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Panoro Energy OB:PEN Stock Report

Last Price


Market Cap







24 Sep, 2022


Company Financials +
PEN fundamental analysis
Snowflake Score
Future Growth6/6
Past Performance0/6
Financial Health1/6

PEN Stock Overview

Panoro Energy ASA, an independent exploration and production company, engages in the exploration, development, and production of oil and gas in Africa.

Panoro Energy Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Panoro Energy
Historical stock prices
Current Share Pricekr25.60
52 Week Highkr35.64
52 Week Lowkr18.74
1 Month Change-21.90%
3 Month Change-9.22%
1 Year Change11.79%
3 Year Change42.86%
5 Year Change432.23%
Change since IPO-72.47%

Recent News & Updates

Sep 02
Panoro Energy ASA's (OB:PEN) Intrinsic Value Is Potentially 97% Above Its Share Price

Panoro Energy ASA's (OB:PEN) Intrinsic Value Is Potentially 97% Above Its Share Price

In this article we are going to estimate the intrinsic value of Panoro Energy ASA ( OB:PEN ) by estimating the...

Shareholder Returns

PENNO Oil and GasNO Market

Return vs Industry: PEN underperformed the Norwegian Oil and Gas industry which returned 54.4% over the past year.

Return vs Market: PEN exceeded the Norwegian Market which returned -3.3% over the past year.

Price Volatility

Is PEN's price volatile compared to industry and market?
PEN volatility
PEN Average Weekly Movement7.7%
Oil and Gas Industry Average Movement7.3%
Market Average Movement6.7%
10% most volatile stocks in NO Market11.5%
10% least volatile stocks in NO Market3.6%

Stable Share Price: PEN is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: PEN's weekly volatility (8%) has been stable over the past year.

About the Company

200929John Hamilton

Panoro Energy ASA, an independent exploration and production company, engages in the exploration, development, and production of oil and gas in Africa. The company holds assets in the Equatorial Guinea, Gabon, Tunisia, South Africa, and Nigeria. As of December 31, 2021, its 1P reserves included 71.5 million barrels of oil (MMbbls), 2P reserves comprised 99.7 MMbbls, and 3P reserves consisted of 131.3 MMbbls in the Tortue, Ruche, Ruche Northeast, and Hibiscus fields.

Panoro Energy Fundamentals Summary

How do Panoro Energy's earnings and revenue compare to its market cap?
PEN fundamental statistics
Market Capkr5.38b
Earnings (TTM)-kr366.91m
Revenue (TTM)kr1.06b


P/S Ratio


P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PEN income statement (TTM)
Cost of RevenueUS$35.93m
Gross ProfitUS$64.56m
Other ExpensesUS$99.20m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 30, 2022

Earnings per share (EPS)-0.16
Gross Margin64.24%
Net Profit Margin-34.47%
Debt/Equity Ratio50.6%

How did PEN perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


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

Valuation Score


Valuation Score 3/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

PEN 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/Revenue5.6x
Enterprise Value/EBITDA13.4x
PEG Ration/a

Price to Sales Ratio vs Peers

How does PEN's PS Ratio compare to its peers?

PEN PS Ratio vs Peers
The above table shows the PS ratio for PEN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average1.1x
NOR Norwegian Energy
BWE BW Energy
RAKP RAK Petroleum
PEN Panoro Energy

Price-To-Sales vs Peers: PEN is expensive based on its Price-To-Sales Ratio (5x) compared to the peer average (1.1x).

Price to Earnings Ratio vs Industry

How does PEN's PE Ratio compare vs other companies in the NO Oil and Gas Industry?

Price-To-Sales vs Industry: PEN is expensive based on its Price-To-Sales Ratio (5x) compared to the Norwegian Oil and Gas industry average (1.3x)

Price to Sales Ratio vs Fair Ratio

What is PEN'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.

PEN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5x
Fair PS Ratio2.6x

Price-To-Sales vs Fair Ratio: PEN is expensive based on its Price-To-Sales Ratio (5x) compared to the estimated Fair Price-To-Sales Ratio (2.6x).

Share Price vs Fair Value

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

Below Fair Value: PEN (NOK25.6) is trading below our estimate of fair value (NOK60.47)

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

Analyst Price Targets

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

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Panoro Energy forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score


Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PEN is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.1%).

Earnings vs Market: PEN is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: PEN is expected to become profitable in the next 3 years.

