Sparebanken Møre

OB:MORG Stock Report

Market Cap: NOK 4.6b

Sparebanken Møre Valuation

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

Valuation Score

5/6

Valuation 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) is trading below our estimate of fair value (NOK144.26)

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.

The above table shows the Price to Earnings ratio for MORG. This is calculated by dividing MORG's market cap by their current earnings.
What is MORG's PE Ratio?
PE Ratio8.3x
EarningsNOK 554.00m
Market CapNOK 4.58b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MORG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.9x
HELG SpareBank 1 Helgeland
9.3x4.7%NOK 3.8b
SOAG SpareBank 1 Østfold Akershus
7.8x-2.3%NOK 4.7b
ROGS Rogaland Sparebank
10.5x11.4%NOK 2.9b
JAREN Jæren Sparebank
12x20.9%NOK 1.6b
MORG Sparebanken Møre
8.3x11.1%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 (9.9x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
FFSB Flekkefjord Sparebank
1.4x3.9%US$14.70m
No more companies available in this PE range
MORG 8.3xIndustry Avg. 9.6xNo. of Companies12PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

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 (9.2x).

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.

MORG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.3x
Fair PE Ratio9.8x

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?

The above table shows the analyst MORG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 93.00
NOK 95.00
+2.2%
2.6%NOK 98.00NOK 92.00n/a3
Dec ’25NOK 88.13
NOK 93.67
+6.3%
4.5%NOK 98.00NOK 88.00n/a3
Nov ’25NOK 90.00
NOK 93.67
+4.1%
4.5%NOK 98.00NOK 88.00n/a3
Oct ’25NOK 84.00
NOK 94.67
+12.7%
6.5%NOK 100.00NOK 86.00n/a3
Sep ’25NOK 84.65
NOK 95.33
+12.6%
5.5%NOK 100.00NOK 88.00n/a3
Aug ’25NOK 84.65
NOK 95.00
+12.2%
4.3%NOK 100.00NOK 90.00n/a3
Jul ’25NOK 84.10
NOK 95.00
+13.0%
4.3%NOK 100.00NOK 90.00n/a3
Jun ’25NOK 84.30
NOK 95.67
+13.5%
3.4%NOK 100.00NOK 92.00n/a3
May ’25NOK 84.92
NOK 95.67
+12.7%
3.4%NOK 100.00NOK 92.00n/a3
Apr ’25NOK 91.21
NOK 97.33
+6.7%
2.1%NOK 100.00NOK 95.00n/a3
Mar ’25NOK 87.10
NOK 97.33
+11.7%
2.1%NOK 100.00NOK 95.00n/a3
Feb ’25NOK 86.36
NOK 95.67
+10.8%
1.0%NOK 97.00NOK 95.00n/a3
Jan ’25NOK 84.00
NOK 95.00
+13.1%
1.7%NOK 97.00NOK 93.00n/a3
Dec ’24NOK 76.40
NOK 95.00
+24.3%
1.7%NOK 97.00NOK 93.00NOK 88.133
Nov ’24NOK 75.50
NOK 95.00
+25.8%
1.7%NOK 97.00NOK 93.00NOK 90.003
Oct ’24NOK 77.50
NOK 95.00
+22.6%
1.7%NOK 97.00NOK 93.00NOK 84.003
Sep ’24NOK 76.49
NOK 94.67
+23.8%
2.2%NOK 97.00NOK 92.00NOK 84.653
Aug ’24NOK 76.30
NOK 95.00
+24.5%
1.7%NOK 97.00NOK 93.00NOK 84.653
Jul ’24NOK 77.20
NOK 95.00
+23.1%
1.7%NOK 97.00NOK 93.00NOK 84.103
Jun ’24NOK 75.50
NOK 94.67
+25.4%
2.2%NOK 97.00NOK 92.00NOK 84.303
May ’24NOK 76.19
NOK 94.67
+24.3%
2.2%NOK 97.00NOK 92.00NOK 84.923
Mar ’24NOK 87.95
NOK 94.33
+7.3%
1.0%NOK 95.00NOK 93.00NOK 87.103
Feb ’24NOK 82.15
NOK 93.33
+13.6%
1.3%NOK 95.00NOK 92.00NOK 86.363
Jan ’24NOK 84.41
NOK 93.67
+11.0%
1.3%NOK 95.00NOK 92.00NOK 84.003
Dec ’23NOK 77.00
NOK 93.00
+20.8%
1.5%NOK 95.00NOK 92.00NOK 76.403

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 Analysis2024/12/18 04:07
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

Sparebanken Møre is covered by 10 analysts. 3 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
Geir KristiansenBeringer Finance AB