VÃ¥r Energi AS (VARRY) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of VÃ¥r Energi AS $14.02, price $10.90, upside +28.6%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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
40‑month range $3.18 – $11.75 · fair‑value band $7.12 – $21.31 · the $10.90 price screens below the $14.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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).
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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.
Stock analysis
VÃ¥r Energi AS (VARRY) currently trades at $10.90, while our model-based Fair Value estimate is $14.02, implying the stock looks roughly 22.3% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $15.09 per share, and 14 of the 26 models we run sit above the $10.90 price.
Bear case: the Economic Profit group reads lowest at $1.93, and 12 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: $7.12 (bear) to $21.31 (bull), the price of $10.90 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 54/100 (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.
VÃ¥r Energi AS 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.
Key figures
Market cap $10.6B · P/E ratio 20.2 · P/S ratio 2.14 · EPS (TTM) $0.5400 · Dividend yield 11.3% · Net margin 10.6% · Return on equity 97.5% · Return on assets (EBIT) 20.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 90% 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 29%, VARRY screens cheaper than that median.
Fair Value models
Bear $7.12Fair Value $14.02Bull $21.31
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 ($0.1273 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.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
+8.0%
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.
−6.6%
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.
+22.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘ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. Basis: EBIT basis.
+14.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.5%
Dividend (yield on the price)11.3%
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.−3% → 44%
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
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).
+7.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.3% a year for the price and −6.2% for the forecasts.
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 · 306 stocks
Beats the industry median on 10/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside+29% · Top 25%
Profitability
Return on equity (TTM)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets11% · Top 25%
Net margin (TTM)9% · Above median
Operating margin (TTM)49% · Top 25%
Growth and dividend
Revenue growth45% · Top 25%
Dividend yield (TTM)11.3% · Top 25%
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
P/E (TTM)20.2× · Pricier than median
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
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.
Cite: Fair Value Calculator (2026). "VÃ¥r Energi AS Fair Value". https://www.fairvalue-calculator.com/stock/VARRY
Frequently asked questions
Is VÃ¥r Energi AS (VARRY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $14.02 versus a price of $10.90, about +29% upside (undervalued).
What is the fair value of VARRY?
Our model-based fair value for VÃ¥r Energi AS is $14.02 (as of Sep 24, 2026), built from audited fundamentals. The current price: $10.90.
What is the quality score of VARRY?
VÃ¥r Energi AS has a Quality Score of 54/100. 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 VÃ¥r Energi AS (VARRY)?
Our model-based price target is the fair value of $14.02 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $7.12, optimistic scenario $21.31. It is a calculation from audited fundamentals, not an analyst target.
What is the VÃ¥r Energi AS stock forecast for 2026?
Our models put fair value at $14.02, about +29% upside versus a price of $10.90 (undervalued). Cautious scenario $7.12, optimistic scenario $21.31. The calculation is refreshed regularly with new filings.
What is the revenue of VÃ¥r Energi AS (VARRY)?
VÃ¥r Energi AS reported trailing-twelve-month revenue of about $8.8B (latest available figure, as of Sep 24, 2026).
Does VÃ¥r Energi AS pay a dividend?
VÃ¥r Energi AS currently shows a dividend yield of about 11.31% relative to its recent price (as of Sep 24, 2026).
What growth is priced into VÃ¥r Energi AS (VARRY)?
For today's price to be fair in a discounted-cash-flow model, VÃ¥r Energi AS would have to grow free cash flow by +7.8 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +22.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VARRY use?
Our models discount VÃ¥r Energi AS at 9.2 %: a base by market capitalisation (large), 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 VÃ¥r Energi AS that is +7.8 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has VÃ¥r Energi AS (VARRY) delivered so far?
Over the past 5 years revenue at VÃ¥r Energi AS grew +22.7 % a year. The price currently implies +7.8 % 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 VÃ¥r Energi AS (VARRY) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into VÃ¥r Energi AS (+7.8 % 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 VÃ¥r Energi AS (VARRY)?
