olivLaw · European equity research
SpareBank 1 Nord-Norge NONG.OL
Norway · Euronext Oslo Børs · ISIN NO0006000801 · Vertical: Listed companies from Norway
SpareBank 1 Nord-Norge is a Norwegian savings bank whose equity certificates are listed on Oslo Børs and which operates in the Nord-Norge region. The 2025 annual report shows a detailed governance framework, with emphasis on equal treatment of owners and a programme for buying back its own equity certificates.
At the close of 06 Nov 2026, SpareBank 1 Nord-Norge (NONG.OL) stock was 180.88 NOK (−0.86% on the day), with market capitalisation 404.7 m NOK, P/E 0.1 on diluted EPS of 1,529.00 NOK over the last 12 months, dividend yield 471.46%, beta 0.46, 52-week range 136.90–182.44 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)
- 60.4
- strong (55–70)
- Bollinger (20, 2)
- 170.91 – 183.30
- in the upper half of the band · %B 0.80 · band width 7.0%
- SMA 50 / 200
- 173.72 / 159.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.23 / 1.88
- 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 | +7.1% | −0.6% | +7.8 pp | — |
| 3 months | +13.2% | −4.2% | +17.4 pp | — |
| 6 months | +23.4% | +4.3% | +19.0 pp | — |
| Year to date | +19.1% | +7.5% | +11.6 pp | — |
| 1 year | +31.0% | +9.9% | +21.1 pp | −5.7% |
| 3 years | +92.0% | +49.8% | +42.2 pp | +15.0% |
| 5 years | +72.6% | +42.8% | +29.8 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 0.1, median 0.1, max 0.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 2.5 bn | 3.6 bn | 3.4 bn |
| Net income YoY | unavailable | +44.0% | −5.8% |
| Diluted EPS | 114.00 | 1,630.00 | 1,529.00 |
| Diluted EPS YoY | unavailable | +1,329.8% | −6.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.6 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 20.8 bn NOK
- Total assets
- 144.3 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 17.0%
- ROA
- 2.4%
- 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 | 3.3 bn | 4.5 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Income tax | 725.0 m | 849.0 m | 822.0 m | esef· 21 Oct 2026verified |
| Net income | 2.5 bn | 3.6 bn | 3.4 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 114.00 | 1,630.00 | 1,529.00 | esef· 21 Oct 2026verified |
| Dividend per share | 71.81 | 867.99 | 852.77 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 bn | 2.0 bn | 1.6 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 811.0 m | 775.0 m | 814.0 m | esef· 21 Oct 2026verified |
| Total assets | 128.1 bn | 135.7 bn | 144.3 bn | esef· 21 Oct 2026verified |
| Total liabilities | 110.9 bn | 116.3 bn | 123.5 bn | esef· 21 Oct 2026verified |
| Equity | 17.2 bn | 19.3 bn | 20.8 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 22.1 m | 2.2 m | 2.2 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: 404.7 m 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 | 0.1x | 95 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 471.5% | 100 (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· partial100/100 · 1/2 factors with a value
- Valuation· partial95/100 · 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
SPAREBANK 1 NORD-NORGE (NONG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 17.0%.
The estimated value range is 11,183.51–29,318.98 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 19,728.15 NOK, the price of 180.88 NOK leaves a potential of 10,806.8% (value / price − 1) and a margin of safety of 99.1% (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
- P/E (TTM): 0.1x
- Shareholder yield (distributions): 471.5%
- The price is below the estimated value range
What contradicts it
- 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 NONG.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 Nord-Norge is a Norwegian savings bank whose equity certificates are listed on Oslo Børs and which operates in the Nord-Norge region. The 2025 annual report shows a detailed governance framework, with emphasis on equal treatment of owners and a programme for buying back its own equity certificates.
SWOT
Strengths
- Detailed governance structure with specialised committees and explicit rules on independence and avoidance of conflicts of interest 1.
- Equity certificates are freely transferable and traded on a regulated market, which supports liquidity 1.
- An employee programme for participation in the bank's capital, with high take-up in 2025 1.
Weaknesses
- Representation of equity certificate holders in the supreme body is limited, and they cannot attend by proxy, according to the report 1.
- Board members elected by employees were not subject to the same independence assessment as the other members, according to the report 1.
- Deviations from governance recommendations exist and must be explained and monitored on an ongoing basis 1.
Opportunities
- The buy-back authorisation offers flexibility in managing the capital structure within regulatory limits 1.
- The employee savings programme can strengthen loyalty and business knowledge among staff 1.
- Greater transparency in governance and sustainability reporting can attract investors who value high standards 1.
Threats
- Changing regulatory requirements may impose additional compliance costs and adjustments to the governance structure 1.
- Competition from larger banks and digital platforms could pressure margins in core deposit and lending segments.
