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DNO ASA (DTNOF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of DNO ASA $2.90, price $2.01, upside +44.3%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Some data
Sep 24, 2026
Some data
Sep 24, 2026
DNO ASA
DTNOF · USSpeculativeUpside exists, but weak quality makes the signal speculative.
✓Fair value $2.90 · Undervalued (+44.3%)
!Quality 44/100
!Expensive Growth (revenue 5y +19.1 %/yr)
!Thin margins · 1.5% net margin (TTM)
✓Moderate debt · generates free cash flow
!7.2% dividend yield · Watch coverage
!Narrow moat 44/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $1.50 to $5.73
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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
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 $0.1280 – $2.19 · fair‑value band $1.50 – $5.73 · the $2.01 price screens below the $2.90 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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 (DTNOF) currently trades at $2.01, while our model-based Fair Value estimate is $2.90, implying the stock looks roughly 30.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $3.32 per share, and 9 of the 13 models we run sit above the $2.01 price.
Bear case: the Asset-Based group reads lowest at $0.9100, and 4 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $1.50 (bear) to $5.73 (bull), the price of $2.01 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 44/100 (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 −$25.9M in FY2025.
Key figures
Market cap $2.0B · P/S ratio 0.94 · EPS (TTM) $−0.0100 · Dividend yield 7.2% · Net margin −1.8% · Return on equity 2.4% · Return on assets (EBIT) 8.2% · Operating margin 42.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 8% below its 52-week high and 79% 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 44%, DTNOF screens cheaper than that median.
Fair Value models
Bear $1.50
Fair Value $2.90
Bull $5.73
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
FCF DCF
$1.64
$3.00
$6.34
75
EPV
$1.00
$1.21
$1.39
74
Growth DCF
$1.55
$3.23
$5.99
74
All 13 models by family
DCF Models
FCF DCF
$1.64
$3.00
$6.34
75
5Y Revenue Exit
$1.05
$2.27
$4.23
69
5Y EBITDA Exit
$2.46
$5.39
$9.93
71
10Y Revenue Exit
$1.19
$2.52
$4.34
64
10Y EBITDA Exit
$2.13
$4.84
$9.64
64
Earnings-Based
EPV
$1.00
$1.21
$1.39
74
Multiples
EV/EBIT
$2.36
$3.32
$4.29
65
EV/EBITDA
$3.06
$4.26
$5.46
67
EV/Revenue
$0.7200
$1.26
$1.81
52
Asset-Based
NCAV (Graham)
$0.6800
$0.9100
$1.36
54
Growth DCF
Growth DCF
$1.55
$3.23
$5.99
74
Rev-Margin DCF
$1.05
$2.31
$4.15
69
Economic Profit
ROIC Compounder
$1.00
$1.21
$1.42
72
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Set up alert →Quality Score breakdown
Overall quality
44/100
Of which business quality 41 · Market factors (momentum, volatility) 76
Profitability
11
Margins and returns on capital today
Quality Growth
63
Are margins and returns improving?
Cashflow
47
Earnings quality: real cash, not paper profit
Fin. Strength
27
Balance sheet, leverage, solvency risk
Investment
33
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
82
Price trend over the last 3–12 months (market factor)
52W Momentum
95
Distance to the 52-week high (market factor)
Net Issuance
85
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.
62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+121.0%
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.
+2.3%
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 23 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.
+8.1%
’14
’15
’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.
−51.1% (2020) → 25.6% (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
Price in line with expectations
The price assumes about as much growth as 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).
+18.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +15.2% a year for the price.
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Compare DNO ASA with another stock
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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 · 284 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Energy
- Undervalued stocks: US Stocks
- Valuation of the USA 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 DNO ASA (DTNOF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $2.90 versus a price of $2.01, about +44% upside (undervalued).
What is the fair value of DTNOF?
Our model-based fair value for DNO ASA is $2.90 (as of Sep 24, 2026), built from audited fundamentals. The current price: $2.01.
What is the quality score of DTNOF?
DNO ASA has a Quality Score of 44/100. 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 (DTNOF)?
Our model-based price target is the fair value of $2.90 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $1.50, optimistic scenario $5.73. 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 $2.90, about +44% upside versus a price of $2.01 (undervalued). Cautious scenario $1.50, optimistic scenario $5.73. The calculation is refreshed regularly with new filings.
What is the revenue of DNO ASA (DTNOF)?
DNO ASA reported trailing-twelve-month revenue of about $1.9B (latest available figure, as of Sep 24, 2026).
Does DNO ASA pay a dividend?
DNO ASA currently shows a dividend yield of about 7.21% relative to its recent price (as of Sep 24, 2026).
What growth is priced into DNO ASA (DTNOF)?
For today's price to be fair in a discounted-cash-flow model, DNO ASA would have to grow free cash flow by +18.0 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DTNOF use?
Our models discount DNO ASA at 11.2 %: a base by market capitalisation (small), country premium for USA. 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 DNO ASA that is +18.0 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has DNO ASA (DTNOF) delivered so far?
Over the past 5 years revenue at DNO ASA grew +19.1 % a year. The price currently implies +18.0 % 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 DNO ASA (DTNOF) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into DNO ASA (+18.0 % 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 DNO ASA (DTNOF)?
The free-cash-flow yield on the price is 5.66 %: that much free cash flow DNO ASA produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DNO ASA (DTNOF)?
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 $2.90 per share (as of Sep 24, 2026), against a price of $2.01. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is DNO ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DTNOF trades below its calculated fair value: price $2.01, fair value $2.90, a gap of about +44% (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 DTNOF?
No. The price is what the market pays today ($2.01); the fair value is what the company's own numbers justify ($2.90). For DNO ASA the two are $0.8900 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 $2.0B (market capitalisation, as of Sep 24, 2026). Per share that is $2.01; our models calculate a fair value of $2.90 per share.
What do the bullish and bearish scenarios say about DTNOF?
Our models span a range for DNO ASA: cautious scenario $1.50, base $2.90, optimistic $5.73 per share (as of Sep 24, 2026, price $2.01). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of DNO ASA (DTNOF)?
Balance-sheet figures for DNO ASA (as of Sep 24, 2026): return on equity 2.4%, debt of 0.75 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is DTNOF from its 52-week high?
DNO ASA trades at $2.01, about 8% below its 52-week high of $2.19 and 79% above the low of $1.12 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $2.90 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 24, 2026: price $2.01, calculated fair value $2.90 (+44%), Quality Score 44/100, 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 DTNOF calculated?
We run DNO 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 $2.90, 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. DNO ASA currently trades 31 % 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 (DTNOF)?
The closing price on Oct 2, 2026 was $2.01. Our model-based fair value is $2.90, about +44% 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 large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide ($1.50 to $5.73). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of DNO ASA
How large is the market capitalisation of DNO ASA (DTNOF)?
The market capitalisation of DNO ASA is $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 (DTNOF)?
The price-to-sales ratio of DNO ASA is 0.94 (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 (DTNOF)?
Earnings per share at DNO ASA are $−0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DNO ASA (DTNOF)?
The dividend yield of DNO ASA is 7.2%. 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 (DTNOF)?
The net margin of DNO ASA is −1.8% (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 (DTNOF)?
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 (DTNOF)?
On an EBIT basis the return on assets of DNO ASA is 8.2% (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 (DTNOF)?
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 (DTNOF)?
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 (DTNOF)?
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 net debt does DNO ASA (DTNOF) carry?
The net debt of DNO ASA is $912M (fiscal year 2025, ≈ 8.2 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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