` Comparison: PEN vs CNQ - Alpha Spread
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P
PEN
vs
CNQ

Over the past 12 months, PEN has underperformed CNQ, delivering a return of +21% compared to the CNQ's +58% growth.

Valuation Growth Profitability Solvency Stocks Performance
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PEN
CNQ
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Stocks Compared:
PEN CNQ
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Valuation Comparison

P
PEN Intrinsic Value
46.04 NOK
Undervaluation 32%
Intrinsic Value
Price
CNQ Intrinsic Value
52.4 CAD
Overvaluation 21%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
P
Panoro Energy ASA
OSE:PEN
31.3 NOK
Canadian Natural Resources Ltd
TSX:CNQ
66.67 CAD
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
PEN, CNQ

PEN
CNQ
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
P
Panoro Energy ASA
Revenue
Canadian Natural Resources Ltd
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
PEN, CNQ

PEN
CNQ
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
P
Panoro Energy ASA
OSE:PEN
Canadian Natural Resources Ltd
TSX:CNQ
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What is Free Cash Flow?

Gross Margin

PEN
105.6%
CNQ
48.5%

Operating Margin

PEN
27.3%
CNQ
25.8%

Net Margin

PEN
13.1%
CNQ
27.9%

FCF Margin

PEN
1%
CNQ
21.5%

ROE

PEN
13%
CNQ
25.8%

ROA

PEN
4.7%
CNQ
12.2%

ROIC

PEN
7.4%
CNQ
9.4%

ROCE

PEN
11.4%
CNQ
12.5%

Solvency Comparison

P
Panoro Energy ASA
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Canadian Natural Resources Ltd
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
PEN, CNQ

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PEN
CNQ
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
PEN, CNQ

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CNQ
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