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DNO ASA (DNO.OL) Stock Fundamental Analysis

OSL:DNO - Euronext Oslo - NO0003921009 - Common Stock - Currency: NOK

12.22  +0.98 (+8.72%)

Fundamental Rating

4

Taking everything into account, DNO scores 4 out of 10 in our fundamental rating. DNO was compared to 63 industry peers in the Oil, Gas & Consumable Fuels industry. While DNO seems to be doing ok healthwise, there are quite some concerns on its profitability. DNO has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year DNO has reported negative net income.
DNO had a positive operating cash flow in the past year.
In multiple years DNO reported negative net income over the last 5 years.
DNO had a positive operating cash flow in each of the past 5 years.
DNO.OL Yearly Net Income VS EBIT VS OCF VS FCFDNO.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M 600M 800M 1B

1.2 Ratios

DNO has a worse Return On Assets (-0.91%) than 80.95% of its industry peers.
DNO's Return On Equity of -2.51% is on the low side compared to the rest of the industry. DNO is outperformed by 80.95% of its industry peers.
DNO has a Return On Invested Capital of 4.30%. This is in the lower half of the industry: DNO underperforms 73.02% of its industry peers.
The Average Return On Invested Capital over the past 3 years for DNO is in line with the industry average of 12.53%.
The last Return On Invested Capital (4.30%) for DNO is well below the 3 year average (12.71%), which needs to be investigated, but indicates that DNO had better years and this may not be a problem.
Industry RankSector Rank
ROA -0.91%
ROE -2.51%
ROIC 4.3%
ROA(3y)4.51%
ROA(5y)1.98%
ROE(3y)9.03%
ROE(5y)2.66%
ROIC(3y)12.71%
ROIC(5y)N/A
DNO.OL Yearly ROA, ROE, ROICDNO.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 -40

1.3 Margins

DNO's Operating Margin of 21.88% is in line compared to the rest of the industry. DNO outperforms 55.56% of its industry peers.
In the last couple of years the Operating Margin of DNO has declined.
Looking at the Gross Margin, with a value of 38.98%, DNO is in line with its industry, outperforming 49.21% of the companies in the same industry.
DNO's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 21.88%
PM (TTM) N/A
GM 38.98%
OM growth 3Y-18.19%
OM growth 5Y-2.22%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-11.31%
GM growth 5Y-2.51%
DNO.OL Yearly Profit, Operating, Gross MarginsDNO.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 100 -100 150

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6

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so DNO is still creating some value.
The number of shares outstanding for DNO remains at a similar level compared to 1 year ago.
DNO has less shares outstanding than it did 5 years ago.
DNO has a worse debt/assets ratio than last year.
DNO.OL Yearly Shares OutstandingDNO.OL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B
DNO.OL Yearly Total Debt VS Total AssetsDNO.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

The Debt to FCF ratio of DNO is 3.71, which is a good value as it means it would take DNO, 3.71 years of fcf income to pay off all of its debts.
DNO has a better Debt to FCF ratio (3.71) than 68.25% of its industry peers.
A Debt/Equity ratio of 0.73 indicates that DNO is somewhat dependend on debt financing.
The Debt to Equity ratio of DNO (0.73) is worse than 71.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.73
Debt/FCF 3.71
Altman-Z N/A
ROIC/WACC0.55
WACC7.87%
DNO.OL Yearly LT Debt VS Equity VS FCFDNO.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B

2.3 Liquidity

A Current Ratio of 3.78 indicates that DNO has no problem at all paying its short term obligations.
With an excellent Current ratio value of 3.78, DNO belongs to the best of the industry, outperforming 92.06% of the companies in the same industry.
A Quick Ratio of 3.57 indicates that DNO has no problem at all paying its short term obligations.
DNO's Quick ratio of 3.57 is amongst the best of the industry. DNO outperforms 92.06% of its industry peers.
Industry RankSector Rank
Current Ratio 3.78
Quick Ratio 3.57
DNO.OL Yearly Current Assets VS Current LiabilitesDNO.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B

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2

3. Growth

3.1 Past

DNO shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -295.77%.
DNO shows a decrease in Revenue. In the last year, the revenue decreased by -0.10%.
The Revenue has been decreasing by -7.25% on average over the past years.
EPS 1Y (TTM)-295.77%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-2502.38%
Revenue 1Y (TTM)-0.1%
Revenue growth 3Y-12.76%
Revenue growth 5Y-7.25%
Sales Q2Q%-11.39%

3.2 Future

Based on estimates for the next years, DNO will show a small growth in Earnings Per Share. The EPS will grow by 0.15% on average per year.
DNO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.05% yearly.
EPS Next Y50%
EPS Next 2Y44.91%
EPS Next 3Y21.08%
EPS Next 5Y0.15%
Revenue Next Year28.92%
Revenue Next 2Y16.73%
Revenue Next 3Y9.87%
Revenue Next 5Y2.05%

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
DNO.OL Yearly Revenue VS EstimatesDNO.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 500M 1B
DNO.OL Yearly EPS VS EstimatesDNO.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 0.2 0.4 0.6

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5

4. Valuation

4.1 Price/Earnings Ratio

DNO reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Based on the Price/Forward Earnings ratio of 7.45, the valuation of DNO can be described as very cheap.
DNO's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. DNO is cheaper than 68.25% of the companies in the same industry.
DNO is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.10, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE N/A
Fwd PE 7.45
DNO.OL Price Earnings VS Forward Price EarningsDNO.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20 -40

