olivLaw · European equity research
SpareBank 1 Sør-Norge ASA SB1NO.OL
Norway · Euronext Oslo Børs · ISIN NO0010631567 · Vertical: Listed companies from Norway
SpareBank 1 Sør-Norge ASA is a regional Norwegian financial group offering banking and financial services to private customers, corporate clients and the agricultural sector. The group aims to raise its return on equity, a target that could depend on profitable loan growth and cost efficiency, according to its 2024 annual report.
At the close of 06 Nov 2026, SpareBank 1 Sør-Norge ASA (SB1NO.OL) stock was 232.50 NOK (−0.85% on the day), with market capitalisation 87.3 bn NOK, P/E 17.8 on diluted EPS of 13.08 NOK over the last 12 months, dividend yield 2.27%, beta 0.44, 52-week range 170.40–234.50 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)
- 58.9
- strong (55–70)
- Bollinger (20, 2)
- 218.53 – 235.22
- in the upper half of the band · %B 0.84 · band width 7.4%
- SMA 50 / 200
- 226.01 / 208.46
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.21 / 1.52
- 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 | +5.2% | −0.6% | +5.9 pp | — |
| 3 months | +9.4% | −4.2% | +13.6 pp | — |
| 6 months | +21.7% | +4.3% | +17.4 pp | — |
| Year to date | +17.2% | +7.5% | +9.7 pp | — |
| 1 year | +33.2% | +9.9% | +23.2 pp | −4.7% |
| 3 years | +97.4% | +49.8% | +47.5 pp | +12.7% |
| 5 years | +77.5% | +42.8% | +34.7 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 0.1, median 7.9, max 11.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 7.0 bn | 8.7 bn | 10.7 bn |
| Revenue YoY | unavailable | +24.2% | +22.8% |
| Net income | 3.3 bn | 4.3 bn | 4.9 bn |
| Net income YoY | unavailable | +30.6% | +14.2% |
| Diluted EPS | 1,288.00 | 16.27 | 13.08 |
| Diluted EPS YoY | unavailable | −98.7% | −19.6% |
| net % | 46.8% | 49.2% | 45.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.2 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 52.6 bn NOK
- Total assets
- 479.3 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 11.4%
- ROA
- 1.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.0 bn | 8.7 bn | 10.7 bn | esef· 08 May 2025verified |
| Depreciation & amortisation | 173.0 m | 166.0 m | 186.0 m | esef· 08 May 2025verified |
| Pre-tax income | 4.2 bn | 5.7 bn | 6.4 bn | esef· 08 May 2025verified |
| Income tax | 834.0 m | 1.2 bn | 1.2 bn | esef· 08 May 2025verified |
| Net income | 3.3 bn | 4.3 bn | 4.9 bn | esef· 08 May 2025verified |
| Diluted EPS | 1,288.00 | 16.27 | 13.08 | esef· 08 May 2025verified |
| Dividend per share | 600.39 | 6.77 | 5.28 | esef· 08 May 2025derived |
Balance sheet · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 2.1 bn | 3.2 bn | esef· 08 May 2025verified |
| Property, plant & equipment, net | 923.0 m | 948.0 m | 1.2 bn | esef· 08 May 2025verified |
| Total assets | 345.7 bn | 362.2 bn | 479.3 bn | esef· 08 May 2025verified |
| Total liabilities | 317.0 bn | 328.6 bn | 426.7 bn | esef· 08 May 2025verified |
| Equity | 28.7 bn | 33.6 bn | 52.6 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | 2.6 m | 264.3 m | 375.4 m | esef· 08 May 2025derived |
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: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 87.3 bn NOK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 45.7% | 97 (vs peers) | 27% |
| 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 | 17.8x | 55 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.3% | 32 (on a fixed band) | 27% |
| 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· partial97/100 · 1/3 factors with a value
- Returns· partial32/100 · 1/2 factors with a value
- Valuation· partial55/100 · 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 SØR-NORGE ASA (SB1NO.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 10.7 bn NOK in 2024; YoY growth 22.8%; net margin 45.7%; ROE 11.4%.
The estimated value range is 85.79–238.60 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 157.84 NOK, the price of 232.50 NOK leaves a potential of -32.1% (value / price − 1) and a margin of safety of -47.3% (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: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 45.7%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 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 | |
|---|---|---|---|---|---|---|
| SB1NO.OLSparebank 1 Sør-Norge Asa | 87.3 bn | 17.8 | 11.4% | 45.7% | +22.8% | +30% / +96% |
| 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% |
1- and 3-year price returns: for SB1NO.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 | 151.93 Total return -33% · Per year -33% | 267.37 Total return 18% · Per year 18% | 401.06 Total return 76% · Per year 76% |
| 3 years | 180.21 Total return -16% · Per year -6% | 353.60 Total return 61% · Per year 17% | 577.53 Total return 160% · Per year 37% |
| 5 years | 213.76 Total return 4% · Per year 1% | 467.64 Total return 119% · Per year 17% | 831.64 Total return 281% · Per year 31% |
- Exit P/E± 88.40
- Net margin± 61.88
- Annual revenue growth± 46.15
- Annual dilution± 5.20
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 Sør-Norge ASA is a regional Norwegian financial group offering banking and financial services to private customers, corporate clients and the agricultural sector. The group aims to raise its return on equity, a target that could depend on profitable loan growth and cost efficiency, according to its 2024 annual report 1.
