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Dno ASA (DNO) fair value: what the stock is really worth

As of Sep 29, 2026: fair value of Dno ASA NOK 41.46, price NOK 19.24, upside +115.5%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Energy · NO · ISIN NO0003921009

DA Some data Sep 27, 2026

Dno ASA

DNO · OL

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value kr 41.46 · Strongly undervalued (+115.5%)
!Quality 47/100
!Expensive Growth (revenue 5y +19.1 %/yr)
!Thin margins · 1.5% net margin (TTM)
!Moderate debt · negative free cash flow
!7.1% dividend yield · Watch coverage
✓Ranks above peers (9/12)
!Moderate moat 53/100
!Insider activity 45/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 10 out of 100
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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

kr 21.49 kr 4.95 Fair Value kr 41.46 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range kr 4.95 – kr 21.49 · fair‑value band kr 30.77 – kr 53.96 · the kr 19.24 price screens below the kr 41.46 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. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

DNO ASA engages in the exploration, development, and production of oil and gas assets in the Middle East, the North Sea, and West Africa. The company holds 75% operating interests in the Tawke and Peshkabir fields located in the Kurdistan; and approximately 9% interest in Côte d'Ivoire's Block CI-27 located in West Africa.

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DNO ASA engages in the exploration, development, and production of oil and gas assets in the Middle East, the North Sea, and West Africa. The company holds 75% operating interests in the Tawke and Peshkabir fields located in the Kurdistan; and approximately 9% interest in Côte d'Ivoire's Block CI-27 located in West Africa. It also holds licenses in reservoirs, including in the Cretaceous, Jurassic and Triassic formations; and 129 offshore licenses in Norway, seven offshore licenses in the UK and one offshore license in the decommissioning phase in the Netherlands. DNO ASA was formerly known as DNO International ASA and changed its name to DNO ASA in June 2014. The company was incorporated in 1971 and is headquartered in Oslo, Norway.

Stock analysis

Dno ASA (DNO) currently trades at kr 19.24, while our model-based Fair Value estimate is kr 41.46, implying the stock looks roughly 53.6% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of kr 51.23 per share, and 5 of the 8 models we run sit above the kr 19.24 price.

Bear case: the Asset-Based group reads lowest at kr 8.73, and 3 of the 8 models stay below the price. Evidence for this calculation is medium.

Scenario range: kr 30.77 (bear) to kr 53.96 (bull), the price of kr 19.24 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 47/100 (below-average quality), in the Energy sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Dno ASA reported revenue of $1.5B in FY2025 versus $1.0B in FY2021, a compound +10.1%/yr. Reported net income was −$25.2M in FY2025.

Key figures

Market cap 18.8B NOK (≈ $2.0B) · P/S ratio 8.68 · EPS (TTM) kr −0.1000 · Dividend yield 7.1% · Net margin −1.7% · Return on equity 2.4% · Return on assets (EBIT) 11.1% · Operating margin 42.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).

What moves the price

The share trades about 10% below its 52-week high and 64% 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 115%, DNO screens cheaper than that median.

Fair Value models

Bear kr 30.77 Fair Value kr 41.46 Bull kr 53.96
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. 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
EPV kr 30.96 kr 35.90 kr 40.02 74
ROIC Compounder kr 37.09 kr 51.23 kr 69.19 71
Gordon GGM kr 11.52 kr 20.76 kr 28.58 68
All 8 models by family
Earnings-Based
EPV kr 30.96 kr 35.90 kr 40.02 74
Dividend Discount
Gordon GGM kr 11.52 kr 20.76 kr 28.58 68
DDM Multi-Stage kr 11.52 kr 18.97 kr 22.18 67
Multiples
EV/EBIT kr 32.47 kr 45.05 kr 57.62 66
EV/EBITDA kr 35.19 kr 48.67 kr 62.15 67
EV/Revenue kr 6.89 kr 12.10 kr 17.30 52
Asset-Based
NCAV (Graham) kr 6.52 kr 8.73 kr 13.03 54
Economic Profit
ROIC Compounder kr 37.09 kr 51.23 kr 69.19 71

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Quality Score breakdown

Overall quality 47/100

Of which business quality 45 · Market factors (momentum, volatility) 64

Profitability 12
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 90
Share count: buybacks or dilution?

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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. 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+121.1%
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.
+2.3%
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.
+19.1%
Start year 2020 (pandemic). Over 10 years: +22.9% a year
Revenue growth 25 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.
+3.2%
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.
−10.2% (2020) → 34.8% (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

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Recent news

News mood ⓘNews mood, the average tone of recent news (62 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.

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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 · 293 stocks

Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 47 · Above median
Fair Value upside +115.5% · Top 25%
Profitability
Return on equity (TTM) 2.4% · Below median
Return on assets 9.7% · Top 25%
Net margin (TTM) 1.5% · Below median
Operating margin (TTM) 42.2% · Above median
Growth and dividend
Revenue growth 234.4% · Top 25%
Dividend yield (TTM) 7.1% · Top 25%
Balance sheet
Debt / equity 0.75× · Highest 25%

Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper

P/B 1.48× · 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 (TTM) 1.03× · Cheapest 25%
EV/EBITDA 2.2× · Cheapest 25%
PEG 0.74× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 31
FUTURE (revenue growth)100 · sector 40
PAST (return on equity)10 · sector 11
HEALTH (low debt)63 · sector 86
DIVIDEND (yield)100 · sector 72

