Stock VAR VAR ENERGI
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Financials Var Energi

Equities

VAR

NO0011202772

Oil & Gas Exploration and Production

Market Closed - Oslo Bors
Other stock markets
 10:45:00 2024-07-10 am EDT 		5-day change 1st Jan Change
36.83 NOK +0.19% Intraday chart for Var Energi -4.59% +14.52%
Jul. 08 Equinor: Lavrans field starts production CF
Jul. 08 Equinor, Partners Kick Off Production from Kristin South Project in Norwegian Sea MT

Valuation

Fiscal Period: December 2022 2023 2024 2025 2026
Capitalization 1 8,562 7,898 8,583 - -
Enterprise Value (EV) 1 11,070 10,309 13,471 12,436 12,618
P/E ratio 9.03 x 13.2 x 9.76 x 6.77 x 7.18 x
Yield 9.04% 13.9% 12.7% 13.1% 12.8%
Capitalization / Revenue 0.87 x 1.15 x 1.05 x 0.85 x 0.88 x
EV / Revenue 1.13 x 1.51 x 1.65 x 1.23 x 1.29 x
EV / EBITDA 1.42 x 1.89 x 2.07 x 1.5 x 1.58 x
EV / FCF 3.5 x 13.2 x -30.7 x 6.42 x 9.46 x
FCF Yield 28.6% 7.56% -3.26% 15.6% 10.6%
Price to Book 5.7 x 4.47 x 6.05 x 5.25 x 4.8 x
Nbr of stocks (in thousands) 2,496,406 2,496,406 2,496,406 - -
Reference price 2 3.430 3.164 3.438 3.438 3.438
Announcement Date 2/16/23 2/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,225 6,073 9,828 6,850 8,182 10,076 9,753
EBITDA 1 - 4,672 7,817 5,466 6,512 8,288 8,010
EBIT 1 - 2,910 6,369 4,043 4,513 5,856 5,456
Operating Margin - 47.91% 64.81% 59.02% 55.15% 58.12% 55.95%
Earnings before Tax (EBT) 1 - - 5,856 3,357 4,181 5,650 5,269
Net income 1 -664.1 - 936.4 610.2 862.9 1,261 1,192
Net margin -20.59% - 9.53% 8.91% 10.55% 12.51% 12.22%
EPS 2 - - 0.3800 0.2400 0.3522 0.5078 0.4786
Free Cash Flow 1 - 1,854 3,166 779.2 -439.3 1,938 1,334
FCF margin - 30.53% 32.21% 11.38% -5.37% 19.24% 13.68%
FCF Conversion (EBITDA) - 39.68% 40.5% 14.26% - 23.39% 16.66%
FCF Conversion (Net income) - - 338.08% 127.7% - 153.74% 111.96%
Dividend per Share 2 - 0.2500 0.3100 0.4400 0.4353 0.4501 0.4389
Announcement Date 5/21/21 3/1/22 2/16/23 2/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 2,491 2,437 2,526 2,374 2,094 1,436 1,621 1,699 1,956 2,049 2,001 2,179 2,273 2,287
EBITDA 1 2,105 2,003 2,372 1,864 1,773 1,101 1,260 1,332 1,556 1,580 1,538 1,692 1,844 1,843
EBIT 1 1,674 1,674 1,454 1,531 1,432 777.8 907.1 925.6 1,054 1,112 1,095 1,216 1,287 1,265
Operating Margin 67.22% 68.7% 57.53% 64.5% 68.41% 54.15% 55.97% 54.49% 53.88% 54.3% 54.73% 55.83% 56.62% 55.31%
Earnings before Tax (EBT) 1 1,651 1,214 1,161 1,793 1,276 701.4 919.8 459.6 850 1,037 1,000 1,113 1,208 1,183
Net income 1 414.2 56.44 -30.17 488 195 98.1 188.5 128.6 100.1 240.3 225.4 250.5 266 260
Net margin 16.63% 2.32% -1.19% 20.56% 9.31% 6.83% 11.63% 7.57% 5.12% 11.73% 11.27% 11.5% 11.7% 11.37%
EPS 2 0.1700 0.0200 -0.0100 0.2000 0.0800 0.0400 0.0800 0.0500 0.0400 0.1006 0.0981 0.1079 0.1100 0.1000
Dividend per Share 2 0.0900 0.0900 0.1000 0.1200 0.1200 0.1100 0.1076 0.1100 0.1100 0.1076 0.1060 0.1060 0.1000 0.1000
Announcement Date 4/27/22 7/26/22 10/25/22 2/16/23 4/24/23 7/25/23 10/24/23 2/13/24 4/23/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 4,928 2,508 2,412 4,888 3,854 4,035
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - 1.055 x 0.3208 x 0.4412 x 0.7506 x 0.465 x 0.5038 x
Free Cash Flow 1 - 1,854 3,166 779 -439 1,938 1,334
ROE (net income / shareholders' equity) - - 62.5% 37.6% 54.3% 81% 62.9%
ROA (Net income/ Total Assets) - - 4.85% 3.2% 4.34% 6% 5.43%
Assets 1 - - 19,307 19,043 19,888 21,015 21,942
Book Value Per Share 2 - - 0.6000 0.7100 0.5700 0.6600 0.7200
Cash Flow per Share 2 - - - 1.350 1.320 1.560 1.450
Capex 1 - 2,585 2,516 2,641 3,097 2,611 2,548
Capex / Sales - 42.56% 25.6% 38.56% 37.85% 25.92% 26.12%
Announcement Date 5/21/21 3/1/22 2/16/23 2/13/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Var Energi

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
3.438 USD
Average target price
4.098 USD
Spread / Average Target
+19.19%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Oil Exploration & Production - Offshore

1st Jan change Capi.
VAR ENERGI Stock Var Energi
+14.52% 8.63B
OIL AND NATURAL GAS CORPORATION LIMITED Stock Oil and Natural Gas Corporation Limited
+45.40% 44.81B
AKER ASA Stock Aker ASA
-7.06% 4.35B
ENERGEAN PLC Stock Energean plc
+0.77% 2.44B
ISRAMCO NEGEV 2 LIMITED PARTNERSHIP Stock Isramco Negev 2 Limited Partnership
+6.17% 1.11B
SABLE OFFSHORE CORP. Stock Sable Offshore Corp.
+35.29% 914M
SINO GEOPHYSICAL CO., LTD Stock Sino Geophysical Co., Ltd
-14.74% 585M
MERMAID MARITIME Stock Mermaid Maritime
+105.26% 220M
COHEN DEVELOPMENT GAS & OIL LTD. Stock Cohen Development Gas & Oil Ltd.
-4.08% 188M
AFRICA ENERGY CORP. Stock Africa Energy Corp.
-31.58% 67.06M
Oil Exploration & Production - Offshore
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