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STOCK COMPARISON

Cnooc vs Varsav Game Studios S.A.: Fair Value & Quality

Both stocks run through our valuation models. Here is how Cnooc (0883) and Varsav Game Studios S.A. (VAR) compare, as of Sep 6, 2026.

As of Sep 6, 2026, Fair Value Calculator sees Cnooc as the more attractively valued of the two: Cnooc trades at HK$25.06 versus a fair value of HK$26.54 (+6%), while Varsav Game Studios S.A. trades at PLN 0.84 versus PLN 0.11 (-87%).
Cnooc
0883.HK · HKD · Energy
+6%
upside to fair value
fairly valued
PriceHK$25.06
Fair ValueHK$26.54
Quality63/100
Varsav Game Studios S.A.
VAR.WAR · PLN
-87%
upside to fair value
overvalued
PricePLN 0.84
Fair ValuePLN 0.11
Quality36/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

CnoocVarsav Game Studios S.A.
Valuation
7.7×P/E (TTM)17.6×
2.67×P/S (TTM)—
1.35×P/B1.07×
4.3×EV/EBITDA—
0.16×PEG—
+5.9%Fair value upside−86.8%
4.6%Dividend yield—
HK$1.15Dividend per share—
Profitability
45%Operating margin0%
2.05×EBIT margin trend (5Y)—
15%Return on equity—
9%Return on assets0%
Growth
9%Revenue growth (YoY)0%
-3.7%Avg. growth/yr (3Y)18.1%
20.0%Avg. growth/yr (5Y)-14.7%
+17.4%Value creation/yr−27.4%
Balance & size
65.7×Interest coverage (EBIT/interest)9.5×
0.07×Debt / equity—
$139BMarket cap$10M
weakGrowth qualityweak
Valuation multiples (P/E, P/S, P/B, EV/EBITDA) are shown but not scored here: the two companies sit in different sectors, and multiples only compare fairly between similar business models. PEG stays scored, as it relates the P/E to growth.

Cnooc leads: 6 to 1 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Cnoocof which business quality 64 · market factors 63 Varsav Game Studios S.A.of which business quality 36 · market factors 59
ProfitabilityMargins and returns on capital today
55
40
Quality GrowthAre margins and returns improving?
36
40
CashflowEarnings quality: real cash, not paper profit
76
33
Fin. StrengthBalance sheet, leverage, solvency risk
84
50
InvestmentDisciplined investing over empire-building
40
51
Low VolatilityCalm price path (market factor)
83
0
MomentumPrice trend over the last 3–12 months (market factor)
47
74
52W MomentumDistance to the 52-week high (market factor)
69
100
Net IssuanceBuybacks instead of dilution
79
0

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyCnoocPrice HK$25.06Varsav Game Studios S.A.Price PLN 0.84
DCF Models+65%above the priceHK$41.36n/a
Earnings-Based+11%close to the priceHK$27.87-50%below the pricePLN 0.42
Dividend Discount+1%close to the priceHK$25.25n/a
Multiples+33%above the priceHK$33.44-74%below the pricePLN 0.22
Asset-Based-52%below the priceHK$12.08-83%below the pricePLN 0.14
Growth DCF+33%above the priceHK$33.29n/a
Economic Profit+30%above the priceHK$32.53-81%below the pricePLN 0.16
Growth Earnings+34%above the priceHK$33.61-35%below the pricePLN 0.54
Minimum-52%below the priceHK$12.08-83%below the pricePLN 0.14
Maximum+65%above the priceHK$41.36-35%below the pricePLN 0.54
Median+31%above the priceHK$32.91-74%below the pricePLN 0.22
Geometric mean+13%close to the priceHK$28.44-69%below the pricePLN 0.26

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Cnooc: 10 of 26 models see the stock below the current price.

Varsav Game Studios S.A.: 14 of 14 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Cnooc
Bear HK$19.94Fair Value HK$26.54Bull HK$33.98
HK$25.06 = current price (white tick)
Varsav Game Studios S.A.
Bear PLN 0.08Fair Value PLN 0.11Bull PLN 0.14
PLN 0.84 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Cnooc · Energy

Quality score63 · Top 25%
Fair value upside+6% · above median

Varsav Game Studios S.A.

No peer data.

Bottom line

As of Sep 6, 2026, Fair Value Calculator sees Cnooc as the more attractively valued of the two: Cnooc trades at HK$25.06 versus a fair value of HK$26.54 (+6%), while Varsav Game Studios S.A. trades at PLN 0.84 versus PLN 0.11 (-87%).

Cnooc has the higher quality score (63/100).

See the full analysis →
Cnooc · Varsav Game Studios S.A.

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.