olivLaw · European equity research
Hermana Holding ASA HERMA.OL
Norway · Euronext Oslo Børs · ISIN NO0013401380 · Vertical: Listed companies from Norway
Hermana Holding ASA is a Norwegian company listed in Oslo that holds royalty rights linked to the Western Isles FPSO and evaluates new investments with its available capital. In 2025 the main event was the receipt of NOK 88.7 million from the Shell Penguins royalty, and its value rests on the fact that future revenue depends almost entirely on the redeployment of a single asset.
At the close of 05 Nov 2026, Hermana Holding ASA (HERMA.OL) stock was 15.00 NOK (+0.67% on the day), with market capitalisation 203.0 m NOK, beta 0.14, 52-week range 13.40–18.10 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)
- 54.9
- neutral
- Bollinger (20, 2)
- 14.18 – 15.32
- in the upper half of the band · %B 0.72 · band width 7.7%
- SMA 50 / 200
- 14.65 / 16.04
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -0.00
- 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 | +0.7% | −0.6% | +1.3 pp | — |
| 3 months | −2.3% | −4.2% | +1.9 pp | — |
| 6 months | −10.2% | +4.3% | −14.5 pp | — |
| Year to date | −9.9% | +7.5% | −17.4 pp | — |
| 1 year | +4.5% | +9.9% | −5.4 pp | −4.7% |
| 3 years | unavailable | +49.8% | unavailable | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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 | 10.3 m | 3.9 m | 1.2 m |
| Revenue YoY | unavailable | −62.1% | −69.2% |
| Net income | 4.8 m | 1.7 m | -13.4 m |
| Net income YoY | unavailable | −64.6% | −888.2% |
| Diluted EPS | 0.36 | 0.13 | -0.99 |
| Diluted EPS YoY | unavailable | −63.9% | −861.5% |
| net % | 46.6% | 43.6% | -1,116.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 104.3 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 112.1 m NOK
- Total assets
- 112.8 m NOK
- Debt / equity
- unavailable
- Current ratio
- 149.71x
- ROE
- -11.5%
- ROA
- -11.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 10.3 m | 3.9 m | 1.2 m | esef· 21 Oct 2026verified |
| Operating income | 3.1 m | -9.2 m | -5.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | 6.2 m | 900.0 k | -13.7 m | esef· 21 Oct 2026verified |
| Income tax | 1.4 m | -900.0 k | -200.0 k | esef· 21 Oct 2026verified |
| Net income | 4.8 m | 1.7 m | -13.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.36 | 0.13 | -0.99 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 0 | 16.6 m | 104.3 m | esef· 21 Oct 2026verified |
| Receivables | 0 | 98.0 m | 400.0 k | esef· 21 Oct 2026verified |
| Current assets | 0 | 114.6 m | 104.8 m | esef· 21 Oct 2026verified |
| Total assets | 0 | 122.4 m | 112.8 m | esef· 21 Oct 2026verified |
| Current liabilities | 0 | 900.0 k | 700.0 k | esef· 21 Oct 2026verified |
| Total liabilities | 0 | 900.0 k | 700.0 k | esef· 21 Oct 2026verified |
| Equity | 0 | 121.5 m | 112.1 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 13.3 m | 13.1 m | 13.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
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: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 203.0 m NOK
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1,116.7% | 5 (vs peers) | 60% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 149.7x | 100 (on a fixed band) | 40% |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 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
HERMANA HOLDING ASA (HERMA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 m NOK in 2025; YoY growth -69.2%; net margin -1,116.7%; ROE -11.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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
- Current ratio: 149.7x
What contradicts it
- Net margin: -1,116.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| HERMA.OLHermana Holding Asa | 203.0 m | — | -11.5% | -1,116.7% | −69.2% | −8% / unavailable |
| 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% |
1- and 3-year price returns: for HERMA.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Hermana Holding ASA is a Norwegian company listed in Oslo that holds royalty rights linked to the Western Isles FPSO and evaluates new investments with its available capital. In 2025 the main event was the receipt of NOK 88.7 million from the Shell Penguins royalty, and its value rests on the fact that future revenue depends almost entirely on the redeployment of a single asset 1.
SWOT
Strengths
- The company has no long-term debt, substantial liquidity at the end of 2025, and a contractual royalty right on a hull with a long design life 1.
- The board and management have experience in investments, operations and corporate development, which supports the assessment of new opportunities 1.
- The FPSO royalty is a production-linked income with no major operating costs attributed to the company 1.
Weaknesses
- Operating revenue was minimal in 2025 and the company reported a net loss, which shows dependence on one-off events 1.
- The core activity is concentrated on a single asset, exposing the company to redeployment risk and to the decisions of a possible future owner 1.
- The company has used management services from Magnora ASA, with management members involved in both companies, which raises governance questions 1.
Opportunities
- Redeployment of the Western Isles FPSO could generate larger, long-term revenue if production begins 1.
- Available capital could be invested in new opportunities if assessments identify projects with adequate returns 1.
- Active FPSO contracting and ownership changes could bring clarity on the value of the royalty 1.
Threats
- Changes in taxation, energy policy or licensing could delay redeployment or reduce production volume 1.
- Physical climate risks could affect the availability of offshore operations 1.
