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Panoro Energy ASA (PESAF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Panoro Energy ASA $5.95, price $3.10, upside +91.9%, quality 43 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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PE
Some data
Sep 24, 2026
Some data
Sep 24, 2026
Panoro Energy ASA
PESAF · USCheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
✓Fair value $5.95 · Strongly undervalued (+91.9%)
!Quality 43/100
!Mixed Growth (revenue 5y +51.8 %/yr)
!Loss-making · -20.1% net margin (TTM)
✓Moderate debt · generates free cash flow
✓6.0% dividend yield · Cash covered
!Narrow moat 13/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $3.41 to $10.91
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. As of Sep 24, 2026.
How to read this chart
60‑month range $0.3603 – $3.74 · fair‑value band $3.41 – $10.91 · the $3.10 price screens below the $5.95 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 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 (PESAF) currently trades at $3.10, while our model-based Fair Value estimate is $5.95, implying the stock looks roughly 47.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $6.01 per share, and 9 of the 13 models we run sit above the $3.10 price.
Bear case: the Asset-Based group reads lowest at $1.13, and 4 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $3.41 (bear) to $10.91 (bull), the price of $3.10 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 43/100 (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 $217M in FY2025 versus $120M in FY2021, a compound +16.0%/yr. Reported net income was −$13.5M in FY2025.
Key figures
Market cap $432M · P/S ratio 2.01 · EPS (TTM) $−0.3900 · Dividend yield 6.0% · Net margin −6.2% · Return on equity −18.3% · Return on assets (EBIT) 11.3% · Operating margin −76.7%.
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 17% below its 52-week high and 89% above its 52-week low.
For context, the median of 10 Energy peers we cover trades at 10% fair-value upside, at 92%, PESAF screens cheaper than that median.
Fair Value models
Bear $3.41
Fair Value $5.95
Bull $10.91
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
$4.44
$6.64
$13.21
74
EPV
$1.47
$1.72
$1.92
74
Growth DCF
$4.13
$7.40
$12.53
73
All 13 models by family
DCF Models
FCF DCF
$4.44
$6.64
$13.21
74
5Y Revenue Exit
$2.21
$3.52
$6.21
68
5Y EBITDA Exit
$3.44
$6.01
$11.02
70
10Y Revenue Exit
$2.92
$5.52
$6.78
65
10Y EBITDA Exit
$3.80
$7.94
$14.88
62
Earnings-Based
EPV
$1.47
$1.72
$1.92
74
Multiples
EV/EBIT
$2.35
$3.24
$4.14
66
EV/EBITDA
$2.92
$4.00
$5.09
67
EV/Revenue
$1.03
$1.62
$2.21
53
Asset-Based
NCAV (Graham)
$0.8400
$1.13
$1.69
54
Growth DCF
Growth DCF
$4.13
$7.40
$12.53
73
Rev-Margin DCF
$2.44
$4.08
$7.55
67
Economic Profit
ROIC Compounder
$1.47
$1.76
$2.28
70
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Set up alert →Quality Score breakdown
Overall quality
43/100
Of which business quality 45 · Market factors (momentum, volatility) 75
Profitability
15
Margins and returns on capital today
Quality Growth
22
Are margins and returns improving?
Cashflow
62
Earnings quality: real cash, not paper profit
Fin. Strength
33
Balance sheet, leverage, solvency risk
Investment
53
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
77
Price trend over the last 3–12 months (market factor)
52W Momentum
100
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.
46/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−23.9%
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.
+4.7%
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.
+51.8%
Start year 2020 (pandemic)
Revenue growth 16 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.
+12.1%
’12
’13
’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.
−6.8% (2020) → 21.9% (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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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- 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 Panoro Energy ASA (PESAF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $5.95 versus a price of $3.10, about +92% upside (undervalued).
What is the fair value of PESAF?
Our model-based fair value for Panoro Energy ASA is $5.95 (as of Sep 24, 2026), built from audited fundamentals. The current price: $3.10.
What is the quality score of PESAF?
Panoro Energy ASA has a Quality Score of 43/100. 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 (PESAF)?
Our model-based price target is the fair value of $5.95 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $3.41, optimistic scenario $10.91. 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 $5.95, about +92% upside versus a price of $3.10 (undervalued). Cautious scenario $3.41, optimistic scenario $10.91. The calculation is refreshed regularly with new filings.
What is the revenue of Panoro Energy ASA (PESAF)?
Panoro Energy ASA reported trailing-twelve-month revenue of about $215M (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 6.00% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Panoro Energy ASA (PESAF)?
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 $5.95 per share (as of Sep 24, 2026), against a price of $3.10. 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, PESAF trades below its calculated fair value: price $3.10, fair value $5.95, a gap of about +92% (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 PESAF?
No. The price is what the market pays today ($3.10); the fair value is what the company's own numbers justify ($5.95). For Panoro Energy ASA the two are $2.85 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 $432M (market capitalisation, as of Sep 24, 2026). Per share that is $3.10; our models calculate a fair value of $5.95 per share.
What do the bullish and bearish scenarios say about PESAF?
Our models span a range for Panoro Energy ASA: cautious scenario $3.41, base $5.95, optimistic $10.91 per share (as of Sep 24, 2026, price $3.10). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is PESAF from its 52-week high?
Panoro Energy ASA trades at $3.10, about 17% below its 52-week high of $3.74 and 89% above the low of $1.64 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $5.95 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 $3.10, calculated fair value $5.95 (+92%), Quality Score 43/100, 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 PESAF 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 $5.95, 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 currently trades 48 % 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 Panoro Energy ASA (PESAF)?
The closing price on Oct 2, 2026 was $3.10. Our model-based fair value is $5.95, about +92% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Panoro Energy ASA right now?
The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($3.41). The market is more pessimistic than our downside scenario. The model range is unusually wide ($3.41 to $10.91). 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 (PESAF)?
The market capitalisation of Panoro Energy ASA is $432M. 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 Panoro Energy ASA (PESAF)?
The price-to-sales ratio of Panoro Energy ASA is 2.01 (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 (PESAF)?
Earnings per share at Panoro Energy ASA are $−0.3900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Panoro Energy ASA (PESAF)?
The dividend yield of Panoro Energy ASA is 6.0%. 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 Panoro Energy ASA (PESAF)?
The net margin of Panoro Energy ASA is −6.2% (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 (PESAF)?
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 (PESAF)?
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 (PESAF)?
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 (PESAF)?
Revenue at Panoro Energy ASA is growing +83.5% versus a year earlier (3y avg +4.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Panoro Energy ASA (PESAF) generate?
The free cash flow of Panoro Energy ASA is $33.8M (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 Panoro Energy ASA (PESAF) carry?
The net debt of Panoro Energy ASA is $70.3M (fiscal year 2025, ≈ 2.1 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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