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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 2025 2026e 2027e
Sales 634,86 782,04 600,21
Sales growth (%) -11 23,2 -23,3
EBITDA 306 457 386
EBITDA margin (%) 48,2 58,5 64,4
EBIT adj. 100 240 179
EBIT adj. margin (%) 15,7 30,7 29,7
Pretax profit 42 195 143
EPS -0,06 0,19 0,17
EPS growth (%) N/A N/A -14,1
EPS adj. -0,06 0,19 0,17
Dividend per share 0 0 0
EV/EBITDA (x) 1,2 0,5 -0,1
EV/EBIT adj. (x) 3,6 1 -0,3
P/E (x) N/A 7,78 9,05
P/E adj. (x) N/A 7,8 9,1
EV/sales (x) 0,57 0,29 -0,09
FCF yield (%) 18 45,5 100,6
Le. adj. FCF yld. (%) 18 45,5 100,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,2 -0,1 -0,9
Le. adj. ND/EBITDA (x) 0,2 -0,1 -0,9
NOKm 2025 2026e 2027e
Sales 634,86 782,04 600,21
COGS -329 -325 -214
Gross profit 306 457 386
Other operating items 0 0 0
EBITDA 306 457 386
Depreciation and amortisation -206 -217 -208
Depreciation on leased assets 0 0 0
EBITA 99,84 240,46 178,52
Operating EO items 0 0 0
Impairment and amortisation charges 0 0 0
EBIT 99,84 240,46 178,52
Net financial items -58 -46 -35
Pretax profit 42 195 143
Tax -54 -158 -112
Net profit -12 37 31
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -12 37 31
EPS -0,06 0,19 0,17
EPS adj. -0,06 0,19 0,17
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 129,3 81,2 78
Gross margin (%) 48,2 58,5 64,4
EBITDA margin (%) 48,2 58,5 64,4
EBITA margin (%) 15,7 30,7 29,7
EBIT margin (%) 15,7 30,7 29,7
Pre-tax margin (%) 6,6 24,9 23,8
Net margin (%) -1,9 4,7 5,2
Sales growth (%) -11 23,2 -23,3
EBITDA growth (%) 16,6 49,4 -15,5
EBITA growth (%) 112,5 140,8 -25,8
EBIT growth (%) N/A N/A -25,8
Net profit growth (%) 201,4 -400,1 -14,1
EPS growth (%) N/A N/A -14,1
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 327,1 193,4 58,9
ROE adj. (%) 327,1 193,4 58,9
ROCE (%) 41,3 90,9 58,6
ROCE adj. (%) 41,3 90,9 58,6
ROIC (%) -26,9 153,1 -27,1
ROIC adj. (%) -26,9 153,1 -27,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 306 457 386
EBITDA adj. margin (%) 48,2 58,5 64,4
EBITDA lease adj. 306 457 386
EBITDA lease adj. margin (%) 48,2 58,5 64,4
EBITA adj. 100 240 179
EBITA adj. margin (%) 15,7 30,7 29,7
EBIT adj. 100 240 179
EBIT adj. margin (%) 15,7 30,7 29,7
Pretax profit Adj. 42 195 143
Net profit Adj. -12 37 31
Net profit to shareholders adj. -12 37 31
Net adj. margin (%) -1,9 4,7 5,2
NOKm 2025 2026e 2027e
EBITDA 306 457 386
Goodwill 146 146 146
Net financial items -58 -46 -35
Other intangible assets 9 0 0
Paid tax 28 -68 227
Tangible fixed assets 190 56 139
Non-cash items -103 -26 0
Right-of-use asset 0 0 0
Cash flow before change in WC 174 317 578
Other Fixed Assets All 459 520 520
Change in working capital 55 -29 0
Fixed assets 804 722 805
Operating cash flow 228 289 578
Inventories 106 199 199
Capex tangible fixed assets -188 -159 -291
Receivables 0 0 0
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 11 0 0
Cash and liquid assets 74 203 490
Free cash flow 51 130 287
Total assets 984 1124 1494
Dividend paid 0 0 0
Shareholders equity 0 38 69
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 0 38 69
Other changes in net debt 36 2 0
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 609 608 608
Short-term debt 236 236 236
Accounts payable 12 15 15
Other current liabilities 128 228 566
Total liabilities and equity 984 1124 1494
Net IB debt 76 -55 -342
Net IB debt excl. pension debt 76 -55 -342
Net IB debt excl. leasing 76 -55 -342
Capital employed 236 273 305
Capital invested 76 -17 -272
Working capital -33 -43 -382
EV breakdown N/A N/A N/A
Market cap. diluted (m) 285 285 285
Net IB debt adj. 76 -55 -342
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 361 230 -57
Total assets turnover (%) 63,7 74,2 45,9
Working capital/sales (%) 1,3 -4,9 -35,4
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 46367,1 -145,4 -493,6
Net debt / market cap (%) 26,7 -19,2 -119,8
Equity ratio (%) 0 3,4 4,6
Net IB debt adj. / equity (%) 46367,1 -145,4 -493,6
Current ratio 0,48 0,84 0,84
EBITDA/net interest 5,3 12,4 14,6
Net IB debt/EBITDA (x) 0,2 -0,1 -0,9
Net IB debt/EBITDA lease adj. (x) 0,2 -0,1 -0,9
Interest coverage 1,7 6,5 6,8
NOKm 2025 2026e 2027e
Shares outstanding adj. 190 190 190
Diluted shares adj. 190 190 190
EPS -0,06 0,19 0,17
Dividend per share 0 0 0
EPS adj. -0,06 0,19 0,17
BVPS 0 0,2 0,36
BVPS adj. -0,81 -0,57 -0,41
Net IB debt/share 0,4 -0,29 -1,8
Share price 1,5 1,5 1,5
Market cap. (m) 285 285 285
P/E (x) N/A 7,78 9,05
EV/sales (x) 0,57 0,29 -0,09
EV/EBITDA (x) 1,2 0,5 -0,1
EV/EBITA (x) 3,6 1 -0,3
EV/EBIT (x) 3,6 1 -0,3
Dividend yield (%) 0 0 0
FCF yield (%) 18 45,5 100,6
Le. adj. FCF yld. (%) 18 45,5 100,6
P/BVPS (x) 1737,8 7,56 4,12
P/BVPS adj. (x) -1,95 -2,63 -3,7
P/E adj. (x) N/A 7,8 9,1
EV/EBITDA adj. (x) 1,2 0,5 -0,1
EV/EBITA adj. (x) 3,6 1 -0,3
EV/EBIT adj. (x) 3,6 1 -0,3
EV/CE (x) 1,5 0,8 -0,2
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -29,6 -20,3 -48,5
Capex/depreciation 0,9 0,7 1,4
Capex tangibles / tangible fixed assets 98,9 285,2 209,7
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 108,43 388,47 149,88

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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 % 23 Jun 2026
Larsen Oil & Gas AS 21.0 % 21.0 % 23 Jun 2026
Berge Gerdt Larsen 6.4 % 6.4 % 23 Jun 2026
Noco Oil & Resources LTD 6.3 % 6.3 % 23 Jun 2026
Increased Oil Recovery AS 5.8 % 5.8 % 23 Jun 2026
Trommestad Ole 1.6 % 1.6 % 23 Jun 2026
Tokala AS 0.9 % 0.9 % 23 Jun 2026
Steinar Grønland 0.8 % 0.8 % 23 Jun 2026
Elektroland Norge AS 0.4 % 0.4 % 23 Jun 2026
Ø. H. Holding AS 0.4 % 0.4 % 23 Jun 2026
Source: Holdings by Modular Finance AB