- If new investments do not generate adequate returns, available capital could be eroded without creating shareholder value 1.
Risks
- Delayed redeploymenthigh
If the Western Isles FPSO is not redeployed in time, royalty revenue could remain low for a long period 1.
- Dependence on production volumehigh
The royalty depends on barrels produced and offloaded, so production variations could directly affect the company's revenue 1.
- Climate and operational risksmedium
Physical and transitional risks, as well as risks to asset integrity, could affect the availability and cost of offshore operations 1.
- Regulatory and political riskmedium
Changes in tax or licensing regimes could alter the location and timing of redeployment 1.
- Governance and conflict-of-interest risklow
The management services contract with Magnora ASA and overlapping board members could create conflict-of-interest situations, although the report states the terms are on market terms 1.
Investment thesis
What would need to be true (bull case)
- If the Western Isles FPSO is redeployed and produces, long-term royalty income could become a significant source of revenue relative to current operations 1.
- Existing liquidity and the absence of long-term debt could allow the company to invest in new opportunities without financing pressure 1.
- The sales process for the FPSO and active contracting in the market could clarify the royalty's value and improve visibility on future revenue 1.
What would break the thesis
- If redeployment is delayed or does not occur, the company could remain with minimal operating revenue and recurring net losses 1.
- Concentration on a single asset could make the company's value depend on external decisions, such as those of a future owner 1.
- If new investments are not made at adequate returns, available capital could be spent without producing recurring revenue 1.
What to watch
- Outcome of the sales process and clarifications on redeployment of the Western Isles FPSO2026
- Development of royalty revenue and net loss in quarterly reportingQ1 2026
- Any new investments announced from the roughly 40 opportunities evaluated2026
- Changes in the relationship with Magnora ASA, including the management services contractnext 10-K
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
Hermana Holding ASA, together with its subsidiary Western Isles Holding AS, was demerged from Magnora ASA in the second quarter of 2024 and listed on the Oslo Stock Exchange since June 2024 1. Its main activity is holding and managing a license agreement for an FPSO transferred from Magnora ASA 1. Operating revenue was modest in 2025 at NOK 1.2 million, and the company reported a net loss of NOK 13.4 million 1.
The main economic asset is the royalty right on the Western Isles FPSO, which is currently awaiting redeployment. The company is entitled to USD 0.50 per barrel of oil equivalent produced and offloaded from the FPSO over its lifetime, and the hull has a design life of 30-50 years 1. Future revenue therefore depends on production volume and the timing of redeployment 1.
At 31 December 2025 the company had no long-term debt and total assets of NOK 112.8 million 1. Capital is allocated through an opportunity-driven approach, with the company assessing small- and mid-cap investments as well as transformational deals 1.
Segments
Shell Penguins FPSO royalty
This royalty has concluded: the NOK 88.7 million received in 2025 settled the demerger receivable from Magnora ASA, and the company has no further proceeds from this FPSO 1.
Western Isles FPSO royalty
The main future segment, awaiting redeployment; revenue depends on production volume and on the jurisdictions where the FPSO could be moved 1.
New investments
The company evaluates equity- and royalty-based investments, but at the end of 2025 it had not yet reported a new committed investment 1.
Market context
The relevant market is that of FPSOs, where contracting is active and ownership changes are occurring. The annual report refers to an active contracting market and several FPSOs that changed owner, and media reported a sales process for Western Isles 1.
The value of the royalty depends on the actual production of the units, on tax and licensing regimes, and on the ability of the FPSO to be redeployed in a favourable jurisdiction 1.
Trends
- Redeployment of the Western Isles FPSOmixed
If the FPSO is redeployed and starts production, royalty revenue could rise significantly; until then the company has minimal revenue 1.
- Sales process for the FPSOmixed
Media reported in January 2026 that the FPSO was marketed for sale, but the company holds no information about an actual sale; a new owner could change the royalty terms 1.
- Regulation and taxationheadwind
Changes in taxation, energy policy and licensing regimes could affect the timing and location of redeployment as well as annual production volume 1.
- Energy transitionmixed
Transitional climate risk and the possibility of electrifying the FPSO could open new contracting opportunities if the market responds favourably 1.
Competitive position
Hermana has no directly comparable listed competitors identified in the sources provided. For available capital it competes with other investors in energy assets and small- and mid-cap companies, and for FPSO contracts it competes with other owners and operators of floating units 1.
Competitive position depends on the ability to identify investments with adequate returns, as the company evaluated about 40 opportunities in 2025 without yet converting them into commitments 1.
- Magnora ASA
The original parent from which Hermana was demerged; it still provides management services under a contract, and members of its management sit on Hermana's board 1.
- Other FPSO owners and operators
Investors and operators competing for contracts and for the acquisition of floating units, particularly in the active contracting market described in the report 1.
- Investors in energy assets and small- and mid-cap companies
Funds and investors competing with Hermana for the same energy-sector and small- and mid-cap investment opportunities 1.
- Other holders of energy royalties
Companies holding royalty rights on offshore assets that could compete for the same acquisition transactions 1.
News & filings
In the press
- Ángel perdió a su hermana y ahora tacha su lista de 510 deseos antes de morir : La muerte es incómoda , pero no debería taparseSurge — GDELT DOC · 01 Oct 2026 · RO
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 / Hermana Holding 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.