olivLaw · European equity research
SpareBank 1 Helgeland HELG.OL
Norway · Euronext Oslo Børs · ISIN NO0010029804 · Vertical: Listed companies from Norway
SpareBank 1 Helgeland is a regional Norwegian bank that finances private and corporate customers in Helgeland and supports local community development. Its relevance now lies in the green transition and in how it manages climate risk exposure in its loan book, according to its 2025 sustainability reporting.
At the close of 06 Nov 2026, SpareBank 1 Helgeland (HELG.OL) stock was 174.90 NOK (−1.79% on the day), with market capitalisation 4.7 bn NOK, P/E 12.5 on diluted EPS of 14.00 NOK over the last 12 months, dividend yield 5.89%, beta 0.13, 52-week range 151.48–183.00 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)
- 53.3
- neutral
- Bollinger (20, 2)
- 167.66 – 178.72
- in the upper half of the band · %B 0.65 · band width 6.4%
- SMA 50 / 200
- 173.54 / 165.83
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.60 / 0.23
- 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 | +1.7% | −0.6% | +2.3 pp | — |
| 3 months | +10.3% | −4.2% | +14.5 pp | — |
| 6 months | +5.4% | +4.3% | +1.0 pp | — |
| Year to date | −4.4% | +7.5% | −11.9 pp | — |
| 1 year | +3.5% | +9.9% | −6.4 pp | −5.7% |
| 3 years | +45.8% | +49.8% | −4.1 pp | +15.0% |
| 5 years | +37.7% | +42.8% | −5.1 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 9.0, median 9.4, max 13.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 374.0 m | 439.0 m | 379.0 m |
| Net income YoY | unavailable | +17.4% | −13.7% |
| Diluted EPS | 13.90 | 16.20 | 14.00 |
| Diluted EPS YoY | unavailable | +16.5% | −13.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 1.8 bn | -200.0 m | 482.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 5.4 bn NOK
- Total assets
- 41.1 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 7.1%
- 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 | 650.0 m | 743.0 m | 650.0 m | esef· 21 Oct 2026verified |
| Income tax | 160.0 m | 172.0 m | 146.0 m | esef· 21 Oct 2026verified |
| Net income | 374.0 m | 439.0 m | 379.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 13.90 | 16.20 | 14.00 | esef· 21 Oct 2026verified |
| Dividend per share | 12.23 | 13.32 | 10.31 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 924.0 m | 1.3 bn | 1.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 250.0 m | 271.0 m | 268.0 m | esef· 21 Oct 2026verified |
| Total assets | 36.9 bn | 39.0 bn | 41.1 bn | esef· 21 Oct 2026verified |
| Total liabilities | 31.8 bn | 33.8 bn | 35.7 bn | esef· 21 Oct 2026verified |
| Equity | 5.1 bn | 5.2 bn | 5.4 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 26.9 m | 27.1 m | 27.1 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.9 bn | -163.0 m | 501.0 m | esef· 21 Oct 2026verified |
| Capex | 64.0 m | 37.0 m | 19.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 1.8 bn ≈ | -200.0 m ≈ | 482.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -260.0 m | -112.0 m | -406.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -2.2 bn | 695.0 m | -95.0 m | esef· 21 Oct 2026verified |
| Dividends paid | 329.0 m | 361.0 m | 279.0 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: 4.7 bn 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 | 127.2% | 100 (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 | 12.5x | 65 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.2% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 5.9% | 84 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 57.9% | 89 (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· partial100/100 · 1/3 factors with a value
- Returns86/100 · 2/2 factors with a value
- Valuation81/100 · 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
SPAREBANK 1 HELGELAND (HELG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 7.1%.
The estimated value range is 114.65–283.59 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 194.18 NOK, the price of 174.90 NOK leaves a potential of 11.0% (value / price − 1) and a margin of safety of 9.9% (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
- FCF conversion: 127.2%
- FCF yield: 10.2%
- Shareholder yield (distributions): 5.9%
- Payout ratio (FCF): 57.9%
What contradicts it
- 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 HELG.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
SpareBank 1 Helgeland is a regional Norwegian bank that finances private and corporate customers in Helgeland and supports local community development. Its relevance now lies in the green transition and in how it manages climate risk exposure in its loan book, according to its 2025 sustainability reporting.