- Credit and macroeconomic risks in the region may affect asset quality, with impact on ICAAP and capital planning 1.
Risks
- Credit riskmedium
Lending exposure concentrated in the region makes the bank sensitive to a deterioration in local economic conditions, which could raise credit losses.
- Regulatory compliance riskmedium
Requirements on board composition and member independence can generate costs and exposure to sanctions if not met 1.
- Governance risklow
Deviations from governance recommendations and limits on owner participation can affect investor confidence 1.
- Capital riskmedium
Buying back own certificates must be managed within regulatory limits, and an impact on capital could restrict the bank's flexibility 1.
- Share liquidity risklow
Although the equity certificates are listed, trading volume may be low, which could affect trading conditions for holders.
Investment thesis
What would need to be true (bull case)
- The detailed governance structure and employee participation in the bank's capital can support the stability of the business model 1.
- The buy-back authorisation offers an option for managing capital, if used within regulatory limits 1.
- Transparency in governance and sustainability reporting can strengthen long-term holder confidence 1.
What would break the thesis
- Limited representation of equity certificate holders in the supreme body could reduce their influence over strategic decisions 1.
- Regional lending exposure could generate losses if the local economy deteriorates.
- Competition from larger banks and fintechs could limit margin growth in the core segments.
What to watch
- Development of capital and use of the share buy-back authorisation2026
- Quarterly results on credit quality and credit lossesQ1 2026
- Regulatory changes affecting savings banks and governance2026
- Ordinary representantskap decision on board authorisations2026
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 whose governance structure differs from that of a limited company, with a representantskap made up of equity certificate holders, depositors, employees and public-authority representatives as its supreme body 1. According to the 2025 annual report, the board had nine permanently attending members in 2025, of whom seven were elected by the representantskap and two by employees 1. Equity certificates are traded on Oslo Børs and are freely transferable without statutory restrictions 1.
The governance structure includes board committees for remuneration, audit and risk, each with a mandate defined in the report 1. The audit committee oversees, among other things, financial reporting, the independence of the external auditor and sustainability reporting 1. The risk committee supervises the risk strategy, the internal capital adequacy assessment (ICAAP) and governing documents on credit and IT risk 1.
The bank has run a programme through which employees can buy equity certificates with monthly savings and, under certain conditions, receive bonus certificates free of charge after two years 1. The report states that 841 employees took part in this programme in 2025 1. The board also holds an authorisation to buy back its own equity certificates, but no equity issue was carried out in 2025 1.
Segments
Regional banking operations
The annual report describes the bank as a savings bank operating in the Nord-Norge region, and detailed revenue by segment does not appear in the available extract 1. The arrangement giving equity certificate holders and depositors a stake in the bank forms part of the business model described in the report 1.
Governance and committees
The governance section of the report details the composition of the representantskap, the nomination committee and the board committees, including rules on independence and avoidance of conflicts of interest 1. This component is essential for understanding how the bank balances the interests of owners and customers 1.
Market context
The annual report extract does not provide market share data or the size of the regional banking market in Nord-Norge. The bank operates under the Norwegian legal framework for financial institutions, which sets competence and independence requirements for governing bodies 1.
The reference market is that of Norwegian savings banks, which have a specific ownership model through equity certificates and local-community representatives on decision-making bodies 1. If the regulatory framework for savings banks changes, the bank's governance structure could require adjustments 1.
Trends
- Focus on savings bank governancetailwind
The report shows alignment with Norwegian governance recommendations, with detailed documentation of deviations from them, which can support transparency for investors 1.
- Buy-back of own certificatesmixed
The board holds authority to buy its own equity certificates within regulatory limits, which could affect the capital structure for holders 1.
- Employee participation in capitaltailwind
The employee savings programme attracted 841 participants in 2025, indicating higher staff involvement in the bank's ownership 1.
- Regulatory governance requirementsheadwind
Requirements on board composition, gender balance and independence assessment may call for additional selection and reporting procedures 1.
Competitive position
The annual report extract does not name direct competitors. Competition takes place mainly with other regional banks and larger banks in Norway, but this is not detailed in the source provided 1.
The bank's differentiation from competitors rests on its ownership structure, in which equity certificate holders and depositors are represented in the supreme body 1. If other market players adopt similar structures, the comparative advantage could diminish 1.
- Other Norwegian savings banks
Regional competitors under the same regulatory framework, whose identity is not detailed in the source report.
- Commercial banks in Norway
Institutions with national networks that compete for loans and deposits in the region.
- SpareBank 1 alliance
The cooperative group of savings banks to which the bank belongs, mentioned in the report in connection with equity certificate rules.
- Digital banks and fintechs
Online financial service providers that may compete in deposits and payments.
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 Nord-Norge · 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.