olivLaw · European equity research
BW Energy Limited BWE.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
BW Energy operates oil and gas assets in Gabon, Brazil and Namibia and focuses its investment on the Maromba development in Brazil. The company closed 2025 with total revenues of USD 797.9 million, and the Maromba project could triple its total net production by 2028 if execution stays on schedule.
At the close of 06 Nov 2026, BW Energy Limited (BWE.OL) stock was 46.80 NOK (−1.47% on the day), with beta 0.08, 52-week range 35.20–69.10 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 20.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 45.03 – 76.63
- in the lower half of the band · %B 0.06 · band width 51.9%
- SMA 50 / 200
- 58.81 / 54.55
- mixed trend
- MACD (12, 26, 9)
- -3.39 / -1.15
- MACD below 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 | −22.1% | −0.6% | −21.5 pp | — |
| 3 months | −13.2% | −4.2% | −9.0 pp | — |
| 6 months | −11.2% | +4.3% | −15.5 pp | — |
| Year to date | −0.5% | +7.5% | −8.0 pp | — |
| 1 year | +24.6% | +9.9% | +14.7 pp | −6.7% |
| 3 years | +63.9% | +49.8% | +14.1 pp | +12.7% |
| 5 years | +74.3% | +42.8% | +31.5 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 | 488.9 m | 783.9 m | 778.3 m |
| Revenue YoY | unavailable | +60.3% | −0.7% |
| Net income | 81.0 m | 165.9 m | 133.1 m |
| Net income YoY | unavailable | +104.8% | −19.8% |
| Diluted EPS | 0.31 | 0.64 | 0.51 |
| Diluted EPS YoY | unavailable | +106.5% | −20.3% |
| net % | 16.6% | 21.2% | 17.1% |
| Free cash flow | -92.4 m | 41.1 m | -19.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 150.5 m USD
- Financial debt
- 741.7 m USD
- Net debt
- 591.2 m USD
- Equity
- 1.0 bn USD
- Total assets
- 2.5 bn USD
- Debt / equity
- 0.74x
- Current ratio
- 1.19x
- ROE
- 14.3%
- ROA
- 6.0%
- FCF margin
- -2.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 488.9 m | 783.9 m | 778.3 m | esef· 21 Oct 2026verified |
| Operating income | 141.1 m | 276.5 m | 216.5 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 99.5 m | 180.9 m | 197.7 m | esef· 21 Oct 2026verified |
| EBITDA | 240.6 m ≈ | 457.4 m ≈ | 414.2 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 122.5 m | 230.1 m | 187.7 m | esef· 21 Oct 2026verified |
| Income tax | 41.5 m | 64.2 m | 54.6 m | esef· 21 Oct 2026verified |
| Net income | 81.0 m | 165.9 m | 133.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.31 | 0.64 | 0.51 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 194.2 m | 221.8 m | 150.5 m | esef· 21 Oct 2026verified |
| Receivables | 51.7 m | 68.6 m | 101.7 m | esef· 21 Oct 2026verified |
| Inventories | 33.5 m | 56.7 m | 72.4 m | esef· 21 Oct 2026verified |
| Current assets | 280.0 m | 350.0 m | 328.7 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.1 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 255.3 m | 291.8 m | 506.2 m | esef· 21 Oct 2026verified |
| Total assets | 1.7 bn | 2.0 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Short-term debt | 79.9 m | 94.6 m | — | esef· 08 May 2025verified |
| Long-term debt | 292.6 m | 468.2 m | 741.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 338.1 m | 335.7 m | 277.3 m | esef· 21 Oct 2026verified |
| Equity | 697.6 m | 861.6 m | 1.0 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 261.3 m | 259.2 m | 256.0 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 181.0 m | 347.7 m | 315.0 m | esef· 21 Oct 2026verified |
| Capex | 273.4 m | 306.6 m | 334.8 m | esef· 21 Oct 2026verified |
| Free cash flow | -92.4 m ≈ | 41.1 m ≈ | -19.8 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -326.7 m | -380.6 m | -434.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | 129.1 m | 60.5 m | 48.0 m | 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
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
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.67 – 16.11 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA10.78 – 13.97 (Mid 12.20)5 companies used · median multiple 9.0x · quartiles 8.1x – 10.1xAKVA.OL, ATEA.OL, B2I.OL, BONHR.OL, ELMRA.OL
- Peers: P/E4.67 – 16.11 (Mid 10.08)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.0% | 55 (vs peers) | 28% |
| Net margin · Quality | 17.1% | 89 (vs peers) | 17% |
| FCF conversion · Quality | -14.9% | 0 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.4x | 60 (vs peers) | 28% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 11% |
| 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 | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 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
BW ENERGY LIMITED (BWE.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 778.3 m USD in 2025; YoY growth -0.7%; net margin 17.1%; ROE 14.3%; net debt/EBITDA 1.4x.
