SpareBank 1 Nord-Norge (NONG.OL)
ValueMarkers Composite Index
86% below intrinsic value ($116)
SpareBank 1 Nord-Norge (NONG.OL) — VMCI valuation read
Headline read on NONG.OL: VMCI of 61/100 versus a broad-market sample median of 50. The 11-point above-median position is what makes SpareBank 1 Nord-Norge a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on NONG.OL: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on NONG.OL: value (NONG.OL trades at 15.0x earnings, 17% below the sector median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the sector median (10.0%)), and risk (net debt to EBITDA of -0.8x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the sector 12.0x baseline.
NONG.OL fell 0.5% over the trailing 7 days, with a -20.6% read on a 30-day basis.
SpareBank 1 Nord-Norge provides banking services to personal and corporate customers in Northern Norway. It operates through Retail Market, Corporate Market, Leasing, and Markets segments. The company offers various savings, lending, insurance, and pension products, as well as payment services. It also provides secured loan financing, real estate leasing and agency, billing systems, and accounting solutions. It operates through a network of 38 locations in 36 municipalities in Nordland, Troms, Finnmark, and Svalbard. The company was founded in 1836 and is headquartered in Tromsø, Norway.
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