BlueNord ASA (BNOR) fair value: what the stock is really worth
As of Oct 9, 2026: fair value of BlueNord ASA NOK 524, price NOK 586, upside -10.6%, quality 72 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Oct 8, 2026.
How to read this chart
60‑month range kr 90.24 – kr 602.00 · fair‑value band kr 366.76 – kr 681.12 · the kr 586.00 price screens above the kr 523.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 8, 2026.
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BlueNord ASA, an oil and gas company, produces and develops resources that support the energy transition towards net zero. It is involved in the exploration and oil and gas infrastructure activities. The company's asset portfolio includes the Dan, Halfdan, Gorm, and Tyra hubs; and producing fields on the Danish continental shelf.
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BlueNord ASA, an oil and gas company, produces and develops resources that support the energy transition towards net zero. It is involved in the exploration and oil and gas infrastructure activities. The company's asset portfolio includes the Dan, Halfdan, Gorm, and Tyra hubs; and producing fields on the Danish continental shelf. The company was formerly known as Norwegian Energy Company ASA and changed its name to BlueNord ASA in April 2023. BlueNord ASA was founded in 2005 and is headquartered in Oslo, Norway.
Stock analysis
BlueNord ASA (BNOR) currently trades at kr 586.00, while our model-based Fair Value estimate is kr 523.94, 10.6% 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 2,103 per share, and 18 of the 26 models we run sit above the kr 586.00 price.
Bear case: the Asset-Based group reads lowest at kr 188.73, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 366.76 (bear) to kr 681.12 (bull), the price of kr 586.00 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 72/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
BlueNord ASA reported revenue of $1.0B in FY2025 versus $565M in FY2021, a compound +16.4%/yr. Reported net income was $97.5M in FY2025.
Key figures
Market cap 15.0B NOK (≈ $1.6B) · P/E ratio 32.3 · P/S ratio 3.03 · EPS (TTM) kr 18.12 · Dividend yield 0.6% · Net margin 9.4% · Return on equity 13.7% · Return on assets (EBIT) 8.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 74% 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 −11%, BNOR screens richer than that median.
Fair Value models
Bear kr 366.76Fair Value kr 523.94Bull kr 681.12
Price kr 586.00 · Upside -10.6%
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 11.35 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.
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.93/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+48.0%
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.
+2.4%
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.
+12.9%
Start year 2020 (pandemic)
Revenue growth 9 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.
+110.7%
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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.
−9.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.0%
Dividend (yield on the price)0.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−10.0% vs −1.9%, slowing
Profit margin 2020 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.10% → 27%
Pace: the 5-year rate starts in 2020 (pandemic)
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).
−7.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −9.8% a year for the price.
News mood ⓘNews mood, the average tone of recent news (56 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.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
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 · 274 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside−10.6% · Below median
Profitability
Return on equity (TTM)13.7% · Above median
Return on assets6.0% · Above median
Net margin (TTM)7.5% · Below median
Operating margin (TTM)23.7% · Below median
Growth and dividend
Revenue growth−1.9% · Below median
Dividend yield (TTM)0.6% · Bottom 25%
Balance sheet
Debt / equity1.42× · Highest 25%
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
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). "BlueNord ASA Fair Value". https://www.fairvalue-calculator.com/stock/BNOR
Frequently asked questions
Is BlueNord ASA (BNOR) overvalued or undervalued?
As of Oct 8, 2026, our model estimates a fair value of kr 523.94 versus a price of kr 586.00, about −11% upside (overvalued).
What is the fair value of BNOR?
Our model-based fair value for BlueNord ASA is kr 523.94 (as of Oct 8, 2026), built from audited fundamentals. The current price: kr 586.00.
What is the quality score of BNOR?
BlueNord ASA has a Quality Score of 72/100. 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 BlueNord ASA (BNOR)?
Our model-based price target is the fair value of kr 523.94 (as of Oct 8, 2026) from 26 valuation models. Cautious scenario kr 366.76, optimistic scenario kr 681.12. It is a calculation from audited fundamentals, not an analyst target.
What is the BlueNord ASA stock forecast for 2026?
Our models put fair value at kr 523.94, about −11% upside versus a price of kr 586.00 (overvalued). Cautious scenario kr 366.76, optimistic scenario kr 681.12. The calculation is refreshed regularly with new filings.
What is the revenue of BlueNord ASA (BNOR)?
BlueNord ASA reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Oct 8, 2026).
Does BlueNord ASA pay a dividend?
BlueNord ASA currently shows a dividend yield of about 0.61% relative to its recent price (as of Oct 8, 2026).
What growth is priced into BlueNord ASA (BNOR)?
