VAR Stock Overview

Operates as an independent upstream oil and gas company on the Norwegian continental shelf in Norway. More details

VAR fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	4/6
Past Performance	2/6
Financial Health	2/6
Dividends	2/6

Rewards

Trading at 23.7% below our estimate of its fair value

Earnings are forecast to grow 16.72% per year

Analysts in good agreement that stock price will rise by 28.8%

Risk Analysis

Dividend of 13.75% is not well covered by earnings or free cash flows

Has a high level of debt

Profit margins (7.8%) are lower than last year (12.9%)

My Notes

Capture your thoughts, links and company narrative

Vår Energi AS Competitors

Aker BP

OB:AKRBP

NOK 136.0b

BlueNord

OB:BNOR

NOK 16.3b

DNO

OB:DNO

NOK 9.7b

BW Energy

OB:BWE

NOK 6.5b

Price History & Performance

Summary of share price highs, lows and changes for Vår Energi
Historical stock prices
Current Share Price	NOK 33.30
52 Week High	NOK 39.36
52 Week Low	NOK 28.64
Beta	0.052
1 Month Change	-7.37%
3 Month Change	2.78%
1 Year Change	3.45%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	20.13%

Vår Energi AS' (OB:VAR) Share Price Not Quite Adding Up

Dec 11

Some Investors May Be Willing To Look Past Vår Energi's (OB:VAR) Soft Earnings

Oct 29

Recent updates

Vår Energi AS' (OB:VAR) Share Price Not Quite Adding Up

Dec 11

Some Investors May Be Willing To Look Past Vår Energi's (OB:VAR) Soft Earnings

Oct 29

Vår Energi AS (OB:VAR) Just Reported Third-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

Oct 24

Why Investors Shouldn't Be Surprised By Vår Energi AS' (OB:VAR) P/E

Sep 06

We Think Vår Energi (OB:VAR) Is Taking Some Risk With Its Debt

Aug 16

Vår Energi AS Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Jul 26

Shareholder Returns

	VAR	NO Oil and Gas	NO Market
7D	-5.1%	-4.5%	-2.3%
1Y	3.4%	-20.9%	-0.1%

Return vs Industry: VAR exceeded the Norwegian Oil and Gas industry which returned -20.9% over the past year.

Return vs Market: VAR exceeded the Norwegian Market which returned -0.1% over the past year.

Price Volatility

Is VAR's price volatile compared to industry and market?
VAR volatility
VAR Average Weekly Movement	4.5%
Oil and Gas Industry Average Movement	5.1%
Market Average Movement	5.0%
10% most volatile stocks in NO Market	10.9%
10% least volatile stocks in NO Market	2.6%

Stable Share Price: VAR has not had significant price volatility in the past 3 months compared to the Norwegian market.

Volatility Over Time: VAR's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1965	1,400	Nick Walker	www.varenergi.no

Vår Energi AS operates as an independent upstream oil and gas company on the Norwegian continental shelf in Norway. It produces crude oil, liquified natural gas, and natural gas liquids. The company was formerly known as Eni Norge AS and changed its name to Vår Energi AS in December 2018.

Vår Energi AS Fundamentals Summary

How do Vår Energi's earnings and revenue compare to its market cap?
VAR fundamental statistics
Market cap	NOK 82.91b
Earnings (TTM)	NOK 6.47b
Revenue (TTM)	NOK 82.92b

12.8x

P/E Ratio

1.0x

P/S Ratio

Is VAR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
VAR income statement (TTM)
Revenue	US$7.39b
Cost of Revenue	US$1.20b
Gross Profit	US$6.19b
Other Expenses	US$5.61b
Earnings	US$576.74m

Last Reported Earnings

Sep 30, 2024

Next Earnings Date

Feb 11, 2025

Earnings per share (EPS)	0.23
Gross Margin	83.71%
Net Profit Margin	7.80%
Debt/Equity Ratio	356.5%

How did VAR perform over the long term?

See historical performance and comparison

Dividends

13.8%

Current Dividend Yield

202%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/18 18:08
End of Day Share Price	2024/12/18 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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 here.

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 .

Analyst Sources

Vår Energi AS is covered by 19 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Lydia Rainforth	Barclays
Matthew Smith	BofA Global Research
Jørgen Lande	Danske Bank

VAR Stock Overview

Rewards

Risk Analysis

Vår Energi AS Competitors

OB:AKRBP

NOK 136.0b

OB:BNOR

NOK 16.3b

OB:DNO

NOK 9.7b

OB:BWE

NOK 6.5b

Price History & Performance

Recent News & Updates

Var Energi Confirms an Oil Discovery in the Operated Countach Appraisal Well Near the Goliat Field in the Barents Sea

Vår Energi AS' (OB:VAR) Share Price Not Quite Adding Up

Var Energi ASA Provides a Schedule Update for the Johan Castberg Development Project

