BP plc ADR (BP) is undervalued and Equinor ASA ADR (EQNR) is undervalued.
Against our estimates of intrinsic value, EQNR trades at the wider discount: a margin of safety of +78%, against +54% for BP.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $94.47; the price of $43.10 is 54% below that value, and 81% of that value comes from beyond year five.
Leak Score 56/100 on 2 of 12 signals
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $194.45; the price of $41.81 is 78% below that value, and 80% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | BP | EQNR |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $43.10 | $41.81 |
| Intrinsic value | $94.47 | $194.45 |
| Margin of safety | +54% | +78% |
| Leak Score | 56/100 (2/12) | 100/100 (3/12) |
| Market cap | $111.0B | $100.0B |
| Revenue growth, 5 years | 12.4% | 18.3% |
| Operating margin | 11.1% | 29.3% |
| Net margin | 2.5% | 8.0% |
| Return on equity | 9.3% | 21.4% |
| Debt to equity | 1.24 | 0.75 |
| P/E | 20.8x | 11.4x |
| Forward P/E | 9.7x | 10.2x |
| P/B | 1.9x | 2.4x |
| Dividend yield | 4.7% | 3.8% |