# DnB ASA (DNB.OL)

Canonical: https://gigainvestors.com/s/DNB.OL

Analysis as of: 2026-10-16T07:33:58.807Z. Financial observations: FY2015–FY2025.

Listing currency: NOK. Reporting currency: NOK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 305.00 per share; close as of 2026-10-15.

Estimated value: low NOK 191.53 per share, central NOK 234.17 per share, high NOK 301.22 per share. Buy at or below the central value NOK 234.17 per share. Valuation as of 2026-10-16T07:33:58.807Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.22×

Chart: Net income; fiscal year observations.

- FY2016: NOK 19B

- FY2017: NOK 21B

- FY2018: NOK 23B

- FY2019: NOK 25B

- FY2020: NOK 19B

- FY2021: NOK 24B

- FY2022: NOK 32B

- FY2023: NOK 38B

- FY2024: NOK 44B

- FY2025: NOK 42B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.3%

- FY2017: 9.9%

- FY2018: 10.7%

- FY2019: 10.4%

- FY2020: 7.7%

- FY2021: 10.3%

- FY2022: 12.9%

- FY2023: 15.2%

- FY2024: 16.1%

- FY2025: 15.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 11.7%

- Book return interval: 10 years

- Starting book value per share: NOK 112.97

- Ending book value per share: NOK 185.16

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 13.1%

- FY2017: 10.5%

- FY2018: 11.5%

- FY2019: 15.5%

- FY2020: 5.2%

- FY2021: 9.0%

- FY2022: 10.9%

- FY2023: 9.4%

- FY2024: 21.8%

- FY2025: 10.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.0%

- Share growth excluding flagged crisis recapitalisations: -1.0%

- Five-year share growth excluding flagged crisis recapitalisations: -1.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.20×

- Book value created per share: NOK 72.19

- Earnings retained per share after dividends and buybacks: NOK 60.20

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 98

- FY2019: 97

- FY2020: 95

- FY2021: 95

- FY2022: 95

- FY2023: 94

- FY2024: 92

- FY2025: 91

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.6% a year forever · "Norway’s DnB Bank Beats Market Expectations on Increased Customer Activity" (finance.yahoo.com, May 2025) · net income -4.4%

Story as of 2026-10-16T09:59:58.563Z; price observation 2026-10-15.

The price assumes profits grow 6.6% a year forever

- 2025-07-11: DNB misses Q2 estimates as profit falls 3%, margins and trading weaken ([investing.com](https://www.investing.com/news/earnings/dnb-misses-q2-estimates-as-profit-falls-3-margins-and-trading-weaken-4131251))

### Net income · FY2025

net income -4.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 19B 

- FY2017: NOK 21B 

- FY2018: NOK 23B 

- FY2019: NOK 25B 

- FY2020: NOK 19B 

- FY2021: NOK 24B 

- FY2022: NOK 32B 

- FY2023: NOK 38B 

- FY2024: NOK 44B 

- FY2025: NOK 42B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are NOK 89.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:58.807Z); FY2025: revenue 89443000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DNB.OL: DNB Bank ASA provides financial services to individuals and businesses in Norway and internationally. The company offers savings, current, currency, client, tax withholding, and pension accounts; fixed rate and security deposits; home and cabin mortgages, construction and fixed-rate loans, car and consumer loans, business loans, and refinancing; home equity credit lines; car, house, home contents, travel, personal, and non-life insurance products; payment services; and online and mobile banking services, as well as cards. It also provides overdraft facilities; leasing; factoring, supply chain, and receivable purchase financing; bank guarantees; secure trading, documentary collection, and letter of credit; investment banking services, such as mergers and acquisitions, equity and debt capital market, loans, bonds, convertible bonds, direct lending, and other private placements; and private financing and commodities services. In addition, the company offers equity trading, foreign exchange, research, share and stock market, securities, and risk advisory services. Further, it provides treasury management, working capital, trade finance, equipment financing, real estate broking, and corporate finance services. DNB Bank ASA was founded in 1822 and is headquartered in Oslo, Norway.

