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 2024-04-26 am EDT 		5-day change 1st Jan Change
37.28 NOK +0.87% Intraday chart for Var Energi +0.54% +15.92%
Apr. 23 Eni strengthens in UK through deal with Ithaca Energy AN
Apr. 23 Vår Energi AS Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2022 2023 2024 2025 2026
Capitalization 1 8,562 7,898 8,427 - -
Enterprise Value (EV) 1 11,070 10,309 13,846 12,730 12,794
P/E ratio 9.03 x 13.2 x 9.9 x 6.51 x 6.86 x
Yield 9.04% 13.9% 13.1% 13.3% 13.2%
Capitalization / Revenue 0.87 x 1.15 x 1.06 x 0.84 x 0.87 x
EV / Revenue 1.13 x 1.51 x 1.73 x 1.27 x 1.31 x
EV / EBITDA 1.42 x 1.89 x 2.24 x 1.54 x 1.61 x
EV / FCF 3.5 x 13.2 x -57.3 x 6.5 x 14.7 x
FCF Yield 28.6% 7.56% -1.75% 15.4% 6.8%
Price to Book 5.7 x 4.47 x 6.53 x 5.15 x 4.83 x
Nbr of stocks (in thousands) 2,496,406 2,496,406 2,496,406 - -
Reference price 2 3.430 3.164 3.376 3.376 3.376
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 7,984 10,020 9,739
EBITDA 1 - 4,672 7,817 5,466 6,193 8,245 7,959
EBIT 1 - 2,910 6,369 4,043 4,327 5,805 5,449
Operating Margin - 47.91% 64.81% 59.02% 54.2% 57.93% 55.95%
Earnings before Tax (EBT) 1 - - 5,856 3,357 3,993 5,606 5,196
Net income 1 -664.1 - 936.4 610.2 827.3 1,288 1,233
Net margin -20.59% - 9.53% 8.91% 10.36% 12.86% 12.66%
EPS 2 - - 0.3800 0.2400 0.3410 0.5182 0.4924
Free Cash Flow 1 - 1,854 3,166 779.2 -241.8 1,957 870.6
FCF margin - 30.53% 32.21% 11.38% -3.03% 19.53% 8.94%
FCF Conversion (EBITDA) - 39.68% 40.5% 14.26% - 23.74% 10.94%
FCF Conversion (Net income) - - 338.08% 127.7% - 151.93% 70.6%
Dividend per Share 2 - 0.2500 0.3100 0.4400 0.4407 0.4495 0.4454
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 1,997 1,905 1,990 2,273 2,287
EBITDA 1 2,105 2,003 2,372 1,864 1,773 1,101 1,260 1,332 1,556 1,560 1,481 1,547 1,844 1,843
EBIT 1 1,674 1,674 1,454 1,531 1,432 777.8 907.1 925.6 1,054 1,050 1,022 1,034 1,287 1,265
Operating Margin 67.22% 68.7% 57.53% 64.5% 68.41% 54.15% 55.97% 54.49% 53.88% 52.58% 53.64% 51.94% 56.62% 55.31%
Earnings before Tax (EBT) 1 1,651 1,214 1,161 1,793 1,276 701.4 919.8 459.6 850 863.7 775.4 875.8 1,208 1,183
Net income 1 414.2 56.44 -30.17 488 195 98.1 188.5 128.6 100.1 218.3 211.6 218.5 266 260
Net margin 16.63% 2.32% -1.19% 20.56% 9.31% 6.83% 11.63% 7.57% 5.12% 10.94% 11.11% 10.98% 11.7% 11.37%
EPS 2 0.1700 0.0200 -0.0100 0.2000 0.0800 0.0400 0.0800 0.0500 0.0400 0.0893 0.0866 0.1250 - -
Dividend per Share 2 0.0900 0.0900 0.1000 0.1200 0.1200 0.1100 0.1076 0.1100 - 0.1060 0.1060 0.1060 - -
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 5,419 4,303 4,367
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - 1.055 x 0.3208 x 0.4412 x 0.8751 x 0.5219 x 0.5487 x
Free Cash Flow 1 - 1,854 3,166 779 -242 1,957 871
ROE (net income / shareholders' equity) - - 62.5% 37.6% 58.2% 79.1% 66%
ROA (Net income/ Total Assets) - - 4.85% 3.2% 4.2% 6.01% 5.42%
Assets 1 - - 19,307 19,043 19,718 21,419 22,750
Book Value Per Share 2 - - 0.6000 0.7100 0.5200 0.6600 0.7000
Cash Flow per Share 2 - - - 1.350 1.400 1.390 1.390
Capex 1 - 2,585 2,516 2,641 3,081 2,517 2,452
Capex / Sales - 42.56% 25.6% 38.56% 38.6% 25.12% 25.18%
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
13
Last Close Price
3.376 USD
Average target price
3.917 USD
Spread / Average Target
+16.03%
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
+15.92% 8.43B
OIL AND NATURAL GAS CORPORATION LIMITED Stock Oil and Natural Gas Corporation Limited
+37.97% 42.67B
AKER ASA Stock Aker ASA
-7.66% 4.14B
ENERGEAN PLC Stock Energean plc
+5.65% 2.52B
ISRAMCO NEGEV 2 LIMITED PARTNERSHIP Stock Isramco Negev 2 Limited Partnership
+9.36% 1.12B
SABLE OFFSHORE CORP. Stock Sable Offshore Corp.
-7.02% 637M
SINO GEOPHYSICAL CO., LTD Stock Sino Geophysical Co., Ltd
-9.37% 619M
COHEN DEVELOPMENT GAS & OIL LTD. Stock Cohen Development Gas & Oil Ltd.
-6.12% 179M
MERMAID MARITIME Stock Mermaid Maritime
+46.32% 144M
AFRICA ENERGY CORP. Stock Africa Energy Corp.
-31.58% 66.85M
Oil Exploration & Production - Offshore
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