Panoro Energy ASA (PEN) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Panoro Energy ASA stock NOK 56.64, price NOK 30.35, upside +86.6%, quality 49 out of 100. Rating: strongly undervalued. Calculated from audited financials with 14 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 11, 2026.
How to read this chart
60‑month range kr 14.27 – kr 35.62 · fair‑value band kr 32.46 – kr 103.93 · the kr 30.35 price screens below the kr 56.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 11, 2026.
Follow Panoro Energy in your weekly email
Every Wednesday you see whether Panoro Energy is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Panoro Energy ASA, an independent exploration and production company, engages in the exploration, development, and production of oil and gas properties in Africa. It holds assets in Equatorial Guinea, Gabon, Tunisia, and South Africa. The company was incorporated in 2009 and is based in Oslo, Norway.
Stock analysis
Panoro Energy ASA (PEN) currently trades at kr 30.35, while our model-based Fair Value estimate is kr 56.64, implying the stock looks roughly 46% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of kr 59.98 per share, and 9 of the 14 models we run sit above the kr 30.35 price.
Bear case: the Earnings-Based group reads lowest at kr 17.13, and 5 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 32.46 (bear) to kr 103.93 (bull), the price of kr 30.35 sits below 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 49/100 (below-average quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Panoro Energy ASA reported revenue of $217M in FY2025 versus $120M in FY2021, a compound +16.0%/yr. Reported net income was −$13.1M in FY2025.
Key figures
Market cap 4.1B NOK (≈ $431M) Small · P/E ex one-offs 204.7 · P/S ratio 25.6 · EPS (TTM) kr −11.22 · Dividend yield 9.2% · Net margin −6.0% · Return on equity −31.4% · Return on assets (EBIT) 11.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 15% 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 10% fair-value upside, at 87%, PEN screens cheaper than that median.
Fair Value models
Bearkr 32.46Fair Value kr 56.64Bullkr 103.93
Price kr 30.35 · Upside +86.6%
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.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.46/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−23.9%
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.
+4.7%
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.
+51.8%
Start year 2020 (pandemic)
Revenue growth 16 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.
+12.1%
’12
’13
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
−6.8% (2020) → 21.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
+0.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −1.6% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 286 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Above median
Fair Value upside+86.6% · Top 25%
Profitability
Return on assets−2.0% · Below median
Net margin (12 months)−40.6% · Bottom 25%
Operating margin (12 months)61.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−62.1% · Bottom 25%
Dividend yield (12 months)9.2% · Top 25%
Balance sheet
Debt / equity0.56× · Above median
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
P/B1.95× · Pricier than median
P/S (12 months)2.48× · Pricier than median
Price / free cash flow (fiscal year)12.5× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Panoro Energy ASA Fair Value". https://www.fairvalue-calculator.com/stock/PEN.OL
Frequently asked questions
Is Panoro Energy ASA (PEN) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of kr 56.64 versus a price of kr 30.35, about +87% upside (undervalued).
What is the fair value of PEN?
Our model-based fair value for Panoro Energy ASA is kr 56.64 (as of Nov 11, 2026), built from audited fundamentals. The current price: kr 30.35.
What is the quality score of PEN?
Panoro Energy ASA has a Quality Score of 49/100. 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 Panoro Energy ASA (PEN)?
Our model-based price target is the fair value of kr 56.64 (as of Nov 11, 2026) from 14 valuation models. Cautious scenario kr 32.46, optimistic scenario kr 103.93. It is a calculation from audited fundamentals, not an analyst target.
What is the Panoro Energy ASA stock forecast for 2026?
Our models put fair value at kr 56.64, about +87% upside versus a price of kr 30.35 (undervalued). Cautious scenario kr 32.46, optimistic scenario kr 103.93. The calculation is refreshed regularly with new filings.
What is the revenue of Panoro Energy ASA (PEN)?
Panoro Energy ASA reported trailing-twelve-month revenue of about $174M (latest available figure, as of Nov 11, 2026).
Does Panoro Energy ASA pay a dividend?
Panoro Energy ASA currently shows a dividend yield of 9.15% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Panoro Energy ASA (PEN)?
Panoro Energy ASA pays a dividend of kr 2.78 per share a year, a dividend yield of 9.2%. Free cash flow covers the dividend 0.85 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Panoro Energy ASA (PEN)?
For today's price to be fair in a discounted-cash-flow model, Panoro Energy ASA would have to grow free cash flow by +0.8 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +51.9 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of PEN use?
