Equinor ASA ADR (EQNR) is undervalued and Petroleo Brasileiro SA Petrobras ADR (PBR) is undervalued.
Against our estimates of intrinsic value, PBR trades at the wider discount: a margin of safety of +62%, against +36% for EQNR.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $71.72; the price of $46.15 is 36% below that value, and 79% of that value comes from beyond year five.
Leak Score 66/100 on 12 of 12 signals
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $67.32; the price of $25.56 is 62% below that value, and 81% of that value comes from beyond year five.
Leak Score 79/100 on 12 of 12 signals
| Metric | EQNR | PBR |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $46.15 | $25.56 |
| Intrinsic value | $71.72 | $67.32 |
| Margin of safety | +36% | +62% |
| Leak Score | 66/100 (12/12) | 79/100 (12/12) |
| Market cap | $110.3B | $95.1B |
| Revenue growth, 5 years | 18.3% | 11.0% |
| Operating margin | 29.3% | 34.8% |
| Net margin | 8.0% | 24.5% |
| Return on equity | 21.4% | 30.7% |
| Debt to equity | 0.75 | 0.76 |
| P/E | 12.6x | 6.5x |
| Forward P/E | 10.1x | 6.4x |
| P/B | 2.7x | 1.8x |
| Dividend yield | 3.4% | 6.9% |