4.2 Price Multiples

63.49% of the companies in the same industry are more expensive than DNO, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of DNO indicates a somewhat cheap valuation: DNO is cheaper than 79.37% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 5.16
EV/EBITDA 3
DNO.OL Per share dataDNO.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6 8 10

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as DNO's earnings are expected to grow with 21.08% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y44.91%
EPS Next 3Y21.08%

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6

5. Dividend

5.1 Amount

DNO has a Yearly Dividend Yield of 10.56%, which is a nice return.
Compared to an average industry Dividend Yield of 59.75, DNO pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.33, DNO pays a better dividend.
Industry RankSector Rank
Dividend Yield 10.56%

5.2 History

The dividend of DNO is nicely growing with an annual growth rate of 18.12%!
Dividend Growth(5Y)18.12%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

The earnings of DNO are negative and hence is the payout ratio. DNO will probably not be able to sustain this dividend level.
The dividend of DNO is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP-378.23%
EPS Next 2Y44.91%
EPS Next 3Y21.08%
DNO.OL Yearly Income VS Free CF VS DividendDNO.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M 600M

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DNO ASA

OSL:DNO (3/7/2025, 7:00:00 PM)

12.22

+0.98 (+8.72%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-06 2025-02-06/amc
Earnings (Next)05-15 2025-05-15
Inst Owners22.73%
Inst Owner ChangeN/A
Ins Owners13.74%
Ins Owner ChangeN/A
Market Cap11.91B
Analysts80
Price Target14.79 (21.03%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 10.56%
Yearly Dividend1.14
Dividend Growth(5Y)18.12%
DP-378.23%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)-7.8%
Min Revenue beat(2)-17.6%
Max Revenue beat(2)2.01%
Revenue beat(4)2
Avg Revenue beat(4)-6.26%
Min Revenue beat(4)-21.82%
Max Revenue beat(4)12.35%
Revenue beat(8)3
Avg Revenue beat(8)-7.98%
Revenue beat(12)3
Avg Revenue beat(12)-8.1%
Revenue beat(16)4
Avg Revenue beat(16)-8.45%
PT rev (1m)4.32%
PT rev (3m)4.32%
EPS NQ rev (1m)0%
EPS NQ rev (3m)60%
EPS NY rev (1m)-2.17%
EPS NY rev (3m)-1.1%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)1.96%
Revenue NY rev (3m)1.24%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 7.45
P/S 1.65
P/FCF 5.16
P/OCF 2.66
P/B 1.02
P/tB 1.47
EV/EBITDA 3
EPS(TTM)-0.3
EYN/A
EPS(NY)1.64
Fwd EY13.43%
FCF(TTM)2.37
FCFY19.38%
OCF(TTM)4.59
OCFY37.54%
SpS7.41
BVpS12
TBVpS8.32
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -0.91%
ROE -2.51%
ROCE 5.59%
ROIC 4.3%
ROICexc 6.56%
ROICexgc 8.13%
OM 21.88%
PM (TTM) N/A
GM 38.98%
FCFM 31.97%
ROA(3y)4.51%
ROA(5y)1.98%
ROE(3y)9.03%
ROE(5y)2.66%
ROIC(3y)12.71%
ROIC(5y)N/A
ROICexc(3y)20.37%
ROICexc(5y)N/A
ROICexgc(3y)23.37%
ROICexgc(5y)N/A
ROCE(3y)16.51%
ROCE(5y)N/A
ROICexcg growth 3Y-26.33%
ROICexcg growth 5Y-7.85%
ROICexc growth 3Y-26.89%
ROICexc growth 5Y-4.85%
OM growth 3Y-18.19%
OM growth 5Y-2.22%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-11.31%
GM growth 5Y-2.51%
F-Score3
Asset Turnover0.22
Health
Industry RankSector Rank
Debt/Equity 0.73
Debt/FCF 3.71
Debt/EBITDA 2.4
Cap/Depr 108.53%
Cap/Sales 29.96%
Interest Coverage 2.72
Cash Conversion 125.15%
Profit Quality N/A
Current Ratio 3.78
Quick Ratio 3.57
Altman-Z N/A
F-Score3
WACC7.87%
ROIC/WACC0.55
Cap/Depr(3y)119.6%
Cap/Depr(5y)99.55%
Cap/Sales(3y)25.42%
Cap/Sales(5y)24.39%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-295.77%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-2502.38%
EPS Next Y50%
EPS Next 2Y44.91%
EPS Next 3Y21.08%
EPS Next 5Y0.15%
Revenue 1Y (TTM)-0.1%
Revenue growth 3Y-12.76%
Revenue growth 5Y-7.25%
Sales Q2Q%-11.39%
Revenue Next Year28.92%
Revenue Next 2Y16.73%
Revenue Next 3Y9.87%
Revenue Next 5Y2.05%
EBIT growth 1Y-35.27%
EBIT growth 3Y-28.63%
EBIT growth 5Y-9.31%
EBIT Next Year218.87%
EBIT Next 3Y49.66%
EBIT Next 5Y32.76%
FCF growth 1Y599.02%
FCF growth 3Y-26.41%
FCF growth 5Y46.03%
OCF growth 1Y112.78%
OCF growth 3Y-17.25%
OCF growth 5Y2.14%