olivLaw · European equity research
Sparebanken Norge SBNOR.OL
Norway · Euronext Oslo Børs · ISIN NO0006000900 · Vertical: Listed companies from Norway
Sparebanken Norge is a Norwegian bank that takes deposits and lends to private individuals and companies, while also offering investment, insurance and digital banking services. Its role as an intermediary in financing the green transition and managing climate risk matters now, in the context of a recent merger.
At the close of 06 Nov 2026, Sparebanken Norge (SBNOR.OL) stock was 202.25 NOK (−1.75% on the day), with market capitalisation 74.9 bn NOK, P/E 12.1 on diluted EPS of 16.78 NOK over the last 12 months, beta 0.47, 52-week range 169.70–215.35 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)
- 49.7
- neutral
- Bollinger (20, 2)
- 196.32 – 206.35
- in the upper half of the band · %B 0.59 · band width 5.0%
- SMA 50 / 200
- 204.42 / 197.64
- mixed trend
- MACD (12, 26, 9)
- -0.19 / -0.63
- 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 | +1.9% | −0.6% | +2.5 pp | — |
| 3 months | +1.6% | −4.2% | +5.7 pp | — |
| 6 months | +5.3% | +4.3% | +1.0 pp | — |
| Year to date | +2.1% | +7.5% | −5.4 pp | — |
| 1 year | +15.9% | +9.9% | +6.0 pp | −5.7% |
| 3 years | +94.8% | +49.8% | +45.0 pp | +15.0% |
| 5 years | +102.7% | +42.8% | +59.8 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 100 percentile of its own 3-quarter history (min 8.5, median 8.6, max 11.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 3.4 bn | 4.5 bn | 6.2 bn |
| Net income YoY | unavailable | +30.6% | +38.3% |
| Diluted EPS | 12.76 | 16.66 | 16.78 |
| Diluted EPS YoY | unavailable | +30.6% | +0.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 3.7 bn | 4.4 bn | 6.9 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 86.0 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 54.8 bn NOK
- Total assets
- 581.7 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 15.3%
- ROA
- 1.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Depreciation & amortisation | 192.0 m | 178.0 m | 353.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 4.4 bn | 5.6 bn | 8.1 bn | esef· 21 Oct 2026verified |
| Income tax | 874.0 m | 988.0 m | 1.5 bn | esef· 21 Oct 2026verified |
| Net income | 3.4 bn | 4.5 bn | 6.2 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 12.76 | 16.66 | 16.78 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 387.0 m | 483.0 m | 86.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 660.0 m | 624.0 m | 1.3 bn | esef· 21 Oct 2026verified |
| Total assets | 306.5 bn | 338.2 bn | 581.7 bn | esef· 21 Oct 2026verified |
| Total liabilities | 283.1 bn | 311.9 bn | 527.0 bn | esef· 21 Oct 2026verified |
| Equity | 23.4 bn | 26.3 bn | 54.8 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 269.7 m | 269.7 m | 370.3 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.8 bn | 4.4 bn | 6.9 bn | esef· 21 Oct 2026verified |
| Capex | 107.0 m | 72.0 m | 88.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 3.7 bn ≈ | 4.4 bn ≈ | 6.9 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -38.9 bn | -28.8 bn | -32.3 bn | esef· 21 Oct 2026verified |
| Financing cash flow | 35.3 bn | 24.5 bn | 24.9 bn | 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: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 74.9 bn NOK
Key indicators
Coverage and freshness
Score by group
25% · 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: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 110.4% | 100 (on a fixed band) | 25% |
| 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) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.2% | 100 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| 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· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation81/100 · 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
SPAREBANKEN NORGE (SBNOR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 15.3%.
The estimated value range is 153.66–530.12 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 331.54 NOK, the price of 202.25 NOK leaves a potential of 63.9% (value / price − 1) and a margin of safety of 39.0% (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: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 110.4%
- FCF yield: 9.2%
What contradicts it
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.
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, Shareholder yield (distributions), 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 SBNOR.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
Sparebanken Norge is a Norwegian bank that takes deposits and lends to private individuals and companies, while also offering investment, insurance and digital banking services. Its role as an intermediary in financing the green transition and managing climate risk matters now, in the context of a recent merger.
SWOT
Strengths
- The bank has a diversified structure, with lending, savings, insurance and asset management, which reduces dependence on a single income stream.
- Local roots and relationships with customers and communities are a recognised asset in the bank's documents.
- The bank has a formal sustainability framework and reporting process, which supports credibility with investors and authorities.
Weaknesses
- A significant part of the leasing portfolio is tied to fossil-based assets, exposing the bank to transition pressures.
- The recent integration after the merger creates organisational uncertainty and the need to harmonise processes.
- Reliance on property collateral makes the portfolio sensitive to changes in property values.
Opportunities
- Demand for green financing and energy-efficiency lending could open new products and customer segments.