Context: sector, industry, 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 $127.30 $90.15 −29%
CNOOC Limited 0883 HK$23.40 HK$39.91 +71%
Canadian Natural Resources Limited CNQ $47.41 $52.15 +10%
EOG Resources, Inc EOG $140.35 $165.02 +18%
Occidental Petroleum Corporation OXY $56.86 $33.18 −42%
Devon Energy Corporation DVN $47.05 $51.76 +10%
Diamondback Energy, Inc FANG $186.67 $243.76 +31%
Woodside Energy Group WDS A$31.72 A$23.84 −25%
EQT Corporation EQT $50.81 $55.89 +10%
Texas Pacific Land Corporation TPL $341.07 $317.06 −7%

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Dno ASA · Fair Value
kr 41.46 +54%Fair Value
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Cite: Fair Value Calculator (2026). "Dno ASA Fair Value". https://www.fairvalue-calculator.com/stock/DNO

Frequently asked questions

Is Dno ASA (DNO) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of kr 41.46 versus a price of kr 19.24, about +115% upside (undervalued).
What is the fair value of DNO?
Our model-based fair value for Dno ASA is kr 41.46 (as of Sep 27, 2026), built from audited fundamentals. The current price: kr 19.24.
What is the quality score of DNO?
Dno ASA has a Quality Score of 47/100. 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 Dno ASA (DNO)?
Our model-based price target is the fair value of kr 41.46 (as of Sep 27, 2026) from 8 valuation models. Cautious scenario kr 30.77, optimistic scenario kr 53.96. It is a calculation from audited fundamentals, not an analyst target.
What is the Dno ASA stock forecast for 2026?
Our models put fair value at kr 41.46, about +115% upside versus a price of kr 19.24 (undervalued). Cautious scenario kr 30.77, optimistic scenario kr 53.96. The calculation is refreshed regularly with new filings.
What is the revenue of Dno ASA (DNO)?
Dno ASA reported trailing-twelve-month revenue of about $1.9B (latest available figure, as of Sep 27, 2026).
Does Dno ASA pay a dividend?
Dno ASA currently shows a dividend yield of about 7.15% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Dno ASA (DNO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dno ASA it is kr 41.46 per share (as of Sep 27, 2026), against a price of kr 19.24. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Dno ASA stock overvalued or undervalued in 2026?
As of Sep 27, 2026, DNO trades below its calculated fair value: price kr 19.24, fair value kr 41.46, a gap of about +115% (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 DNO?
No. The price is what the market pays today (kr 19.24); the fair value is what the company's own numbers justify (kr 41.46). For Dno ASA the two are kr 22.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dno ASA worth?
The market values Dno ASA at about 18.8B NOK (market capitalisation, as of Sep 27, 2026). Per share that is kr 19.24; our models calculate a fair value of kr 41.46 per share.
What do the bullish and bearish scenarios say about DNO?
Our models span a range for Dno ASA: cautious scenario kr 30.77, base kr 41.46, optimistic kr 53.96 per share (as of Sep 27, 2026, price kr 19.24). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of DNO?
The PEG ratio of Dno ASA is 0.74 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Dno ASA (DNO)?
Balance-sheet figures for Dno ASA (as of Sep 27, 2026): return on equity 2.4%, debt of 0.75 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is DNO from its 52-week high?
Dno ASA trades at kr 19.24, about 10% below its 52-week high of kr 21.49 and 64% above the low of kr 11.77 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of kr 41.46 is for.
Which stocks are comparable to Dno 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 Dno ASA stock attractive at the current price?
The data as of Sep 27, 2026: price kr 19.24, calculated fair value kr 41.46 (+115%), Quality Score 47/100, from 8 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 DNO calculated?
We run Dno ASA through 8 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 41.46, 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 14.8 % above its aggregate fair value. Dno ASA currently trades 54 % 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 Dno ASA (DNO)?
The closing price on Sep 29, 2026 was kr 19.24. Our model-based fair value is kr 41.46, about +115% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dno ASA right now?
The price is below even our cautious bear case (kr 30.77). The market is more pessimistic than our downside scenario. Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Dno ASA (DNO) come from?
Earnings per share at Dno ASA grew −31.4 % a year from 2011 to 2022. Broken into its drivers: revenue per share −31.7 %, EBIT margin +4.1 %, tax rate +3.2 %, residual (interest, one-offs) −6.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Dno ASA

How large is the market capitalisation of Dno ASA (DNO)?
The market capitalisation of Dno ASA is 18.8B NOK (≈ $2.0B). 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 Dno ASA (DNO)?
The price-to-sales ratio of Dno ASA is 8.68 (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 Dno ASA (DNO)?
Earnings per share at Dno ASA are kr −0.1000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dno ASA (DNO)?
The dividend yield of Dno ASA is 7.1%. 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 Dno ASA (DNO)?
The net margin of Dno ASA is −1.7% (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 Dno ASA (DNO)?
The return on equity (ROE) of Dno ASA is 2.4% (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 Dno ASA (DNO)?
On an EBIT basis the return on assets of Dno ASA is 11.1% (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 Dno ASA (DNO)?
The operating margin of Dno ASA is 42.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dno ASA (DNO)?
Revenue at Dno ASA is growing +234% versus a year earlier (3y avg +2.3%). 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 Dno ASA (DNO)?
Earnings per share at Dno ASA are growing −53.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Dno ASA (DNO) generate?
The free cash flow of Dno ASA is −$28.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Dno ASA (DNO) carry?
The net debt of Dno ASA is $875M (fiscal year 2025). 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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