SWOT
Strengths
- The bank holds a strong position in the region and a close relationship with clients and the local community, supported by a formal stakeholder dialogue process 1.
- The double materiality analysis carried out in 2025 and approved by the board provides a structured basis for managing risks and opportunities 1.
- The bank has an ESG risk governance framework integrated into capital and risk management 1.
Weaknesses
- The financial effects of many of the identified risks have not yet been quantified and have only been assessed qualitatively 1.
- The bank acknowledges a competence and data quality risk around ESG data, which could lead to mispriced risk 1.
- A pay gap between women and men exists and is identified as a negative impact on employees 1.
Opportunities
- The new green product framework could attract clients financing their energy transition 1.
- The bank can strengthen client loyalty and competitiveness by clearly presenting its contribution to the community 1.
- Being an attractive employer for qualified staff could reduce the risk of labour shortages in the region 1.
Risks
- Climate devaluation of the portfoliohigh
Assets financed in high-emission sectors could lose value as the transition advances, a risk the bank considers real 1.
- Physical climate risksmedium
Extreme weather events could affect collateral and the repayment capacity of clients in the region 1.
- Money laundering preventionhigh
If suspicious transactions are not stopped in time, the bank could face sanctions and reputational damage 1.
- IT security and personal datamedium
A cyberattack or access error could expose client personal data and lead to fines 1.
- Shortage of qualified stafflow
Demographic change could make it harder to attract qualified staff in the region 1.
Investment thesis
What would need to be true (bull case)
- If the bank converts its regional position and green strategy into lending growth, it could benefit from a stable base of local clients.
- The green product framework and the climate transition plan could open new financing opportunities.
- A close relationship with the community and a strong local reputation can support client loyalty against competition.
What would break the thesis
- If transition climate risks materialise, the corporate loan book could suffer devaluation.
- The financial effects of many risks are not quantified, which makes the real impact hard to assess.
- Rising compliance costs and regulatory pressure could reduce profitability margins.
What to watch
- Progress of the green product framework and volume of green financing2026
- Development of market share in Helgeland against the target above 60 percent2026
- Updated quantification of financial effects from climate risksnext annual report
- Measures to close the pay gap and address IT risks2026
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
According to the annual report for the year ended 31 December 2025, the bank defines its role as a driving force for growth in Helgeland, with a target market share above 60 percent plus lending growth 1. Its activities include financing corporate clients, where clients with commitments above 5 million kroner have an annual conversation with their adviser 1. The bank also aims to contribute to an attractive local living environment that attracts residents and limits outmigration 1.
Segments
Corporate clients
The corporate segment, called bedriftsmarkedet in the report, is the main channel through which the bank influences the climate transition. Its portfolio strategy, including the choice of financed sectors, is linked to the climate transition plan and to the new green product framework adopted in 2025 1.
Market context
Trends
- Climate transitionmixed
The shift toward a low-emission economy could change the value of assets in the corporate loan book. The bank identified the risk of portfolio devaluation as material and linked it to its climate transition plan 1.
- Green financial productstailwind
The adoption of a new green product framework in 2025 could create financing opportunities for clients adapting to the transition 1. The effect depends on client demand for such products.
- Reporting and regulatory requirementsheadwind
Sustainability reporting and supervisory ESG requirements are becoming more detailed. The bank continuously follows the expectations of Finanstilsynet and the EBA, which could raise compliance costs 1.
- Regional demographicsmixed
Demographic change in the region could limit access to qualified staff, a financial risk the bank has identified 1. On the other hand, a large and locally attractive bank may attract well-qualified candidates 1.
Competitive position
The bank is part of the SpareBank 1 alliance, which brings together several Norwegian regional banks and collaborates in the alliance's sustainability forum 1. Direct competition comes from other regional banks and from national institutions active in Helgeland, but the supplied sources do not identify competitors in detail.
- SpareBank 1 alliance
Group of Norwegian regional banks with which the bank collaborates, including in the alliance's sustainability forum 1.
- Other Norwegian regional banks
Competitors in the same geographic area or in neighbouring regions, not identified in detail in the supplied source.
- National banks active in the region
Larger financial institutions offering similar services to corporate clients in Helgeland, without details in the supplied source.
- Digital financial service providers
Possible competition through digital channels, not identified in the supplied source.
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 / SpareBank 1 Helgeland · 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.