Zenith Energy Ltd (ZENA) fair value: what the stock is really worth
We calculate from audited financials what Zenith Energy Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 13, 2026.
How to read this chart
60‑month range kr 0.1590 – kr 2.38 · fair‑value band kr 0.0600 – kr 0.1200 · the kr 0.5510 price screens above the kr 0.0800 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Zenith Energy Ltd., together with its subsidiaries, engages in the exploration, development and production of oil and natural gas in Tunisia, Italy, and internationally. It is also involved in the production of condensate and electricity assets; oil and gas drilling; and oil trading activity, as well as software development.
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Zenith Energy Ltd., together with its subsidiaries, engages in the exploration, development and production of oil and natural gas in Tunisia, Italy, and internationally. It is also involved in the production of condensate and electricity assets; oil and gas drilling; and oil trading activity, as well as software development. The company was formerly known as Canoel International Energy Ltd. and changed its name to Zenith Energy Ltd. in October 2014. Zenith Energy Ltd. was incorporated in 2007 and is headquartered in Calgary, Canada.
Stock analysis
Zenith Energy Ltd (ZENA) currently trades at kr 0.5510, while our model-based Fair Value estimate is kr 0.0800, implying the stock looks roughly 588.7% overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: kr 0.0600 (bear) to kr 0.1200 (bull), the price of kr 0.5510 sits above 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 24/100 (below-average 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.
Zenith Energy Ltd reported revenue of C$2.3M in FY2026 versus C$8.2M in FY2022, a compound −27.0%/yr. Reported net income was −C$19.9M in FY2026.
Key figures
Market cap 416M NOK (≈ $44.8M) · EPS (TTM) kr −0.0400 · Net margin −37.3% · Return on equity −1.3% · Return on assets (EBIT) −4.6% · Operating margin −204% · Revenue (TTM) 2.3M NOK · Revenue growth (YoY) +19.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 77% below its 52-week high and 84% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at 10% fair-value upside, at −85%, ZENA screens richer than that median.
Fair Value models
Bear kr 0.0600Fair Value kr 0.0800Bull kr 0.1200
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.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.30/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+8.7%
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.
−43.8%
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.
+31.4%
Revenue growth 17 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.
+40.3%
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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.
−3,027.9% (2021) → −222.8% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
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). "Zenith Energy Ltd Fair Value". https://www.fairvalue-calculator.com/stock/ZENA
Frequently asked questions
Is Zenith Energy Ltd (ZENA) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of kr 0.0800 versus a price of kr 0.5510, about −85% upside (overvalued).
What is the fair value of ZENA?
Our model-based fair value for Zenith Energy Ltd is kr 0.0800 (as of Sep 13, 2026), built from audited fundamentals. The current price: kr 0.5510.
What is the quality score of ZENA?
Zenith Energy Ltd has a Quality Score of 24/100. 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 Zenith Energy Ltd (ZENA)?
Our model-based price target is the fair value of kr 0.0800 (as of Sep 13, 2026) from 1 valuation models. Cautious scenario kr 0.0600, optimistic scenario kr 0.1200. It is a calculation from audited fundamentals, not an analyst target.
What is the Zenith Energy Ltd stock forecast for 2026?
Our models put fair value at kr 0.0800, about −85% upside versus a price of kr 0.5510 (overvalued). Cautious scenario kr 0.0600, optimistic scenario kr 0.1200. The calculation is refreshed regularly with new filings.
What is the revenue of Zenith Energy Ltd (ZENA)?
Zenith Energy Ltd reported trailing-twelve-month revenue of about 2.3M NOK (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Zenith Energy Ltd (ZENA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zenith Energy Ltd it is kr 0.0800 per share (as of Sep 13, 2026), against a price of kr 0.5510. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Zenith Energy Ltd stock overvalued or undervalued in 2026?
As of Sep 13, 2026, ZENA trades above its calculated fair value: price kr 0.5510, fair value kr 0.0800, a gap of about −85% (overvalued). 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 ZENA?
No. The price is what the market pays today (kr 0.5510); the fair value is what the company's own numbers justify (kr 0.0800). For Zenith Energy Ltd the two are kr 0.4710 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zenith Energy Ltd worth?
The market values Zenith Energy Ltd at about 416M NOK (market capitalisation, as of Sep 13, 2026). Per share that is kr 0.5510; our models calculate a fair value of kr 0.0800 per share.
What do the bullish and bearish scenarios say about ZENA?
Our models span a range for Zenith Energy Ltd: cautious scenario kr 0.0600, base kr 0.0800, optimistic kr 0.1200 per share (as of Sep 13, 2026, price kr 0.5510). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is ZENA from its 52-week high?
Zenith Energy Ltd trades at kr 0.5510, about 77% below its 52-week high of kr 2.44 and 84% above the low of kr 0.3000 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.0800 is for.
Which stocks are comparable to Zenith Energy Ltd?
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 Zenith Energy Ltd stock attractive at the current price?
The data as of Sep 13, 2026: price kr 0.5510, calculated fair value kr 0.0800 (−85%), Quality Score 24/100, from 1 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 ZENA calculated?
We run Zenith Energy Ltd through 1 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 0.0800, 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 15.8 % above its aggregate fair value. Zenith Energy Ltd itself currently trades above fair value. 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 should I pay attention to with Zenith Energy Ltd right now?
The price sits above even our optimistic bull case (kr 0.1200). The favourable scenario is already priced in. Weak quality (24/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 0.0600 to kr 0.1200) leaves room in how you read the outcome.
Key figures of Zenith Energy Ltd
How large is the market capitalisation of Zenith Energy Ltd (ZENA)?
The market capitalisation of Zenith Energy Ltd is 416M NOK (≈ $44.8M). 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 are the earnings per share of Zenith Energy Ltd (ZENA)?
Earnings per share at Zenith Energy Ltd are kr −0.0400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zenith Energy Ltd (ZENA)?
The net margin of Zenith Energy Ltd is −37.3% (last twelve months). 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 Zenith Energy Ltd (ZENA)?
The return on equity (ROE) of Zenith Energy Ltd is −1.3% (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 Zenith Energy Ltd (ZENA)?
On an EBIT basis the return on assets of Zenith Energy Ltd is −4.6% (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 Zenith Energy Ltd (ZENA)?
The operating margin of Zenith Energy Ltd is −204% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zenith Energy Ltd (ZENA)?
Revenue at Zenith Energy Ltd is growing +19.6% versus a year earlier (3y avg −43.8%). 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 Zenith Energy Ltd (ZENA)?
Earnings per share at Zenith Energy Ltd are growing −65.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zenith Energy Ltd (ZENA) generate?
The free cash flow of Zenith Energy Ltd is −13.2M NOK (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zenith Energy Ltd (ZENA) carry?
The net debt of Zenith Energy Ltd is 51.8M NOK (fiscal year 2026). 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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