# 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.

## Reported holder observations