olivLaw · European equity research
DNO ASA DNO.OL
Norway · Euronext Oslo Børs · ISIN NO0003921009 · Vertical: Listed companies from Norway
DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. The year 2025 was shaped by the Sval Energi acquisition, which made the North Sea the largest contributor to production, while Kurdistan assets were hit by drone strikes.
At the close of 06 Nov 2026, DNO ASA (DNO.OL) stock was 20.28 NOK (−4.61% on the day), with beta -0.29, 52-week range 14.28–24.44 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)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 19.73 – 25.28
- in the lower half of the band · %B 0.10 · band width 24.7%
- SMA 50 / 200
- 20.42 / 18.39
- mixed trend
- MACD (12, 26, 9)
- 0.49 / 0.93
- 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 | +6.9% | −0.6% | +7.6 pp | — |
| 3 months | +21.1% | −4.2% | +25.3 pp | — |
| 6 months | +7.9% | +4.3% | +3.5 pp | — |
| Year to date | +27.5% | +7.5% | +20.0 pp | — |
| 1 year | +43.2% | +9.9% | +33.3 pp | −6.7% |
| 3 years | +84.0% | +49.8% | +34.2 pp | +12.7% |
| 5 years | +67.1% | +42.8% | +24.2 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 | 666.8 m | 1.5 bn |
| Revenue YoY | unavailable | unavailable | +121.1% |
| Net income | 18.6 m | -27.1 m | -46.7 m |
| Net income YoY | unavailable | −245.7% | unavailable |
| Diluted EPS | 0.02 | -0.03 | -0.05 |
| Diluted EPS YoY | unavailable | −250.0% | unavailable |
| net % | unavailable | -4.1% | -3.2% |
| Free cash flow | 30.5 m | 213.2 m | 102.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 453.7 m USD
- Financial debt
- 989.1 m USD
- Net debt
- 535.4 m USD
- Equity
- 1.3 bn USD
- Total assets
- 6.0 bn USD
- Debt / equity
- 0.74x
- Current ratio
- 0.93x
- ROE
- -3.9%
- ROA
- -1.0%
- FCF margin
- 7.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 666.8 m | 1.5 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 364.8 m | 406.9 m | 875.3 m | esef· 21 Oct 2026verified |
| Gross profit | 302.7 m | 259.9 m | 598.7 m | esef· 21 Oct 2026verified |
| Operating income | 218.3 m | 6.1 m | 512.8 m | esef· 21 Oct 2026verified |
| Interest expense | 112.0 m | 66.7 m | 153.1 m | esef· 21 Oct 2026verified |
| Pre-tax income | 151.3 m | -13.3 m | 397.4 m | esef· 21 Oct 2026verified |
| Income tax | 132.7 m | 13.8 m | 422.6 m | esef· 21 Oct 2026verified |
| Net income | 18.6 m | -27.1 m | -46.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.02 | -0.03 | -0.05 | esef· 21 Oct 2026verified |
| Dividend per share | 0.10 | 0.11 | — | esef· 08 May 2025derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 718.8 m | 899.0 m | 453.7 m | esef· 21 Oct 2026verified |
| Receivables | 265.4 m | 338.1 m | 569.6 m | esef· 21 Oct 2026verified |
| Inventories | 77.8 m | 74.8 m | 105.7 m | esef· 21 Oct 2026verified |
| Current assets | 1.1 bn | 1.3 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.1 bn | — | esef· 08 May 2025verified |
| Goodwill | 43.2 m | 102.1 m | 1.4 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 202.1 m | 228.5 m | 296.9 m | esef· 21 Oct 2026verified |
| Total assets | 2.6 bn | 3.0 bn | 6.0 bn | esef· 21 Oct 2026verified |
| Long-term debt | 392.0 m | 790.5 m | 989.1 m | esef· 21 Oct 2026verified |
| Current liabilities | 415.1 m | 353.9 m | 1.2 bn | esef· 21 Oct 2026verified |
| Total liabilities | 1.4 bn | 1.9 bn | 4.7 bn | esef· 21 Oct 2026verified |
| Equity | 1.2 bn | 1.1 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 930.0 m | 903.3 m | 934.0 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 194.1 m | 413.0 m | 590.6 m | esef· 21 Oct 2026verified |
| Capex | 163.6 m | 199.8 m | 487.7 m | esef· 21 Oct 2026verified |
| Free cash flow | 30.5 m ≈ | 213.2 m ≈ | 102.9 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -281.0 m | -354.2 m | -830.6 m | esef· 21 Oct 2026verified |
| Financing cash flow | -147.0 m | 123.2 m | -202.2 m | esef· 21 Oct 2026verified |
| Dividends paid | 92.0 m | 102.5 m | — | esef· 08 May 2025verified |
| Share repurchases | 50.7 m | 0 | — | esef· 08 May 2025verified |
≈ 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: 31.2% 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
31% · 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: 1.49 – 2.01 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/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)1.49 – 2.01 (Mid 1.71)
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: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 30.4% | 86 (vs peers) | 33% |
| Net margin · Quality | -3.2% | 26 (vs peers) | 20% |
| 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 | 3.3x | 28 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 0.9x | 11 (on a fixed band) | 13% |
| 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 | 99.6% | 29 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality64/100 · 2/3 factors with a value
- Returns· partial29/100 · 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
DNO ASA (DNO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.5 bn USD in 2025; YoY growth 121.1%; net margin -3.2%; ROE -3.9%.
