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Petrolia Noco

Petrolia Noco

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Petrolia Noco is an NCS oil and gas exploration and production (E&P) company. Its primary activity in the oil and gas life cycle is the exploration phase, in particular in near-field exploration. The company’s main assets are the 20% partnered stake in the Dugong discovery and a 12.3% stake in the producing Brage field.

The main risk in the case is related to exploration success in its drilling programme, as well as successfully maturing the Dugong discovery. Other risks relate to funding requirements and limited liquidity in the share.

Financials

NOKm 2024 2025e 2026e
Sales 714 577 548
Sales growth (%) 7174,3 -19,1 -5
EBITDA 262 294 354
EBITDA margin (%) 36,8 51 64,5
EBIT adj. 47 116 190
EBIT adj. margin (%) 6,6 20,1 34,6
Pretax profit 1 78 163
EPS -0,02 0,06 0,19
EPS growth (%) -88,2 -342,1 N/A
EPS adj. -0,02 0,06 0,19
DPS 0 0 0
EV/EBITDA (x) 1,5 1,4 0,9
EV/EBIT adj. (x) 8,6 3,6 1,7
P/E (x) N/A 26 8
P/E adj. (x) N/A 26 8
EV/sales (x) 0,57 0,72 0,58
FCF yield (%) 8,9 -0,2 34
Le. adj. FCF yld. (%) 8,9 -0,2 34
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,6 0,4 0,1
Le. adj. ND/EBITDA (x) 0,6 0,4 0,1
NOKm 2024 2025e 2026e
Sales 714 577 548
COGS -451 -283 -195
Gross profit 262 294 354
Other operating items 0 0 0
EBITDA 262 294 354
Depreciation and amortisation -215 -178 -164
of which leasing depreciation 0 0 0
EBITA 47 116 190
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 47 116 190
Net financial items -46 -38 -27
Pretax profit 1 78 163
Tax -5 -67 -127
Net profit -4 11 36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 11 36
EPS -0,02 0,06 0,19
EPS adj. -0,02 0,06 0,19
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 735,8 86 78
Gross margin (%) 36,8 51 64,5
EBITDA margin (%) 36,8 51 64,5
EBITA margin (%) 6,6 20,1 34,6
EBIT margin (%) 6,6 20,1 34,6
Pre-tax margin (%) 0,1 13,5 29,7
Net margin (%) -0,6 1,9 6,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 7174,3 -19,1 -5
EBITDA growth (%) -388,6 12,1 20,3
EBITA growth (%) -151 146,3 63,7
EBIT growth (%) -151 N/A 63,7
Net profit growth (%) -88,2 -370,6 226,6
EPS growth (%) -88,2 -342,1 N/A
Profitability N/A N/A N/A
ROE (%) 74,1 137,1 86,8
ROE adj. (%) 74,1 137,1 86,8
ROCE (%) 17,8 45,6 68,4
ROCE adj. (%) 17,8 45,6 68,4
ROIC (%) -191,2 11,1 34,6
ROIC adj. (%) -191,2 11,1 34,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 262 294 354
EBITDA adj. margin (%) 36,8 51 64,5
EBITDA lease adj. 262 294 354
EBITDA lease adj. margin (%) 36,8 51 64,5
EBITA adj. 47 116 190
EBITA adj. margin (%) 6,6 20,1 34,6
EBIT adj. 47 116 190
EBIT adj. margin (%) 6,6 20,1 34,6
Pretax profit Adj. 1 78 163
Net profit Adj. -4 11 36
Net profit to shareholders adj. -4 11 36
Net adj. margin (%) -0,6 1,9 6,5
NOKm 2024 2025e 2026e
EBITDA 262 294 354
Goodwill 146 146 146
Net financial items -46 -38 -27
Other intangible assets 1 1 1
Paid tax 49 11 -112
Tangible fixed assets 264 283 184
Non-cash items -224 -35 0
Right-of-use asset 0 0 0
Cash flow before change in WC 41 232 215
Total other fixed assets 405 449 501
Change in working capital 143 50 0