SWOT
Strengths
- The loan portfolio is described as robust, and management considers its quality good, according to the report 1.
- The group remains solid in terms of capital, with a good margin over regulatory requirements, according to the report 1.
- The role as a local bank and network for regional companies gives a strong link to its customer base.
Weaknesses
- The construction and infrastructure sector has gone through a period of low activity, which may affect part of the group's customer base.
- Dependence on the regional market makes results sensitive to economic developments in southern Norway.
- High operating costs mentioned in the report could limit financial flexibility.
Opportunities
- A recovery of the regional economy could support lending growth to companies and households.
- The target to raise return on equity may be reached through profitable loan growth and synergies, according to the report 1.
- The structure of the savings bank sector opens possibilities for consolidation, if these benefit customers and owners.
Threats
- Uncertainty about the pace of interest rate cuts could affect the bank's interest margins.
- Geopolitical tensions and trade barriers could slow Norway's open economy.
- Competition from large banks and digital providers could put pressure on pricing and customer acquisition.
Risks
- Interest rate uncertaintymedium
The pace of policy rate cuts is uncertain, and this could influence margins and interest income.
- Loan qualitymedium
Although management sees the portfolio as robust, a deterioration of the economy could lead to higher credit losses.
- Regional market exposuremedium
Concentration of activity in southern Norway makes the bank sensitive to local economic shocks.
- Geopolitical and trade riskslow
The war in Ukraine and trade tariffs could affect the Norwegian economy, with effects on customers.
- Climate riskslow
The report describes risks linked to climate transition and physical risks that could affect the quality of some loans.
Investment thesis
What would need to be true (bull case)
- If the regional economy continues to recover, demand for loans could increase and the bank could benefit from more intense activity.
- A portfolio considered robust and solid capital could offer stability even in a more difficult environment.
- The aim to raise return on equity could be reached through efficiency and synergies, as the presented strategy describes.
What would break the thesis
- If interest rate cuts are slower or smaller than expected, the bank's margins could remain under pressure.
- A deterioration in construction or regional industry could lead to higher credit losses.
- Competition from large banks and digital providers could limit the group's ability to expand its customer base.
What to watch
- Evolution of the Norges Bank policy rate2025
- Pace of lending growth to companies2025
- Progress toward the return on equity target2027
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 2024 annual report 1, SpareBank 1 Sør-Norge operates as a savings bank and financial group that aims to increase its lending to the Norwegian business sector, with focus on its home region. The group describes its role as a network for local businesses and seeks to be a partner to customers in the transition to a sustainable economy. Its governance includes a board of 11 members and a group management of 13 members.
The 2024 annual report 1 states that the bank intends to be a lender with greater capacity to support, competence and a local network for companies in the region. The strategy includes making the group an attractive workplace and an ally of customers in the sustainability transition. These directions are described as part of the consolidated strategy content.
According to the report 1, the company bases its plans on a dividend policy that foresees distributing a significant part of annual profit, taking into account capital needs and regulatory requirements. The group states that it will continue to assess structural opportunities if these benefit customers, employees, owners and local communities.
Segments
Corporate clients and agriculture
The business and agriculture segment is described as part of the regional lending activity. The report 1 mentions a division for corporate clients and one for agriculture, linked to the priorities for lending growth.
Private customers
The private customer division covers banking products for individuals, including savings and investment services. The annual report 1 presents it as a distinct component of the group.
Private banking and financing
The group also includes private banking and financing services, such as leasing and factoring, described in the management structure and activities. The report 1 indicates the role of these services in complementing the main offering.
Market context
The reference market is the southern region of Norway, with a business environment described as strong and diversified. The 2024 annual report 1 shows that companies expect 2025 to be somewhat better than 2024, with higher optimism in industry and the energy sector.
According to the report 1, a tight monetary policy has reduced inflation, and the bank must follow interest rate developments. Management considers the loan portfolio robust, although uncertainty remains about the pace of interest rate cuts.
Trends
- Recovery of the Norwegian economytailwind
The report 1 anticipates that regional economic activity could grow and that low unemployment could support purchasing power. If this recovery materialises, demand for loans could increase.
- Expected decline in interest ratesmixed
Management expects the policy rate to be reduced, but the report highlights uncertainty about the size of this cut. The effect on margins depends on the pace of adjustments.
- Cautious corporate investmentheadwind
Companies have remained cautious about investment because of high cost levels, according to the report 1. This could limit demand for new loans.
- Geopolitical tensions and tradeheadwind
The report 1 mentions uncertainty linked to the war in Ukraine and trade tariffs, with possible effects on Norway's open economy in the short and long term.
Competitive position
The 2024 annual report 1 does not describe competitors in detail. From the context, the bank competes with other financiers in Norway, particularly within the savings bank sector, where similar structures seek a position as regional financiers.
According to the report 1, the group states it aims to be among the three best-performing comparable financial institutions in Norway. This indicates direct competition with other banks and savings bank groups in the country.
- Other Norwegian savings banks
The report 1 refers to the structure of the savings bank sector and to other regional banks that are strategically comparable.
- Large Norwegian commercial banks
The report 1 refers to them as a benchmark for the group's positioning in the Norwegian financial system.
- Digital financial service providers
The report 1 indicates that new ways of delivering financial services are a relevant factor for the market.
- Other regional financial groups
The report 1 suggests the group operates in a competitive environment with other regional players.
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 202408 May 2025
- Annual report 202323 Apr 2024
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / SpareBank 1 Sør-Norge ASA · 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.