olivLaw · European equity research
Sparebanken Øst SPOG.OL
Norway · Euronext Oslo Børs · ISIN NO0006222009 · Vertical: Listed companies from Norway
Sparebanken Øst is a Norwegian savings bank headquartered in central Eastern Norway, lending mainly to clients in its region and channelling part of its profit to public-benefit purposes. The bank maintains strong loan quality and a high capital position, while giving growing attention to climate risk and its net zero target.
At the close of 06 Nov 2026, Sparebanken Øst (SPOG.OL) stock was 71.49 NOK (−0.08% on the day), with market capitalisation 5.2 bn NOK, P/E 10.5 on diluted EPS of 6.82 NOK over the last 12 months, beta 0.28, 52-week range 70.20–86.69 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)
- 50.1
- neutral
- Bollinger (20, 2)
- 70.26 – 72.47
- in the upper half of the band · %B 0.56 · band width 3.1%
- SMA 50 / 200
- 71.70 / 75.44
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.16
- 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 | −0.2% | −0.6% | +0.5 pp | — |
| 3 months | −1.5% | −4.2% | +2.6 pp | — |
| 6 months | −5.7% | +4.3% | −10.0 pp | — |
| Year to date | −10.8% | +7.5% | −18.4 pp | — |
| 1 year | +0.8% | +9.9% | −9.1 pp | −5.7% |
| 3 years | +50.8% | +49.8% | +1.0 pp | +15.0% |
| 5 years | +28.1% | +42.8% | −14.7 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 33 percentile of its own 3-quarter history (min 8.9, median 10.6, max 11.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 411.3 m | 492.9 m | 494.3 m |
| Net income YoY | unavailable | +19.8% | +0.3% |
| Diluted EPS | 5.67 | 6.80 | 6.82 |
| Diluted EPS YoY | unavailable | +19.9% | +0.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -652.8 m | 625.5 m | 103.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 280.3 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 5.0 bn NOK
- Total assets
- 45.8 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 9.8%
- ROA
- 1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 433.8 m | 449.3 m | 280.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 122.8 m | 134.6 m | 135.2 m | esef· 21 Oct 2026verified |
| Total assets | 45.4 bn | 46.4 bn | 45.8 bn | esef· 21 Oct 2026verified |
| Total liabilities | 40.5 bn | 41.4 bn | 40.8 bn | esef· 21 Oct 2026verified |
| Equity | 4.9 bn | 5.0 bn | 5.0 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 72.5 m | 72.5 m | 72.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -640.2 m | 644.9 m | 113.2 m | esef· 21 Oct 2026verified |
| Capex | 12.6 m | 19.4 m | 9.9 m | esef· 21 Oct 2026verified |
| Free cash flow | -652.8 m ≈ | 625.5 m ≈ | 103.3 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -28.1 m | -110.1 m | 228.6 m | esef· 21 Oct 2026verified |
| Financing cash flow | 599.6 m | -519.2 m | -510.8 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 5.2 bn NOK
Key indicators
Coverage and freshness
Score by group
25% · 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: 3 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 20.9% | 0 (on a fixed band) | 25% |
| 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 | 10.5x | 70 (vs peers) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.0% | 25 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| 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· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation50/100 · 2/3 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 ØST (SPOG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 9.8%.
The estimated value range is 62.45–215.46 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 134.75 NOK, the price of 71.49 NOK leaves a potential of 88.5% (value / price − 1) and a margin of safety of 46.9% (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: 3 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 10.5x
What contradicts it
- FCF conversion: 20.9%
- FCF yield: 2.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), 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 SPOG.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 Øst is a Norwegian savings bank headquartered in central Eastern Norway, lending mainly to clients in its region and channelling part of its profit to public-benefit purposes. The bank maintains strong loan quality and a high capital position, while giving growing attention to climate risk and its net zero target 1.
SWOT
Strengths
- Strong equity capital and a high core capital ratio that support the capacity to grow lending.
- High-quality loan portfolio with a large share of mortgages granted at low loan-to-value ratios.
- Owner-controlled savings bank status, which allows part of the profit to return to the local community.
Weaknesses
- High geographic concentration in central Eastern Norway, exposing the bank to the regional economy.
- Lending volumes through digital channels have fallen, a sign of a weaker position in online competition.
- Limited exposure to business clients, which reduces income diversification from the commercial segment.
Opportunities
- Growth in lending to existing clients, if the property market and employment remain favourable.
- Development of sustainable products and green loans, in line with the bank's decarbonisation goals.
- Stronger ties with the community through public-benefit programmes and local partnerships.
