olivLaw · European equity research
Rogaland Sparebank ROGS.OL
Norway · Euronext Oslo Børs · ISIN NO0006001007 · Vertical: Listed companies from Norway
Rogaland Sparebank is a regional savings bank based in Sandnes, active in Nord-Jæren and Ryfylke, with a local-bank model built on proximity and fast decisions. 2025 was the first year after the merger with Hjelmeland Sparebank and Sandnes Sparebank, and the bank reports a solid capital position, with an internal target of 16.2% CET1.
At the close of 06 Nov 2026, Rogaland Sparebank (ROGS.OL) stock was 151.48 NOK (−1.44% on the day), with market capitalisation 5.6 bn NOK, P/E 12.1 on diluted EPS of 12.50 NOK over the last 12 months, dividend yield 3.88%, beta 0.14, 52-week range 134.80–159.00 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)
- 55.1
- strong (55–70)
- Bollinger (20, 2)
- 146.28 – 152.52
- in the upper half of the band · %B 0.83 · band width 4.2%
- SMA 50 / 200
- 150.35 / 148.74
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.40 / -0.10
- 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 | +1.0% | −0.6% | +1.6 pp | — |
| 3 months | +1.0% | −4.2% | +5.2 pp | — |
| 6 months | +3.0% | +4.3% | −1.3 pp | — |
| Year to date | +5.2% | +7.5% | −2.3 pp | — |
| 1 year | +9.8% | +9.9% | −0.2 pp | −5.7% |
| 3 years | +83.8% | +49.8% | +34.0 pp | +15.0% |
| 5 years | +51.5% | +42.8% | +8.7 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 9.1, median 9.9, max 11.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 329.9 m | 443.7 m | 463.1 m |
| Net income YoY | unavailable | +34.5% | +4.4% |
| Diluted EPS | 10.00 | 12.70 | 12.50 |
| Diluted EPS YoY | unavailable | +27.0% | −1.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -139.8 m | -445.3 m | -1.6 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 355.6 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 4.6 bn NOK
- Total assets
- 44.1 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.5%
- ROA
- 1.1%
- 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 | 395.8 m | 535.5 m | 552.7 m | esef· 21 Oct 2026verified |
| Income tax | 65.9 m | 77.9 m | 73.2 m | esef· 21 Oct 2026verified |
| Net income | 329.9 m | 443.7 m | 463.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | 10.00 | 12.70 | 12.50 | esef· 21 Oct 2026verified |
| Dividend per share | 3.86 | 4.52 | 5.88 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 462.6 m | 590.2 m | 355.6 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 3.2 m | 36.3 m | 27.9 m | esef· 21 Oct 2026verified |
| Total assets | 34.4 bn | 39.7 bn | 44.1 bn | esef· 21 Oct 2026verified |
| Total liabilities | 30.8 bn | 35.4 bn | 39.6 bn | esef· 21 Oct 2026verified |
| Equity | 3.6 bn | 4.3 bn | 4.6 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 33.0 m | 34.9 m | 37.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -139.0 m | -444.7 m | -1.6 bn | esef· 21 Oct 2026verified |
| Capex | 759.0 k | 696.0 k | 3.9 m | esef· 21 Oct 2026verified |
| Free cash flow | -139.8 m ≈ | -445.3 m ≈ | -1.6 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 118.4 m | 240.6 m | 31.9 m | esef· 21 Oct 2026verified |
| Financing cash flow | -19.0 m | 331.8 m | 1.4 bn | esef· 21 Oct 2026verified |
| Dividends paid | 127.3 m | 157.8 m | 218.0 m | esef· 21 Oct 2026verified |
| Share repurchases | -5.9 m | 8.3 m | -8.0 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: 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: 5.6 bn NOK
Key indicators
Coverage and freshness
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 | -352.6% | 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 | 12.1x | 65 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -29.1% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 4.0% | 58 (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· partial58/100 · 1/2 factors with a value
- Valuation36/100 · 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
ROGALAND SPAREBANK (ROGS.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.5%.
The estimated value range is 86.09–233.10 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 155.39 NOK, the price of 151.48 NOK leaves a potential of 2.6% (value / price − 1) and a margin of safety of 2.5% (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: -352.6%
- FCF yield: -29.1%
- 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, 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 ROGS.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
Rogaland Sparebank is a regional savings bank based in Sandnes, active in Nord-Jæren and Ryfylke, with a local-bank model built on proximity and fast decisions. 2025 was the first year after the merger with Hjelmeland Sparebank and Sandnes Sparebank, and the bank reports a solid capital position, with an internal target of 16.2% CET1 1.
SWOT
Strengths
- Solid position in the Rogaland region, with a local-bank model built on proximity and fast decisions.
- Strong capital, with an internal CET1 target above the regulatory minimum and a benefit from the new standard method.
- Membership of the Eika alliance, which provides shared fund and insurance products and infrastructure.
Weaknesses
- Dependence on the regional market makes the bank vulnerable to a local economic slowdown.
