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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 714 574 587
Sales growth (%) 7174,3 -19,6 2,3
EBITDA 262 276 384
EBITDA margin (%) 36,8 48,2 65,4
EBIT adj. 47 112 212
EBIT adj. margin (%) 6,6 19,5 36,1
Pretax profit 1 86 186
EPS -0,02 0,1 0,22
EPS growth (%) -88,2 -518,6 N/A
EPS adj. -0,02 0,1 0,22
DPS 0 0 0
EV/EBITDA (x) 1,4 1,2 0,6
EV/EBIT adj. (x) 7,7 3 1,1
P/E (x) N/A 12,5 5,8
P/E adj. (x) N/A 12,5 5,8
EV/sales (x) 0,51 0,58 0,39
FCF yield (%) 10,7 13,9 43,1
Le. adj. FCF yld. (%) 10,7 13,9 43,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,6 0,3 0
Le. adj. ND/EBITDA (x) 0,6 0,3 0
NOKm 2024 2025e 2026e
Sales 714 574 587
COGS -451 -298 -203
Gross profit 262 276 384
Other operating items 0 0 0
EBITDA 262 276 384
Depreciation and amortisation -215 -165 -172
of which leasing depreciation 0 0 0
EBITA 47 112 212
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 47 112 212
Net financial items -46 -26 -26
Pretax profit 1 86 186
Tax -5 -67 -145
Net profit -4 19 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 19 41
EPS -0,02 0,1 0,22
EPS adj. -0,02 0,1 0,22
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 735,8 78 78
Gross margin (%) 36,8 48,2 65,4
EBITDA margin (%) 36,8 48,2 65,4
EBITA margin (%) 6,6 19,5 36,1
EBIT margin (%) 6,6 19,5 36,1
Pre-tax margin (%) 0,1 15 31,7
Net margin (%) -0,6 3,3 7
Sales growth (%) 7174,3 -19,6 2,3
EBITDA growth (%) -388,6 5,3 38,9
EBITA growth (%) -151 137,6 89,8
EBIT growth (%) -151 N/A 89,8
Net profit growth (%) -88,2 -567,9 116,3
EPS growth (%) -88,2 -518,6 N/A
Profitability N/A N/A N/A
ROE (%) 74,1 158,1 79,1
ROE adj. (%) 74,1 158,1 79,1
ROCE (%) 17,8 43,3 73,7
ROCE adj. (%) 17,8 43,3 73,7
ROIC (%) -191,2 18,3 48,2
ROIC adj. (%) -191,2 18,3 48,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 262 276 384
EBITDA adj. margin (%) 36,8 48,2 65,4
EBITDA lease adj. 262 276 384
EBITDA lease adj. margin (%) 36,8 48,2 65,4
EBITA adj. 47 112 212
EBITA adj. margin (%) 6,6 19,5 36,1
EBIT adj. 47 112 212
EBIT adj. margin (%) 6,6 19,5 36,1
Pretax profit Adj. 1 86 186
Net profit Adj. -4 19 41
Net profit to shareholders adj. -4 19 41
Net adj. margin (%) -0,6 3,3 7
NOKm 2024 2025e 2026e
EBITDA 262 276 384
Goodwill 146 146 146
Net financial items -46 -26 -26
Other intangible assets 1 1 1
Paid tax 49 6 -135
Tangible fixed assets 264 298 192
Non-cash items -224 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 41 257 223
Total other fixed assets 405 430 485
Change in working capital 143 76 0
Fixed assets 816 875 824
Operating cash flow 184 333 223
Inventories 134 134 134
Capex tangible fixed assets -141 -300 -121
Receivables 0 0 0
Capex intangible fixed assets 0 0 0
Other current assets 33 33 33
Acquisitions and Disposals -20 0 0
Cash and liquid assets 25 58 161
Free cash flow 23 33 102
Total assets 1008 1100 1151
Dividend paid 0 0 0
Shareholders equity -7 31 72
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity -7 31 72
Other non-cash items 36 100 115
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 643 562 447
Short-term debt 256 236 236
Accounts payable 16 16 16
Other current liabilities 101 255 381
Total liabilities and equity 1008 1100 1151
Net IB debt 149 96 -6
Net IB debt excl. pension debt 149 96 -6
Net IB debt excl. leasing 149 96 -6
Capital employed 248 267 308
Capital invested 141 127 66
Working capital 50 -104 -230
EV breakdown N/A N/A N/A
Market cap. diluted (m) 213 238 238
Net IB debt adj. 149 96 -6
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 362 334 231
Total assets turnover (%) 67,9 54,5 52,1
Working capital/sales (%) 6,4 -4,7 -28,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -2029 306,5 -8,8
Net debt / market cap (%) 70,2 40,4 -2,7
Equity ratio (%) -0,7 2,8 6,3
Net IB debt adj. / equity (%) -2029 306,5 -8,8
Current ratio 0,52 0,44 0,52
EBITDA/net interest 5,7 10,8 15
Net IB debt/EBITDA (x) 0,6 0,3 0
Net IB debt/EBITDA lease adj. (x) 0,6 0,3 0
Interest coverage 1 4,4 8,3
NOKm 2024 2025e 2026e
Shares outstanding adj. 170 190 190
Diluted shares adj. 170 190 190
EPS -0,02 0,1 0,22
Dividend per share 0 0 0
EPS adj. -0,02 0,1 0,22
BVPS -0,04 0,16 0,38
BVPS adj. -0,91 -0,61 -0,4
Net IB debt/share 0,88 0,51 -0,03
Share price 1,25 1,25 1,25
Market cap. (m) 213 238 238
P/E (x) N/A 12,5 5,8
EV/sales (x) 0,51 0,58 0,39
EV/EBITDA (x) 1,4 1,2 0,6
EV/EBITA (x) 7,7 3 1,1
EV/EBIT (x) 7,7 3 1,1
Dividend yield (%) 0 0 0
FCF yield (%) 10,7 13,9 43,1
Le. adj. FCF yld. (%) 10,7 13,9 43,1
P/BVPS (x) -28,92 7,58 3,29
P/BVPS adj. (x) -1,38 -2,07 -3,21
P/E adj. (x) N/A 12,5 5,8
EV/EBITDA adj. (x) 1,4 1,2 0,6
EV/EBITA adj. (x) 7,7 3 1,1
EV/EBIT adj. (x) 7,7 3 1,1
EV/CE (x) 1,5 1,2 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 19,8 52,3 20,6
Capex/depreciation 0,7 1,8 0,7
Capex tangibles / tangible fixed assets 53,5 100,7 63
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 81,62 55,29 89,61

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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 % 16 May 2025
Larsen Oil & Gas AS 21.0 % 21.0 % 16 May 2025
Berge Gerdt Larsen 6.4 % 6.4 % 16 May 2025
NOCO (UK) LTD 6.3 % 6.3 % 16 May 2025
Increased Oil Recovery AS 5.8 % 5.8 % 16 May 2025
Trommestad Ole 1.7 % 1.7 % 16 May 2025
Tokala AS 1.0 % 1.0 % 16 May 2025
Steinar Grønland 0.4 % 0.4 % 16 May 2025
Elektroland Norge AS 0.4 % 0.4 % 16 May 2025
U-Turn Ventures AS 0.3 % 0.3 % 16 May 2025
Source: Holdings by Modular Finance AB