olivLaw · European equity research
Sparebanken Møre MORG.OL
Norway · Euronext Oslo Børs · ISIN NO0012483207 · Vertical: Listed companies from Norway
Sparebanken Møre is a regional full-service bank serving persons, businesses and the public sector in north-western Norway. In 2025 it reported a profit after tax of 1,030 million kroner and a return on equity of 12.5 percent, amid falling policy rates and international trade uncertainty.
At the close of 06 Nov 2026, Sparebanken Møre (MORG.OL) stock was 112.56 NOK (+0.11% on the day), with market capitalisation 11.4 bn NOK, P/E 11.8 on diluted EPS of 9.57 NOK over the last 12 months, dividend yield 5.55%, beta 0.12, 52-week range 99.43–123.34 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.6
- strong (55–70)
- Bollinger (20, 2)
- 102.75 – 112.65
- in the upper half of the band · %B 0.99 · band width 9.2%
- SMA 50 / 200
- 109.32 / 111.90
- mixed trend
- MACD (12, 26, 9)
- 0.65 / -0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.1% | −0.6% | +4.8 pp | — |
| 3 months | 0.0% | −4.2% | +4.2 pp | — |
| 6 months | −1.3% | +4.3% | −5.6 pp | — |
| Year to date | −3.8% | +7.5% | −11.3 pp | — |
| 1 year | +11.8% | +9.9% | +1.9 pp | −5.7% |
| 3 years | +48.2% | +49.8% | −1.6 pp | +15.0% |
| 5 years | +31.2% | +42.8% | −11.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 8.3, median 9.7, max 12.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.0 bn | 1.0 bn | 970.0 m |
| Net income YoY | unavailable | +1.6% | −5.2% |
| Diluted EPS | 10.12 | 9.95 | 9.57 |
| Diluted EPS YoY | unavailable | −1.7% | −3.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 9.4 bn NOK
- Total assets
- 109.4 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.5%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 1.4 bn | 1.4 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Income tax | 334.0 m | 340.0 m | 320.0 m | esef· 21 Oct 2026verified |
| Net income | 1.0 bn | 1.0 bn | 970.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 10.12 | 9.95 | 9.57 | esef· 21 Oct 2026verified |
| Dividend per share | 4.00 | 7.50 | 6.25 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 353.0 m | 563.0 m | 1.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 206.0 m | 220.0 m | 330.0 m | esef· 21 Oct 2026verified |
| Total assets | 96.7 bn | 102.3 bn | 109.4 bn | esef· 21 Oct 2026verified |
| Total liabilities | 88.1 bn | 93.3 bn | 100.0 bn | esef· 21 Oct 2026verified |
| Equity | 8.7 bn | 9.0 bn | 9.4 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 99.5 m | 102.8 m | 101.4 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 11.4 bn NOK
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 11.8x | 65 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial65/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SPAREBANKEN MØRE (MORG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.5%.
The estimated value range is 74.47–189.04 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 128.43 NOK, the price of 112.56 NOK leaves a potential of 14.1% (value / price − 1) and a margin of safety of 12.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for MORG.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sparebanken Møre is a regional full-service bank serving persons, businesses and the public sector in north-western Norway. In 2025 it reported a profit after tax of 1,030 million kroner and a return on equity of 12.5 percent, amid falling policy rates and international trade uncertainty 1.
SWOT
Strengths
- Solid capitalisation, with capital ratios above regulatory minimums and a high level of customer deposits 1.
- Strong local presence through its branch network in Møre og Romsdal and its ties to the regional community 1.
- Broad range of financial services, from deposits and loans to insurance and real estate brokerage 1.
Weaknesses
Opportunities
- Rising household purchasing power could support demand for loans and deposits in the region 1.
- Product development through the contract banking model could widen the offering without large own investment 1.
- Demand from the business and public sector segment could grow if the bank strengthens its role as a partner 1.
Risks
- Dependence on interest marginsmedium
Net interest income fell in 2025, and further rate cuts could continue to pressure profitability 1.
- Credit qualitymedium
Losses on loans and guarantees rose in 2025 compared with the prior year, and exposure to credit-impaired customers could become a problem if the regional economy weakens 1.