The estimated value range is 1.49–2.01 USD per share (median of 1 methods, agreement: single method); 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: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 30.4%
What contradicts it
- Net margin: -3.2%
- Interest coverage: 3.3x
- Current ratio: 0.9x
- Payout ratio (FCF): 99.6%
Not assessed (insufficient data or a ratio without meaning): 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 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 DNO.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
DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. The year 2025 was shaped by the Sval Energi acquisition, which made the North Sea the largest contributor to production, while Kurdistan assets were hit by drone strikes 1.
SWOT
Strengths
- The company holds significant 2P reserves and a strong position in the North Sea, reinforced by the Sval Energi acquisition.
- Low-cost strategy and operational control in Kurdistan give flexibility in managing investment.
- The company has a record of quarterly dividends approved by the board under authorisations from the general meeting.
Weaknesses
- The equity ratio fell sharply after the acquisition, which reduces financial headroom.
- Dependence on Kurdistan production remains high, and assets there have been hit by attacks.
- Exploration costs rose, and some dry wells were expensed.
Opportunities
- Developing North Sea discoveries could convert 2C resources into reserves and additional volumes.
- Resuming drilling on the Tawke licence could support Kurdistan output over the medium term.
- Accretive acquisitions in the region could expand the asset base if favourable terms are available.
Threats
- Regional instability can affect operations and exports through existing infrastructure.
- Lower oil and gas prices could significantly reduce cash flow.
- Fluctuations in the NOK against the USD could raise costs in the North Sea.
Risks
- Higher indebtednesshigh
Debt rose after the acquisition, which could make the company more vulnerable to changes in capital market conditions.
- Security of Kurdistan operationshigh
Drone attacks affected production and could repeat their effects on volumes if the situation deteriorates.
- Financial covenantsmedium
The bonds require compliance with equity and liquidity thresholds, and a breach could limit financing.
- Commodity price exposuremedium
Revenues depend on oil and gas prices, which could fall and reduce the capacity to service debt.
- Exploration risklow
Exploration wells can be unsuccessful, and expensed costs can affect short-term results.
Investment thesis
What would need to be true (bull case)
- If North Sea production holds at consolidated levels, cash flow could support debt reduction and dividends.
- The 2P reserves and 2C resources on the balance sheet could provide a solid base for long-term growth.
- Resumed drilling activity in Kurdistan could recover part of the lost production.
What would break the thesis
- Rising debt and a lower equity ratio could limit financial flexibility if prices fall.
- Dependence on Kurdistan remains high, and security risks could again affect production.
- Costly exploration and uncertain discoveries could weigh on returns on invested capital.
What to watch
- North Sea production trend after integrating Sval Energi2026
- Resumption and results of drilling on the Tawke licence2026
- Equity ratio and compliance with bond covenantsnext annual report
- Results of exploration discoveries in Norway and the UK2026
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
DNO is a Norwegian exploration and production company with assets in the Middle East, the North Sea and West Africa. Total revenues in 2025 were 1474.0 million USD, up from 666.8 million USD in 2024, and operating profit reached 512.8 million USD 1. The company pursues growth through organic discoveries and possibly mergers and acquisitions 1.
The stated strategy rests on increasing production from existing reserves, focused exploration and a robust dividend policy 1. Management highlighted operational control in Kurdistan and fast-tracking North Sea discoveries 1.
The balance sheet changed markedly after the Sval Energi acquisition, and the equity ratio fell to 22.1 percent at yearend 2025 1. The company relies mainly on operating cash flow and, when needed, international capital markets 1.
Segments
North Sea
The North Sea became the largest contributor to net production, with revenues of 1262.8 million USD in 2025 and net production of 54811 boepd 1. The growth came mainly from the Sval Energi acquisition completed in June 2025 1.
Kurdistan
Kurdistan assets generated revenues of 211.2 million USD in 2025, while net production fell to 52569 boepd because of drone strikes in July 2025 1. The Tawke license remains the company's most important operated asset 1.
West Africa
The Côte d'Ivoire assets are equity accounted and contributed a small net production of 3287 boepd in 2025 1.
Market context
The company's activity depends on oil and gas prices, the NOK/USD exchange rate and capital market conditions, factors that can influence its refinancing capacity 1.
Trends
- North Sea consolidationtailwind
The Sval Energi acquisition brought significant volumes and EBITDA, which could support cash flow if production stays at current levels 1.
- Security risks in Kurdistanheadwind
Drone attacks on Kurdistan infrastructure reduced output and could continue to weigh on volumes if the situation remains tense 1.
- Lower realized pricesheadwind
Lower realized prices in both Kurdistan and the North Sea limited 2025 revenues, and their future path remains uncertain 1.
- Refinancing and capital structuremixed
Bond issues and offtake-related financing extended debt maturities, but higher debt could make the company more vulnerable to capital market shifts 1.
Competitive position
The analysed sources do not detail individual competitors, but the company's presence in the North Sea and Kurdistan implies competition with other exploration and production operators in these regions 1. Companies active in the same licences and basins can affect access to new opportunities.
The company pursues acquisition and exploration opportunities across the Middle East, the North Sea and West Africa, where competition for assets can affect pricing and access to projects 1.
- Independent North Sea operators
Companies active in the same Norwegian and UK licences can compete for assets and skilled personnel in the region.
- Kurdistan Region of Iraq producers
Other producers in the region compete for licences and export infrastructure in the same geographic area.
- West African exploration companies
Operators in African basins compete for exploration blocks and financing partners.
- Oilfield service companies
Providers of drilling and production services influence the company's operating costs across all regions.
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 / DNO 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.