Revenue vs Market: PEN's revenue (31.1% per year) is forecast to grow faster than the Norwegian market (0.4% per year).

High Growth Revenue: PEN's revenue (31.1% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: PEN's Return on Equity is forecast to be high in 3 years time (38.9%)

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Past Performance

How has Panoro Energy performed over the past 5 years?

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PEN is currently unprofitable.

Growing Profit Margin: PEN is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: PEN is unprofitable, but has reduced losses over the past 5 years at a rate of 62.6% per year.

Accelerating Growth: Unable to compare PEN's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: PEN is unprofitable, making it difficult to compare its past year earnings growth to the Oil and Gas industry (27.2%).

Return on Equity

High ROE: PEN has a negative Return on Equity (-19.83%), as it is currently unprofitable.

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Financial Health

How is Panoro Energy's financial position?

Financial Health Score


Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: PEN's short term assets ($120.4M) do not cover its short term liabilities ($121.6M).

Long Term Liabilities: PEN's short term assets ($120.4M) do not cover its long term liabilities ($286.3M).

Debt to Equity History and Analysis

Debt Level: PEN's net debt to equity ratio (33.1%) is considered satisfactory.

Reducing Debt: PEN's debt to equity ratio has increased from 1% to 50.6% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Insufficient data to determine if PEN has enough cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if PEN has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.

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What is Panoro Energy current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate PEN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate PEN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if PEN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if PEN's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as PEN has not reported any payouts.

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How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


John Hamilton (57 yo)





Mr. John Andrew Hamilton, FCCA is Director at Magnora ASA since December 18, 2018. He has been Chief Executive Officer at Panoro Energy ASA since May 13, 2015. Mr. Hamilton has been Senior Advisor of Presi...

CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD1.58M) is above average for companies of similar size in the Norwegian market ($USD494.06K).

Compensation vs Earnings: John's compensation has increased whilst the company is unprofitable.

Board Members

Experienced Board: PEN's board of directors are considered experienced (7.3 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

OB:PEN Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
14 Dec 21Buykr1,937,084Julien Olivier BalkanyIndividual100,000kr19.37
29 Nov 21Buykr91,276Garrett SodenIndividual4,592kr19.88
14 Oct 21Buykr76,200Hilde AdlandIndividual3,000kr25.40

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 85.2%.

Top Shareholders

Top 25 shareholders own 40.6% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Sundt AS
DNB Asset Management AS
Kistefos A.S.
Simen Thorsen
7,757,750$198.6m14.08%no data
Citigroup Inc.,Banking and Securities Investments
Cobas Asset Management, SGIIC, SA
F2 Funds AS
3,250,000$83.2m0%no data
Alden AS
3,200,000$81.9m0%no data
Julien Olivier Balkany
2,988,718$76.5m0%no data
JPMorgan Chase & Co, Brokerage and Securities Investments
Tigerstaden AS
BNP Paribas Securities Corp, Asset Management Arm
Nordnet AB (publ), Asset Management Arm
Danske Invest Asset Management AS
Midelfart Capital AS
1,230,000$31.5m0%no data
Trond Myhre
976,825$25.0m0%no data
Storebrand Asset Management AS
Universal-Investment-Gesellschaft Mit BeschrÄNkter Haftung
Nanes Balkany Partners LLC
John Hamilton
520,020$13.3m0%no data
AXA Towarzystwo Funduszy Inwestycyjnych S.A.
Mandarine Gestion
azValor Asset Management SGIIC, S.A.U.
RAM Active Investments S.A.
Richard Morton
255,471$6.5m0%no data

Company Information

Panoro Energy ASA's employee growth, exchange listings and data sources

Key Information

  • Name: Panoro Energy ASA
  • Ticker: PEN
  • Exchange: OB
  • Founded: 2009
  • Industry: Oil and Gas Exploration and Production
  • Sector: Energy
  • Implied Market Cap: kr5.375b
  • Shares outstanding: 209.96m
  • Website:

Number of Employees


  • Panoro Energy ASA
  • 78 Brook Street
  • London
  • Greater London
  • W1K 5EF
  • United Kingdom


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PENOB (Oslo Bors)YesOrdinary SharesNONOKJun 2010
1PZDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2010
0N08LSE (London Stock Exchange)YesOrdinary SharesGBNOKJun 2010
PESA.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 2010
PENoBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKJun 2010

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/24 00:00
End of Day Share Price2022/09/23 00:00
Annual Earnings2021/12/31

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 here.