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Petrolia Noco

Petrolia Noco

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.

NOKm 2023 2024e 2025e
Sales 10 742 420
Sales growth (%) -71,3 7467,2 -43,5
EBITDA -91 431 242
EBITDA margin (%) -926,7 58,1 57,6
EBIT adj. -92 346 194
EBIT adj. margin (%) -938,4 46,6 46,3
Pretax profit -110 318 174
EPS -0,2 0,41 0,22
EPS growth (%) -11,7 -303,4 -45,3
EPS adj. -0,2 0,41 0,22
DPS 0 0 0
EV/EBITDA (x) -3,8 0,4 0,5
EV/EBIT adj. (x) -3,7 0,5 0,6
P/E (x) -4,9 2,4 4,4
P/E adj. (x) -4,9 2,4 4,4
EV/sales (x) 35,12 0,21 0,26
FCF yield (%) -103,4 111 27
Le. adj. FCF yld. (%) -103,4 111 27
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -1,9 0 -0,2
Le. adj. ND/EBITDA (x) -1,9 0 -0,2
NOKm 2023 2024e 2025e
Sales 10 742 420
COGS -101 -311 -178
Gross profit -91 431 242
Other operating items 0 0 0
EBITDA -91 431 242
Depreciation and amortisation -1 -85 -48
of which leasing depreciation 0 0 0
EBITA -92 346 194
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -92 346 194
Net financial items -18 -28 -21
Pretax profit -110 318 174
Tax 76 -248 -136
Net profit -34 70 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -34 70 38
EPS -0,2 0,41 0,22
EPS adj. -0,2 0,41 0,22
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 68,8 78 78
Gross margin (%) -926,7 58,1 57,6
EBITDA margin (%) -926,7 58,1 57,6
EBITA margin (%) -938,4 46,6 46,3
EBIT margin (%) -938,4 46,6 46,3
Pre-tax margin (%) -1123,6 42,8 41,4
Net margin (%) -350,4 9,4 9,1
Sales growth (%) -71,3 7467,2 -43,5
EBITDA growth (%) -12,9 -574,2 -43,9
EBITA growth (%) -14,2 -475,7 -43,8
EBIT growth (%) -14,2 -475,7 -43,8
Net profit growth (%) -6,1 -303,4 -45,3
EPS growth (%) -11,7 -303,4 -45,3
Profitability N/A N/A N/A
ROE (%) -763,3 222,8 44,8
ROE adj. (%) -763,3 222,8 44,8
ROCE (%) -41,9 125,7 81,4
ROCE adj. (%) -41,9 125,7 81,4
ROIC (%) -21 68,2 88,5
ROIC adj. (%) -21 68,2 88,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -91 431 242
EBITDA adj. margin (%) -926,7 58,1 57,6
EBITDA lease adj. -91 431 242
EBITDA lease adj. margin (%) -926,7 58,1 57,6
EBITA adj. -92 346 194
EBITA adj. margin (%) -938,4 46,6 46,3
EBIT adj. -92 346 194
EBIT adj. margin (%) -938,4 46,6 46,3
Pretax profit Adj. -110 318 174
Net profit Adj. -34 70 38
Net profit to shareholders adj. -34 70 38
Net adj. margin (%) -350,4 9,4 9,1
NOKm 2023 2024e 2025e
EBITDA -91 431 242
Goodwill 152 152 152
Net financial items -18 -28 -21
Other intangible assets 2 2 2
Paid tax 88 -5 -96
Tangible fixed assets 340 410 431
Non-cash items -67 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -88 398 125
Total other fixed assets 389 423 433
Change in working capital 66 81 32
Fixed assets 883 987 1019
Operating cash flow -22 479 157
Inventories 111 131 131
Capex tangible fixed assets -5 -270 -111
Receivables 0 0 0
Capex intangible fixed assets 0 0 0
Other current assets 69 69 69
