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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 631 559 604
Sales growth (%) -11,6 -11,3 8
EBITDA 321 350 414
EBITDA margin (%) 51 62,6 68,6
EBIT adj. 96 162 213
EBIT adj. margin (%) 15,2 29 35,2
Pretax profit 38 136 186
EPS -0,07 0,16 0,21
EPS growth (%) N/A N/A 36,6
EPS adj. -0,07 0,16 0,21
DPS 0 0 0
EV/EBITDA (x) 1,1 0,7 0,5
EV/EBIT adj. (x) 3,8 1,6 1,1
P/E (x) N/A 8,3 6,1
P/E adj. (x) N/A 8,3 6,1
EV/sales (x) 0,58 0,46 0,37
FCF yield (%) 1,9 45,5 12,8
Le. adj. FCF yld. (%) 1,9 45,5 12,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,4 0 -0,1
Le. adj. ND/EBITDA (x) 0,4 0 -0,1
NOKm 2025 2026e 2027e
Sales 631 559 604
COGS -309 -209 -190
Gross profit 321 350 414
Other operating items 0 0 0
EBITDA 321 350 414
Depreciation and amortisation -225 -188 -201
of which leasing depreciation 0 0 0
EBITA 96 162 213
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 96 162 213
Net financial items -58 -26 -27
Pretax profit 38 136 186
Tax -50 -106 -145
Net profit -13 30 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 30 41
EPS -0,07 0,16 0,21
EPS adj. -0,07 0,16 0,21
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 133,4 78 78
Gross margin (%) 51 62,6 68,6
EBITDA margin (%) 51 62,6 68,6
EBITA margin (%) 15,2 29 35,2
EBIT margin (%) 15,2 29 35,2
Pre-tax margin (%) 6 24,3 30,7
Net margin (%) -2 5,3 6,8
Sales growth (%) -11,6 -11,3 8
EBITDA growth (%) 22,5 9 18,3
EBITA growth (%) 104,7 68,7 31,2
EBIT growth (%) N/A 68,7 31,2
Net profit growth (%) 211 -337,3 36,6
EPS growth (%) N/A N/A 36,6
Profitability N/A N/A N/A
ROE (%) 332,7 203 81,5
ROE adj. (%) 332,7 203 81,5
ROCE (%) 38,6 61,1 70,8
ROCE adj. (%) 38,6 61,1 70,8
ROIC (%) -24,4 44,5 107,5
ROIC adj. (%) -24,4 44,5 107,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 321 350 414
EBITDA adj. margin (%) 51 62,6 68,6
EBITDA lease adj. 321 350 414
EBITDA lease adj. margin (%) 51 62,6 68,6
EBITA adj. 96 162 213
EBITA adj. margin (%) 15,2 29 35,2
EBIT adj. 96 162 213
EBIT adj. margin (%) 15,2 29 35,2
Pretax profit Adj. 38 136 186
Net profit Adj. -13 30 41
Net profit to shareholders adj. -13 30 41
Net adj. margin (%) -2 5,3 6,8
NOKm 2025 2026e 2027e
EBITDA 321 350 414
Goodwill 146 146 146
Net financial items -58 -26 -27
Other intangible assets 0 0 0
Paid tax 29 -98 -64
Tangible fixed assets 231 106 196
Non-cash items -84 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 208 226 322
Total other fixed assets 461 511 511
Change in working capital 50 0 0
Fixed assets 839 764 854
Operating cash flow 258 226 322
Inventories 151 151 151
Capex tangible fixed assets -253 -113 -291
Receivables 0 0 0
Capex intangible fixed assets 0 0 0
Other current assets 28 28 28
Acquisitions and Disposals 0 0 0
Cash and liquid assets 44 156 188
Free cash flow 5 113 32
Total assets 1063 1100 1221
Dividend paid 0 0 0
Shareholders equity 0 30 70
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 0 30 70
Other non-cash items 32 135 -18
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 614 478 497
Short-term debt 251 251 251
Accounts payable 14 14 14
Other current liabilities 185 328 390
Total liabilities and equity 1063 1100 1221
Net IB debt 122 9 -22
Net IB debt excl. pension debt 122 9 -22
Net IB debt excl. leasing 122 9 -22
Capital employed 251 280 321
Capital invested 122 39 48
Working capital -19 -162 -224
EV breakdown N/A N/A N/A
Market cap. diluted (m) 247 247 247
Net IB debt adj. 122 9 -22
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 369 256 225
Total assets turnover (%) 60,9 51,7 52
Working capital/sales (%) 2,5 -16,1 -31,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -54575,4 31,4 -31,6
Net debt / market cap (%) 49,3 3,8 -9
Equity ratio (%) 0 2,7 5,8
Net IB debt adj. / equity (%) -54575,4 31,4 -31,6
Current ratio 0,5 0,57 0,56
EBITDA/net interest 5,5 13,2 15,2
Net IB debt/EBITDA (x) 0,4 0 -0,1
Net IB debt/EBITDA lease adj. (x) 0,4 0 -0,1
Interest coverage 1,6 6,1 7,8
NOKm 2025 2026e 2027e
Shares outstanding adj. 190 190 190
Diluted shares adj. 190 190 190
EPS -0,07 0,16 0,21
Dividend per share 0 0 0
EPS adj. -0,07 0,16 0,21
BVPS 0 0,16 0,37
BVPS adj. -0,77 -0,62 -0,4
Net IB debt/share 0,64 0,05 -0,12
Share price 1,3 1,3 1,3
Market cap. (m) 247 247 247
P/E (x) N/A 8,3 6,1
EV/sales (x) 0,6 0,5 0,4
EV/EBITDA (x) 1,1 0,7 0,5
EV/EBITA (x) 3,8 1,6 1,1
EV/EBIT (x) 3,8 1,6 1,1
Dividend yield (%) 0 0 0
FCF yield (%) 1,9 45,5 12,8
Le. adj. FCF yld. (%) 1,9 45,5 12,8
P/BVPS (x) -1106,62 8,33 3,5
P/BVPS adj. (x) -1,69 -2,12 -3,26
P/E adj. (x) N/A 8,3 6,1
EV/EBITDA adj. (x) 1,1 0,7 0,5
EV/EBITA adj. (x) 3,8 1,6 1,1
EV/EBIT adj. (x) 3,8 1,6 1,1
EV/CE (x) 1,5 0,9 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 40,1 20,2 48,2
Capex/depreciation 1,1 0,6 1,4
Capex tangibles / tangible fixed assets 109,4 106,4 148,5
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 97,4 176,7 102,8

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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 % 7 Jan 2026
Larsen Oil & Gas AS 21.0 % 21.0 % 7 Jan 2026
Berge Gerdt Larsen 6.4 % 6.4 % 7 Jan 2026
Noco Oil & Resources Ltd 6.3 % 6.3 % 7 Jan 2026
Increased Oil Recovery AS 5.8 % 5.8 % 7 Jan 2026
Trommestad Ole 1.6 % 1.6 % 7 Jan 2026
Tokala AS 0.9 % 0.9 % 7 Jan 2026
Steinar Grønland 0.7 % 0.7 % 7 Jan 2026
Elektroland Norge AS 0.4 % 0.4 % 7 Jan 2026
U-Turn Ventures AS 0.3 % 0.3 % 7 Jan 2026
Source: Holdings by Modular Finance AB