Now 21% undervalued

Some Investors May Be Willing To Look Past Vår Energi's (OB:VAR) Soft Earnings

Now 23% overvalued after recent price rise

Recent updates

Var Energi Confirms an Oil Discovery in the Operated Countach Appraisal Well Near the Goliat Field in the Barents Sea

Vår Energi AS' (OB:VAR) Share Price Not Quite Adding Up

Var Energi ASA Provides a Schedule Update for the Johan Castberg Development Project

Now 21% undervalued

Some Investors May Be Willing To Look Past Vår Energi's (OB:VAR) Soft Earnings

Now 23% overvalued after recent price rise

Third quarter dividend of kr1.18 announced

Vår Energi AS (OB:VAR) Just Reported Third-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

Vår Energi AS, Annual General Meeting, May 12, 2025

Vår Energi AS to Report First Half, 2025 Results on Jul 22, 2025

Third quarter 2024 earnings: EPS misses analyst expectations

Vår Energi Announces Chief Financial Officer Changes

Why Investors Shouldn't Be Surprised By Vår Energi AS' (OB:VAR) P/E

DNO Norge AS completed the acquisition of unknown minority stake in five oil and gas fields in the Norne area in the Norwegian Sea of Vår Energi ASA.

Vår Energi Asa Announces Resignation of Ove Gusevik from the Board, Effective 1 September 2024

Vår Energi ASA Provides Schedule Update for the Balder X Development Project

We Think Vår Energi (OB:VAR) Is Taking Some Risk With Its Debt

Now 21% undervalued after recent price drop

Vår Energi AS Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Second quarter dividend of kr1.18 announced

Second quarter 2024 earnings: EPS misses analyst expectations

Vår Energi AS Provides Dividend Guidance for the Third Quarter of 2024

Vår Energi AS Provides Production Guidance for the Full Year 2024

The Vår Energi AS Announces Commercial Oil and Gas Discovery in the Gjøa Area in the North Sea

Estimating The Intrinsic Value Of Vår Energi AS (OB:VAR)

DNO Norge AS entered into an agreement to acquire unknown minority stake in five oil and gas fields in the Norne area in the Norwegian Sea of Vår Energi ASA.

Consensus EPS estimates fall by 13%

First quarter dividend of kr1.19 announced

Consensus EPS estimates fall by 11%

First quarter 2024 earnings: EPS and revenues miss analyst expectations

Vår Energi AS Resolves to Pay Dividend to Fourth Quarter of 2024, Payable on May 8, 2024

Vår Energi AS Announces New Oil Discovery in the North Sea

Now 21% undervalued

These 4 Measures Indicate That Vår Energi (OB:VAR) Is Using Debt Extensively

Vår Energi's (OB:VAR) Soft Earnings Don't Show The Whole Picture

Full year 2023 earnings: EPS misses analyst expectations

The Price Is Right For Vår Energi AS (OB:VAR)

Fourth quarter dividend of kr1.14 announced

Full year 2023 earnings released: EPS: US$0.24 (vs US$0.38 in FY 2022)

Vår Energi Asa Resolve to Pay Dividend for the Fourth Quarter of 2023, Payable on February 27, 2024

Vår Energi AS (OB:VAR) completed the acquisition of Neptune Energy Norge AS from Neptune Energy Group Holdings Limited.

Vår Energi AS Confirms Drilling Operations on the Exploration Wells Targeting the Hubert and Magellan Prospects in PL 917 Have Been Concluded

Now 22% undervalued after recent price drop

Is There An Opportunity With Vår Energi AS' (OB:VAR) 21% Undervaluation?

Vår Energi AS to Report Q3, 2024 Results on Oct 22, 2024

Upcoming dividend of kr1.20 per share at 13% yield

Third quarter 2023 earnings: Revenues miss analyst expectations

Petrolia NOCO AS signed an agreement to acquire a 12.2575% stake in Brage field on the Norwegian Continental Shelf from Vår Energi AS.

An unknown buyer acquired a 6.3% stake in Vår Energi AS (OB:VAR) from Point Resources Holding AS for NOK 4.6 billion.

Vår Energi AS Narrows Oil and Gas Production Guidance for the Full Year 2023

Vår Energi ASA Announces Re-Designation of Torger Rød as COO from CEO

Now 20% undervalued

Consensus EPS estimates fall by 13%

Upcoming dividend of kr1.09 per share at 15% yield

New major risk - Dividend sustainability

Vår Energi AS Provides Production Guidance for Full Year 2023

Second quarter 2023 earnings: EPS and revenues miss analyst expectations

Vår Energi as Announces Dividend, Payable on August 14, 2023

Vår Energi AS (OB:VAR) entered into an agreement to acquire Neptune Energy Norge AS from Neptune Energy Group Holdings Limited for an enterprise value of $2.3 billion.