Trøndelag Sparebank

TRSB.OL

Banks - Regional · Financial Services

Exchange

Oslo Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Growth

Weak

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Trøndelag Sparebank is a regional savings bank based in the Trøndelag region of central Norway. It offers everyday banking services like loans, savings accounts, mortgages, and insurance products to local individuals, families, and small businesses. Savings banks like this one have deep roots in Norwegian communities and operate under a cooperative-style structure rather than being owned by traditional shareholders.

The bank earns money primarily through net interest income — the difference between what it charges on loans and what it pays on deposits — along with fees for various financial services. It operates almost entirely within its home region of Norway, making it a small, locally focused institution with a market cap of around $0.5 billion. Its main competitive advantage is long-standing customer relationships and local market knowledge, though its key risk is exposure to the Norwegian housing market and rising interest rates, which can pressure both loan demand and credit quality over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-51.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-28.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

1.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

kr 10.3B cash & investments at current burn rate

Revenue declining

Trøndelag Sparebank's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales growth

Sales YoY

-9.9%

Shrinking sales (-9.9% YoY)

Profit growth

EPS YoY

-32.9%

Earnings shrinking (-32.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit

P/E Ratio (TTM)

11.4x

no trend

Attractive valuation — P/E 11.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-9.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.76%

no trend

Healthy income — 4.76% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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