Sparebanken Møre

DB:K5X Stock Report

Market Cap: €398.8m

Sparebanken Møre Valuation

Is K5X 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 K5X when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: K5X (€7.66) is trading below our estimate of fair value (€14.33)

Significantly Below Fair Value: K5X is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for K5X?

Key metric: As K5X is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for K5X. This is calculated by dividing K5X's market cap by their current earnings.
What is K5X's PE Ratio?
PE Ratio8.3x
EarningsNOK 554.00m
Market CapNOK 4.60b

Price to Earnings Ratio vs Peers

How does K5X's PE Ratio compare to its peers?

The above table shows the PE ratio for K5X vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.3x
PCZ ProCredit Holding
4.2x9.9%€450.0m
MBK Merkur PrivatBank KgaA
10x8.6%€107.3m
VBNK VersaBank
13.5x30.4%CA$620.4m
OMASP Oma Säästöpankki Oyj
5.4x14.4%€373.8m
K5X Sparebanken Møre
8.3x11.0%€4.6b

Price-To-Earnings vs Peers: K5X is expensive based on its Price-To-Earnings Ratio (8.3x) compared to the peer average (8.3x).

Price to Earnings Ratio vs Industry

How does K5X's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
K5X 8.3xIndustry Avg. 7.4xNo. of Companies46PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: K5X is expensive based on its Price-To-Earnings Ratio (8.3x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is K5X'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.

K5X PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.3x
Fair PE Ratio9.3x

Price-To-Earnings vs Fair Ratio: K5X is good value based on its Price-To-Earnings Ratio (8.3x) compared to the estimated Fair Price-To-Earnings Ratio (9.3x).

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 K5X forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€7.66
€7.97
+4.1%
4.5%€8.34€7.49n/a3
Nov ’25€7.17
€7.91
+10.4%
4.5%€8.28€7.44n/a3
Oct ’25€6.77
€8.03
+18.7%
6.5%€8.49€7.30n/a3
Sep ’25€6.87
€8.15
+18.7%
5.5%€8.55€7.52n/a3
Aug ’25€6.82
€8.33
+22.1%
4.3%€8.77€7.89n/a3
Jul ’25€6.99
€8.33
+19.2%
4.3%€8.77€7.89n/a3
Jun ’25€7.05
€8.18
+16.1%
3.4%€8.55€7.87n/a3
May ’25€6.81
€8.11
+19.1%
3.4%€8.48€7.80n/a3
Apr ’25€7.33
€8.60
+17.3%
2.1%€8.83€8.39n/a3
Mar ’25€7.40
€8.60
+16.2%
2.1%€8.83€8.39n/a3
Feb ’25€7.43
€8.43
+13.5%
1.0%€8.55€8.37n/a3
Jan ’25€7.17
€8.40
+17.2%
1.7%€8.58€8.22n/a3
Dec ’24€6.39
€8.40
+31.5%
1.7%€8.58€8.22n/a3
Nov ’24€6.39
€8.40
+31.5%
1.7%€8.58€8.22€7.173
Oct ’24€6.90
€8.40
+21.8%
1.7%€8.58€8.22€6.773
Sep ’24€6.55
€8.37
+27.8%
2.2%€8.58€8.13€6.873
Aug ’24€6.75
€8.12
+20.3%
1.7%€8.29€7.95€6.823
Jul ’24€6.53
€8.12
+24.3%
1.7%€8.29€7.95€6.993
Jun ’24€6.23
€8.06
+29.4%
2.2%€8.26€7.83€7.053
May ’24€6.43
€8.06
+25.3%
2.2%€8.26€7.83€6.813
Mar ’24€7.83
€8.63
+10.3%
1.0%€8.69€8.51€7.403
Feb ’24€7.42
€8.69
+17.1%
1.3%€8.84€8.56€7.433
Jan ’24€7.59
€8.91
+17.5%
1.3%€9.04€8.75€7.173
Dec ’23€7.52
€9.09
+21.0%
1.5%€9.29€9.00€6.393
Nov ’23€6.96
€9.09
+30.6%
1.5%€9.29€9.00€6.393

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

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