Acquisitions and Disposals -149 -20 0
Cash and liquid assets 30 143 84
Free cash flow -176 189 46
Total assets 1093 1330 1303
Dividend paid 0 0 0
Shareholders equity -4 66 105
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity -4 66 105
Other non-cash items -493 73 46
Long-term debt 206 130 25
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 676 604 558
Short-term debt 76 76 76
Accounts payable 9 9 9
Other current liabilities 130 446 531
Total liabilities and equity 1093 1330 1303
Net IB debt 175 -14 -60
Net IB debt excl. pension debt 175 -14 -60
Net IB debt excl. leasing 175 -14 -60
Capital employed 278 272 205
Capital invested 171 52 44
Working capital 41 -254 -340
EV breakdown N/A N/A N/A
Market cap. diluted (m) 170 170 170
Net IB debt adj. 175 -14 -60
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 345 156 110
Total assets turnover (%) 1,4 61,3 31,9
Working capital/sales (%) 535,7 -14,4 -70,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -4880,9 -21,4 -57,5
Net debt / market cap (%) 102,7 -8,4 -35,3
Equity ratio (%) -0,3 5 8
Net IB debt adj. / equity (%) -4880,9 -21,4 -57,5
Current ratio 0,98 0,65 0,46
EBITDA/net interest 5 15,3 11,8
Net IB debt/EBITDA (x) -1,9 0 -0,2
Net IB debt/EBITDA lease adj. (x) -1,9 0 -0,2
Interest coverage 5,1 12,3 9,4
NOKm 2023 2024e 2025e
Shares outstanding adj. 170 170 170
Diluted shares adj. 170 170 170
EPS -0,2 0,41 0,22
Dividend per share 0 0 0
EPS adj. -0,2 0,41 0,22
BVPS -0,02 0,39 0,62
BVPS adj. -0,93 -0,52 -0,29
Net IB debt/share 1,03 -0,08 -0,35
Share price 1 1 1
Market cap. (m) 170 170 170
P/E (x) -4,9 2,4 4,4
EV/sales (x) 35,12 0,21 0,26
EV/EBITDA (x) -3,8 0,4 0,5
EV/EBITA (x) -3,7 0,5 0,6
EV/EBIT (x) -3,7 0,5 0,6
Dividend yield (%) 0 0 0
FCF yield (%) -103,4 111 27
Le. adj. FCF yld. (%) -103,4 111 27
P/BVPS (x) -47,54 2,56 1,63
P/BVPS adj. (x) -1,09 -1,97 -3,55
P/E adj. (x) -4,9 2,4 4,4
EV/EBITDA adj. (x) -3,8 0,4 0,5
EV/EBITA adj. (x) -3,7 0,5 0,6
EV/EBIT adj. (x) -3,7 0,5 0,6
EV/CE (x) 1,2 0,6 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 50,4 36,4 26,4
Capex/depreciation 4,3 3,2 2,3
Capex tangibles / tangible fixed assets 1,5 65,9 25,7
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 0,34 20,79 11,04

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Media

Petrolia Noco - Company presentation with CFO Erik von Krogh

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Independent Oil & Resources PLC 46.0 % 46.0 % 16 May 2024
Larsen Oil & Gas AS 21.0 % 21.0 % 16 May 2024
Berge Gerdt Larsen 6.4 % 6.4 % 16 May 2024
NOCO (UK) LTD 6.3 % 6.3 % 16 May 2024
Increased Oil Recovery AS 5.8 % 5.8 % 16 May 2024
Trommestad Ole 1.5 % 1.5 % 16 May 2024
Tokala AS 1.0 % 1.0 % 16 May 2024
Sølve Nilsen 0.7 % 0.7 % 25 Oct 2023
Elektroland Norge AS 0.4 % 0.4 % 16 May 2024
U-Turn Ventures AS 0.3 % 0.3 % 16 May 2024
Source: Holdings by Modular Finance AB