Valuation Result
Final Brand Value
DNB — Banks
Valuation date: 10/29/2026
Total Brand Value
NOK 23.3B
This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.
Brand Strength
79/100
Royalty Rate
3.2%
Discount Rate
10.3%
Benchmark recommendation not unlocked for this result
Sensitivity snapshot
Quick decision check for discount rate, royalty rate and long-term growth.
Variable
Lower input
Current
Higher input
WACC (Discount Rate)
10.3%
-1.0%
NOK 26.0B
10.3%
NOK 23.3B
+1.0%
NOK 21.1B
Royalty Rate
3.2%
-0.5%
NOK 19.6B
3.2%
NOK 23.3B
+0.5%
NOK 27.0B
Terminal Growth
1.0%
-0.5%
NOK 22.5B
1.0%
NOK 23.3B
+0.5%
NOK 24.2B
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Revenue Base
NOK 84.6B
Legal Protection
73/100
Long-term Growth
1.0%
Recommendation basis
Brand-strength range • Pro
This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.
This valuation uses benchmark support informed by external market references and curated internal calibration.
Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.
Forecast profile
5 years explicit forecast
High growth: 1.5%
Base growth: 1.0%
Long-term growth: 1.0%
Value build
Value for planning period: NOK 8.3B
Terminal value: NOK 15.1B
How the valuation is built
Valuation Build
| Year | Revenue | Royalty | After Tax | PV |
|---|---|---|---|---|
| Y1 | NOK 85,897,420,000 | NOK 2,714,358,472 | NOK 2,035,768,854 | NOK 1,938,827,480 |
| Y2 | NOK 87,185,881,300 | NOK 2,755,073,849 | NOK 2,066,305,387 | NOK 1,784,952,283 |
| Y3 | NOK 88,493,669,519 | NOK 2,796,399,957 | NOK 2,097,299,968 | NOK 1,643,289,404 |
| Y4 | NOK 89,378,606,215 | NOK 2,824,363,956 | NOK 2,118,272,967 | NOK 1,505,417,050 |
| Y5 | NOK 90,272,392,277 | NOK 2,852,607,596 | NOK 2,139,455,697 | NOK 1,379,112,218 |
| Explicit PV (Y1–Y5) | NOK 8,251,598,435 | |||
| Terminal Value (undiscounted) | NOK 23,360,543,286 | |||
| Terminal PV (discounted) | NOK 15,058,414,490 | |||
| Total Brand Value | NOK 23,310,012,924 |
Supporting context
This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.
Reference case
DNB
Prepared reference case
Indicative value of the DNB banking name across all markets where it is used, not a Norway-only value. Sbanken and the Carnegie part of the endorsed DNB Carnegie name are allowed for separately. The loan portfolio, deposits, banking permissions, customer contracts and enterprise value are not valued.
The all-market scope includes DNB activity outside Norway; country of origin is not a valuation boundary. The NOK 84.628bn base is an analyst allocation of FY2025 group income, not a disclosed DNB-name line item. Varying the Sbanken allowance between 5% and 15% of personal-customer income and the Carnegie allowance between 10% and 35% of DNB Carnegie income gives an indicative NOK 22.6-24.2bn value with other assumptions held fixed. The broader NOK 20-25bn planning band also allows for group other-operations income that may not be licensable DNB-name revenue. BSI and legal scores are outside-in estimates, not a cross-market survey or a trademark opinion. The 4.00% ceiling and selected 3.16% royalty are analyst assumptions, not an observed licence. Opening hypothetical rent of NOK 2.674bn is about 5.0% of group pretax operating profit; this is a loose capacity check, not a matched brand-profit test.
Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.
Key inputs
Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice
Revenue base
NOK 84.628bn FY2025 DNB-name exposure scenarioinferred
Planning growth
1.50% for 3 years, then 1.00%estimated
Long-term growth
1.00%estimated
Royalty rate selected
3.16%estimated
Discount rate
10.25%estimated
Brand Strength
79/100 (B+)estimated
Legal analysis
73/100estimated
Company disclosures
These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.
Legal Protection
trademark Status90
scope Of Rights82
risk Profile60
litigation62
contractual Rights72
goodwill Evidence80
regulatory Compliance67
Brand Strength
marketing Investment75
quality79
availability87
distinctive Brand Codes81
mental Availability85
consideration80
trust76
choice Share79
penetration83
price Elasticity65
revenue Premium76
margin Premium77
stability77