DNO Valuation

Q: What is the Fair Price of 0MHP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0MHP (NOK12.61) is trading below our estimate of [[fair value]] (NOK40.25)

Is 0MHP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0MHP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow

Simply Wall St

NOK 40.25

Fair Value

68.7% undervalued

Number of Analysts

Below Fair Value: 0MHP (NOK12.61) is trading below our estimate of fair value (NOK40.25)

Significantly Below Fair Value: 0MHP is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0MHP?

Key metric: As 0MHP is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0MHP. This is calculated by dividing 0MHP's market cap by their current revenue.
What is 0MHP's PS Ratio?
PS Ratio	1.8x
Sales	US$671.70m
Market Cap	US$1.18b

0MHP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.7x
Enterprise Value/EBITDA	3.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 0MHP's PS Ratio compare to its peers?

The above table shows the PS ratio for 0MHP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.6x
DEC Diversified Energy	1.4x	17.13%	UK£812.0m
SQZ Serica Energy	1.1x	6.82%	UK£577.0m
SEPL Seplat Energy	0.9x	6.64%	UK£1.2b
GKP Gulf Keystone Petroleum	3x	23.40%	UK£336.6m
0MHP DNO	1.8x	7.97%	NOK 12.3b

Price-To-Sales vs Peers: 0MHP is expensive based on its Price-To-Sales Ratio (1.8x) compared to the peer average (1.6x).

Price to Sales Ratio vs Industry

How does 0MHP's PS Ratio compare vs other companies in the GB Oil and Gas Industry?

11 Companies	Price / Sales	Estimated Growth	Market Cap
ROSN Rosneft Oil	0.1x	n/a	US$21.03b
ENQ EnQuest	0.3x	-8.54%	US$303.08m
TLW Tullow Oil	0.2x	-12.43%	US$283.17m
NWF NWF Group	0.09x	7.46%	US$106.35m

11 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 0MHP is expensive based on its Price-To-Sales Ratio (1.8x) compared to the UK Oil and Gas industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is 0MHP's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0MHP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.8x
Fair PS Ratio	1x

Price-To-Sales vs Fair Ratio: 0MHP is expensive based on its Price-To-Sales Ratio (1.8x) compared to the estimated Fair Price-To-Sales Ratio (1x).

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 0MHP forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 12.61	NOK 16.38 +29.87%	17.46%	NOK 20.00	NOK 12.50	n/a	4
May ’26	NOK 11.91	NOK 16.38 +37.47%	17.46%	NOK 20.00	NOK 12.50	n/a	4
Apr ’26	NOK 14.03	NOK 15.63 +11.36%	13.46%	NOK 18.00	NOK 12.50	n/a	4
Mar ’26	NOK 12.41	NOK 15.63 +25.87%	13.46%	NOK 18.00	NOK 12.50	n/a	4
Feb ’26	NOK 13.12	NOK 15.38 +17.19%	16.16%	NOK 18.00	NOK 11.50	n/a	4
Jan ’26	NOK 10.43	NOK 15.38 +47.43%	16.16%	NOK 18.00	NOK 11.50	n/a	4
Dec ’25	NOK 10.24	NOK 15.38 +50.18%	16.16%	NOK 18.00	NOK 11.50	n/a	4
Nov ’25	NOK 10.69	NOK 15.50 +44.98%	14.78%	NOK 18.00	NOK 12.00	n/a	4
Oct ’25	NOK 11.61	NOK 15.75 +35.66%	14.46%	NOK 18.00	NOK 12.00	n/a	4
Sep ’25	NOK 11.84	NOK 14.63 +23.50%	19.84%	NOK 18.00	NOK 11.50	n/a	4
Aug ’25	NOK 11.10	NOK 14.63 +31.72%	19.84%	NOK 18.00	NOK 11.50	n/a	4
Jul ’25	NOK 11.38	NOK 14.38 +26.37%	18.95%	NOK 18.00	NOK 11.50	n/a	4
Jun ’25	NOK 11.56	NOK 14.00 +21.12%	22.59%	NOK 18.00	NOK 10.00	n/a	4
May ’25	NOK 10.41	NOK 14.00 +34.49%	22.59%	NOK 18.00	NOK 10.00	NOK 11.91	4
Apr ’25	NOK 9.65	NOK 14.00 +45.03%	22.59%	NOK 18.00	NOK 10.00	NOK 14.03	4
Mar ’25	NOK 9.18	NOK 14.38 +56.58%	18.95%	NOK 18.00	NOK 11.50	NOK 12.41	4
Feb ’25	NOK 9.21	NOK 15.13 +64.30%	25.22%	NOK 21.00	NOK 11.50	NOK 13.12	4
Jan ’25	NOK 10.07	NOK 15.50 +53.92%	25.94%	NOK 21.00	NOK 11.50	NOK 10.43	3
Dec ’24	NOK 10.29	NOK 15.50 +50.63%	25.94%	NOK 21.00	NOK 11.50	NOK 10.24	3
Nov ’24	NOK 11.27	NOK 15.33 +36.10%	26.27%	NOK 21.00	NOK 12.00	NOK 10.69	3
Oct ’24	NOK 10.59	NOK 15.33 +44.77%	26.27%	NOK 21.00	NOK 12.00	NOK 11.61	3
Sep ’24	NOK 10.17	NOK 15.33 +50.83%	26.27%	NOK 21.00	NOK 12.00	NOK 11.84	3
Aug ’24	NOK 11.15	NOK 16.67 +49.51%	27.86%	NOK 23.00	NOK 12.00	NOK 11.10	3
Jul ’24	NOK 9.52	NOK 18.00 +89.06%	25.76%	NOK 23.00	NOK 12.00	NOK 11.38	4
Jun ’24	NOK 9.99	NOK 18.38 +83.98%	22.72%	NOK 23.00	NOK 13.50	NOK 11.56	4
May ’24	NOK 10.59	NOK 19.63 +85.35%	15.01%	NOK 23.00	NOK 16.00	NOK 10.41	4

AnalystConsensusTarget

Consensus Narrative from 4 Analysts

NOK 16.37

Fair Value

23.0% undervalued

Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/05/17 22:43
End of Day Share Price	2025/05/16 00:00
Earnings	2025/03/31
Annual Earnings	2024/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

DNO ASA is covered by 32 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	ABG Sundal Collier
Trond Omdal	Arctic Securities ASA
Carl Bachke	Beringer Finance AB