VAR Stock Analysis: Var Energi ASA | OL
Oil & Gas E&P | OL, Norway | Market Cap: 121.393m NOK | 12M Return: 50.3% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 230M
EPS Trend: 12.5%
Qual. Beats: 1
Rev. Trend: 83.1%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 4.4 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 on the Norwegian Continental Shelf (NCS). The company is headquartered in Sandnes, Norway, was originally incorporated in 1965, and operates as a subsidiary of Eni International B.V. It was previously known as Eni Norge AS before adopting its current name in December 2018.
The company is classified within the Oil & Gas Exploration & Production sub-industry of the Energy sector. Upstream operators on the NCS produce hydrocarbons from reserves located beneath the Norwegian seabed in the North Sea, Norwegian Sea, and Barents Sea, with production activities typically conducted through partnerships with other license-holders under licenses awarded by the Norwegian government.
- Brent crude price swings dominate upstream revenue and margins
- Johan Castberg field ramps production toward plateau levels
- Norwegian petroleum tax changes impact net profitability
- Record shareholder returns continue backed by Eni parent support
| 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 (15.4b): -0.15 < 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: 11.79 > 6 (EBIT TTM 12.7b / 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 July 29, 2026, the stock is trading at NOK 46.75 with a total of 8,183,841 shares traded. Over the past week, the price has changed by +7.20%, over one month by +14.98%, over three months by +5.83% and over the past year by +50.31%.
Current recommended Stop Loss: 44.70 (which is 4.4% or 1.4 ATR below the current price).
Var Energi ASA has no consensus analysts rating.
Market Cap USD = 12.7b (121b NOK * 0.1045 NOK.USD)
P/E Trailing = 9.4795
P/E Forward = 6.7204
P/S = 11.3801
P/B = 5.863
Revenue TTM = 30.0b USD
EBIT TTM = 12.7b USD
EBITDA TTM = 15.4b 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 = 10.4b USD (12.7b + Debt 214.3m - CCE 2.50b)
Interest Coverage Ratio = 11.79 (Ebit TTM 12.7b / Interest Expense TTM 1.07b)
EV/FCF = 1.26x (Enterprise Value 10.4b / FCF TTM 8.28b)
FCF Yield = 79.65% (FCF TTM 8.28b / Enterprise Value 10.4b)
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 = 0.35 (Enterprise Value 10.4b / Total Assets 29.7b)
Interest Expense / Debt = 501.4% (Interest Expense 1.07b / Debt 214.3m)
Taxrate = 28.64% (4.23b / 14.8b)
NOPAT = 9.04b (EBIT 12.7b * (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 = -0.15 (Net Debt -2.29b / EBITDA 15.4b)
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 = 205.0% (EBIT 12.7b / Capital Employed (Equity 861.0m + L.T.Debt 5.32b))
RoIC = 39.59% (NOPAT 9.04b / Invested Capital 22.8b)
WACC = 5.85% (E(12.7b)/V(12.9b) * Re(5.95%) + (debt cost/tax rate unavailable))
Discount Rate = 5.95% (= 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=0.14 | Chg30d=+3.26% | Revisions=+25% | Analysts=3
EPS current Year (2026-12-31): EPS=0.67 | Chg30d=+3.77% | Revisions=+29% | GrowthEPS=+117.5% | GrowthRev=+57.0%
EPS next Year (2027-12-31): EPS=0.45 | Chg30d=+0.36% | Revisions=-29% | GrowthEPS=-33.5% | GrowthRev=-17.2%
[Analyst] Revisions Ratio: +8% (up=5, down=4)