DNO ASA

OB:DNO Stock Report

Market Cap: NOK 15.0b

DNO Valuation

Is DNO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of DNO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

NOK 47.53
Fair Value
68.0% undervalued intrinsic discount
3
Number of Analysts

Below Fair Value: DNO (NOK15.21) is trading below our estimate of fair value (NOK47.53)

Significantly Below Fair Value: DNO is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DNO?

Key metric: As DNO is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for DNO. This is calculated by dividing DNO's market cap by their current revenue.
What is DNO's PS Ratio?
PS Ratio1.9x
SalesUS$792.80m
Market CapUS$1.50b

Price to Sales Ratio vs Peers

How does DNO's PS Ratio compare to its peers?

The above table shows the PS ratio for DNO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.3x
BNOR BlueNord
1.5x10.88%NOK 11.5b
BWE BW Energy
1.4x1.97%NOK 12.0b
VAR Vår Energi
1.2x4.74%NOK 83.1b
PEN Panoro Energy
1.2x9.23%NOK 2.6b
DNO DNO
1.9x23.46%NOK 15.0b

Price-To-Sales vs Peers: DNO is expensive based on its Price-To-Sales Ratio (1.9x) compared to the peer average (1.3x).

Price to Sales Ratio vs Industry

How does DNO's PS Ratio compare vs other companies in the NO Oil and Gas Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
SEAPT Seacrest Petroleo Bermuda
0.04xn/aUS$7.71m
AGAS Avance Gas Holding
0.01x-165.62%US$1.83m
No more companies available in this PS range
DNO 1.9xIndustry Avg. 1.2xNo. of Companies3PS00.61.21.82.43+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: DNO is expensive based on its Price-To-Sales Ratio (1.9x) compared to the Norwegian Oil and Gas industry average (1.2x).

Price to Sales Ratio vs Fair Ratio

What is DNO's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DNO PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.9x
Fair PS Ratio1.4x

Price-To-Sales vs Fair Ratio: DNO is expensive based on its Price-To-Sales Ratio (1.9x) compared to the estimated Fair Price-To-Sales Ratio (1.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DNO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 15.21
NOK 17.00
+11.77%
12.71%NOK 19.00NOK 14.00n/a3
Sep ’26NOK 15.37
NOK 17.00
+10.61%
12.71%NOK 19.00NOK 14.00n/a3
Aug ’26NOK 13.98
NOK 16.13
+15.34%
15.87%NOK 19.00NOK 12.50n/a4
Jul ’26NOK 13.17
NOK 16.13
+22.44%
15.87%NOK 19.00NOK 12.50n/a4
Jun ’26NOK 12.17
NOK 16.13
+32.50%
15.87%NOK 19.00NOK 12.50n/a4
May ’26NOK 11.91
NOK 16.38
+37.51%
17.46%NOK 20.00NOK 12.50n/a4
Apr ’26NOK 13.95
NOK 15.63
+12.01%
13.46%NOK 18.00NOK 12.50n/a4
Mar ’26NOK 12.37
NOK 15.63
+26.31%
13.46%NOK 18.00NOK 12.50n/a4
Feb ’26NOK 13.10
NOK 15.38
+17.37%
16.16%NOK 18.00NOK 11.50n/a4
Jan ’26NOK 10.47
NOK 15.38
+46.85%
16.16%NOK 18.00NOK 11.50n/a4
Dec ’25NOK 10.21
NOK 15.38
+50.59%
16.16%NOK 18.00NOK 11.50n/a4
Nov ’25NOK 10.70
NOK 15.50
+44.86%
14.78%NOK 18.00NOK 12.00n/a4
Oct ’25NOK 11.71
NOK 15.75
+34.50%
14.46%NOK 18.00NOK 12.00NOK 15.214
Sep ’25NOK 11.89
NOK 14.63
+23.00%
19.84%NOK 18.00NOK 11.50NOK 15.374
Aug ’25NOK 11.07
NOK 14.63
+32.11%
19.84%NOK 18.00NOK 11.50NOK 13.984
Jul ’25NOK 11.36
NOK 14.38
+26.54%
18.95%NOK 18.00NOK 11.50NOK 13.174
Jun ’25NOK 11.68
NOK 14.00
+19.86%
22.59%NOK 18.00NOK 10.00NOK 12.174
May ’25NOK 10.41
NOK 14.00
+34.49%
22.59%NOK 18.00NOK 10.00NOK 11.914
Apr ’25NOK 9.75
NOK 14.00
+43.59%
22.59%NOK 18.00NOK 10.00NOK 13.954
Mar ’25NOK 9.18
NOK 14.38
+56.59%
18.95%NOK 18.00NOK 11.50NOK 12.374
Feb ’25NOK 9.21
NOK 15.13
+64.31%
25.22%NOK 21.00NOK 11.50NOK 13.104
Jan ’25NOK 10.07
NOK 15.50
+53.92%
25.94%NOK 21.00NOK 11.50NOK 10.473
Dec ’24NOK 10.29
NOK 15.50
+50.63%
25.94%NOK 21.00NOK 11.50NOK 10.213
Nov ’24NOK 11.31
NOK 15.33
+35.57%
26.27%NOK 21.00NOK 12.00NOK 10.703
Oct ’24NOK 10.57
NOK 15.33
+45.06%
26.27%NOK 21.00NOK 12.00NOK 11.713
NOK 17
Fair Value
10.5% undervalued intrinsic discount
3
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/01 16:43
End of Day Share Price 2025/10/01 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

DNO ASA is covered by 31 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Trond OmdalArctic Securities ASA
Carl BachkeBeringer Finance AB