Buy Or Sell Opportunity • Jun 30
Now 20% overvalued Over the last 90 days, the stock has fallen 12% to kr2.37. The fair value is estimated to be kr1.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 12
Now 21% overvalued Over the last 90 days, the stock has fallen 5.1% to kr2.40. The fair value is estimated to be kr1.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 29
Full year 2025 earnings released: kr0.34 loss per share (vs kr0.50 profit in FY 2024) Full year 2025 results: kr0.34 loss per share (down from kr0.50 profit in FY 2024). Net loss: kr40.2m (down 169% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • Mar 25
Dividend of kr0.13 announced Shareholders will receive a dividend of kr0.13. Ex-date: 15th April 2026 Payment date: 1st January 1970 Dividend yield will be 4.9%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Announcement • Mar 24
North Energy ASA announces Annual dividend North Energy ASA announced Annual dividend of NOK 0.1300 per share, ex-date on April 15, 2026 and record date on April 16, 2026. New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 29% per year over the past 5 years. Revenue is less than US$1m (kr90k revenue, or US$8.8k). Minor Risk Market cap is less than US$100m (kr307.2m market cap, or US$30.2m). Announcement • Nov 20
North Energy ASA, Annual General Meeting, Apr 14, 2026 North Energy ASA, Annual General Meeting, Apr 14, 2026. Recent Insider Transactions • Sep 19
Independent Director recently bought kr442k worth of stock On the 16th of September, Jogeir Romestrand bought around 164k shares on-market at roughly kr2.70 per share. This transaction amounted to 8.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr4.6m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • May 20
Now 20% overvalued Over the last 90 days, the stock has fallen 3.6% to kr2.68. The fair value is estimated to be kr2.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Apr 11
North Energy ASA Approves Cash Dividend for Financial Year 2024, Payable on or About 23 April 2025 North Energy ASA announced that at the ordinary general meeting held on April 10, 2025, approved a cash dividend of NOK 0.15 per share for financial year 2024. Ex-date is 11 April 2025. Record date is 14 April 2025. Payment date is On or about 23 April 2025. Upcoming Dividend • Apr 07
Upcoming dividend of kr0.15 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 23 April 2025. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 6.0%. Lower than top quartile of Norwegian dividend payers (9.6%). Higher than average of industry peers (3.2%). Declared Dividend • Mar 23
Dividend increased to kr0.15 Dividend of kr0.15 is 50% higher than last year. Ex-date: 11th April 2025 Payment date: 23rd April 2025 Dividend yield will be 5.8%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 66% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.6% EPS decline seen over the last 5 years. Recent Insider Transactions • Feb 18
Co-Chief Executive Officer recently bought kr1.4m worth of stock On the 14th of February, Didrik Leikvang bought around 500k shares on-market at roughly kr2.81 per share. This transaction amounted to 74% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Didrik has been a buyer over the last 12 months, purchasing a net total of kr2.7m worth in shares. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: kr0.50 (vs kr0.21 in FY 2023) Full year 2024 results: EPS: kr0.50 (up from kr0.21 in FY 2023). Net income: kr58.1m (up 136% from FY 2023). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 24
Now 20% overvalued Over the last 90 days, the stock has fallen 5.3% to kr2.50. The fair value is estimated to be kr2.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 42% over the last 3 years. Earnings per share has grown by 9.5%. Buy Or Sell Opportunity • Jan 07
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 1.6% to kr2.57. The fair value is estimated to be kr2.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 42% over the last 3 years. Earnings per share has grown by 9.5%. Recent Insider Transactions • Dec 06
Independent Director recently bought kr1.2m worth of stock On the 4th of December, Jogeir Romestrand bought around 447k shares on-market at roughly kr2.67 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr6.3m more in shares than they have sold in the last 12 months. Announcement • Nov 15
North Energy ASA, Annual General Meeting, Apr 10, 2025 North Energy ASA, Annual General Meeting, Apr 10, 2025. Recent Insider Transactions • Sep 04
Co-Chief Executive Officer recently bought kr243k worth of stock On the 30th of August, Rachid Bendriss bought around 97k shares on-market at roughly kr2.51 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rachid has been a buyer over the last 12 months, purchasing a net total of kr1.3m worth in shares. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to kr3.17, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 16x in the Capital Markets industry in Europe. Total returns to shareholders of 34% over the past three years. Buy Or Sell Opportunity • Jul 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to kr2.83. The fair value is estimated to be kr2.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 47% over the last 3 years. Earnings per share has declined by 56%. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr2.73, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 15x in the Capital Markets industry in Europe. Total returns to shareholders of 1.0% over the past three years. Recent Insider Transactions • Jun 09
