Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Petrolia Noco

Petrolia Noco

Send subscription Close

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 634,86 921,84 643,83
Sales growth (%) -11 45,2 -30,2
EBITDA 306 585 439
EBITDA margin (%) 48,2 63,4 68,2
EBIT adj. 100 380 241
EBIT adj. margin (%) 15,7 41,3 37,5
Pretax profit 42 329 206
EPS -0,06 0,33 0,24
EPS growth (%) N/A N/A -28
EPS adj. -0,06 0,33 0,24
Dividend per share 0 0 0
EV/EBITDA (x) 1,9 0,5 0
EV/EBIT adj. (x) 5,7 0,7 -0,1
P/E (x) N/A 7,85 10,9
P/E adj. (x) N/A 7,9 10,9
EV/sales (x) 0,9 0,29 -0,02
FCF yield (%) 10,4 61,2 57,5
Le. adj. FCF yld. (%) 10,4 61,2 57,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,2 -0,4 -1,2
Le. adj. ND/EBITDA (x) 0,2 -0,4 -1,2
NOKm 2025 2026e 2027e
Sales 634,86 921,84 643,83
COGS -329 -337 -205
Gross profit 306 585 439
Other operating items 0 0 0
EBITDA 306 585 439
Depreciation and amortisation -206 -204 -198
Depreciation on leased assets 0 0 0
EBITA 99,84 380,42 241,36
Operating EO items 0 0 0
Impairment and amortisation charges 0 0 0
EBIT 99,84 380,42 241,37
Net financial items -58 -51 -35
Pretax profit 42 329 206
Tax -54 -266 -161
Net profit -12 63 45
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -12 63 45
EPS -0,06 0,33 0,24
EPS adj. -0,06 0,33 0,24
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 129,3 80,9 78
Gross margin (%) 48,2 63,4 68,2
EBITDA margin (%) 48,2 63,4 68,2
EBITA margin (%) 15,7 41,3 37,5
EBIT margin (%) 15,7 41,3 37,5
Pre-tax margin (%) 6,6 35,7 32
Net margin (%) -1,9 6,8 7
Sales growth (%) -11 45,2 -30,2
EBITDA growth (%) 16,6 91,1 -24,9
EBITA growth (%) 112,5 281 -36,6
EBIT growth (%) N/A N/A -36,6
Net profit growth (%) 201,4 -615,5 -28
EPS growth (%) N/A N/A -28
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 327,1 196 52,3
ROE adj. (%) 327,1 196 52,3
ROCE (%) 41,3 152 83,5
ROCE adj. (%) 41,3 152 83,5
ROIC (%) -26,9 -170 -18,9
ROIC adj. (%) -26,9 -170 -18,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 306 585 439
EBITDA adj. margin (%) 48,2 63,4 68,2
EBITDA lease adj. 306 585 439
EBITDA lease adj. margin (%) 48,2 63,4 68,2
EBITA adj. 100 380 241
EBITA adj. margin (%) 15,7 41,3 37,5
EBIT adj. 100 380 241
EBIT adj. margin (%) 15,7 41,3 37,5
Pretax profit Adj. 42 329 206
Net profit Adj. -12 63 45
Net profit to shareholders adj. -12 63 45
Net adj. margin (%) -1,9 6,8 7
NOKm 2025 2026e 2027e
EBITDA 306 585 439
Goodwill 146 146 146
Net financial items -58 -51 -35
Other intangible assets 9 8 8
Paid tax 28 -78 157
Tangible fixed assets 190 61 139
Non-cash items -103 -51 0
Right-of-use asset 0 0 0
Cash flow before change in WC 174 404 560
Other Fixed Assets All 459 536 536
Change in working capital 55 15 0
Fixed assets 804 751 829
Operating cash flow 228 419 560
Inventories 106 168 168
Capex tangible fixed assets -188 -116 -276
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 74 325 609
