SpareBank 1 SMN

OB:MING Stock Report

Market Cap: NOK 24.3b

SpareBank 1 SMN Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: MING (NOK168.38) is trading below our estimate of fair value (NOK337.87)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MING. This is calculated by dividing MING's market cap by their current earnings.
What is MING's PE Ratio?
PE Ratio7.9x
EarningsNOK 3.06b
Market CapNOK 24.28b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MING vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.8x
SB1NO SpareBank 1 Sør-Norge
7.5x7.2%NOK 37.9b
NONG SpareBank 1 Nord-Norge
7.6x8.5%NOK 12.1b
MORG Sparebanken Møre
8.3x11.1%NOK 4.6b
SOAG SpareBank 1 Østfold Akershus
7.8x-2.3%NOK 4.6b
MING SpareBank 1 SMN
7.9x3.7%NOK 24.3b

Price-To-Earnings vs Peers: MING is expensive based on its Price-To-Earnings Ratio (7.9x) compared to the peer average (7.8x).

Price to Earnings Ratio vs Industry

How does MING's PE Ratio compare vs other companies in the NO Banks Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
FFSB Flekkefjord Sparebank
1.4x3.9%US$14.67m
No more companies available in this PE range
MING 7.9xIndustry Avg. 9.4xNo. of Companies13PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MING is good value based on its Price-To-Earnings Ratio (7.9x) compared to the Norwegian Banks industry average (9.4x).

Price to Earnings Ratio vs Fair Ratio

What is MING'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.

MING PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.9x
Fair PE Ratio9.7x

Price-To-Earnings vs Fair Ratio: MING is good value based on its Price-To-Earnings Ratio (7.9x) compared to the estimated Fair Price-To-Earnings Ratio (9.7x).

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 MING forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 168.38
NOK 179.25
+6.5%
3.1%NOK 185.00NOK 170.00n/a4
Dec ’25NOK 164.10
NOK 177.50
+8.2%
3.1%NOK 185.00NOK 170.00n/a4
Nov ’25NOK 162.20
NOK 173.75
+7.1%
3.1%NOK 180.00NOK 165.00n/a4
Oct ’25NOK 152.30
NOK 169.25
+11.1%
2.6%NOK 175.00NOK 165.00n/a4
Sep ’25NOK 157.00
NOK 168.00
+7.0%
2.5%NOK 175.00NOK 165.00n/a4
Aug ’25NOK 161.16
NOK 166.75
+3.5%
3.2%NOK 175.00NOK 160.00n/a4
Jul ’25NOK 153.76
NOK 164.25
+6.8%
1.6%NOK 167.00NOK 160.00n/a4
Jun ’25NOK 152.90
NOK 164.25
+7.4%
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 144.80
NOK 157.75
+8.9%
2.8%NOK 161.00NOK 150.00n/a4
Jan ’25NOK 141.80
NOK 157.75
+11.2%
2.8%NOK 161.00NOK 150.00n/a4
Dec ’24NOK 129.20
NOK 157.75
+22.1%
2.8%NOK 161.00NOK 150.00NOK 164.104
Nov ’24NOK 134.40
NOK 158.25
+17.7%
3.1%NOK 163.00NOK 150.00NOK 162.204
Oct ’24NOK 137.20
NOK 158.25
+15.3%
3.1%NOK 163.00NOK 150.00NOK 152.304
Sep ’24NOK 141.40
NOK 158.25
+11.9%
3.1%NOK 163.00NOK 150.00NOK 157.004
Aug ’24NOK 142.80
NOK 153.25
+7.3%
4.3%NOK 163.00NOK 145.00NOK 161.164
Jul ’24NOK 141.00
NOK 153.25
+8.7%
4.3%NOK 163.00NOK 145.00NOK 153.764
Jun ’24NOK 135.00
NOK 152.75
+13.1%
3.9%NOK 161.00NOK 145.00NOK 152.904
May ’24NOK 137.80
NOK 152.75
+10.8%
3.9%NOK 161.00NOK 145.00NOK 146.324
Apr ’24NOK 123.60
NOK 151.50
+22.6%
3.9%NOK 161.00NOK 145.00NOK 137.804
Mar ’24NOK 137.80
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 144.804
Jan ’24NOK 127.40
NOK 150.50
+18.1%
2.8%NOK 157.00NOK 145.00NOK 141.804
Dec ’23NOK 118.20
NOK 150.50
+27.3%
2.8%NOK 157.00NOK 145.00NOK 129.204

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/24 15:25
End of Day Share Price 2024/12/23 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

SpareBank 1 SMN is covered by 11 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jan GjerlandABG Sundal Collier
Fridtjof BerentsArctic Securities ASA
Ulrik ZürcherBeringer Finance AB