VAR ENERGI ASA (VAR.OL) Fundamental Analysis & Valuation

OSL:VAR • NO0011202772

Current stock price

49.34 NOK
+1.2 (+2.49%)
Last:

This VAR.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

7

1. VAR.OL Profitability Analysis

1.1 Basic Checks

  • In the past year VAR was profitable.
  • In the past year VAR had a positive cash flow from operations.
  • VAR had positive earnings in each of the past 5 years.
  • Each year in the past 5 years VAR had a positive operating cash flow.
VAR.OL Yearly Net Income VS EBIT VS OCF VS FCFVAR.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 3.00%, VAR is doing worse than 69.14% of the companies in the same industry.
  • VAR has a better Return On Equity (140.21%) than 100.00% of its industry peers.
  • VAR has a Return On Invested Capital of 12.06%. This is amongst the best in the industry. VAR outperforms 87.65% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for VAR is significantly above the industry average of 9.44%.
Industry RankSector Rank
ROA 3%
ROE 140.21%
ROIC 12.06%
ROA(3y)2.53%
ROA(5y)3.18%
ROE(3y)70.72%
ROE(5y)63.78%
ROIC(3y)14.92%
ROIC(5y)18.62%
VAR.OL Yearly ROA, ROE, ROICVAR.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50 -50 100

1.3 Margins

  • The Profit Margin of VAR (9.70%) is comparable to the rest of the industry.
  • VAR's Profit Margin has been stable in the last couple of years.
  • VAR has a better Operating Margin (44.94%) than 93.83% of its industry peers.
  • VAR's Operating Margin has declined in the last couple of years.
  • With an excellent Gross Margin value of 84.00%, VAR belongs to the best of the industry, outperforming 90.12% of the companies in the same industry.
  • VAR's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 44.94%
PM (TTM) 9.7%
GM 84%
OM growth 3Y-14.05%
OM growth 5YN/A
PM growth 3Y0.56%
PM growth 5YN/A
GM growth 3Y-1.67%
GM growth 5Y5.77%
VAR.OL Yearly Profit, Operating, Gross MarginsVAR.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50 -50

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3

2. VAR.OL Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), VAR is creating some value.
  • Compared to 1 year ago, VAR has about the same amount of shares outstanding.
  • The number of shares outstanding for VAR remains at a similar level compared to 5 years ago.
  • Compared to 1 year ago, VAR has an improved debt to assets ratio.
VAR.OL Yearly Shares OutstandingVAR.OL Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B
VAR.OL Yearly Total Debt VS Total AssetsVAR.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B 25B

2.2 Solvency

  • VAR has a debt to FCF ratio of 3.70. This is a good value and a sign of high solvency as VAR would need 3.70 years to pay back of all of its debts.
  • With a decent Debt to FCF ratio value of 3.70, VAR is doing good in the industry, outperforming 61.73% of the companies in the same industry.
  • A Debt/Equity ratio of 10.64 is on the high side and indicates that VAR has dependencies on debt financing.
  • With a Debt to Equity ratio value of 10.64, VAR is not doing good in the industry: 97.53% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 10.64
Debt/FCF 3.7
Altman-Z N/A
ROIC/WACC1.44
WACC8.4%
VAR.OL Yearly LT Debt VS Equity VS FCFVAR.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B 8B

2.3 Liquidity

  • VAR has a Current Ratio of 0.61. This is a bad value and indicates that VAR is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 0.61, VAR is doing worse than 95.06% of the companies in the same industry.
  • A Quick Ratio of 0.49 indicates that VAR may have some problems paying its short term obligations.
  • VAR's Quick ratio of 0.49 is on the low side compared to the rest of the industry. VAR is outperformed by 95.06% of its industry peers.
Industry RankSector Rank
Current Ratio 0.61
Quick Ratio 0.49
VAR.OL Yearly Current Assets VS Current LiabilitesVAR.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

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6

3. VAR.OL Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 190.91% over the past year.
  • The Earnings Per Share has been decreasing by -5.57% on average over the past years.
  • The Revenue has grown by 8.67% in the past year. This is quite good.
  • Measured over the past years, VAR shows a very strong growth in Revenue. The Revenue has been growing by 22.84% on average per year.
EPS 1Y (TTM)190.91%
EPS 3Y-5.57%
EPS 5YN/A
EPS Q2Q%112.5%
Revenue 1Y (TTM)8.67%
Revenue growth 3Y-6.22%
Revenue growth 5Y22.84%
Sales Q2Q%32.77%

