New Risk • Jun 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr986.8m (US$99.7m) 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 20% per year over the past 5 years. High level of non-cash earnings (612% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr986.8m market cap, or US$99.7m). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr10.78, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 14x in the Oil and Gas industry in Norway. Total returns to shareholders of 704% over the past three years. Reported Earnings • May 28
First quarter 2026 earnings released: EPS: US$0.39 (vs US$0.01 loss in 1Q 2025) First quarter 2026 results: EPS: US$0.39 (up from US$0.01 loss in 1Q 2025). Net income: US$53.0m (up US$54.3m from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 28
Hunter Group ASA Proposes Dividend Hunter Group ASA announced line with its focus on shareholder returns, the board has proposed a dividend of NOK 1.25 per share, subject to EGM approval. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr6.95, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 17x in the Oil and Gas industry in Norway. Total returns to shareholders of 396% over the past three years. Tillkännagivande • Apr 17
Erik Frydendal, CEO Leaves Hunter Group ASA, Effective from October 31, 2026 Hunter Group ASA announced that the Board has concluded that a new CEO is needed for the next phase of the Company. Therefore, the Board has decided to end Mr. Erik Frydendal's tenure as CEO. Mr. Frydendal has a 6 month notice period. His last day of employment will be at the latest October 31st 2026. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr6.82, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 17x in the Oil and Gas industry in Norway. Total returns to shareholders of 279% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to kr5.72, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 15x in the Oil and Gas industry in Norway. Total returns to shareholders of 152% over the past three years. Tillkännagivande • Mar 20
Hunter Group Asa Reaffirms Dividend Hunter Group ASA reiterates its intention to declare a NOK 0.58 per share dividend as soon as the authorisation has been duly registered. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to kr4.77, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 15x in the Oil and Gas industry in Norway. Total returns to shareholders of 88% over the past three years. New Risk • Mar 06
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 8.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 68% per year over the past 5 years. High level of non-cash earnings (210% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr630.2m market cap, or US$65.2m). Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: US$0.10 (vs US$0.095 loss in FY 2024) Full year 2025 results: EPS: US$0.10 (up from US$0.095 loss in FY 2024). Net income: US$14.1m (up US$25.9m from FY 2024). Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 22% per year. Tillkännagivande • Feb 26
Hunter Group ASA Announces Cash Dividend , Payable on or About 16 March 2026 Hunter Group ASA announced cash dividend of NOK 0.40 per share with Dividend classification of Repayment of paid-in capital, Last day including right of 27 February 2026, Ex-date of 2 March 2026, Record date of 3 March 2026, Payment date of 16 March 2026 (On or about) and Date of approval of 25 February 2026. Recent Insider Transactions • Dec 26
Chief Executive Officer recently bought kr215k worth of stock On the 23rd of December, Erik A. Frydendal bought around 123k shares on-market at roughly kr1.75 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Erik A. has been a net seller over the last 12 months, reducing personal holdings by kr2.0m. Tillkännagivande • Nov 27
Hunter Group ASA Declares Cash Dividend, Payable on or About December 15, 2025 Hunter Group ASA declared cash dividend of NOK 0.30 per share. Last day including right: 28 November 2025. Ex-date: 1 December 2025. Record date: 2 December 2025. Payment date: 15 December 2025 (On or about). Tillkännagivande • Sep 04
Hunter Group ASA Announces CFO Changes Hunter Group ASA announced that the Company's Chief Financial Officer (CFO), Lars Brynildsrud, has submitted his resignation in order to pursue new ventures outside the Company. He will remain in his position during the notice period, until 31 March 2026, or earlier subject to mutual agreement. Following his departure, CEO Erik Frydendal will assume the role of CFO in addition to his current responsibilities. New Risk • Aug 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr101.7m (US$9.91m) This is considered a major 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 70% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (kr101.7m market cap, or US$9.91m). Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr1.15, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 4x in the Oil and Gas industry in Norway. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to kr1.58, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 6x in the Oil and Gas industry in Norway. Total returns to shareholders of 177% over the past three years. Tillkännagivande • Dec 23
Hunter Group ASA, Annual General Meeting, May 08, 2025 Hunter Group ASA, Annual General Meeting, May 08, 2025. Tillkännagivande • Dec 21
