Vår Energi Valuation

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

Below Fair Value: VAR (NOK34.23) is trading below our estimate of fair value (NOK37.56)

Significantly Below Fair Value: VAR 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 VAR?

Other financial metrics that can be useful for relative valuation.

VAR 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/Revenue1.8x
Enterprise Value/EBITDA2.3x
PEG Ratio1.2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for VAR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.5x
AKRBP Aker BP
9x-2.9%kr165.9b
BNOR BlueNord
23.9x27.7%kr14.5b
BWE BW Energy
5.6x23.9%kr8.0b
PEN Panoro Energy
11.4x19.2%kr3.8b
VAR Vår Energi
16.1x13.7%kr85.5b

Price-To-Earnings vs Peers: VAR is expensive based on its Price-To-Earnings Ratio (16.1x) compared to the peer average (12.5x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-3.5%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-3.5%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: VAR is expensive based on its Price-To-Earnings Ratio (16.1x) compared to the European Oil and Gas industry average (8.3x).


Price to Earnings Ratio vs Fair Ratio

What is VAR'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.

VAR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.1x
Fair PE Ratio13.9x

Price-To-Earnings vs Fair Ratio: VAR is expensive based on its Price-To-Earnings Ratio (16.1x) compared to the estimated Fair Price-To-Earnings Ratio (13.9x).


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 VAR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentkr34.23
kr42.76
+24.9%
12.0%kr52.14kr32.95n/a14
Jun ’25kr37.15
kr41.91
+12.8%
12.2%kr51.38kr32.47n/a14
May ’25kr36.38
kr43.09
+18.4%
11.2%kr49.81kr34.00n/a13
Apr ’25kr35.65
kr40.66
+14.0%
11.1%kr50.01kr32.26n/a13
Mar ’25kr33.17
kr38.99
+17.6%
10.3%kr44.95kr31.52n/a11
Feb ’25kr31.11
kr38.79
+24.7%
10.3%kr44.99kr32.20n/a10
Jan ’25kr32.16
kr37.46
+16.5%
14.9%kr42.04kr23.76n/a9
Dec ’24kr33.78
kr39.46
+16.8%
14.8%kr43.83kr25.14n/a9
Nov ’24kr37.77
kr40.67
+7.7%
14.0%kr45.02kr25.83n/a10
Oct ’24kr31.22
kr36.96
+18.4%
11.5%kr40.21kr25.80n/a9
Sep ’24kr31.30
kr37.53
+19.9%
12.2%kr41.50kr25.77n/a9
Aug ’24kr30.76
kr35.88
+16.6%
11.6%kr40.46kr24.59n/a10
Jul ’24kr29.19
kr36.94
+26.6%
12.9%kr44.90kr26.05n/a10
Jun ’24kr24.94
kr37.30
+49.6%
13.9%kr45.61kr26.03kr37.1511
May ’24kr27.90
kr37.01
+32.6%
14.5%kr47.03kr26.03kr36.3812
Apr ’24kr25.52
kr39.28
+53.9%
16.9%kr48.49kr25.39kr35.6512
Mar ’24kr29.65
kr40.22
+35.7%
16.7%kr48.29kr25.28kr33.1711
Feb ’24kr30.09
kr41.51
+37.9%
20.1%kr54.34kr24.14kr31.1111
Jan ’24kr33.61
kr43.69
+30.0%
14.8%kr52.68kr33.47kr32.1610
Dec ’23kr36.60
kr43.69
+19.4%
14.8%kr52.68kr33.47kr33.7810
Nov ’23kr36.00
kr45.81
+27.3%
14.8%kr55.23kr35.09kr37.7710
Oct ’23kr35.49
kr51.35
+44.7%
16.7%kr62.70kr38.99kr31.2210
Sep ’23kr43.60
kr48.99
+12.4%
22.9%kr65.15kr28.18kr31.3011
Aug ’23kr38.50
kr46.47
+20.7%
22.5%kr66.85kr27.95kr30.7610
Jul ’23kr37.44
kr48.31
+29.1%
21.6%kr68.18kr28.50kr29.1910
Jun ’23kr44.38
kr47.08
+6.1%
22.1%kr65.77kr27.50kr24.948

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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