DNB Bank ASA
DNB Bank ASA provides financial services to individuals and businesses in Norway and internationally. The company offers savings, current, currency, client, tax withholding, and pension accounts; fixed rate and security deposits; home and cabin mortgages, construction and fixed-rate loans, car and …
DNB Bank ASA provides financial services to individuals and businesses in Norway and internationally. The company offers savings, current, currency, client, tax withholding, and pension accounts; fixed rate and security deposits; home and cabin mortgages, construction and fixed-rate loans, car and consumer loans, business loans, and refinancing; home equity credit lines; car, house, home contents, travel, personal, and non-life insurance products; payment services; and online and mobile banking services, as well as cards. It also provides overdraft facilities; leasing; factoring, supply chain, and receivable purchase financing; bank guarantees; secure trading, documentary collection, and letter of credit; investment banking services, such as mergers and acquisitions, equity and debt capital market, loans, bonds, convertible bonds, direct lending, and other private placements; and private financing and commodities services. In addition, the company offers equity trading, foreign exchange, research, share and stock market, securities, and risk advisory services. Further, it provides treasury management, working capital, trade finance, equipment financing, real estate broking, and corporate finance services. DNB Bank ASA was founded in 1822 and is headquartered in Oslo, Norway.Priced within the modelled range
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price within modeled range
Justified P/B (ROE) using TTM through 30 Sep 2026 net income and book equity: return on equity of 14.4% gives a fair price-to-book of 1.66x, with 2.4% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 6.73%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 6.7% (sector default 5.4%, own revenue history 11.0%, analyst revenue consensus 5.3%).
5-year outlook: relative outlook of about 12.0% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 5.3% a year; the growth assumption used is 6.7%.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — NOK 330.70 (+1.7%)
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EPS-based Gordon proxy
— NOK 406.63 (+25.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— not applicable
Not used: Cannot be computed: EBITDA is missing, zero or negative.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— not applicable
Not used: Cannot be computed: revenue is missing.
| Bear NOK 280.46 | -16.0% |
| Base NOK 330.70 | 1.6% |
| Bull NOK 419.58 | 22.5% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 87 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 3 of 5 years | 12 / 20 |
| Growth | revenue +7.8% a year | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| DNB.OL (this company) | NOK 325.30 | 1.6% | 11.4 | 1.6 | 5.1% | 87 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.1% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.8% | 8.1 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: NOK 18.00 per share · yield 5.53% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 18.000 |
| 2025 | 16.750 |
| 2024 | 16.000 |
| 2023 | 12.500 |
| 2022 | 9.750 |
| 2021 | 17.400 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 13:36
| Revenue | NOK 88,453,000,000 |
|---|---|
| EBITDA | NOK |
| EBIT | NOK |
| Net income | NOK 40,651,000,000 |
| Free cash flow | NOK -25,022,000,000 |
| Capital expenditures | NOK 3,756,000,000 |
| Debt | NOK 1,027,432,000,000 |
| Cash | NOK 184,564,000,000 |
| Working capital | NOK |
| Shares outstanding | 1,421,818,239 |