olivLaw · European equity research
Voss Veksel- og Landmandsbank ASA VVL.OL
Norway · Euronext Oslo Børs · ISIN NO0003025009 · Vertical: Listed companies from Norway
Voss Veksel- og Landmandsbank ASA is an independent local bank in Voss, Norway, part of the Eika Alliance, which provides proximity banking to clients in its local communities. The bank keeps its strategy of independence and local anchoring, while the alliance supplies its IT infrastructure, payments and digital services through Eika Gruppen. Its small scale makes its funding and risk structure worth watching closely.
At the close of 06 Nov 2026, Voss Veksel- og Landmandsbank ASA (VVL.OL) stock was 430.00 NOK (−1.83% on the day), with market capitalisation 947.7 m NOK, P/E 11.3 on diluted EPS of 38.20 NOK over the last 12 months, dividend yield 3.84%, beta 0.12, 52-week range 370.00–515.00 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)
- 52.0
- neutral
- Bollinger (20, 2)
- 413.80 – 438.20
- in the upper half of the band · %B 0.66 · band width 5.7%
- SMA 50 / 200
- 425.80 / 444.49
- mixed trend
- MACD (12, 26, 9)
- 1.98 / 0.61
- 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 | +2.4% | −0.6% | +3.0 pp | — |
| 3 months | −4.9% | −4.2% | −0.7 pp | — |
| 6 months | −9.7% | +4.3% | −14.0 pp | — |
| Year to date | +6.4% | +7.5% | −1.1 pp | — |
| 1 year | +16.2% | +9.9% | +6.3 pp | −5.7% |
| 3 years | +93.7% | +49.8% | +43.8 pp | +15.0% |
| 5 years | +115.0% | +42.8% | +72.2 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 100 percentile of its own 3-quarter history (min 7.3, median 8.0, max 10.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 72.8 m | 85.7 m | 84.2 m |
| Net income YoY | unavailable | +17.8% | −1.8% |
| Diluted EPS | 33.04 | 38.91 | 38.20 |
| Diluted EPS YoY | unavailable | +17.8% | −1.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 172.2 m | 89.5 m | 13.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 295.0 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 841.8 m NOK
- Total assets
- 7.0 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.4%
- ROA
- 1.2%
- 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 | 101.1 m | 118.0 m | 115.9 m | esef· 21 Oct 2026verified |
| Income tax | 23.4 m | 27.3 m | 26.6 m | esef· 21 Oct 2026verified |
| Net income | 72.8 m | 85.7 m | 84.2 m | esef· 21 Oct 2026verified |
| Diluted EPS | 33.04 | 38.91 | 38.20 | esef· 21 Oct 2026verified |
| Dividend per share | 10.50 | 14.16 | 16.50 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 343.1 m | 245.1 m | 295.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 16.9 m | 19.5 m | 24.4 m | esef· 21 Oct 2026verified |
| Total assets | 6.3 bn | 6.5 bn | 7.0 bn | esef· 21 Oct 2026verified |
| Total liabilities | 5.5 bn | 5.7 bn | 6.2 bn | esef· 21 Oct 2026verified |
| Equity | 724.5 m | 776.4 m | 841.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 2.2 m | 2.2 m | 2.2 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 173.5 m | 93.3 m | 20.3 m | esef· 21 Oct 2026verified |
| Capex | 1.3 m | 3.9 m | 6.7 m | esef· 21 Oct 2026verified |
| Free cash flow | 172.2 m ≈ | 89.5 m ≈ | 13.6 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -8.0 m | 980.0 k | 56.1 m | esef· 21 Oct 2026verified |
| Financing cash flow | -48.2 m | -192.3 m | -26.5 m | esef· 21 Oct 2026verified |
| Dividends paid | 23.1 m | 31.2 m | 36.4 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 947.7 m NOK
Key indicators
Coverage and freshness
Score by group
35% · 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 16.2% | 0 (on a fixed band) | 18% |
| 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 | 11.3x | 65 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.4% | 18 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 3.8% | 55 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 267.1% | 0 (on a fixed band) | 12% |
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
- Returns33/100 · 2/2 factors with a value
- Valuation44/100 · 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
Voss Veksel- og Landsmandsbank ASA (VVL.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.4%.
The estimated value range is 255.83–703.37 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 466.82 NOK, the price of 430.00 NOK leaves a potential of 8.6% (value / price − 1) and a margin of safety of 7.9% (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: 5 of at least 6; score weight coverage: 35.4% 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
- FCF conversion: 16.2%
- FCF yield: 1.4%
- Payout ratio (FCF): 267.1%
- The valuation methods diverge
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.
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 VVL.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
Voss Veksel- og Landmandsbank ASA is an independent local bank in Voss, Norway, part of the Eika Alliance, which provides proximity banking to clients in its local communities. The bank keeps its strategy of independence and local anchoring, while the alliance supplies its IT infrastructure, payments and digital services through Eika Gruppen. Its small scale makes its funding and risk structure worth watching closely 1.
SWOT
Strengths
- Deep local anchoring and a strong personal relationship with clients, supported by its own strategy and a distinct brand identity 1.
- Access to the alliance's shared infrastructure, including IT, payments and digital services, without needing large investments of its own 1.
- A stable deposit base from the local community, which supports its liquidity profile and reduces reliance on market funding 1.
