Equinor ASA ADR (EQNR) is undervalued and TotalEnergies SE (TTE) is undervalued.
Against our estimates of intrinsic value, EQNR trades at the wider discount: a margin of safety of +78%, against +50% for TTE.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 6.8% (average of 3 methods) values the shares at $179.02; the price of $89.85 is 50% below that value, and 84% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | EQNR | TTE |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $41.81 | $89.85 |
| Intrinsic value | $194.45 | $179.02 |
| Margin of safety | +78% | +50% |
| Leak Score | 100/100 (3/12) | 100/100 (3/12) |
| Market cap | $100.0B | $199.8B |
| Revenue growth, 5 years | 18.3% | 8.8% |
| Operating margin | 29.3% | 14.2% |
| Net margin | 8.0% | 9.1% |
| Return on equity | 21.4% | 14.6% |
| Debt to equity | 0.75 | 0.49 |
| P/E | 11.4x | 11.1x |
| Forward P/E | 10.2x | 8.9x |
| P/B | 2.4x | 1.6x |
| Dividend yield | 3.8% | 4.5% |