.
Bear case: the Dividend Discount group reads lowest at kr 162.77, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 320.51 (bear) to kr 448.99 (bull), the price of kr 434.00 sits inside 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 52/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Voss Veksel og Landmandsbank ASA reported revenue of 198M NOK in FY2025 versus 144M NOK in FY2021, a compound +8.2%/yr. Reported net income was 88.6M NOK in FY2025, compounding +18.7%/yr from FY2021.
Key figures
Market cap 1.0B NOK (≈ $110M) · P/E ratio 11.8 · P/S ratio 5.32 · EPS (TTM) kr 36.64 · Dividend yield 4.3% · Net margin 44.9% · Return on equity 10.3% · Return on assets (EBIT) 1.3%.
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 16% below its 52-week high and 22% 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 −19%, VVL screens cheaper than that median.
Fair Value models
Bear kr 320.51Fair Value kr 351.31Bull kr 448.99
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 13.14 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.36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−50.8%
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.
+0.0%
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.
+3.5%
Start year 2020 (pandemic). Over 10 years: +4.3% 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.
+3.8%
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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.
+19.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.7%
Dividend (yield on the price)4.3%
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.15% vs 10%, picking up
Profit margin 2019 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.33% → 29%
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.
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).
+53.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +49.7% a year for the price.
Compare Voss Veksel og Landmandsbank ASA with another stock
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 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−19% · Below median
Profitability
Return on equity (TTM)10% · Above median
Return on assets1% · Above median
Net margin (TTM)44% · Top 25%
Operating margin (TTM)49% · Above median
Growth and dividend
Revenue growth−4% · Bottom 25%
Dividend yield (TTM)4.3% · Top 25%
Balance sheet
Debt / equity1.29× · Highest 25%
Valuation Multiplesvs Banks - Regional 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). "Voss Veksel og Landmandsbank ASA Fair Value". https://www.fairvalue-calculator.com/stock/VVL
Frequently asked questions
Is Voss Veksel og Landmandsbank ASA (VVL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 351.31 versus a price of kr 434.00, about −19% upside (overvalued).
What is the fair value of VVL?
Our model-based fair value for Voss Veksel og Landmandsbank ASA is kr 351.31 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 434.00.
What is the quality score of VVL?
Voss Veksel og Landmandsbank ASA has a Quality Score of 52/100. 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 Voss Veksel og Landmandsbank ASA (VVL)?
Our model-based price target is the fair value of kr 351.31 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario kr 320.51, optimistic scenario kr 448.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Voss Veksel og Landmandsbank ASA stock forecast for 2026?
Our models put fair value at kr 351.31, about −19% upside versus a price of kr 434.00 (overvalued). Cautious scenario kr 320.51, optimistic scenario kr 448.99. The calculation is refreshed regularly with new filings.
What is the revenue of Voss Veksel og Landmandsbank ASA (VVL)?
Voss Veksel og Landmandsbank ASA reported trailing-twelve-month revenue of about 195M NOK (latest available figure, as of Sep 24, 2026).
Does Voss Veksel og Landmandsbank ASA pay a dividend?
Voss Veksel og Landmandsbank ASA currently shows a dividend yield of about 4.32% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Voss Veksel og Landmandsbank ASA (VVL)?
For today's price to be fair in a discounted-cash-flow model, Voss Veksel og Landmandsbank ASA would have to grow free cash flow by +53.3 % 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 +3.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VVL use?
Our models discount Voss Veksel og Landmandsbank ASA at 11.0 %: a base by market capitalisation (micro), damped by beta 0.30, 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 Voss Veksel og Landmandsbank ASA that is +53.3 % 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 Voss Veksel og Landmandsbank ASA (VVL) delivered so far?
Over the past 5 years revenue at Voss Veksel og Landmandsbank ASA grew +3.5 % a year. The price currently implies +53.3 % 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 Voss Veksel og Landmandsbank ASA (VVL) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Voss Veksel og Landmandsbank ASA (+53.3 % 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 Voss Veksel og Landmandsbank ASA (VVL)?
The free-cash-flow yield on the price is 1.42 %: that much free cash flow Voss Veksel og Landmandsbank ASA 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 Voss Veksel og Landmandsbank ASA (VVL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Voss Veksel og Landmandsbank ASA it is kr 351.31 per share (as of Sep 24, 2026), against a price of kr 434.00. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Voss Veksel og Landmandsbank ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VVL trades above its calculated fair value: price kr 434.00, fair value kr 351.31, a gap of about −19% (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 VVL?