Co-Chief Executive Officer recently bought kr307k worth of stock On the 4th of June, Didrik Leikvang bought around 131k shares on-market at roughly kr2.34 per share. This transaction amounted to 91% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Didrik's only on-market trade for the last 12 months. Announcement • Apr 10
North Energy ASA Approves Dividend, Payable on or About 17 April 2024 North Energy ASA at its AGM held on 10 April 2024, approved dividend of NOK 0.10 per share. Ex-date is 11 April 2024. Record date is 12 April 2024. Payment date is on or about 17 April 2024. Upcoming Dividend • Apr 04
Upcoming dividend of kr0.10 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 17 April 2024. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Norwegian dividend payers (7.5%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: kr0.21 (vs kr0.11 loss in FY 2022) Full year 2023 results: EPS: kr0.21 (up from kr0.11 loss in FY 2022). Net income: kr24.6m (up kr37.7m from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Feb 18
Chairman of the Board recently bought kr171k worth of stock On the 15th of February, Anders Onarheim bought around 80k shares on-market at roughly kr2.15 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr386k. Anders has been a buyer over the last 12 months, purchasing a net total of kr1.1m worth in shares. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: kr0.21 (vs kr0.11 loss in FY 2022) Full year 2023 results: EPS: kr0.21 (up from kr0.11 loss in FY 2022). Net income: kr24.6m (up kr37.7m from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jan 15
Chairman of the Board recently bought kr386k worth of stock On the 12th of January, Anders Onarheim bought around 186k shares on-market at roughly kr2.07 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of kr963k worth in shares. Recent Insider Transactions • Dec 27
Chairman of the Board recently bought kr75k worth of stock On the 18th of December, Anders Onarheim bought around 35k shares on-market at roughly kr2.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr164k. Anders has been a buyer over the last 12 months, purchasing a net total of kr577k worth in shares. Recent Insider Transactions • Dec 21
Chairman of the Board recently bought kr164k worth of stock On the 14th of December, Anders Onarheim bought around 78k shares on-market at roughly kr2.10 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of kr503k worth in shares. Recent Insider Transactions • Nov 19
Co-Chief Executive Officer recently bought kr145k worth of stock On the 15th of November, Rachid Bendriss bought around 69k shares on-market at roughly kr2.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rachid has been a buyer over the last 12 months, purchasing a net total of kr177k worth in shares. Reported Earnings • Nov 09
Third quarter 2023 earnings released: kr0.01 loss per share (vs kr0.007 profit in 3Q 2022) Third quarter 2023 results: kr0.01 loss per share (down from kr0.007 profit in 3Q 2022). Net loss: kr1.27m (down 245% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Buying Opportunity • Oct 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.1%. The fair value is estimated to be kr2.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Oct 04
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be kr2.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jun 02
North Energy ASA Approves Cash Dividend, Payable on or About 12 June 2023 North Energy ASA, at its AGM, held on June 1, 2023, approved cash dividend of NOK 0.10 per share. Last day including right: 1 June 2023, Date of approval: 1 June 2023, Ex-date: 2 June 2023, Record date: 5 June 2023 and Payment date: On or about 12 June 2023. Upcoming Dividend • May 26
Upcoming dividend of kr0.10 per share at 4.7% yield Eligible shareholders must have bought the stock before 02 June 2023. Payment date: 12 June 2023. Trailing yield: 4.7%. Lower than top quartile of Norwegian dividend payers (8.3%). Higher than average of industry peers (2.4%). Announcement • May 12
North Energy Asa Proposes Cash Dividend, Payable on 12 June 2023 North Energy ASA has decided to propose a cash dividend of NOK 0.10 per share for the financial year 2022. Last day including right: 1 June 2023, Date of approval: 1 June 2023, Ex-date: 2 June 2023, Record date: 5 June 2023 and Payment date: On or about 12 June 2023. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: kr0.06 (vs kr0.11 loss in 1Q 2022) First quarter 2023 results: EPS: kr0.06 (up from kr0.11 loss in 1Q 2022). Net income: kr7.24m (up kr19.9m from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Feb 16
Full year 2022 earnings released: kr0.11 loss per share (vs kr0.24 loss in FY 2021) Full year 2022 results: kr0.11 loss per share (improved from kr0.24 loss in FY 2021). Net loss: kr13.1m (loss narrowed 53% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Jan 11
North Energy ASA to Report Q4, 2022 Results on Feb 28, 2023 North Energy ASA announced that they will report Q4, 2022 results at 12:00 PM, Central European Standard Time on Feb 28, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Director Elin Karfjell was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: kr0.01 (vs kr0.41 in 3Q 2021) Third quarter 2022 results: EPS: kr0.01 (down from kr0.41 in 3Q 2021). Net income: kr878.0k (down 98% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Buying Opportunity • Aug 30
