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Panoro Energy ASA (0N08) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Panoro Energy ASA NOK 19.74, price NOK 29.40, upside -32.9%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Some data
Sep 24, 2026
Panoro Energy ASA
0N08 · LSEWeak valuationQuality is weak on top of the rich price.
!Fair value kr 19.74 · Overvalued (−32.9%)
!Quality 41/100
!Mixed Growth (revenue 5y +56.0 %/yr)
!Loss-making · -20.1% net margin (TTM)
✓Low debt · generates free cash flow
✓0.6% dividend yield · Well covered
!Narrow moat 14/100
!Evidence only medium, so the estimate is less certain
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 12.59 – kr 35.77 · fair‑value band kr 11.89 – kr 35.12 · the kr 29.40 price screens above the kr 19.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
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 (0N08) currently trades at kr 29.40, while our model-based Fair Value estimate is kr 19.74, 32.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 14.25 per share, and 0 of the 13 models we run sit above the kr 29.40 price.
Bear case: the Asset-Based group reads lowest at kr 3.19, and 13 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 11.89 (bear) to kr 35.12 (bull), the price of kr 29.40 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 41/100 (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 223M NOK in FY2025 versus 114M NOK in FY2021, a compound +18.4%/yr. Reported net income was −15.0M NOK in FY2025.
Key figures
Market cap 2.1B NOK (≈ $222M) · P/E ratio 0.1 · P/S ratio 9.89 · EPS (TTM) kr 3.48 · Dividend yield 0.6% · Net margin −6.7% · Return on equity −18.3% · Return on assets (EBIT) 11.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 62% 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 −33%, 0N08 screens richer than that median.
Fair Value models
Bear kr 11.89
Fair Value kr 19.74
Bull kr 35.12
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 2.49 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.
Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF
kr 10.42
kr 14.09
kr 24.81
76
Growth DCF
kr 9.84
kr 15.10
kr 23.32
75
EPV
kr 5.59
kr 6.11
kr 6.53
74
All 13 models by family
DCF Models
FCF DCF
kr 10.42
kr 14.09
kr 24.81
76
5Y Revenue Exit
kr 7.29
kr 10.67
kr 17.67
69
5Y EBITDA Exit
kr 10.56
kr 17.26
kr 30.40
70
10Y Revenue Exit
kr 8.30
kr 14.25
kr 17.34
65
10Y EBITDA Exit
kr 10.48
kr 20.24
kr 36.83
63
Earnings-Based
EPV
kr 5.59
kr 6.11
kr 6.53
74
Multiples
EV/EBIT
kr 8.88
kr 11.41
kr 13.94
66
EV/EBITDA
kr 10.62
kr 13.73
kr 16.85
67
EV/Revenue
kr 5.28
kr 6.99
kr 8.71
54
Asset-Based
NCAV (Graham)
kr 2.38
kr 3.19
kr 4.77
54
Growth DCF
Growth DCF
kr 9.84
kr 15.10
kr 23.32
75
Rev-Margin DCF
kr 7.85
kr 12.03
kr 20.84
68
Economic Profit
ROIC Compounder
kr 6.26
kr 7.89
kr 8.97
70
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Set up alert →Quality Score breakdown
Overall quality
41/100
Of which business quality 43 · Market factors (momentum, volatility) 66
Profitability
9
Margins and returns on capital today
Quality Growth
6
Are margins and returns improving?
Cashflow
47
Earnings quality: real cash, not paper profit
Fin. Strength
58
Balance sheet, leverage, solvency risk
Investment
52
Disciplined investing over empire-building
Low Volatility
74
Calm price path (market factor)
Momentum
59
Price trend over the last 3–12 months (market factor)
52W Momentum
71
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
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.
47/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−16.7%
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.
+7.4%
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.
+56.0%
Start year 2020 (pandemic)
Revenue growth 13 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.
−1.2%
’12
’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.
−7.5% (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 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).
+7.0%
Yearly growth needed for the next five years to justify today's price.
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.
+29.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +4.5% a year for the price and +26.8% for the forecasts.
Forecast 2026 (sales)+63.1%
Forecast 2027 (sales)+27.5%
Projected 2028 (sales)+24.4%
Projected 2029 (sales)+21.2%
Projected 2030 (sales)+18.0%
0N08 screens overvalued: fair value 33% below the price. Compare with ConocoPhillips explores for, →
Compare Panoro Energy ASA with another stock
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Oil & gas
Similar stocks
10 more Oil & Gas E&P stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ConocoPhillips explores for, COP | $127.06 | $91.42 | −28% |
| CNOOC Limited 0883 | HK$23.40 | HK$39.91 | +71% |
| Canadian Natural Resources Limited CNQ | $47.55 | $52.31 | +10% |
| EOG Resources, Inc EOG | $137.76 | $165.02 | +20% |
| Occidental Petroleum Corporation OXY | $57.84 | $33.18 | −43% |
| Devon Energy Corporation DVN | $46.73 | $51.40 | +10% |
| Diamondback Energy, Inc FANG | $185.23 | $243.76 | +32% |
| Woodside Energy Group WDS | A$31.48 | A$23.87 | −24% |
| EQT Corporation EQT | $50.09 | $55.10 | +10% |
| Texas Pacific Land Corporation TPL | $336.46 | $317.06 | −6% |
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Frequently asked questions
Is Panoro Energy ASA (0N08) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 19.74 versus a price of kr 29.40, about −33% upside (overvalued).
