New Risk • May 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 27
Full year 2025 earnings released: EPS: US$0.26 (vs US$0.27 in FY 2024) Full year 2025 results: EPS: US$0.26. Revenue: US$55.7m (down 4.6% from FY 2024). Net income: US$23.9m (up 3.0% from FY 2024). Profit margin: 43% (up from 40% in FY 2024). The increase in margin was driven by lower expenses. Major Estimate Revision • Feb 16
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$51.0m to US$53.0m. EPS estimate increased from US$0.18 to US$0.20 per share. Net income forecast to shrink 25% next year vs 23% growth forecast for Energy Services industry in Norway . Consensus price target up from kr22.34 to kr26.02. Share price fell 6.5% to kr20.00 over the past week. Reported Earnings • Feb 10
Full year 2025 earnings released: EPS: US$0.26 (vs US$0.27 in FY 2024) Full year 2025 results: EPS: US$0.26. Revenue: US$55.7m (down 4.6% from FY 2024). Net income: US$23.9m (up 3.0% from FY 2024). Profit margin: 43% (up from 40% in FY 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 8.5% p.a. on average during the next 2 years, while revenues in the Energy Services industry in Norway are expected to grow by 6.0%. Announcement • Jan 06
Deep Value Driller as Declares Dividend for January 2026, Payable on or About 15 January 2026 Deep Value Driller AS's board of directors has resolved to distribute a dividend in the amount of NOK 0.25 per share, in total approximately NOK 23.3 million, for January 2026. The dividend is expected to be paid on or about 15 January 2026. DVD notes that pursuant to the Company's loan facility, as amended 14 April 2025, the Company is required to retain an amount equal to 12 months' of interest payments which is not available for distribution. Ex-date is 7 January 2026. Record date is 8 January 2026. New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 27% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 27% per year for the foreseeable future. Minor Risk High level of debt (931% net debt to equity). Reported Earnings • Nov 02
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$13.8m (down 4.3% from 3Q 2024). Net income: US$5.83m (up 6.3% from 3Q 2024). Profit margin: 42% (up from 38% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Norway are expected to grow by 9.2%. Reported Earnings • Aug 12
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$15.3m (up 7.8% from 2Q 2024). Net income: US$7.90m (up 52% from 2Q 2024). Profit margin: 52% (up from 37% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Norway are expected to grow by 7.1%. Major Estimate Revision • Jul 31
Consensus revenue estimates increase by 17% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from US$47.0m to US$55.0m. EPS estimate increased from US$0.17 to US$0.23 per share. Net income forecast to shrink 20% next year vs 22% growth forecast for Energy Services industry in Norway . Consensus price target up from kr20.96 to kr21.60. Share price was steady at kr16.36 over the past week. Announcement • Jun 14
Deep Value Driller AS Announces Dividend Deep Value Driller AS announced dividend amount of NOK 0.25 per share, ex. date is 11 June 2025. Upcoming Dividend • Jun 04
Upcoming dividend of kr0.25 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 17 June 2025. Trailing yield: 18%. Within top quartile of Norwegian dividend payers (9.5%). Higher than average of industry peers (9.7%). Reported Earnings • Apr 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$0.27 (up from US$0.28 loss in FY 2023). Revenue: US$58.4m (up 363% from FY 2023). Net income: US$23.2m (up US$47.5m from FY 2023). Profit margin: 40% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.3%. Revenue is expected to decline by 8.9% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Norway are expected to grow by 2.4%. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 15
Deep Value Driller as Distribute A Dividend for April 2025, Payable on or About 24 April 2025 Deep Value Driller AS has resolved to distribute a dividend in the amount of NOK 0.25 per share, in total approximately NOK 23.3 million, for April 2025. Ex-date is 16 April 2025. Record date is 22 April 2025. Payment date is On or about 24 April 2025. Date of approval is 14 April 2025. Recent Insider Transactions • Mar 13
Chairman recently bought kr1.2m worth of stock On the 7th of March, Einar Greve bought around 98k shares on-market at roughly kr12.49 per share. This transaction amounted to 3.3% 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 Einar's only on-market trade for the last 12 months. New Risk • Mar 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. High level of non-cash earnings (29% accrual ratio). Recent Insider Transactions Derivative • Mar 11
Chairman exercised options to buy kr22m worth of stock. On the 7th of March, Einar Greve exercised options to buy 1m shares at a strike price of around kr1.75, costing a total of kr2.6m. This transaction amounted to 100% of their direct individual holding at the time of the trade. Einar currently holds 1.50m shares (0.0173617808659216 of the company). This was the only transaction from an insider over the last 12 months. Reported Earnings • Mar 11
Third quarter 2024 earnings released: EPS: US$0.064 (vs US$0.16 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.064 (up from US$0.16 loss in 3Q 2023). Revenue: US$14.4m (up US$12.9m from 3Q 2023). Net income: US$5.49m (up US$19.5m from 3Q 2023). Profit margin: 38% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 7.3% p.a. on average during the next 4 years, while revenues in the Energy Services industry in Norway are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 10
