Sparebanken Sør Valuation

Q: What is the Fair Price of 0FN3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0FN3 (NOK181.02) is trading below our estimate of [[fair value]] (NOK227.58)

Is 0FN3 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 0FN3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0FN3 (NOK181.02) is trading below our estimate of fair value (NOK227.58)

Significantly Below Fair Value: 0FN3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0FN3?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 0FN3. This is calculated by dividing 0FN3's market cap by their current preferred multiple.
What is 0FN3's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	NOK 7.38b

0FN3 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

How does 0FN3's PE Ratio compare to its peers?

The above table shows the PE ratio for 0FN3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	5.1x
CBG Close Brothers Group	7.2x	23.3%	UK£643.8m
TBCG TBC Bank Group	4.6x	15.3%	UK£1.5b
BGEO Bank of Georgia Group	2.9x	-2.7%	UK£1.7b
STB Secure Trust Bank	5.9x	29.4%	UK£158.3m
0FN3 Sparebanken Sør	9.8x	15.8%	NOK 7.4b

Price-To-Earnings vs Peers: 0FN3 is expensive based on its Price-To-Earnings Ratio (9.8x) compared to the peer average (5.5x).

Price to Earnings Ratio vs Industry

How does 0FN3's PE Ratio compare vs other companies in the European Banks Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	1.8%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	1.8%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: 0FN3 is expensive based on its Price-To-Earnings Ratio (9.8x) compared to the European Banks industry average (7.6x).

Price to Earnings Ratio vs Fair Ratio

What is 0FN3'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.

0FN3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 0FN3's Price-To-Earnings Fair Ratio for valuation analysis.

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 0FN3 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 181.02	NOK 190.00 +5.0%	8.7%	NOK 213.00	NOK 175.00	n/a	3
Sep ’25	n/a	NOK 190.00 0%	8.7%	NOK 213.00	NOK 175.00	n/a	3
Aug ’25	n/a	NOK 170.00 0%	2.4%	NOK 175.00	NOK 165.00	n/a	3
Jul ’25	NOK 148.54	NOK 168.33 +13.3%	1.4%	NOK 170.00	NOK 165.00	n/a	3
Jun ’25	n/a	NOK 167.33 0%	2.3%	NOK 170.00	NOK 162.00	n/a	3
May ’25	NOK 143.27	NOK 165.67 +15.6%	2.0%	NOK 170.00	NOK 162.00	n/a	3
Apr ’25	NOK 139.51	NOK 167.33 +19.9%	2.3%	NOK 170.00	NOK 162.00	n/a	3
Mar ’25	n/a	NOK 166.33 0%	3.1%	NOK 170.00	NOK 159.00	n/a	3
Feb ’25	NOK 146.01	NOK 166.33 +13.9%	3.1%	NOK 170.00	NOK 159.00	n/a	3
Sep ’23	n/a	NOK 161.00 0%	11.8%	NOK 180.00	NOK 142.00	n/a	2

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