The estimated value range is 7.73–15.04 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.1%
What contradicts it
- FCF conversion: -14.9%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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 BWE.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
BW Energy operates oil and gas assets in Gabon, Brazil and Namibia and focuses its investment on the Maromba development in Brazil. The company closed 2025 with total revenues of USD 797.9 million 1, and the Maromba project could triple its total net production by 2028 if execution stays on schedule 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Oil price riskhigh
Revenue and cash flow depend on the oil price, and declines can affect the economic viability of planned developments 1.
- Project execution riskhigh
Maromba and other projects may face cost overruns, supply chain problems or delays 1.
- Indebtedness riskmedium
Interest-bearing debt has grown and only part of it is fixed, which can increase financial pressure 1.
- Offshore operational riskmedium
Operating platforms and FPSO vessels can lead to accidents or oil spills if not managed properly 1.
- Regulatory risklow
Changes to taxes or new charges linked to climate change could affect long-term contracts 1.
Investment thesis
What would need to be true (bull case)
- If Maromba stays on schedule, production could rise significantly after 2027 and could support cash flow 1.
- Operated interests in Brazil, Gabon and Namibia give control over execution and a diversified growth base 1.
- Financing secured in 2025 extended credit lines, which could support investment plans 1.
What would break the thesis
What to watch
- Progress of Maromba execution and timing of first oil2027
- Delivery of the Golfinho Boost production increase2027
- Analysis of Kharas-1A well results in Namibianext 10-K
- Development of interest-bearing debt and the equity ratioQ1 2027
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
BW Energy Limited owns and operates oil and gas assets in Gabon, Brazil and Namibia, supported by local offices and by headquarters in the USA, Portugal, Norway, Singapore and Bermuda 1. Total revenues and other income were USD 797.9 million in 2025, compared with USD 795.2 million in 2024, while operating profit fell to USD 216.5 million 1. The company began trading on the OTCQX in New York in April 2025 to reach a broader US investor base 1.
Segments
Brazil
Brazil is the main production base, through the Golfinho and Camarupim clusters where BW Energy holds a 100% operated interest 1. Gross Golfinho production averaged 5.5 kbopd in 2025, affected by natural decline and a longer-than-expected maintenance period 1. The Golfinho Boost project, approved in April 2025, is expected to add approximately 3 kbopd from 2027 1.
Gabon
In Gabon the company holds a 73.5% operated working interest in the Dussafu licence, supporting its current production and ongoing investment 1. The Niosi and Guduma seismic acquisition, where the company holds a 37.5% operated interest, expands the resource base around Dussafu 1.
Namibia
In Namibia, BW Energy holds a 95% working interest in the Kudu licence, and the Kharas-1A appraisal well confirmed liquid hydrocarbons in addition to gas 1. The Kudu gas-to-power project is being discussed with Namibian authorities and the local power company, but next steps depend on analysing the results 1.
Market context
The company's activity depends on oil prices, which BW Energy partly covers through hedging, targeting approximately 40% of its rolling 12-month forward entitlement 1. In 2025 revenues stayed roughly flat, but lower realised prices reduced operating cash inflow to USD 315.0 million 1. The company says its direct exposure to the conflicts in Ukraine and the Middle East is limited 1.
Production growth in Brazil and Gabon is central to the company's outlook, but project execution, costs and financing remain factors that could change results 1. Interest-bearing debt excluding leases reached USD 756.3 million, and the year-end equity ratio was 40%, down from the prior year 1.
Trends
- Maromba developmenttailwind
The Maromba project, with investments of roughly USD 1.5 billion, could triple total net production by 2028 if first oil is delivered by end-2027 1.
- Oil pricesheadwind
Lower realised prices reduced revenue and cash flow, and a low price level could limit the capacity to finance investments 1.
- Financing costsmixed
Higher debt for Maromba lowered the equity ratio, and high interest rates could weigh on margins if projects are delayed 1.
- Exploration in Gabontailwind
The 3D seismic acquisition around Dussafu and Niosi could expand resources in Gabon and could support medium-term growth 1.
Competitive position
BW Energy operates in offshore development and mid-sized production niches, where competition comes from companies holding similar assets in West Africa and Brazil. The supplied sources do not explicitly name competitors, so the competitive landscape cannot be detailed further from this material 1.
The company's advantage lies in its operated interests and access to structured financing, but these strengths are tested by project costs and the pace of execution 1.
- Offshore asset holders in West Africa
The sources do not name direct competitors; the comparison rests only on the offshore asset profile.
- Production operators in Brazil
Local competition for contracts and financing is not detailed in the source.
- Gas operators in Namibia
Projects in Namibia are at the appraisal stage and competition is not specified.
- Exploration companies in Gabon
Exploration activity in the area may attract similar partners and resources.
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 / BW Energy Limited · 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.