Update shared on16 Sep 2025
Fair value Decreased 2.69%A sharp increase in Vår Energi’s future P/E ratio, likely reflecting lower earnings expectations, has driven a slight decrease in the consensus analyst price target from NOK38.07 to NOK37.05.
What's in the News
- Jotun FPSO reached peak production ahead of schedule, now producing over 80 kboepd gross, supporting ongoing development of the Balder field, with Balder Phase V and VI projects underway to maintain high output.
- 2025 production guidance reaffirmed, targeting 430 kboepd in Q4 and mid-point of 330–360 kboepd for the full year; 2026 production expected at 400 kboepd and 350–400 kboepd from 2027 to 2030.
- Dividend of NOK 1.222 per share (USD 300 million total) approved for Q2 2025 at EGM.
- Vidsyn exploration well yielded a third commercial discovery in 2025, confirming 25–40 mmboe recoverable resources (gross) and additional upside potential near the Fenja field.
- Fram Sør project PDO submitted, targeting 116 mmboe gross reserves with NOK 21 billion (USD 2.2 billion) investment; production scheduled to start end of 2029.
Valuation Changes
Summary of Valuation Changes for Vår Energi
- The Consensus Analyst Price Target has fallen slightly from NOK38.07 to NOK37.05.
- The Future P/E for Vår Energi has significantly risen from 11.23x to 109.91x.
- The Discount Rate for Vår Energi remained effectively unchanged, moving only marginally from 7.22% to 7.32%.
Disclaimer
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