VAR Stock Analysis: Var Energi ASA | OL
Oil & Gas E&P | OL, Norway | Market Cap: 128.058m NOK | 12M Return: 65.8% | NO0011202772 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 246M
EPS Trend: 12.5%
Qual. Beats: 1
Rev. Trend: 83.1%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 4.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Vår Energi ASA is an independent upstream oil and gas company focused on the exploration, development, and production of crude oil and natural gas liquids (NGLs) on the Norwegian Continental Shelf (NCS). The company operates across the full upstream value chain, from initial exploration through field development to hydrocarbon extraction. Originally incorporated in 1965 as Eni Norge AS, the company adopted its current name in December 2018 and is headquartered in Sandnes, Norway. Vår Energi is a subsidiary of Eni International B.V., the international arm of Italian energy major Eni S.p.A.
As an upstream operator, Vår Energis business model centers on discovering, developing, and producing hydrocarbon reserves, with revenue tied primarily to global oil and gas prices. The Norwegian Continental Shelf is one of Europes most significant petroleum provinces, characterized by mature infrastructure, established export pipelines, and a regulatory framework managed by the Norwegian Petroleum Directorate. The companys focus on NGLs-hydrocarbons such as ethane, propane, and butane extracted alongside natural gas-adds a secondary revenue stream beyond conventional crude oil production.
- Brent crude price volatility impacts NCS production revenues
- Johan Castberg and Balder Phase II ramp-up lifts 2025 output
- Gas export volumes and European pricing drive segment margins
| Net Income: 2.60b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.28 > 0.02 and ΔFCF/TA 24.22 > 1.0 |
| NWC/Revenue: -1.78% < 20% (prev -9.35%; Δ 7.57% < -1%) |
| CFO/TA 0.67 > 3% & CFO 19.9b > Net Income 2.60b |
| Net Debt (-2.29b) to EBITDA (18.5b): -0.12 < 3 |
| Current Ratio: 0.90 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.50b) vs 12m ago 0.01% < -2% |
| Gross Margin: 47.32% > 18% (prev 53.36%; Δ -6.03% > 0.5%) |
| Asset Turnover: 107.0% > 50% (prev 27.27%; Δ 79.77% > 0%) |
| Interest Coverage Ratio: 14.74 > 6 (EBIT TTM 15.8b / Interest Expense TTM 1.07b) |
| DSRI: 0.16 (Receivables 577.2m/881.9m, Revenue 30.0b/7.15b) |
| GMI: 1.13 (GM 53.36% / 47.32%) |
| AQI: 0.94 (AQ_t 0.13 / AQ_t-1 0.13) |
| SGI: 4.19 (Revenue 30.0b / 7.15b) |
| TATA: -0.58 (NI 2.60b - CFO 19.9b) / TA 29.7b) |
| Beneish M = -1.42 (Cap -4..+1) = D |
As of October 08, 2026, the stock is trading at NOK 51.54 with a total of 3,524,155 shares traded. Over the past week, the price has changed by +1.42%, over one month by +1.86%, over three months by +27.36% and over the past year by +65.84%.
Current recommended Stop Loss: 48.10 (which is 6.7% or 2.5 ATR below the current price).
Var Energi ASA has no consensus analysts rating.
Market Cap USD = 13.4b (128b NOK * 0.10442 NOK.USD)
P/E Trailing = 10.1383
P/E Forward = 12.0192
P/S = 12.0049
P/B = 6.8863
Revenue TTM = 30.0b USD
EBIT TTM = 15.8b USD
EBITDA TTM = 18.5b USD
Long Term Debt = 5.32b USD (from longTermDebt, last quarter)
Short Term Debt = 573.5m USD (from shortLongTermDebt, last quarter)
Debt = 214.3m USD (Leases only: 214.3m)
Net Debt = -2.29b USD (calculated: Debt 214.3m - CCE 2.50b)
Enterprise Value = 11.1b USD (13.4b + Debt 214.3m - CCE 2.50b)
Interest Coverage Ratio = 14.74 (Ebit TTM 15.8b / Interest Expense TTM 1.07b)
EV/FCF = 1.34x (Enterprise Value 11.1b / FCF TTM 8.28b)
FCF Yield = 74.72% (FCF TTM 8.28b / Enterprise Value 11.1b)
FCF Margin = 27.64% (FCF TTM 8.28b / Revenue TTM 30.0b)
Net Margin = 8.67% (Net Income TTM 2.60b / Revenue TTM 30.0b)
Gross Margin = 47.32% ((Revenue TTM 30.0b - Cost of Revenue TTM 15.8b) / Revenue TTM)
Gross Margin QoQ = 64.06% (prev 53.79%)
Tobins Q-Ratio = 0.37 (Enterprise Value 11.1b / Total Assets 29.7b)
Interest Expense / Debt = 501.4% (Interest Expense 1.07b / Debt 214.3m)
Taxrate = 28.64% (4.23b / 14.8b)
NOPAT = 11.3b (EBIT 15.8b * (1 - 28.64%))
Current Ratio = 0.90 (Total Current Assets 4.87b / Total Current Liabilities 5.40b)
Debt / Equity = 0.11 (Debt 214.3m / totalStockholderEquity, last quarter 1.98b)
Debt / EBITDA = -0.12 (Net Debt -2.29b / EBITDA 18.5b)
Debt / FCF = -0.28 (Net Debt -2.29b / FCF TTM 8.28b)
Total Stockholder Equity = 861.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 9.28% (Net Income 2.60b / Total Assets 29.7b)
RoE = 301.6% (Net Income TTM 2.60b / Total Stockholder Equity 861.0m)
RoCE = 256.3% (EBIT 15.8b / Capital Employed (Equity 861.0m + L.T.Debt 5.32b))
RoIC = 49.48% (NOPAT 11.3b / Invested Capital 22.8b)
WACC = 4.97% (E(13.4b)/V(13.6b) * Re(5.05%) + (debt cost/tax rate unavailable))
Discount Rate = 5.05% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -4.35 | Cagr: 0.79%
[DCF] Terminal Value 77.97% ; FCFF base≈5.35b ; Y1≈6.13b ; Y5≈9.02b
[DCF] Fair Price = 55.30 (EV 136b - Net Debt -2.29b = Equity 138b / Shares 2.50b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 12.55 | EPS CAGR: 5.45% | SUE: 1.62 | # QB: 1
Revenue Correlation: 83.08 | Revenue CAGR: 85.77% | SUE: 0.00 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.17 | Chg30d=+18.85% | Revisions=+0% | Analysts=6
EPS current Year (2026-12-31): EPS=0.73 | Chg30d=+6.80% | Revisions=+25% | GrowthEPS=+135.0% | GrowthRev=+63.0%
EPS next Year (2027-12-31): EPS=0.49 | Chg30d=+9.47% | Revisions=+25% | GrowthEPS=-33.2% | GrowthRev=-12.3%
[Analyst] Revisions Ratio: +40% (up=2, down=0)