SpareBank 1 Østlandet

DB:2SF Stock Report

Market Cap: €1.5b

SpareBank 1 Østlandet Valuation

Is 2SF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 2SF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2SF (€12.65) is trading below our estimate of fair value (€27.99)

Significantly Below Fair Value: 2SF is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2SF?

Key metric: As 2SF is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2SF. This is calculated by dividing 2SF's market cap by their current earnings.
What is 2SF's PE Ratio?
PE Ratio6.9x
EarningsNOK 2.51b
Market CapNOK 17.41b

Price to Earnings Ratio vs Peers

How does 2SF's PE Ratio compare to its peers?

The above table shows the PE ratio for 2SF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.6x
PCZ ProCredit Holding
4.2x9.9%€450.0m
CBK Commerzbank
8.5x8.8%€18.2b
MBK Merkur PrivatBank KgaA
10x8.6%€107.3m
BDMN Bank Danamon Indonesia
7.6x9.1%Rp24.8t
2SF SpareBank 1 Østlandet
6.9x2.9%€17.4b

Price-To-Earnings vs Peers: 2SF is good value based on its Price-To-Earnings Ratio (6.9x) compared to the peer average (7.6x).

Price to Earnings Ratio vs Industry

How does 2SF's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
2SF 6.9xIndustry Avg. 7.4xNo. of Companies46PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2SF is good value based on its Price-To-Earnings Ratio (6.9x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is 2SF'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.

2SF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.9x
Fair PE Ratio8.9x

Price-To-Earnings vs Fair Ratio: 2SF is good value based on its Price-To-Earnings Ratio (6.9x) compared to the estimated Fair Price-To-Earnings Ratio (8.9x).

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 2SF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€12.65
€13.46
+6.4%
3.1%€13.87€13.00n/a4
Nov ’25€12.19
€12.96
+6.3%
3.1%€13.35€12.52n/a4
Oct ’25€11.94
€13.23
+10.8%
3.5%€13.68€12.65n/a4
Sep ’25€12.14
€13.23
+9.0%
3.5%€13.68€12.65n/a4
Aug ’25€12.37
€12.21
-1.3%
3.6%€12.66€11.56n/a4
Jul ’25€11.96
€12.45
+4.1%
3.6%€13.15€12.01n/a4
Jun ’25€11.80
€12.20
+3.4%
3.7%€12.96€11.83n/a4
May ’25€11.16
€11.84
+6.1%
3.2%€12.37€11.35n/a4
Apr ’25€10.47
€12.48
+19.2%
2.9%€12.81€11.92n/a4
Mar ’25€10.66
€12.48
+17.1%
2.9%€12.81€11.92n/a4
Feb ’25€10.56
€12.23
+15.8%
2.5%€12.67€11.80n/a4
Jan ’25€11.67
€12.07
+3.4%
1.5%€12.39€11.96n/a4
Dec ’24€10.60
€12.07
+13.8%
1.5%€12.39€11.96n/a4
Nov ’24€10.31
€12.06
+17.1%
1.8%€12.28€11.85€12.194
Oct ’24€11.65
€12.65
+8.6%
3.7%€13.41€12.11€11.944
Sep ’24€11.31
€12.65
+11.9%
3.7%€13.41€12.11€12.144
Aug ’24€11.11
€12.46
+12.1%
5.6%€13.51€11.54€12.374
Jul ’24€10.94
€12.46
+13.9%
5.6%€13.51€11.54€11.964
Jun ’24€10.18
€12.29
+20.7%
5.7%€13.40€11.45€11.804
May ’24€10.48
€12.33
+17.7%
4.9%€13.24€11.60€11.164
Apr ’24€9.85
€12.56
+27.5%
3.5%€13.09€11.94€10.474
Mar ’24€11.44
€12.87
+12.5%
4.2%€13.54€12.35€10.664
Feb ’24€10.43
€13.58
+30.3%
6.8%€14.75€12.18€10.564
Jan ’24€11.24
€13.58
+20.8%
6.8%€14.75€12.18€11.674
Dec ’23€11.01
€13.91
+26.3%
6.2%€15.05€12.62€10.604
Nov ’23€10.68
€13.91
+30.3%
6.2%€15.05€12.62€10.314

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

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