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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 asset is the 20% partnered stake in the Dugong discovery.

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 11 0 0
Sales growth (%) -67,2 -100 N/A
EBITDA -50 -111 -40
EBITDA margin (%) -448,9 N/A N/A
EBIT adj. -52 -111 -40
EBIT adj. margin (%) -459,7 N/A N/A
Pretax profit -68 -129 -59
EPS -0,11 -0,17 -0,08
EPS growth (%) -50,6 47,2 -54,4
EPS adj. -0,11 -0,17 -0,08
Dividend per share 0 0 0
EV/EBITDA (x) -5,4 -3,3 -7,3
EV/EBIT adj. (x) -5,3 -3,3 -7,3
P/E (x) -9,7 -6,6 -14,5
P/E adj. (x) -9,7 -6,6 -14,5
EV/sales (x) 24,4 N/A N/A
FCF yield (%) -8,6 -47 36,6
Le. adj. FCF yld. (%) -8,6 -47 36,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -1,7 -1,6 -2,7
Le. adj. ND/EBITDA (x) -1,7 -1,6 -2,7
NOKm 2023 2024e 2025e
Sales 11 0 0
COGS -62 -111 -40
Gross profit -50 -111 -40
Other operating items 0 0 0
EBITDA -50 -111 -40
Depreciation and amortisation -1 0 0
Depreciation on leased assets 0 0 0
EBITA -52 -111 -40
Operating EO items 0 0 0
Impairment and amortisation charges 0 0 0
EBIT -51,6 -110,88 -40
Net financial items -16 -18 -19
Pretax profit -68 -129 -59
Tax 49 100 46
Net profit -19 -28 -13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -19 -28 -13
EPS -0,11 -0,17 -0,08
EPS adj. -0,11 -0,17 -0,08
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 71,7 78 78
Gross margin (%) -448,9 N/A N/A
EBITDA margin (%) -448,9 N/A N/A
EBITA margin (%) -459,7 N/A N/A
EBIT margin (%) -459,7 N/A N/A
Pre-tax margin (%) -605 N/A N/A
Net margin (%) -171,2 N/A N/A
Sales growth (%) -67,2 -100 N/A
EBITDA growth (%) -51,7 120 -63,9
EBITA growth (%) -51,9 114,9 -63,9
EBIT growth (%) -51,9 N/A -63,9
Net profit growth (%) -47,5 47,2 -54,4
EPS growth (%) -50,6 47,2 -54,4
Profitability N/A N/A N/A
ROE (%) -159,1 1101,5 55,7
ROE adj. (%) -159,1 1101,5 55,7
ROCE (%) -34 -70,1 -39,3
ROCE adj. (%) -34 -70,1 -39,3
ROIC (%) -14,5 -19 -7,5
ROIC adj. (%) -14,5 -19 -7,5
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -50 -111 -40
EBITDA adj. margin (%) -448,9 N/A N/A
EBITDA lease adj. -50 -111 -40
EBITDA lease adj. margin (%) -448,9 N/A N/A
EBITA adj. -52 -111 -40
EBITA adj. margin (%) -459,7 N/A N/A
EBIT adj. -52 -111 -40
EBIT adj. margin (%) -459,7 N/A N/A
Pretax profit Adj. -68 -129 -59
Net profit Adj. -19 -28 -13
Net profit to shareholders adj. -19 -28 -13
Net adj. margin (%) -171,2 N/A N/A
NOKm 2023 2024e 2025e
EBITDA -50 -111 -40
Goodwill 0 0 0
Net financial items -16 -18 -19
Other intangible assets 0 0 0
Paid tax 88 75 138
Tangible fixed assets 12 23 33
Non-cash items -24 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -3 -54 79
Other Fixed Assets All 165 188 188
Change in working capital 13 71 0
Fixed assets 177 211 222
Operating cash flow 10 17 79
Inventories 9 9 9
Capex tangible fixed assets -26 -105 -11