What is the fair value of 0N08?
Our model-based fair value for Panoro Energy ASA is kr 19.74 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 29.40.
What is the quality score of 0N08?
Panoro Energy ASA has a Quality Score of 41/100. 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 (0N08)?
Our model-based price target is the fair value of kr 19.74 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario kr 11.89, optimistic scenario kr 35.12. 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 19.74, about −33% upside versus a price of kr 29.40 (overvalued). Cautious scenario kr 11.89, optimistic scenario kr 35.12. The calculation is refreshed regularly with new filings.
What is the revenue of Panoro Energy ASA (0N08)?
Panoro Energy ASA reported trailing-twelve-month revenue of about 215M NOK (latest available figure, as of Sep 24, 2026).
Does Panoro Energy ASA pay a dividend?
Panoro Energy ASA currently shows a dividend yield of about 0.63% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Panoro Energy ASA (0N08)?
For today's price to be fair in a discounted-cash-flow model, Panoro Energy ASA would have to grow free cash flow by +7.0 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +56.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0N08 use?
Our models discount Panoro Energy ASA at 11.8 %: a base by market capitalisation (micro), damped by beta 0.05, country premium for United Kingdom. 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 +7.0 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Panoro Energy ASA (0N08) delivered so far?
Over the past 5 years revenue at Panoro Energy ASA grew +56.0 % a year. The price currently implies +7.0 % per year free-cash-flow growth a 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 (0N08) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Panoro Energy ASA (+7.0 % per year a 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 (0N08)?
The free-cash-flow yield on the price is 6.05 %: that much free cash flow Panoro Energy ASA produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), 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 (0N08)?
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 19.74 per share (as of Sep 24, 2026), against a price of kr 29.40. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Panoro Energy ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0N08 trades above its calculated fair value: price kr 29.40, fair value kr 19.74, a gap of about −33% (overvalued). 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 0N08?
No. The price is what the market pays today (kr 29.40); the fair value is what the company's own numbers justify (kr 19.74). For Panoro Energy ASA the two are kr 9.66 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 2.1B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 29.40; our models calculate a fair value of kr 19.74 per share.
What do the bullish and bearish scenarios say about 0N08?
Our models span a range for Panoro Energy ASA: cautious scenario kr 11.89, base kr 19.74, optimistic kr 35.12 per share (as of Sep 24, 2026, price kr 29.40). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0N08 from its 52-week high?
Panoro Energy ASA trades at kr 29.40, about 18% below its 52-week high of kr 35.77 and 62% above the low of kr 18.14 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 19.74 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, EOG Resources, 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 Sep 24, 2026: price kr 29.40, calculated fair value kr 19.74 (−33%), Quality Score 41/100, from 13 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 0N08 calculated?
We run Panoro Energy ASA through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 19.74, 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 14.5 % above its aggregate fair value. Panoro Energy ASA itself currently trades above fair value. 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 (0N08)?
The closing price on Oct 2, 2026 was kr 29.40. Our model-based fair value is kr 19.74, about −33% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Panoro Energy ASA right now?
Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (kr 11.89 to kr 35.12). 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 (0N08)?
The market capitalisation of Panoro Energy ASA is 2.1B NOK (≈ $222M). 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 (0N08)?
The price-to-earnings ratio of Panoro Energy ASA is 0.1 (as of Jul 27, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Panoro Energy ASA (0N08)?
The price-to-sales ratio of Panoro Energy ASA is 9.89 (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 (0N08)?
Earnings per share at Panoro Energy ASA are kr 3.48 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Panoro Energy ASA (0N08)?
The dividend yield of Panoro Energy ASA is 0.6% (payout 5.3%). 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 (0N08)?
The net margin of Panoro Energy ASA is −6.7% (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 (0N08)?
The return on equity (ROE) of Panoro Energy ASA is −18.3% (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 (0N08)?
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 (0N08)?
The operating margin of Panoro Energy ASA is −76.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Panoro Energy ASA (0N08)?
Revenue at Panoro Energy ASA is growing +83.5% versus a year earlier (3y avg +7.4%). 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 (0N08) carry?
The net debt of Panoro Energy ASA is 70.3M NOK (fiscal year 2025, ≈ 3.5 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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