Free cash flow 51 302 284
Total assets 984 1243 1606
Dividend paid 0 0 0
Shareholders equity 0 64 109
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 0 64 109
Other changes in net debt 36 -12 0
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 609 620 620
Short-term debt 236 187 187
Accounts payable 12 3 3
Other current liabilities 128 368 686
Total liabilities and equity 984 1243 1606
Net IB debt 76 -226 -510
Net IB debt excl. pension debt 76 -226 -510
Net IB debt excl. leasing 76 -226 -510
Capital employed 236 252 297
Capital invested 76 -162 -401
Working capital -33 -204 -521
EV breakdown N/A N/A N/A
Market cap. diluted (m) 494 494 494
Net IB debt adj. 76 -226 -510
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 570 268 -16
Total assets turnover (%) 63,7 82,8 45,2
Working capital/sales (%) 1,3 -12,8 -56,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 46367,1 -352,6 -466,3
Net debt / market cap (%) 15,4 -45,7 -103,2
Equity ratio (%) 0 5,2 6,8
Net IB debt adj. / equity (%) 46367,1 -352,6 -466,3
Current ratio 0,48 0,88 0,89
EBITDA/net interest 5,3 14,2 19,2
Net IB debt/EBITDA (x) 0,2 -0,4 -1,2
Net IB debt/EBITDA lease adj. (x) 0,2 -0,4 -1,2
Interest coverage 1,7 9,2 10,6
NOKm 2025 2026e 2027e
Shares outstanding adj. 190 190 190
Diluted shares adj. 190 190 190
EPS -0,06 0,33 0,24
Dividend per share 0 0 0
EPS adj. -0,06 0,33 0,24
BVPS 0 0,34 0,58
BVPS adj. -0,81 -0,47 -0,23
Net IB debt/share 0,4 -1,19 -2,68
Share price 2,6 2,6 2,6
Market cap. (m) 494 494 494
P/E (x) N/A 7,85 10,9
EV/sales (x) 0,9 0,29 -0,02
EV/EBITDA (x) 1,9 0,5 0
EV/EBITA (x) 5,7 0,7 -0,1
EV/EBIT (x) 5,7 0,7 -0,1
Dividend yield (%) 0 0 0
FCF yield (%) 10,4 61,2 57,5
Le. adj. FCF yld. (%) 10,4 61,2 57,5
P/BVPS (x) 3012,2 7,71 4,52
P/BVPS adj. (x) -3,38 -6,01 -13,4
P/E adj. (x) N/A 7,9 10,9
EV/EBITDA adj. (x) 1,9 0,5 0
EV/EBITA adj. (x) 5,7 0,7 -0,1
EV/EBIT adj. (x) 5,7 0,7 -0,1
EV/CE (x) 2,4 1,1 -0,1
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -29,6 -12,6 -42,9
Capex/depreciation 0,9 0,6 1,4
Capex tangibles / tangible fixed assets 98,9 192 198,3
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 108,43 337,16 141,72

Equity research

Read earlier research

Media

Petrolia Noco - Company presentation with CFO Erik von Krogh

View more media

Main shareholders - Petrolia Noco

Main shareholders Share capital % Voting shares % Verified
Independent Oil & Resources PLC 46.0 % 46.0 % 29 Sep 2026
Larsen Oil & Gas AS 21.0 % 21.0 % 29 Sep 2026
Berge Gerdt Larsen 6.4 % 6.4 % 29 Sep 2026
Noco Oil & Resources LTD 6.3 % 6.3 % 29 Sep 2026
Increased Oil Recovery AS 5.8 % 5.8 % 29 Sep 2026
Trommestad Ole 1.5 % 1.5 % 29 Sep 2026
Tokala AS 0.9 % 0.9 % 29 Sep 2026
Steinar Grønland 0.6 % 0.6 % 29 Sep 2026
Elektroland Norge AS 0.4 % 0.4 % 29 Sep 2026
Ø. H. Holding AS 0.4 % 0.4 % 29 Sep 2026
Source: Holdings by Modular Finance AB