(VAR) Var Energi ASA - OL
Sector: Energy | Industry: Oil & Gas E&P | Exchange: OL (Norway) | Market Cap: 107.545m NOK | Total Return: 44.2% in 12m
Avg Turnover: 365M
EPS Trend: -32.7%
Qual. Beats: 0
Rev. Trend: 73.1%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
Idiosyncratic Leader, Confidence
Vår Energi ASA is a large-cap independent upstream energy company focused exclusively on the Norwegian Continental Shelf (NCS). Headquartered in Sandnes, the firm specializes in the exploration, development, and production of crude oil and natural gas liquids. Originally incorporated in 1965 as Eni Norge AS, the company operates as a major subsidiary of Eni International B.V. following its rebranding in 2018.
The company operates within the exploration and production (E&P) sector, a business model characterized by high capital intensity and sensitivity to global commodity price fluctuations. By concentrating assets on the NCS, the company operates in a mature regulatory environment known for stringent environmental standards and a stable tax regime for offshore energy extraction.
- Production growth accelerates following Neptune Energy acquisition and project startups
- High natural gas exposure links revenue to European energy security
- Low production costs on Norwegian Continental Shelf protect operating margins
- Progressive dividend policy and share buybacks drive shareholder total returns
| Net Income: 1.97b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.26 > 0.02 and ΔFCF/TA 21.79 > 1.0 |
| NWC/Revenue: -4.57% < 20% (prev -11.44%; Δ 6.86% < -1%) |
| CFO/TA 0.69 > 3% & CFO 18.6b > Net Income 1.97b |
| Net Debt (-478.0m) to EBITDA (14.4b): -0.03 < 3 |
| Current Ratio: 0.63 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.50b) vs 12m ago 14.75% < -2% |
| Gross Margin: 45.04% > 18% (prev 55.94%; Δ -10.90% > 0.5%) |
| Asset Turnover: 110.0% > 50% (prev 30.05%; Δ 79.92% > 0%) |
| Interest Coverage Ratio: 11.49 > 6 (EBIT TTM 11.7b / Interest Expense TTM 1.01b) |
| DSRI: 0.19 (Receivables 498.4m/677.8m, Revenue 28.1b/7.26b) |
| GMI: 1.24 (GM 55.94% / 45.04%) |
| AQI: 0.92 (AQ_t 0.14 / AQ_t-1 0.15) |
| SGI: 3.87 (Revenue 28.1b / 7.26b) |
| TATA: -0.62 (NI 1.97b - CFO 18.6b) / TA 26.9b) |
| Beneish M = -1.53 (Cap -4..+1) = CCC |
As of June 18, 2026, the stock is trading at NOK 43.31 with a total of 5,404,413 shares traded.
Over the past week, the price has changed by -10.74%,
over one month by -6.84%,
over three months by +1.09% and
over the past year by +44.17%.
Var Energi ASA has no consensus analysts rating.
Market Cap USD = 11.3b (108b NOK * 0.1052 NOK.USD)
P/E Trailing = 16.7626
P/E Forward = 6.8353
P/S = 12.2351
P/B = 20.4483
Revenue TTM = 28.1b USD
EBIT TTM = 11.7b USD
EBITDA TTM = 14.4b USD
Long Term Debt = 5.79b USD (from longTermDebt, last quarter)
Short Term Debt = 103.9m USD (from shortLongTermDebt, last quarter)
Debt = 217.8m USD (Leases only: 217.8m)
Net Debt = -478.0m USD (calculated: Debt 217.8m - CCE 695.8m)
Enterprise Value = 10.8b USD (11.3b + Debt 217.8m - CCE 695.8m)
Interest Coverage Ratio = 11.49 (Ebit TTM 11.7b / Interest Expense TTM 1.01b)
EV/FCF = 1.58x (Enterprise Value 10.8b / FCF TTM 6.87b)
FCF Yield = 63.40% (FCF TTM 6.87b / Enterprise Value 10.8b)
FCF Margin = 24.47% (FCF TTM 6.87b / Revenue TTM 28.1b)
Net Margin = 7.03% (Net Income TTM 1.97b / Revenue TTM 28.1b)
Gross Margin = 45.04% ((Revenue TTM 28.1b - Cost of Revenue TTM 15.4b) / Revenue TTM)
Gross Margin QoQ = 53.79% (prev 86.69%)
Tobins Q-Ratio = 0.40 (Enterprise Value 10.8b / Total Assets 26.9b)
Interest Expense / Debt = 466.0% (Interest Expense 1.01b / Debt 217.8m)
Taxrate = 27.00% (3.67b / 13.6b)
NOPAT = 8.52b (EBIT 11.7b * (1 - 27.00%))
Current Ratio = 0.63 (Total Current Assets 2.22b / Total Current Liabilities 3.51b)
Debt / Equity = 0.39 (Debt 217.8m / totalStockholderEquity, last quarter 565.5m)
Debt / EBITDA = -0.03 (Net Debt -478.0m / EBITDA 14.4b)
Debt / FCF = -0.07 (Net Debt -478.0m / FCF TTM 6.87b)
Total Stockholder Equity = 608.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.73% (Net Income 1.97b / Total Assets 26.9b)
RoE = 324.8% (Net Income TTM 1.97b / Total Stockholder Equity 608.0m)
RoCE = 182.2% (EBIT 11.7b / Capital Employed (Equity 608.0m + L.T.Debt 5.79b))
RoIC = 37.49% (NOPAT 8.52b / Invested Capital 22.7b)
WACC = 5.92% (E(11.3b)/V(11.5b) * Re(6.03%) + (debt cost/tax rate unavailable))
Discount Rate = 6.03% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 11.94 | Cagr: 0.79%
[DCF] Terminal Value 77.97% ; FCFF base≈4.48b ; Y1≈5.14b ; Y5≈7.56b
[DCF] Fair Price = 45.78 (EV 114b - Net Debt -478.0m = Equity 114b / Shares 2.50b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -32.68 | EPS CAGR: -11.64% | SUE: 0.14 | # QB: 0
Revenue Correlation: 73.13 | Revenue CAGR: 62.76% | SUE: -0.01 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.21 | Chg30d=+158.35% | Revisions=+20% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.14 | Chg30d=+88.13% | Revisions=+20% | Analysts=3
EPS current Year (2026-12-31): EPS=0.65 | Chg30d=+2.57% | Revisions=+33% | GrowthEPS=+109.6% | GrowthRev=+57.3%
EPS next Year (2027-12-31): EPS=0.45 | Chg30d=+1.59% | Revisions=-14% | GrowthEPS=-31.2% | GrowthRev=-19.4%
[Analyst] Revisions Ratio: +33%