Var Energi ASA (VAR) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Var Energi ASA stock NOK 64.11, price NOK 49.60, upside +29.3%, quality 61 out of 100. Rating: undervalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
57‑month range kr 14.34 – kr 59.10 · fair‑value band kr 44.33 – kr 83.34 · the kr 49.60 price screens below the kr 64.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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Vår Energi ASA operates as an independent upstream oil and gas company on the Norwegian continental shelf in Norway. The company produces crude oil and natural gas liquids.
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It also engages in the production, development, and exploration assets on the Norwegian Continental Shelf (NCS). The company was formerly known as Eni Norge AS and changed its name to Vår Energi AS in December 2018. The company was incorporated in 1965 and is headquartered in Sandnes, Norway.
Vår Energi ASA is a subsidiary of Eni International B.V.
Stock analysis
Var Energi ASA (VAR) currently trades at kr 49.60, while our model-based Fair Value estimate is kr 64.11, implying the stock looks roughly 23% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 113.70 per share, and 19 of the 23 models we run sit above the kr 49.60 price.
Bear case: the Multiples group reads lowest at kr 45.38, and 4 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 44.33 (bear) to kr 83.34 (bull), the price of kr 49.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Var Energi ASA reported revenue of $8.1B in FY2025 versus $6.0B in FY2021, a compound +7.6%/yr. Reported net income was $846M in FY2025, compounding +6.6%/yr from FY2021.
Key figures
Market cap 124B NOK (≈ $12.9B) Large · P/E ratio 8.8 · P/S ratio 0.92 · EPS (TTM) kr 5.66 · Dividend yield 0.2% · Net margin 10.5% · Return on equity 112% · Return on assets (EBIT) 20.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at 4% fair-value upside, at 29%, VAR screens cheaper than that median.
Fair Value models
Bearkr 44.33Fair Value kr 64.11Bullkr 83.34
Price kr 49.60 · Upside +29.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 4.80 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+9.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.1%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+45.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+45.4%
Dividend (yield on the price)0.2%
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 52%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−3.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −5.4% a year for the price and +1.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (61 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
AI conclusion: Infrastructure tightening around the Gjøa hub supports longer production runs and steadier cash flows yet the business lacks any clear durable moat amid high leverage.
Main risk: Court rulings requiring stricter climate impact assessments for PDO approvals could delay or block developments on fields such as Breidablikk where the company holds a 34.4 percent stake, reducing future production volumes.
Bull case: The company could strengthen its licence applications with enhanced emissions data and low-carbon technologies to secure approvals faster and extend asset lives beyond initial expectations.
Bear case: Repeated legal challenges or tightened Norwegian regulations on end-user emissions could force earlier decommissioning of key fields and limit new project starts, cutting output and cash generation over several years.
Vår Energi recently closed the purchase of Pandion Energy assets that add a stake in the producing Nova field plus interests in nearby developments around the Gjøa hub. These steps tighten ownership of existing infrastructure to support longer production runs and steadier cash flows, yet they sit next to divestments in other fields. Our models see the shares as undervalued, but will the hub optimisation deliver more lasting efficiency gains than integration work adds in near-term uncertainty?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas E&P · 287 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside+29.3% · Top 25%
Profitability
Return on equity (12 months)112.4% · Top 25%
Return on assets3.2% · Above median
Net margin (12 months)12.7% · Above median
Operating margin (12 months)62.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)68.6% · Top 25%
Dividend yield (12 months)0.2% · Bottom 25%
Balance sheet
Debt / equity10.43× · Highest 25%
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
P/E (12 months)8.8× · Cheaper than median
P/B23.11× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.07× · Cheapest 25%
Price / free cash flow (fiscal year)7.7× · Cheaper than median
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Cite: Fair Value Calculator (2026). "Var Energi ASA Fair Value". https://www.fairvalue-calculator.com/stock/VAR
Frequently asked questions
Is Var Energi ASA (VAR) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of kr 64.11 versus a price of kr 49.60, about +29% upside (undervalued).
What is the fair value of VAR?
Our model-based fair value for Var Energi ASA is kr 64.11 (as of Nov 10, 2026), built from audited fundamentals. The current price: kr 49.60.
What is the quality score of VAR?
Var Energi ASA has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Var Energi ASA (VAR)?
Our model-based price target is the fair value of kr 64.11 (as of Nov 10, 2026) from 23 valuation models. Cautious scenario kr 44.33, optimistic scenario kr 83.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Var Energi ASA stock forecast for 2026?
Our models put fair value at kr 64.11, about +29% upside versus a price of kr 49.60 (undervalued). Cautious scenario kr 44.33, optimistic scenario kr 83.34. The calculation is refreshed regularly with new filings.
What is the revenue of Var Energi ASA (VAR)?
Var Energi ASA reported trailing-twelve-month revenue of about $12.1B (latest available figure, as of Nov 10, 2026).
