DNO (DNO.OL) — 2026-W142

Analysis date: 2026-05-31 | Country: NO | Currency: USD

Recommendation Summary

Field	Value
Rating	Hold
Intrinsic Value	22.0 USD
24m Target	20.0 USD
Price at Analysis	18.2 USD
Buffett Score	10/20
ROIC	29.1%
Economic Profit	+4,316.0M USD
Implied Upside (IV)	20.7%

Data quality warning: Börsdata borsdata_v1 — possible scale/currency issue. Use EV multiples for valuation.

Research history · this company (2 notes)

2026-W142 · 2026-05-31 · DNO.OLviewingHold · ROIC 29% · tgt 20 NOKΔ tgt +18% · IV +29% · HOLD→Hold · MEDIUM→low convDNO: Starkt värdeskapande ROIC 29.15% >> WACC 8%

2026-07-07 · 2026-07-07 · DNO.OLHOLD · tgt 17 NOKfirst noteTransformed by the USD 1.6bn (EV) Sval acquisition: North Sea production quadrupled to ~89

0. Company Identification

Ticker: DNO.OL | Name: DNO | Country: NO | Sector: Industrial/Commercial

1. What the Company Sells

DNO operates in the Nordic market. ROIC 29.1% vs WACC 8% → EP +4,316.0M USD.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 29.1% vs WACC 8.0% → Economic Profit +4,316.0M USD.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 4/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Hold — DNO: Marginal value creation, EP +4,316.0M, await better entry.

mttssn research · DNO (DNO.OL) · 2026-W142 · 2026-05-31