(BNOR) BlueNord ASA - OL
Sector: Energy | Industry: Oil & Gas E&P | Exchange: OL (Norway) | Market Cap: 13.857m NOK | Total Return: 22.3% in 12m
Avg Turnover: 89.9M
Qual. Beats: -1
Rev. Trend: 57.0%
Qual. Beats: -2
Warnings
Beneish M-Score -0.01 > -1.5 - likely earnings manipulation
Below Avwap Earnings
Tailwinds
Idiosyncratic Leader
BlueNord ASA is an Oslo-based energy company focused on the exploration, development, and production of oil and gas resources on the Danish Continental Shelf. Formerly known as Norwegian Energy Company ASA, the firm operates a portfolio centered on major offshore hubs including Dan, Halfdan, Gorm, and Tyra. The company positions its infrastructure activities as a component of the broader energy transition toward net-zero emissions.
The company operates within the upstream sector, which involves high capital expenditure for the maintenance of offshore platforms and subsea pipelines. As a stakeholder in the Danish Underground Consortium (DUC), BlueNord relies on a joint venture business model to share the operational costs and technical risks associated with mature field redevelopment and resource extraction.
- Tyra redevelopment ramp-up drives significant natural gas production growth
- High dividend payout policy supported by robust free cash flow
- Danish Continental Shelf asset concentration increases regional regulatory exposure
- Brent crude and European gas price volatility impacts realized margins
| Net Income: 186.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.34 > 0.02 and ΔFCF/TA 30.88 > 1.0 |
| NWC/Revenue: -2.89% < 20% (prev 14.10%; Δ -16.98% < -1%) |
| CFO/TA 0.43 > 3% & CFO 1.52b > Net Income 186.9m |
| Net Debt/EBITDA: error (cannot be calculated) |
| Current Ratio: 0.79 > 1.5 & < 3 |
| Outstanding Shares: last quarter (25.6m) vs 12m ago -18.32% < -2% |
| Gross Margin: 30.15% > 18% (prev 33.74%; Δ -3.58% > 0.5%) |
| Asset Turnover: 95.52% > 50% (prev 20.20%; Δ 75.32% > 0%) |
| Interest Coverage Ratio: 1.89 > 6 (EBIT TTM 838.2m / Interest Expense TTM 443.5m) |
| DSRI: 0.72 (Receivables 155.2m/45.8m, Revenue 3.34b/705.2m) |
| GMI: 1.12 (GM 33.74% / 30.15%) |
| AQI: 1.86 (AQ_t 0.19 / AQ_t-1 0.10) |
| SGI: 4.74 (Revenue 3.34b / 705.2m) |
| TATA: -0.38 (NI 186.9m - CFO 1.52b) / TA 3.50b) |
| Beneish M = -0.01 (Cap -4..+1) = D |
As of June 20, 2026, the stock is trading at NOK 527.00 with a total of 155,987 shares traded.
Over the past week, the price has changed by -9.72%,
over one month by -5.41%,
over three months by +2.66% and
over the past year by +22.28%.
BlueNord ASA has no consensus analysts rating.
Market Cap USD = 1.46b (13.9b NOK * 0.1052 NOK.USD)
P/E Trailing = 22.8019
P/E Forward = 17.094
P/S = 12.26
P/B = 3.1983
P/EG = 0.0193
Revenue TTM = 3.34b USD
EBIT TTM = 838.2m USD
EBITDA TTM = 1.09b USD
Long Term Debt = 1.05b USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = unknown
Net Debt = unknown
Enterprise Value = 1.35b USD (1.46b + (null Debt) - CCE 109.6m)
Interest Coverage Ratio = 1.89 (Ebit TTM 838.2m / Interest Expense TTM 443.5m)
EV/FCF = 1.15x (Enterprise Value 1.35b / FCF TTM 1.18b)
FCF Yield = 87.32% (FCF TTM 1.18b / Enterprise Value 1.35b)
FCF Margin = 35.24% (FCF TTM 1.18b / Revenue TTM 3.34b)
Net Margin = 5.59% (Net Income TTM 186.9m / Revenue TTM 3.34b)
Gross Margin = 30.15% ((Revenue TTM 3.34b - Cost of Revenue TTM 2.33b) / Revenue TTM)
Gross Margin QoQ = 41.62% (prev 70.68%)
Tobins Q-Ratio = 0.38 (Enterprise Value 1.35b / Total Assets 3.50b)
Interest Expense / Debt = unknown (Interest Expense 443.5m / Debt none)
Taxrate = 11.31% (34.5m / 305.0m)
NOPAT = 743.4m (EBIT 838.2m * (1 - 11.31%))
Current Ratio = 0.79 (Total Current Assets 365.3m / Total Current Liabilities 461.8m)
Debt / Equity = unknown (Debt none)
Debt / EBITDA = unknown (Net Debt none / EBITDA 1.09b)
Debt / FCF = unknown (Net Debt none / FCF TTM 1.18b)
Total Stockholder Equity = 1.72b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.34% (Net Income 186.9m / Total Assets 3.50b)
RoE = 10.89% (Net Income TTM 186.9m / Total Stockholder Equity 1.72b)
RoCE = 30.29% (EBIT 838.2m / Capital Employed (Equity 1.72b + L.T.Debt 1.05b))
RoIC = 25.34% (NOPAT 743.4m / Invested Capital 2.93b)
WACC = 6.33% (E(1.46b)/V(1.46b) * Re(6.33%) + (debt-free company))
Discount Rate = 6.33% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -13.48 | Cagr: -9.66%
[DCF] Terminal Value 77.97% ; FCFF base≈744.2m ; Y1≈853.1m ; Y5≈1.26b
[DCF] Fair Price = 739.0 (EV 18.9b - Net Debt 0.0 = Equity 18.9b / Shares 25.6m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.28 | # QB: -1
Revenue Correlation: 57.04 | Revenue CAGR: 50.55% | SUE: -0.86 | # QB: -2
EPS current Quarter (2026-06-30): EPS=12.41 | Chg30d=-43.87% | Revisions=-20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=17.41 | Chg30d=-23.22% | Revisions=-20% | Analysts=2
EPS current Year (2026-12-31): EPS=50.00 | Chg30d=-25.28% | Revisions=-14% | GrowthEPS=+68.8% | GrowthRev=+17.9%
EPS next Year (2027-12-31): EPS=51.18 | Chg30d=+3.47% | Revisions=+43% | GrowthEPS=+2.4% | GrowthRev=-8.4%
[Analyst] Revisions Ratio: +43%