olivLaw · European equity research
Aurskog Sparebank AURG.OL
Norway · Euronext Oslo Børs · ISIN NO0006001601 · Vertical: Listed companies from Norway
Aurskog Sparebank is a savings bank listed on Oslo Børs that offers banking services to private and corporate customers in Norway. Profit after tax reached 235.7 MNOK in 2024, and growth in loans and deposits points to an expanding banking franchise, while the interest margin could come under pressure as rates are expected to fall.
At the close of 06 Nov 2026, Aurskog Sparebank (AURG.OL) stock was 263.95 NOK (−0.02% on the day), with market capitalisation 3.4 bn NOK, P/E 14.5 on diluted EPS of 18.20 NOK over the last 12 months, dividend yield 2.03%, beta 0.07, 52-week range 244.00–270.75 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)
- 52.1
- neutral
- Bollinger (20, 2)
- 259.01 – 269.29
- in the lower half of the band · %B 0.48 · band width 3.9%
- SMA 50 / 200
- 260.77 / 258.90
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.33 / 0.68
- MACD below 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 | +0.3% | −0.6% | +1.0 pp | — |
| 3 months | +2.7% | −4.2% | +6.9 pp | — |
| 6 months | +3.5% | +4.3% | −0.8 pp | — |
| Year to date | −2.3% | +7.5% | −9.8 pp | — |
| 1 year | +7.8% | +9.9% | −2.2 pp | −5.7% |
| 3 years | +26.9% | +49.8% | −22.9 pp | +15.0% |
| 5 years | +46.3% | +42.8% | +3.5 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 2-quarter history (min 12.1, median 12.5, max 12.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 177.6 m | 214.5 m | 235.7 m |
| Net income YoY | unavailable | +20.8% | +9.9% |
| Diluted EPS | unavailable | 18.29 | 18.20 |
| Diluted EPS YoY | unavailable | unavailable | −0.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -31.3 m | -381.4 m | -745.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 725.4 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 2.3 bn NOK
- Total assets
- 19.2 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.5%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 231.1 m | 279.4 m | 304.5 m | esef· 08 May 2025verified |
| Income tax | 53.5 m | 64.9 m | 68.8 m | esef· 08 May 2025verified |
| Net income | 177.6 m | 214.5 m | 235.7 m | esef· 08 May 2025verified |
| Diluted EPS | — | 18.29 | 18.20 | esef· 08 May 2025verified |
| Dividend per share | — | 3.94 | 5.35 | esef· 08 May 2025derived |
Balance sheet · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 529.4 m | 838.0 m | 725.4 m | esef· 08 May 2025verified |
| Property, plant & equipment, net | 121.2 m | 42.4 m | 43.1 m | esef· 08 May 2025verified |
| Total assets | 15.6 bn | 17.4 bn | 19.2 bn | esef· 08 May 2025verified |
| Total liabilities | 13.6 bn | 15.2 bn | 16.9 bn | esef· 08 May 2025verified |
| Equity | 1.9 bn | 2.2 bn | 2.3 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | — | 11.7 m | 13.0 m | esef· 08 May 2025derived |
Cash flow · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -30.9 m | -381.4 m | -744.5 m | esef· 08 May 2025verified |
| Capex | 357.0 k | 0 | 710.0 k | esef· 08 May 2025verified |
| Free cash flow | -31.3 m ≈ | -381.4 m ≈ | -745.2 m ≈ | esef· 08 May 2025derived |
| Investing cash flow | -30.7 m | -23.0 k | -33.8 m | esef· 08 May 2025verified |
| Financing cash flow | 220.1 m | 690.0 m | 665.7 m | esef· 08 May 2025verified |
| Dividends paid | 37.0 m | 46.2 m | 69.3 m | esef· 08 May 2025verified |
≈ 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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn NOK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -316.1% | 0 (on a fixed band) | 20% |
| 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 | 14.5x | 55 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -21.8% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 2.0% | 29 (on a fixed band) | 20% |
| 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· partial29/100 · 1/2 factors with a value
- Valuation31/100 · 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
AURSKOG SPAREBANK (AURG.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 10.5%.
The estimated value range is 109.59–319.92 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 208.82 NOK, the price of 263.95 NOK leaves a potential of -20.9% (value / price − 1) and a margin of safety of -26.4% (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: 4 of at least 6; score weight coverage: 31.2% 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: -316.1%
- FCF yield: -21.8%
- Shareholder yield (distributions): 2.0%
- 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, 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 AURG.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
Aurskog Sparebank is a savings bank listed on Oslo Børs that offers banking services to private and corporate customers in Norway. Profit after tax reached 235.7 MNOK in 2024 1, and growth in loans and deposits points to an expanding banking franchise, while the interest margin could come under pressure as rates are expected to fall.
