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NOR

Norwegian Energy OB:NOR Stock Report

Last Price

kr344.50

Market Cap

kr8.8b

7D

-6.1%

1Y

128.1%

Updated

29 Sep, 2022

Data

Company Financials +
NOR fundamental analysis
Snowflake Score
Valuation5/6
Future Growth6/6
Past Performance0/6
Financial Health1/6
Dividends0/6

NOR Stock Overview

Norwegian Energy Company ASA, an oil and gas company, focuses on the exploration, development, and production of hydrocarbon resources in Norway, Denmark, the Netherlands, and the United Kingdom.

Norwegian Energy Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Norwegian Energy
Historical stock prices
Current Share Pricekr344.50
52 Week Highkr483.50
52 Week Lowkr135.20
Beta0.79
1 Month Change-4.17%
3 Month Change2.53%
1 Year Change128.15%
3 Year Change64.83%
5 Year Change23.48%
Change since IPO-99.91%

Recent News & Updates

Sep 03
Is Norwegian Energy (OB:NOR) A Risky Investment?

Is Norwegian Energy (OB:NOR) A Risky Investment?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Shareholder Returns

NORNO Oil and GasNO Market
7D-6.1%-1.3%-5.1%
1Y128.1%53.3%-4.5%

Return vs Industry: NOR exceeded the Norwegian Oil and Gas industry which returned 53.3% over the past year.

Return vs Market: NOR exceeded the Norwegian Market which returned -4.5% over the past year.

Price Volatility

Is NOR's price volatile compared to industry and market?
NOR volatility
NOR Average Weekly Movement9.7%
Oil and Gas Industry Average Movement7.4%
Market Average Movement6.6%
10% most volatile stocks in NO Market11.4%
10% least volatile stocks in NO Market3.7%

Stable Share Price: NOR is more volatile than 75% of Norwegian stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: NOR's weekly volatility (10%) has been stable over the past year, but is still higher than 75% of Norwegian stocks.

About the Company

FoundedEmployeesCEOWebsite
200530Euan Shirlawhttps://www.noreco.com

Norwegian Energy Company ASA, an oil and gas company, focuses on the exploration, development, and production of hydrocarbon resources in Norway, Denmark, the Netherlands, and the United Kingdom. Its asset portfolio includes four production hubs and 11 producing fields on the Danish Continental Shelf. As of December 31, 2021, the company had proven and probable reserves of 9.8 million barrels of oil equivalent.

Norwegian Energy Fundamentals Summary

How do Norwegian Energy's earnings and revenue compare to its market cap?
NOR fundamental statistics
Market Capkr8.77b
Earnings (TTM)-kr1.28b
Revenue (TTM)kr8.25b

1.1x

P/S Ratio

-6.9x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NOR income statement (TTM)
RevenueUS$768.90m
Cost of RevenueUS$307.30m
Gross ProfitUS$461.60m
Other ExpensesUS$580.60m
Earnings-US$119.00m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 26, 2022

Earnings per share (EPS)-4.67
Gross Margin60.03%
Net Profit Margin-15.48%
Debt/Equity Ratio276.6%

How did NOR perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is NOR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NOR?

Other financial metrics that can be useful for relative valuation.

NOR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.2x
Enterprise Value/EBITDA3.9x
PEG Ration/a

Price to Sales Ratio vs Peers

How does NOR's PS Ratio compare to its peers?

NOR PS Ratio vs Peers
The above table shows the PS ratio for NOR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average2.1x
PEN Panoro Energy
5.1x35.4%kr5.5b
OKEA OKEA
0.7x-0.6%kr3.7b
DNO DNO
0.8x-8.4%kr11.8b
BWE BW Energy
2x20.6%kr5.4b
NOR Norwegian Energy
1.1x32.2%kr8.8b

Price-To-Sales vs Peers: NOR is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (2.1x).


Price to Earnings Ratio vs Industry

How does NOR's PE Ratio compare vs other companies in the NO Oil and Gas Industry?

