Petronor E&P Ltd (PNOR) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Petronor E&P Ltd NOK 12.01, price NOK 11.94, upside +0.6%, quality 70 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 2, 2026.
How to read this chart
55‑month range kr 3.75 – kr 14.81 · fair‑value band kr 11.04 – kr 12.95 · the kr 11.94 price screens below the kr 12.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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PetroNor E&P ASA operates as an independent oil and gas exploration and production company in the Republic of Congo, the Gambia, and Nigeria. The company was founded in 2017 and is headquartered in Oslo, Norway.
Stock analysis
Petronor E&P Ltd (PNOR) currently trades at kr 11.94, while our model-based Fair Value estimate is kr 12.01, so the stock looks roughly fairly valued today (gap 0.6%).
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 21.64 per share, and 13 of the 22 models we run sit above the kr 11.94 price.
Bear case: the Earnings-Based group reads lowest at kr 4.47, and 9 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 11.04 (bear) to kr 12.95 (bull), the price of kr 11.94 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 70/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Petronor E&P Ltd reported revenue of $83.1M in FY2025 versus $106M in FY2021, a compound −6.0%/yr. Reported net income was $7.3M in FY2025, compounding −12.3%/yr from FY2021.
Key figures
Market cap 1.7B NOK (≈ $176M) · P/E ratio 4.7 · P/S ratio 0.41 · EPS (TTM) kr 2.54 · Net margin 8.8% · Return on equity 29.7% · Return on assets (EBIT) 36.8% · Operating margin 49.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 51% 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 1%, PNOR screens richer than that median.
Fair Value models
Bear kr 11.04Fair Value kr 12.01Bull kr 12.95
Price kr 11.94 · Upside +0.6%
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 1.93 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−59.4%
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.
−17.1%
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.
+4.2%
Start year 2020 (pandemic)
Revenue growth 7 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.
−2.8%
’18
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’21
’22
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’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+42.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+42.8%
Dividend (yield on the price)0.0%
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.38% → 51%
2025 sits 117% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
−26.3%
Yearly growth needed for the next five years to justify today's price.
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 −28.1% a year for the price.
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 · 278 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+0.6% · Above median
Profitability
Return on equity (TTM)29.7% · Top 25%
Return on assets27.4% · Top 25%
Net margin (TTM)17.0% · Above median
Operating margin (TTM)49.4% · Top 25%
Growth and dividend
Revenue growth10.1% · Below median
Dividend yield (TTM)0.0% · Bottom 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.
Is Petronor E&P Ltd (PNOR) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of kr 12.01 versus a price of kr 11.94, about +1% upside (fairly valued).
What is the fair value of PNOR?
Our model-based fair value for Petronor E&P Ltd is kr 12.01 (as of Oct 2, 2026), built from audited fundamentals. The current price: kr 11.94.
What is the quality score of PNOR?
Petronor E&P Ltd has a Quality Score of 70/100. 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 Petronor E&P Ltd (PNOR)?
Our model-based price target is the fair value of kr 12.01 (as of Oct 2, 2026) from 22 valuation models. Cautious scenario kr 11.04, optimistic scenario kr 12.95. It is a calculation from audited fundamentals, not an analyst target.
What is the Petronor E&P Ltd stock forecast for 2026?
Our models put fair value at kr 12.01, about +1% upside versus a price of kr 11.94 (fairly valued). Cautious scenario kr 11.04, optimistic scenario kr 12.95. The calculation is refreshed regularly with new filings.
What is the revenue of Petronor E&P Ltd (PNOR)?
Petronor E&P Ltd reported trailing-twelve-month revenue of about $218M (latest available figure, as of Oct 2, 2026).
What growth is priced into Petronor E&P Ltd (PNOR)?
For today's price to be fair in a discounted-cash-flow model, Petronor E&P Ltd would have to grow free cash flow by -26.3 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.2 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of PNOR use?
Our models discount Petronor E&P Ltd at 12.5 %: a base by market capitalisation (micro), 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 Petronor E&P Ltd that is -26.3 % per year a year over ten years, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Petronor E&P Ltd (PNOR) delivered so far?
