Vår Energi ASA

OB:VAR Stock Report

Market Cap: NOK 85.3b

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 Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: VAR (NOK34.18) is trading below our estimate of future cash flow value (NOK61.07)

Significantly Below Future Cash Flow Value: VAR is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for VAR. This is calculated by dividing VAR's market cap by their current earnings.
What is VAR's PE Ratio?
PE Ratio14.9x
EarningsUS$581.10m
Market CapUS$8.64b

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 Average11.7x
AKRBP Aker BP
20.8x15.72%NOK 172.0b
BWE BW Energy
6x27.31%NOK 11.0b
PEN Panoro Energy
7.5x4.88%NOK 2.3b
PNOR PetroNor E&P
12.4xn/aNOK 1.7b
VAR Vår Energi
14.9x1.92%NOK 85.3b

Price-To-Earnings vs Peers: VAR is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the peer average (11.7x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

13 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VAR 14.9xIndustry Avg. 14.0xNo. of Companies13PE0816243240+
13 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VAR is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the European Oil and Gas industry average (14x).

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 Ratio14.9x
Fair PE Ratio8.6x

Price-To-Earnings vs Fair Ratio: VAR is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the estimated Fair Price-To-Earnings Ratio (8.6x).

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
CurrentNOK 34.18
NOK 37.64
+10.13%
15.13%NOK 46.22NOK 25.06n/a15
Jan ’27NOK 33.00
NOK 38.73
+17.37%
11.20%NOK 46.01NOK 31.00n/a14
Dec ’26NOK 31.90
NOK 38.97
+22.17%
11.07%NOK 46.31NOK 31.20n/a14
Nov ’26NOK 34.08
NOK 38.49
+12.94%
11.29%NOK 45.72NOK 30.80n/a14
Oct ’26NOK 33.52
NOK 38.45
+14.70%
11.10%NOK 46.15NOK 30.99n/a14
Sep ’26NOK 34.58
NOK 38.12
+10.25%
9.79%NOK 44.08NOK 31.02n/a13
Aug ’26NOK 35.27
NOK 39.15
+11.00%
10.02%NOK 44.98NOK 30.14n/a12
Jul ’26NOK 32.25
NOK 37.89
+17.48%
9.99%NOK 43.89NOK 30.99n/a14
Jun ’26NOK 29.63
NOK 37.70
+27.22%
9.48%NOK 44.42NOK 31.69n/a14
May ’26NOK 28.57
NOK 39.22
+37.29%
10.58%NOK 46.00NOK 32.10n/a15
Apr ’26NOK 34.17
NOK 39.60
+15.90%
7.96%NOK 43.54NOK 33.39n/a14
Mar ’26NOK 31.70
NOK 41.79
+31.83%
7.60%NOK 46.52NOK 35.90n/a14
Feb ’26NOK 34.78
NOK 42.53
+22.29%
7.83%NOK 46.10NOK 33.63n/a14
Jan ’26NOK 35.29
NOK 42.84
+21.38%
8.63%NOK 48.69NOK 33.98NOK 33.0014
Dec ’25NOK 36.26
NOK 42.25
+16.53%
8.57%NOK 48.07NOK 33.55NOK 31.9014
Nov ’25NOK 34.13
NOK 42.09
+23.31%
8.61%NOK 47.76NOK 33.33NOK 34.0814
Oct ’25NOK 33.70
NOK 42.53
+26.19%
10.67%NOK 48.09NOK 33.05NOK 33.5214
Sep ’25NOK 35.60
NOK 43.22
+21.41%
12.35%NOK 52.97NOK 32.75NOK 34.5814
Aug ’25NOK 34.67
NOK 44.21
+27.53%
11.67%NOK 53.12NOK 34.08NOK 35.2714
Jul ’25NOK 38.13
NOK 43.10
+13.03%
11.67%NOK 52.87NOK 33.19NOK 32.2514
Jun ’25NOK 37.15
NOK 41.95
+12.92%
12.26%NOK 51.38NOK 32.69NOK 29.6314
May ’25NOK 36.38
NOK 43.13
+18.55%
11.36%NOK 50.27NOK 34.23NOK 28.5713
Apr ’25NOK 35.65
NOK 40.65
+14.02%
11.07%NOK 50.01NOK 32.26NOK 34.1713
Mar ’25NOK 33.17
NOK 39.01
+17.62%
10.21%NOK 44.95NOK 31.52NOK 31.7011
Feb ’25NOK 31.11
NOK 38.79
+24.67%
10.30%NOK 44.99NOK 32.20NOK 34.7810
Jan ’25NOK 32.16
NOK 37.46
+16.47%
14.90%NOK 42.04NOK 23.76NOK 35.299
NOK 37.64
Fair Value
9.2% undervalued intrinsic discount
15
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/22 02:19
End of Day Share Price 2026/01/22 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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

Vår Energi ASA is covered by 25 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Lydia RainforthBarclays
Naisheng CuiBarclays