# Sparebanken Vest (SBNOR.OL)

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

Analysis as of: 2026-10-16T07:38:30.426Z. 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 200.10 per share; close as of 2026-10-15.

Estimated value: low NOK 136.39 per share, central NOK 152.51 per share, high NOK 172.96 per share. Buy at or below the central value NOK 152.51 per share. Valuation as of 2026-10-16T07:38:30.426Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% 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): 0.53×

Chart: Net income; fiscal year observations.

- FY2016: NOK 1.5B

- FY2017: NOK 320M

- FY2018: NOK 361M

- FY2019: NOK 504M

- FY2020: NOK 789M

- FY2021: NOK 980M

- FY2022: NOK 1.1B

- FY2023: NOK 1.4B

- FY2024: NOK 1.9B

- FY2025: NOK 2.6B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 5.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.6%

- Years with reported combined ratio: 0

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

- FY2016: 12.9%

- FY2017: 2.5%

- FY2018: 2.6%

- FY2019: 3.0%

- FY2020: 4.4%

- FY2021: 5.0%

- FY2022: 5.1%

- FY2023: 6.2%

- FY2024: 8.1%

- FY2025: 6.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.3%

- Book return interval: 10 years

- Starting book value per share: NOK 162.53

- Ending book value per share: NOK 248.62

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

- FY2016: 25.7%

- FY2017: 13.5%

- FY2018: 4.1%

- FY2019: -16.4%

- FY2020: -4.4%

- FY2021: 12.9%

- FY2022: 13.3%

- FY2023: 16.0%

- FY2024: 12.9%

- FY2025: 22.4%

### 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

- Diluted shares, 10-year annual growth: 9.8%

- Diluted shares, 5-year annual growth: 10.1%

- Share growth excluding flagged crisis recapitalisations: 9.8%

- Five-year share growth excluding flagged crisis recapitalisations: 10.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 26.21×

- Book value created per share: NOK 86.09

- Earnings retained per share after dividends and buybacks: NOK 3.28

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

- FY2015: 100

- FY2016: 86

- FY2017: 84

- FY2018: 92

- FY2019: 132

- FY2020: 158

- FY2021: 157

- FY2022: 161

- FY2023: 162

- FY2024: 162

- FY2025: 255

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 3.6% a year forever · net income +38.8%

Story as of 2026-10-16T10:00:09.999Z; price observation 2026-10-15.

The price assumes profits grow 3.6% a year forever

### Net income · FY2025

net income +38.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 1.5B 

- FY2017: NOK 320M 

- FY2018: NOK 361M 

- FY2019: NOK 504M 

- FY2020: NOK 789M 

- FY2021: NOK 980M 

- FY2022: NOK 1.1B 

- FY2023: NOK 1.4B 

- FY2024: NOK 1.9B 

- FY2025: NOK 2.6B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are NOK 30.4 billion.

- Source: https://eodhd.com/api/fundamentals/0G67.LSE.json#2025-12-31 (filed 2026-10-16T07:38:30.426Z); FY2025: revenue 30445000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SBNOR.OL: Sparebanken Norge, a financial services company, provides banking and financing services. The company is involved in investment banking; trading in securities for professional investors; leasing and selling mortgage loans; and real estate agency business. It serves retail and commercial markets, as well as the public sector in Southern, Western, and Eastern Norway. Sparebanken Norge was founded in 1823 and is headquartered in Bergen, Norway.

