BlueNord ASA

BNOR.OL

Oil & Gas Exploration & Production · Energy

Also trades as: 0HTF.L

Price

kr 525.00

-6.00 (-1.13%)

Market Cap

kr 13.42B

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count rising — dilution

+8.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 24.1M (2021) → 26.1M (2025)

Winston Score History

The full picture

BlueNord ASA is a Norwegian oil and gas company that finds and produces crude oil and natural gas from fields in the North Sea. Its main customers are energy traders and refiners who buy the hydrocarbons it extracts. The company focuses entirely on the Danish North Sea, where it is one of the largest operators, centered on the Tyra gas field complex.

BlueNord makes money by selling the oil and gas it produces, so its revenue rises and falls with commodity prices. It operates exclusively in Denmark and is a mid-sized producer by European standards, with a competitive edge built on low-cost operatorship of mature but redeveloped assets — particularly after the major Tyra field redevelopment was completed. The key growth driver is ramping up production from Tyra, which restarted operations in 2023 after a large reconstruction project; the main risk is that falling natural gas or oil prices could quickly shrink margins given the company's single-basin concentration.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-42.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

11.6%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$210M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

BlueNord ASA is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

33.5%

Modest — 33.5% gross margin

Operating Margin

23.7%

Excellent — 23.7% operating margin

ROCE

4.3%

Weak — 4.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+40.2%

Fast-growing sales (+40.2% YoY)

EPS YoY

+83.2%

Earnings growing fast (+83.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

892%

Turns 892% of profit into real cash

FCF Margin

54.0%

Converts sales into free cash efficiently (54.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

2.30

Heavy debt load (2.30)

Interest Cover

2.72x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

218.7x

Expensive — P/E 218.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+115.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (218.7 → 103.1)

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Dividends

Dividend Yield

35.27%

Healthy income — 35.27% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

N/A

Data not available

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