olivLaw · European equity research
International Petroleum Corporation IPCO.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
International Petroleum Corporation produces oil and gas from assets in Canada, Malaysia and France, funding development largely from operating cash flow. Revenue fell in 2024 while depletion and finance costs rose, so performance depends more on industry prices and costs. Revenue reached 797.8 million USD.
At the close of 05 Nov 2026, International Petroleum Corporation (IPCO.ST) stock was 247.20 SEK (−2.91% on the day), with beta -0.10, 52-week range 156.20–286.40 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.7
- weak (30–45)
- Bollinger (20, 2)
- 248.65 – 292.63
- below the lower band · %B -0.03 · band width 16.2%
- SMA 50 / 200
- 256.16 / 232.57
- mixed trend
- MACD (12, 26, 9)
- 2.60 / 6.64
- 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 | +1.6% | −0.6% | +2.2 pp | — |
| 3 months | +17.7% | −4.2% | +21.9 pp | — |
| 6 months | +5.5% | +4.3% | +1.1 pp | — |
| Year to date | +45.9% | +7.5% | +38.4 pp | — |
| 1 year | +53.9% | +9.9% | +44.0 pp | −8.5% |
| 3 years | +110.7% | +49.8% | +60.8 pp | +12.3% |
| 5 years | +406.6% | +42.8% | +363.7 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 | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.1 bn | 853.9 m | 797.8 m |
| Revenue YoY | unavailable | −24.4% | −6.6% |
| Net income | 337.7 m | 173.0 m | 102.2 m |
| Net income YoY | unavailable | −48.8% | −40.9% |
| Diluted EPS | 2.25 | 1.28 | 0.81 |
| Diluted EPS YoY | unavailable | −43.1% | −36.7% |
| net % | 29.9% | 20.3% | 12.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 246.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 939.5 m USD
- Total assets
- 2.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.92x
- ROE
- 10.1%
- ROA
- 5.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 853.9 m | 797.8 m | esef· 08 May 2025verified |
| Cost of revenue | 477.0 m | 491.3 m | 448.2 m | esef· 08 May 2025verified |
| Gross profit | 516.7 m | 250.5 m | 210.2 m | esef· 08 May 2025verified |
| Operating income | 502.3 m | 251.1 m | 195.3 m | esef· 08 May 2025verified |
| Interest expense | 44.1 m | 44.5 m | 77.4 m | esef· 08 May 2025verified |
| Pre-tax income | 465.1 m | 228.3 m | 135.5 m | esef· 08 May 2025verified |
| Income tax | 127.4 m | 55.4 m | 33.3 m | esef· 08 May 2025verified |
| Net income | 337.7 m | 173.0 m | 102.2 m | esef· 08 May 2025verified |
| Diluted EPS | 2.25 | 1.28 | 0.81 | esef· 08 May 2025verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | esef· 08 May 2025derived |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 487.2 m | 517.1 m | 246.6 m | esef· 08 May 2025verified |
| Receivables | 123.6 m | 113.5 m | 127.5 m | esef· 08 May 2025verified |
| Inventories | 16.0 m | 21.8 m | 20.1 m | esef· 08 May 2025verified |
| Current assets | 638.6 m | 690.6 m | 398.8 m | esef· 08 May 2025verified |
| Total assets | 1.7 bn | 2.1 bn | 2.0 bn | esef· 08 May 2025verified |
| Accounts payable | 118.7 m | 188.9 m | 176.4 m | esef· 08 May 2025verified |
| Current liabilities | 149.9 m | 202.9 m | 208.1 m | esef· 08 May 2025verified |
| Equity | 965.3 m | 1.1 bn | 939.5 m | esef· 08 May 2025verified |
| Shares outstanding at year end | 146.8 m | 132.0 m | 124.6 m | esef· 08 May 2025derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 601.8 m | 346.2 m | 266.1 m | esef· 08 May 2025verified |
| Investing cash flow | -157.8 m | -352.5 m | -434.9 m | esef· 08 May 2025verified |
| Financing cash flow | 11.1 m | 37.6 m | -107.1 m | esef· 08 May 2025verified |
| Dividends paid | 0 | 31.0 k | 41.0 k | esef· 08 May 2025verified |
| Share repurchases | 80.6 m | 95.4 m | 102.2 m | esef· 08 May 2025verified |
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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 12.57 – 27.37 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E12.57 – 27.37 (Mid 17.23)25 companies used · median multiple 21.3x · quartiles 15.5x – 33.8xAAK.ST, ACAD.ST, AFRY.ST, ALFA.ST, ALIG.ST, ALLEI.ST, ALTRA.ST, APOTEA.ST, AQ.ST, ARPL.ST, ASKER.ST, ATIC.ST, ATRLJ-B.ST, ATT.ST, B3.ST, BHG.ST, BOL.ST, BOOZT.ST, BORG.ST, BRAV.ST, BUFAB.ST, CAMX.ST, CARA.ST, CEVI.ST, COOR.ST
- Dividend discount (DDM)outside the aggregate0.00 – 0.01 (Mid 0.00)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 3 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.8% | 89 (vs peers) | 38% |
| 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 | 2.5x | 16 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.9x | 93 (on a fixed band) | 25% |
| 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 sheet47/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial89/100 · 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
INTERNATIONAL PETROLEUM CORPORATION (IPCO.ST). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 797.8 m USD in 2024; YoY growth -6.6%; net margin 12.8%; ROE 10.1%.
