Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Panoro Energy ASA (0N08.L)

Company Dividend Discount ModelIndustry: Oil & Gas EnergySector: Energy

Valuation Snapshot

Stable Growth$2.50 - $3.75$3.09
Multi-Stage$5.10 - $5.60$5.34
Blended Fair Value$4.22
Current Price$2.26
Upside86.56%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.160.110.000.000.000.000.000.000.000.00
YoY Growth--39.11%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.96%4.52%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34.56
(-) Cash Dividends Paid (M)23.69
(=) Cash Retained (M)10.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.914.322.59
Cash Retained (M)10.8810.8810.88
(-) Cash Required (M)-6.91-4.32-2.59
(=) Excess Retained (M)3.966.558.28
(/) Shares Outstanding (M)116.91116.91116.91
(=) Excess Retained per Share0.030.060.07
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.030.060.07
(=) Adjusted Dividend0.240.260.27
WACC / Discount Rate7.29%7.29%7.29%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.50$3.09$3.75
Upside / Downside10.45%36.77%66.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34.5634.2233.8733.5433.2032.8733.85
Payout Ratio68.53%72.83%77.12%81.41%85.71%90.00%92.50%
Projected Dividends (M)23.6924.9226.1227.3028.4529.5831.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.29%7.29%7.29%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)22.9923.2323.46
Year 2 PV (M)22.2422.7023.16
Year 3 PV (M)21.4522.1122.79
Year 4 PV (M)20.6221.4822.36
Year 5 PV (M)19.7820.8121.88
PV of Terminal Value (M)488.70514.15540.64
Equity Value (M)595.78624.47654.29
Shares Outstanding (M)116.91116.91116.91
Fair Value$5.10$5.34$5.60
Upside / Downside125.50%136.35%147.64%

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