### Why customers stay

It earns 10.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:58.807Z); 10-year return on tangible equity observations [[2016,0.09314540488993404],[2017,0.09874772830531577],[2018,0.1067355568572893],[2019,0.10391667405821159],[2020,0.07706977510503336],[2021,0.10261897654315277],[2022,0.12876157989372444],[2023,0.15249747275974634],[2024,0.16106648260467302],[2025,0.153656785311314]]; median 0.10532611545775045. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back NOK 5.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:58.807Z); Dividend observations: [[2016,7846000000],[2017,10008000000],[2018,12342000000],[2019,13105000000],[2020,1578000000],[2021,26976000000],[2022,15116000000],[2023,19316000000],[2024,24153000000],[2025,24835000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:58.807Z); FY2025: cash repurchases 5527000000 NOK.

### Are managers owners

Insiders own 45.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DNB.OL SharesStats.PercentInsiders = 45.593 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:58.807Z); Price 305; FX 1; original perpetual distributable cash 10.518754592661345; discount 0.1; growth 0.06551228002406118. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2016-10: NOK 119.50 per share

- 2016-11: NOK 125.40 per share

- 2016-12: NOK 128.40 per share

- 2017-01: NOK 137.60 per share

- 2017-02: NOK 137.50 per share

- 2017-03: NOK 136.10 per share

- 2017-04: NOK 134.10 per share

- 2017-05: NOK 143.10 per share

- 2017-06: NOK 142.00 per share

- 2017-07: NOK 154.60 per share

- 2017-08: NOK 151.50 per share

- 2017-09: NOK 160.50 per share

- 2017-10: NOK 157.50 per share

- 2017-11: NOK 151.70 per share

- 2017-12: NOK 152.10 per share

- 2018-01: NOK 156.40 per share

- 2018-02: NOK 156.70 per share

- 2018-03: NOK 152.15 per share

- 2018-04: NOK 150.55 per share

- 2018-05: NOK 146.50 per share

- 2018-06: NOK 159.30 per share

- 2018-07: NOK 164.55 per share

- 2018-08: NOK 170.80 per share

- 2018-09: NOK 171.25 per share

- 2018-10: NOK 152.55 per share

- 2018-11: NOK 147.50 per share

- 2018-12: NOK 138.15 per share

- 2019-01: NOK 149.35 per share

- 2019-02: NOK 164.00 per share

- 2019-03: NOK 158.80 per share

- 2019-04: NOK 165.65 per share

- 2019-05: NOK 148.40 per share

- 2019-06: NOK 158.70 per share

- 2019-07: NOK 158.75 per share

- 2019-08: NOK 146.90 per share

- 2019-09: NOK 160.25 per share

- 2019-10: NOK 167.10 per share

- 2019-11: NOK 154.80 per share

- 2019-12: NOK 164.00 per share

- 2020-01: NOK 161.85 per share

- 2020-02: NOK 155.90 per share

- 2020-03: NOK 116.75 per share

- 2020-04: NOK 124.20 per share

- 2020-05: NOK 132.20 per share

- 2020-06: NOK 127.10 per share

- 2020-07: NOK 138.55 per share

- 2020-08: NOK 140.20 per share

- 2020-09: NOK 129.30 per share

- 2020-10: NOK 128.70 per share

- 2020-11: NOK 161.15 per share

- 2020-12: NOK 168.00 per share

- 2021-01: NOK 167.95 per share

- 2021-02: NOK 168.65 per share

- 2021-03: NOK 182.00 per share

- 2021-04: NOK 179.05 per share

- 2021-05: NOK 184.50 per share

- 2021-06: NOK 187.60 per share

- 2021-07: NOK 181.05 per share

- 2021-08: NOK 183.60 per share

- 2021-09: NOK 199.95 per share

- 2021-10: NOK 200.80 per share

- 2021-11: NOK 198.20 per share

- 2021-12: NOK 202.00 per share

- 2022-01: NOK 210.70 per share