### Why customers stay

It earns 5.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:30.426Z); 10-year return on tangible equity observations [[2016,0.1288655426586461],[2017,0.02498048399687744],[2018,0.025564761702429006],[2019,0.03039623665641397],[2020,0.0435743082785663],[2021,0.050256410256410255],[2022,0.051070916408382294],[2023,0.062268136895257],[2024,0.08066135560005112],[2025,0.0610382177436207]]; median 0.050663663332396275. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:30.426Z); Dividend observations: [[2016,119000000],[2017,360000000],[2018,374000000],[2019,352000000],[2020,890000000],[2021,908000000],[2022,1028000000],[2023,1932000000],[2024,2673000000],[2025,2322000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 30.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SBNOR.OL SharesStats.PercentInsiders = 30.572 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:30.426Z); Price 200.1; FX 1; original perpetual distributable cash 12.900157144555802; discount 0.1; growth 0.03553144855294452. 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 45.70 per share

- 2016-11: NOK 47.60 per share

- 2016-12: NOK 48.40 per share

- 2017-01: NOK 49.50 per share

- 2017-02: NOK 56.50 per share

- 2017-03: NOK 52.00 per share

- 2017-04: NOK 53.25 per share

- 2017-05: NOK 51.50 per share

- 2017-06: NOK 51.75 per share

- 2017-07: NOK 55.00 per share

- 2017-08: NOK 55.25 per share

- 2017-09: NOK 56.00 per share

- 2017-10: NOK 56.75 per share

- 2017-11: NOK 52.75 per share

- 2017-12: NOK 54.50 per share

- 2018-01: NOK 55.60 per share

- 2018-02: NOK 54.40 per share

- 2018-03: NOK 51.40 per share

- 2018-04: NOK 49.40 per share

- 2018-05: NOK 48.20 per share

- 2018-06: NOK 46.50 per share

- 2018-07: NOK 47.30 per share

- 2018-08: NOK 52.40 per share

- 2018-09: NOK 54.00 per share

- 2018-10: NOK 54.00 per share

- 2018-11: NOK 52.40 per share

- 2018-12: NOK 53.00 per share

- 2019-01: NOK 53.00 per share

- 2019-02: NOK 53.60 per share

- 2019-03: NOK 51.20 per share

- 2019-04: NOK 53.40 per share

- 2019-05: NOK 52.60 per share

- 2019-06: NOK 53.20 per share

- 2019-07: NOK 54.00 per share

- 2019-08: NOK 52.00 per share

- 2019-09: NOK 55.40 per share

- 2019-10: NOK 57.20 per share

- 2019-11: NOK 60.60 per share

- 2019-12: NOK 63.40 per share

- 2020-01: NOK 69.40 per share

- 2020-02: NOK 68.00 per share

- 2020-03: NOK 49.20 per share

- 2020-04: NOK 60.30 per share

- 2020-05: NOK 59.90 per share

- 2020-06: NOK 62.40 per share

- 2020-07: NOK 62.60 per share

- 2020-08: NOK 65.00 per share

- 2020-09: NOK 63.00 per share

- 2020-10: NOK 60.90 per share

- 2020-11: NOK 68.20 per share

- 2020-12: NOK 72.40 per share

- 2021-01: NOK 69.20 per share

- 2021-02: NOK 76.00 per share

- 2021-03: NOK 78.30 per share

- 2021-04: NOK 85.10 per share

- 2021-05: NOK 88.50 per share

- 2021-06: NOK 89.50 per share

- 2021-07: NOK 87.30 per share

- 2021-08: NOK 89.50 per share

- 2021-09: NOK 95.00 per share

- 2021-10: NOK 98.60 per share

- 2021-11: NOK 96.20 per share

- 2021-12: NOK 100.20 per share

- 2022-01: NOK 106.00 per share

- 2022-02: NOK 105.00 per share

- 2022-03: NOK 103.00 per share

- 2022-04: NOK 98.60 per share

- 2022-05: NOK 99.50 per share

- 2022-06: NOK 87.20 per share

