# SpareBank 1 Sør-Norge ASA (SB1NO.OL)

Canonical: https://gigainvestors.com/s/SB1NO.OL

Analysis as of: 2026-10-16T07:36:09.511Z. 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 223.00 per share; close as of 2026-10-15.

Estimated value: low NOK 145.68 per share, central NOK 182.10 per share, high NOK 242.80 per share. Buy at or below the central value NOK 182.10 per share. Valuation as of 2026-10-16T07:36:09.511Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% 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): 0.18×

Chart: Net income; fiscal year observations.

- FY2016: NOK 1.8B

- FY2017: NOK 2.1B

- FY2018: NOK 2.3B

- FY2019: NOK 3.1B

- FY2020: NOK 1.6B

- FY2021: NOK 3.2B

- FY2022: NOK 3.3B

- FY2023: NOK 4.3B

- FY2024: NOK 4.9B

- FY2025: NOK 6.4B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.6%

- Years with reported combined ratio: 0

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

- FY2016: 9.6%

- FY2017: 10.5%

- FY2018: 10.7%

- FY2019: 12.7%

- FY2020: 6.1%

- FY2021: 11.8%

- FY2022: 11.7%

- FY2023: 13.0%

- FY2024: 10.1%

- FY2025: 12.4%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: -14.8%

- Book return interval: 10 years

- Starting book value per share: NOK 1K

- Ending book value per share: NOK 137.14

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

- FY2016: -16.7%

- FY2017: -62.1%

- FY2018: 14.1%

- FY2019: 19.6%

- FY2020: 6.2%

- FY2021: -62.6%

- FY2022: -18.5%

- FY2023: 19.9%

- FY2024: 7.2%

- FY2025: 12.6%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 36.9%

- Diluted shares, 5-year annual growth: 42.8%

- Share growth excluding flagged crisis recapitalisations: 36.9%

- Five-year share growth excluding flagged crisis recapitalisations: 42.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -4.48×

- Book value created per share: NOK -904.13

- Earnings retained per share after dividends and buybacks: NOK 202.03

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

- FY2015: 100

- FY2016: 132

- FY2017: 390

- FY2018: 390

- FY2019: 390

- FY2020: 390

- FY2021: 1K

- FY2022: 2K

- FY2023: 2K

- FY2024: 2K

- FY2025: 2K

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.7% a year forever · net income +29.6%

Story as of 2026-10-16T10:00:06.974Z; price observation 2026-10-15.

The price assumes profits grow 6.7% a year forever

### Net income · FY2025

net income +29.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 1.8B 

- FY2017: NOK 2.1B 

- FY2018: NOK 2.3B 

- FY2019: NOK 3.1B 

- FY2020: NOK 1.6B 

- FY2021: NOK 3.2B 

- FY2022: NOK 3.3B 

- FY2023: NOK 4.3B 

- FY2024: NOK 4.9B 

- FY2025: NOK 6.4B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are NOK 13 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:09.511Z); FY2025: revenue 13045000000.

### Why customers stay

It earns 11.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:09.511Z); 10-year return on tangible equity observations [[2016,0.09643386999285675],[2017,0.10539079472540797],[2018,0.10684039087947883],[2019,0.12719351817922722],[2020,0.060981218857799925],[2021,0.11810493226554898],[2022,0.11663242898632854],[2023,0.12954928898529766],[2024,0.101105780120668],[2025,0.12381100585500593]]; median 0.11173640993290368. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back NOK 110 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:09.511Z); Dividend observations: [[2016,384000000],[2017,511000000],[2018,1087000000],[2019,1151000000],[2020,0],[2021,2200000000],[2022,1535000000],[2023,1790000000],[2024,1982000000],[2025,3191000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:09.511Z); FY2025: cash repurchases 110000000 NOK.

### Are managers owners

Insiders own 46.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SB1NO.OL SharesStats.PercentInsiders = 46.071 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:09.511Z); Price 223; FX 1; original perpetual distributable cash 7.2838548434480845; discount 0.1; growth 0.06733697379619694. 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 49.30 per share

