OKEA Valuation

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

OKEA (NOK16.7) is trading below our estimate of [[fair value]] (NOK97.72)

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

Valuation Score

5/6

Valuation Score 5/6

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 OKEA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow

Simply Wall St

NOK 97.72

Fair Value

82.9% undervalued

Number of Analysts

Below Fair Value: OKEA (NOK16.7) is trading below our estimate of fair value (NOK97.72)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for OKEA. This is calculated by dividing OKEA's market cap by their current earnings.
What is OKEA's PE Ratio?
PE Ratio	2.7x
Earnings	US$62.46m
Market Cap	US$167.54m

OKEA 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	0.06x
Enterprise Value/EBITDA	0.09x
PEG Ratio	-0.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for OKEA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	6.1x
PNOR PetroNor E&P	5.1x	n/a	NOK 1.8b
PEN Panoro Energy	4.3x	1.3%	NOK 2.7b
BWE BW Energy	4x	-3.1%	NOK 8.4b
VAR Vår Energi	11.2x	8.7%	NOK 71.6b
OKEA OKEA	2.7x	-7.2%	NOK 1.7b

Price-To-Earnings vs Peers: OKEA is good value based on its Price-To-Earnings Ratio (2.7x) compared to the peer average (6.1x).

Price to Earnings Ratio vs Industry

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

6 Companies	Price / Earnings	Estimated Growth	Market Cap

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: OKEA is good value based on its Price-To-Earnings Ratio (2.7x) compared to the European Oil and Gas industry average (9.1x).

Price to Earnings Ratio vs Fair Ratio

What is OKEA'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.

OKEA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	2.7x
Fair PE Ratio	5.5x

Price-To-Earnings vs Fair Ratio: OKEA is good value based on its Price-To-Earnings Ratio (2.7x) compared to the estimated Fair Price-To-Earnings Ratio (5.5x).

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 OKEA 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 16.70	NOK 31.60 +89.2%	39.5%	NOK 55.00	NOK 22.00	n/a	5
May ’26	NOK 16.30	NOK 31.00 +90.2%	42.2%	NOK 55.00	NOK 18.00	n/a	5
Apr ’26	NOK 19.12	NOK 33.20 +73.6%	38.9%	NOK 55.00	NOK 22.00	n/a	5
Mar ’26	NOK 17.96	NOK 32.60 +81.5%	41.2%	NOK 55.00	NOK 20.00	n/a	5
Feb ’26	NOK 19.90	NOK 32.60 +63.8%	41.2%	NOK 55.00	NOK 20.00	n/a	5
Jan ’26	NOK 20.60	NOK 35.00 +69.9%	33.7%	NOK 55.00	NOK 22.00	n/a	5
Dec ’25	NOK 19.99	NOK 35.60 +78.1%	31.4%	NOK 55.00	NOK 25.00	n/a	5
Nov ’25	NOK 22.00	NOK 35.60 +61.8%	31.4%	NOK 55.00	NOK 25.00	n/a	5
Oct ’25	NOK 22.90	NOK 36.00 +57.2%	30.9%	NOK 55.00	NOK 25.00	n/a	5
Sep ’25	NOK 21.96	NOK 35.00 +59.4%	34.2%	NOK 55.00	NOK 23.00	n/a	5
Aug ’25	NOK 23.62	NOK 35.00 +48.2%	34.2%	NOK 55.00	NOK 23.00	n/a	5
Jul ’25	NOK 25.12	NOK 37.00 +47.3%	30.5%	NOK 55.00	NOK 25.00	n/a	5
Jun ’25	NOK 25.64	NOK 37.40 +45.9%	29.1%	NOK 55.00	NOK 27.00	n/a	5
May ’25	NOK 25.90	NOK 37.40 +44.4%	29.1%	NOK 55.00	NOK 27.00	NOK 16.30	5
Apr ’25	NOK 24.78	NOK 36.60 +47.7%	31.8%	NOK 55.00	NOK 25.00	NOK 19.12	5
Mar ’25	NOK 24.10	NOK 37.00 +53.5%	31.1%	NOK 55.00	NOK 25.00	NOK 17.96	5
Feb ’25	NOK 23.52	NOK 38.00 +61.6%	30.6%	NOK 55.00	NOK 25.00	NOK 19.90	5
Jan ’25	NOK 26.60	NOK 46.40 +74.4%	12.4%	NOK 55.00	NOK 40.00	NOK 20.60	5
Dec ’24	NOK 32.32	NOK 47.40 +46.7%	10.4%	NOK 55.00	NOK 40.00	NOK 19.99	5
Nov ’24	NOK 38.82	NOK 46.40 +19.5%	10.8%	NOK 55.00	NOK 40.00	NOK 22.00	5
Oct ’24	NOK 38.16	NOK 46.50 +21.9%	10.8%	NOK 55.00	NOK 42.00	NOK 22.90	4
Sep ’24	NOK 39.28	NOK 46.75 +19.0%	10.3%	NOK 55.00	NOK 43.00	NOK 21.96	4
Aug ’24	NOK 37.14	NOK 46.20 +24.4%	12.2%	NOK 55.00	NOK 40.00	NOK 23.62	5
Jul ’24	NOK 30.72	NOK 45.40 +47.8%	11.7%	NOK 55.00	NOK 40.00	NOK 25.12	5
Jun ’24	NOK 31.72	NOK 47.00 +48.2%	10.3%	NOK 55.00	NOK 42.00	NOK 25.64	4
May ’24	NOK 30.80	NOK 46.25 +50.2%	11.4%	NOK 55.00	NOK 41.00	NOK 25.90	4

AnalystConsensusTarget

Consensus Narrative from 5 Analysts

NOK 31.60

Fair Value

47.2% 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.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/05/11 01:07
End of Day Share Price	2025/05/09 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

OKEA ASA is covered by 6 analysts. 4 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
Jørgen Lande	Danske Bank
Vidar Lyngvær	Danske Bank