Does Var Energi ASA pay a dividend?
Var Energi ASA currently shows a dividend yield of 0.24% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Var Energi ASA (VAR) and when is the ex-dividend date?
Var Energi ASA pays a dividend of kr 0.117 per share a year, a dividend yield of 0.2%. The next ex-dividend date is Nov 17, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 151% of earnings (on adjusted earnings, reported 138%). Free cash flow covers the dividend 1.43 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Var Energi ASA (VAR)?
For today's price to be fair in a discounted-cash-flow model, Var Energi ASA would have to grow free cash flow by -3.2 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.1 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of VAR use?
Our models discount Var Energi ASA at 9.0 %: a base by market capitalisation (large), country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Var Energi ASA that is -3.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Var Energi ASA (VAR) delivered so far?
Over the past 5 years revenue at Var Energi ASA grew +23.1 % a year. The price currently implies free-cash-flow growth of -3.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Var Energi ASA (VAR) growing?
The median revenue growth in the sector is +13.2 % a year. That is the yardstick for the growth priced into Var Energi ASA (-3.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Var Energi ASA (VAR)?
The free-cash-flow yield on the price is 12.91 %: that much free cash flow Var Energi ASA produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Var Energi ASA (VAR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Var Energi ASA it is kr 64.11 per share (as of Nov 10, 2026), against a price of kr 49.60. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Var Energi ASA stock overvalued or undervalued in 2026?
As of Nov 10, 2026, VAR trades below its calculated fair value: price kr 49.60, fair value kr 64.11, a gap of about +29% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VAR?
No. The price is what the market pays today (kr 49.60); the fair value is what the company's own numbers justify (kr 64.11). For Var Energi ASA the two are kr 14.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is Var Energi ASA worth?
The market values Var Energi ASA at about 124B NOK (market capitalisation, as of Nov 10, 2026). Per share that is kr 49.60; our models calculate a fair value of kr 64.11 per share.
What do the bullish and bearish scenarios say about VAR?
Our models span a range for Var Energi ASA: cautious scenario kr 44.33, base kr 64.11, optimistic kr 83.34 per share (as of Nov 10, 2026, price kr 49.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VAR?
Var Energi ASA trades at a price-to-earnings ratio of 8.8 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 64.11 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 16.7 (reported for FY2025: 15.3). Other multiples: P/B 23.1, P/S 1.1, EV/EBITDA 1.8.
How solid is the balance sheet of Var Energi ASA (VAR)?
Balance-sheet figures for Var Energi ASA (as of Nov 10, 2026): return on equity 112.4%, debt of 10.43 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is VAR from its 52-week high?
Var Energi ASA trades at kr 49.60, about 16% below its 52-week high of kr 59.10 and 68% above the low of kr 29.45 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of kr 64.11 is for.
Which stocks are comparable to Var Energi ASA?
From the same area (Energy) we also value ConocoPhillips explores for,, CNOOC Limited, Canadian Natural Resources Limited, Diamondback Energy, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Var Energi ASA stock attractive at the current price?
The data as of Nov 10, 2026: price kr 49.60, calculated fair value kr 64.11 (+29%), Quality Score 61/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VAR calculated?
We run Var Energi ASA through 23 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 64.11 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. Var Energi ASA currently trades 23% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Var Energi ASA (VAR)?
The closing price on Nov 11, 2026 was kr 49.60. Our model-based fair value is kr 64.11, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Var Energi ASA right now?
Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 44.33 to kr 83.34) leaves room in how you read the outcome.
Key figures of Var Energi ASA
How large is the market capitalisation of Var Energi ASA (VAR)?
The market capitalisation of Var Energi ASA is 124B NOK (≈ $12.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Var Energi ASA (VAR)?
The price-to-sales ratio of Var Energi ASA is 0.92 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Var Energi ASA (VAR)?
Earnings per share at Var Energi ASA are kr 5.66 (price ÷ EPS = P/E 8.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Var Energi ASA (VAR)?
The dividend yield of Var Energi ASA is 0.2% (payout 151%, on adjusted earnings, reported 138%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Var Energi ASA (VAR)?
The net margin of Var Energi ASA is 10.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Var Energi ASA (VAR)?
The return on equity (ROE) of Var Energi ASA is 112% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Var Energi ASA (VAR)?
On an EBIT basis the return on assets of Var Energi ASA is 20.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Var Energi ASA (VAR)?
The operating margin of Var Energi ASA is 62.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Var Energi ASA (VAR)?
Revenue at Var Energi ASA is growing +68.6% versus a year earlier (3y avg −6.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Var Energi ASA (VAR)?
Earnings per share at Var Energi ASA are growing +105% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Var Energi ASA (VAR) carry?
The net debt of Var Energi ASA is $5.3B (fiscal year 2025, ≈ 3.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 10, 2026