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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 634,86 873,99 667,36
Sales growth (%) -11 37,7 -23,6
EBITDA 306 543 452
EBITDA margin (%) 48,2 62,1 67,7
EBIT adj. 100 302 244
EBIT adj. margin (%) 15,7 34,6 36,6
Pretax profit 42 276 218
EPS -0,06 0,32 0,25
EPS growth (%) N/A N/A -21
EPS adj. -0,06 0,32 0,25
Dividend per share 0 0 0
EV/EBITDA (x) 1,6 0,3 -0,3
EV/EBIT adj. (x) 4,8 0,5 -0,5
P/E (x) N/A 6,57 8,31
P/E adj. (x) N/A 6,6 8,3
EV/sales (x) 0,75 0,16 -0,19
FCF yield (%) 12,9 83,1 68,3
Le. adj. FCF yld. (%) 12,9 83,1 68,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,2 -0,5 -1,2
Le. adj. ND/EBITDA (x) 0,2 -0,5 -1,2
NOKm 2025 2026e 2027e
Sales 634,86 873,99 667,36
COGS -329 -331 -216
Gross profit 306 543 452
Other operating items 0 0 0
EBITDA 306 543 452
Depreciation and amortisation -206 -241 -208
Depreciation on leased assets 0 0 0
EBITA 99,84 302,12 243,92
Operating EO items 0 0 0
Impairment and amortisation charges 0 0 0
EBIT 99,84 302,12 243,92
Net financial items -58 -26 -26
Pretax profit 42 276 218
Tax -54 -215 -170
Net profit -12 61 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -12 61 48
EPS -0,06 0,32 0,25
EPS adj. -0,06 0,32 0,25
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 129,3 78 78
Gross margin (%) 48,2 62,1 67,7
EBITDA margin (%) 48,2 62,1 67,7
EBITA margin (%) 15,7 34,6 36,6
EBIT margin (%) 15,7 34,6 36,6
Pre-tax margin (%) 6,6 31,6 32,7
Net margin (%) -1,9 7 7,2
Sales growth (%) -11 37,7 -23,6
EBITDA growth (%) 16,6 77,4 -16,8
EBITA growth (%) 112,5 202,6 -19,3
EBIT growth (%) N/A N/A -19,3
Net profit growth (%) 201,4 -597,7 -21
EPS growth (%) N/A N/A -21
Profitability N/A N/A N/A
ROE (%) 339,9 198,9 56,5
ROE adj. (%) 339,9 198,9 56,5
ROCE (%) 41,2 113,5 76,1
ROCE adj. (%) 41,2 113,5 76,1
ROIC (%) -26,9 -112,4 -17,5
ROIC adj. (%) -26,9 -112,4 -17,5
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 306 543 452
EBITDA adj. margin (%) 48,2 62,1 67,7
EBITDA lease adj. 306 543 452
EBITDA lease adj. margin (%) 48,2 62,1 67,7
EBITA adj. 100 302 244
EBITA adj. margin (%) 15,7 34,6 36,6
EBIT adj. 100 302 244
EBIT adj. margin (%) 15,7 34,6 36,6
Pretax profit Adj. 42 276 218
Net profit Adj. -12 61 48
Net profit to shareholders adj. -12 61 48
Net adj. margin (%) -1,9 7 7,2
NOKm 2025 2026e 2027e
EBITDA 306 543 452
Goodwill 146 146 146
Net financial items -58 -26 -26
Other intangible assets 9 9 9
Paid tax 28 -68 137
Tangible fixed assets 190 42 125
Non-cash items -103 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 174 448 563
Other Fixed Assets All 459 483 483
Change in working capital 55 72 0
Fixed assets 804 680 763
Operating cash flow 228 520 563
Inventories 106 106 106
Capex tangible fixed assets -188 -189 -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 74 405 677
Free cash flow 51 331 272
Total assets 984 1192 1547
Dividend paid 0 0 0
Shareholders equity 0 61 109
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 0 61 109
Other changes in net debt 36 219 -8
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 609 389 398
Short-term debt 236 236 236
Accounts payable 12 12 12
Other current liabilities 128 494 793
Total liabilities and equity 984 1192 1547
Net IB debt 76 -255 -528
Net IB debt excl. pension debt 76 -255 -528
Net IB debt excl. leasing 76 -255 -528
Capital employed 236 297 345
Capital invested 76 -194 -419
Working capital -33 -399 -699
EV breakdown N/A N/A N/A
Market cap. diluted (m) 399 399 399
Net IB debt adj. 76 -255 -528
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 475 144 -129
Total assets turnover (%) 63,7 80,3 48,7
Working capital/sales (%) 1,3 -24,7 -82,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 46367,1 -419,2 -484,6
Net debt / market cap (%) 19,1 -64 -132,3
Equity ratio (%) 0 5,1 7
Net IB debt adj. / equity (%) 46367,1 -419,2 -484,6
Current ratio 0,48 0,69 0,75
EBITDA/net interest 5,3 20,9 17,5
Net IB debt/EBITDA (x) 0,2 -0,5 -1,2
Net IB debt/EBITDA lease adj. (x) 0,2 -0,5 -1,2
Interest coverage 1,7 11,6 9,5
NOKm 2025 2026e 2027e
Shares outstanding adj. 190 190 190
Diluted shares adj. 190 190 190
EPS -0,06 0,32 0,25
Dividend per share 0 0 0
EPS adj. -0,06 0,32 0,25
BVPS 0 0,32 0,57
BVPS adj. -0,81 -0,49 -0,24
Net IB debt/share 0,4 -1,34 -2,78
Share price 2,1 2,1 2,1
Market cap. (m) 399 399 399
P/E (x) N/A 6,57 8,31
EV/sales (x) 0,75 0,16 -0,19
EV/EBITDA (x) 1,6 0,3 -0,3
EV/EBITA (x) 4,8 0,5 -0,5
EV/EBIT (x) 4,8 0,5 -0,5
Dividend yield (%) 0 0 0
FCF yield (%) 12,9 83,1 68,3
Le. adj. FCF yld. (%) 12,9 83,1 68,3
P/BVPS (x) 2432,93 6,55 3,66
P/BVPS adj. (x) -2,73 -4,68 -10,69
P/E adj. (x) N/A 6,6 8,3
EV/EBITDA adj. (x) 1,6 0,3 -0,3
EV/EBITA adj. (x) 4,8 0,5 -0,5
EV/EBIT adj. (x) 4,8 0,5 -0,5
EV/CE (x) 2 0,5 -0,4
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -29,6 -21,6 -43,6
Capex/depreciation 0,9 0,8 1,4
Capex tangibles / tangible fixed assets 98,9 444,1 231,9
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 108,43 566,93 165,78

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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 % 27 Mar 2026
Larsen Oil & Gas AS 21.0 % 21.0 % 27 Mar 2026
Berge Gerdt Larsen 6.4 % 6.4 % 27 Mar 2026
Noco Oil & Resources Ltd 6.3 % 6.3 % 27 Mar 2026
Increased Oil Recovery AS 5.8 % 5.8 % 27 Mar 2026
Trommestad Ole 1.5 % 1.5 % 27 Mar 2026
Tokala AS 0.9 % 0.9 % 27 Mar 2026
Steinar Grønland 0.8 % 0.8 % 27 Mar 2026
Elektroland Norge AS 0.4 % 0.4 % 27 Mar 2026
Ø. H. Holding AS 0.4 % 0.4 % 27 Mar 2026
Source: Holdings by Modular Finance AB