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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 2023 2024e 2025e
Sales 10 806 420
Sales growth (%) -71,3 8113,8 -47,9
EBITDA -91 423 242
EBITDA margin (%) -926,7 52,5 57,6
EBIT adj. -92 265 194
EBIT adj. margin (%) -938,4 32,9 46,3
Pretax profit -110 228 174
EPS -0,2 0,25 0,22
EPS growth (%) -11,7 -221,8 -8,7
EPS adj. -0,2 0,25 0,22
DPS 0 0 0
EV/EBITDA (x) -4,3 0,6 0,7
EV/EBIT adj. (x) -4,2 1 0,9
P/E (x) -6,2 5,1 5,6
P/E adj. (x) -6,2 5,1 5,6
EV/sales (x) 39,45 0,32 0,43
FCF yield (%) -82,7 60,1 36,7
Le. adj. FCF yld. (%) -82,7 60,1 36,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -1,9 0,1 -0,1
Le. adj. ND/EBITDA (x) -1,9 0,1 -0,1
NOKm 2023 2024e 2025e
Sales 10 806 420
COGS -101 -383 -178
Gross profit -91 423 242
Other operating items 0 0 0
EBITDA -91 423 242
Depreciation and amortisation -1 -157 -48
of which leasing depreciation 0 0 0
EBITA -92 265 194
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -92 265 194
Net financial items -18 -37 -21
Pretax profit -110 228 174
Tax 76 -186 -136
Net profit -34 42 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -34 42 38
EPS -0,2 0,25 0,22
EPS adj. -0,2 0,25 0,22
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 68,8 81,6 78
Gross margin (%) -926,7 52,5 57,6
EBITDA margin (%) -926,7 52,5 57,6
EBITA margin (%) -938,4 32,9 46,3
EBIT margin (%) -938,4 32,9 46,3
Pre-tax margin (%) -1123,6 28,3 41,4
Net margin (%) -350,4 5,2 9,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -71,3 8113,8 -47,9
EBITDA growth (%) -12,9 -564,9 -42,8
EBITA growth (%) -14,2 -388,3 -26,8
EBIT growth (%) -14,2 -388,3 -26,8
Net profit growth (%) -6,1 -221,8 -8,7
EPS growth (%) -11,7 -221,8 -8,7
Profitability N/A N/A N/A
ROE (%) -763,3 241,2 66,6
ROE adj. (%) -763,3 241,2 66,6
ROCE (%) -41,9 101,7 92,2
ROCE adj. (%) -41,9 101,7 92,2
ROIC (%) -21 38,2 66,7
ROIC adj. (%) -21 38,2 66,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -91 423 242
EBITDA adj. margin (%) -926,7 52,5 57,6
EBITDA lease adj. -91 423 242
EBITDA lease adj. margin (%) -926,7 52,5 57,6
EBITA adj. -92 265 194
EBITA adj. margin (%) -938,4 32,9 46,3
EBIT adj. -92 265 194
EBIT adj. margin (%) -938,4 32,9 46,3
Pretax profit Adj. -110 228 174
Net profit Adj. -34 42 38
Net profit to shareholders adj. -34 42 38
Net adj. margin (%) -350,4 5,2 9,1
NOKm 2023 2024e 2025e
EBITDA -91 423 242
Goodwill 152 146 146
Net financial items -18 -37 -21
Other intangible assets 2 2 2
Paid tax 88 48 -64
Tangible fixed assets 340 348 370
Non-cash items -67 -73 0
Right-of-use asset 0 0 0
Cash flow before change in WC -88 360 157
Total other fixed assets 389 415 426
Change in working capital 66 45 32
Fixed assets 883 912 943
Operating cash flow -22 405 189
Inventories 111 189 189
Capex tangible fixed assets -5 -258 -111
Receivables 0 0 0
Capex intangible fixed assets 0 0 0
Other current assets 69 48 48
Acquisitions and Disposals -149 -20 0
Cash and liquid assets 30 81 54
Free cash flow -176 128 78
Total assets 1093 1230 1234
Dividend paid 0 0 0
Shareholders equity -4 38 77
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity -4 38 77
Other non-cash items -493 68 46
Long-term debt 206 -76 -181
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 676 610 564
Short-term debt 76 282 282
Accounts payable 9 19 19
Other current liabilities 130 357 475
Total liabilities and equity 1093 1230 1234
Net IB debt 175 46 -32
Net IB debt excl. pension debt 175 46 -32
Net IB debt excl. leasing 175 46 -32
Capital employed 278 244 177
Capital invested 171 84 44
Working capital 41 -138 -256
EV breakdown N/A N/A N/A
Market cap. diluted (m) 213 213 213
Net IB debt adj. 175 46 -32
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 387 258 180
Total assets turnover (%) 1,4 69,4 34,1
Working capital/sales (%) 535,7 -6 -46,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -4880,9 119,2 -42,3
Net debt / market cap (%) 82,1 21,5 -15,2
Equity ratio (%) -0,3 3,1 6,2
Net IB debt adj. / equity (%) -4880,9 119,2 -42,3
Current ratio 0,98 0,48 0,38
EBITDA/net interest 5 11,4 11,8
Net IB debt/EBITDA (x) -1,9 0,1 -0,1
Net IB debt/EBITDA lease adj. (x) -1,9 0,1 -0,1
Interest coverage 5,1 7,1 9,4
NOKm 2023 2024e 2025e
Shares outstanding adj. 170 170 170
Diluted shares adj. 170 170 170
EPS -0,2 0,25 0,22
Dividend per share 0 0 0
EPS adj. -0,2 0,25 0,22
BVPS -0,02 0,23 0,45
BVPS adj. -0,93 -0,64 -0,42
Net IB debt/share 1,03 0,27 -0,19
Share price 1,25 1,25 1,25
Market cap. (m) 213 213 213
Valuation N/A N/A N/A
P/E (x) -6,2 5,1 5,6
EV/sales (x) 39,45 0,32 0,43
EV/EBITDA (x) -4,3 0,6 0,7
EV/EBITA (x) -4,2 1 0,9
EV/EBIT (x) -4,2 1 0,9
Dividend yield (%) 0 0 0
FCF yield (%) -82,7 60,1 36,7
Le. adj. FCF yld. (%) -82,7 60,1 36,7
P/BVPS (x) -59,42 5,55 2,78
P/BVPS adj. (x) -1,36 -1,97 -3,05
P/E adj. (x) -6,2 5,1 5,6
EV/EBITDA adj. (x) -4,3 0,6 0,7
EV/EBITA adj. (x) -4,2 1 0,9
EV/EBIT adj. (x) -4,2 1 0,9
EV/CE (x) 1,4 1,1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 50,4 32 26,4
Capex/depreciation 4,3 1,6 2,3
Capex tangibles / tangible fixed assets 1,5 73,9 30
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 45,12 12,87

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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 % 5 Dec 2024
Larsen Oil & Gas AS 21.0 % 21.0 % 5 Dec 2024
Berge Gerdt Larsen 6.4 % 6.4 % 5 Dec 2024
NOCO (UK) LTD 6.3 % 6.3 % 5 Dec 2024
Increased Oil Recovery AS 5.8 % 5.8 % 5 Dec 2024
Trommestad Ole 1.5 % 1.5 % 5 Dec 2024
Tokala AS 1.0 % 1.0 % 5 Dec 2024
Elektroland Norge AS 0.4 % 0.4 % 5 Dec 2024
U-Turn Ventures AS 0.3 % 0.3 % 5 Dec 2024
Sølve Nilsen 0.3 % 0.3 % 28 Jun 2024
Source: Holdings by Modular Finance AB