Threats
- Global economic uncertainty and geopolitical risks that could affect prices and economic activity.
- A fall in house prices or employment could weaken collateral values and loan demand.
- Extreme weather events could affect clients' property and raise credit risk in the region.
Risks
- Geographic concentrationmedium
The bank's activity is concentrated in one region, so a local economic downturn could affect the quality of many loans at once.
- Exposure to the housing marketmedium
Mortgage collateral is the basis of the portfolio. A fall in house prices could reduce collateral values and raise losses if borrowers default.
- Climate riskmedium
Heavy rain and flooding can damage clients' property and could raise credit risk if such events become more frequent.
- Digital competitive pressuremedium
Lower volumes in digital channels suggest the bank could lose clients to more agile online competitors.
- Regulation and capital requirementslow
Changes to capital requirements or supervisory interpretations on the use of profit could limit the bank's distribution options.
Investment thesis
What would need to be true (bull case)
- If the bank keeps its high loan quality and strong capital, it could benefit from growing lending in its region and a stable long-term position.
- Its owner-controlled status and public-benefit programmes could strengthen loyalty from local clients and community support.
- If interest rates fall gradually, funding costs could decline, which could support loan volumes and margins.
What would break the thesis
- A fall in house prices could reduce collateral values and raise credit losses.
- Lower lending volumes through digital channels point to competitive pressure that could continue.
- If the regional economy slows, loan demand and portfolio quality could be affected at the same time.
What to watch
- Trend in credit losses and the share of non-performing loans2026 annual report
- Development of loan volumes to clients and the share from digital channels2026
- Norges Bank policy rate decisions and their effect on margins2026
- Progress toward the 2030 climate targets and growth in green loansnext annual report
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 Øst is a savings bank with an owner-controlled structure and a history of nearly 200 years, starting in 1843 as Egers Sparebank. Its core activity is lending and banking services for private individuals and businesses in its region, with a very large share of loans going to private clients. A significant part of its profit is set aside for public-benefit purposes 1.
The bank also finances vehicles through its subsidiary AS Financiering, which provides loans for vehicles secured by a sales pledge. Management considers the group's risk-bearing capacity strong, which supports its ability to grow lending to clients. Its dividend policy balances returns to equity certificate holders with support for the local community 1.
Public-benefit donations are a distinctive part of its model, supporting culture, volunteering, sport and projects for young people and vulnerable groups, especially in its home region. This link to the local community is central to how the bank describes its role as an independent institution 1.
Segments
Private clients
Loans to private individuals make up most of the portfolio and are generally secured by residential mortgages with low loan-to-value ratios. This concentration gives a relatively low risk profile, mainly tied to the housing and labour markets in central Eastern Norway 1.
Business clients
Lending to business clients is a smaller part of the balance sheet, and the bank takes a cautious approach with strong collateral and low loan-to-value ratios. Exposure to commercial property is limited relative to total loans 1.
Market context
The international environment remains uncertain, with moderate global growth and geopolitical risks that could affect prices and economic activity. Norges Bank has kept its policy rate unchanged and signalled a gradual cut if inflation develops as expected 1.
Trends
- Rising house pricesmixed
House prices are expected to keep rising, supported by low construction, population growth and high employment. This could support the quality of mortgage collateral, but may limit affordability for new borrowers.
- Monetary policymixed
The policy rate has been held unchanged, and signals of a gradual reduction could influence the interest margin and loan demand. The exact path depends on inflation and central bank decisions.
- Low credit lossestailwind
Credit losses have stayed at a very low level, and management regards loan default risk as low. If this persists, it could support the bank's profitability in the short term.
- Competitive pressure in digital consumer lendingheadwind
Lending through digital channels faces stronger competition, which has led to lower volumes in this segment. If the pressure persists, the bank could lose market share in this channel.
Competitive position
Sparebanken Øst competes mainly with other Norwegian savings banks and commercial banks, particularly in its home region. Competition is more intense in loans sold through digital channels than in those sold through branches. The source documents do not give a detailed comparison with other institutions.
The bank's advantages lie in its strong equity capital, its high share of lending in its home area and its close relationship with local clients. These factors may support its position, but they do not remove price pressure in more competitive markets.
- Other Norwegian savings banks
Compete in the same regional market and for the same mortgage and savings clients.
- Nationwide Norwegian commercial banks
Offer loans and digital services that may attract clients comparing prices online.
- Digital consumer lenders
Compete especially in loans through digital channels, where the bank has seen lower volumes.
- Vehicle finance companies
Compete with the bank's subsidiary in financing vehicles secured by a sales pledge.
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 Øst · 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.