DNB Bank ASA

OB:DNB Stock Report

Market Cap: NOK 442.2b

DNB Bank Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of DNB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: DNB (NOK304.3) is trading below our estimate of future cash flow value (NOK489.4)

Significantly Below Future Cash Flow Value: DNB is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for DNB. This is calculated by dividing DNB's market cap by their current earnings.
What is DNB's PE Ratio?
PE Ratio10.6x
EarningsNOK 41.86b
Market CapNOK 442.22b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for DNB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.2x
SBNOR Sparebanken Norge
13.5x26.02%NOK 34.9b
SPOL SpareBank 1 Østlandet
11x8.72%NOK 27.2b
PARB Pareto Bank
10.5x7.07%NOK 6.6b
RING SpareBank 1 Ringerike Hadeland
9.8x-1.89%NOK 7.0b
DNB DNB Bank
10.6x-1.97%NOK 442.2b

Price-To-Earnings vs Peers: DNB is good value based on its Price-To-Earnings Ratio (10.6x) compared to the peer average (11.2x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
FFSB Flekkefjord Sparebank
1.4x13.90%US$18.44m
No more companies available in this PE range
DNB 10.6xIndustry Avg. 11.6xNo. of Companies12PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: DNB is good value based on its Price-To-Earnings Ratio (10.6x) compared to the Norwegian Banks industry average (11.3x).

Price to Earnings Ratio vs Fair Ratio

What is DNB'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.

DNB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.6x
Fair PE Ratio13.7x

Price-To-Earnings vs Fair Ratio: DNB is good value based on its Price-To-Earnings Ratio (10.6x) compared to the estimated Fair Price-To-Earnings Ratio (13.7x).

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 DNB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 304.30
NOK 301.27
-1.00%
6.18%NOK 337.00NOK 270.00n/a15
Mar ’27NOK 301.50
NOK 297.80
-1.23%
7.10%NOK 337.00NOK 260.00n/a15
Feb ’27NOK 276.70
NOK 285.60
+3.22%
5.99%NOK 306.00NOK 245.00n/a15
Jan ’27NOK 281.50
NOK 275.60
-2.10%
6.73%NOK 300.00NOK 240.00n/a15
Dec ’26NOK 270.00
NOK 275.27
+1.95%
6.73%NOK 300.00NOK 240.00n/a15
Nov ’26NOK 258.30
NOK 275.33
+6.59%
6.83%NOK 300.00NOK 240.00n/a15
Oct ’26NOK 270.30
NOK 270.93
+0.23%
7.88%NOK 309.00NOK 230.00n/a15
Sep ’26NOK 265.50
NOK 268.20
+1.02%
7.71%NOK 309.00NOK 230.00n/a15
Aug ’26NOK 257.70
NOK 268.60
+4.23%
7.67%NOK 309.00NOK 230.00n/a15
Jul ’26NOK 274.20
NOK 271.40
-1.02%
9.12%NOK 318.00NOK 230.00n/a15
Jun ’26NOK 273.30
NOK 268.06
-1.92%
9.39%NOK 318.00NOK 230.00n/a17
May ’26NOK 258.80
NOK 263.38
+1.77%
9.82%NOK 310.00NOK 215.00n/a16
Apr ’26NOK 273.90
NOK 257.06
-6.15%
10.47%NOK 305.00NOK 215.00NOK 304.3017
Mar ’26NOK 259.00
NOK 249.33
-3.73%
9.37%NOK 297.00NOK 215.00NOK 301.5015
Feb ’26NOK 240.80
NOK 238.87
-0.80%
7.62%NOK 280.00NOK 213.00NOK 276.7015
Jan ’26NOK 226.90
NOK 235.94
+3.98%
8.31%NOK 285.00NOK 210.00NOK 281.5016
Dec ’25NOK 230.70
NOK 235.80
+2.21%
8.46%NOK 285.00NOK 210.00NOK 270.0015
Nov ’25NOK 231.10
NOK 231.15
+0.023%
8.91%NOK 280.00NOK 207.00NOK 258.3015
Oct ’25NOK 213.20
NOK 223.31
+4.74%
7.57%NOK 265.00NOK 197.00NOK 270.3017
Sep ’25NOK 224.10
NOK 218.81
-2.36%
6.80%NOK 246.00NOK 194.00NOK 265.5014
Aug ’25NOK 223.60
NOK 216.45
-3.20%
7.33%NOK 246.00NOK 194.00NOK 257.7014
Jul ’25NOK 212.20
NOK 211.54
-0.31%
8.15%NOK 240.00NOK 181.00NOK 274.2013
Jun ’25NOK 205.20
NOK 211.15
+2.90%
8.51%NOK 240.00NOK 176.00NOK 273.3013
May ’25NOK 194.10
NOK 209.46
+7.91%
7.28%NOK 240.00NOK 176.00NOK 258.8013
Apr ’25NOK 215.10
NOK 211.57
-1.64%
5.23%NOK 230.00NOK 192.00NOK 273.9014
NOK 301.27
Fair Value
1.0% overvalued intrinsic discount
15
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 Analysis2026/04/01 10:20
End of Day Share Price 2026/04/01 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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

DNB Bank ASA is covered by 30 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Namita SamtaniBarclays
Namita SamtaniBarclays