Stock data
| Market cap. | £68.2m |
| Last close | 71.50p |
| High / Low (52 weeks) | 125.5p / 66.8p |
| Stock market listing | AIM |
| Forecast net cash (€m) | 12.7 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Oil & Gas |
| Sector | Oil & Gas |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (11.18) | (0.35) | (43.92) |
| Relative * | (6.82) | 7.84 | (38.37) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | 5.1 | (2.3) | (3.6) | (2.7) | N/A | 6.3 |
| 2010A | 15.0 | 4.9 | 0.0 | (1.3) | N/A | 7.0 |
| 2011E | 22.5 | 11.4 | 10.2 | 7.7 | 11.4 | 8.8 |
| 2012E | 24.0 | 11.3 | 8.4 | 5.8 | 15.2 | 6.8 |
Last updated on 18/04/2012
Latest research
Oil discovery in new basin
Flash note | Oil & Gas | 09/09/2011
Italian permit update
Flash note | Oil & Gas | 14/07/2011
Dutch value, Italy upside
Update | Oil & Gas | 10/06/2011
Shell takes up the reins
Flash note | Oil & Gas | 05/04/2011
Italian focus
Update | Oil & Gas | 29/03/2011
Markwells Wood confirmed
Flash note | Oil & Gas | 06/01/2011
New Netherlands capacity
Flash note | Oil & Gas | 22/12/2010
Italian farm-out
Flash note | Oil & Gas | 08/12/2010
UK development ongoing
Flash note | Oil & Gas | 12/11/2010
Production established
Flash note | Oil & Gas | 29/09/2010
Business as usual in Italy
Flash note | Oil & Gas | 05/07/2010
UK reserves update
Flash note | Oil & Gas | 15/04/2010
Investment summary
Recent market moves have clearly demonstrated the untapped value of Northern's (NOP) diverse asset portfolio. A €7.5m acquisition by Parkmead for Dyas's 15% interest in most of the Netherlands assets operated by NOP highlights the attraction of its cash generating fields to a growing E&P company. More significantly, though, is Total's approach for Wessex Exploration that has been rejected but values the company's 1.25% interest in the Guyane Maritime block, where NOP also enjoy a 1.25% interest, at around £60m. Along with cash Northern is clearly trading well below values based on only these two deals. Adding in UK development assets and the multi-billion barrel potential offshore Italy we see NOP as one of the cheapest balanced E&P companies listed on AIM today.
Last updated on 23/04/2012
Industry outlook
With strong industry partners, Northern Petroleum is well placed to offer investors both value and growth. Strong Netherlands gas prices underpin excellent production margins, while Italy and Guyane both offer exploration upside.
Last updated on 23/04/2012
Key management
| Richard Latham, Chairman |
| Derek Musgrove, MD |
| Chris Foss, FD |
Company address
| Martin House 5 Martin Lane London EC4R 0DP United Kingdom +44 (0) 207 469 2900 View website |
