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

OSL:VAR • NO0011202772

Current stock price

46.25 NOK
+0.17 (+0.37%)
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.
  • VAR had a positive operating cash flow in the past year.
  • Each year in the past 5 years VAR has been profitable.
  • In the past 5 years VAR always reported a positive cash flow from operatings.
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

  • VAR has a worse Return On Assets (2.59%) than 65.22% of its industry peers.
  • With an excellent Return On Equity value of 123.29%, VAR belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
  • VAR has a better Return On Invested Capital (12.99%) than 91.30% 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 9.56%.
Industry RankSector Rank
ROA 2.59%
ROE 123.29%
ROIC 12.99%
ROA(3y)2.53%
ROA(5y)3.18%
ROE(3y)70.72%
ROE(5y)63.78%
ROIC(3y)14.88%
ROIC(5y)18.59%
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

  • With a Profit Margin value of 7.84%, VAR perfoms like the industry average, outperforming 49.28% of the companies in the same industry.
  • VAR's Profit Margin has been stable in the last couple of years.
  • The Operating Margin of VAR (44.42%) is better than 94.20% of its industry peers.
  • VAR's Operating Margin has declined in the last couple of years.
  • VAR's Gross Margin of 84.70% is amongst the best of the industry. VAR outperforms 89.86% of its industry peers.
  • VAR's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 44.42%
PM (TTM) 7.84%
GM 84.7%
OM growth 3Y-14.33%
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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2

2. VAR.OL Health Analysis

2.1 Basic Checks

  • VAR has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • Compared to 1 year ago, VAR has about the same amount of shares outstanding.
  • VAR has about the same amout of shares outstanding than it did 5 years ago.
  • VAR has a better debt/assets ratio than last year.
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 4.22. This is a neutral value as VAR would need 4.22 years to pay back of all of its debts.
  • VAR's Debt to FCF ratio of 4.22 is fine compared to the rest of the industry. VAR outperforms 65.22% of its industry peers.
  • A Debt/Equity ratio of 10.41 is on the high side and indicates that VAR has dependencies on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 10.41, VAR is doing worse than 97.10% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 10.41
Debt/FCF 4.22
Altman-Z N/A
ROIC/WACC1.55
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 0.63. This is a bad value and indicates that VAR is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Current ratio of VAR (0.63) is worse than 89.86% of its industry peers.
  • A Quick Ratio of 0.54 indicates that VAR may have some problems paying its short term obligations.
  • VAR has a Quick ratio of 0.54. This is amonst the worse of the industry: VAR underperforms 86.96% of its industry peers.
Industry RankSector Rank
Current Ratio 0.63
Quick Ratio 0.54
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.
  • VAR shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -5.57% yearly.
  • The Revenue has grown by 20.72% in the past year. This is a very strong growth!
  • The Revenue has been growing by 22.84% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)190.91%
EPS 3Y-5.57%
EPS 5YN/A
EPS Q2Q%-22.5%
Revenue 1Y (TTM)20.72%
Revenue growth 3Y-6.22%
Revenue growth 5Y22.84%
Sales Q2Q%45.51%

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.
  • Based on estimates for the next years, VAR will show a small growth in Revenue. The Revenue will grow by 1.93% on average per year.
EPS Next Y30.2%
EPS Next 2Y7.9%
EPS Next 3Y3.05%
EPS Next 5Y2.01%
Revenue Next Year33.94%
Revenue Next 2Y8.74%
Revenue Next 3Y3.45%
Revenue Next 5Y1.93%

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

  • A Price/Earnings ratio of 15.52 indicates a correct valuation of VAR.
  • 65.22% of the companies in the same industry are more expensive than VAR, based on the Price/Earnings ratio.
  • The average S&P500 Price/Earnings ratio is at 26.91. VAR is valued slightly cheaper when compared to this.
  • Based on the Price/Forward Earnings ratio of 13.32, the valuation of VAR can be described as correct.
  • VAR's Price/Forward Earnings ratio is in line with the industry average.
  • The average S&P500 Price/Forward Earnings ratio is at 21.99. VAR is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 15.52
Fwd PE 13.32
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

  • 92.75% of the companies in the same industry are more expensive than VAR, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of VAR indicates a rather cheap valuation: VAR is cheaper than 89.86% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 8.54
EV/EBITDA 2.52
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 low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • VAR has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.51
PEG (5Y)N/A
EPS Next 2Y7.9%
EPS Next 3Y3.05%

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5

5. VAR.OL Dividend Analysis

5.1 Amount

  • VAR has a Yearly Dividend Yield of 10.85%, which is a nice return.
  • Compared to an average industry Dividend Yield of 4.64, VAR pays a better dividend. On top of this VAR pays more dividend than 95.65% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, VAR pays a better dividend.
Industry RankSector Rank
Dividend Yield 10.85%