Now 21% undervalued Over the last 90 days, the stock is up 8.2%. The fair value is estimated to be kr3.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 72% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 25
Second quarter 2022 earnings released: EPS: kr0.20 (vs kr0.18 loss in 2Q 2021) Second quarter 2022 results: EPS: kr0.20 (up from kr0.18 loss in 2Q 2021). Net income: kr23.0m (up kr43.7m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.1%. The fair value is estimated to be kr3.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 51% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jun 23
Now 21% undervalued Over the last 90 days, the stock is up 9.5%. The fair value is estimated to be kr3.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 51% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Jun 16
Co-Chief Executive Officer recently bought kr2.5m worth of stock On the 15th of June, Didrik Leikvang bought around 1m shares on-market at roughly kr2.37 per share. This was the largest purchase by an insider in the last 3 months. This was Didrik's only on-market trade for the last 12 months. Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be kr3.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Meanwhile, the company became loss making. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Director Elin Karfjell was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be kr3.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% per annum over the last 3 years. The company became loss making over the last year. Buying Opportunity • Feb 24
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be kr3.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% per annum over the last 3 years. The company became loss making over the last year. Reported Earnings • Feb 10
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: kr0.24 loss per share (down from kr1.04 profit in FY 2020). Net loss: kr27.8m (down 123% from profit in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 132%. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improved over the past week After last week's 15% share price gain to kr2.70, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 6x in the Energy Services industry in Norway. Total returns to shareholders of 115% over the past three years. Buying Opportunity • Jan 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr3.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 42% per annum over the last 3 years. The company has become profitable over the last 3 years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS kr0.41 (vs kr0.45 in 3Q 2020) Third quarter 2021 results: Net income: kr47.7m (down 9.7% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Oct 13
Insider recently bought kr784k worth of stock On the 11th of October, Rachid Bendriss bought around 285k shares on-market at roughly kr2.75 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr6.1m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 17% share price gain to kr2.75, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 4x in the Energy Services industry in Norway. Total returns to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 21% share price gain to kr3.07, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 6x in the Energy Services industry in Norway. Total returns to shareholders of 125% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to kr2.97, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 4x in the Energy Services industry in Norway. Total returns to shareholders of 122% over the past three years. Upcoming Dividend • Apr 09
Upcoming dividend of kr0.45 per share Eligible shareholders must have bought the stock before 15 April 2021. Payment date: 23 April 2021. Trailing yield: 12%. Within top quartile of Norwegian dividend payers (5.0%). Higher than average of industry peers (4.7%). Reported Earnings • Mar 25
Full year 2020 earnings released Full year 2020 results: Net income: kr122.0m (up kr137.5m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 16% share price gain to kr3.60, the stock is trading at a trailing P/E ratio of 3.5x, up from the previous P/E ratio of 3x. This compares to an average P/E of 5x in the Energy Services industry in Norway. Total returns to shareholders over the past three years are 123%. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS kr1.04 (vs kr0.13 loss in FY 2019) Full year 2020 results: Net income: kr122.0m (up kr137.5m from FY 2019). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 17
New 90-day high: kr2.97 The company is up 43% from its price of kr2.07 on 19 November 2020. The Norwegian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: kr2.95 The company is up 51% from its price of kr1.95 on 21 October 2020. The Norwegian market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 43% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: kr2.54 The company is up 49% from its price of kr1.70 on 30 September 2020. The Norwegian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 43% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: kr2.41 The company is up 41% from its price of kr1.71 on 09 September 2020. The Norwegian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 34% over the same period. 
