Stock Analysis Report

Executive Summary

North Energy ASA does not have significant operations.


Trading at 78.7% below its fair value

Risk Analysis

Makes less than USD$1m in revenue (NOK883K)

Currently unprofitable and not forecast to become profitable over the next 3 years

Dividend of 21.74% is not well covered by earnings

Does not have a meaningful market cap (NOK162M)

Snowflake Analysis

Flawless balance sheet and fair value.

Share Price & News

How has North Energy's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: NORTH has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




NO Energy Services


NO Market

1 Year Return




NO Energy Services


NO Market

Return vs Industry: NORTH exceeded the Norwegian Energy Services industry which returned -25.1% over the past year.

Return vs Market: NORTH underperformed the Norwegian Market which returned -1.4% over the past year.

Shareholder returns

7 Day-4.5%2.7%0.7%
30 Day2.6%-13.0%-3.0%
90 Day15.5%-8.7%2.5%
1 Year-4.5%-20.2%-23.8%-25.1%3.9%-1.3%
3 Year-42.7%-56.5%-17.0%-22.4%32.2%15.8%
5 Year6.2%-19.3%-21.8%-47.2%56.5%21.5%

Price Volatility Vs. Market

How volatile is North Energy's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is North Energy undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: NORTH (NOK1.38) is trading below our estimate of fair value (NOK6.48)

Significantly Below Fair Value: NORTH is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: NORTH is unprofitable, so we can't compare its PE Ratio to the Energy Services industry average.

PE vs Market: NORTH is unprofitable, so we can't compare its PE Ratio to the Norwegian market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate NORTH's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: NORTH is good value based on its PB Ratio (0.5x) compared to the NO Energy Services industry average (0.6x).

Next Steps

Future Growth

How is North Energy forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Energy industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as North Energy has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

Past Performance

How has North Energy performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NORTH is currently unprofitable.

Growing Profit Margin: NORTH is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: NORTH is unprofitable, but has reduced losses over the past 5 years at a rate of 45% per year.

Accelerating Growth: Unable to compare NORTH's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: NORTH is unprofitable, making it difficult to compare its past year earnings growth to the Energy Services industry (23.8%).

Return on Equity

High ROE: NORTH has a negative Return on Equity (-15.31%), as it is currently unprofitable.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is North Energy's financial position?

Financial Position Analysis

Short Term Liabilities: NORTH's short term assets (NOK205.9M) exceed its short term liabilities (NOK3.4M).

Long Term Liabilities: NORTH's short term assets (NOK205.9M) exceed its long term liabilities (NOK3.1M).

Debt to Equity History and Analysis

Debt Level: NORTH is debt free.

Reducing Debt: NORTH has no debt compared to 5 years ago when its debt to equity ratio was 55.6%.

Balance Sheet

Inventory Level: NORTH has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if NORTH's debt is covered by short term assets.

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable NORTH has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: NORTH is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 26% per year.

Next Steps


What is North Energy's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: NORTH's dividend (21.74%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.87%).

High Dividend: NORTH's dividend (21.74%) is in the top 25% of dividend payers in the Norwegian market (6.02%)

Stability and Growth of Payments

Stable Dividend: Too early to tell whether NORTH's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if NORTH's dividend payments are increasing as they only just started paying a dividend.

Current Payout to Shareholders

Dividend Coverage: NORTH is paying a dividend but the company is unprofitable.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


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


Average board tenure


Knut Sæberg (60yo)





Mr. Knut Sæberg has been the Chief Executive Officer of North Energy AS since October 2014. Mr. Sæberg served as the Acting Chief Executive Officer and Chief Financial Officer of North Energy AS until Octo ...

CEO Compensation Analysis

Compensation vs Market: Knut's total compensation ($USD231.80K) is below average for companies of similar size in the Norwegian market ($USD415.11K).

Compensation vs Earnings: Knut's compensation has been consistent with company performance over the past year.

Board Members

Anders Onarheim
Chairman of the Board5.3yrskr225.00k19.03% NOK30.8m
Jogeir Romestrand
Independent Director6yrskr225.00k1.11% NOK1.8m
Elin Karfjell
Independent Director5.8yrskr225.00k0.23% NOK369.4k


Average Tenure


Average Age

Experienced Board: NORTH's board of directors are considered experienced (5.8 years average tenure).


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

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

North Energy ASA's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: North Energy ASA
  • Ticker: NORTH
  • Exchange: OB
  • Founded: 2007
  • Industry: Oil and Gas Equipment and Services
  • Sector: Energy
  • Market Cap: kr161.807m
  • Shares outstanding: 117.25m
  • Website: https://www.northenergy.no

Number of Employees


  • North Energy ASA
  • Tjuvholmen allé 3
  • Oslo
  • Oslo
  • 252
  • Norway


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NORTHOB (Oslo Bors)YesOrdinary SharesNONOKFeb 2010
0MD9LSE (London Stock Exchange)YesOrdinary SharesGBNOKFeb 2010
NORTHOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKFeb 2010


North Energy ASA does not have significant operations. Previously, it was engaged in the exploration, development, and production of oil and gas in the Norwegian continental shelf. The company was founded in 2007 and is headquartered in Oslo, Norway. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/16 21:48
End of Day Share Price2020/02/14 00:00
Annual Earnings2018/12/31

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.