- 2022-02: NOK 197.10 per share

- 2022-03: NOK 200.10 per share

- 2022-04: NOK 183.75 per share

- 2022-05: NOK 190.15 per share

- 2022-06: NOK 176.55 per share

- 2022-07: NOK 189.60 per share

- 2022-08: NOK 190.00 per share

- 2022-09: NOK 172.85 per share

- 2022-10: NOK 184.00 per share

- 2022-11: NOK 190.50 per share

- 2022-12: NOK 194.45 per share

- 2023-01: NOK 185.95 per share

- 2023-02: NOK 207.60 per share

- 2023-03: NOK 187.35 per share

- 2023-04: NOK 187.20 per share

- 2023-05: NOK 185.80 per share

- 2023-06: NOK 200.70 per share

- 2023-07: NOK 209.10 per share

- 2023-08: NOK 210.60 per share

- 2023-09: NOK 215.60 per share

- 2023-10: NOK 201.30 per share

- 2023-11: NOK 206.10 per share

- 2023-12: NOK 216.00 per share

- 2024-01: NOK 205.10 per share

- 2024-02: NOK 212.30 per share

- 2024-03: NOK 215.10 per share

- 2024-04: NOK 194.10 per share

- 2024-05: NOK 205.20 per share

- 2024-06: NOK 209.70 per share

- 2024-07: NOK 225.50 per share

- 2024-08: NOK 224.10 per share

- 2024-09: NOK 216.40 per share

- 2024-10: NOK 227.20 per share

- 2024-11: NOK 230.70 per share

- 2024-12: NOK 226.90 per share

- 2025-01: NOK 240.80 per share

- 2025-02: NOK 259.00 per share

- 2025-03: NOK 275.50 per share

- 2025-04: NOK 258.80 per share

- 2025-05: NOK 273.30 per share

- 2025-06: NOK 278.60 per share

- 2025-07: NOK 262.30 per share

- 2025-08: NOK 264.70 per share

- 2025-09: NOK 271.50 per share

- 2025-10: NOK 258.30 per share

- 2025-11: NOK 270.50 per share

- 2025-12: NOK 281.50 per share

- 2026-01: NOK 276.70 per share

- 2026-02: NOK 301.50 per share

- 2026-03: NOK 301.20 per share

- 2026-04: NOK 280.60 per share

- 2026-05: NOK 287.40 per share

- 2026-06: NOK 294.70 per share

- 2026-07: NOK 305.00 per share

- 2026-08: NOK 319.00 per share

- 2026-09: NOK 315.80 per share

- 2026-10: NOK 307.30 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 147.25 per share, central NOK 161.97 per share, high NOK 179.97 per share

- FY2017: low NOK 163.80 per share, central NOK 204.74 per share, high NOK 272.99 per share

- FY2018: low NOK 142.99 per share, central NOK 157.29 per share, high NOK 174.76 per share

- FY2019: low NOK 164.35 per share, central NOK 205.43 per share, high NOK 273.91 per share

- FY2020: low NOK 162.45 per share, central NOK 203.07 per share, high NOK 270.76 per share

- FY2021: low NOK 153.08 per share, central NOK 191.35 per share, high NOK 255.13 per share

- FY2022: low NOK 160.01 per share, central NOK 200.01 per share, high NOK 266.68 per share

- FY2023: low NOK 162.49 per share, central NOK 202.89 per share, high NOK 270.00 per share

- FY2024: low NOK 181.78 per share, central NOK 224.84 per share, high NOK 294.64 per share

- FY2025: low NOK 184.80 per share, central NOK 225.94 per share, high NOK 290.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:44.831Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

DnB ASA

DNB · OL

STOXX Europe 600 · OBX

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: NOK 305.00
Buy up to: NOK 234.17
Expected / yr: 9.0% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: NOK 25B
Worst year: NOK 19B
Latest · 2025: NOK 42B

Earned a median 10.5% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.5%
Worst year: 7.7%
Latest · 2025: 15.4%

Book value plus dividends grew 11.7% a year (minimum 7%).

