Var Energi ASA (VAR) Fair Value & Analysis
Energy · NO · Market cap 108B NOK (≈ $11.6B) · ISIN NO0011202772
What is Var Energi ASA really worth?
A solid business, but trading 634% above our fair value of kr 6.82.
As of Aug 19, 2026, the fair value of Var Energi ASA is kr 6.82 per share against a price of kr 50.08, so the fair value sits 86% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
For context
Fair value as of: Aug 19, 2026
From 26 valuation models · updated 17 days ago
Share price +8.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 8.41). The favourable scenario is already priced in.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (kr 3.86 to kr 8.41) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
55‑month range kr 14.34 – kr 51.58 · fair‑value band kr 3.86 – kr 8.41 · the kr 50.08 price screens above the kr 6.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Analysis
Var Energi ASA (VAR) currently trades at kr 50.08, while our model-based Fair Value estimate is kr 6.82, implying the stock looks roughly 634.2% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of kr 7.77 per share, and 0 of the 26 models we run sit above the kr 50.08 price. Bear case: the Economic Profit group reads lowest at kr 0.9800, and 26 of the 26 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Var Energi ASA generated revenue of 8.8B NOK at a net margin of 8.7%. Revenue grew 45.0% year over year. It earns a return on equity of 97.5%. Net debt stands at 5.3B NOK. Fundamentals as of Aug 19, 2026
Our scenario range runs from kr 3.86 (bear case) to kr 8.41 (bull case); at kr 50.08, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 88% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −36% fair-value upside, at −86%, VAR screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 1.46 per share, which is 14.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (kr 7.77) versus Asset-Based (kr 0.1500). Highest evidence: EPV (74).
Notify me when VAR reaches fair value
Put VAR on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 83
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Vår Energi ASA operates as an independent upstream oil and gas company on the Norwegian continental shelf in Norway. The company produces crude oil and natural gas liquids. It also engages in the production, development, and exploration assets on the Norwegian Continental Shelf (NCS).
Full company description
Vår Energi ASA operates as an independent upstream oil and gas company on the Norwegian continental shelf in Norway. The company produces crude oil and natural gas liquids. It also engages in the production, development, and exploration assets on the Norwegian Continental Shelf (NCS). The company was formerly known as Eni Norge AS and changed its name to Vår Energi AS in December 2018. The company was incorporated in 1965 and is headquartered in Sandnes, Norway. Vår Energi ASA is a subsidiary of Eni International B.V.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Var Energi ASA reported revenue of $8.1B in FY2025 versus $6.0B in FY2021, a compound +7.6%/yr. Reported net income was $846M in FY2025, compounding +6.6%/yr from FY2021.
VAR screens 634% overvalued. Compare with CNOOC Limited →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- BlueNord: Minutes from Extraordinary General Meeting - Merger Plan with Vår Energi Approved
- Vår Energi (OB:VAR) On Q2 Results And Dividend Plans As Valuation Stays In Focus
- BlueNord: Notice of Extraordinary General Meeting - Approval of the Merger Plan with Vår Energi
- Var Energi ASA (VARRY) Q2 2026 Earnings Call Highlights: Record Revenue and Strategic Expansion
Peer Group
Oil & Gas E&P · 293 stocks
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.
Valuation Multiples vs Oil & Gas E&P median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas E&P stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CNOOC Limited 600938 | ¥32.85 | ¥32.55 | −1% |
| ConocoPhillips explores for, COP | $130.35 | $90.15 | −31% |
| Canadian Natural Resources Limited CNQ | C$69.78 | C$44.78 | −36% |
| EOG Resources, Inc EOG | $143.35 | $132.20 | −8% |
| Occidental Petroleum Corporation OXY | $59.17 | $30.06 | −49% |
| Diamondback Energy, Inc FANG | $199.22 | $105.24 | −47% |
| Devon Energy Corporation DVN | $47.35 | $27.06 | −43% |
| Woodside Energy Group WDS | A$32.55 | A$20.71 | −36% |
| EQT Corporation EQT | $54.57 | $42.85 | −21% |
| Texas Pacific Land Corporation TPL | $366.50 | $77.26 | −79% |
Compare Var Energi ASA with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Energy stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Var Energi ASA (VAR) overvalued or undervalued?
What is the fair value of VAR?
What is the quality score of VAR?
What is the price target for Var Energi ASA (VAR)?
What is the Var Energi ASA stock forecast for 2026?
What is the revenue of Var Energi ASA (VAR)?
What is the net profit margin of VAR?
Does Var Energi ASA pay a dividend?
Watch Var Energi ASA in the live analysis
One click puts Var Energi ASA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.