- Capital and MREL requirementsmedium
MREL requirements for 2026 are high, and the capital requirement with its additional margin could limit the bank's financial flexibility 1.
- Geographic concentrationhigh
Activity is concentrated on Nordvestlandet in Norway, which makes the bank sensitive to local economic developments 1.
- Geopolitical and trade uncertaintylow
International trade policies and geopolitical tensions could cause volatility in funding markets and in the open Norwegian economy 1.
Investment thesis
What would need to be true (bull case)
- The bank reports a solid return on equity and strong capitalisation, giving it room to manoeuvre against regulatory requirements 1.
- Growth in customer deposits reduces reliance on funding markets and supports long-term funding stability 1.
- The savings bank model and local position could support lasting relationships with customers and businesses in the region 1.
What would break the thesis
- Net interest income fell compared with the prior year, and continued cuts in policy rates could weigh on profitability 1.
- The cost-to-income ratio worsened in 2025, which could signal weaker operating efficiency than in earlier years 1.
- Geographic concentration makes the bank vulnerable to shocks in the regional economy, and high capital requirements could limit distributions 1.
What to watch
- Trend in interest margins and net interest incomeQ1 2027
- Credit quality and the level of losses on loans and guarantees2027
- Progress toward the target of return on equity above 13 percent and cost-to-income below 40 percent2027
- Effect of MREL and capital requirements on the dividend policynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sparebanken Møre is a full-service bank for persons, businesses and the public sector on Nordvestlandet, with its head office in Ålesund and 24 offices in Møre og Romsdal plus one in Oslo 1. As a savings bank, it is tied to its local community, and a dividend to the local community is part of its profit distribution policy 1. Its activities cover financing, deposits, wealth management, financial advice, payments, currency and interest trading, insurance and real estate brokerage through its subsidiary Møre Eiendomsmegling AS 1.
At the end of 2025 the bank had 393 full-time equivalent employees, down 9 over the last 12 months 1. For the strategy period 2025-2028 it targets a return on equity above 13 percent and a cost-to-income ratio below 40 percent 1.
The business model is based on contract banking, under which the group can run and develop products in-house or together with partners and suppliers where this serves its purpose 1. The bank states its vision as being the leading driver of value creation on Nordvestlandet 1.
Segments
Business and public sector customers
Deposits from businesses and the public sector grew 12.6 percent over the last 12 months, and lending to business customers grew 2.7 percent 1. This segment accounts for 40.9 percent of deposits 1.
Income sources
Group profit in 2025 was supported by net interest income of 2,014 million kroner and other income of 376 million kroner, up 46 million kroner 1.
Market context
Trends
- Falling policy ratesheadwind
The cut in the key policy rate in 2025 and signals of further cuts in 2026 have narrowed deposit margins and, in part, lending margins 1. If cuts continue, pressure on net interest income could persist 1.
- International trade uncertaintymixed
US tariff policy created volatility in financial markets in 2025, and management considers the overall impact could be smaller than first feared 1. Geopolitical uncertainty remains, and the effects on the small, open Norwegian economy are still unclear 1.
- Regulatory capital and loss-absorbing requirementsmixed
Capital and MREL requirements set by the supervisor for 2026 impose a high level of capital and resolution-eligible liabilities 1. These requirements could limit dividends and growth capacity, although the bank holds a comfortable capital surplus 1.
Competitive position
Sparebanken Møre competes with other regional banks and with the large commercial banks of Norway for personal customers and small and medium-sized businesses on Nordvestlandet 1. Its advantage comes from local presence and the savings bank model, which ties the bank to its community 1.
In the larger corporate and public sector segment the bank presents itself as an attractive partner, but competition with national banks could affect margins and volumes 1. The source does not explicitly name listed competitors, so the list below is limited 1.
- Other Norwegian regional banks
Compete for the same personal customers and small and medium-sized businesses in the region, as described in the bank's market profile 1.
- National commercial banks in Norway
Compete for corporate and public sector customers, where the bank states its ambition to be an attractive partner 1.
- Digital financial service providers
Compete through digital channels, which the bank cites as part of the customer experience 1.
- Local real estate brokers
Compete in real estate brokerage, where the bank operates through its dedicated subsidiary 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sparebanken Møre · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.