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

OSL:VAR • NO0011202772

Current stock price

44.67 NOK
+0.89 (+2.03%)
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

  • VAR had positive earnings in the past year.
  • VAR had a positive operating cash flow in the past year.
  • In the past 5 years VAR has always been profitable.
  • 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

  • VAR's Return On Assets of 3.00% is on the low side compared to the rest of the industry. VAR is outperformed by 65.33% of its industry peers.
  • The Return On Equity of VAR (140.20%) is better than 100.00% of its industry peers.
  • The Return On Invested Capital of VAR (12.06%) is better than 89.33% of its industry peers.
  • VAR had an Average Return On Invested Capital over the past 3 years of 14.88%. This is significantly above the industry average of 9.33%.
Industry RankSector Rank
ROA 3%
ROE 140.2%
ROIC 12.06%
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

  • Looking at the Profit Margin, with a value of 9.70%, VAR is in line with its industry, outperforming 54.67% 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 (44.94%) is better than 94.67% of its industry peers.
  • In the last couple of years the Operating Margin of VAR has declined.
  • The Gross Margin of VAR (84.00%) is better than 89.33% of its industry peers.
  • 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-14.33%
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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

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.
  • VAR has about the same amout of shares outstanding than it did 5 years ago.
  • The debt/assets ratio for VAR has been reduced compared to a year ago.
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.
  • The Debt to FCF ratio of VAR (3.70) is better than 64.00% of its industry peers.
  • VAR has a Debt/Equity ratio of 10.64. This is a high value indicating a heavy dependency on external financing.
  • VAR has a worse Debt to Equity ratio (10.64) than 97.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 10.64
Debt/FCF 3.7
Altman-Z N/A
ROIC/WACC1.44
WACC8.39%
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 92.00% 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.
  • The Quick ratio of VAR (0.49) is worse than 93.33% 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

More info and screens

WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

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

  • VAR is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 2.01% yearly.
  • VAR is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.02% yearly.
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 5Y0.02%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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

More info and screens

Find the best growth stocksShow best growing peers

7

4. VAR.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 14.99, which indicates a correct valuation of VAR.
  • Based on the Price/Earnings ratio, VAR is valued a bit cheaper than the industry average as 66.67% of the companies are valued more expensively.
  • When comparing the Price/Earnings ratio of VAR to the average of the S&P500 Index (27.66), we can say VAR is valued slightly cheaper.
  • VAR is valuated reasonably with a Price/Forward Earnings ratio of 11.50.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of VAR is on the same level as its industry peers.
  • VAR's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 38.00.
Industry RankSector Rank
PE 14.99
Fwd PE 11.5
VAR.OL Price Earnings VS Forward Price EarningsVAR.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • VAR's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. VAR is cheaper than 94.67% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, VAR is valued cheaply inside the industry as 93.33% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 7.16
EV/EBITDA 2.71
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

  • VAR's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The decent profitability rating of VAR may justify a higher PE ratio.
PEG (NY)0.5
PEG (5Y)N/A
EPS Next 2Y7.9%
EPS Next 3Y3.05%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. VAR.OL Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 10.98%, VAR is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 4.48, VAR pays a better dividend. On top of this VAR pays more dividend than 97.33% of the companies listed in the same industry.
  • VAR's Dividend Yield is rather good when compared to the S&P500 average which is at 1.81.
Industry RankSector Rank
Dividend Yield 10.98%

5.2 History

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

5.3 Sustainability

  • VAR pays out 149.03% of its income as dividend. This is not a sustainable payout ratio.
DP149.03%
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

More info and screens

Find the best dividend stocksShow peers with best dividend

VAR.OL Fundamentals: All Metrics, Ratios and Statistics

VAR ENERGI ASA

OSL:VAR (4/22/2026, 4:25:30 PM)

44.67

+0.89 (+2.03%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-10
Earnings (Next)04-22
Inst Owners16.7%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap111.51B
Revenue(TTM)8.10B
Net Income(TTM)785.09M
Analysts70.91
Price Target40.64 (-9.02%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 10.98%
Yearly Dividend4.38
Dividend Growth(5Y)N/A
DP149.03%
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)8.34%
PT rev (3m)5.47%
EPS NQ rev (1m)31.22%
EPS NQ rev (3m)28.44%
EPS NY rev (1m)25.28%
EPS NY rev (3m)13.91%
Revenue NQ rev (1m)7.46%
Revenue NQ rev (3m)8.18%
Revenue NY rev (1m)22.03%
Revenue NY rev (3m)18.64%
Valuation
Industry RankSector Rank
PE 14.99
Fwd PE 11.5
P/S 1.48
P/FCF 7.16
P/OCF 2.6
P/B 21.37
P/tB N/A
EV/EBITDA 2.71
EPS(TTM)2.98
EY6.67%
EPS(NY)3.88
Fwd EY8.69%
FCF(TTM)6.24
FCFY13.96%
OCF(TTM)17.2
OCFY38.51%
SpS30.22
BVpS2.09
TBVpS-13.32
PEG (NY)0.5
PEG (5Y)N/A
Graham Number11.8399 (-73.49%)
Profitability
Industry RankSector Rank
ROA 3%
ROE 140.2%
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)14.88%
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-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 212.83%
Current Ratio 0.61
Quick Ratio 0.49
Altman-Z N/A
F-Score6
WACC8.39%
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 Y30.2%
EPS Next 2Y7.9%
EPS Next 3Y3.05%
EPS Next 5Y2.01%
Revenue 1Y (TTM)8.67%
Revenue growth 3Y-6.22%
Revenue growth 5Y22.84%
Sales Q2Q%32.77%
Revenue Next Year33.94%
Revenue Next 2Y8.74%
Revenue Next 3Y3.45%
Revenue Next 5Y0.02%
EBIT growth 1Y-4.55%
EBIT growth 3Y-19.66%
EBIT growth 5YN/A
EBIT Next Year110.36%
EBIT Next 3Y23.12%
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 6 / 10 to VAR.OL.


What is the valuation status for VAR stock?

ChartMill assigns a valuation rating of 7 / 10 to VAR ENERGI ASA (VAR.OL). This can be considered as Undervalued.


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 14.99 and the Price/Book (PB) ratio is 21.37.


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.