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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 635 833 600
Sales growth (%) -11 31,3 -28
EBITDA 306 490 388
EBITDA margin (%) 48,2 58,8 64,6
EBIT adj. 100 280 180
EBIT adj. margin (%) 15,7 33,6 29,9
Pretax profit 42 228 143
EPS -0,06 0,21 0,17
EPS growth (%) N/A N/A -22,5
EPS adj. -0,06 0,21 0,17
DPS 0 0 0
EV/EBITDA (x) 1,9 0,7 0,1
EV/EBIT adj. (x) 5,7 1,3 0,3
P/E (x) N/A 12,2 15,7
P/E adj. (x) N/A 12,2 15,7
EV/sales (x) 0,9 0,42 0,09
FCF yield (%) 10,4 44,4 60,3
Le. adj. FCF yld. (%) 10,4 44,4 60,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,2 -0,3 -1,1
Le. adj. ND/EBITDA (x) 0,2 -0,3 -1,1
NOKm 2025 2026e 2027e
Sales 635 833 600
COGS -329 -344 -213
Gross profit 306 490 388
Other operating items 0 0 0
EBITDA 306 490 388
Depreciation and amortisation -206 -210 -208
of which leasing depreciation 0 0 0
EBITA 100 280 180
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 100 280 180
Net financial items -58 -52 -37
Pretax profit 42 228 143
Tax -54 -187 -112
Net profit -12 41 31
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -12 41 31
EPS -0,06 0,21 0,17
EPS adj. -0,06 0,21 0,17
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 129,3 82,2 78
Gross margin (%) 48,2 58,8 64,6
EBITDA margin (%) 48,2 58,8 64,6
EBITA margin (%) 15,7 33,6 29,9
EBIT margin (%) 15,7 33,6 29,9
Pre-tax margin (%) 6,6 27,3 23,9
Net margin (%) -1,9 4,9 5,2
Sales growth (%) -11 31,3 -28
EBITDA growth (%) 16,6 60,1 -20,9
EBITA growth (%) 112,5 180,2 -35,8
EBIT growth (%) N/A N/A -35,8
Net profit growth (%) 201,4 -433 -22,5
EPS growth (%) N/A N/A -22,5
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 327,1 193,9 54,8
ROE adj. (%) 327,1 193,9 54,8
ROCE (%) 41,3 116 68,3
ROCE adj. (%) 41,3 116 68,3
ROIC (%) -26,9 -406,5 -16,9
ROIC adj. (%) -26,9 -406,5 -16,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 306 490 388
EBITDA adj. margin (%) 48,2 58,8 64,6
EBITDA lease adj. 306 490 388
EBITDA lease adj. margin (%) 48,2 58,8 64,6
EBITA adj. 100 280 180
EBITA adj. margin (%) 15,7 33,6 29,9
EBIT adj. 100 280 180
EBIT adj. margin (%) 15,7 33,6 29,9
Pretax profit Adj. 42 228 143
Net profit Adj. -12 41 31
Net profit to shareholders adj. -12 41 31
Net adj. margin (%) -1,9 4,9 5,2
NOKm 2025 2026e 2027e
EBITDA 306 490 388
Goodwill 146 146 146
Net financial items -58 -52 -37
Other intangible assets 9 8 8
Paid tax 28 -78 237
Tangible fixed assets 190 57 140
Non-cash items -103 -51 0
Right-of-use asset 0 0 0
Cash flow before change in WC 174 308 589
Total other fixed assets 459 537 537
Change in working capital 55 32 0
Fixed assets 804 748 831
Operating cash flow 228 340 589
Inventories 106 168 168
Capex tangible fixed assets -188 -121 -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 74 241 539
Free cash flow 51 219 298
Total assets 984 1157 1538
Dividend paid 0 0 0
Shareholders equity 0 42 73
Share issues and buybacks 20 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 0 42 73
Other non-cash items 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 18 18
Other current liabilities 128 289 639
Total liabilities and equity 984 1157 1538
Net IB debt 76 -143 -440
Net IB debt excl. pension debt 76 -143 -440
Net IB debt excl. leasing 76 -143 -440
Capital employed 236 229 261
Capital invested 76 -101 -367
Working capital -33 -140 -489
EV breakdown N/A N/A N/A
Market cap. diluted (m) 494 494 494
Net IB debt adj. 76 -143 -440
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 570 351 54
Total assets turnover (%) 63,7 77,9 44,5
Working capital/sales (%) 1,3 -10,4 -52,3
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 46367,1 -341,2 -600,9
Net debt / market cap (%) 15,4 -28,9 -89,1
Equity ratio (%) 0 3,6 4,8
Net IB debt adj. / equity (%) 46367,1 -341,2 -600,9
Current ratio 0,48 0,83 0,84
EBITDA/net interest 5,3 11,7 16,1
Net IB debt/EBITDA (x) 0,2 -0,3 -1,1
Net IB debt/EBITDA lease adj. (x) 0,2 -0,3 -1,1
Interest coverage 1,7 6,7 7,5
NOKm 2025 2026e 2027e
Shares outstanding adj. 190 190 190
Diluted shares adj. 190 190 190
EPS -0,06 0,21 0,17
Dividend per share 0 0 0
EPS adj. -0,06 0,21 0,17
BVPS 0 0,22 0,39
BVPS adj. -0,81 -0,59 -0,42
Net IB debt/share 0,4 -0,75 -2,32
Share price 2,6 2,6 2,6
Market cap. (m) 494 494 494
P/E (x) N/A 12,2 15,7
EV/sales (x) 0,9 0,4 0,1
EV/EBITDA (x) 1,9 0,7 0,1
EV/EBITA (x) 5,7 1,3 0,3
EV/EBIT (x) 5,7 1,3 0,3
Dividend yield (%) 0 0 0
FCF yield (%) 10,4 44,4 60,3
Le. adj. FCF yld. (%) 10,4 44,4 60,3
P/BVPS (x) 3012,2 11,83 6,74
P/BVPS adj. (x) -3,38 -4,73 -6,77
P/E adj. (x) N/A 12,2 15,7
EV/EBITDA adj. (x) 1,9 0,7 0,1
EV/EBITA adj. (x) 5,7 1,3 0,3
EV/EBIT adj. (x) 5,7 1,3 0,3
EV/CE (x) 2,4 1,5 0,2
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 29,6 14,5 48,5
Capex/depreciation 0,9 0,6 1,4
Capex tangibles / tangible fixed assets 98,9 211,8 207,7
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 108,4 368,1 148,5

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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 % 1 Sep 2026
Larsen Oil & Gas AS 21.0 % 21.0 % 1 Sep 2026
Berge Gerdt Larsen 6.4 % 6.4 % 1 Sep 2026
Noco Oil & Resources LTD 6.3 % 6.3 % 1 Sep 2026
Increased Oil Recovery AS 5.8 % 5.8 % 1 Sep 2026
Trommestad Ole 1.5 % 1.5 % 1 Sep 2026
Tokala AS 0.9 % 0.9 % 1 Sep 2026
Steinar Grønland 0.6 % 0.6 % 1 Sep 2026
Elektroland Norge AS 0.4 % 0.4 % 1 Sep 2026
Ø. H. Holding AS 0.4 % 0.4 % 1 Sep 2026
Source: Holdings by Modular Finance AB