- 2022-07: NOK 92.60 per share

- 2022-08: NOK 88.50 per share

- 2022-09: NOK 81.80 per share

- 2022-10: NOK 92.30 per share

- 2022-11: NOK 87.80 per share

- 2022-12: NOK 92.40 per share

- 2023-01: NOK 94.10 per share

- 2023-02: NOK 100.80 per share

- 2023-03: NOK 92.00 per share

- 2023-04: NOK 99.90 per share

- 2023-05: NOK 95.00 per share

- 2023-06: NOK 103.00 per share

- 2023-07: NOK 106.80 per share

- 2023-08: NOK 108.20 per share

- 2023-09: NOK 105.40 per share

- 2023-10: NOK 102.40 per share

- 2023-11: NOK 101.00 per share

- 2023-12: NOK 109.40 per share

- 2024-01: NOK 111.00 per share

- 2024-02: NOK 117.60 per share

- 2024-03: NOK 116.40 per share

- 2024-04: NOK 127.78 per share

- 2024-05: NOK 130.94 per share

- 2024-06: NOK 125.50 per share

- 2024-07: NOK 140.00 per share

- 2024-08: NOK 132.38 per share

- 2024-09: NOK 125.58 per share

- 2024-10: NOK 135.14 per share

- 2024-11: NOK 131.90 per share

- 2024-12: NOK 141.70 per share

- 2025-01: NOK 145.78 per share

- 2025-02: NOK 142.24 per share

- 2025-03: NOK 137.60 per share

- 2025-04: NOK 139.76 per share

- 2025-05: NOK 155.60 per share

- 2025-06: NOK 160.10 per share

- 2025-07: NOK 162.06 per share

- 2025-08: NOK 169.76 per share

- 2025-09: NOK 175.42 per share

- 2025-10: NOK 176.50 per share

- 2025-11: NOK 179.34 per share

- 2025-12: NOK 198.06 per share

- 2026-01: NOK 192.00 per share

- 2026-02: NOK 205.65 per share

- 2026-03: NOK 199.52 per share

- 2026-04: NOK 201.20 per share

- 2026-05: NOK 190.30 per share

- 2026-06: NOK 185.84 per share

- 2026-07: NOK 196.58 per share

- 2026-08: NOK 204.15 per share

- 2026-09: NOK 212.10 per share

- 2026-10: NOK 202.45 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 152.10 per share, central NOK 190.13 per share, high NOK 253.51 per share

- FY2017: low NOK 218.93 per share, central NOK 273.66 per share, high NOK 364.88 per share

- FY2018: low NOK 170.31 per share, central NOK 212.89 per share, high NOK 283.85 per share

- FY2019: low NOK 139.39 per share, central NOK 174.24 per share, high NOK 232.32 per share

- FY2020: low NOK 61.98 per share, central NOK 72.10 per share, high NOK 86.16 per share

- FY2021: low NOK 77.76 per share, central NOK 85.53 per share, high NOK 95.04 per share

- FY2022: low NOK 67.97 per share, central NOK 75.84 per share, high NOK 85.79 per share

- FY2023: low NOK 72.80 per share, central NOK 81.24 per share, high NOK 91.89 per share

- FY2024: low NOK 90.60 per share, central NOK 100.86 per share, high NOK 113.75 per share

- FY2025: low NOK 136.04 per share, central NOK 152.12 per share, high NOK 172.52 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 2026-10-15T06:44:13.872Z 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.

Sparebanken Vest

SBNOR · OL

STOXX Europe 600

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: NOK 200.10
Buy up to: NOK 152.51
Expected / yr: 8.0% 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 1.0B
Worst year: NOK 320M
Latest · 2025: NOK 2.6B

Earned a median 5.1% on tangible equity (minimum 12%), and the second-worst year 2.6% (minimum 5%).

Return on tangible common equity

10y median: 5.1%
Worst year: 2.5%
Latest · 2025: 6.1%

Book value plus dividends grew 9.3% a year (minimum 7%).

