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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 2025 2026e 2027e
Sales 634,86 791,69 600,21
Sales growth (%) -11 24,7 -24,2
EBITDA 306 461 385
EBITDA margin (%) 48,2 58,2 64,1
EBIT adj. 100 220 177
EBIT adj. margin (%) 15,7 27,8 29,5
Pretax profit 42 194 151
EPS -0,06 0,22 0,17
EPS growth (%) N/A N/A -22,1
EPS adj. -0,06 0,22 0,17
Dividend per share 0 0 0
EV/EBITDA (x) 1,6 0,6 0
EV/EBIT adj. (x) 5 1,2 -0,1
P/E (x) N/A 10,02 12,87
P/E adj. (x) N/A 10 12,9
EV/sales (x) 0,79 0,32 -0,02
FCF yield (%) 12 58,3 61,6
Le. adj. FCF yld. (%) 12 58,3 61,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,2 -0,4 -1,1
Le. adj. ND/EBITDA (x) 0,2 -0,4 -1,1
NOKm 2025 2026e 2027e
Sales 634,86 791,69 600,21
COGS -329 -331 -216
Gross profit 306 461 385
Other operating items 0 0 0
EBITDA 306 461 385
Depreciation and amortisation -206 -241 -208
Depreciation on leased assets 0 0 0
EBITA 99,84 219,82 176,77
Operating EO items 0 0 0
Impairment and amortisation charges 0 0 0
EBIT 99,84 219,82 176,77
Net financial items -58 -26 -26
Pretax profit 42 194 151
Tax -54 -151 -118
Net profit -12 43 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -12 43 33
EPS -0,06 0,22 0,17
EPS adj. -0,06 0,22 0,17
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 129,3 78 78
Gross margin (%) 48,2 58,2 64,1
EBITDA margin (%) 48,2 58,2 64,1
EBITA margin (%) 15,7 27,8 29,5
EBIT margin (%) 15,7 27,8 29,5
Pre-tax margin (%) 6,6 24,5 25,2
Net margin (%) -1,9 5,4 5,5
Sales growth (%) -11 24,7 -24,2
EBITDA growth (%) 16,6 50,5 -16,5
EBITA growth (%) 112,5 120,2 -19,6
EBIT growth (%) N/A N/A -19,6
Net profit growth (%) 201,4 -449,4 -22,1
EPS growth (%) N/A N/A -22,1
Profitability N/A N/A N/A
ROE (%) 339,9 198,5 55,9
ROE adj. (%) 339,9 198,5 55,9
ROCE (%) 41,2 85,5 59,9
ROCE adj. (%) 41,2 85,5 59,9
ROIC (%) -26,9 -178,9 -15,8
ROIC adj. (%) -26,9 -178,9 -15,8
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 306 461 385
EBITDA adj. margin (%) 48,2 58,2 64,1
EBITDA lease adj. 306 461 385
EBITDA lease adj. margin (%) 48,2 58,2 64,1
EBITA adj. 100 220 177
EBITA adj. margin (%) 15,7 27,8 29,5
EBIT adj. 100 220 177
EBIT adj. margin (%) 15,7 27,8 29,5
Pretax profit Adj. 42 194 151
Net profit Adj. -12 43 33
Net profit to shareholders adj. -12 43 33
Net adj. margin (%) -1,9 5,4 5,5
NOKm 2025 2026e 2027e
EBITDA 306 461 385
Goodwill 146 146 146
Net financial items -58 -26 -26
Other intangible assets 9 9 9
Paid tax 28 -68 196
Tangible fixed assets 190 42 125
Non-cash items -103 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 174 366 554
Other Fixed Assets All 459 483 483
Change in working capital 55 72 0
Fixed assets 804 680 763
Operating cash flow 228 438 554
Inventories 106 106 106
Capex tangible fixed assets -188 -189 -291
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 74 323 586
Free cash flow 51 249 264
Total assets 984 1109 1456
Dividend paid 0 0 0
Shareholders equity 0 43 76
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 0 43 76
Other changes in net debt 36 219 -8
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 609 389 398
Short-term debt 236 236 236
Accounts payable 12 12 12
Other current liabilities 128 430 735
Total liabilities and equity 984 1109 1456
Net IB debt 76 -173 -437
Net IB debt excl. pension debt 76 -173 -437
Net IB debt excl. leasing 76 -173 -437
Capital employed 236 279 312
Capital invested 76 -130 -361
Working capital -33 -335 -640
EV breakdown N/A N/A N/A
Market cap. diluted (m) 428 428 428
Net IB debt adj. 76 -173 -437
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 504 254 -9
Total assets turnover (%) 63,7 75,6 46,8
Working capital/sales (%) 1,3 -23,3 -81,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 46367,1 -404,3 -574,3
Net debt / market cap (%) 17,8 -40,5 -102,1
Equity ratio (%) 0 3,9 5,2
Net IB debt adj. / equity (%) 46367,1 -404,3 -574,3
Current ratio 0,48 0,63 0,7
EBITDA/net interest 5,3 17,7 14,9
Net IB debt/EBITDA (x) 0,2 -0,4 -1,1
Net IB debt/EBITDA lease adj. (x) 0,2 -0,4 -1,1
Interest coverage 1,7 8,5 6,8
NOKm 2025 2026e 2027e
Shares outstanding adj. 190 190 190
Diluted shares adj. 190 190 190
EPS -0,06 0,22 0,17
Dividend per share 0 0 0
EPS adj. -0,06 0,22 0,17
BVPS 0 0,23 0,4
BVPS adj. -0,81 -0,59 -0,42
Net IB debt/share 0,4 -0,91 -2,3
Share price 2,25 2,25 2,25
Market cap. (m) 428 428 428
P/E (x) N/A 10,02 12,87
EV/sales (x) 0,79 0,32 -0,02
EV/EBITDA (x) 1,6 0,6 0
EV/EBITA (x) 5 1,2 -0,1
EV/EBIT (x) 5 1,2 -0,1
Dividend yield (%) 0 0 0
FCF yield (%) 12 58,3 61,6
Le. adj. FCF yld. (%) 12 58,3 61,6
P/BVPS (x) 2606,71 9,98 5,62
P/BVPS adj. (x) -2,93 -4,13 -6,09
P/E adj. (x) N/A 10 12,9
EV/EBITDA adj. (x) 1,6 0,6 0
EV/EBITA adj. (x) 5 1,2 -0,1
EV/EBIT adj. (x) 5 1,2 -0,1
EV/CE (x) 2,1 0,9 0
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -29,6 -23,8 -48,5
Capex/depreciation 0,9 0,8 1,4
Capex tangibles / tangible fixed assets 98,9 444,1 231,9
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 108,43 566,93 165,78

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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 % 21 Apr 2026
Larsen Oil & Gas AS 21.0 % 21.0 % 21 Apr 2026
Berge Gerdt Larsen 6.4 % 6.4 % 21 Apr 2026
Noco Oil & Resources Ltd 6.3 % 6.3 % 21 Apr 2026
Increased Oil Recovery AS 5.8 % 5.8 % 21 Apr 2026
Trommestad Ole 1.7 % 1.7 % 21 Apr 2026
Tokala AS 0.9 % 0.9 % 21 Apr 2026
Steinar Grønland 0.8 % 0.8 % 21 Apr 2026
Elektroland Norge AS 0.4 % 0.4 % 21 Apr 2026
Ø. H. Holding AS 0.4 % 0.4 % 21 Apr 2026
Source: Holdings by Modular Finance AB