Annual book + dividend return

10y median: 10.9%
Worst year: 5.2%
Latest · 2025: 10.9%

Ordinary share growth was -1% over the full period and -1% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 95
Worst year: 100
Latest · 2025: 91

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 27.54 NOK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price NOK 119.50 · Value 161.97 · Buy at or below 161.97; 2016-11 · Price NOK 125.40 · Value 161.97 · Buy at or below 161.97; 2016-12 · Price NOK 128.40 · Value 161.97 · Buy at or below 161.97; 2017-01 · Price NOK 137.60 · Value 161.97 · Buy at or below 161.97; 2017-02 · Price NOK 137.50 · Value 204.74 · Buy at or below 204.74; 2017-03 · Price NOK 136.10 · Value 204.74 · Buy at or below 204.74; 2017-04 · Price NOK 134.10 · Value 204.74 · Buy at or below 204.74; 2017-05 · Price NOK 143.10 · Value 204.74 · Buy at or below 204.74; 2017-06 · Price NOK 142.00 · Value 204.74 · Buy at or below 204.74; 2017-07 · Price NOK 154.60 · Value 204.74 · Buy at or below 204.74; 2017-08 · Price NOK 151.50 · Value 204.74 · Buy at or below 204.74; 2017-09 · Price NOK 160.50 · Value 204.74 · Buy at or below 204.74; 2017-10 · Price NOK 157.50 · Value 204.74 · Buy at or below 204.74; 2017-11 · Price NOK 151.70 · Value 204.74 · Buy at or below 204.74; 2017-12 · Price NOK 152.10 · Value 204.74 · Buy at or below 204.74; 2018-01 · Price NOK 156.40 · Value 204.74 · Buy at or below 204.74; 2018-02 · Price NOK 156.70 · Value 157.29 · Buy at or below 157.29; 2018-03 · Price NOK 152.15 · Value 157.29 · Buy at or below 157.29; 2018-04 · Price NOK 150.55 · Value 157.29 · Buy at or below 157.29; 2018-05 · Price NOK 146.50 · Value 157.29 · Buy at or below 157.29; 2018-06 · Price NOK 159.30 · Value 157.29 · Buy at or below 157.29; 2018-07 · Price NOK 164.55 · Value 157.29 · Buy at or below 157.29; 2018-08 · Price NOK 170.80 · Value 157.29 · Buy at or below 157.29; 2018-09 · Price NOK 171.25 · Value 157.29 · Buy at or below 157.29; 2018-10 · Price NOK 152.55 · Value 157.29 · Buy at or below 157.29; 2018-11 · Price NOK 147.50 · Value 157.29 · Buy at or below 157.29; 2018-12 · Price NOK 138.15 · Value 157.29 · Buy at or below 157.29; 2019-01 · Price NOK 149.35 · Value 157.29 · Buy at or below 157.29; 2019-02 · Price NOK 164.00 · Value 205.43 · Buy at or below 205.43; 2019-03 · Price NOK 158.80 · Value 205.43 · Buy at or below 205.43; 2019-04 · Price NOK 165.65 · Value 205.43 · Buy at or below 205.43; 2019-05 · Price NOK 148.40 · Value 205.43 · Buy at or below 205.43; 2019-06 · Price NOK 158.70 · Value 205.43 · Buy at or below 205.43; 2019-07 · Price NOK 158.75 · Value 205.43 · Buy at or below 205.43; 2019-08 · Price NOK 146.90 · Value 205.43 · Buy at or below 205.43; 2019-09 · Price NOK 160.25 · Value 205.43 · Buy at or below 205.43; 2019-10 · Price NOK 167.10 · Value 205.43 · Buy at or below 205.43; 2019-11 · Price NOK 154.80 · Value 205.43 · Buy at or below 205.43; 2019-12 · Price NOK 164.00 · Value 205.43 · Buy at or below 205.43; 2020-01 · Price NOK 161.85 · Value 205.43 · Buy at or below 205.43; 2020-02 · Price NOK 