Watchlist Update: OKEA (OKEA.OL)
Trading at 3x Earnings With Positive Momentum Into Q1
We covered the deep value case for OKEA earlier this month. The share price has declined ~40% year-to-date, under pressure from the broader E&P sector selloff, dividend uncertainty, and its late-life asset exposure. But with Q1 results around the corner, the setup may now be skewed in favor of long-term investors. The stock trades at just ~3x 2025–26 P/E and 0.3–0.4x P/NAV – levels difficult to reconcile with the improving outlook.
The latest estimates suggest a meaningful rebound from Q4. According to S&P Global, OKEA is expected to deliver:
Revenue: NOK 2.86B (–16.4% YoY)
EBITDA: NOK 1.89B (–12.3% YoY)
EBIT: NOK 1.23B (+0.4% YoY)
EPS: NOK 2.40 (+129% YoY)
