olivLaw · European equity research
Trøndelag Sparebank TRSB.OL
Norway · Euronext Oslo Børs · ISIN NO0010788268 · Vertical: Listed companies from Norway
Trøndelag Sparebank is a regional Norwegian savings bank, a member of the Eika alliance, serving retail and corporate clients on the coast of Central Norway. The bank grew loans and deposits in 2025 but recorded high credit losses tied to a small group of corporate exposures, making it relevant for investors tracking asset quality at regional banks. Key figures are gross loans in own books of NOK 8529 million and total assets of NOK 10209 million at end-2025.
At the close of 05 Nov 2026, Trøndelag Sparebank (TRSB.OL) stock was 108.00 NOK (−0.83% on the day), with market capitalisation 965.9 m NOK, P/E 13.8 on diluted EPS of 7.85 NOK over the last 12 months, dividend yield 2.37%, beta 0.24, 52-week range 105.00–118.78 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)
- 43.6
- weak (30–45)
- Bollinger (20, 2)
- 105.89 – 113.27
- in the lower half of the band · %B 0.29 · band width 6.7%
- SMA 50 / 200
- 109.56 / 112.01
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.25
- MACD below 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 | −1.8% | −0.6% | −1.2 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | −6.1% | +4.3% | −10.4 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −2.7% | +9.9% | −12.6 pp | −5.7% |
| 3 years | unavailable | +49.8% | unavailable | +15.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 50 percentile of its own 2-quarter history (min 12.5, median 13.7, max 14.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 70.8 m | 67.4 m | 70.2 m |
| Net income YoY | unavailable | −4.8% | +4.1% |
| Diluted EPS | 8.49 | 8.72 | 7.85 |
| Diluted EPS YoY | unavailable | +2.7% | −10.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 810.4 m | -219.3 m | -213.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 257.8 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- -1.2 bn NOK
- Total assets
- 10.2 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 0.7%
- 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 | 82.0 m | 85.2 m | 90.8 m | esef· 21 Oct 2026verified |
| Income tax | 10.7 m | 16.4 m | 18.8 m | esef· 21 Oct 2026verified |
| Net income | 70.8 m | 67.4 m | 70.2 m | esef· 21 Oct 2026verified |
| Diluted EPS | 8.49 | 8.72 | 7.85 | esef· 21 Oct 2026verified |
| Dividend per share | 0.81 | 2.02 | 2.56 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 229.4 m | 171.2 m | 257.8 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 113.2 m | 151.7 m | 177.8 m | esef· 21 Oct 2026verified |
| Total assets | 8.5 bn | 9.4 bn | 10.2 bn | esef· 21 Oct 2026verified |
| Total liabilities | 7.5 bn | -8.3 bn | -9.0 bn | esef· 21 Oct 2026verified |
| Equity | 958.3 m | -1.1 bn | -1.2 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 8.3 m | 7.7 m | 8.9 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 856.5 m | -186.8 m | -187.6 m | esef· 21 Oct 2026verified |
| Capex | 46.0 m | 32.6 m | 26.3 m | esef· 21 Oct 2026verified |
| Free cash flow | 810.4 m ≈ | -219.3 m ≈ | -213.9 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -27.0 m | -29.7 m | -68.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | 553.4 m | 158.3 m | 342.6 m | esef· 21 Oct 2026verified |
| Dividends paid | 6.8 m | 15.6 m | 22.9 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
05 Nov 2026Source: olivLaw, closing series
Market cap: 965.9 m 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 | -304.7% | 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 | 13.8x | 65 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -22.1% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (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· partial34/100 · 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
TRØNDELAG SPAREBANK (TRSB.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
The estimated value range is 48.51–139.53 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 91.44 NOK, the price of 108.00 NOK leaves a potential of -15.3% (value / price − 1) and a margin of safety of -18.1% (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: 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: -304.7%
- FCF yield: -22.1%
- 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 TRSB.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
Trøndelag Sparebank is a regional Norwegian savings bank, a member of the Eika alliance, serving retail and corporate clients on the coast of Central Norway. The bank grew loans and deposits in 2025 but recorded high credit losses tied to a small group of corporate exposures, making it relevant for investors tracking asset quality at regional banks. Key figures are gross loans in own books of NOK 8529 million and total assets of NOK 10209 million at end-2025.
SWOT
Strengths
- Solid balance sheet, with capital and liquidity indicators above regulatory requirements, giving room for manoeuvre.
- Membership of the Eika alliance, which brings shared funding, risk and methodology structures.
- Stable retail customer base with steady demand for traditional banking products.
Weaknesses
- Relatively high exposure to corporate lending, where losses and impaired exposures have been recorded.
- Return on equity is modest, which limits the ability to attract capital.
- Regional scale restricts geographic diversification of risks.
Opportunities
- Expansion in Trondheim through brokerage and accounting could increase market share.
- Developing insurance and savings products could diversify the bank's income.
- Lower capital requirements under CRR3 could allow mortgage lending to grow.
Threats
- A deterioration in corporate credit quality could require additional loan loss provisions.