- Digitalisation and analytical models can reduce costs and improve risk assessment, if applied with adequate controls.
- A clear sustainability profile could attract investors and customers concerned about climate risk.
Threats
- Physical climate risk and stricter energy regulation could reduce collateral values and increase credit losses.
- Fraud and financial crime target the bank's customers and can affect trust and financial results.
- Cybersecurity incidents and leaks of personal data could damage reputation and attract sanctions.
Risks
- Physical climate risk on the portfoliohigh
Floods, landslides and rising sea levels can reduce the value of pledged property and disrupt customer businesses, which could increase expected losses 1.
- Transition riskmedium
Changes in regulation and customer behaviour can reduce the value of assets that do not meet energy requirements, and this can affect debtors' repayment capacity 1.
- Discrimination risk in digital processesmedium
Automated or artificial-intelligence-based credit models can produce erroneous results due to inaccurate data, which could lead to exclusion and legal consequences 1.
- Financial crime and fraudmedium
Customers can fall victim to fraud, and the bank can bear financial and reputational risk if trust in its services declines 1.
- Data privacylow
Leakage of sensitive personal customer information could harm customers and could create liability and reputational losses for the bank 1.
Investment thesis
What would need to be true (bull case)
- If demand for green financing keeps growing, the bank could use its green loan portfolio and green bonds as a growth engine.
- A diversified structure with lending, insurance and asset management could support steadier earnings across different economic cycles.
- Closer integration after the merger could bring economies of scale and more efficient processes, if executed well.
What would break the thesis
- If climate regulation tightens quickly, exposure through leasing of fossil-based assets could become a burden on the portfolio.
- A portfolio concentrated on property collateral can become vulnerable if property values fall in climate-exposed areas.
- Simultaneous merger integration and digitalisation can create operational tensions and compliance risks that could slow strategy execution.
What to watch
- Development of credit losses in the property segment and in the leasing portfolio2026
- Pace of growth in green loans and green bonds2026
- Effects of post-merger integration on costs and processes2026
- Results against targets for reducing financed emissions, as reported in the next sustainability reportnext 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
According to the annual report for fiscal year 2025, the bank's activities cover asset management, lending, developing and delivering financial services, as well as advisory and risk management 1. The bank acts as an intermediary, channelling capital from depositors and investors to private individuals and businesses 1.
Its products include loans, savings, insurance and digital solutions, and the bank also finances the green transition through green loans and green bonds 1. Sustainability and compliance are integrated into all processes, from credit assessment to reporting 1.
The report also describes a group structure including subsidiaries such as Brage Finans, focused on leasing and loans for vehicles and machinery, and Borea Asset Management, dedicated to asset management 1. These entities complete the bank's offering in financing and investment segments 1.
Segments
Lending and deposits
The core business covers loans to private and corporate customers, including green loans, alongside savings products 1. This is the bank's main income source and main channel through which capital reaches the economy 1.
Market context
The bank operates in the Norwegian market for banking services to private individuals and businesses, where it works as a savings bank with a focus on local customer relationships and community role 1. The report stresses that the interests of investors, customers and public authorities converge towards greener financing and better management of climate risk 1.
The market is shaped by regulation, customer demand for energy-efficient buildings and exposure to physical climate risk, which can affect the value of property collateral 1. The recent merger of the predecessor banks extended the geographic reach and customer base 1.
Trends
- Green transitiontailwind
Demand for green loans and green bonds grows as customers and investors look for financing for energy efficiency, which could bring new growth opportunities for the bank 1.
- Climate risk on collateralheadwind
Climate change can reduce property and collateral values, and stricter energy requirements can devalue non-compliant buildings, which could increase credit losses 1.
- Digitalisation of servicesmixed
The shift to digital processes and data-based models, including possible artificial intelligence tools, opens efficiencies but can also create risks of exclusion or erroneous credit decisions 1.
- Compliance and transparency requirementsmixed
Investor and authority expectations on sustainability reporting and combating financial crime are rising, requiring investment in controls and reporting systems 1.
Competitive position
The annual report does not explicitly name competitors, but it notes that the bank operates in a market alongside other banks and financial institutions offering the same product categories 1. The stated advantage rests on local relationships, green offerings and the role as intermediary with customers 1.
Competitive pressure may come from digitalisation of services and from green financing offers of other institutions, making differentiation through sustainability and advisory services more important 1.
- Other Norwegian savings banks
Companies in the same regional segment, competing for loans to private individuals and local businesses, as the context in the report describes.
- Large Norwegian commercial banks
Institutions offering loans, savings and digital services in the same market, acting as direct rivals for customer acquisition.
- Vehicle and equipment leasing companies
Competitors of the financing subsidiary, offering similar solutions for vehicle and equipment purchases.
- Asset managers and investment funds
Companies competing with the asset management division for investor capital.
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 / Sparebanken 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.