olivLaw · European equity research
Awilco LNG ASA ALNG.OL
Norway · Euronext Oslo Børs · ISIN NO0010607971 · Vertical: Listed companies from Norway
Awilco LNG ASA owns and operates two LNG carriers, is based in Oslo and is listed on Euronext Expand under the ticker ALNG. The company reported a profit of 17.11 million USD in fiscal 2025, but the market remains affected by Middle East uncertainty and an oversupply of vessels.
At the close of 06 Nov 2026, Awilco LNG ASA (ALNG.OL) stock was 3.72 NOK (+1.09% on the day), with beta -0.13, 52-week range 2.56–5.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 58.7
- strong (55–70)
- Bollinger (20, 2)
- 3.18 – 3.96
- in the upper half of the band · %B 0.69 · band width 22.0%
- SMA 50 / 200
- 3.43 / 3.46
- mixed trend
- MACD (12, 26, 9)
- 0.09 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.1% | −0.6% | +13.7 pp | — |
| 3 months | +2.2% | −4.2% | +6.4 pp | — |
| 6 months | +2.8% | +4.3% | −1.6 pp | — |
| Year to date | +12.7% | +7.5% | +5.2 pp | — |
| 1 year | +13.9% | +9.9% | +4.0 pp | −5.7% |
| 3 years | −55.8% | +49.8% | −105.7 pp | +15.0% |
| 5 years | −11.4% | +42.8% | −54.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 38.3 m | 17.1 m | -11.2 m |
| Net income YoY | unavailable | −55.3% | −165.3% |
| Diluted EPS | 0.29 | 0.13 | -0.08 |
| Diluted EPS YoY | unavailable | −55.2% | −161.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 57.3 m | 44.1 m | 17.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.8 m USD
- Financial debt
- 178.9 m USD
- Net debt
- 164.1 m USD
- Equity
- 126.1 m USD
- Total assets
- 311.6 m USD
- Debt / equity
- 1.42x
- Current ratio
- 1.23x
- ROE
- -8.5%
- ROA
- -3.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 56.0 m | 36.9 m | 1.0 m | esef· 21 Oct 2026verified |
| Interest expense | 18.9 m | 20.9 m | 13.2 m | esef· 21 Oct 2026verified |
| Pre-tax income | 38.3 m | 17.1 m | -11.2 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | 38.3 m | 17.1 m | -11.2 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.29 | 0.13 | -0.08 | esef· 21 Oct 2026verified |
| Dividend per share | 0.15 | 0.19 | 0.00 | esef· 21 Oct 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 27.1 m | 23.5 m | 14.8 m | esef· 21 Oct 2026verified |
| Inventories | 204.0 k | 3.5 m | 3.5 m | esef· 21 Oct 2026verified |
| Current assets | 32.1 m | 32.5 m | 23.3 m | esef· 21 Oct 2026verified |
| Total assets | 349.9 m | 335.2 m | 311.6 m | esef· 21 Oct 2026verified |
| Short-term debt | 18.8 m | 13.0 m | 13.1 m | esef· 21 Oct 2026verified |
| Long-term debt | 170.8 m | 177.8 m | 165.8 m | esef· 21 Oct 2026verified |
| Current liabilities | 33.8 m | 19.6 m | 18.9 m | esef· 21 Oct 2026verified |
| Equity | 144.7 m | 137.3 m | 126.1 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 132.0 m | 131.6 m | 139.7 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 70.5 m | 44.5 m | 17.2 m | esef· 21 Oct 2026verified |
| Capex | 13.1 m | 388.0 k | 0 | esef· 21 Oct 2026verified |
| Free cash flow | 57.3 m ≈ | 44.1 m ≈ | 17.2 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -13.1 m | -388.0 k | 0 | esef· 21 Oct 2026verified |
| Financing cash flow | -56.3 m | -47.7 m | -26.0 m | esef· 21 Oct 2026verified |
| Dividends paid | 20.0 m | 24.6 m | 0 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.3% | 17 (vs peers) | 42% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.1x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 17% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AWILCO LNG ASA (ALNG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -8.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Payout ratio (FCF): 0.0%
What contradicts it
- ROIC: 0.3%
- Interest coverage: 0.1x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for ALNG.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Awilco LNG ASA owns and operates two LNG carriers, is based in Oslo and is listed on Euronext Expand under the ticker ALNG. The company reported a profit of 17.11 million USD in fiscal 2025, but the market remains affected by Middle East uncertainty and an oversupply of vessels. 1
SWOT
Strengths
- The company has a simple structure with two modern vessels and a financial position supported by a profit in 2025 and significant tangible assets. 1
- Time charter contracts give predictable revenue, usually paid in advance, which reduces exposure to credit risk. 1
- Management has pointed to a recent private placement and amended terms on the sale-leaseback facilities, which could strengthen liquidity. 1
Weaknesses
- Dependence on two vessels means that losing one to a technical failure or an idle period would have a major effect on revenue. 1
- The onshore organisation is small and some services are outsourced, which could increase operational risk. 1
- Results are highly dependent on vessel utilisation, and periods without contracts could weigh on performance. 1
Opportunities
- Developing ALNG Trading could open new revenue sources through structuring and financing LNG transactions. 1
- Using third-party vessels through the trading platform could increase activity without buying additional ships. 1
- Higher spot rates from the Middle East conflict could improve earnings from vessels not on long-term charter. 1
Threats
