Vår Energi ASA (VARRY) Fair Value & Analysis
Energy · US · Market cap $10.6B
Vår Energi ASA
VARRY · US
Fair value as of: Jul 22, 2026
From 26 valuation models · updated 19 days ago
Share price +16.4% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- Our model range runs from $7.12 (bear) to $11.87 (bull), base $9.49. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 54/100 (solid quality) with high evidence: the data supports the verdict.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.
How to read this chart
39‑month range $3.18 – $10.90 · fair‑value band $7.12 – $11.87 · the $9.89 price screens above the $9.49 fair value. Dashed = 300-day average. As of Jul 22, 2026.
Analysis
Vår Energi ASA (VARRY) currently trades at $9.89, while our model-based Fair Value estimate is $9.49, implying the stock looks roughly 4.0% fairly valued today. The Quality Score stands at 54/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Vår Energi ASA generated revenue of $8.8B 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. Fundamentals as of Jul 22, 2026
Our scenario range runs from $7.12 (bear case) to $11.87 (bull case); at $9.89, the current price sits within 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 9% below its 52-week high and 83% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -26% fair-value upside, at -4%, VARRY screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 26 models by family
Widest divergence: Dividend Discount ($15.09) versus Asset-Based ($0.3000). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 51 · Market factors (momentum, volatility) 70
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.
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
Vår Energi ASA reported revenue of $8.0B in FY2025 versus $6.0B in FY2021, a compound +7.1%/yr. Reported net income was $846M in FY2025, compounding +6.6%/yr from FY2021.
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- 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
- Vår Energi ASA GAAP EPS of $0.32, total income of $3.72B; on track to meet full year production guidance
Peer Group
Oil & Gas E&P · 315 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
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas E&P stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CNOOC Limited 600938 | ¥28.97 | ¥32.55 | +12% |
| ConocoPhillips explores for, COP | $109.04 | $91.79 | -16% |
| Canadian Natural Resources Limited CNQ | $42.86 | $31.54 | -26% |
| EOG Resources, Inc EOG | $139.89 | $130.19 | -7% |
| Occidental Petroleum Corporation OXY | $54.86 | $30.68 | -44% |
| Diamondback Energy, Inc FANG | $183.39 | $106.12 | -42% |
| Devon Energy Corporation DVN | $43.83 | $27.06 | -38% |
| Woodside Energy Group WDS | A$30.46 | A$20.71 | -32% |
| EQT Corporation EQT | $48.85 | $42.85 | -12% |
| Texas Pacific Land Corporation TPL | $415.70 | $79.20 | -81% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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