Spar Nord Bank A/S

CPSE:SPNO Stock Report

Market Cap: DKK 23.5b

Spar Nord Bank Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: SPNO (DKK205.5) is trading below our estimate of fair value (DKK337.85)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SPNO. This is calculated by dividing SPNO's market cap by their current earnings.
What is SPNO's PE Ratio?
PE Ratio10.3x
EarningsDKK 2.28b
Market CapDKK 23.50b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SPNO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.6x
RILBA Ringkjøbing Landbobank
13x-2.6%DKK 31.0b
VJBA Vestjysk Bank
5xn/aDKK 5.3b
DAB Danske Andelskassers Bank
9.4xn/aDKK 3.1b
SKJE Skjern Bank
7xn/aDKK 1.9b
SPNO Spar Nord Bank
10.3x-11.4%DKK 23.5b

Price-To-Earnings vs Peers: SPNO is expensive based on its Price-To-Earnings Ratio (10.3x) compared to the peer average (8.6x).

Price to Earnings Ratio vs Industry

How does SPNO's PE Ratio compare vs other companies in the DK Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
SPNO 10.3xIndustry Avg. 7.7xNo. of Companies10PE0612182430+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SPNO is expensive based on its Price-To-Earnings Ratio (10.3x) compared to the European Banks industry average (7.6x).

Price to Earnings Ratio vs Fair Ratio

What is SPNO'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.

SPNO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.3x
Fair PE Ratio6.9x

Price-To-Earnings vs Fair Ratio: SPNO is expensive based on its Price-To-Earnings Ratio (10.3x) compared to the estimated Fair Price-To-Earnings Ratio (6.9x).

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 SPNO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentDKK 205.50
DKK 147.50
-28.2%
5.1%DKK 155.00DKK 140.00n/a2
Dec ’25DKK 139.20
DKK 147.50
+6.0%
5.1%DKK 155.00DKK 140.00n/a2
Jul ’24DKK 106.70
DKK 122.50
+14.8%
14.3%DKK 140.00DKK 105.00DKK 137.002
Jun ’24DKK 104.00
DKK 120.00
+15.4%
12.5%DKK 135.00DKK 105.00DKK 127.202
May ’24DKK 113.50
DKK 125.00
+10.1%
16.0%DKK 145.00DKK 105.00DKK 124.202
Apr ’24DKK 108.20
DKK 120.67
+11.5%
14.5%DKK 145.00DKK 105.00DKK 115.203
Mar ’24DKK 128.20
DKK 120.67
-5.9%
14.5%DKK 145.00DKK 105.00DKK 121.803
Feb ’24DKK 108.60
DKK 112.50
+3.6%
6.7%DKK 120.00DKK 105.00DKK 117.002
Jan ’24DKK 106.40
DKK 112.50
+5.7%
6.7%DKK 120.00DKK 105.00DKK 106.602
Dec ’23DKK 104.80
DKK 112.50
+7.3%
6.7%DKK 120.00DKK 105.00DKK 104.002

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 01:48
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Spar Nord Bank A/S is covered by 6 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mads ThinggaardABG Sundal Collier
Asbjørn MørkCarnegie Investment Bank AB
Asbjørn MørkDanske Bank