Sparebanken Sør

BST:PB4 Stock Report

Market Cap: €680.1m

Sparebanken Sør Valuation

Is PB4 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PB4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PB4 (€15.91) is trading below our estimate of fair value (€25.19)

Significantly Below Fair Value: PB4 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PB4?

Key metric: As PB4 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PB4. This is calculated by dividing PB4's market cap by their current earnings.
What is PB4's PE Ratio?
PE Ratio10.3x
EarningsNOK 764.00m
Market CapNOK 7.84b

Price to Earnings Ratio vs Peers

How does PB4's PE Ratio compare to its peers?

The above table shows the PE ratio for PB4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.2x
PCZ ProCredit Holding
4.4x9.9%€471.2m
MBK Merkur PrivatBank KgaA
10x8.6%€107.3m
CBK Commerzbank
8.1x8.8%€17.3b
ISLAMIBANK Islami Bank Bangladesh
18.4xn/a৳85.5b
PB4 Sparebanken Sør
10.3x17.3%€7.9b

Price-To-Earnings vs Peers: PB4 is expensive based on its Price-To-Earnings Ratio (10.3x) compared to the peer average (10.2x).

Price to Earnings Ratio vs Industry

How does PB4's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PB4 10.3xIndustry Avg. 7.4xNo. of Companies47PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PB4 is expensive based on its Price-To-Earnings Ratio (10.3x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is PB4's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PB4 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.3x
Fair PE Ratio10.7x

Price-To-Earnings vs Fair Ratio: PB4 is good value based on its Price-To-Earnings Ratio (10.3x) compared to the estimated Fair Price-To-Earnings Ratio (10.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PB4 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€15.90
€18.49
+16.3%
2.6%€18.97€18.01n/a2
Nov ’25€15.58
€16.67
+7.0%
7.8%€17.98€15.36n/a2
Oct ’25€14.65
€16.27
+11.1%
8.7%€18.24€14.99n/a3
Sep ’25€15.56
€16.27
+4.6%
8.7%€18.24€14.99n/a3
Aug ’25€13.84
€14.34
+3.6%
2.4%€14.76€13.92n/a3
Jul ’25€12.98
€14.76
+13.7%
1.4%€14.90€14.47n/a3
Jun ’25€12.98
€14.45
+11.3%
2.3%€14.68€13.99n/a3
May ’25€12.04
€14.14
+17.4%
2.0%€14.51€13.82n/a3
Apr ’25€11.64
€14.45
+24.1%
2.3%€14.68€13.99n/a3
Mar ’25€12.29
€14.55
+18.4%
3.1%€14.87€13.91n/a3
Feb ’25€12.57
€14.55
+15.8%
3.1%€14.87€13.91n/a3

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Crédit Agricole

€39.7b

Provides retail, corporate, insurance, and investment banking products and services in France and internationally.

XCA

€13.26

7D

-0.2%

1Y

13.4%

Banco del Bajío Institución de Banca Múltiple

Mex$48.6b

Provides banking products and services in Mexico.

5NT

Mex$1.82

7D

-0.5%

1Y

-37.7%

UniCredit

€58.7b

Provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe.

CRIN

€38.04

7D

-4.2%

1Y

53.0%