Sparebanken Øst

OB:SPOG Stock Report

Market Cap: NOK 1.5b

Sparebanken Øst Valuation

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

NOK 103.84
Fair Value
29.0% undervalued intrinsic discount
3
Number of Analysts

Below Fair Value: SPOG (NOK73.72) is trading below our estimate of fair value (NOK103.84)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SPOG. This is calculated by dividing SPOG's market cap by their current earnings.
What is SPOG's PE Ratio?
PE Ratio3.4x
EarningsNOK 455.70m
Market CapNOK 1.53b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SPOG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.9x
MOBA Morrow Bank
12.5x20.87%NOK 3.1b
RING SpareBank 1 Ringerike Hadeland
8.6x-2.17%NOK 5.9b
PARB Pareto Bank
10x3.13%NOK 6.6b
SBNOR Sparebanken Norge
8.6x30.86%NOK 19.7b
SPOG Sparebanken Øst
3.4x0.20%NOK 1.5b

Price-To-Earnings vs Peers: SPOG is good value based on its Price-To-Earnings Ratio (3.4x) compared to the peer average (9.9x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
FFSB Flekkefjord Sparebank
1.4x10.21%US$18.58m
No more companies available in this PE range
SPOG 3.4xIndustry Avg. 10.3xNo. of Companies9PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SPOG is good value based on its Price-To-Earnings Ratio (3.4x) compared to the Norwegian Banks industry average (10.1x).

Price to Earnings Ratio vs Fair Ratio

What is SPOG'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.

SPOG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.4x
Fair PE Ratio8x

Price-To-Earnings vs Fair Ratio: SPOG is good value based on its Price-To-Earnings Ratio (3.4x) compared to the estimated Fair Price-To-Earnings Ratio (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 SPOG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 73.72
NOK 78.33
+6.26%
5.14%NOK 84.00NOK 75.00n/a3
Nov ’26NOK 72.00
NOK 79.33
+10.19%
4.28%NOK 84.00NOK 76.00n/a3
Oct ’26NOK 74.62
NOK 78.67
+5.42%
4.79%NOK 84.00NOK 76.00n/a3
Sep ’26NOK 74.02
NOK 78.67
+6.28%
4.79%NOK 84.00NOK 76.00n/a3
Aug ’26NOK 75.39
NOK 79.33
+5.23%
4.28%NOK 84.00NOK 76.00n/a3
Jul ’26NOK 76.86
NOK 79.33
+3.22%
4.28%NOK 84.00NOK 76.00n/a3
Jun ’26NOK 72.50
NOK 79.33
+9.43%
4.28%NOK 84.00NOK 76.00n/a3
May ’26NOK 73.59
NOK 77.33
+5.09%
6.45%NOK 84.00NOK 72.00n/a3
Apr ’26NOK 72.90
NOK 80.00
+9.74%
10.80%NOK 92.00NOK 72.00n/a3
Mar ’26NOK 80.00
NOK 79.33
-0.83%
11.34%NOK 92.00NOK 72.00n/a3
Feb ’26NOK 77.59
NOK 75.33
-2.91%
6.26%NOK 82.00NOK 72.00n/a3
Jan ’26NOK 71.95
NOK 69.00
-4.10%
6.15%NOK 72.00NOK 63.00n/a3
Dec ’25NOK 65.10
NOK 68.00
+4.45%
5.50%NOK 72.00NOK 63.00n/a3
Nov ’25NOK 63.50
NOK 67.33
+6.04%
4.59%NOK 70.00NOK 63.00NOK 72.003
Oct ’25NOK 59.30
NOK 66.00
+11.30%
4.46%NOK 70.00NOK 63.00NOK 74.623
Sep ’25NOK 60.99
NOK 65.33
+7.12%
5.05%NOK 70.00NOK 63.00NOK 74.023
Aug ’25NOK 57.80
NOK 63.33
+9.57%
1.97%NOK 65.00NOK 62.00NOK 75.393
Jul ’25NOK 54.05
NOK 59.00
+9.16%
7.32%NOK 65.00NOK 55.00NOK 76.863
Jun ’25NOK 54.89
NOK 58.33
+6.27%
8.55%NOK 65.00NOK 53.00NOK 72.503
May ’25NOK 52.80
NOK 57.33
+8.59%
9.48%NOK 65.00NOK 53.00NOK 73.593
Apr ’25NOK 52.00
NOK 58.67
+12.82%
8.39%NOK 65.00NOK 53.00NOK 72.903
Mar ’25NOK 55.60
NOK 58.00
+4.32%
9.85%NOK 65.00NOK 51.00NOK 80.003
Feb ’25NOK 53.00
NOK 55.67
+5.03%
6.61%NOK 60.00NOK 51.00NOK 77.593
Jan ’25NOK 50.20
NOK 55.00
+9.56%
6.80%NOK 60.00NOK 51.00NOK 71.953
Dec ’24NOK 47.40
NOK 55.00
+16.03%
6.80%NOK 60.00NOK 51.00NOK 65.103
Nov ’24NOK 48.50
NOK 54.00
+11.34%
7.86%NOK 60.00NOK 51.00NOK 63.503
NOK 78.33
Fair Value
5.9% undervalued intrinsic discount
3
Number of Analysts

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 Analysis2025/11/28 14:56
End of Day Share Price 2025/11/28 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

Sparebanken Øst is covered by 6 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
Thomas SvendsenNordea Markets