Vår Energi AS

OB:VAR Stock Report

Market Cap: NOK 94.2b

Vår Energi Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • 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 (NOK37.72) is trading below our estimate of fair value (NOK37.84)

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/Revenue1.9x
Enterprise Value/EBITDA2.5x
PEG Ratio1.3x

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 Average12.9x
AKRBP Aker BP
9.6x-2.7%NOK 171.7b
BNOR BlueNord
23.9x27.6%NOK 14.5b
BWE BW Energy
5.7x23.9%NOK 8.0b
PEN Panoro Energy
12.2x19.5%NOK 4.1b
VAR Vår Energi
17.7x13.7%NOK 94.2b

Price-To-Earnings vs Peers: VAR is expensive based on its Price-To-Earnings Ratio (17.7x) compared to the peer average (12.9x).

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-3.4%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-3.4%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: VAR is expensive based on its Price-To-Earnings Ratio (17.7x) compared to the European Oil and Gas industry average (8x).

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 Ratio17.7x
Fair PE Ratio14x

Price-To-Earnings vs Fair Ratio: VAR is expensive based on its Price-To-Earnings Ratio (17.7x) compared to the estimated Fair Price-To-Earnings Ratio (14x).

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 37.72
NOK 42.48
+12.6%
12.0%NOK 51.80NOK 32.73n/a14
Jun ’25NOK 37.15
NOK 41.91
+12.8%
12.2%NOK 51.38NOK 32.47n/a14
May ’25NOK 36.38
NOK 43.09
+18.4%
11.2%NOK 49.81NOK 34.00n/a13
Apr ’25NOK 35.65
NOK 40.66
+14.0%
11.1%NOK 50.01NOK 32.26n/a13
Mar ’25NOK 33.17
NOK 38.99
+17.6%
10.3%NOK 44.95NOK 31.52n/a11
Feb ’25NOK 31.11
NOK 38.79
+24.7%
10.3%NOK 44.99NOK 32.20n/a10
Jan ’25NOK 32.16
NOK 37.46
+16.5%
14.9%NOK 42.04NOK 23.76n/a9
Dec ’24NOK 33.78
NOK 39.46
+16.8%
14.8%NOK 43.83NOK 25.14n/a9
Nov ’24NOK 37.77
NOK 40.67
+7.7%
14.0%NOK 45.02NOK 25.83n/a10
Oct ’24NOK 31.22
NOK 36.96
+18.4%
11.5%NOK 40.21NOK 25.80n/a9
Sep ’24NOK 31.30
NOK 37.53
+19.9%
12.2%NOK 41.50NOK 25.77n/a9
Aug ’24NOK 30.76
NOK 35.88
+16.6%
11.6%NOK 40.46NOK 24.59n/a10
Jul ’24NOK 29.19
NOK 36.94
+26.6%
12.9%NOK 44.90NOK 26.05n/a10
Jun ’24NOK 24.94
NOK 37.30
+49.6%
13.9%NOK 45.61NOK 26.03NOK 37.1511
May ’24NOK 27.90
NOK 37.01
+32.6%
14.5%NOK 47.03NOK 26.03NOK 36.3812
Apr ’24NOK 25.52
NOK 39.28
+53.9%
16.9%NOK 48.49NOK 25.39NOK 35.6512
Mar ’24NOK 29.65
NOK 40.22
+35.7%
16.7%NOK 48.29NOK 25.28NOK 33.1711
Feb ’24NOK 30.09
NOK 41.51
+37.9%
20.1%NOK 54.34NOK 24.14NOK 31.1111
Jan ’24NOK 33.61
NOK 43.69
+30.0%
14.8%NOK 52.68NOK 33.47NOK 32.1610
Dec ’23NOK 36.60
NOK 43.69
+19.4%
14.8%NOK 52.68NOK 33.47NOK 33.7810
Nov ’23NOK 36.00
NOK 45.81
+27.3%
14.8%NOK 55.23NOK 35.09NOK 37.7710
Oct ’23NOK 35.49
NOK 51.35
+44.7%
16.7%NOK 62.70NOK 38.99NOK 31.2210
Sep ’23NOK 43.60
NOK 48.99
+12.4%
22.9%NOK 65.15NOK 28.18NOK 31.3011
Aug ’23NOK 38.50
NOK 46.47
+20.7%
22.5%NOK 66.85NOK 27.95NOK 30.7610
Jul ’23NOK 37.44
NOK 48.31
+29.1%
21.6%NOK 68.18NOK 28.50NOK 29.1910
Jun ’23NOK 44.38
NOK 47.08
+6.1%
22.1%NOK 65.77NOK 27.50NOK 24.948

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

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