SpareBank 1 SMN

LSE:0IVM Stock Report

Market Cap: NOK 23.8b

SpareBank 1 SMN Valuation

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

Below Fair Value: 0IVM (NOK164.98) is trading below our estimate of fair value (NOK341.1)

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

Key Valuation Metric

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

Key metric: As 0IVM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0IVM. This is calculated by dividing 0IVM's market cap by their current earnings.
What is 0IVM's PE Ratio?
PE Ratio7.8x
EarningsNOK 3.06b
Market CapNOK 23.78b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for 0IVM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average4.5x
TBCG TBC Bank Group
4.9x16.8%UK£1.7b
BGEO Bank of Georgia Group
3.2x-3.2%UK£2.2b
HSBK Halyk Bank of Kazakhstan
3.3xn/aUS$5.2b
TCS TCS Group Holding
6.5xn/aUS$5.1b
0IVM SpareBank 1 SMN
7.8x4.2%NOK 23.8b

Price-To-Earnings vs Peers: 0IVM is expensive based on its Price-To-Earnings Ratio (7.8x) compared to the peer average (4.5x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
0IVM 7.8xIndustry Avg. 7.2xNo. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0IVM is expensive based on its Price-To-Earnings Ratio (7.8x) compared to the European Banks industry average (7.3x).

Price to Earnings Ratio vs Fair Ratio

What is 0IVM'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.

0IVM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.8x
Fair PE Ratio5x

Price-To-Earnings vs Fair Ratio: 0IVM is expensive based on its Price-To-Earnings Ratio (7.8x) compared to the estimated Fair Price-To-Earnings Ratio (5x).

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 0IVM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 164.21
NOK 177.50
+8.1%
3.1%NOK 185.00NOK 170.00n/a4
Nov ’25NOK 162.98
NOK 173.75
+6.6%
3.1%NOK 180.00NOK 165.00n/a4
Oct ’25NOK 152.39
NOK 169.25
+11.1%
2.6%NOK 175.00NOK 165.00n/a4
Sep ’25NOK 156.91
NOK 168.00
+7.1%
2.5%NOK 175.00NOK 165.00n/a4
Aug ’25NOK 162.11
NOK 166.75
+2.9%
3.2%NOK 175.00NOK 160.00n/a4
Jul ’25NOK 154.28
NOK 164.25
+6.5%
1.6%NOK 167.00NOK 160.00n/a4
Jun ’25NOK 152.60
NOK 164.25
+7.6%
1.6%NOK 167.00NOK 160.00n/a4
May ’25NOK 146.32
NOK 159.00
+8.7%
2.7%NOK 165.00NOK 155.00n/a4
Apr ’25NOK 137.80
NOK 160.25
+16.3%
2.2%NOK 165.00NOK 155.00n/a4
Mar ’25NOK 145.00
NOK 160.25
+10.5%
2.2%NOK 165.00NOK 155.00n/a4
Feb ’25NOK 144.61
NOK 157.75
+9.1%
2.8%NOK 161.00NOK 150.00n/a4
Jan ’25NOK 141.01
NOK 157.75
+11.9%
2.8%NOK 161.00NOK 150.00n/a4
Dec ’24NOK 129.05
NOK 157.75
+22.2%
2.8%NOK 161.00NOK 150.00n/a4
Nov ’24NOK 134.09
NOK 158.25
+18.0%
3.1%NOK 163.00NOK 150.00NOK 162.984
Oct ’24NOK 137.31
NOK 158.25
+15.3%
3.1%NOK 163.00NOK 150.00NOK 152.394
Sep ’24NOK 141.41
NOK 158.25
+11.9%
3.1%NOK 163.00NOK 150.00NOK 156.914
Aug ’24NOK 142.60
NOK 153.25
+7.5%
4.3%NOK 163.00NOK 145.00NOK 162.114
Jul ’24NOK 140.99
NOK 153.25
+8.7%
4.3%NOK 163.00NOK 145.00NOK 154.284
Jun ’24NOK 135.27
NOK 152.75
+12.9%
3.9%NOK 161.00NOK 145.00NOK 152.604
May ’24NOK 137.80
NOK 152.75
+10.8%
3.9%NOK 161.00NOK 145.00NOK 146.324
Apr ’24NOK 123.00
NOK 151.50
+23.2%
3.9%NOK 161.00NOK 145.00NOK 137.804
Mar ’24NOK 137.74
NOK 150.00
+8.9%
2.4%NOK 155.00NOK 145.00NOK 145.004
Feb ’24NOK 126.20
NOK 150.50
+19.3%
2.8%NOK 157.00NOK 145.00NOK 144.614
Jan ’24NOK 126.60
NOK 150.50
+18.9%
2.8%NOK 157.00NOK 145.00NOK 141.014
Dec ’23NOK 118.25
NOK 150.50
+27.3%
2.8%NOK 157.00NOK 145.00NOK 129.054
Nov ’23NOK 112.40
NOK 153.00
+36.1%
3.8%NOK 160.00NOK 145.00NOK 134.094

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

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