SWOT
Strengths
- Solid, regulated capitalisation with capital levels above authority requirements, plus a close customer relationship model.
- Steady growth in loans and deposits, showing an expanding customer base.
- Access to the Eika cooperative network, which provides shared products and infrastructure.
Weaknesses
- Dependence on the local Norwegian market and a relatively low degree of geographic diversification.
- Operating costs have risen with new investments in staff and premises.
- Bond funding has grown, which makes the bank more sensitive to capital market conditions.
Opportunities
- Changes to mortgage requirements could attract new customers, especially young home buyers.
- The partnership with an accounting services provider could generate cross-selling to business customers.
- New branches could open access to expanding local markets.
Threats
- Falling policy rates could compress interest margins.
- Intense competition in banking could put pressure on loan pricing.
- Geopolitical tensions and economic uncertainty could affect the quality of the loan portfolio.
Risks
- Interest marginhigh
The anticipated cut in the policy rate could reduce interest income, which could affect profitability.
- Geographic concentrationmedium
Activity is concentrated in the local region, exposing the bank to regional economic conditions.
- Loan qualitymedium
Rising credit losses and customers in difficulty could lead to additional provisioning costs.
- Operating costsmedium
Investment in staff and new premises could keep costs high before revenues catch up.
- Funding and capital marketslow
Reliance on bonds and capital instruments could expose the bank to tougher market conditions.
Investment thesis
What would need to be true (bull case)
- Rising profit and solid growth in loans and deposits point to an expanding bank with comfortable capitalisation.
- Close customer relationships and a good reputation could support winning new customers even in a competitive environment.
- Relaxed mortgage requirements could boost growth in the loan portfolio.
What would break the thesis
- Falling interest rates could compress margins, and rising costs could weigh on efficiency.
- Geographic concentration and reliance on bond funding could make the bank vulnerable to local or market shocks.
- Intense competition could force banks to accept lower margins to keep customers.
What to watch
- Evolution of the interest margin after any policy rate cuts2025
- Effect of investments in staff and new offices on operating costs2025
- Impact of mortgage requirement changes on loan growth2025
- Quality of the loan portfolio and the level of credit lossesnext 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
The bank is a savings bank with equity certificate capital, listed on Oslo Børs, offering banking products to private individuals and businesses in Norway, with its head office in Aurskog 1. Earnings come mainly from the spread between interest received on loans and interest paid on deposits and bonds, supplemented by fees and investment income. The bank also brokers loans to Eika Boligkreditt, which extends its asset base without holding everything on its balance sheet 1.
The business also includes small real estate subsidiaries, and in 2024 the bank invested in new staff and offices in Gjøvik and Nannestad, with a new office planned in Lillestrøm 1. A partnership with Wepe Regnskap AS complements its accounting and advisory offer to customers 1.
The bank focuses on direct relationships with local customers and tailored solutions, which according to the annual report has brought a good reputation and steady inflows of new customers 1.
Segments
Market context
The bank operates in the Norwegian market, where rising housing prices and changes to mortgage rules fuelled demand, and loan growth outpaced deposit growth 1. The market remains sensitive to the policy rate, which management expects could fall in 2025 1.
Rising competition in the local banking sector could limit margins, and the bank notes that regulatory changes on capital could improve its capital position 1.
Trends
- Falling interest ratesheadwind
Management expects the central bank could cut rates, which could compress banks' interest margins, including Aurskog's 1.
- Housing market demandtailwind
Changes to equity requirements for mortgages could boost housing market activity, with rising interest from younger customers 1.
- Investment costsmixed
Investment in staff and new offices raises operating costs but could strengthen the bank's long-term revenue base 1.
- Geopolitical uncertaintyheadwind
Security tensions in the world create uncertainty for markets and the Norwegian economy, which could affect the bank's operating conditions 1.
Competitive position
The bank competes with other Norwegian savings banks and commercial banks in the local market, and management signals that intensifying competition could pressure margins 1. Partnerships within the Eika group are an important element of its shared strategy.
- Sparebanken Vest
Norwegian savings bank in the western region, a direct competitor in local lending.
- DNB Bank
Norway's largest banking group, competing for loans and deposits nationwide.
- Eika Gruppen
Cooperative group of Norwegian savings banks, a partner and shareholder of the bank.
- SpareBank 1 Østlandet
Regional savings bank active in eastern Norway, a close competitor.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Aurskog Sparebank · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.