Price-To-Sales vs Industry: NOR is good value based on its Price-To-Sales Ratio (1.1x) compared to the Norwegian Oil and Gas industry average (1.5x)


Price to Sales Ratio vs Fair Ratio

What is NOR's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NOR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.1x
Fair PS Ratio2.5x

Price-To-Sales vs Fair Ratio: NOR is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (2.5x).


Share Price vs Fair Value

What is the Fair Price of NOR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NOR (NOK344.5) is trading below our estimate of fair value (NOK15237.84)

Significantly Below Fair Value: NOR is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


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Future Growth

How is Norwegian Energy forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


83.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NOR is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.1%).

Earnings vs Market: NOR is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: NOR is expected to become profitable in the next 3 years.

Revenue vs Market: NOR's revenue (32.2% per year) is forecast to grow faster than the Norwegian market (0.2% per year).

High Growth Revenue: NOR's revenue (32.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NOR's Return on Equity is forecast to be high in 3 years time (39%)


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Past Performance

How has Norwegian Energy performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-0.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NOR is currently unprofitable.

Growing Profit Margin: NOR is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: NOR is unprofitable, and losses have increased over the past 5 years at a rate of 0.2% per year.

Accelerating Growth: Unable to compare NOR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: NOR is unprofitable, making it difficult to compare its past year earnings growth to the Oil and Gas industry (27.2%).


Return on Equity

High ROE: NOR has a negative Return on Equity (-27.53%), as it is currently unprofitable.


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Financial Health

How is Norwegian Energy's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: NOR's short term assets ($420.0M) do not cover its short term liabilities ($440.6M).

Long Term Liabilities: NOR's short term assets ($420.0M) do not cover its long term liabilities ($2.4B).


Debt to Equity History and Analysis

Debt Level: NOR's net debt to equity ratio (220.7%) is considered high.

Reducing Debt: NOR's debt to equity ratio has increased from 108.2% to 276.6% over the past 5 years.

Debt Coverage: NOR's debt is well covered by operating cash flow (35.5%).

Interest Coverage: NOR's interest payments on its debt are not well covered by EBIT (2.6x coverage).


Balance Sheet


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Dividend

What is Norwegian Energy current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Norwegian Energy Dividend Yield vs Market
How does Norwegian Energy dividend yield compare to the market?
SegmentDividend Yield
Company (Norwegian Energy)n/a
Market Bottom 25% (NO)3.8%
Market Top 25% (NO)8.0%
Industry Average (Oil and Gas)6.9%
Analyst forecast in 3 Years (Norwegian Energy)0%

Notable Dividend: Unable to evaluate NOR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate NOR's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if NOR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if NOR's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as NOR has not reported any payouts.


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Management

How experienced are the management team and are they aligned to shareholders interests?

2.3yrs

Average management tenure


CEO

Euan Shirlaw

2.92yrs

Tenure

US$699,000

Compensation

Mr. Euan Shirlaw serves as Chief Financial Officer of Norwegian Energy Company ASA since October 1, 2019 and serves as its Chief Executive Officer since May 12, 2022 and had been its Acting Managing Direct...


CEO Compensation Analysis

Euan Shirlaw's Compensation vs Norwegian Energy Earnings
How has Euan Shirlaw's remuneration changed compared to Norwegian Energy's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-US$119m

Mar 31 2022n/an/a

-US$89m

Dec 31 2021US$699kUS$376k

-US$53m

Sep 30 2021n/an/a

-US$9m

Jun 30 2021n/an/a

-US$15m

Mar 31 2021n/an/a

US$32m

Dec 31 2020US$574kUS$308k

US$17m

Sep 30 2020n/an/a

US$52m

Jun 30 2020n/an/a

US$226m

Mar 31 2020n/an/a

US$195m

Dec 31 2019US$515kUS$77k

US$215m

Compensation vs Market: Euan's total compensation ($USD699.00K) is about average for companies of similar size in the Norwegian market ($USD671.31K).

