Panoro Energy ASA

OB:PEN Stock Report

Market Cap: NOK 3.2b

Panoro Energy Valuation

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

Below Fair Value: PEN (NOK27) is trading below our estimate of fair value (NOK77.95)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for PEN. This is calculated by dividing PEN's market cap by their current earnings.
What is PEN's PE Ratio?
PE Ratio9.8x
EarningsUS$28.98m
Market CapUS$292.76m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for PEN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.4x
BWE BW Energy
3x11.7%NOK 6.5b
PNOR PetroNor E&P
2.6xn/aNOK 1.5b
BNOR BlueNord
36.2x50.9%NOK 15.9b
DNO DNO
11.8x15.3%NOK 9.8b
PEN Panoro Energy
9.8x25.5%NOK 3.2b

Price-To-Earnings vs Peers: PEN is good value based on its Price-To-Earnings Ratio (9.8x) compared to the peer average (13.4x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PEN 9.8xIndustry Avg. 8.2xNo. of Companies18PE0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PEN is expensive based on its Price-To-Earnings Ratio (9.8x) compared to the European Oil and Gas industry average (8.2x).

Price to Earnings Ratio vs Fair Ratio

What is PEN'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.

PEN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.8x
Fair PE Ratio10.8x

Price-To-Earnings vs Fair Ratio: PEN is good value based on its Price-To-Earnings Ratio (9.8x) compared to the estimated Fair Price-To-Earnings Ratio (10.8x).

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 PEN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 27.00
NOK 46.33
+71.6%
11.4%NOK 51.86NOK 38.07n/a7
Nov ’25NOK 26.85
NOK 46.62
+73.6%
10.1%NOK 52.07NOK 40.29n/a7
Oct ’25NOK 27.35
NOK 46.50
+70.0%
10.7%NOK 53.16NOK 39.95n/a7
Sep ’25NOK 29.35
NOK 45.05
+53.5%
10.4%NOK 51.36NOK 38.98n/a7
Aug ’25NOK 32.55
NOK 47.19
+45.0%
9.0%NOK 51.93NOK 41.08n/a7
Jul ’25NOK 35.40
NOK 45.97
+29.8%
9.9%NOK 53.04NOK 40.00n/a7
Jun ’25NOK 36.00
NOK 44.85
+24.6%
10.1%NOK 51.17NOK 38.02n/a7
May ’25NOK 28.65
NOK 44.29
+54.6%
12.1%NOK 52.83NOK 36.40n/a7
Apr ’25NOK 26.72
NOK 42.34
+58.4%
11.2%NOK 49.90NOK 34.93n/a7
Mar ’25NOK 25.84
NOK 42.64
+65.0%
10.9%NOK 50.09NOK 35.06n/a7
Feb ’25NOK 26.50
NOK 42.95
+62.1%
10.9%NOK 49.86NOK 34.83n/a7
Jan ’25NOK 27.04
NOK 44.38
+64.1%
9.9%NOK 50.02NOK 38.02n/a7
Dec ’24NOK 28.38
NOK 44.38
+56.4%
9.9%NOK 50.02NOK 38.02n/a7
Nov ’24NOK 30.94
NOK 46.01
+48.7%
8.0%NOK 50.41NOK 39.40NOK 26.857
Oct ’24NOK 31.40
NOK 44.60
+42.0%
8.0%NOK 50.09NOK 38.19NOK 27.357
Sep ’24NOK 29.98
NOK 44.80
+49.4%
6.2%NOK 49.94NOK 41.00NOK 29.357
Aug ’24NOK 30.50
NOK 41.52
+36.1%
10.8%NOK 47.75NOK 33.46NOK 32.557
Jul ’24NOK 26.28
NOK 44.07
+67.7%
11.3%NOK 51.39NOK 36.02NOK 35.406
Jun ’24NOK 25.76
NOK 46.86
+81.9%
6.6%NOK 50.57NOK 41.96NOK 36.004
May ’24NOK 27.54
NOK 46.47
+68.7%
6.3%NOK 49.99NOK 42.07NOK 28.654
Apr ’24NOK 26.46
NOK 44.75
+69.1%
7.2%NOK 48.48NOK 41.05NOK 26.724
Mar ’24NOK 30.20
NOK 44.55
+47.5%
6.9%NOK 48.17NOK 41.15NOK 25.844
Feb ’24NOK 29.20
NOK 43.72
+49.7%
7.3%NOK 48.15NOK 40.29NOK 26.504
Jan ’24NOK 28.06
NOK 43.05
+53.4%
8.7%NOK 48.00NOK 38.77NOK 27.044
Dec ’23NOK 29.92
NOK 41.90
+40.0%
8.5%NOK 46.90NOK 37.89NOK 28.384
Nov ’23NOK 34.78
NOK 46.22
+32.9%
7.6%NOK 50.39NOK 40.68NOK 30.944

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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