Dno ASA (DNO) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Dno ASA stock NOK 42.38, price NOK 21.12, upside +100.7%, quality 52 out of 100. Rating: strongly undervalued. Calculated from audited financials with 5 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 12, 2026.
How to read this chart
60‑month range kr 4.85 – kr 24.44 · fair‑value band kr 35.89 – kr 54.27 · the kr 21.12 price screens below the kr 42.38 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 12, 2026.
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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.
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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 21.12, while our model-based Fair Value estimate is kr 42.38, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of kr 63.60 per share, and 4 of the 5 models we run sit above the kr 21.12 price.
Bear case: the Multiples group reads lowest at kr 41.69, and 1 of the 5 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 35.89 (bear) to kr 54.27 (bull), the price of kr 21.12 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 52/100 (solid 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 20.6B NOK (≈ $2.2B) Mid · P/E ratio 13.8 · P/S ratio 8.24 · EPS (TTM) kr 1.53 · Dividend yield 7.1% · Net margin −1.7% · Return on equity 14.2% · Return on assets (EBIT) 11.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 58% 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 101%, DNO screens cheaper than that median.
Fair Value models
Bearkr 35.89Fair Value kr 42.38Bullkr 54.27
Price kr 21.12 · Upside +100.7%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 0.0261 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.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.57/100
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%
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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
News mood ⓘNews mood, the average tone of recent news (70 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.
AI conclusion: The recent asset sales and North Sea swap have tightened focus on core areas while lifting volumes and bringing in cash, yet Kurdistan payment and security risks still threaten stable cash generation.
Main risk: Payment and security risks in Kurdistan remain the biggest threat to the business and could disrupt restarted output at Tawke and Peshkabir as well as cash flows.
DNO has used recent asset sales and a North Sea swap to exit West Africa, add Gjøa exposure and bring in cash while restarting full Kurdistan output at Tawke and Peshkabir. The moves tighten focus on core areas and lift volumes, yet Kurdistan still carries payment and security risks that the North Sea barrels may not fully offset. Our models see the shares as undervalued, but does the portfolio reset deliver more stable cash generation or simply concentrate the same regional vulnerabilities?
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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 · 286 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside+100.7% · Top 25%
Profitability
Return on equity (12 months)14.2% · Top 25%
Return on assets−0.4% · Below median
Net margin (12 months)7.0% · Below median
Operating margin (12 months)63.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)87.1% · Top 25%
Dividend yield (12 months)7.1% · Top 25%
Balance sheet
Debt / equity0.75× · Highest 25%
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
P/E (12 months)13.8× · Pricier than median
P/B1.62× · book value is mostly intangible assets ⓘGoodwill and other intangible assets (such as prices paid for past acquisitions, brands, licences or film and series rights) are larger than the equity. So we do not rank this P/B against the peer group.
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). "Dno ASA Fair Value". https://www.fairvalue-calculator.com/stock/DNO
Frequently asked questions
Is Dno ASA (DNO) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of kr 42.38 versus a price of kr 21.12, about +101% upside (undervalued).
What is the fair value of DNO?
Our model-based fair value for Dno ASA is kr 42.38 (as of Nov 12, 2026), built from audited fundamentals. The current price: kr 21.12.
What is the quality score of DNO?
Dno ASA has a Quality Score of 52/100. 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 42.38 (as of Nov 12, 2026) from 5 valuation models. Cautious scenario kr 35.89, optimistic scenario kr 54.27. 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 42.38, about +101% upside versus a price of kr 21.12 (undervalued). Cautious scenario kr 35.89, optimistic scenario kr 54.27. 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 $2.9B (latest available figure, as of Nov 12, 2026).
Does Dno ASA pay a dividend?
Dno ASA currently shows a dividend yield of 7.10% relative to its recent price (as of Nov 12, 2026).
How much is the dividend of Dno ASA (DNO) and when is the ex-dividend date?
Dno ASA pays a dividend of kr 1.50 per share a year, a dividend yield of 7.1%. The last ex-dividend date was Nov 6, 2026. A dividend has been paid every year since 2021. 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 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 42.38 per share (as of Nov 12, 2026), against a price of kr 21.12. It is the blended result of 5 valuation models in 3 families (Earnings-Based, Multiples, Economic Profit).
Is Dno ASA stock overvalued or undervalued in 2026?
As of Nov 12, 2026, DNO trades below its calculated fair value: price kr 21.12, fair value kr 42.38, a gap of about +101% (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 21.12); the fair value is what the company's own numbers justify (kr 42.38). For Dno ASA the two are kr 21.26 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 20.6B NOK (market capitalisation, as of Nov 12, 2026). Per share that is kr 21.12; our models calculate a fair value of kr 42.38 per share.
What do the bullish and bearish scenarios say about DNO?
Our models span a range for Dno ASA: cautious scenario kr 35.89, base kr 42.38, optimistic kr 54.27 per share (as of Nov 12, 2026, price kr 21.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DNO?
Dno ASA trades at a price-to-earnings ratio of 13.8 (as of Nov 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 42.38 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2017 to 2023), reported earnings: 35.3. Other multiples: PEG 0.7, P/B 1.6, P/S 0.7, EV/EBITDA 1.3.
What is the PEG ratio of DNO?
The PEG ratio of Dno ASA is 0.74 (P/E divided by earnings growth, as of Nov 12, 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 Nov 12, 2026): return on equity 14.2%, debt of 0.75 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is DNO from its 52-week high?
Dno ASA trades at kr 21.12, about 14% below its 52-week high of kr 24.44 and 58% above the low of kr 13.40 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of kr 42.38 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, 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 Dno ASA stock attractive at the current price?
The data as of Nov 12, 2026: price kr 21.12, calculated fair value kr 42.38 (+101%), Quality Score 52/100, from 5 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 5 models from 3 families: Earnings-Based, Multiples, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 42.38 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. Dno ASA currently trades 50% 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 Nov 13, 2026 was kr 21.12. Our model-based fair value is kr 42.38, about +101% 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 35.89). The market is more pessimistic than our downside scenario. Solid quality (52/100) 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 20.6B NOK (≈ $2.2B). 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 8.24 (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 1.53 (price ÷ EPS = P/E 13.8). 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% (payout 98.0%). 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 14.2% (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 63.0% (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 +87.1% 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 +864% 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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Some data
Nov 12, 2026