Annual book + dividend return

10y median: 13.1%
Worst year: -16.4%
Latest · 2025: 22.4%

Ordinary share growth was 9.8% over the full period and 10.1% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 157
Worst year: 255
Latest · 2025: 255

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 15.2 NOK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price NOK 45.70 · Value 190.13 · Buy at or below 190.13; 2016-11 · Price NOK 47.60 · Value 190.13 · Buy at or below 190.13; 2016-12 · Price NOK 48.40 · Value 190.13 · Buy at or below 190.13; 2017-01 · Price NOK 49.50 · Value 190.13 · Buy at or below 190.13; 2017-02 · Price NOK 56.50 · Value 273.66 · Buy at or below 273.66; 2017-03 · Price NOK 52.00 · Value 273.66 · Buy at or below 273.66; 2017-04 · Price NOK 53.25 · Value 273.66 · Buy at or below 273.66; 2017-05 · Price NOK 51.50 · Value 273.66 · Buy at or below 273.66; 2017-06 · Price NOK 51.75 · Value 273.66 · Buy at or below 273.66; 2017-07 · Price NOK 55.00 · Value 273.66 · Buy at or below 273.66; 2017-08 · Price NOK 55.25 · Value 273.66 · Buy at or below 273.66; 2017-09 · Price NOK 56.00 · Value 273.66 · Buy at or below 273.66; 2017-10 · Price NOK 56.75 · Value 273.66 · Buy at or below 273.66; 2017-11 · Price NOK 52.75 · Value 273.66 · Buy at or below 273.66; 2017-12 · Price NOK 54.50 · Value 273.66 · Buy at or below 273.66; 2018-01 · Price NOK 55.60 · Value 273.66 · Buy at or below 273.66; 2018-02 · Price NOK 54.40 · Value 212.89 · Buy at or below 212.89; 2018-03 · Price NOK 51.40 · Value 212.89 · Buy at or below 212.89; 2018-04 · Price NOK 49.40 · Value 212.89 · Buy at or below 212.89; 2018-05 · Price NOK 48.20 · Value 212.89 · Buy at or below 212.89; 2018-06 · Price NOK 46.50 · Value 212.89 · Buy at or below 212.89; 2018-07 · Price NOK 47.30 · Value 212.89 · Buy at or below 212.89; 2018-08 · Price NOK 52.40 · Value 212.89 · Buy at or below 212.89; 2018-09 · Price NOK 54.00 · Value 212.89 · Buy at or below 212.89; 2018-10 · Price NOK 54.00 · Value 212.89 · Buy at or below 212.89; 2018-11 · Price NOK 52.40 · Value 212.89 · Buy at or below 212.89; 2018-12 · Price NOK 53.00 · Value 212.89 · Buy at or below 212.89; 2019-01 · Price NOK 53.00 · Value 212.89 · Buy at or below 212.89; 2019-02 · Price NOK 53.60 · Value 174.24 · Buy at or below 174.24; 2019-03 · Price NOK 51.20 · Value 174.24 · Buy at or below 174.24; 2019-04 · Price NOK 53.40 · Value 174.24 · Buy at or below 174.24; 2019-05 · Price NOK 52.60 · Value 174.24 · Buy at or below 174.24; 2019-06 · Price NOK 53.20 · Value 174.24 · Buy at or below 174.24; 2019-07 · Price NOK 54.00 · Value 174.24 · Buy at or below 174.24; 2019-08 · Price NOK 52.00 · Value 174.24 · Buy at or below 174.24; 2019-09 · Price NOK 55.40 · Value 174.24 · Buy at or below 174.24; 2019-10 · Price NOK 57.20 · Value 174.24 · Buy at or below 174.24; 2019-11 · Price NOK 60.60 · Value 174.24 · Buy at or below 174.24; 2019-12 · Price NOK 63.40 · Value 174.24 · Buy at or below 174.24; 2020-01 · Price NOK 69.40 · Value 174.24 · Buy at or below 174.24; 