Compensation vs Earnings: Euan's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: NOR's management team is considered experienced (2.3 years average tenure).


Board Members

Experienced Board: NOR's board of directors are considered experienced (3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: NOR insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

OB:NOR Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
06 Sep 22Buykr8,803,600Ousdal ASCompany25,000kr352.14
08 Aug 22Buykr502,004Cathrine TorgersenIndividual1,500kr334.67
14 Jul 22Sellkr304,125,002Taconic Capital Advisors L.P.Company750,000kr405.50
13 Jul 22Buykr10,875,634Ousdal ASCompany28,025kr388.07

Ownership Breakdown

What is the ownership structure of NOR?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders358,9541.4%
Private Companies2,296,6639.0%
Institutions6,162,92224.2%
General Public6,530,46525.7%
Hedge Funds10,107,92539.7%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.6%.


Top Shareholders

Top 25 shareholders own 74.33% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
27.26%
Taconic Capital Advisors L.P.
6,940,022$2.4b-9.16%8.19%
12.44%
CQS (UK) LLP
3,167,903$1.1b0%32.42%
6.97%
Sober AS
1,775,384$611.6m171.33%no data
5.65%
BNPP Asset Management Holding
1,439,352$495.9m0%0.1%
4.85%
BNY Mellon Asset Management
1,234,820$425.4m0%0.01%
4.84%
JPMorgan Chase & Co, Brokerage and Securities Investments
1,231,178$424.1m0%0.04%
3.04%
Bank of America Corporation, Asset Management Arm
774,408$266.8m0%0.01%
1.95%
UBS Asset Management
495,649$170.8m0%no data
1.35%
Riulf Rustad
343,000$118.2m0%no data
1.12%
Royal London Asset Management Limited
284,101$97.9m0%0.02%
0.97%
DNB Asset Management AS
247,216$85.2m0%0.03%
0.93%
Morgan Stanley, Investment Banking and Brokerage Investments
237,292$81.7m0%no data
0.79%
Ousdal AS
200,000$68.9m36.08%no data
0.79%
VELDE
200,000$68.9m0%no data
0.47%
Finsnes Invest AS
119,279$41.1m0%no data
0.31%
Dimensional Fund Advisors LP
78,566$27.1m2.8%no data
0.14%
RAM Active Investments S.A.
35,070$12.1m0%0.14%
0.13%
Barclays PLC Private Banking & Investment Banking Investment
32,678$11.3m-95.95%no data
0.11%
American Century Investment Management Inc
28,653$9.9m0%no data
0.11%
Imalivest Asset Management
28,534$9.8m0%2.05%
0.051%
BN & Partners Capital AG, Asset Management Arm
12,870$4.4m43%0.19%
0.027%
Marianne Lie
6,954$2.4m0%no data
0.02%
Tone Omsted
5,000$1.7m0%no data
0.0086%
Cathrine Torgersen
2,200$757.9k214.29%no data
0.0079%
Fajoma Consulting AS
2,000$689.0k0%no data

Company Information

Norwegian Energy Company ASA's employee growth, exchange listings and data sources


Key Information

  • Name: Norwegian Energy Company ASA
  • Ticker: NOR
  • Exchange: OB
  • Founded: 2005
  • Industry: Oil and Gas Exploration and Production
  • Sector: Energy
  • Implied Market Cap: kr8.770b
  • Shares outstanding: 25.46m
  • Website: https://www.noreco.com

Number of Employees


Location

  • Norwegian Energy Company ASA
  • Nedre Vollgate 1
  • Oslo
  • Oslo
  • 158
  • Norway


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NOROB (Oslo Bors)YesOrdinary SharesNONOKJul 2007
CJ1DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 2007
0HTFLSE (London Stock Exchange)YesOrdinary SharesGBNOKJul 2007
NOROBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKJul 2007

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.