And on we go relentlessly with one other 15 randomly chosen Norwegian Shares. As this time, an “previous buddy of mine” is throughout the choice, perhaps one attention-grabbing facet:
After I purchased my first Norwegian inventory in 2014, the Alternate fee had been 8,21 NOK per Euro. Today, Norway is stronger then ever and Europe is limping alongside. However, the alternate fee as we speak is 10,92 NOK/EUR which implies the the NOK misplaced -25% over 8 plus years. Fairly a shock if you happen to simply have a look at this from the surface. And perhaps the Euro isn’t so weak in spite of everything.
61. Höegh Autoliners
Höegh is a 1,15 bn EUR market cap “main international supplier of Roll On Roll Off transportation companies, working a fleet of round 40 Pure Automobile and Truck Carriers”. The corporate IPOed in late 202, however in comparison with different 2021 classic IPO’s, Höegh buyers are fairly pleased with the share worth being up 3x since IPO.
The corporate appears to have a slightly brief monetary historical past. Due to provide chain disruptions, constitution charges are at mutli-decade highs. The market thinks that these charges aren’t so sustainable, in any other case the inventory wouldn’t commerce at a P/E of three,5:
As I’m not a nig fan of tremendous cyclical companies, I’ll “move”
62. Gentian Diagnostic
Gentian is a 62 mn EUR that “researches, develops, and produces biochemical reagents to be used in medical diagnostics and analysis in Europe, Asia, and the US”. The corporate does have gross sales and a optimistic gross margins, however has by no means produced an working revenue. “Go”.
63. Xplora Know-how
Xplora is a 38 mn EUR market cap firm that ” is a platform and companies firm and an business chief out there for kids’s smartwatches. Xplora was based to provide kids a secure onboarding to the digital life and a greater steadiness between display time and bodily exercise.”
As a 2020 IPO, the corporate first surged through the post-covid craze earlier than buying and selling now at round 50% of the IPO worth. The corporate remains to be rising decently at round 20% y-o-y, however exhibiting dis-economics of scale with more and more detrimental margins. “Go”.
64. Huddlestock Fintech
Because the title signifies, this 30 mn EUR firm is a Fintech that “develops distinctive software program as a service options for digitizing work processes for custody banks, asset managers and retail buying and selling venues”. From what I underatnd, their essential merchandise are white label inventory buying and selling apps for monetary establishments.
This sounds attention-grabbing. Just like different 2020 IPOs, the share shot up however is now no less than buying and selling at IPO stage. Compared to different Norwegian IPOs there appear to be some economies of scale at work, though the corporate remains to be loss making.
They’ve additionally acquired some enterprise by way of an asset deal from an organization that has now turn out to be the largest investor. “Watch”.
65. Kyoto Group
Kyoto is one other Norwegian Cleantech firm with a 20 mn EUR market cap that “plans to function and promote HeatCube thermal batteries, enabling industrial consumption of low-cost warmth sourced from extra photo voltaic and wind vitality”. As a sizzling 2021 IPO, the inventory misplaced ~2/3 from their IPO worth which signifies that issues aren’t going as deliberate. They’ve a flowery investor presentation, 8 Chief one thing officers however no revenues. They appear to be attempting to boost capital. Good luck, “move”.
66. Norske Skog
Norske Skog is a 640 mn EUR market cap paper producer that focuses on newspaper and journal paper and was IPOed in 2019. TIKR says the corporate is tremendous low cost at 3,5x P/E and 4xEV/EBIT, however 2022 solely appears to be the third 12 months out of the previous 6 that had been profitale. They function paper mills in Europe as nicely one in Tasmania (!!). In addition they appear to tranform one mill to containerboard manufacturing which has perhaps a greater future than newspapers and magazines. Total, nt my cup of tea, “move”.
67. DNO
DNO is a 1.1 bn EUR market cap oil firm that has it’s essential asset within the Kurdistan area if Iraq. DNO’s share worth is sort of risky, from over 20 NOK pre Covid, down to three NOK in 2020 an now again to 13 NOks.