- An oversupply of new vessels could keep rates low for an extended period. 1
- The Middle East conflict could damage LNG infrastructure and reduce transported volumes, with effects that are hard to foresee. 1
- Environmental rules and the CII rating could limit vessel use if efficiency requirements are not met. 1
Risks
- Oversupply and rateshigh
If vessel deliveries outpace demand growth, rates and fleet utilisation could fall. 1
- Middle East conflicthigh
The war could affect volumes, infrastructure and rates in ways that are hard to predict. 1
- Fleet concentrationmedium
With two vessels, a breakdown or a period without a contract could significantly affect revenue. 1
- Trading activity riskmedium
ALNG Trading could consume significant resources and generate unexpected costs if it does not produce sufficient revenue. 1
- Financing and floating ratemedium
The sale-leaseback facility carries a floating interest rate and no hedging instruments were in place at year end; higher rates could raise costs. 1
Investment thesis
What would need to be true (bull case)
- Management considers that the updated financing structure and new trading platform could position the company well for the coming years. 1
- If spot rates stay elevated because of the conflict, vessels not on long-term charter could generate higher earnings. 1
- The 2025 profit shows that operating the two vessels produced positive results even in a difficult year. 1
What would break the thesis
What to watch
- Evolution of LNG spot rates and vessel utilisation2026
- Results of the first ALNG Trading transactions2026
- Impact of the Middle East conflict on the Las Raffen production sitenext 10-K
- Final terms of the sale-leaseback facilities and any interest rate hedging2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Group's principal activity is the investment in and operation of LNG transportation vessels. It owns and operates two TFDE vessels built in 2013, WilPride and WilForce, whose carrying value was 286.7 million USD at 31 December 2025. 1
Revenue comes mainly from time charter contracts, where the lease element is recognised straight-line over the charter and vessel management elements are recognised over time. Payments are usually received monthly in advance. 1
In 2025 the company set up ALNG Trading, a subsidiary for LNG trading and structuring that could support utilisation of its vessels and possibly third-party ships. Management describes this activity as still under development. 1
Segments
LNG time charter shipping
The core segment involves chartering the two vessels to customers under long-term contracts with lease and management components, with profitability depending on utilisation and charter rates. 1
ALNG Trading
The new subsidiary aims to become an LNG trading and credit platform, initially focused on low to medium risk structured commodity trade finance; the report notes it will require significant management attention and resources. 1
Market context
The LNG shipping market is volatile, and a record orderbook with peak deliveries in 2025 and 2026 has added capacity faster than LNG production has grown. The report flags a risk of imbalance as demand comes on stream later than new vessels. 1
The war in the Middle East, which began in March 2026, is affecting the LNG market, and the Las Raffen production site has been partly damaged; spot rates have risen in the short term, but management finds it hard to predict how long this will last. 1
Trends
- Vessel oversupplyheadwind
Delivery of many new vessels could keep pressure on rates until LNG supply capacity grows sufficiently. 1
- Middle East warmixed
The conflict has disrupted an important LNG source and could raise spot rates, but it could also affect volumes and infrastructure, and the final impact is hard to estimate. 1
- Gas demand as a flexible fueltailwind
Over the longer term, lower gas prices and a growing supply side could support demand for natural gas as a flexible and cleaner fuel. 1
- Environmental regulationmixed
EEXI, CII and EU ETS requirements impose efficiency and reporting obligations, and the CII rating depends largely on how charterers deploy the vessels. 1
Competitive position
The annual report does not name competitors. The company operates in an LNG shipping market where competitive pressure is shaped by vessel availability and offered rates, and a lack of contracts could materially reduce revenue. 1
Beyond its own fleet, the company could use third-party vessels through ALNG Trading, which would change how it competes, though the source names no other participants. 1
- Operators of larger LNG fleets
The source does not name competitors; larger LNG fleet operators would compete for the same time charter contracts.
- LNG traders and structurers
The new ALNG Trading activity enters the area of LNG transaction structuring and financing, where established participants may exist.
- Maritime leasing financiers
The sale-leaseback with a Chinese development bank leasing arm shows that vessel financing depends on specialised institutions.
- Owners competing in the spot market
When vessels are not on long-term charter, the company could compete in the spot market with other vessel owners.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Awilco LNG ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.