Our models discount Panoro Energy ASA at 9.6 %: a base by market capitalisation (small), damped by beta 0.09, 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 Panoro Energy ASA that is +0.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Panoro Energy ASA (PEN) delivered so far?
Over the past 5 years revenue at Panoro Energy ASA grew +51.9 % a year. The price currently implies free-cash-flow growth of +0.8 % 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 Panoro Energy ASA (PEN) growing?
The median revenue growth in the sector is +13.0 % a year. That is the yardstick for the growth priced into Panoro Energy ASA (+0.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Panoro Energy ASA (PEN)?
The free-cash-flow yield on the price is 9.67 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Panoro Energy ASA produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Panoro Energy ASA (PEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Panoro Energy ASA it is kr 56.64 per share (as of Nov 11, 2026), against a price of kr 30.35. It is the blended result of 14 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Panoro Energy ASA stock overvalued or undervalued in 2026?
As of Nov 11, 2026, PEN trades below its calculated fair value: price kr 30.35, fair value kr 56.64, a gap of about +87% (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 PEN?
No. The price is what the market pays today (kr 30.35); the fair value is what the company's own numbers justify (kr 56.64). For Panoro Energy ASA the two are kr 26.29 per share apart. That gap is exactly why we show both numbers side by side.
How much is Panoro Energy ASA worth?
The market values Panoro Energy ASA at about 4.1B NOK (market capitalisation, as of Nov 11, 2026). Per share that is kr 30.35; our models calculate a fair value of kr 56.64 per share.
What do the bullish and bearish scenarios say about PEN?
Our models span a range for Panoro Energy ASA: cautious scenario kr 32.46, base kr 56.64, optimistic kr 103.93 per share (as of Nov 11, 2026, price kr 30.35). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Panoro Energy ASA (PEN)?
Balance-sheet figures for Panoro Energy ASA (as of Nov 11, 2026): return on equity −31.4%, debt of 0.56 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is PEN from its 52-week high?
Panoro Energy ASA trades at kr 30.35, about 15% below its 52-week high of kr 35.62 and 68% above the low of kr 18.03 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of kr 56.64 is for.
Which stocks are comparable to Panoro Energy 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 Panoro Energy ASA stock attractive at the current price?
The data as of Nov 11, 2026: price kr 30.35, calculated fair value kr 56.64 (+87%), Quality Score 49/100, from 14 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 PEN calculated?
We run Panoro Energy ASA through 14 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 56.64 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. Panoro Energy ASA currently trades 46% 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 Panoro Energy ASA (PEN)?
The closing price on Nov 13, 2026 was kr 30.35. Our model-based fair value is kr 56.64, about +87% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Panoro Energy ASA right now?
The large discount to fair value meets weak quality (49/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 32.46). The market is more pessimistic than our downside scenario. The model range is unusually wide (kr 32.46 to kr 103.93). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Panoro Energy ASA
How large is the market capitalisation of Panoro Energy ASA (PEN)?
The market capitalisation of Panoro Energy ASA is 4.1B NOK (≈ $431M). 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/E ratio of Panoro Energy ASA (PEN) excluding one-off items?
Excluding one-off items, the price-to-earnings ratio of Panoro Energy ASA is 204.7 (fiscal year 2025, the reported result was a loss).
What is the P/S ratio of Panoro Energy ASA (PEN)?
The price-to-sales ratio of Panoro Energy ASA is 25.6 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Panoro Energy ASA (PEN)?
Earnings per share at Panoro Energy ASA are kr −11.22. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Panoro Energy ASA (PEN)?
The dividend yield of Panoro Energy ASA is 9.2%. 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 Panoro Energy ASA (PEN)?
The net margin of Panoro Energy ASA is −6.0% (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 Panoro Energy ASA (PEN)?
The return on equity (ROE) of Panoro Energy ASA is −31.4% (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 Panoro Energy ASA (PEN)?
On an EBIT basis the return on assets of Panoro Energy ASA is 11.3% (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 Panoro Energy ASA (PEN)?
The operating margin of Panoro Energy ASA is 61.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Panoro Energy ASA (PEN)?
Revenue at Panoro Energy ASA is growing −62.1% versus a year earlier (3y avg +4.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Panoro Energy ASA (PEN) carry?
The net debt of Panoro Energy ASA is $70.3M (fiscal year 2025, ≈ 2.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Panoro Energy ASA in the live analysis
One click puts Panoro Energy ASA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 11, 2026