3.2 Future

  • Based on estimates for the next years, VAR will show a small growth in Earnings Per Share. The EPS will grow by 2.01% on average per year.
  • The Revenue is expected to grow by 0.02% on average over the next years.
EPS Next Y3.92%
EPS Next 2Y2.43%
EPS Next 3Y1.37%
EPS Next 5Y2.01%
Revenue Next Year22.53%
Revenue Next 2Y6.56%
Revenue Next 3Y3.14%
Revenue Next 5Y0.02%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
VAR.OL Yearly Revenue VS EstimatesVAR.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2B 4B 6B 8B 10B
VAR.OL Yearly EPS VS EstimatesVAR.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.1 0.2 0.3 0.4

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6

4. VAR.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • VAR is valuated correctly with a Price/Earnings ratio of 15.81.
  • Based on the Price/Earnings ratio, VAR is valued a bit cheaper than the industry average as 65.43% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 26.21, VAR is valued a bit cheaper.
  • VAR is valuated correctly with a Price/Forward Earnings ratio of 15.23.
  • VAR's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. VAR is cheaper than 66.67% of the companies in the same industry.
  • VAR's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 23.13.
Industry RankSector Rank
PE 15.81
Fwd PE 15.23
VAR.OL Price Earnings VS Forward Price EarningsVAR.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 95.06% of the companies in the same industry are more expensive than VAR, based on the Enterprise Value to EBITDA ratio.
  • VAR's Price/Free Cash Flow ratio is rather cheap when compared to the industry. VAR is cheaper than 92.59% of the companies in the same industry.
Industry RankSector Rank
P/FCF 7.57
EV/EBITDA 2.81
VAR.OL Per share dataVAR.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20 30

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates VAR does not grow enough to justify the current Price/Earnings ratio.
  • VAR has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)4.03
PEG (5Y)N/A
EPS Next 2Y2.43%
EPS Next 3Y1.37%

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5

5. VAR.OL Dividend Analysis

5.1 Amount

  • VAR has a Yearly Dividend Yield of 10.01%, which is a nice return.
  • VAR's Dividend Yield is rather good when compared to the industry average which is at 3.98. VAR pays more dividend than 96.30% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.89, VAR pays a better dividend.
Industry RankSector Rank
Dividend Yield 10.01%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 149.01% of the earnings are spent on dividend by VAR. This is not a sustainable payout ratio.
DP149.01%
EPS Next 2Y2.43%
EPS Next 3Y1.37%
VAR.OL Yearly Income VS Free CF VS DividendVAR.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B -1B 2B 3B
VAR.OL Dividend Payout.VAR.OL Dividend Payout, showing the Payout Ratio.VAR.OL Dividend Payout.PayoutRetained Earnings

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VAR.OL Fundamentals: All Metrics, Ratios and Statistics

VAR ENERGI ASA

OSL:VAR (4/7/2026, 4:26:15 PM)