Receivables 0 0 0
Capex intangible fixed assets 0 0 0
Other current assets 121 121 121
Acquisitions and Disposals 0 0 0
Cash and liquid assets 42 13 -49
Free cash flow -16 -88 68
Total assets 348 353 302
Dividend paid 0 0 0
Shareholders equity 12 -17 -30
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 12 -17 -30
Other changes in net debt 1 68 12
Long-term debt 131 190 60
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 110 42 30
Short-term debt 0 0 0
Accounts payable 7 7 7
Other current liabilities 88 131 235
Total liabilities and equity 348 353 302
Net IB debt 87 175 106
Net IB debt excl. pension debt 87 175 106
Net IB debt excl. leasing 87 175 106
Capital employed 143 173 30
Capital invested 98 158 77
Working capital 35 -8 -113
EV breakdown N/A N/A N/A
Market cap. diluted (m) 187 187 187
Net IB debt adj. 87 175 106
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 274 362 293
Total assets turnover (%) 3,4 0 0
Working capital/sales (%) 438,5 N/A N/A
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 750,6 -1045,9 -359,2
Net debt / market cap (%) 46,5 93,5 56,9
Equity ratio (%) 3,3 -4,7 -9,8
Net IB debt adj. / equity (%) 750,6 -1045,9 -359,2
Current ratio 1,81 1,03 0,33
EBITDA/net interest 3,1 6,2 2,1
Net IB debt/EBITDA (x) -1,7 -1,6 -2,7
Net IB debt/EBITDA lease adj. (x) -1,7 -1,6 -2,7
Interest coverage 3,2 6,2 2,1
NOKm 2023 2024e 2025e
Shares outstanding adj. 170 170 170
Diluted shares adj. 170 170 170
EPS -0,11 -0,17 -0,08
Dividend per share 0 0 0
EPS adj. -0,11 -0,17 -0,08
BVPS 0,07 -0,1 -0,17
BVPS adj. 0,07 -0,1 -0,17
Net IB debt/share 0,51 1,03 0,63
Share price 1,1 1,1 1,1
Market cap. (m) 187 187 187
P/E (x) -9,7 -6,6 -14,5
EV/sales (x) 24,4 N/A N/A
EV/EBITDA (x) -5,4 -3,3 -7,3
EV/EBITA (x) -5,3 -3,3 -7,3
EV/EBIT (x) -5,3 -3,3 -7,3
Dividend yield (%) 0 0 0
FCF yield (%) -8,6 -47 36,6
Le. adj. FCF yld. (%) -8,6 -47 36,6
P/BVPS (x) 16,15 -11,19 -6,31
P/BVPS adj. (x) 16,15 -11,19 -6,31
P/E adj. (x) -9,7 -6,6 -14,5
EV/EBITDA adj. (x) -5,4 -3,3 -7,3
EV/EBITA adj. (x) -5,3 -3,3 -7,3
EV/EBIT adj. (x) -5,3 -3,3 -7,3
EV/CE (x) 1,9 2,1 9,6
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -229,5 N/A N/A
Capex/depreciation 21,3 N/A N/A
Capex tangibles / tangible fixed assets 212,4 461,6 31,9
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 9,97 0 0

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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 % 20 Feb 2024
Larsen Oil & Gas AS 21.0 % 21.0 % 20 Feb 2024
Berge Gerdt Larsen 6.4 % 6.4 % 20 Feb 2024
NOCO (UK) LTD 6.3 % 6.3 % 20 Feb 2024
Increased Oil Recovery AS 5.8 % 5.8 % 20 Feb 2024
Trommestad Ole 1.5 % 1.5 % 20 Feb 2024
Tokala AS 1.0 % 1.0 % 20 Feb 2024
Sølve Nilsen 0.7 % 0.7 % 25 Oct 2023
Elektroland Norge AS 0.4 % 0.4 % 20 Feb 2024
Ø. H. Holding AS 0.4 % 0.4 % 20 Feb 2024
Source: Holdings by Modular Finance AB