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Size Sed Energy (ENH.OL) is a Norway Energy company (Contract Drilling) with a market value of $520M, the 86th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 6.60 on 6 Nov 2026.
Performance Over six months the shares fell 24.8%, against -6.9% for the median peer and +2.7% for the Norway market (cap-weighted) — 4th lowest of 9 in its peer set.
Growth Revenue grew 91.4% over the last twelve months (peer median +5.7%); the operating margin is 36.3% (peer median 7.4%).
Valuation It trades at 5.7× forward earnings against a peer median of 15.2× (cheapest of 7).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -49 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.4 points above its cost of capital (8.7% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 2.48B | NOK 2.21B | NOK 1.44B | NOK 366M | NOK 194M |
| Revenue growth | — | +53% | +293% | +89% | — |
| Gross profit | NOK 1.10B | NOK 882M | NOK 525M | NOK 98.9M | -NOK 56.1M |
| EBITDA | NOK 1.32B | NOK 1.07B | NOK 719M | NOK 123M | -NOK 26.6M |
| Net income | NOK 658M | NOK 372M | NOK 276M | NOK 33.1M | -NOK 124M |
| Free cash flow | NOK 872M | NOK 572M | NOK 161M | NOK 40.9M | -NOK 216M |
| Capital expenditure | NOK 157M | NOK 97.1M | NOK 561M | NOK 29.0M | NOK 37.5M |
| Total debt | NOK 705M | NOK 820M | NOK 730M | NOK 165M | NOK 160M |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ENH.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | -8.0% | 3rd highest of 9 |
| 6-month return | -24.8% | -6.9% | 4th lowest of 9 |
| Distance from 52-week high | -35.6% | -23.6% | 2nd lowest of 9 |
| Revenue growth (TTM) | +91.4% | +5.7% | highest of 9 |
| Operating margin | 36.3% | 7.4% | highest of 9 |
| Forward P/E | 5.7× | 15.2× | cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | -10.9% | 11.6% | least demanding of 6 |
| Growth delivered (Del g) | +38.2% | +11.8% | highest of 6 |
| Hurdle (Req g minus delivered) | -49.1 pp | +6.1 pp | least demanding of 6 |
| ROIC minus cost of capital | +11.4 pp | -3.4 pp | 2nd highest of 9 |
| EV / EBITDA | 3.8× | 7.1× | cheapest of 9 |
| Net debt / EBITDA | 0.1× | 1.1× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sed Energy ENH.OL | Norway | $520M | -25% | +91% | 36% | 5.7× | -10.9% | +38.2% |
| Ensign Energy Services ESI.TO | Canada | $517M | +6% | -1% | 1% | 34.7× | 41.1% | +11.8% |
| Ventura Offshore VTURA.OL | Norway | $371M | +3% | -2% | 34% | n/a | 3.6% | -2.5% |
| PHX Energy Services PHX.TO | Canada | $342M | -9% | +7% | 4% | 8.9× | n/a | n/a |
| Akastor AKAST.OL | Norway | $316M | -31% | +67% | 34% | 9.9× | n/a | n/a |
| Major Drilling Group International MDI.TO | Canada | $893M | -5% | +23% | 6% | 23.1× | 21.7% | +15.5% |
| Borr Drilling BORR | United States | $1,000M | -45% | +3% | 21% | n/a | n/a | n/a |
| Nabors Industries NBR | United States | $1.11B | -25% | +5% | 8% | 19.1× | 4.0% | +8.3% |
| Precision Drilling PD.TO | Canada | $1.16B | +6% | +8% | 7% | 11.4× | 11.6% | +14.5% |