Fixed assets 816 879 832
Operating cash flow 184 282 215
Inventories 134 136 136
Capex tangible fixed assets -141 -283 -118
Receivables 0 0 0
Capex intangible fixed assets 0 0 0
Other current assets 33 33 33
Acquisitions and Disposals -20 0 0
Cash and liquid assets 25 24 121
Free cash flow 23 -1 97
Total assets 1008 1072 1123
Dividend paid 0 0 0
Shareholders equity -7 23 59
Share issues and buybacks 0 20 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity -7 23 59
Other non-cash items 36 55 109
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 643 590 481
Short-term debt 256 236 236
Accounts payable 16 5 5
Other current liabilities 101 218 342
Total liabilities and equity 1008 1072 1123
Net IB debt 149 128 31
Net IB debt excl. pension debt 149 128 31
Net IB debt excl. leasing 149 128 31
Capital employed 248 259 295
Capital invested 141 151 90
Working capital 50 -54 -178
EV breakdown N/A N/A N/A
Market cap. diluted (m) 255 285 285
Net IB debt adj. 149 128 31
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 404 413 316
Total assets turnover (%) 67,9 55,5 50
Working capital/sales (%) 6,4 -0,3 -21,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -2029 547,8 52,2
Net debt / market cap (%) 58,5 44,8 10,8
Equity ratio (%) -0,7 2,2 5,3
Net IB debt adj. / equity (%) -2029 547,8 52,2
Current ratio 0,52 0,42 0,5
EBITDA/net interest 5,7 7,8 13,2
Net IB debt/EBITDA (x) 0,6 0,4 0,1
Net IB debt/EBITDA lease adj. (x) 0,6 0,4 0,1
Interest coverage 1 3,1 7,1
NOKm 2024 2025e 2026e
Shares outstanding adj. 170 190 190
Diluted shares adj. 170 190 190
EPS -0,02 0,06 0,19
Dividend per share 0 0 0
EPS adj. -0,02 0,06 0,19
BVPS -0,04 0,12 0,31
BVPS adj. -0,91 -0,65 -0,46
Net IB debt/share 0,88 0,67 0,16
Share price 1,5 1,5 1,5
Market cap. (m) 255 285 285
Valuation N/A N/A N/A
P/E (x) N/A 26 8
EV/sales (x) 0,57 0,72 0,58
EV/EBITDA (x) 1,5 1,4 0,9
EV/EBITA (x) 8,6 3,6 1,7
EV/EBIT (x) 8,6 3,6 1,7
Dividend yield (%) 0 0 0
FCF yield (%) 8,9 -0,2 34
Le. adj. FCF yld. (%) 8,9 -0,2 34
P/BVPS (x) -34,7 12,22 4,82
P/BVPS adj. (x) -1,66 -2,32 -3,27
P/E adj. (x) N/A 26 8
EV/EBITDA adj. (x) 1,5 1,4 0,9
EV/EBITA adj. (x) 8,6 3,6 1,7
EV/EBIT adj. (x) 8,6 3,6 1,7
EV/CE (x) 1,6 1,6 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 19,8 49 21,5
Capex/depreciation 0,7 1,6 0,7
Capex tangibles / tangible fixed assets 53,5 100,1 64,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 81,62 63,09 89,36

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Petrolia Noco - Company presentation with CFO Erik von Krogh

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Main shareholders - Petrolia Noco

Main shareholders Share capital % Voting shares % Verified
Independent Oil & Resources PLC 46.0 % 46.0 % 28 Jul 2025
Larsen Oil & Gas AS 21.0 % 21.0 % 28 Jul 2025
Berge Gerdt Larsen 6.4 % 6.4 % 28 Jul 2025
NOCO (UK) LTD 6.3 % 6.3 % 28 Jul 2025
Increased Oil Recovery AS 5.8 % 5.8 % 28 Jul 2025
Trommestad Ole 1.7 % 1.7 % 28 Jul 2025
Tokala AS 1.0 % 1.0 % 28 Jul 2025
Steinar Grønland 0.4 % 0.4 % 28 Jul 2025
Elektroland Norge AS 0.4 % 0.4 % 28 Jul 2025
U-Turn Ventures AS 0.3 % 0.3 % 28 Jul 2025
Source: Holdings by Modular Finance AB