SpareBank 1 Østlandet

OB:SPOL Stock Report

Market Cap: NOK 26.7b

SpareBank 1 Østlandet Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: SPOL (NOK196.78) is trading below our estimate of fair value (NOK279.9)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SPOL. This is calculated by dividing SPOL's market cap by their current earnings.
What is SPOL's PE Ratio?
PE Ratio11.5x
EarningsNOK 2.33b
Market CapNOK 26.73b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SPOL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.6x
SBNOR Sparebanken Norge
14x30.86%NOK 31.9b
RING SpareBank 1 Ringerike Hadeland
9x-2.17%NOK 6.2b
PARB Pareto Bank
10.2x3.13%NOK 6.8b
MOBA Morrow Bank
13.3x20.87%NOK 3.3b
SPOL SpareBank 1 Østlandet
11.5x7.68%NOK 26.7b

Price-To-Earnings vs Peers: SPOL is good value based on its Price-To-Earnings Ratio (11.5x) compared to the peer average (11.6x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
FFSB Flekkefjord Sparebank
1.4x10.21%US$17.97m
No more companies available in this PE range
SPOL 11.5xIndustry Avg. 11.1xNo. of Companies11PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SPOL is expensive based on its Price-To-Earnings Ratio (11.5x) compared to the Norwegian Banks industry average (11.3x).

Price to Earnings Ratio vs Fair Ratio

What is SPOL'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.

SPOL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.5x
Fair PE Ratio9.7x

Price-To-Earnings vs Fair Ratio: SPOL is expensive based on its Price-To-Earnings Ratio (11.5x) 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 SPOL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 196.78
NOK 190.00
-3.45%
2.15%NOK 195.00NOK 185.00n/a3
Dec ’26NOK 183.50
NOK 190.00
+3.54%
2.15%NOK 195.00NOK 185.00n/a3
Nov ’26NOK 177.56
NOK 193.33
+8.88%
2.44%NOK 200.00NOK 190.00n/a3
Oct ’26NOK 186.20
NOK 193.33
+3.83%
2.44%NOK 200.00NOK 190.00n/a3
Sep ’26NOK 187.00
NOK 193.33
+3.39%
2.44%NOK 200.00NOK 190.00n/a3
Aug ’26NOK 191.54
NOK 188.33
-1.67%
1.25%NOK 190.00NOK 185.00n/a3
Jul ’26NOK 187.72
NOK 188.33
+0.33%
1.25%NOK 190.00NOK 185.00n/a3
Jun ’26NOK 183.10
NOK 175.75
-4.01%
6.95%NOK 190.00NOK 160.00n/a4
May ’26NOK 173.00
NOK 168.75
-2.46%
4.26%NOK 180.00NOK 160.00n/a4
Apr ’26NOK 165.18
NOK 168.75
+2.16%
4.26%NOK 180.00NOK 160.00n/a4
Mar ’26NOK 164.24
NOK 162.50
-1.06%
2.24%NOK 167.00NOK 158.00n/a4
Feb ’26NOK 167.04
NOK 160.50
-3.92%
4.10%NOK 167.00NOK 150.00n/a4
Jan ’26NOK 157.66
NOK 156.50
-0.74%
4.00%NOK 165.00NOK 150.00n/a4
Dec ’25NOK 150.74
NOK 155.25
+2.99%
3.07%NOK 160.00NOK 150.00NOK 183.504
Nov ’25NOK 150.22
NOK 155.25
+3.35%
3.07%NOK 160.00NOK 150.00NOK 177.564
Oct ’25NOK 142.26
NOK 154.75
+8.78%
3.46%NOK 160.00NOK 148.00NOK 186.204
Sep ’25NOK 144.64
NOK 154.75
+6.99%
3.46%NOK 160.00NOK 148.00NOK 187.004
Aug ’25NOK 147.58
NOK 144.75
-1.92%
3.60%NOK 150.00NOK 137.00NOK 191.544
Jul ’25NOK 138.82
NOK 142.00
+2.29%
3.63%NOK 150.00NOK 137.00NOK 187.724
Jun ’25NOK 136.50
NOK 141.25
+3.48%
3.66%NOK 150.00NOK 137.00NOK 183.104
May ’25NOK 134.00
NOK 138.75
+3.54%
3.16%NOK 145.00NOK 133.00NOK 173.004
Apr ’25NOK 124.40
NOK 141.25
+13.55%
2.94%NOK 145.00NOK 135.00NOK 165.184
Mar ’25NOK 123.20
NOK 141.25
+14.65%
2.94%NOK 145.00NOK 135.00NOK 164.244
Feb ’25NOK 121.40
NOK 140.00
+15.32%
2.53%NOK 145.00NOK 135.00NOK 167.044
Jan ’25NOK 132.60
NOK 141.25
+6.52%
1.53%NOK 145.00NOK 140.00NOK 157.664
Dec ’24NOK 125.00
NOK 141.25
+13.00%
1.53%NOK 145.00NOK 140.00NOK 150.744
NOK 190
Fair Value
3.6% overvalued intrinsic discount
3
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/16 07:37
End of Day Share Price 2025/12/16 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

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.

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 Github.

Analyst Sources

SpareBank 1 Østlandet is covered by 4 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
Håkon AstrupDNB Carnegie
Simen AasDNB Carnegie
Žilvinas JusaitisNorne Securities AS