2020-02 · Price NOK 68.00 · Value 72.10 · Buy at or below 72.10; 2020-03 · Price NOK 49.20 · Value 72.10 · Buy at or below 72.10; 2020-04 · Price NOK 60.30 · Value 72.10 · Buy at or below 72.10; 2020-05 · Price NOK 59.90 · Value 72.10 · Buy at or below 72.10; 2020-06 · Price NOK 62.40 · Value 72.10 · Buy at or below 72.10; 2020-07 · Price NOK 62.60 · Value 72.10 · Buy at or below 72.10; 2020-08 · Price NOK 65.00 · Value 72.10 · Buy at or below 72.10; 2020-09 · Price NOK 63.00 · Value 72.10 · Buy at or below 72.10; 2020-10 · Price NOK 60.90 · Value 72.10 · Buy at or below 72.10; 2020-11 · Price NOK 68.20 · Value 72.10 · Buy at or below 72.10; 2020-12 · Price NOK 72.40 · Value 72.10 · Buy at or below 72.10; 2021-01 · Price NOK 69.20 · Value 72.10 · Buy at or below 72.10; 2021-02 · Price NOK 76.00 · Value 85.53 · Buy at or below 85.53; 2021-03 · Price NOK 78.30 · Value 85.53 · Buy at or below 85.53; 2021-04 · Price NOK 85.10 · Value 85.53 · Buy at or below 85.53; 2021-05 · Price NOK 88.50 · Value 85.53 · Buy at or below 85.53; 2021-06 · Price NOK 89.50 · Value 85.53 · Buy at or below 85.53; 2021-07 · Price NOK 87.30 · Value 85.53 · Buy at or below 85.53; 2021-08 · Price NOK 89.50 · Value 85.53 · Buy at or below 85.53; 2021-09 · Price NOK 95.00 · Value 85.53 · Buy at or below 85.53; 2021-10 · Price NOK 98.60 · Value 85.53 · Buy at or below 85.53; 2021-11 · Price NOK 96.20 · Value 85.53 · Buy at or below 85.53; 2021-12 · Price NOK 100.20 · Value 85.53 · Buy at or below 85.53; 2022-01 · Price NOK 106.00 · Value 85.53 · Buy at or below 85.53; 2022-02 · Price NOK 105.00 · Value 75.84 · Buy at or below 75.84; 2022-03 · Price NOK 103.00 · Value 75.84 · Buy at or below 75.84; 2022-04 · Price NOK 98.60 · Value 75.84 · Buy at or below 75.84; 2022-05 · Price NOK 99.50 · Value 75.84 · Buy at or below 75.84; 2022-06 · Price NOK 87.20 · Value 75.84 · Buy at or below 75.84; 2022-07 · Price NOK 92.60 · Value 75.84 · Buy at or below 75.84; 2022-08 · Price NOK 88.50 · Value 75.84 · Buy at or below 75.84; 2022-09 · Price NOK 81.80 · Value 75.84 · Buy at or below 75.84; 2022-10 · Price NOK 92.30 · Value 75.84 · Buy at or below 75.84; 2022-11 · Price NOK 87.80 · Value 75.84 · Buy at or below 75.84; 2022-12 · Price NOK 92.40 · Value 75.84 · Buy at or below 75.84; 2023-01 · Price NOK 94.10 · Value 75.84 · Buy at or below 75.84; 2023-02 · Price NOK 100.80 · Value 81.24 · Buy at or below 81.24; 2023-03 · Price NOK 92.00 · Value 81.24 · Buy at or below 81.24; 2023-04 · Price NOK 99.90 · Value 81.24 · Buy at or below 81.24; 2023-05 · Price NOK 95.00 · Value 81.24 · Buy at or below 81.24; 2023-06 · Price NOK 103.00 · Value 81.24 · Buy at or below 81.24; 2023-07 · Price NOK 106.80 · Value 81.24 · Buy at or below 81.24; 2023-08 · Price NOK 108.20 · Value 81.24 · Buy at or below 81.24; 2023-09 · Price NOK 105.40 · Value 81.24 · Buy at or below 81.24; 2023-10 · Price NOK 102.40 · Value 81.24 · Buy at or below 81.24; 2023-11 · Price NOK 101.00 · Value 81.24 · Buy at or below 81.24; 2023-12 · Price NOK 109.40 · Value 81.24 · Buy at or below 81.24; 2024-01 · Price NOK 111.00 · Value 81.24 · Buy at or below 81.24; 2024-02 · Price NOK 117.60 · Value 100.86 · Buy at or below 100.86; 2024-03 · Price NOK 116.40 · Value 100.86 · Buy at or below 100.86; 2024-04 · Price NOK 127.78 · Value 100.86 · Buy at or below 100.86; 2024-05 · Price NOK 130.94 · Value 100.86 · Buy at or below 100.86; 2024-06 · Price NOK 125.50 · Value 100.86 · Buy at or below 100.86; 2024-07 · Price NOK 140.00 · Value 100.86 · Buy at or below 100.86; 2024-08 · Price NOK 132.38 · Value 100.86 · Buy at or below 100.86; 2024-09 · Price NOK 125.58 · Value 100.86 · Buy at or below 100.86; 2024-10 · Price NOK 135.14 · Value 100.86 · Buy at or below 100.86; 2024-11 · Price NOK 131.90 · Value 100.86 · Buy at or below 100.86; 2024-12 · Price NOK 141.70 · Value 100.86 · Buy at or below 100.86; 2025-01 · Price NOK 145.78 · Value 100.86 · Buy at or below 100.86; 2025-02 · Price NOK 142.24 · Value 152.12 · Buy at or below 152.12; 2025-03 · Price NOK 137.60 · Value 152.12 · Buy at or below 152.12; 2025-04 · Price NOK 139.76 · Value 152.12 · Buy at or below 152.12; 2025-05 · Price NOK 155.60 · Value 152.12 · Buy at or below 152.12; 2025-06 · Price NOK 160.10 · Value 152.12 · Buy at or below 152.12; 2025-07 · Price NOK 162.06 · Value 152.12 · Buy at or below 152.12; 2025-08 · Price NOK 169.76 · Value 152.12 · Buy at or below 152.12; 2025-09 · Price NOK 175.42 · Value 152.12 · Buy at or below 152.12; 2025-10 · Price NOK 176.50 · Value 152.12 · Buy at or below 152.12; 2025-11 · Price NOK 179.34 · Value 152.12 · Buy at or below 152.12; 2025-12 · Price NOK 198.06 · Value 152.12 · Buy at or below 152.12; 2026-01 · Price NOK 192.00 · Value 152.12 · Buy at or below 152.12; 2026-02 · Price NOK 205.65 · Value 152.51 · Buy at or below 152.51; 2026-03 · Price NOK 199.52 · Value 152.51 · Buy at or below 152.51; 2026-04 · Price NOK 201.20 · Value 152.51 · Buy at or below 152.51; 2026-05 · Price NOK 190.30 · Value 152.51 · Buy at or below 152.51; 2026-06 · Price NOK 185.84 · Value 152.51 · Buy at or below 152.51; 2026-07 · Price NOK 196.58 · Value 152.51 · Buy at or below 152.51; 2026-08 · Price NOK 204.15 · Value 152.51 · Buy at or below 152.51; 2026-09 · Price NOK 212.10 · Value 152.51 · Buy at or below 152.51; 2026-10 · Price NOK 202.45 · Value 152.51 · Buy at or below 152.51; 2026-10 · Price NOK 200.10 · Value 152.51 · Buy at or below 152.51

NOK per share · annual estimates

Price & return math
Value range	NOK 136.39 – NOK 172.96
Buy at or below	Central value NOK 152.51
Discount to value	1 − 200.10 / 152.51 = -31.2%
Return / year	About 8.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book NOK 249.26/share; ROE 6.7%; first payout NOK 12.90/share, growing 1.5% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeNOK 2.6B

Net income

Book / shareNOK 248.62

Book / share

Dividend / shareNOK 13.40

Dividend / share

Return on tangible equity6.1%

Return on tangible equity

Diluted shares173M

Diluted shares

Prices 15 Oct 2026 · FY2025