For today's price to be fair in a discounted-cash-flow model, BlueNord ASA would have to grow free cash flow by -7.7 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Oct 8, 2026.
What discount rate (WACC) does the fair value of BNOR use?
Our models discount BlueNord ASA at 11.0 %: a base by market capitalisation (small), 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 BlueNord ASA that is -7.7 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has BlueNord ASA (BNOR) delivered so far?
Over the past 5 years revenue at BlueNord ASA grew +12.9 % a year. The price currently implies -7.7 % 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 BlueNord ASA (BNOR) growing?
The median revenue growth in the sector is +11.1 % a year. That is the yardstick for the growth priced into BlueNord ASA (-7.7 % 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 BlueNord ASA (BNOR)?
The free-cash-flow yield on the price is 23.58 %: that much free cash flow BlueNord ASA produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BlueNord ASA (BNOR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BlueNord ASA it is kr 523.94 per share (as of Oct 8, 2026), against a price of kr 586.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is BlueNord ASA stock overvalued or undervalued in 2026?
As of Oct 8, 2026, BNOR trades above its calculated fair value: price kr 586.00, fair value kr 523.94, a gap of about −11% (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 BNOR?
No. The price is what the market pays today (kr 586.00); the fair value is what the company's own numbers justify (kr 523.94). For BlueNord ASA the two are kr 62.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is BlueNord ASA worth?
The market values BlueNord ASA at about 15.0B NOK (market capitalisation, as of Oct 8, 2026). Per share that is kr 586.00; our models calculate a fair value of kr 523.94 per share.
What do the bullish and bearish scenarios say about BNOR?
Our models span a range for BlueNord ASA: cautious scenario kr 366.76, base kr 523.94, optimistic kr 681.12 per share (as of Oct 8, 2026, price kr 586.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BNOR?
BlueNord ASA trades at a price-to-earnings ratio of 32.3 (as of Oct 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 523.94 is built from several models across several years. Other multiples: PEG 0.0, P/B 2.1, P/S 1.4, EV/EBITDA 3.7.
What is the PEG ratio of BNOR?
The PEG ratio of BlueNord ASA is 0.02 (P/E divided by earnings growth, as of Oct 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of BlueNord ASA (BNOR)?
Balance-sheet figures for BlueNord ASA (as of Oct 8, 2026): return on equity 13.7%, debt of 1.42 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is BNOR from its 52-week high?
BlueNord ASA trades at kr 586.00, about 3% below its 52-week high of kr 602.00 and 74% above the low of kr 336.06 (as of Oct 9, 2026). Distance from the high says nothing about value: that is what the fair value of kr 523.94 is for.
Which stocks are comparable to BlueNord 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 BlueNord ASA stock attractive at the current price?
The data as of Oct 8, 2026: price kr 586.00, calculated fair value kr 523.94 (−11%), Quality Score 72/100, from 26 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 BNOR calculated?
We run BlueNord ASA through 26 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 523.94, 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 14.9 % above its aggregate fair value. BlueNord 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 BlueNord ASA (BNOR)?
The closing price on Oct 9, 2026 was kr 586.00. Our model-based fair value is kr 523.94, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BlueNord ASA right now?
A fairly wide model range (kr 366.76 to kr 681.12) leaves room in how you read the outcome. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of BlueNord ASA
How large is the market capitalisation of BlueNord ASA (BNOR)?
The market capitalisation of BlueNord ASA is 15.0B NOK (≈ $1.6B). 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 BlueNord ASA (BNOR)?
The price-to-sales ratio of BlueNord ASA is 3.03 (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 BlueNord ASA (BNOR)?
Earnings per share at BlueNord ASA are kr 18.12 (price ÷ EPS = P/E 32.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BlueNord ASA (BNOR)?
The dividend yield of BlueNord ASA is 0.6% (payout 19.8%). 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 BlueNord ASA (BNOR)?
The net margin of BlueNord ASA is 9.4% (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 BlueNord ASA (BNOR)?
The return on equity (ROE) of BlueNord ASA is 13.7% (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 BlueNord ASA (BNOR)?
On an EBIT basis the return on assets of BlueNord ASA is 8.6% (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 BlueNord ASA (BNOR)?
The operating margin of BlueNord ASA is 23.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BlueNord ASA (BNOR)?
Revenue at BlueNord ASA is growing −1.9% versus a year earlier (3y avg +2.4%). 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 BlueNord ASA (BNOR)?
Earnings per share at BlueNord ASA are growing −43.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does BlueNord ASA (BNOR) carry?
The net debt of BlueNord ASA is $926M (fiscal year 2025, ≈ 2.5 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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