The estimated value range is 12.57–27.37 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.8%
- Current ratio: 1.9x
What contradicts it
- Interest coverage: 2.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · 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 | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for IPCO.ST 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
International Petroleum Corporation produces oil and gas from assets in Canada, Malaysia and France, funding development largely from operating cash flow. Revenue fell in 2024 while depletion and finance costs rose, so performance depends more on industry prices and costs. Revenue reached 797.8 million USD.
SWOT
Strengths
- A portfolio of production assets in three countries, with growth projects and significant operating cash flow.
- A large asset base and the ability to fund share repurchases from cash on hand.
- Listing on two exchanges and reporting under IFRS, which supports transparency.
Weaknesses
- Net result fell in 2024 compared with the prior year, mainly because of depletion and financing costs.
- Exposure to currency differences, which produced significant financial losses.
- Long-term debt from bonds and large provisions for decommissioning.
Opportunities
- Development of ongoing projects could raise production and revenue if delivered as planned.
- If financing costs stabilise, the net margin could return to earlier levels.
- Streamlining operations across three countries could improve returns on investment.
Threats
- Lower oil and gas prices could significantly reduce cash flow.
- Volatile exchange rates could again affect financial results.
- Uncertainty about going concern, flagged by the auditor, could become relevant if conditions deteriorate.
Risks
- Going concernhigh
The auditor drew attention to the assessment of the going concern basis, and future events could call this assumption into question.
- Energy priceshigh
Revenue depends on oil and gas prices, which are volatile and hard to predict.
- Currency riskmedium
Assets and liabilities in currencies other than the dollar can generate currency losses, as occurred in 2024.
- Debt and financingmedium
Bonds and financing costs have risen, which could limit financial flexibility.
- Decommissioningmedium
Decommissioning provisions are large, and actual costs could exceed current estimates.
Investment thesis
What would need to be true (bull case)
- If energy prices hold and ongoing projects reach planned production, operating cash flow could recover to earlier levels.
- The share repurchase programme shows management's commitment to returning value to shareholders from generated cash.
- Diversification across three countries could reduce dependence on a single regulatory environment or market.
What would break the thesis
- If prices fall or costs rise, net result could decline further and debt could become harder to sustain.
- Currency exposure could generate further financial losses if local currencies keep weakening against the dollar.
- Uncertainty about going concern, flagged by the auditor, could limit access to financing on favourable terms.
What to watch
- Trend in revenue and operating cash flow2025
- Investment in oil and gas properties and the pace of development projects2025
- Movement in finance costs and bond debtnext 10-K
- Whether the going concern uncertainty is confirmed or removednext 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
The company explores for, develops and produces oil and gas, holding a portfolio of production assets and development projects in Canada, Malaysia and France, according to the notes to its financial statements 1. Operations are conducted as co-licensee in unincorporated joint ventures, and statements are presented in US dollars 1. Shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm Exchange 1.
In 2024 the company spent 432.8 million USD on investment in oil and gas properties, more than in the prior year, while returning capital to shareholders through share repurchases 1. The Cor4 acquisition completed in March 2023 added assets and was amalgamated into IPC Canada Ltd. 1. Owing to decommissioning costs and financing costs, net result attributable to shareholders fell to 102.2 million USD 1.
The company reports under IFRS, and reserves are depleted on a unit of production basis using proved and probable reserves 1. Management judged the going concern basis appropriate, but the auditor noted that future events could affect this assumption 1.
Segments
Canada
Canadian assets are the company's main operating area, and capital spending and sensitivity to the Canadian dollar are significant in the financial statements 1.
Malaysia
Malaysian assets contribute to production and project development, with exposure to the ringgit according to the currency translation notes 1.
France
France is the third area of activity, with production assets and development projects, and the euro is the functional currency of the local entity 1.
Market context
The market the company serves is shaped by global energy demand and the regulatory conditions of each country. The source texts give no data on market share or sector growth, so these remain unknown for this analysis.
Trends
- Currency movementsheadwind
Weakening of local currencies against the dollar reduced the value of converted assets and produced currency losses, according to the financial statements 1. The effect could be negative if this trend continues.
- Decommissioning costsheadwind
Decommissioning and depletion costs rose sharply and pressured gross margin, according to the statement of operations 1.
- Share repurchasesmixed
The NCIB share repurchase programme continued, reducing shareholders' equity, which could support per-share returns if results hold 1.
- Interest and financingheadwind
Finance costs rose compared with the prior year, and the bonds are a major source of long-term debt 1.
Competitive position
The company competes with other independent oil and gas producers for acreage, licences and investment capital. The source texts do not name competitors, so its relative position cannot be established from this material.
Its advantage lies in a portfolio diversified across three countries and in growth projects, but returns depend on operating efficiency relative to peers, which cannot be measured from the financial statements alone.
- Unnamed competitor in source
The source does not name direct competitors, so no comparison can be made from this material.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / International Petroleum Corporation · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.