olivLaw · European equity research
SpareBank 1 Ringerike Hadeland RING.OL
Norway · Euronext Oslo Børs · ISIN NO0006390400 · Vertical: Listed companies from Norway
SpareBank 1 Ringerike Hadeland is a regional savings bank based in Hønefoss, Norway, offering banking services to private and business customers with a strong local market position. Group profit rose in 2025 and the bank proposes a high total dividend, which makes its results worth following. Total assets exceeded 32,744 mill. NOK at the end of 2025.
At the close of 06 Nov 2026, SpareBank 1 Ringerike Hadeland (RING.OL) stock was 446.00 NOK (−0.89% on the day), with market capitalisation 7.0 bn NOK, P/E 9.5 on diluted EPS of 47.00 NOK over the last 12 months, dividend yield 6.92%, beta 0.21, 52-week range 379.00–485.00 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)
- 54.0
- neutral
- Bollinger (20, 2)
- 432.63 – 451.66
- in the upper half of the band · %B 0.70 · band width 4.3%
- SMA 50 / 200
- 442.79 / 440.87
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.25 / -0.50
- 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 | −0.8% | −0.6% | −0.2 pp | — |
| 3 months | +1.4% | −4.2% | +5.5 pp | — |
| 6 months | +1.6% | +4.3% | −2.7 pp | — |
| Year to date | +7.2% | +7.5% | −0.3 pp | — |
| 1 year | +17.4% | +9.9% | +7.4 pp | −4.7% |
| 3 years | +46.7% | +49.8% | −3.1 pp | +12.7% |
| 5 years | +36.0% | +42.8% | −6.9 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 7.5, median 8.9, max 10.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.4 bn | 1.4 bn |
| Revenue YoY | unavailable | +28.5% | +4.0% |
| Net income | 461.0 m | 704.0 m | 734.0 m |
| Net income YoY | unavailable | +52.7% | +4.3% |
| Diluted EPS | 28.68 | 44.00 | 47.00 |
| Diluted EPS YoY | unavailable | +53.4% | +6.8% |
| net % | 42.6% | 50.7% | 50.8% |
| Free cash flow | 310.0 m | 1.5 bn | 1.0 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 102.0 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 5.5 bn NOK
- Total assets
- 32.7 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 13.6%
- ROA
- 2.3%
- FCF margin
- 70.9%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.4 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 612.0 m | 878.0 m | 905.0 m | esef· 21 Oct 2026verified |
| Income tax | 150.0 m | 173.0 m | 171.0 m | esef· 21 Oct 2026verified |
| Net income | 461.0 m | 704.0 m | 734.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 28.68 | 44.00 | 47.00 | esef· 21 Oct 2026verified |
| Dividend per share | 13.13 | 20.13 | 30.86 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 103.0 m | 110.0 m | 102.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 107.0 m | 96.0 m | 124.0 m | esef· 21 Oct 2026verified |
| Total assets | 30.3 bn | 31.5 bn | 32.7 bn | esef· 21 Oct 2026verified |
| Total liabilities | 25.5 bn | 26.3 bn | 27.2 bn | esef· 21 Oct 2026verified |
| Equity | 4.8 bn | 5.3 bn | 5.5 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 16.1 m | 16.0 m | 15.6 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 310.0 m | 1.5 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Capex | 0 | -6.0 m | 31.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 310.0 m ≈ | 1.5 bn ≈ | 1.0 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 10.0 m | -231.0 m | 40.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -307.0 m | -1.2 bn | -1.1 bn | esef· 21 Oct 2026verified |
| Dividends paid | 211.0 m | 322.0 m | 482.0 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 7.0 bn NOK
Key indicators
Coverage and freshness
Score by group
42% · 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: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 50.8% | 97 (vs peers) | 15% |
| FCF conversion · Quality | 139.6% | 100 (on a fixed band) | 15% |
| 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 | 9.5x | 75 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.7% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 6.9% | 99 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | 47.0% | 100 (on a fixed band) | 10% |
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
- Quality99/100 · 2/3 factors with a value
- Returns99/100 · 2/2 factors with a value
- Valuation86/100 · 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 RINGERIKE HADELAND (RING.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.4 bn NOK in 2025; YoY growth 4.0%; net margin 50.8%; ROE 13.6%.
The estimated value range is 366.58–929.41 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 631.63 NOK, the price of 446.00 NOK leaves a potential of 41.6% (value / price − 1) and a margin of safety of 29.4% (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 (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 50.8%
- FCF conversion: 139.6%
- P/E (TTM): 9.5x
- FCF yield: 14.7%
- Shareholder yield (distributions): 6.9%
- Payout ratio (FCF): 47.0%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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% |
| RING.OLSparebank 1 Ringerike Hadeland | 7.0 bn | 9.5 | 13.6% | 50.8% | +4.0% | +17% / +45% |
| 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% |
1- and 3-year price returns: for RING.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 262.38 Total return -36% · Per year -36% | 463.98 Total return 11% · Per year 11% | 699.03 Total return 65% · Per year 65% |
| 3 years | 252.26 Total return -27% · Per year -10% | 502.15 Total return 35% · Per year 11% | 831.00 Total return 115% · Per year 29% |
| 5 years | 242.52 Total return -20% · Per year -4% | 543.45 Total return 61% · Per year 10% | 987.88 Total return 173% · Per year 22% |
- Exit P/E± 125.54
- Net margin± 87.88
- Annual revenue growth± 72.46
- Annual dilution± 7.38
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 Ringerike Hadeland is a regional savings bank based in Hønefoss, Norway, offering banking services to private and business customers with a strong local market position. Group profit rose in 2025 and the bank proposes a high total dividend, which makes its results worth following. Total assets exceeded 32,744 mill. NOK at the end of 2025.
