Equinor ASA

OB:EQNR Stock Report

Market Cap: NOK 786.7b

Equinor Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: EQNR (NOK284.4) is trading below our estimate of fair value (NOK345.22)

Significantly Below Fair Value: EQNR is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

EQNR 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/Revenue0.7x
Enterprise Value/EBITDA1.8x
PEG Ratio-1.2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for EQNR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.9x
AKRBP Aker BP
8.1x-7.5%NOK 163.7b
BP. BP
10.1x5.0%UK£73.3b
VAR Vår Energi
12.9x15.5%NOK 87.3b
PETR4 Petróleo Brasileiro - Petrobras
4.4x0.9%R$509.1b
EQNR Equinor
7.4x-6.1%NOK 786.7b

Price-To-Earnings vs Peers: EQNR is good value based on its Price-To-Earnings Ratio (7.4x) compared to the peer average (8.9x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-3.4%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-3.4%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: EQNR is good value based on its Price-To-Earnings Ratio (7.4x) compared to the European Oil and Gas industry average (7.5x).

Price to Earnings Ratio vs Fair Ratio

What is EQNR'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.

EQNR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.4x
Fair PE Ratio10.7x

Price-To-Earnings vs Fair Ratio: EQNR is good value based on its Price-To-Earnings Ratio (7.4x) compared to the estimated Fair Price-To-Earnings Ratio (10.7x).

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 EQNR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 284.40
NOK 300.88
+5.8%
15.8%NOK 449.18NOK 209.09n/a23
Jul ’25NOK 305.50
NOK 300.10
-1.8%
17.3%NOK 484.90NOK 209.79n/a23
Jun ’25NOK 302.85
NOK 291.17
-3.9%
18.2%NOK 477.54NOK 200.57n/a23
May ’25NOK 298.95
NOK 302.56
+1.2%
18.4%NOK 503.70NOK 211.56n/a23
Apr ’25NOK 286.40
NOK 301.28
+5.2%
19.1%NOK 518.78NOK 218.29n/a23
Mar ’25NOK 264.00
NOK 296.37
+12.3%
18.9%NOK 498.24NOK 207.41n/a24
Feb ’25NOK 305.10
NOK 335.84
+10.1%
17.9%NOK 507.69NOK 242.49n/a24
Jan ’25NOK 322.15
NOK 338.20
+5.0%
15.3%NOK 460.10NOK 249.17n/a23
Dec ’24NOK 343.15
NOK 354.15
+3.2%
16.1%NOK 484.46NOK 245.09n/a23
Nov ’24NOK 374.55
NOK 355.91
-5.0%
16.3%NOK 500.08NOK 252.99n/a23
Oct ’24NOK 351.15
NOK 352.81
+0.5%
16.7%NOK 532.13NOK 267.83n/a23
Sep ’24NOK 335.45
NOK 351.08
+4.7%
16.5%NOK 525.69NOK 264.59n/a24
Aug ’24NOK 309.90
NOK 340.34
+9.8%
16.8%NOK 501.20NOK 252.26n/a25
Jul ’24NOK 312.10
NOK 352.38
+12.9%
15.1%NOK 501.91NOK 265.64NOK 305.5025
Jun ’24NOK 285.20
NOK 366.26
+28.4%
14.7%NOK 517.02NOK 273.64NOK 302.8525
May ’24NOK 305.00
NOK 355.84
+16.7%
14.4%NOK 512.00NOK 271.52NOK 298.9525
Apr ’24NOK 298.70
NOK 365.87
+22.5%
15.3%NOK 503.69NOK 275.66NOK 286.4025
Mar ’24NOK 318.15
NOK 371.13
+16.7%
14.5%NOK 501.12NOK 274.26NOK 264.0025
Feb ’24NOK 304.80
NOK 366.39
+20.2%
18.4%NOK 495.94NOK 260.88NOK 305.1024
Jan ’24NOK 351.80
NOK 380.63
+8.2%
14.9%NOK 476.73NOK 253.20NOK 322.1524
Dec ’23NOK 376.90
NOK 372.63
-1.1%
15.6%NOK 469.95NOK 249.60NOK 343.1524
Nov ’23NOK 382.70
NOK 389.88
+1.9%
16.6%NOK 499.96NOK 259.52NOK 374.5524
Oct ’23NOK 358.10
NOK 403.68
+12.7%
16.6%NOK 553.27NOK 270.64NOK 351.1523
Sep ’23NOK 382.55
NOK 380.15
-0.6%
17.7%NOK 541.16NOK 253.96NOK 335.4524
Aug ’23NOK 358.45
NOK 340.18
-5.1%
16.4%NOK 438.25NOK 183.44NOK 309.9024
Jul ’23NOK 330.00
NOK 346.41
+5.0%
16.6%NOK 443.87NOK 195.66NOK 312.1024

Analyst Forecast: Target price is less than 20% higher than the current share price.

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