Hunter Group ASA to Report Q3, 2025 Results on Nov 27, 2025 Hunter Group ASA announced that they will report Q3, 2025 results on Nov 27, 2025 Recent Insider Transactions • Dec 06
Independent Director recently bought kr399k worth of stock On the 3rd of December, Bertel Steen bought around 500k shares on-market at roughly kr0.80 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.3m more in shares than they have sold in the last 12 months. New Risk • Dec 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr106.4m (US$9.56m) This is considered a major 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 50% per year over the past 5 years. High level of non-cash earnings (299% accrual ratio). Shareholders have been substantially diluted in the past year (213% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (kr106.4m market cap, or US$9.56m). New Risk • Nov 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 41% per year over the past 5 years. High level of non-cash earnings (382% accrual ratio). Shareholders have been substantially diluted in the past year (369% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr203.6m market cap, or US$18.4m). Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr1.50, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 5x in the Oil and Gas industry in Norway. Total returns to shareholders of 123% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr2.10, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 5x in the Oil and Gas industry in Norway. Total returns to shareholders of 200% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr2.35, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 6x in the Oil and Gas industry in Norway. Total returns to shareholders of 245% over the past three years. New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings have declined by 3.5% 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 Earnings have declined by 3.5% per year over the past 5 years. High level of non-cash earnings (324% accrual ratio). Shareholders have been substantially diluted in the past year (369% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (124% net profit margin). Market cap is less than US$100m (kr343.1m market cap, or US$32.5m). Buy Or Sell Opportunity • Mar 06
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to kr2.20. The fair value is estimated to be kr1.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 78% over the last 3 years. Earnings per share has declined by 26%. Tillkännagivande • Mar 05
Hunter Group ASA has completed a Follow-on Equity Offering in the amount of NOK 24.85 million. Hunter Group ASA has completed a Follow-on Equity Offering in the amount of NOK 24.85 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,200,000
Price\Range: NOK 1.75
Transaction Features: Rights Offering Recent Insider Transactions • Feb 22
Board Member recently bought kr917k worth of stock On the 15th of February, Bertel Steen bought around 458k shares on-market at roughly kr2.00 per share. This transaction amounted to 2.9% 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 kr917k more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Feb 16
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 51% to kr2.40. The fair value is estimated to be kr1.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 78% over the last 3 years. Earnings per share has declined by 26%. Tillkännagivande • Feb 06
Hunter Group ASA has filed a Follow-on Equity Offering in the amount of NOK 9.999999 million. Hunter Group ASA has filed a Follow-on Equity Offering in the amount of NOK 9.999999 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 6,666,666
Price\Range: NOK 1.5
Transaction Features: Rights Offering Tillkännagivande • Feb 05
Hunter Group ASA to Report Fiscal Year 2023 Results on Mar 28, 2024 Hunter Group ASA announced that they will report fiscal year 2023 results on Mar 28, 2024 Tillkännagivande • Jan 12
Hunter Group ASA, Annual General Meeting, Feb 02, 2024 Hunter Group ASA, Annual General Meeting, Feb 02, 2024. Tillkännagivande • Jan 11
Hunter Group ASA has filed a Follow-on Equity Offering in the amount of NOK 24.85 million. Hunter Group ASA has filed a Follow-on Equity Offering in the amount of NOK 24.85 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 14,200,000
Price\Range: NOK 1.75
Transaction Features: Rights Offering Tillkännagivande • Dec 07
Hunter Group ASA has completed a Follow-on Equity Offering in the amount of NOK 21.5 million. Hunter Group ASA has completed a Follow-on Equity Offering in the amount of NOK 21.5 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 14,333,333
Price\Range: NOK 1.5
Transaction Features: Subsequent Direct Listing New Risk • Dec 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 235x earnings per share. Dividend per share is over 21x cash flows per share. High level of non-cash earnings (100% accrual ratio). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Market cap is less than US$10m (kr96.9m market cap, or US$9.08m). Tillkännagivande • Dec 02
Hunter Group ASA has filed a Follow-on Equity Offering. Hunter Group ASA has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Transaction Features: Rights Offering Tillkännagivande • Nov 12