SWOT
Strengths
- Solid market position in the core region and close ties with local customers.
- Strengthened capital base and rising annual profit that allow dividend distributions.
- Ownership structure with local foundations that supports community projects and customer loyalty.
Weaknesses
- High dependence on lending in a narrow geographic region, which exposes the bank to local developments.
- Fee income is relatively modest compared with interest income, which makes profit sensitive to the rate level.
- Smaller scale than large banks, so technology costs are spread over a narrower base.
Opportunities
- Population and economic growth in the Oslo-adjacent area could support loan demand.
- Real estate development projects in planning could bring new customers and lending volume.
- Better digital services and personal advice could attract new customers from outside the core region.
Threats
- Intense competition from national and digital banks could compress margins.
- A downturn in the local economy or property market could increase loan losses.
- Changes in capital rules or compliance requirements could create additional costs.
Risks
- Geographic concentrationmedium
Activity is concentrated in a narrow region, so a weakening local economy could simultaneously affect loan quality and business volume.
- Interest rate sensitivityhigh
Interest income is the largest part of revenue; a sudden change in the rate level could alter margins and profit.
- Credit lossesmedium
If customers' financial situation deteriorates, credit losses could rise from the very low level seen in 2025.
- Cybersecurityhigh
Management describes cyber threats as growing; a serious incident could affect customer trust and operating costs.
- Dividends and capitallow
Distributing a large share of profit could limit capital growth if lending demand rises quickly.
Investment thesis
What would need to be true (bull case)
- The bank holds a strong market position in its region, and consolidated profit rose in 2025.
- If the expected rate cuts materialise, loan demand could recover in a sustained way.
- The high dividend policy and solid capital base could support shareholder confidence.
What would break the thesis
- Dependence on interest income makes profit sensitive to changes in monetary policy.
- Competition from large and digital banks could limit margin expansion.
- The regional market is small, and a local slowdown could quickly affect business volume.
What to watch
- Development of mortgage demand and house prices in the region2026
- Central bank decisions on the policy rate2026
- Level of credit losses in quarterly reportingQ1 2027
- Final approval of the extraordinary dividend by the supervisory authority2026
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
SpareBank 1 Ringerike Hadeland is an equity certificate savings bank operating in the Ringerike and Hadeland region northwest of Oslo. The group provides loans, deposits, payments and advisory services to retail customers and local companies, and is part of the SpareBank 1 alliance. The bank defines its customer offer as high-quality digital services combined with personal advice and local presence.
The ownership structure is distinctive: three local savings bank foundations together hold 64 percent of the equity certificates, and the dividends they receive fund public-benefit donations in local communities. Management presents this link to the region as a competitive advantage.
The group also includes subsidiaries such as the real estate brokerage EiendomsMegler 1 Ringerike Hadeland, which strengthened its market position in 2025 according to the annual report. Lending and deposit management nonetheless remain the core activities.
Segments
Loans and deposits
Customer lending is the main activity: net loans to customers reached 26,689 mill. NOK at parent bank level, while consolidated customer deposits reached 22,462 mill. NOK at the end of 2025 1.
Fee and investment income
Net fee and other income rose to 410 mill. NOK in 2025 from 354 mill. NOK, supported by commission income and results from investments in holdings 1.
Real estate and related services
The real estate subsidiary EiendomsMegler 1 Ringerike Hadeland gained market position as resales of second-hand homes recovered in the region, according to the 2025 annual report 1.
Market context
The bank operates in a regional market with a growing population, on the edge of the growth area around Oslo. Management described 2025 as a year of stabilising interest rates and low unemployment, and loan demand picked up again in the region. Interest rates could fall further if market expectations for 2026 are confirmed.
Consolidated net profit of 734 mill. NOK in 2025 and equity of 5,534 mill. NOK indicate a solid financial base for a regional bank of this kind 1.
Trends
- Stabilising interest ratestailwind
Management noted that rate levels stabilised in 2025 and expects one or two rate cuts in 2026, which could support mortgage demand if those cuts materialise.
- Rising housing demandtailwind
Resales of second-hand homes have recovered in the core region and zoning work on new projects has increased; this could expand lending volumes if it materialises.
- New capital rules for standardised banksmixed
New capital requirements for banks using the standardised method took effect in 2025, reducing the competitive disadvantage against large banks; the long-term effect remains to be seen.
- Competition from digital banksheadwind
Competition from national banks and pure digital banks remains intense, and the bank has chosen to differentiate through digital services and personal advice, which requires ongoing investment.
Competitive position
The bank competes mainly with other regional banks and the large Norwegian banks, as well as with digital banks offering services without a branch network. Its declared advantage is closeness to customers and its local ownership structure.
Membership of the SpareBank 1 alliance provides shared products and infrastructure, which helps regional banks keep pace with technology requirements, but limits differentiation from other alliance members.
- DNB Bank
Norway's largest bank, with a strong national presence in lending and deposits; competes directly for retail and corporate customers in the region.
- Sparebanken Vest
Regional savings bank in Norway with a similar local equity-certificate banking model.
- Nordea Bank
Nordic bank with a presence in Norway that competes on lending and services for higher-income customers.
- Bank Norwegian
Digital bank focused mainly on deposits and consumer loans, competing through services without branches.
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 / SpareBank 1 Ringerike Hadeland · 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.