Over the past 5 years revenue at Petronor E&P Ltd grew +4.2 % a year. The price currently implies -26.3 % 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 Petronor E&P Ltd (PNOR) growing?
The median revenue growth in the sector is +11.2 % a year. That is the yardstick for the growth priced into Petronor E&P Ltd (-26.3 % 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 Petronor E&P Ltd (PNOR)?
The free-cash-flow yield on the price is 23.34 %: that much free cash flow Petronor E&P Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Petronor E&P Ltd (PNOR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Petronor E&P Ltd it is kr 12.01 per share (as of Oct 2, 2026), against a price of kr 11.94. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Petronor E&P Ltd stock overvalued or undervalued in 2026?
As of Oct 2, 2026, PNOR trades below its calculated fair value: price kr 11.94, fair value kr 12.01, a gap of about +1% (fairly valued). 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 PNOR?
No. The price is what the market pays today (kr 11.94); the fair value is what the company's own numbers justify (kr 12.01). For Petronor E&P Ltd the two are kr 0.0730 per share apart. That gap is exactly why we show both numbers side by side.
How much is Petronor E&P Ltd worth?
The market values Petronor E&P Ltd at about 1.7B NOK (market capitalisation, as of Oct 2, 2026). Per share that is kr 11.94; our models calculate a fair value of kr 12.01 per share.
What do the bullish and bearish scenarios say about PNOR?
Our models span a range for Petronor E&P Ltd: cautious scenario kr 11.04, base kr 12.01, optimistic kr 12.95 per share (as of Oct 2, 2026, price kr 11.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNOR?
Petronor E&P Ltd trades at a price-to-earnings ratio of 4.7 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 12.01 is built from several models across several years. Other multiples: P/B 1.2, P/S 0.8, EV/EBITDA 0.9.
How solid is the balance sheet of Petronor E&P Ltd (PNOR)?
Balance-sheet figures for Petronor E&P Ltd (as of Oct 2, 2026): return on equity 29.7%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is PNOR from its 52-week high?
Petronor E&P Ltd trades at kr 11.94, about 19% below its 52-week high of kr 14.81 and 51% above the low of kr 7.93 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 12.01 is for.
Which stocks are comparable to Petronor E&P Ltd?
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 Petronor E&P Ltd stock attractive at the current price?
The data as of Oct 2, 2026: price kr 11.94, calculated fair value kr 12.01 (+1%), Quality Score 70/100, from 22 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 PNOR calculated?
We run Petronor E&P Ltd through 22 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 12.01, 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 15.0 % above its aggregate fair value. Petronor E&P Ltd currently trades 1 % 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 Petronor E&P Ltd (PNOR)?
The closing price on Oct 2, 2026 was kr 11.94. Our model-based fair value is kr 12.01, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Petronor E&P Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Petronor E&P Ltd
How large is the market capitalisation of Petronor E&P Ltd (PNOR)?
The market capitalisation of Petronor E&P Ltd is 1.7B NOK (≈ $176M). 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 Petronor E&P Ltd (PNOR)?
The price-to-sales ratio of Petronor E&P Ltd is 0.41 (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 Petronor E&P Ltd (PNOR)?
Earnings per share at Petronor E&P Ltd are kr 2.54 (price ÷ EPS = P/E 4.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Petronor E&P Ltd (PNOR)?
The net margin of Petronor E&P Ltd is 8.8% (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 Petronor E&P Ltd (PNOR)?
The return on equity (ROE) of Petronor E&P Ltd is 29.7% (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 Petronor E&P Ltd (PNOR)?
On an EBIT basis the return on assets of Petronor E&P Ltd is 36.8% (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 Petronor E&P Ltd (PNOR)?
The operating margin of Petronor E&P Ltd is 49.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Petronor E&P Ltd (PNOR)?
Revenue at Petronor E&P Ltd is growing +10.1% versus a year earlier (3y avg −17.1%). 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 Petronor E&P Ltd (PNOR)?
Earnings per share at Petronor E&P Ltd are growing +628% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Petronor E&P Ltd (PNOR) hold?
Petronor E&P Ltd holds more cash than debt, $40.7M net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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