Sparebanken Vest

OB:SVEG Stock Report

Market Cap: NOK 15.1b

Sparebanken Vest Valuation

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

Below Fair Value: SVEG (NOK137.9) is trading below our estimate of fair value (NOK321.23)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SVEG. This is calculated by dividing SVEG's market cap by their current earnings.
What is SVEG's PE Ratio?
PE Ratio8.4x
EarningsNOK 1.79b
Market CapNOK 15.13b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SVEG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.3x
SPOL SpareBank 1 Østlandet
7.1x1.9%NOK 17.8b
SOR Sparebanken Sør
10.5x17.1%NOK 8.0b
RING SpareBank 1 Ringerike Hadeland
8.2x-4.3%NOK 5.1b
PARB Pareto Bank
7.3x0.9%NOK 5.1b
SVEG Sparebanken Vest
8.4x22.4%NOK 15.1b

Price-To-Earnings vs Peers: SVEG is expensive based on its Price-To-Earnings Ratio (8.4x) compared to the peer average (8.3x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
FFSB Flekkefjord Sparebank
1.4x3.9%US$14.56m
No more companies available in this PE range
SVEG 8.4xIndustry Avg. 9.3xNo. of Companies13PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SVEG is good value based on its Price-To-Earnings Ratio (8.4x) compared to the Norwegian Banks industry average (9.3x).

Price to Earnings Ratio vs Fair Ratio

What is SVEG'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.

SVEG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.4x
Fair PE Ratio12.6x

Price-To-Earnings vs Fair Ratio: SVEG is good value based on its Price-To-Earnings Ratio (8.4x) compared to the estimated Fair Price-To-Earnings Ratio (12.6x).

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 SVEG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 137.90
NOK 149.50
+8.4%
5.7%NOK 156.00NOK 135.00n/a4
Dec ’25NOK 131.90
NOK 150.00
+13.7%
5.9%NOK 158.00NOK 135.00n/a4
Nov ’25NOK 134.96
NOK 148.00
+9.7%
6.2%NOK 158.00NOK 135.00n/a4
Oct ’25NOK 124.84
NOK 145.40
+16.5%
3.9%NOK 150.00NOK 135.00n/a5
Sep ’25NOK 132.38
NOK 145.00
+9.5%
4.0%NOK 150.00NOK 135.00n/a5
Aug ’25NOK 137.24
NOK 141.40
+3.0%
3.3%NOK 148.00NOK 135.00n/a5
Jul ’25NOK 129.84
NOK 139.60
+7.5%
2.6%NOK 145.00NOK 134.00n/a5
Jun ’25NOK 130.94
NOK 139.20
+6.3%
2.5%NOK 145.00NOK 134.00n/a5
May ’25NOK 127.78
NOK 135.00
+5.7%
3.7%NOK 140.00NOK 128.00n/a5
Apr ’25NOK 116.40
NOK 131.40
+12.9%
3.8%NOK 139.00NOK 125.00n/a5
Mar ’25NOK 116.60
NOK 130.00
+11.5%
2.6%NOK 135.00NOK 125.00n/a5
Feb ’25NOK 115.00
NOK 126.80
+10.3%
4.9%NOK 135.00NOK 117.00n/a5
Jan ’25NOK 109.40
NOK 123.00
+12.4%
3.7%NOK 126.00NOK 114.00n/a5
Dec ’24NOK 102.80
NOK 122.20
+18.9%
3.5%NOK 125.00NOK 114.00NOK 131.905
Nov ’24NOK 102.60
NOK 121.20
+18.1%
3.4%NOK 125.00NOK 114.00NOK 134.965
Oct ’24NOK 105.40
NOK 121.20
+15.0%
1.6%NOK 125.00NOK 120.00NOK 124.845
Sep ’24NOK 108.00
NOK 121.00
+12.0%
1.7%NOK 125.00NOK 119.00NOK 132.385
Aug ’24NOK 107.20
NOK 114.60
+6.9%
0.7%NOK 115.00NOK 113.00NOK 137.245
Jul ’24NOK 103.00
NOK 113.60
+10.3%
2.5%NOK 115.00NOK 108.00NOK 129.845
Jun ’24NOK 94.70
NOK 112.80
+19.1%
2.5%NOK 115.00NOK 108.00NOK 130.945
May ’24NOK 99.90
NOK 113.00
+13.1%
2.4%NOK 115.00NOK 108.00NOK 127.785
Apr ’24NOK 92.00
NOK 110.60
+20.2%
6.7%NOK 115.00NOK 96.00NOK 116.405
Mar ’24NOK 100.00
NOK 111.20
+11.2%
6.8%NOK 115.00NOK 96.00NOK 116.605
Feb ’24NOK 95.90
NOK 108.80
+13.5%
6.1%NOK 115.00NOK 96.00NOK 115.005
Jan ’24NOK 92.40
NOK 108.40
+17.3%
6.0%NOK 115.00NOK 96.00NOK 109.405
Dec ’23NOK 87.60
NOK 108.40
+23.7%
6.0%NOK 115.00NOK 96.00NOK 102.805

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 Analysis2024/12/22 08:12
End of Day Share Price 2024/12/20 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 Vest is covered by 10 analysts. 5 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