Hunter Group ASA Successfully Completes the First Phase of the Development of Low-Pressure Mid-Stream Shipping Solution Hunter Group ASA announced that it, in close collaboration with DNV and Vedam Design has successfully completed the first phase of the development of a low-pressure mid-stream shipping solution for Carbon Capture, Transportation and Storage, involving 40k cbm deep sea liquefied CO2 carriers (\"LCO2\"), 12k cbm LCO2 feeder vessels and 2k cbm LCO2 barges for riverine/port support. The solution is technically innovative and should lead to significant cost savings compared with existing LCO2 ship designs. As the project is progressing towards commercialization, the company now entering a new phase which will involve adapting the solution to the latest IMO and EU regulations. The company have been contacted by several interested parties, but given the recent headwinds in the CCTS value chain, and the high price of new buildings, firm long-term contracts will be needed before any vessel orders can be placed. The company remain firm believers in CCTS' role in the fight against climate change and will continue to diligently develop and promote CCTS solution to ensure that the company is ready when the market for maritime LCO2 transportation gains traction. New Risk • Nov 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 29% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (kr50.9m market cap, or US$4.57m). Minor Risk Revenue is less than US$5m (US$4.8m revenue). New Risk • Aug 25
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: US$4.8m This is considered a minor risk. Companies with a small amount of revenue 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (kr44.6m market cap, or US$4.18m). Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Revenue is less than US$5m (US$4.8m revenue). New Risk • Jun 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Dividend per share is over 9x cash flows per share. Earnings are forecast to decline by an average of 117% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Market cap is less than US$10m (kr65.1m market cap, or US$6.01m). Minor Risk Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Reported Earnings • May 26
First quarter 2023 earnings released First quarter 2023 results: Net loss: US$2.34m (loss widened 233% from 1Q 2022). Revenue is expected to fall by 162% p.a. on average during the next 2 years compared to a 10% decline forecast for the Oil and Gas industry in Norway. Tillkännagivande • May 23
Hunter Group ASA to Report Q4, 2023 Results on Feb 29, 2024 Hunter Group ASA announced that they will report Q4, 2023 results on Feb 29, 2024 Reported Earnings • Mar 14
Full year 2022 earnings released: EPS: US$0.08 (vs US$0.007 in FY 2021) Full year 2022 results: EPS: US$0.08 (up from US$0.007 in FY 2021). Revenue: US$18.4m (down 52% from FY 2021). Net income: US$46.1m (up US$42.3m from FY 2021). Revenue is expected to fall by 150% p.a. on average during the next 2 years compared to a 11% decline forecast for the Oil and Gas industry in Norway. Tillkännagivande • Feb 17
Hunter Group ASA Not Approves Extraordinary Dividend Hunter Group ASA announced at extraordinary general meeting held on 16 February 2023, an extraordinary dividend of NOK 22,685,967.48, i.e., NOK 0.04 per share, based on the interim balance sheet as of 19 December 2022, is approved. The dividend shall be paid to the shareholders as of 17 February 2023 (last day including), as registered in Euronext Securities Oslo (VPS) as per 21 February 2023 (record date). The dividend will be charged the Company's earned capital. The dividend shall be paid to the shareholders as soon as possible following the record date. The proposal did not obtain the required voting majority. Upcoming Dividend • Feb 13
Upcoming dividend of kr0.04 per share Eligible shareholders must have bought the stock before 20 February 2023. Payment date: 28 February 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 938%. Within top quartile of Norwegian dividend payers (7.6%). Higher than average of industry peers (9.9%). Tillkännagivande • Feb 12
An unknown buyer acquired a 11.91% stake in Hunter Group ASA from AF Capital AS. An unknown buyer acquired a 11.91% stake in Hunter Group ASA from AF Capital AS on February 10, 2023.An unknown buyer completed the acquisition of a 11.91% stake in Hunter Group ASA from AF Capital AS on February 10, 2023. Recent Insider Transactions • Feb 01
Independent Director recently sold kr1.6m worth of stock On the 30th of January, Arne Fredly sold around 20m shares on-market at roughly kr0.078 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr16m more than they sold in the last 12 months. Buying Opportunity • Jan 30
Now 95% undervalued after recent price drop Over the last 90 days, the stock is down 96%. The fair value is estimated to be kr1.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 28%. Revenue is forecast to decline by 100% in a year. Earnings is forecast to decline by 26% in the next year. Price Target Changed • Jan 27
Price target decreased by 9.3% to kr2.09 Down from kr2.30, the current price target is an average from 2 analysts. New target price is 13% above last closing price of kr1.85. Stock is down 32% over the past year. The company is forecast to post earnings per share of US$0 for next year compared to US$0.08 last year. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$0.08 (vs US$0.007 in FY 2021) Full year 2022 results: EPS: US$0.08 (up from US$0.007 in FY 2021). Revenue: US$73.9m (up 95% from FY 2021). Net income: US$46.1m (up US$42.3m from FY 2021). Profit margin: 62% (up from 10.0% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue is expected to fall by 150% p.a. on average during the next 2 years compared to a 9.8% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 27% per year. Upcoming Dividend • Jan 24
