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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 714 629 535
Sales growth (%) 7174,3 -11,9 -15
EBITDA 262 302 339
EBITDA margin (%) 36,8 48 63,5
EBIT adj. 47 74 160
EBIT adj. margin (%) 6,6 11,8 29,9
Pretax profit 1 27 133
EPS -0,02 -0,06 0,15
EPS growth (%) -88,2 N/A N/A
EPS adj. -0,02 -0,06 0,15
DPS 0 0 0
EV/EBITDA (x) 1,5 1,2 0,7
EV/EBIT adj. (x) 8,6 4,8 1,6
P/E (x) N/A N/A 9,8
P/E adj. (x) N/A N/A 9,8
EV/sales (x) 0,57 0,56 0,47
FCF yield (%) 8,9 20,4 36
Le. adj. FCF yld. (%) 8,9 20,4 36
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,6 0,2 -0,1
Le. adj. ND/EBITDA (x) 0,6 0,2 -0,1
NOKm 2024 2025e 2026e
Sales 714 629 535
COGS -451 -327 -195
Gross profit 262 302 339
Other operating items 0 0 0
EBITDA 262 302 339
Depreciation and amortisation -215 -227 -180
of which leasing depreciation 0 0 0
EBITA 47 74 160
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 47 74 160
Net financial items -46 -48 -27
Pretax profit 1 27 133
Tax -5 -38 -104
Net profit -4 -11 29
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 -11 29
EPS -0,02 -0,06 0,15
EPS adj. -0,02 -0,06 0,15
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 735,8 142,3 78
Gross margin (%) 36,8 48 63,5
EBITDA margin (%) 36,8 48 63,5
EBITA margin (%) 6,6 11,8 29,9
EBIT margin (%) 6,6 11,8 29,9
Pre-tax margin (%) 0,1 4,3 24,8
Net margin (%) -0,6 -1,8 5,5
Sales growth (%) 7174,3 -11,9 -15
EBITDA growth (%) -388,6 15 12,5
EBITA growth (%) -151 58,4 114,5
EBIT growth (%) -151 58,4 N/A
Net profit growth (%) -88,2 180,5 -357,3
EPS growth (%) -88,2 N/A N/A
Profitability N/A N/A N/A
ROE (%) 74,1 358,6 187,1
ROE adj. (%) 74,1 358,6 187,1
ROCE (%) 17,8 30,7 63,5
ROCE adj. (%) 17,8 30,7 63,5
ROIC (%) -191 -29,8 105,3
ROIC adj. (%) -191 -29,8 105,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 262 302 339
EBITDA adj. margin (%) 36,8 48 63,5
EBITDA lease adj. 262 302 339
EBITDA lease adj. margin (%) 36,8 48 63,5
EBITA adj. 47 74 160
EBITA adj. margin (%) 6,6 11,8 29,9
EBIT adj. 47 74 160
EBIT adj. margin (%) 6,6 11,8 29,9
Pretax profit Adj. 1 27 133
Net profit Adj. -4 -11 29
Net profit to shareholders adj. -4 -11 29
Net adj. margin (%) -0,6 -1,8 5,5
NOKm 2024 2025e 2026e
EBITDA 262 302 339
Goodwill 146 146 146
Net financial items -46 -48 -27
Other intangible assets 1 1 1
Paid tax 49 17 -92
Tangible fixed assets 264 230 115
Non-cash items -224 -74 0
Right-of-use asset 0 0 0
Cash flow before change in WC 41 197 220
Total other fixed assets 405 464 516
Change in working capital 143 120 0
Fixed assets 816 840 778
Operating cash flow 184 318 220
Inventories 134 126 126
Capex tangible fixed assets -141 -259 -118
Receivables 0 0 0
Capex intangible fixed assets 0 0 0
Other current assets 33 28 28
Acquisitions and Disposals -20 0 0
Cash and liquid assets 25 83 185
Free cash flow 23 58 103
Total assets 1008 1077 1118
Dividend paid 0 0 0
Shareholders equity -7 1 30
Share issues and buybacks 0 20 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity -7 1 30
Other non-cash items 36 58 122
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 643 587 465
Short-term debt 256 236 236
Accounts payable 16 48 48
Other current liabilities 101 206 339
Total liabilities and equity 1008 1077 1118
Net IB debt 149 69 -34
Net IB debt excl. pension debt 149 69 -34
Net IB debt excl. leasing 149 69 -34
Capital employed 248 237 266
Capital invested 142 70 -3
Working capital 50 -99 -232
EV breakdown N/A N/A N/A
Market cap. diluted (m) 255 285 285
Net IB debt adj. 149 69 -34
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 404 354 251
Total assets turnover (%) 67,9 60,3 48,7
Working capital/sales (%) 6,4 -3,9 -31
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -2029 6825,1 -111,2
Net debt / market cap (%) 58,5 24,2 -11,8
Equity ratio (%) -0,7 0,1 2,7
Net IB debt adj. / equity (%) -2029 6825,1 -111,2
Current ratio 0,52 0,48 0,55
EBITDA/net interest 5,7 6,3 12,6
Net IB debt/EBITDA (x) 0,6 0,2 -0,1
Net IB debt/EBITDA lease adj. (x) 0,6 0,2 -0,1
Interest coverage 1 1,6 5,9
NOKm 2024 2025e 2026e
Shares outstanding adj. 170 190 190
Diluted shares adj. 170 190 190
EPS -0,02 -0,06 0,15
Dividend per share 0 0 0
EPS adj. -0,02 -0,06 0,15
BVPS -0,04 0,01 0,16
BVPS adj. -0,91 -0,77 -0,61
Net IB debt/share 0,88 0,36 -0,18
Share price 1,5 1,5 1,5
Market cap. (m) 255 285 285
P/E (x) N/A N/A 9,8
EV/sales (x) 0,6 0,6 0,5
EV/EBITDA (x) 1,5 1,2 0,7
EV/EBITA (x) 8,6 4,8 1,6
EV/EBIT (x) 8,6 4,8 1,6
Dividend yield (%) 0 0 0
FCF yield (%) 8,9 20,4 36
Le. adj. FCF yld. (%) 8,9 20,4 36
P/BVPS (x) -34,7 281,62 9,43
P/BVPS adj. (x) -1,66 -1,96 -2,46
P/E adj. (x) N/A N/A 9,8
EV/EBITDA adj. (x) 1,5 1,2 0,7
EV/EBITA adj. (x) 8,6 4,8 1,6
EV/EBIT adj. (x) 8,6 4,8 1,6
EV/CE (x) 1,6 1,5 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 19,8 41,2 22
Capex/depreciation 0,7 1,1 0,7
Capex tangibles / tangible fixed assets 53,5 113 102,4
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 81,6 99,1 156,4

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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 % 9 Sep 2025
Larsen Oil & Gas AS 21.0 % 21.0 % 9 Sep 2025
Berge Gerdt Larsen 6.4 % 6.4 % 9 Sep 2025
NOCO (UK) LTD 6.3 % 6.3 % 9 Sep 2025
Increased Oil Recovery AS 5.8 % 5.8 % 9 Sep 2025
Trommestad Ole 1.7 % 1.7 % 9 Sep 2025
Tokala AS 1.0 % 1.0 % 9 Sep 2025
Steinar Grønland 0.5 % 0.5 % 9 Sep 2025
Elektroland Norge AS 0.4 % 0.4 % 9 Sep 2025
U-Turn Ventures AS 0.3 % 0.3 % 9 Sep 2025
Source: Holdings by Modular Finance AB