Weaknesses
- Small size and a geographically concentrated client base, which limits diversification of credit and income risk 1.
- Dependence on the alliance's shared structures for key functions, which reduces flexibility in adopting solutions of its own 1.
- A small number of employees, so any absence or departure of key staff could have a visible impact on operational capacity 1.
Opportunities
- Growing demand for proximity banking and digitalisation could extend the client base if the bank keeps its relational advantage 1.
- Development of covered-bond funding through the alliance could facilitate growth in mortgage lending 1.
- Advisory activity and insurance sales could bring additional income from existing client relationships 1.
Threats
- Competitive pressure from large banks and digital operators could reduce margins and local market share 1.
- Climate risk on corporate loans in construction, property and agriculture could increase losses in certain scenarios 1.
- Rising compliance costs and regulatory changes could weigh on the profitability of a bank of small size 1.
Risks
- Corporate credit riskmedium
Loans to companies in climate-sensitive sectors could generate losses if the local economic situation deteriorates 1.
- Geographic concentration riskmedium
Activity concentrated in a narrow geographic area makes the bank vulnerable to regional economic shocks 1.
- Compliance risklow
A compliance failure in anti-money laundering or data protection could attract sanctions and financial losses 1.
- Operational and dependency risklow
Dependence on the alliance's shared systems and on a small number of key staff could amplify the impact of an operational failure 1.
Investment thesis
What would need to be true (bull case)
- If the bank keeps its close client relationships and benefits from the alliance's infrastructure, it could maintain a stable position in its local communities 1.
- The local deposit base and the low liquidity risk profile could provide stable funding even in periods of market stress 1.
- Access to covered-bond funding through the alliance could support growth in mortgage lending without diminishing portfolio quality 1.
What would break the thesis
- Small size and geographic concentration could make the bank more vulnerable than more diversified competitors to a regional crisis 1.
- Pressure from large banks and digital platforms could reduce margins and could force the bank into additional investment 1.
- Climate risk in the corporate portfolio could generate unexpected losses if transition scenarios materialise faster 1.
What to watch
- Development of credit quality in corporate sectors exposed to climate risk2026
- Level of deposits relative to gross loansnext annual report
- Evolution of digital services and investment in alliance infrastructure2027
- Changes in compliance regulation and associated costs2027
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
The bank operates as a savings and lending bank headquartered on Voss, with a stated aim of remaining an independent, well-regarded bank with strong local roots. The board has set a moderate risk profile. According to the 2025 annual report, the bank has its head office on Vangsgata and advisory offices in Eidfjord and Kinsarvik 1.
The bank is part of the Eika Alliance, a network of local banks that keep their own autonomy and strategy but share infrastructure services. Eika Gruppen provides the IT platform, payments and digital services, while Eika Boligkreditt provides long-term funding through covered bonds for mortgage lending 1.
The bank funds its activity mainly from deposits of retail customers in its market area, which, according to the report, gives it a profile of low liquidity risk. The bank has no standard fixed rates on deposits or loans, and transactions with officers are reported at market prices 1.
Segments
Retail deposits and lending
The core activity consists of deposits and loans to private and corporate clients in the local communities. The report indicates a high level of deposits relative to gross loans, which supports the bank's liquidity profile 1.
Advisory and investment services
The bank has authorised financial advisers and staff certified to sell insurance and to advise on credit. This component supports the personal relationship with clients and diversifies the product offer 1.
Market context
The bank operates mainly in local communities in Norway, where it competes on proximity and knowledge of clients. The Eika network includes banks present in many municipalities, which points to a regionally fragmented market with small and medium-sized operators 1.
Mortgage funding and access to bond markets are essential for banks of this size, and the alliance structure gives them access through the joint funding company. Loan demand depends on the development of the local economy and on the level of interest rates 1.
Trends
- Digitalisation of banking servicesmixed
Development of digital solutions such as internet and mobile banking is carried out by Eika Gruppen for the whole alliance, which lowers development costs for the individual bank. If clients move massively to digital channels, the bank could need continuing investment 1.
- Climate risk in corporate lendingheadwind
The report shows that exposure to climate risk relates mainly to corporate loans, especially in commercial property, construction and agriculture. Integrating climate assessment into the credit process could limit long-term losses 1.
- Compliance requirementsheadwind
Compliance activity has intensified in recent years, particularly for anti-money laundering and GDPR. Costs of regulatory compliance could rise, but banks with well-organised processes can manage them more efficiently 1.
- Consolidation of the alliance networktailwind
The Eika Alliance is consolidating its shared functions, including through the new sustainability unit Eika Bærekraft. This could bring economies of scale and a common methodological framework for reporting 1.
Competitive position
The bank competes with other local and regional banks in Norway, as well as with the large commercial banks active in urban areas. Its advantage lies in personal relationships and knowledge of the community, and the shared infrastructure of the alliance allows it to keep pace with technological requirements 1.
- Sparebank 1 SR-Bank
Norwegian regional bank in the same geographic area, competing for local loans and deposits.
- DNB Bank
The largest bank in Norway, with a national network and large capacity to fund itself in capital markets.
- Fremtind Forsikring
Insurance company in which Eika Gruppen holds a stake, competing with the insurance services offered to clients.
- Kredittbanken
Norwegian company specialised in unsecured credit, in which the alliance banks hold a stake.
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 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Voss Veksel- og Landmandsbank ASA · 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.