olivLaw · European equity research
Sparebank 1 Østfold Akershus SOAG.OL
Norway · Euronext Oslo Børs · ISIN NO0010285562 · Vertical: Listed companies from Norway
At the close of 06 Nov 2026, Sparebank 1 Østfold Akershus (SOAG.OL) stock was 456.00 NOK (+2.23% on the day), with market capitalisation 6.1 bn NOK, P/E 9.3 on diluted EPS of 49.16 NOK over the last 12 months, dividend yield 4.74%, beta 0.15, 52-week range 425.00–475.00 NOK.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.5
- neutral
- Bollinger (20, 2)
- 430.66 – 462.11
- in the upper half of the band · %B 0.81 · band width 7.0%
- SMA 50 / 200
- 447.25 / 446.05
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.98 / 0.86
- 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 | +0.2% | −0.2% | +0.4 pp | — |
| 3 months | +6.0% | −5.4% | +11.5 pp | — |
| 6 months | +0.2% | +4.4% | −4.2 pp | — |
| Year to date | +0.6% | +6.5% | −5.9 pp | — |
| 1 year | +3.6% | +10.0% | −6.3 pp | −4.7% |
| 3 years | +42.5% | +48.6% | −6.1 pp | +12.7% |
| 5 years | +34.1% | +41.4% | −7.3 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 7.7, median 8.6, max 9.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 989.0 m | 1.1 bn | 1.4 bn |
| Revenue YoY | unavailable | +14.5% | +19.9% |
| Net income | 452.0 m | 493.0 m | 651.0 m |
| Net income YoY | unavailable | +9.1% | +32.0% |
| Diluted EPS | 34.14 | 37.26 | 49.16 |
| Diluted EPS YoY | unavailable | +9.1% | +31.9% |
| net % | 45.7% | 43.6% | 48.0% |
| Free cash flow | 300.0 m | 334.0 m | -504.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 665.0 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 5.0 bn NOK
- Total assets
- 29.4 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 13.6%
- ROA
- 2.3%
- FCF margin
- -37.1%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 989.0 m | 1.1 bn | 1.4 bn | esef· 08 May 2025verified |
| Pre-tax income | 567.0 m | 635.0 m | 795.0 m | esef· 08 May 2025verified |
| Income tax | 115.0 m | 142.0 m | 143.0 m | esef· 08 May 2025verified |
| Net income | 452.0 m | 493.0 m | 651.0 m | esef· 08 May 2025verified |
| Diluted EPS | 34.14 | 37.26 | 49.16 | esef· 08 May 2025verified |
| Dividend per share | 16.18 | 17.84 | 21.61 | esef· 08 May 2025derived |
Balance sheet · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 bn | 1.3 bn | 665.0 m | esef· 08 May 2025verified |
| Property, plant & equipment, net | 280.0 m | 283.0 m | 269.0 m | esef· 08 May 2025verified |
| Goodwill | 0 | 34.0 m | 33.0 m | esef· 08 May 2025verified |
| Total assets | 26.7 bn | 28.0 bn | 29.4 bn | esef· 08 May 2025verified |
| Total liabilities | 22.4 bn | 23.5 bn | 24.4 bn | esef· 08 May 2025verified |
| Equity | 4.3 bn | 4.5 bn | 5.0 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | 13.2 m | 13.2 m | 13.3 m | esef· 08 May 2025derived |
Cash flow · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 315.0 m | 334.0 m | -491.0 m | esef· 08 May 2025verified |
| Capex | -15.0 m | 0 | -13.0 m | esef· 08 May 2025verified |
| Free cash flow | 300.0 m ≈ | 334.0 m ≈ | -504.0 m ≈ | esef· 08 May 2025derived |
| Investing cash flow | 75.0 m | -19.0 m | -245.0 m | esef· 08 May 2025verified |
| Financing cash flow | -597.0 m | -56.0 m | 92.0 m | esef· 08 May 2025verified |
| Dividends paid | -214.0 m | -236.0 m | -287.0 m | esef· 08 May 2025verified |
| Share repurchases | — | 6.0 m | 6.0 m | esef· 08 May 2025verified |
≈ 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 6.1 bn NOK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 48.0% | 97 (vs peers) | 17% |
| FCF conversion · Quality | -77.4% | 0 (on a fixed band) | 17% |
| 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 | 9.3x | 75 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.3% | 0 (on a fixed band) | 22% |
| Shareholder yield (distributions) · Returns | 4.8% | 69 (on a fixed band) | 17% |
| 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
- Quality49/100 · 2/3 factors with a value
- Returns· partial69/100 · 1/2 factors with a value
- Valuation42/100 · 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 ØSTFOLD AKERSHUS (SOAG.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.4 bn NOK in 2024; YoY growth 19.9%; net margin 48.0%; ROE 13.6%.
The estimated value range is 331.07–907.45 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 602.79 NOK, the price of 456.00 NOK leaves a potential of 32.2% (value / price − 1) and a margin of safety of 24.4% (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 (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 48.0%
- P/E (TTM): 9.3x
What contradicts it
- FCF conversion: -77.4%
- FCF yield: -8.3%
- 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, 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 | |
|---|---|---|---|---|---|---|
| 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% |
| SOAG.OLSparebank 1 Østfold Akershus | 6.1 bn | 9.3 | 13.6% | 48.0% | +19.9% | −2% / +43% |
| 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 SOAG.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 | 297.07 Total return -31% · Per year -31% | 522.80 Total return 20% · Per year 20% | 784.20 Total return 78% · Per year 78% |
| 3 years | 352.37 Total return -9% · Per year -3% | 691.40 Total return 70% · Per year 19% | 1,129.25 Total return 171% · Per year 39% |
| 5 years | 417.97 Total return 16% · Per year 3% | 914.38 Total return 137% · Per year 19% | 1,626.12 Total return 305% · Per year 32% |
- Exit P/E± 172.85
- Net margin± 121.00
- Annual revenue growth± 90.24
- Annual dilution± 10.17
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.