--- title: "A Look At DNO (OB:DNO) Valuation After Q4 Production And Sales Growth Update" type: "News" locale: "en" url: "https://longbridge.com/en/news/273971354.md" description: "DNO (OB:DNO) has reported increased production and sales in Q4 2025, with a share price rise of 17.99% over the last 90 days. The fair value is estimated at NOK18.50, indicating it is undervalued compared to the last close of NOK15.61. The company’s focus on high-margin assets and flexible capital allocation supports future growth, despite geopolitical risks in Kurdistan and increased net debt from the Sval Energi acquisition. Investors are encouraged to consider these factors when evaluating DNO's potential." datetime: "2026-01-28T10:04:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273971354.md) - [en](https://longbridge.com/en/news/273971354.md) - [zh-HK](https://longbridge.com/zh-HK/news/273971354.md) generator: "portal-rs" --- # A Look At DNO (OB:DNO) Valuation After Q4 Production And Sales Growth Update DNO (OB:DNO) is back in focus after its fourth quarter 2025 update, which showed higher gross operated and net entitlement production in Kurdistan and the North Sea, alongside increased sales volumes in both regions. See our latest analysis for DNO. The fourth quarter 2025 update appears to sit against a share price that has climbed over the last three months, with a 90 day share price return of 17.99%, while the 1 year total shareholder return of 43.20% and 5 year total shareholder return of 214.37% suggest longer term holders have seen stronger compounding. If DNO’s latest production and sales update has you looking more broadly at energy exposure, it could be a moment to review aerospace and defense stocks as another pocket of the market tied to global spending priorities. So with production and sales volume rising alongside a strong multiyear share price run, and the shares trading close to analyst targets yet at an indicated intrinsic discount, is there still a buying opportunity here, or is the market already pricing in future growth? ## Most Popular Narrative: 15.6% Undervalued The most followed valuation narrative sees DNO’s fair value at NOK18.50 per share, above the last close of NOK15.61, and ties that gap to execution in both Kurdistan and the North Sea. > *The Sval Energi acquisition and focus on efficient, high-margin assets strengthen DNO's production base, positioning it for stable cash generation and margin expansion. Flexible capital allocation, improved balance sheet, and potential revenue upside from Kurdistan negotiations support shareholder value and future growth opportunities.* Read the complete narrative. If you want to see what sits behind that NOK18.50 fair value, the narrative lays out a detailed path for higher revenues, wider margins and a future earnings multiple that stays below many sector peers. It spells out the revenue step up, the margin shift and the earnings bridge year by year, so you can judge whether those assumptions feel realistic for yourself. **Result: Fair Value of NOK18.50 (UNDERVALUED)** Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to weigh the geopolitical strain around Kurdistan and the higher net debt after the Sval Energi deal, as both add real execution risk. Find out about the key risks to this DNO narrative. ## Build Your Own DNO Narrative If you look at the numbers and reach a different conclusion, or just prefer to test your own assumptions, you can build a custom view in a few minutes with Do it your way. A great starting point for your DNO research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision. ## Looking for more investment ideas? If DNO has sharpened your focus on where to put your money to work, do not stop here. These other ideas could give you an important edge. - Spot potential bargains by scanning these 872 undervalued stocks based on cash flows that align with your own view of risk and reward. - Ride long term themes by checking out these 24 AI penny stocks that plug into the growth of artificial intelligence across different sectors. - Boost your income focus by seeing which companies in these 13 dividend stocks with yields > 3% offer yields that match your return goals. *This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.* ### Related Stocks - [DNO.UK](https://longbridge.com/en/quote/DNO.UK.md) ## Related News & Research - [Positive Report for Admiral (ADM) from Morgan Stanley](https://longbridge.com/en/news/298178420.md) - [Spain's Ignis targets October IPO to raise up to €600 million, report says](https://longbridge.com/en/news/298175633.md) - [Baidu’s Xiaodu schedules AI hardware launch for Sept. 8](https://longbridge.com/en/news/298171383.md) - [Essity Advances SEK 3bn Share Buyback, Boosts Treasury Holdings](https://longbridge.com/en/news/298184582.md) - [Andera Partners opens Frankfurt office to expand sponsorless mezzanine strategy in Germany](https://longbridge.com/en/news/298184844.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**