- Changes in regulation and reporting may raise compliance costs.
- Banking competition in the region could compress interest margins.
Risks
- Corporate credit riskhigh
Corporate loan quality deteriorated in 2025, with a bankruptcy in the fourth quarter and more impaired exposures. Losses could exceed provisions if the trend continues.
- Overdue paymentsmedium
Exposures more than 90 days overdue rose compared with the prior year, signalling pressure on borrowers that can affect revenue.
- Bond market fundingmedium
The bank depends on bond issuance, and a concentrated maturity profile or tougher market conditions could raise funding costs.
- Regulatory and compliance risklow
Changes to capital, reporting and anti-money-laundering rules can generate extra costs and require constant adaptation.
- Investment market risklow
The portfolio of strategic shares and bonds is valued at market, so fluctuations can affect results through other comprehensive income.
Investment thesis
What would need to be true (bull case)
- If retail growth holds and lending diversifies, the bank could strengthen its interest income.
- Lower capital requirements under CRR3 could free up lending capacity, supporting growth.
- Expansion in Trondheim and into brokerage and accounting could bring steadier fee income.
What would break the thesis
- If corporate exposures keep deteriorating, provisions could significantly reduce profit.
- Return on equity remains modest, which could limit the appeal to investors.
- Reliance on bond market funding and Eika alliance structures could reduce strategic flexibility.
What to watch
- Development of impaired exposures and losses in the corporate segmentQ1 2026
- Bond maturities and refinancing conditions in the marketMarch 2026
- Results of diversification in Trondheim through brokerage and accounting2026
- Effect of the new CRR3 rules on capital and mortgage lending2026
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
Trøndelag Sparebank is a savings bank based in Trøndelag, Norway, offering traditional banking services to individuals and businesses. The bank is part of the Eika alliance and uses shared structures such as Eika Boligkreditt for mortgage funding, Eika Gruppen and Kredittbanken ASA. At end-2025 gross loans in its own books were NOK 8529 million and customer deposits NOK 6399 million 1. The bank has been listed on Oslo Børs since its share issue in the fourth quarter of 2024 1.
Activities include lending, deposits, payments, securities trading, insurance, savings products, accounting and brokerage, the last two expanded through the planned presence in Trondheim. The bank aims to offer a complete product range within the group, focused on the local market on the coast of Central Norway 1. Its strategy emphasises a solid and trusted position in the local community, relevant to customers and employees.
The funding structure combines customer deposits, bonds issued on the capital market and equity, including hybrid capital. The bank reports liquidity and capital indicators above regulatory requirements, which allows it to finance growth without relying solely on external markets 1.
Segments
Retail customers
The retail segment accounts for most lending, 70% of the loan book in its own books, which the bank describes as stable and robust in growth 1.
Corporate customers
The corporate segment makes up 30% of loans and is the most exposed to credit risk. The bank recorded more impaired exposures here, including one bankruptcy in the fourth quarter of 2025, and has set a more cautious growth goal to reduce risk 1.
Market context
The bank operates mainly in the Trøndelag region and along the coast of Central Norway, where it reports high activity in the communities and industries it serves. Total lending grew 8.4% year on year, including mortgages funded through Eika Boligkreditt 1.
The market is shared with regional banks and large national banks, and the capital regulatory framework (CRR3, applied from April 2025) lowers requirements for low loan-to-value mortgages, which eases capital calculations 1.
Trends
- New CRR3 capital rulestailwind
From April 2025, CRR3 reduces capital requirements for mortgages and low loan-to-value commercial property, and common equity tier 1 capital rose by about 2%. The effect could support lending capacity if the rules remain stable 1.
- Rising corporate credit riskheadwind
Impaired exposures and loans more than 90 days overdue rose in 2025, and credit losses stayed high. If the trend continues, margins could come under pressure in coming quarters 1.
- Sustainability reporting requirementsmixed
The CSRD framework was scaled back through the EU simplification package, and the Eika alliance chose the VSME standard. The effect on administrative costs may be moderate, but regulatory changes create uncertainty 1.
- Steady demand for traditional bankingtailwind
The bank reports good demand for traditional banking products and expects continued high growth in the retail segment in 2026, supporting interest income 1.
Competitive position
Trøndelag Sparebank competes with other local and regional banks in Norway, as well as larger national banks, especially in the corporate segment in Trøndelag. The exact market share is not detailed in the source provided, so comparisons should be made cautiously.
The bank's comparative advantage lies in its membership of the Eika alliance, which provides shared structures for funding, risk and technology, and in its local presence. This model can reduce costs, although dependence on the alliance limits strategic flexibility 1.
- Other local Norwegian savings banks
Regional competitors in the same retail and business markets in Trøndelag.
- Large Norwegian national banks
Competitors in the corporate segment and in savings and insurance products.
- Eika alliance and associated institutions
Partners and at the same time indirect competitors through shared funding structures.
- Brokerage and accounting service providers
Competitors in brokerage and accounting, the segments the bank wants to expand into.
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 / Trøndelag 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.