Sparebanken Møre Valuation
Is MORG undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
5/6Valuation Score 5/6
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 MORG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: MORG (NOK93.2) is trading below our estimate of fair value (NOK146.83)
Significantly Below Fair Value: MORG is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for MORG?
Key metric: As MORG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.
| What is MORG's PE Ratio? | |
|---|---|
| PE Ratio | 8.3x |
| Earnings | NOK 554.00m |
| Market Cap | NOK 4.44b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | n/a |
| Enterprise Value/EBITDA | n/a |
| PEG Ratio | 0.8x |
Price to Earnings Ratio vs Peers
How does MORG's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 8.7x | ||
HELG SpareBank 1 Helgeland | 9.5x | 4.4% | NOK 3.9b |
SOAG SpareBank 1 Østfold Akershus | 7.8x | -9.1% | NOK 4.7b |
ROGS Rogaland Sparebank | 10.2x | 11.2% | NOK 2.8b |
NONG SpareBank 1 Nord-Norge | 7.4x | 9.0% | NOK 11.7b |
MORG Sparebanken Møre | 8.3x | 11.0% | NOK 4.6b |
Price-To-Earnings vs Peers: MORG is good value based on its Price-To-Earnings Ratio (8.3x) compared to the peer average (8.7x).
Price to Earnings Ratio vs Industry
How does MORG's PE Ratio compare vs other companies in the NO Banks Industry?
| 1 Company | Price / Earnings | Estimated Growth | Market Cap |
|---|---|---|---|
FFSB Flekkefjord Sparebank | 1.4x | 4.1% | US$15.00m |
| 1 Company | Estimated Growth | Market Cap |
|---|
Price-To-Earnings vs Industry: MORG is good value based on its Price-To-Earnings Ratio (8.3x) compared to the Norwegian Banks industry average (8.9x).
Price to Earnings Ratio vs Fair Ratio
What is MORG'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.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 8.3x |
| Fair PE Ratio | 9.7x |
Price-To-Earnings vs Fair Ratio: MORG is good value based on its Price-To-Earnings Ratio (8.3x) compared to the estimated Fair Price-To-Earnings Ratio (9.8x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | NOK 93.20 | NOK 93.67 +0.5% | 4.5% | NOK 98.00 | NOK 88.00 | n/a | 3 |
| Nov ’25 | NOK 90.00 | NOK 93.67 +4.1% | 4.5% | NOK 98.00 | NOK 88.00 | n/a | 3 |
| Oct ’25 | NOK 84.00 | NOK 94.67 +12.7% | 6.5% | NOK 100.00 | NOK 86.00 | n/a | 3 |
| Sep ’25 | NOK 84.65 | NOK 95.33 +12.6% | 5.5% | NOK 100.00 | NOK 88.00 | n/a | 3 |
| Aug ’25 | NOK 84.65 | NOK 95.00 +12.2% | 4.3% | NOK 100.00 | NOK 90.00 | n/a | 3 |
| Jul ’25 | NOK 84.10 | NOK 95.00 +13.0% | 4.3% | NOK 100.00 | NOK 90.00 | n/a | 3 |
| Jun ’25 | NOK 84.30 | NOK 95.67 +13.5% | 3.4% | NOK 100.00 | NOK 92.00 | n/a | 3 |
| May ’25 | NOK 84.92 | NOK 95.67 +12.7% | 3.4% | NOK 100.00 | NOK 92.00 | n/a | 3 |
| Apr ’25 | NOK 91.21 | NOK 97.33 +6.7% | 2.1% | NOK 100.00 | NOK 95.00 | n/a | 3 |
| Mar ’25 | NOK 87.10 | NOK 97.33 +11.7% | 2.1% | NOK 100.00 | NOK 95.00 | n/a | 3 |
| Feb ’25 | NOK 86.36 | NOK 95.67 +10.8% | 1.0% | NOK 97.00 | NOK 95.00 | n/a | 3 |
| Jan ’25 | NOK 84.00 | NOK 95.00 +13.1% | 1.7% | NOK 97.00 | NOK 93.00 | n/a | 3 |
| Dec ’24 | NOK 76.40 | NOK 95.00 +24.3% | 1.7% | NOK 97.00 | NOK 93.00 | n/a | 3 |
| Nov ’24 | NOK 75.50 | NOK 95.00 +25.8% | 1.7% | NOK 97.00 | NOK 93.00 | NOK 90.00 | 3 |
| Oct ’24 | NOK 77.50 | NOK 95.00 +22.6% | 1.7% | NOK 97.00 | NOK 93.00 | NOK 84.00 | 3 |
| Sep ’24 | NOK 76.49 | NOK 94.67 +23.8% | 2.2% | NOK 97.00 | NOK 92.00 | NOK 84.65 | 3 |
| Aug ’24 | NOK 76.30 | NOK 95.00 +24.5% | 1.7% | NOK 97.00 | NOK 93.00 | NOK 84.65 | 3 |
| Jul ’24 | NOK 77.20 | NOK 95.00 +23.1% | 1.7% | NOK 97.00 | NOK 93.00 | NOK 84.10 | 3 |
| Jun ’24 | NOK 75.50 | NOK 94.67 +25.4% | 2.2% | NOK 97.00 | NOK 92.00 | NOK 84.30 | 3 |
| May ’24 | NOK 76.19 | NOK 94.67 +24.3% | 2.2% | NOK 97.00 | NOK 92.00 | NOK 84.92 | 3 |
| Mar ’24 | NOK 87.95 | NOK 94.33 +7.3% | 1.0% | NOK 95.00 | NOK 93.00 | NOK 87.10 | 3 |
| Feb ’24 | NOK 82.15 | NOK 93.33 +13.6% | 1.3% | NOK 95.00 | NOK 92.00 | NOK 86.36 | 3 |
| Jan ’24 | NOK 84.41 | NOK 93.67 +11.0% | 1.3% | NOK 95.00 | NOK 92.00 | NOK 84.00 | 3 |
| Dec ’23 | NOK 77.00 | NOK 93.00 +20.8% | 1.5% | NOK 95.00 | NOK 92.00 | NOK 76.40 | 3 |
| Nov ’23 | NOK 75.19 | NOK 93.00 +23.7% | 1.5% | NOK 95.00 | NOK 92.00 | NOK 75.50 | 3 |
Analyst Forecast: Target price is less than 20% higher than the current share price.
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