155.90 · Value 203.07 · Buy at or below 203.07; 2020-03 · Price NOK 116.75 · Value 203.07 · Buy at or below 203.07; 2020-04 · Price NOK 124.20 · Value 203.07 · Buy at or below 203.07; 2020-05 · Price NOK 132.20 · Value 203.07 · Buy at or below 203.07; 2020-06 · Price NOK 127.10 · Value 203.07 · Buy at or below 203.07; 2020-07 · Price NOK 138.55 · Value 203.07 · Buy at or below 203.07; 2020-08 · Price NOK 140.20 · Value 203.07 · Buy at or below 203.07; 2020-09 · Price NOK 129.30 · Value 203.07 · Buy at or below 203.07; 2020-10 · Price NOK 128.70 · Value 203.07 · Buy at or below 203.07; 2020-11 · Price NOK 161.15 · Value 203.07 · Buy at or below 203.07; 2020-12 · Price NOK 168.00 · Value 203.07 · Buy at or below 203.07; 2021-01 · Price NOK 167.95 · Value 203.07 · Buy at or below 203.07; 2021-02 · Price NOK 168.65 · Value 191.35 · Buy at or below 191.35; 2021-03 · Price NOK 182.00 · Value 191.35 · Buy at or below 191.35; 2021-04 · Price NOK 179.05 · Value 191.35 · Buy at or below 191.35; 2021-05 · Price NOK 184.50 · Value 191.35 · Buy at or below 191.35; 2021-06 · Price NOK 187.60 · Value 191.35 · Buy at or below 191.35; 2021-07 · Price NOK 181.05 · Value 191.35 · Buy at or below 191.35; 2021-08 · Price NOK 183.60 · Value 191.35 · Buy at or below 191.35; 2021-09 · Price NOK 199.95 · Value 191.35 · Buy at or below 191.35; 2021-10 · Price NOK 200.80 · Value 191.35 · Buy at or below 191.35; 2021-11 · Price NOK 198.20 · Value 191.35 · Buy at or below 191.35; 2021-12 · Price NOK 202.00 · Value 191.35 · Buy at or below 191.35; 2022-01 · Price NOK 210.70 · Value 191.35 · Buy at or below 191.35; 2022-02 · Price NOK 197.10 · Value 200.01 · Buy at or below 200.01; 2022-03 · Price NOK 200.10 · Value 200.01 · Buy at or below 200.01; 2022-04 · Price NOK 183.75 · Value 200.01 · Buy at or below 200.01; 2022-05 · Price NOK 190.15 · Value 200.01 · Buy at or below 200.01; 2022-06 · Price NOK 176.55 · Value 200.01 · Buy at or below 200.01; 2022-07 · Price NOK 189.60 · Value 200.01 · Buy at or below 200.01; 2022-08 · Price NOK 190.00 · Value 200.01 · Buy at or below 200.01; 2022-09 · Price NOK 172.85 · Value 200.01 · Buy at or below 200.01; 2022-10 · Price NOK 184.00 · Value 200.01 · Buy at or below 200.01; 2022-11 · Price NOK 190.50 · Value 200.01 · Buy at or below 200.01; 2022-12 · Price NOK 194.45 · Value 200.01 · Buy at or below 200.01; 2023-01 · Price NOK 185.95 · Value 200.01 · Buy at or below 200.01; 2023-02 · Price NOK 207.60 · Value 202.89 · Buy at or below 202.89; 2023-03 · Price NOK 187.35 · Value 202.89 · Buy at or below 202.89; 2023-04 · Price NOK 187.20 · Value 202.89 · Buy at or below 202.89; 2023-05 · Price NOK 185.80 · Value 202.89 · Buy at or below 202.89; 2023-06 · Price NOK 200.70 · Value 202.89 · Buy at or below 202.89; 2023-07 · Price NOK 209.10 · Value 202.89 · Buy at or below 202.89; 2023-08 · Price NOK 210.60 · Value 202.89 · Buy at or below 202.89; 2023-09 · Price NOK 215.60 · Value 202.89 · Buy at or below 202.89; 2023-10 · Price NOK 201.30 · Value 202.89 · Buy at or below 202.89; 2023-11 · Price NOK 206.10 · Value 202.89 · Buy at or below 202.89; 2023-12 · Price NOK 216.00 · Value 202.89 · Buy at or below 202.89; 2024-01 · Price NOK 205.10 · Value 202.89 · Buy at or below 202.89; 2024-02 · Price NOK 212.30 · Value 224.84 · Buy at or below 224.84; 2024-03 · Price NOK 215.10 · Value 224.84 · Buy at or below 224.84; 2024-04 · Price NOK 194.10 · Value 224.84 · Buy at or below 224.84; 2024-05 · Price NOK 205.20 · Value 224.84 · Buy at or below 224.84; 2024-06 · Price NOK 209.70 · Value 224.84 · Buy at or below 224.84; 2024-07 · Price NOK 225.50 · Value 224.84 · Buy at or below 224.84; 2024-08 · Price NOK 224.10 · Value 224.84 · Buy at or below 224.84; 2024-09 · Price NOK 216.40 · Value 224.84 · Buy at or below 224.84; 2024-10 · Price NOK 227.20 · Value 224.84 · Buy at or below 224.84; 2024-11 · Price NOK 230.70 · Value 224.84 · Buy at or below 224.84; 2024-12 · Price NOK 226.90 · Value 224.84 · Buy at or below 224.84; 2025-01 · Price NOK 240.80 · Value 224.84 · Buy at or below 224.84; 2025-02 · Price NOK 259.00 · Value 225.94 · Buy at or below 225.94; 2025-03 · Price NOK 275.50 · Value 225.94 · Buy at or below 225.94; 2025-04 · Price NOK 258.80 · Value 225.94 · Buy at or below 225.94; 2025-05 · Price NOK 273.30 · Value 225.94 · Buy at or below 225.94; 2025-06 · Price NOK 278.60 · Value 225.94 · Buy at or below 225.94; 2025-07 · Price NOK 262.30 · Value 225.94 · Buy at or below 225.94; 2025-08 · Price NOK 264.70 · Value 225.94 · Buy at or below 225.94; 2025-09 · Price NOK 271.50 · Value 225.94 · Buy at or below 225.94; 2025-10 · Price NOK 258.30 · Value 225.94 · Buy at or below 225.94; 2025-11 · Price NOK 270.50 · Value 225.94 · Buy at or below 225.94; 2025-12 · Price NOK 281.50 · Value 225.94 · Buy at or below 225.94; 2026-01 · Price NOK 276.70 · Value 225.94 · Buy at or below 225.94; 2026-02 · Price NOK 301.50 · Value 234.17 · Buy at or below 234.17; 2026-03 · Price NOK 301.20 · Value 234.17 · Buy at or below 234.17; 2026-04 · Price NOK 280.60 · Value 234.17 · Buy at or below 234.17; 2026-05 · Price NOK 287.40 · Value 234.17 · Buy at or below 234.17; 2026-06 · Price NOK 294.70 · Value 234.17 · Buy at or below 234.17; 2026-07 · Price NOK 305.00 · Value 234.17 · Buy at or below 234.17; 2026-08 · Price NOK 319.00 · Value 234.17 · Buy at or below 234.17; 2026-09 · Price NOK 315.80 · Value 234.17 · Buy at or below 234.17; 2026-10 · Price NOK 307.30 · Value 234.17 · Buy at or below 234.17; 2026-10 · Price NOK 305.00 · Value 234.17 · Buy at or below 234.17

NOK per share · annual estimates

Price & return math
Value range	NOK 191.53 – NOK 301.22
Buy at or below	Central value NOK 234.17
Discount to value	1 − 305.00 / 234.17 = -30.2%
Return / year	About 9.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book NOK 191.91/share; ROE 11.0%; first payout NOK 10.52/share, growing 5.5% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeNOK 42B

Net income

Book / shareNOK 185.16

Book / share

Dividend / shareNOK 16.85

Dividend / share

Return on tangible equity15.4%

Return on tangible equity

Diluted shares1.5B

Diluted shares

Prices 15 Oct 2026 · FY2025