Equinor ASA

DB:DNQ Stock Report

Market Cap: €52.3b

Equinor Valuation

Is DNQ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of DNQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: DNQ (€21.17) is trading below our estimate of future cash flow value (€53.61)

Significantly Below Future Cash Flow Value: DNQ is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DNQ?

Key metric: As DNQ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for DNQ. This is calculated by dividing DNQ's market cap by their current earnings.
What is DNQ's PE Ratio?
PE Ratio10.7x
EarningsUS$5.73b
Market CapUS$61.49b

Price to Earnings Ratio vs Peers

How does DNQ's PE Ratio compare to its peers?

The above table shows the PE ratio for DNQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.4x
ENI Eni
19.1x12.91%€49.9b
PETR4 Petróleo Brasileiro - Petrobras
5.6x2.54%R$450.2b
SU Suncor Energy
15.8x0.97%CA$84.2b
OXY Occidental Petroleum
29.1x10.96%US$42.9b
DNQ Equinor
10.7x6.74%€606.4b

Price-To-Earnings vs Peers: DNQ is good value based on its Price-To-Earnings Ratio (10.7x) compared to the peer average (17.4x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does DNQ's PE Ratio compare vs other companies in the European Oil and Gas Industry?

13 CompaniesPrice / EarningsEstimated GrowthMarket Cap
DNQ 10.7xIndustry Avg. 14.0xNo. of Companies13PE0816243240+
13 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: DNQ is good value based on its Price-To-Earnings Ratio (10.7x) compared to the European Oil and Gas industry average (14.1x).

Price to Earnings Ratio vs Fair Ratio

What is DNQ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DNQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.7x
Fair PE Ratio29.5x

Price-To-Earnings vs Fair Ratio: DNQ is good value based on its Price-To-Earnings Ratio (10.7x) compared to the estimated Fair Price-To-Earnings Ratio (29.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DNQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.17
€19.96
-5.69%
11.57%€25.22€15.22n/a24
Jan ’27€20.04
€20.32
+1.41%
11.84%€25.31€15.30n/a22
Dec ’26€19.92
€20.69
+3.87%
11.35%€25.53€15.44n/a22
Nov ’26€20.70
€20.98
+1.37%
11.33%€25.70€15.54n/a22
Oct ’26€21.22
€21.53
+1.47%
14.20%€27.23€15.36n/a22
Sep ’26€21.03
€21.89
+4.07%
13.81%€27.28€15.39n/a23
Aug ’26€22.05
€22.47
+1.91%
13.71%€27.99€15.62n/a23
Jul ’26€21.49
€22.51
+4.76%
15.73%€32.22€17.32n/a24
Jun ’26€20.68
€22.95
+10.97%
16.34%€33.13€17.41n/a23
May ’26€19.80
€23.64
+19.39%
15.30%€33.41€17.81n/a23
Apr ’26€24.53
€25.79
+5.12%
14.29%€33.83€18.19n/a24
Mar ’26€22.79
€26.22
+15.06%
14.98%€34.10€18.76n/a24
Feb ’26€23.65
€25.90
+9.50%
15.66%€33.50€16.96n/a23
Jan ’26€22.25
€25.67
+15.39%
15.47%€34.28€17.04€20.0423
Dec ’25€22.93
€24.97
+8.90%
17.06%€34.04€17.06€19.9224
Nov ’25€21.65
€24.73
+14.25%
15.14%€33.68€17.68€20.7024
Oct ’25€23.52
€24.45
+3.96%
15.19%€36.71€18.08€21.2223
Sep ’25€24.40
€24.65
+1.03%
15.97%€36.91€17.17€21.0323
Aug ’25€24.35
€25.21
+3.55%
15.86%€37.75€17.62€22.0523
Jul ’25€26.75
€26.23
-1.91%
17.29%€42.38€18.34€21.4923
Jun ’25€26.62
€25.55
-4.04%
18.22%€41.91€17.60€20.6823
May ’25€25.41
€25.56
+0.61%
18.45%€42.56€17.88€19.8023
Apr ’25€24.96
€25.57
+2.45%
19.14%€44.03€18.53€24.5323
Mar ’25€23.36
€25.94
+11.06%
18.95%€43.61€18.15€22.7924
Feb ’25€26.62
€29.56
+11.05%
17.86%€44.68€21.34€23.6524
Jan ’25€28.80
€29.91
+3.86%
15.31%€40.69€22.04€22.2523
€20.16
Fair Value
5.0% overvalued intrinsic discount
24
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/22 10:43
End of Day Share Price 2026/01/22 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Equinor ASA is covered by 51 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Alejandro VigilBanco Santander
Lucy HaskinsBarclays
Naisheng CuiBarclays