No. The price is what the market pays today (kr 434.00); the fair value is what the company's own numbers justify (kr 351.31). For Voss Veksel og Landmandsbank ASA the two are kr 82.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Voss Veksel og Landmandsbank ASA worth?
The market values Voss Veksel og Landmandsbank ASA at about 1.0B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 434.00; our models calculate a fair value of kr 351.31 per share.
What do the bullish and bearish scenarios say about VVL?
Our models span a range for Voss Veksel og Landmandsbank ASA: cautious scenario kr 320.51, base kr 351.31, optimistic kr 448.99 per share (as of Sep 24, 2026, price kr 434.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VVL?
Voss Veksel og Landmandsbank ASA trades at a price-to-earnings ratio of 11.8 (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 351.31 is built from several models across several years. Other multiples: PEG 2.8, P/B 1.2, P/S 5.4, EV/EBITDA 17.2.
What is the PEG ratio of VVL?
The PEG ratio of Voss Veksel og Landmandsbank ASA is 2.84 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Voss Veksel og Landmandsbank ASA (VVL)?
Balance-sheet figures for Voss Veksel og Landmandsbank ASA (as of Sep 24, 2026): return on equity 10.3%, debt of 1.29 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is VVL from its 52-week high?
Voss Veksel og Landmandsbank ASA trades at kr 434.00, about 16% below its 52-week high of kr 515.00 and 22% above the low of kr 356.40 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 351.31 is for.
Which stocks are comparable to Voss Veksel og Landmandsbank ASA?
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 Voss Veksel og Landmandsbank ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 434.00, calculated fair value kr 351.31 (−19%), Quality Score 52/100, 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 VVL calculated?
We run Voss Veksel og Landmandsbank ASA 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 351.31, 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. Voss Veksel og Landmandsbank 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 Voss Veksel og Landmandsbank ASA (VVL)?
The closing price on Sep 24, 2026 was kr 434.00. Our model-based fair value is kr 351.31, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Voss Veksel og Landmandsbank ASA right now?
Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Voss Veksel og Landmandsbank ASA (VVL) come from?
Earnings per share at Voss Veksel og Landmandsbank ASA grew +10.7 % a year from 2013 to 2024. Broken into its drivers: revenue per share +6.0 %, EBIT margin +4.2 %, tax rate +0.3 %, residual (interest, one-offs) +0.0 %. 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 Voss Veksel og Landmandsbank ASA
How large is the market capitalisation of Voss Veksel og Landmandsbank ASA (VVL)?
The market capitalisation of Voss Veksel og Landmandsbank ASA is 1.0B NOK (≈ $110M). 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 Voss Veksel og Landmandsbank ASA (VVL)?
The price-to-sales ratio of Voss Veksel og Landmandsbank ASA is 5.32 (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 Voss Veksel og Landmandsbank ASA (VVL)?
Earnings per share at Voss Veksel og Landmandsbank ASA are kr 36.64 (price ÷ EPS = P/E 11.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Voss Veksel og Landmandsbank ASA (VVL)?
The dividend yield of Voss Veksel og Landmandsbank ASA is 4.3% (payout 51.2%). 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 Voss Veksel og Landmandsbank ASA (VVL)?
The net margin of Voss Veksel og Landmandsbank ASA is 44.9% (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 Voss Veksel og Landmandsbank ASA (VVL)?
The return on equity (ROE) of Voss Veksel og Landmandsbank ASA is 10.3% (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 Voss Veksel og Landmandsbank ASA (VVL)?
On an EBIT basis the return on assets of Voss Veksel og Landmandsbank ASA is 1.3% (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 Voss Veksel og Landmandsbank ASA (VVL)?
The operating margin of Voss Veksel og Landmandsbank ASA is 49.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Voss Veksel og Landmandsbank ASA (VVL)?
Revenue at Voss Veksel og Landmandsbank ASA is growing −4.4% versus a year earlier (3y avg +0.0%). 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 Voss Veksel og Landmandsbank ASA (VVL)?
Earnings per share at Voss Veksel og Landmandsbank ASA are growing −18.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Voss Veksel og Landmandsbank ASA (VVL) carry?
The net debt of Voss Veksel og Landmandsbank ASA is 1.0B NOK (fiscal year 2025, ≈ 75.1 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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