5.2 History

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

5.3 Sustainability

  • VAR pays out 172.14% of its income as dividend. This is not a sustainable payout ratio.
DP172.14%
EPS Next 2Y7.9%
EPS Next 3Y3.05%
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 (4/29/2026, 4:26:15 PM)

46.25

+0.17 (+0.37%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Industry StrengthN/A
Industry GrowthN/A
Earnings (Last)04-22
Earnings (Next)07-21
Inst Owners16.7%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap115.46B
Revenue(TTM)8.89B
Net Income(TTM)697.10M
Analysts70.91
Price Target40.64 (-12.13%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 10.85%
Yearly Dividend4.38
Dividend Growth(5Y)N/A
DP172.14%
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)0.34%
Min Revenue beat(2)-1.68%
Max Revenue beat(2)2.35%
Revenue beat(4)1
Avg Revenue beat(4)-1.86%
Min Revenue beat(4)-4.49%
Max Revenue beat(4)2.35%
Revenue beat(8)1
Avg Revenue beat(8)-3.87%
Revenue beat(12)1
Avg Revenue beat(12)-3.82%
Revenue beat(16)1
Avg Revenue beat(16)-4.17%
PT rev (1m)8.34%
PT rev (3m)5.47%
EPS NQ rev (1m)38.05%
EPS NQ rev (3m)47.06%
EPS NY rev (1m)25.28%
EPS NY rev (3m)19.99%
Revenue NQ rev (1m)17.96%
Revenue NQ rev (3m)24.1%
Revenue NY rev (1m)22.03%
Revenue NY rev (3m)18.64%
Valuation
Industry RankSector Rank
PE 15.52
Fwd PE 13.32
P/S 1.39
P/FCF 8.54
P/OCF 2.85
P/B 21.91
P/tB N/A
EV/EBITDA 2.52
EPS(TTM)2.98
EY6.44%
EPS(NY)3.47
Fwd EY7.51%
FCF(TTM)5.41
FCFY11.71%
OCF(TTM)16.21
OCFY35.05%
SpS33.2
BVpS2.11
TBVpS-13.77
PEG (NY)0.51
PEG (5Y)N/A
Graham Number11.8977 (-74.28%)
Profitability
Industry RankSector Rank
ROA 2.59%
ROE 123.29%
ROCE 16.87%
ROIC 12.99%
ROICexc 13.39%
ROICexgc 16.48%
OM 44.42%
PM (TTM) 7.84%
GM 84.7%
FCFM 16.31%
ROA(3y)2.53%
ROA(5y)3.18%
ROE(3y)70.72%
ROE(5y)63.78%
ROIC(3y)14.88%
ROIC(5y)18.59%
ROICexc(3y)15.34%
ROICexc(5y)19.07%
ROICexgc(3y)18.42%
ROICexgc(5y)22.76%
ROCE(3y)19.33%
ROCE(5y)24.15%
ROICexgc growth 3Y-28.98%
ROICexgc growth 5YN/A
ROICexc growth 3Y-29.77%
ROICexc growth 5YN/A
OM growth 3Y-14.33%
OM growth 5YN/A
PM growth 3Y0.56%
PM growth 5YN/A
GM growth 3Y-1.67%
GM growth 5Y5.77%
F-Score7
Asset Turnover0.33
Health
Industry RankSector Rank
Debt/Equity 10.41
Debt/FCF 4.22
Debt/EBITDA 0.83
Cap/Depr 92.99%
Cap/Sales 32.52%
Interest Coverage 10.79
Cash Conversion 61.5%
Profit Quality 207.99%
Current Ratio 0.63
Quick Ratio 0.54
Altman-Z N/A
F-Score7
WACC8.4%
ROIC/WACC1.55
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%-22.5%
EPS Next Y30.2%
EPS Next 2Y7.9%
EPS Next 3Y3.05%
EPS Next 5Y2.01%
Revenue 1Y (TTM)20.72%
Revenue growth 3Y-6.22%
Revenue growth 5Y22.84%
Sales Q2Q%45.51%
Revenue Next Year33.94%
Revenue Next 2Y8.74%
Revenue Next 3Y3.45%
Revenue Next 5Y1.93%
EBIT growth 1Y5.45%
EBIT growth 3Y-19.66%
EBIT growth 5YN/A
EBIT Next Year110.36%
EBIT Next 3Y23.12%
EBIT Next 5Y13.38%
FCF growth 1Y336.82%
FCF growth 3Y-17.89%
FCF growth 5YN/A
OCF growth 1Y41.34%
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 15.52 and the Price/Book (PB) ratio is 21.91.


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 30.2% in the next year.