49.34

+1.2 (+2.49%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-10
Earnings (Next)04-22
Inst Owners16.29%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap123.17B
Revenue(TTM)8.10B
Net Income(TTM)785.19M
Analysts70.91
Price Target39.9 (-19.13%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 10.01%
Yearly Dividend4.57
Dividend Growth(5Y)N/A
DP149.01%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-57.9%
Min EPS beat(2)-82.35%
Max EPS beat(2)-33.44%
EPS beat(4)1
Avg EPS beat(4)-28.16%
Min EPS beat(4)-82.35%
Max EPS beat(4)35.01%
EPS beat(8)1
Avg EPS beat(8)-78.87%
EPS beat(12)1
Avg EPS beat(12)-63.73%
EPS beat(16)1
Avg EPS beat(16)-62.25%
Revenue beat(2)0
Avg Revenue beat(2)-2.65%
Min Revenue beat(2)-3.63%
Max Revenue beat(2)-1.68%
Revenue beat(4)0
Avg Revenue beat(4)-4.12%
Min Revenue beat(4)-6.67%
Max Revenue beat(4)-1.68%
Revenue beat(8)0
Avg Revenue beat(8)-4.28%
Revenue beat(12)0
Avg Revenue beat(12)-4.47%
Revenue beat(16)1
Avg Revenue beat(16)-4.19%
PT rev (1m)6.34%
PT rev (3m)1.31%
EPS NQ rev (1m)19.86%
EPS NQ rev (3m)7.52%
EPS NY rev (1m)0%
EPS NY rev (3m)-9.08%
Revenue NQ rev (1m)7.96%
Revenue NQ rev (3m)4.19%
Revenue NY rev (1m)11.64%
Revenue NY rev (3m)8.54%
Valuation
Industry RankSector Rank
PE 15.81
Fwd PE 15.23
P/S 1.56
P/FCF 7.57
P/OCF 2.74
P/B 22.58
P/tB N/A
EV/EBITDA 2.81
EPS(TTM)3.12
EY6.32%
EPS(NY)3.24
Fwd EY6.57%
FCF(TTM)6.52
FCFY13.22%
OCF(TTM)17.98
OCFY36.44%
SpS31.59
BVpS2.19
TBVpS-13.92
PEG (NY)4.03
PEG (5Y)N/A
Graham Number12.39
Profitability
Industry RankSector Rank
ROA 3%
ROE 140.21%
ROCE 15.66%
ROIC 12.06%
ROICexc 12.43%
ROICexgc 15.22%
OM 44.94%
PM (TTM) 9.7%
GM 84%
FCFM 20.64%
ROA(3y)2.53%
ROA(5y)3.18%
ROE(3y)70.72%
ROE(5y)63.78%
ROIC(3y)14.92%
ROIC(5y)18.62%
ROICexc(3y)15.38%
ROICexc(5y)19.1%
ROICexgc(3y)18.46%
ROICexgc(5y)22.78%
ROCE(3y)19.38%
ROCE(5y)24.18%
ROICexgc growth 3Y-28.75%
ROICexgc growth 5YN/A
ROICexc growth 3Y-29.54%
ROICexc growth 5YN/A
OM growth 3Y-14.05%
OM growth 5YN/A
PM growth 3Y0.56%
PM growth 5YN/A
GM growth 3Y-1.67%
GM growth 5Y5.77%
F-Score6
Asset Turnover0.31
Health
Industry RankSector Rank
Debt/Equity 10.64
Debt/FCF 3.7
Debt/EBITDA 0.94
Cap/Depr 108.34%
Cap/Sales 36.27%
Interest Coverage 9.87
Cash Conversion 72.57%
Profit Quality 212.8%
Current Ratio 0.61
Quick Ratio 0.49
Altman-Z N/A
F-Score6
WACC8.4%
ROIC/WACC1.44
Cap/Depr(3y)150.12%
Cap/Depr(5y)158.02%
Cap/Sales(3y)38.41%
Cap/Sales(5y)37.22%
Profit Quality(3y)161.22%
Profit Quality(5y)220.02%
High Growth Momentum
Growth
EPS 1Y (TTM)190.91%
EPS 3Y-5.57%
EPS 5YN/A
EPS Q2Q%112.5%
EPS Next Y3.92%
EPS Next 2Y2.43%
EPS Next 3Y1.37%
EPS Next 5Y2.01%
Revenue 1Y (TTM)8.67%
Revenue growth 3Y-6.22%
Revenue growth 5Y22.84%
Sales Q2Q%32.77%
Revenue Next Year22.53%
Revenue Next 2Y6.56%
Revenue Next 3Y3.14%
Revenue Next 5Y0.02%
EBIT growth 1Y-4.55%
EBIT growth 3Y-19.4%
EBIT growth 5YN/A
EBIT Next Year79.04%
EBIT Next 3Y21.58%
EBIT Next 5Y10.68%
FCF growth 1Y258.03%
FCF growth 3Y-17.89%
FCF growth 5YN/A
OCF growth 1Y35.19%
OCF growth 3Y-6.75%
OCF growth 5Y21.45%

VAR ENERGI ASA / VAR.OL Fundamental Analysis FAQ

What is the fundamental rating for VAR stock?

ChartMill assigns a fundamental rating of 5 / 10 to VAR.OL.


What is the valuation status for VAR stock?

ChartMill assigns a valuation rating of 6 / 10 to VAR ENERGI ASA (VAR.OL). This can be considered as Fairly Valued.


What is the profitability of VAR stock?

VAR ENERGI ASA (VAR.OL) has a profitability rating of 7 / 10.


What is the valuation of VAR ENERGI ASA based on its PE and PB ratios?

The Price/Earnings (PE) ratio for VAR ENERGI ASA (VAR.OL) is 15.81 and the Price/Book (PB) ratio is 22.58.


What is the expected EPS growth for VAR ENERGI ASA (VAR.OL) stock?

The Earnings per Share (EPS) of VAR ENERGI ASA (VAR.OL) is expected to grow by 3.92% in the next year.