Consensus revenue estimates fall by 19% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$58.0m to US$47.0m. EPS estimate fell from US$0.24 to US$0.18 per share. Net income forecast to shrink 13% next year vs 42% growth forecast for Energy Services industry in Norway . Consensus price target down from kr22.69 to kr22.08. Share price rose 11% to kr14.36 over the past week. Announcement • Mar 07
Deep Value Driller AS Announces Cash Dividend, Payable on or About 19 March 2025 In accordance with Deep Value Driller AS's updated dividend policy as announced on 4 October 2024, DVD's board of directors has resolved to distribute a dividend in the amount of NOK 0.25 per share, in total approximately NOK 21.6 million, for March 2025. The dividend is expected to be paid on or about 19 March 2025 and will be regarded as repayment of paid in capital by the shareholders of DVD. The dividend is resolved based on the board's authorisation as granted by DVD's annual general meeting on 14 May 2024. New Risk • Mar 04
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 Norwegian stocks, typically moving 7.6% 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 Interest payments are not well covered by earnings (2.9x net interest cover). 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 are forecast to decline by an average of 16% per year for the foreseeable future. High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (kr883.0m market cap, or US$78.8m). New Risk • Mar 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.11b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). 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 are forecast to decline by an average of 16% per year for the foreseeable future. High level of non-cash earnings (29% accrual ratio). Minor Risk Market cap is less than US$100m (kr1.11b market cap, or US$99.9m). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr13.08, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Energy Services industry in Norway. Total returns to shareholders of 53% over the past three years. Announcement • Feb 07
Deep Value Driller AS Resolves to Distribute Dividend for February 2025, Payable on or About 14 February 2025 Deep Value Driller AS reported interim results for the fourth quarter of 2024 and the board of directors' resolution to distribute a dividend of NOK 0.25 per share for February 2025. The dividend is expected to be paid on or about 14 February 2025 and will be regarded as repayment of paid in capital by the shareholders of DVD. The dividend is resolved based on the board's authorisation as granted by DVD's annual general meeting on 14 May 2024. Announcement • Jan 18
Deep Value Driller AS, Annual General Meeting, Jun 06, 2025 Deep Value Driller AS, Annual General Meeting, Jun 06, 2025. New Risk • Jan 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Interest payments are not well covered by earnings (2.9x net interest cover). 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 are forecast to decline by an average of 16% per year for the foreseeable future. High level of non-cash earnings (29% accrual ratio). New Risk • Nov 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). 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 are forecast to decline by an average of 5.1% per year for the foreseeable future. High level of non-cash earnings (29% accrual ratio). Announcement • Nov 01
Deep Value Driller AS Resolves to Distribute A Dividend for November 2024, to Be Paid on or About 7 November 2024 Deep Value Driller AS announced in accordance with DVD's updated dividend policy as announced on 4 October 2024, DVD's board of directors has resolved to distribute a dividend in the amount of NOK 0.25 per share, in total approximately NOK 21.6 million, for November 2024. The dividend is expected to be paid on or about 7 November 2024 and will be regarded as repayment of paid in capital by the shareholders of DVD. Ex-date of 5 November 2024. Record date of 6 November 2024. Announcement • Oct 04
Deep Value Driller AS Announces Dividend, Payable on or About 11 October 2024 The board of directors of Deep Value Driller AS has resolved to distribute a dividend in the amount of NOK 1.00 per share, in total approximately NOK 86.4 million. The dates relevant to the proposed dividend distribution are set out below: Last day including right: 7 October 2024. Ex-date: 8 October 2024. Record date: 9 October 2024. Payment date: On or about 11 October 2024. Date of approval: 4 October 2024. Announcement • May 16
Deep Value Driller AS Approves Dividend, Payable on or About May 31, 2024 Deep Value Driller AS approved as proposed by the board, including the distribution of a dividend in the amount of NOK 3.00 per share, in total approximately NOK 260 million, on the basis of the annual accounts for 2023. The dividend will be paid on or about 31 May 2024 to the shareholders of Deep Value Driller as of 14 May 2024, as registered in the VPS on 16 May 2024. The shares will trade exclusive the right to receive dividend from and including 15 May 2024. Board Change • Apr 25
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Glen Rodland was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 27
Deep Value Driller AS Proposes Dividend, Payable on or About 31 May 2024 The board of directors of Deep Value Driller AS has resolved to propose that the annual general meeting of the company, expected to be held on 14 May 2024, resolves to distribute a dividend in the amount of NOK 3.00 per share, in total approximately NOK 260 million. Ex-date: 15 May 2024. Record date: 16 May 2024. Payment date: On or about 31 May 2024. The distribution shall constitute a repayment of DVD's paid-in capital. New Risk • Aug 14
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$43m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$43m). Less than 3 years of financial data is available. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Glen Rodland was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.