The free-cash-flow yield on the price is 6.14 %: that much free cash flow VÃ¥r Energi AS produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of VÃ¥r Energi AS (VARRY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VÃ¥r Energi AS it is $14.02 per share (as of Sep 24, 2026), against a price of $10.90. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is VÃ¥r Energi AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VARRY trades below its calculated fair value: price $10.90, fair value $14.02, a gap of about +29% (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 VARRY?
No. The price is what the market pays today ($10.90); the fair value is what the company's own numbers justify ($14.02). For VÃ¥r Energi AS the two are $3.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is VÃ¥r Energi AS worth?
The market values VÃ¥r Energi AS at about $10.6B (market capitalisation, as of Sep 24, 2026). Per share that is $10.90; our models calculate a fair value of $14.02 per share.
What do the bullish and bearish scenarios say about VARRY?
Our models span a range for VÃ¥r Energi AS: cautious scenario $7.12, base $14.02, optimistic $21.31 per share (as of Sep 24, 2026, price $10.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VARRY?
VÃ¥r Energi AS trades at a price-to-earnings ratio of 20.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $14.02 is built from several models across several years. Other multiples: P/S 1.2, EV/EBITDA 2.2.
How solid is the balance sheet of VÃ¥r Energi AS (VARRY)?
Balance-sheet figures for VÃ¥r Energi AS (as of Sep 24, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is VARRY from its 52-week high?
VÃ¥r Energi AS trades at $10.90, about 7% below its 52-week high of $11.75 and 90% above the low of $5.74 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $14.02 is for.
Which stocks are comparable to VÃ¥r Energi AS?
From the same area (Energy) we also value CNOOC Limited, ConocoPhillips explores for,, 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 VÃ¥r Energi AS stock attractive at the current price?
The data as of Sep 24, 2026: price $10.90, calculated fair value $14.02 (+29%), Quality Score 54/100, from 26 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 VARRY calculated?
We run VÃ¥r Energi AS through 26 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 $14.02, 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 14.1 % above its aggregate fair value. VÃ¥r Energi AS currently trades 29 % 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 VÃ¥r Energi AS (VARRY)?
The closing price on Sep 23, 2026 was $10.90. Our model-based fair value is $14.02, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VÃ¥r Energi AS right now?
The model range is unusually wide ($7.12 to $21.31). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of VÃ¥r Energi AS
How large is the market capitalisation of VÃ¥r Energi AS (VARRY)?
The market capitalisation of VÃ¥r Energi AS is $10.6B. 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 VÃ¥r Energi AS (VARRY)?
The price-to-sales ratio of VÃ¥r Energi AS is 2.14 (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 VÃ¥r Energi AS (VARRY)?
Earnings per share at VÃ¥r Energi AS are $0.5400 (price ÷ EPS = P/E 20.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of VÃ¥r Energi AS (VARRY)?
The dividend yield of VÃ¥r Energi AS is 11.3%. 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 VÃ¥r Energi AS (VARRY)?
The net margin of VÃ¥r Energi AS is 10.6% (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 VÃ¥r Energi AS (VARRY)?
The return on equity (ROE) of VÃ¥r Energi AS is 97.5% (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 VÃ¥r Energi AS (VARRY)?
On an EBIT basis the return on assets of VÃ¥r Energi AS is 20.5% (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 VÃ¥r Energi AS (VARRY)?
The operating margin of VÃ¥r Energi AS is 49.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at VÃ¥r Energi AS (VARRY)?
Revenue at VÃ¥r Energi AS is growing +45.0% versus a year earlier (3y avg −6.6%). 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 VÃ¥r Energi AS (VARRY)?
Earnings per share at VÃ¥r Energi AS are growing −18.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does VÃ¥r Energi AS (VARRY) carry?
The net debt of VÃ¥r Energi AS is $5.3B (fiscal year 2025, ≈ 3.1 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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Sep 24, 2026