- The share of green loans in the retail portfolio remains small, which limits the impact of the sustainability strategy.
- Integration of the recent mergers may still generate costs and pressure on operations.
Opportunities
- Increased demand from existing customers after rate cuts could support loan volume growth.
- Financing energy efficiency and the green transition could open new corporate segments.
- Expanding fund and insurance distribution could generate fee income.
Threats
- A prolonged fall in the oil price could weigh on economic activity in the region.
- Physical climate risks such as flooding and landslides could raise losses on property collateral.
- Intense competition from large banks and regional savings banks could compress margins.
Risks
- Physical climate riskmedium
Part of the property collateral is exposed to physical climate risks, especially surface water, which could affect collateral values 1.
- Regional market dependencemedium
Geographic concentration in Rogaland makes the bank sensitive to local economic developments, including activity in the energy sector.
- Interest rate cyclemedium
If rates fall more than expected, interest margins could be compressed.
- Capital requirementslow
The regulator's CET1 requirement and the internal target leave limited room for manoeuvre if the loan book deteriorates.
- Merger integrationlow
Integration of the three recently merged banks could bring unforeseen costs and operational challenges.
Investment thesis
What would need to be true (bull case)
- The bank has a solid regional position, with capital above the regulatory minimum and a growth strategy supported by recent demand from existing customers.
- The regional market is described as having good macro conditions, which could support loan growth and fee income.
- Membership of the Eika alliance and the sustainable strategy could open new revenue opportunities.
What would break the thesis
- Dependence on a single region could amplify the impact of a local economic slowdown on the bank's results.
- Exposure to physical climate risks could raise collateral costs and loan loss provisions.
- Compression of interest margins, if rate cuts continue, could limit profitability of the core income.
What to watch
- Evolution of the Norges Bank policy rate and its effect on loan demand2026
- Oil price trend and economic activity in Rogaland2026
- Operational integration after the recent merger and any associated costs2026
- Achievement of the internal capital target and the actual level of CET1next 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
Rogaland Sparebank provides banking services to private and corporate customers in Rogaland, with its head office in Sandnes city centre 1. The bank has about 150 employees in the parent bank and distributes fund products through Eika Kapitalforvaltning, as well as insurance through Fremtind Forsikring 1. It operates as part of the Eika alliance, giving it access to shared products and tools.
Rogaland Sparebank has an explicit orientation toward sustainable financing, with a green framework and green bond issuance 1. In 2025 the bank adopted the new standard method for capital requirements, which reduced the capital requirement by about 3 percentage points and produced a more competitive position 1. The bank's gift fund redistributes profit to public-benefit purposes in Rogaland 1.
The bank keeps the governance model typical of savings banks, where profit is split between equity certificate holders and the foundation capital, which funds gifts and customer dividends 1. This mechanism links financial results to the bank's community role.
Segments
Retail lending
The retail segment includes mortgages, including the Boliglån Ung and first-home programmes, with a portfolio of 2.96 billion NOK for the Boliglån Ung segment 1. Green home loans make up a small part of the retail portfolio 1.
Market context
The bank operates in the regional market of Rogaland, where macro conditions are described as good, with low unemployment and high activity in energy and export-oriented industries 1. The regional housing market is described as one of the strongest in the country, and house prices have historically been below those in larger cities, which has limited household debt burdens 1.
Norges Bank cut its policy rate to 4.00% in September 2025, and the bank notes increased demand from existing customers after the two recent cuts 1. The bank's outlook points to a further cut possibly only in summer or autumn 2026 1.
Trends
- Interest rate reductionsmixed
A reduction in the policy rate could support loan demand and refinancing, but interest margins could be compressed if the decline continues 1.
- Regional housing markettailwind
The Rogaland housing market is described as one of the most solid in the country, which supports mortgage demand if this trend holds 1.
- Energy transition and climate riskmixed
The green transition creates financing opportunities for energy efficiency and renewables, but exposure to physical climate risks, especially flooding and surface water, could raise collateral costs 1.
- Oil price pressureheadwind
The oil price fell significantly in 2025, although production on the Norwegian shelf remains high; a prolonged decline could weigh on economic activity in the region 1.
Competitive position
Rogaland Sparebank competes with other regional banks and with the large commercial banks of Norway, with its main advantage being proximity and fast local decision-making 1. The recent merger with Hjelmeland Sparebank and Sandnes Sparebank has strengthened its position in Nord-Jæren and Ryfylke 1.
The bank is part of the Eika alliance, which provides shared fund and insurance products and strengthens its capacity to compete with larger banks 1.
- DNB Bank
Norway's largest bank and a direct competitor in mortgages and corporate lending in the region.
- Sparebank 1 group
Group of regional savings banks in Norway competing for the same private and corporate customers.
- SpareBank 1 SR-Bank
Regional bank based in Stavanger and a direct competitor in Rogaland for private and corporate customers.
- Fremtind Forsikring
Insurance company jointly owned by several Norwegian banks, distributed by Rogaland Sparebank.
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 / Rogaland Sparebank · 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.