BlueNord ASA

OB:BNOR Stock Report

Market Cap: NOK 13.6b

BlueNord Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

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

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: BNOR (NOK531) is trading below our estimate of future cash flow value (NOK2337.49)

Significantly Below Future Cash Flow Value: BNOR is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

Key metric: As BNOR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BNOR. This is calculated by dividing BNOR's market cap by their current earnings.
What is BNOR's PE Ratio?
PE Ratio21.1x
EarningsUS$66.70m
Market CapUS$1.41b

Price to Earnings Ratio vs Peers

How does BNOR's PE Ratio compare to its peers?

The above table shows the PE ratio for BNOR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average29.8x
BWE BW Energy
16.9x77.90%NOK 13.5b
VAR Vår Energi
16.1x0.54%NOK 108.1b
PNOR PetroNor E&P
49.6xn/aNOK 1.6b
AKRBP Aker BP
36.5x16.08%NOK 201.6b
BNOR BlueNord
21.1x16.56%NOK 13.6b

Price-To-Earnings vs Peers: BNOR is good value based on its Price-To-Earnings Ratio (21.1x) compared to the peer average (29.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does BNOR's PE Ratio compare vs other companies in the European Oil and Gas Industry?

11 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BNOR 21.1xIndustry Avg. 15.1xNo. of Companies13PE0816243240+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BNOR is expensive based on its Price-To-Earnings Ratio (21.1x) compared to the European Oil and Gas industry average (15.2x).

Price to Earnings Ratio vs Fair Ratio

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

BNOR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.1x
Fair PE Ratio13.1x

Price-To-Earnings vs Fair Ratio: BNOR is expensive based on its Price-To-Earnings Ratio (21.1x) compared to the estimated Fair Price-To-Earnings Ratio (13.1x).

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 BNOR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 531.00
NOK 604.17
+13.78%
10.98%NOK 710.00NOK 540.00n/a6
Jun ’27NOK 542.00
NOK 604.17
+11.47%
10.98%NOK 710.00NOK 540.00n/a6
May ’27NOK 589.00
NOK 583.33
-0.96%
11.83%NOK 685.00NOK 500.00n/a6
Apr ’27NOK 554.00
NOK 596.00
+7.58%
11.57%NOK 685.00NOK 500.00n/a5
Mar ’27NOK 512.00
NOK 567.60
+10.86%
16.36%NOK 693.00NOK 435.00n/a5
Feb ’27NOK 448.50
NOK 550.20
+22.68%
18.89%NOK 726.00NOK 435.00n/a5
Jan ’27NOK 446.00
NOK 566.20
+26.95%
15.93%NOK 726.00NOK 470.00n/a5
Dec ’26NOK 436.00
NOK 566.20
+29.86%
15.93%NOK 726.00NOK 470.00n/a5
Nov ’26NOK 463.00
NOK 585.40
+26.44%
15.14%NOK 702.00NOK 470.00n/a5
Oct ’26NOK 457.50
NOK 602.00
+31.58%
14.31%NOK 730.00NOK 500.00n/a5
Sep ’26NOK 493.00
NOK 630.00
+27.79%
11.04%NOK 730.00NOK 530.00n/a5
Aug ’26NOK 490.00
NOK 630.00
+28.57%
11.04%NOK 730.00NOK 530.00n/a5
Jul ’26NOK 502.00
NOK 685.25
+36.50%
3.92%NOK 730.00NOK 660.00n/a4
Jun ’26NOK 589.00
NOK 718.20
+21.94%
8.26%NOK 800.00NOK 660.00NOK 542.005
May ’26NOK 596.00
NOK 728.20
+22.18%
9.86%NOK 830.00NOK 660.00NOK 589.005
Apr ’26NOK 644.00
NOK 740.00
+14.91%
10.25%NOK 830.00NOK 660.00NOK 554.004
Mar ’26NOK 666.00
NOK 745.00
+11.86%
9.52%NOK 830.00NOK 670.00NOK 512.004
Feb ’26NOK 672.00
NOK 720.00
+7.14%
8.95%NOK 830.00NOK 670.00NOK 448.504
Jan ’26NOK 657.00
NOK 720.00
+9.59%
8.95%NOK 830.00NOK 670.00NOK 446.004
Dec ’25NOK 590.00
NOK 720.00
+22.03%
8.95%NOK 830.00NOK 670.00NOK 436.004
Nov ’25NOK 534.00
NOK 686.67
+28.59%
11.91%NOK 800.00NOK 610.00NOK 463.003
Oct ’25NOK 478.00
NOK 678.33
+41.91%
13.27%NOK 800.00NOK 585.00NOK 457.503
Sep ’25NOK 478.50
NOK 686.67
+43.50%
11.91%NOK 800.00NOK 610.00NOK 493.003
Aug ’25NOK 508.00
NOK 686.67
+35.17%
11.91%NOK 800.00NOK 610.00NOK 490.003
Jul ’25NOK 563.00
NOK 707.50
+25.67%
13.07%NOK 800.00NOK 615.00NOK 502.002
Jun ’25NOK 550.00
NOK 681.67
+23.94%
12.31%NOK 800.00NOK 615.00NOK 589.003
NOK 604.17
Fair Value
12.1% undervalued intrinsic discount
6
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 Analysis2026/06/17 07:19
End of Day Share Price 2026/06/17 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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

BlueNord ASA is covered by 12 analysts. 6 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
Alexander HolbournBofA Global Research
John A. OlaisenCarnegie Investment Bank AB