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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 714 631 559
Sales growth (%) 7174,3 -11,6 -11,3
EBITDA 262 321 350
EBITDA margin (%) 36,8 51 62,6
EBIT adj. 47 96 162
EBIT adj. margin (%) 6,6 15,2 29
Pretax profit 1 38 136
EPS -0,02 -0,07 0,16
EPS growth (%) -88,2 N/A N/A
EPS adj. -0,02 -0,07 0,16
DPS 0 0 0
EV/EBITDA (x) 1,4 1,1 0,7
EV/EBIT adj. (x) 7,9 3,8 1,6
P/E (x) N/A N/A 8,3
P/E adj. (x) N/A N/A 8,3
EV/sales (x) 0,52 0,58 0,46
FCF yield (%) 10,3 1,9 45,5
Le. adj. FCF yld. (%) 10,3 1,9 45,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,6 0,4 0
Le. adj. ND/EBITDA (x) 0,6 0,4 0
NOKm 2024 2025e 2026e
Sales 714 631 559
COGS -451 -309 -209
Gross profit 262 321 350
Other operating items 0 0 0
EBITDA 262 321 350
Depreciation and amortisation -215 -225 -188
of which leasing depreciation 0 0 0
EBITA 47 96 162
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 47 96 162
Net financial items -46 -58 -26
Pretax profit 1 38 136
Tax -5 -50 -106
Net profit -4 -13 30
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 -13 30
EPS -0,02 -0,07 0,16
EPS adj. -0,02 -0,07 0,16
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 735,8 133,4 78
Gross margin (%) 36,8 51 62,6
EBITDA margin (%) 36,8 51 62,6
EBITA margin (%) 6,6 15,2 29
EBIT margin (%) 6,6 15,2 29
Pre-tax margin (%) 0,1 6 24,3
Net margin (%) -0,6 -2 5,3
Sales growth (%) 7174,3 -11,6 -11,3
EBITDA growth (%) -388,6 22,5 9
EBITA growth (%) -151 104,7 68,7
EBIT growth (%) -151 N/A 68,7
Net profit growth (%) -88,2 211 -337,3
EPS growth (%) -88,2 N/A N/A
Profitability N/A N/A N/A
ROE (%) 74,1 332,7 203
ROE adj. (%) 74,1 332,7 203
ROCE (%) 17,8 38,6 61,1
ROCE adj. (%) 17,8 38,6 61,1
ROIC (%) -191 -24,4 44,5
ROIC adj. (%) -191 -24,4 44,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 262 321 350
EBITDA adj. margin (%) 36,8 51 62,6
EBITDA lease adj. 262 321 350
EBITDA lease adj. margin (%) 36,8 51 62,6
EBITA adj. 47 96 162
EBITA adj. margin (%) 6,6 15,2 29
EBIT adj. 47 96 162
EBIT adj. margin (%) 6,6 15,2 29
Pretax profit Adj. 1 38 136
Net profit Adj. -4 -13 30
Net profit to shareholders adj. -4 -13 30
Net adj. margin (%) -0,6 -2 5,3
NOKm 2024 2025e 2026e
EBITDA 262 321 350
Goodwill 146 146 146
Net financial items -46 -58 -26
Other intangible assets 1 0 0
Paid tax 49 29 -98
Tangible fixed assets 264 231 106
Non-cash items -224 -84 0
Right-of-use asset 0 0 0
Cash flow before change in WC 41 208 226
Total other fixed assets 405 461 511
Change in working capital 143 50 0
Fixed assets 816 839 764
Operating cash flow 184 258 226
Inventories 134 151 151
Capex tangible fixed assets -141 -253 -113
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 44 156
Free cash flow 23 5 113
Total assets 1008 1063 1100
Dividend paid 0 0 0
Shareholders equity -7 0 30
Share issues and buybacks 0 20 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity -7 0 30
Other non-cash items 36 32 135
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 643 614 478
Short-term debt 256 251 251
Accounts payable 16 14 14
Other current liabilities 101 185 328
Total liabilities and equity 1008 1063 1100
Net IB debt 149 122 9
Net IB debt excl. pension debt 149 122 9
Net IB debt excl. leasing 149 122 9
Capital employed 248 251 280
Capital invested 142 122 39
Working capital 50 -19 -162
EV breakdown N/A N/A N/A
Market cap. diluted (m) 221 247 247
Net IB debt adj. 149 122 9
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 370 369 256
Total assets turnover (%) 67,9 60,9 51,7
Working capital/sales (%) 6,4 2,5 -16,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -2029 -54575,4 31,4
Net debt / market cap (%) 67,5 49,3 3,8
Equity ratio (%) -0,7 0 2,7
Net IB debt adj. / equity (%) -2029 -54575,4 31,4
Current ratio 0,52 0,5 0,57
EBITDA/net interest 5,7 5,5 13,2
Net IB debt/EBITDA (x) 0,6 0,4 0
Net IB debt/EBITDA lease adj. (x) 0,6 0,4 0
Interest coverage 1 1,6 6,1
NOKm 2024 2025e 2026e
Shares outstanding adj. 170 190 190
Diluted shares adj. 170 190 190
EPS -0,02 -0,07 0,16
Dividend per share 0 0 0
EPS adj. -0,02 -0,07 0,16
BVPS -0,04 0 0,16
BVPS adj. -0,91 -0,77 -0,62
Net IB debt/share 0,88 0,64 0,05
Share price 1,3 1,3 1,3
Market cap. (m) 221 247 247
P/E (x) N/A N/A 8,3
EV/sales (x) 0,5 0,6 0,5
EV/EBITDA (x) 1,4 1,1 0,7
EV/EBITA (x) 7,9 3,8 1,6
EV/EBIT (x) 7,9 3,8 1,6
Dividend yield (%) 0 0 0
FCF yield (%) 10,3 1,9 45,5
Le. adj. FCF yld. (%) 10,3 1,9 45,5
P/BVPS (x) -30,08 -1106,62 8,33
P/BVPS adj. (x) -1,44 -1,69 -2,12
P/E adj. (x) N/A N/A 8,3
EV/EBITDA adj. (x) 1,4 1,1 0,7
EV/EBITA adj. (x) 7,9 3,8 1,6
EV/EBIT adj. (x) 7,9 3,8 1,6
EV/CE (x) 1,5 1,5 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 19,8 40,1 20,2
Capex/depreciation 0,7 1,1 0,6
Capex tangibles / tangible fixed assets 53,5 109,4 106,4
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 97,4 176,7

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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 % 1 Dec 2025
Larsen Oil & Gas AS 21.0 % 21.0 % 1 Dec 2025
Berge Gerdt Larsen 6.4 % 6.4 % 1 Dec 2025
Noco Oil & Resources Ltd 6.3 % 6.3 % 2 Dec 2025
Increased Oil Recovery AS 5.8 % 5.8 % 1 Dec 2025
Trommestad Ole 1.7 % 1.7 % 1 Dec 2025
Tokala AS 1.0 % 1.0 % 1 Dec 2025
Steinar Grønland 0.6 % 0.6 % 1 Dec 2025
Elektroland Norge AS 0.4 % 0.4 % 1 Dec 2025
U-Turn Ventures AS 0.3 % 0.3 % 1 Dec 2025
Source: Holdings by Modular Finance AB