In accordance with TIKR, the inventory could be very low cost at round 3x P/E. The corporate owns some oilwells close to norway and appears to have purchased belongings in West Africa, however 80% of the manufacturing come from Kurdistan. As I’m not an skilled of Oil corporations and even know much less concerning the scenario in Kurdistan, I’ll “move” once more.
68. Lifecare
Lifecare is a 28 mn EUR market cap firm that appears to develop medical sensors for example for Glucose ranges. The corporate is public for the reason that dot.com time and appears to get hyped everry 5 years or so. So far as I can see, they nver amde a revenue and solely little gross sales. “Go”.
69. Arribatec
Arribatec is a 26 mn EUR market cap “Software program & Consulting firm headquartered in Oslo delivering Subsequent Era Postmodern ERP – Resolution as a Service (SolaaS) globally.” The inventory appears to ave had its 12 months within the solar in 2007. By some means they do have some gross sales however as anticipated the corporate is loss making and has raised capital in 2020 and 2022. “Go”.
70. Bouvet ASA
Bouvet is a Norwegian IT consultancy that I accidently found in 2014 and personal since then with the one remorse that it began as a half place and I by no means crammed it as much as a full place.
The 560 mn EUR market cap firm has since then greater than 4x its EPS and at a present P/E of 20 isn’t low cost however alos not costly for the standard on provide. Margins and returns have steadily elevated and plainly they will nonetheless develop organically. For me it’s clearly a “maintain”.
71. Icelandic Salmon
Icelandic Salmon is a 440 mn EUR fish farmer and is majority owned by “bigger fish” Salmar. Despit eing listed in Norway, the corporate is definitely situated in Iceland the place they farm ….Salmon.
Curiously, on its homepage, they nonetheless run underneath their previous title Arnarlax which now’s solely the working model. Enterprise is presently doing very nicely however I’ve to confess that I neither like Salmon nor that I undestand the KPIs of this enterprise. From what I perceive, margins are presently so much larger than regular. “Go”.
72. Elopak
Elopak is a 580 mn EUR market cap firm that was IPOed in 2021 and gives “sustainable packaging”. These appear to be primarily paper based mostly packagings for milk and different liquids. With a P/E of 13, the inventory seems to be low cost, nevertheless progress has been week within the years earlier than the IPO.
The share prcie is barely beneath the IPO and margins have deteriorated in 2022, almost certainly on account of excessive vitality costs. A part of that is because of points with a Russian subsidiary which they needed to deconsolidate. their Q3 report accommodates some extreme “chart crime”:
The corporate additionally carries fairly some debt. Total, doesn’t look too interesting, “Go”.
73. Q-Free
Q-Free is a 61 mn EUR market cap “main international provider of ITS (Clever Transportation Techniques) merchandise and options”. The inventory appeared to have its peak in 2005 and buying and selling roughly sidewards down for the final 18 years.
The corporate is stagnating and barely worthwhile. “Go”.
74. Komplett Financial institution
Komplett Financial institution is a 100 mn EUR market cap client financial institution that supply “unsecured financing to personal people within the Norwegian, Finland, Sweden, and German markets. It gives deposit merchandise, client loans, bank cards, and level of sale finance merchandise.
The corporate made a big loss in 2021 after having proven very excessive ROEs till 2018. not surprisingly, the share worth misplaced -75% since 2018. There appear to have NPL problmes, a CEO change in additional writedowns. “Go”.
75. Panoro Power
Panoro is a 300 mn EUR market cap “unbiased exploration and manufacturing firm, engages within the exploration, growth, and manufacturing of oil and gasoline in Africa. The corporate holds belongings within the Equatorial Guinea, Gabon, Tunisia, South Africa, and Nigeria.”
In accordance with TIKR, Panoro is equally low cost like DNO with a P/E of three. The inventory is round for a while and has recovered from its lows just a few years agao however nonetheless at solely 50% of the IPO worth in 2010.
It appears to be that the principle belongings appear to have been puchased solely in 2021. Possibly that is one thing for threat in search of oil specialists, however I’ll “move“.
