VAR will release its Q1 trading update and full report on 11 April and 23 April, respectively. We expect a Q1 EBIT of USD 1,040m, 4% above current BB cons. Despite trading at a higher NAV multiple than AKRBP and EQNR, and having less buffer down to oil prices where its dividend will be at risk compared to the other two, we reiterate our Buy-recommendation as we argue its 2025/26 multiples are yet be fully de-risked. On our price deck, VAR trades at an average 2025-26 FCFF/EV of 15% and FCF/marke ....
