New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. 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 36% per year over the past 5 years. Revenue is less than US$1m (kr90k revenue, or US$9.3k). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (€25.0m market cap, or US$28.6m). Board Change • May 20
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. 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. Announcement • Nov 20
North Energy ASA, Annual General Meeting, Apr 14, 2026 North Energy ASA, Annual General Meeting, Apr 14, 2026. 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. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: kr0.32 (vs kr0.011 loss in 3Q 2023) Third quarter 2024 results: EPS: kr0.32 (up from kr0.011 loss in 3Q 2023). Net income: kr37.1m (up kr38.3m from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Nov 15
North Energy ASA, Annual General Meeting, Apr 10, 2025 North Energy ASA, Annual General Meeting, Apr 10, 2025. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 0.2% 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 0.2% per year over the past 5 years. Revenue is less than US$1m (kr117k revenue, or US$11k). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (€26.9m market cap, or US$28.3m). Buy Or Sell Opportunity • Aug 05
Now 23% undervalued Over the last 90 days, the stock has risen 11% to €0.20. The fair value is estimated to be €0.26, however this is not to be taken as a buy 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%. Buy Or Sell Opportunity • Jun 15
Now 20% undervalued Over the last 90 days, the stock has risen 18% to €0.20. The fair value is estimated to be €0.25, however this is not to be taken as a buy 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%. Buy Or Sell Opportunity • May 29
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.2% to €0.18. The fair value is estimated to be €0.23, however this is not to be taken as a buy 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%. Buy Or Sell Opportunity • Apr 27
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.5% to €0.17. The fair value is estimated to be €0.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 38% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Apr 17
Now 24% undervalued Over the last 90 days, the stock has risen 13% to €0.19. The fair value is estimated to be €0.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 38% over the last 3 years. Meanwhile, the company has become profitable. 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 German dividend payers (4.7%). Higher than average of industry peers (2.8%). 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). Buy Or Sell Opportunity • Mar 06
Now 28% undervalued Over the last 90 days, the stock has risen 13% to €0.17. The fair value is estimated to be €0.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 38% over the last 3 years. Meanwhile, the company has become profitable. 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). Buy Or Sell Opportunity • Jan 25
Now 28% undervalued Over the last 90 days, the stock has risen 3.6% to €0.17. The fair value is estimated to be €0.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Jan 10
Now 31% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be €0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Dec 08
Now 30% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €0.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 10
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). Buying Opportunity • Nov 04
Now 31% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €0.22, 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. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: kr0.39 (vs kr0.09 in 1H 2022) First half 2023 results: EPS: kr0.39 (up from kr0.09 in 1H 2022). Net income: kr46.9m (up 353% from 1H 2022). 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%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (4.5%). 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 12
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). 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). 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 21
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). Reported Earnings • Aug 26
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). Recent Insider Transactions • Jun 16
Co-Chief Executive Officer recently bought €236k worth of stock On the 15th of June, Didrik Leikvang bought around 1m shares on-market at roughly €0.23 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. Board Change • Apr 29
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 • Feb 10
Full year 2021 earnings: Revenues and EPS in line with 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. 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). Recent Insider Transactions • Oct 13
Insider recently bought €79k worth of stock On the 11th of October, Rachid Bendriss bought around 285k shares on-market at roughly €0.28 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €573k more in shares than they have sold in the last 12 months. 