- 2016-11: NOK 56.00 per share

- 2016-12: NOK 60.75 per share

- 2017-01: NOK 61.25 per share

- 2017-02: NOK 68.00 per share

- 2017-03: NOK 64.25 per share

- 2017-04: NOK 67.75 per share

- 2017-05: NOK 71.50 per share

- 2017-06: NOK 71.50 per share

- 2017-07: NOK 78.50 per share

- 2017-08: NOK 83.25 per share

- 2017-09: NOK 85.75 per share

- 2017-10: NOK 90.50 per share

- 2017-11: NOK 87.00 per share

- 2017-12: NOK 87.00 per share

- 2018-01: NOK 92.00 per share

- 2018-02: NOK 93.00 per share

- 2018-03: NOK 86.20 per share

- 2018-04: NOK 79.50 per share

- 2018-05: NOK 78.50 per share

- 2018-06: NOK 86.40 per share

- 2018-07: NOK 90.60 per share

- 2018-08: NOK 94.60 per share

- 2018-09: NOK 99.00 per share

- 2018-10: NOK 93.80 per share

- 2018-11: NOK 92.50 per share

- 2018-12: NOK 89.20 per share

- 2019-01: NOK 91.20 per share

- 2019-02: NOK 95.50 per share

- 2019-03: NOK 99.40 per share

- 2019-04: NOK 99.65 per share

- 2019-05: NOK 102.00 per share

- 2019-06: NOK 103.90 per share

- 2019-07: NOK 95.55 per share

- 2019-08: NOK 94.50 per share

- 2019-09: NOK 99.15 per share

- 2019-10: NOK 98.00 per share

- 2019-11: NOK 97.15 per share

- 2019-12: NOK 100.00 per share

- 2020-01: NOK 98.00 per share

- 2020-02: NOK 89.50 per share

- 2020-03: NOK 59.20 per share

- 2020-04: NOK 65.15 per share

- 2020-05: NOK 72.15 per share

- 2020-06: NOK 69.90 per share

- 2020-07: NOK 71.85 per share

- 2020-08: NOK 78.60 per share

- 2020-09: NOK 77.40 per share

- 2020-10: NOK 75.80 per share

- 2020-11: NOK 88.90 per share

- 2020-12: NOK 91.00 per share

- 2021-01: NOK 94.50 per share

- 2021-02: NOK 99.90 per share

- 2021-03: NOK 105.00 per share

- 2021-04: NOK 107.80 per share

- 2021-05: NOK 114.00 per share

- 2021-06: NOK 113.70 per share

- 2021-07: NOK 115.70 per share

- 2021-08: NOK 117.30 per share

- 2021-09: NOK 121.50 per share

- 2021-10: NOK 129.40 per share

- 2021-11: NOK 125.30 per share

- 2021-12: NOK 133.20 per share

- 2022-01: NOK 132.50 per share

- 2022-02: NOK 130.80 per share

- 2022-03: NOK 134.30 per share

- 2022-04: NOK 120.00 per share

- 2022-05: NOK 119.70 per share

- 2022-06: NOK 106.70 per share

- 2022-07: NOK 113.90 per share

- 2022-08: NOK 113.80 per share

- 2022-09: NOK 102.00 per share

- 2022-10: NOK 105.80 per share

- 2022-11: NOK 119.00 per share

- 2022-12: NOK 120.70 per share

- 2023-01: NOK 115.40 per share

- 2023-02: NOK 130.00 per share

- 2023-03: NOK 121.00 per share

- 2023-04: NOK 124.70 per share

- 2023-05: NOK 118.40 per share

- 2023-06: NOK 130.10 per share

- 2023-07: NOK 130.90 per share

- 2023-08: NOK 128.70 per share

- 2023-09: NOK 122.70 per share

- 2023-10: NOK 121.20 per share

- 2023-11: NOK 118.80 per share

- 2023-12: NOK 128.90 per share

- 2024-01: NOK 127.80 per share

- 2024-02: NOK 128.40 per share

- 2024-03: NOK 136.00 per share

- 2024-04: NOK 134.80 per share

- 2024-05: NOK 135.60 per share

- 2024-06: NOK 130.60 per share

- 2024-07: NOK 140.20 per share

- 2024-08: NOK 136.00 per share

- 2024-09: NOK 136.20 per share

- 2024-10: NOK 145.40 per share

- 2024-11: NOK 144.40 per share

- 2024-12: NOK 146.60 per share

- 2025-01: NOK 161.40 per share

- 2025-02: NOK 159.00 per share

- 2025-03: NOK 169.40 per share

- 2025-04: NOK 165.40 per share

- 2025-05: NOK 177.80 per share

- 2025-06: NOK 185.40 per share

- 2025-07: NOK 181.40 per share

- 2025-08: NOK 176.40 per share

- 2025-09: NOK 177.80 per share

- 2025-10: NOK 174.20 per share

- 2025-11: NOK 178.80 per share

- 2025-12: NOK 198.40 per share

- 2026-01: NOK 194.60 per share

- 2026-02: NOK 211.50 per share

- 2026-03: NOK 210.50 per share

- 2026-04: NOK 200.00 per share

- 2026-05: NOK 192.00 per share

- 2026-06: NOK 193.40 per share

- 2026-07: NOK 212.00 per share

- 2026-08: NOK 224.00 per share

- 2026-09: NOK 226.50 per share

- 2026-10: NOK 225.00 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 860.30 per share, central NOK 946.33 per share, high NOK 1,051.48 per share

- FY2017: low NOK 312.93 per share, central NOK 344.22 per share, high NOK 382.46 per share

- FY2018: low NOK 338.78 per share, central NOK 423.48 per share, high NOK 564.63 per share

- FY2019: low NOK 387.19 per share, central NOK 483.99 per share, high NOK 645.32 per share

- FY2020: low NOK 392.41 per share, central NOK 490.51 per share, high NOK 654.01 per share

- FY2021: low NOK 139.51 per share, central NOK 153.46 per share, high NOK 170.51 per share

- FY2022: low NOK 115.89 per share, central NOK 144.87 per share, high NOK 193.16 per share

- FY2023: low NOK 131.80 per share, central NOK 164.75 per share, high NOK 219.67 per share

- FY2024: low NOK 121.26 per share, central NOK 151.58 per share, high NOK 202.11 per share

- FY2025: low NOK 144.03 per share, central NOK 180.03 per share, high NOK 240.04 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 2026-10-15T06:41:53.882Z 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.

## Reported holder observations