Upcoming dividend of kr1.80 per share Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 07 February 2023. Trailing yield: 73%. Within top quartile of Norwegian dividend payers (7.7%). Higher than average of industry peers (7.8%). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorated over the past week After last week's 21% share price decline to kr1.87, the stock trades at a trailing P/E ratio of 6.6x. Average forward P/E is 4x in the Oil and Gas industry in Norway. Total returns to shareholders of 34% over the past three years. Recent Insider Transactions • Dec 21
Independent Director recently bought kr17m worth of stock On the 20th of December, Arne Fredly bought around 8m shares on-market at roughly kr2.17 per share. This transaction amounted to 4.4% 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 the only on-market transaction from insiders over the last 12 months. Major Estimate Revision • Dec 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$14.6m to US$17.3m. EPS estimate unchanged from US$0 at last update. Oil and Gas industry in Norway expected to see average net income growth of 50% next year. Consensus price target broadly unchanged at kr2.28. Share price was steady at kr2.22 over the past week. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: EPS: US$0.011. Revenue: US$3.60m (down 51% from 3Q 2021). Net income: US$5.78m (up US$7.50m from 3Q 2021). Revenue is expected to fall by 106% p.a. on average during the next 3 years compared to a 9.9% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 23% per year. 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. 3 experienced directors. No highly experienced directors. Independent Chairman Henrik Christensen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be kr2.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 4.2%. Revenue is forecast to grow by 32% in 2 years. Earnings is forecast to grow by 161% in the next 2 years. Buying Opportunity • Sep 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be kr2.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 4.2%. Revenue is forecast to grow by 32% in 2 years. Earnings is forecast to grow by 161% in the next 2 years. Major Estimate Revision • Sep 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$29.6m to US$14.8m. EPS estimate reaffirmed at US$0.01. Net income forecast to grow 14% next year vs 104% growth forecast for Oil and Gas industry in Norway. Consensus price target down from kr3.86 to kr3.40. Share price fell 2.1% to kr2.10 over the past week. Reported Earnings • Aug 28
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: US$0.02 (up from US$0.005 in 2Q 2021). Revenue: US$5.79m (down 35% from 2Q 2021). Net income: US$10.8m (up 353% from 2Q 2021). Revenue exceeded analyst estimates by 238%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 102%, compared to a 33% growth forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Price Target Changed • Aug 26
Price target decreased to kr3.40 Down from kr3.75, the current price target is an average from 3 analysts. New target price is 55% above last closing price of kr2.19. Stock is down 18% over the past year. The company is forecast to post earnings per share of US$0.0056 for next year compared to US$0.0067 last year. Major Estimate Revision • Aug 04
Consensus revenue estimates fall by 26% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$40.2m to US$29.6m. EPS estimate fell from US$0.01 to US$0.01 per share. Net income forecast to grow 3,318% next year vs 85% growth forecast for Oil and Gas industry in Norway. Consensus price target of kr3.86 unchanged from last update. Share price was steady at kr3.47 over the past week. Major Estimate Revision • Jul 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$37.4m to US$38.5m. EPS estimate fell from US$0.01 to US$0.01 per share. Net income forecast to grow 3,346% next year vs 98% growth forecast for Oil and Gas industry in Norway. Consensus price target of kr3.86 unchanged from last update. Share price was steady at kr3.46 over the past week. Major Estimate Revision • Jun 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$42.6m to US$40.4m. EPS estimate rose from US$0.01 to US$0.01. Net income forecast to grow 2,991% next year vs 80% growth forecast for Oil and Gas industry in Norway. Consensus price target up from kr3.75 to kr3.86. Share price rose 4.2% to kr3.63 over the past week. Reported Earnings • May 28
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: US$7.76m (down 38% from 1Q 2021). Net loss: US$702.0k (down 127% from profit in 1Q 2021). Revenue exceeded analyst estimates by 14%. Over the next year, revenue is forecast to grow 45%, compared to a 23% growth forecast for the industry in Norway. Price Target Changed • May 21
Price target increased to kr3.75 Up from kr3.42, the current price target is an average from 3 analysts. New target price is 14% above last closing price of kr3.30. The company is forecast to post earnings per share of US$0.012 for next year compared to US$0.0067 last year. 
