Update shared on28 Aug 2025
Fair value Decreased 0.54%Vår Energi's consensus analyst price target was largely unchanged despite a dramatic increase in its Future P/E, suggesting sharply reduced earnings expectations, with fair value now at NOK38.60.
What's in the News
- Vår Energi provided production guidance, targeting around 430 kboepd in Q4 2025 and expecting to reach the mid-point of its 2025 full-year guidance (330–360 kboepd); 2026 guidance at 400 kboepd and 350–400 kboepd for 2027–2030.
- Q2 2025 results: Total production was 288 kboepd (up slightly from 287 kboepd YoY), crude oil increased, gas and NGL output declined; H1 2025 production was 280 kboepd (down from 293 kboepd YoY).
- The board approved a NOK 1.222 per share dividend (USD 300 million) for Q2 2025.
- Commercial discoveries announced at Vidsyn (25–40 mmboe recoverable, up to 100 mmboe potential) and Drivis Tubaen (9–15 mmboe), with potential tie-ins to existing infrastructure.
- Multiple development milestones: PDO submitted for Fram Sør (116 mmboe gross reserves, production start targeted for end-2029); Jotun FPSO production start and Balder Phase VI FID reached, both extending Balder field production, lowering costs, and targeting additional resources.
Valuation Changes
Summary of Valuation Changes for Vår Energi
- The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from NOK38.81 to NOK38.60.
- The Future P/E for Vår Energi has significantly risen from 11.87x to 120.16x.
- The Discount Rate for Vår Energi remained effectively unchanged, moving only marginally from 7.18% to 7.17%.
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