And on we go, one other 15 randomly chosen shares from Norway. This time, 4 of them made it into the preliminary watch listing. Solely 80 shares extra to go….
181. Circio Holding
Circio Holding is a 6 mn EUR market cap Biotech that’s loss making and has renamed itself not too long ago from Targovax. “Move”.
182. Borgestad
Borgestad is a 17 mn EUR market cap firm that manufactures and distributes refractory merchandise and likewise owns a shopping mall. The corporate appears to have seen higher days and is extremely leveraged. “Move”.
183. Pexip Holding
Pexip, with a market cap of 160 mn EUR, is a video conferencing expertise firm that was IPOed 2 monhts into the Covid lockdown 2020. The corporate was worthwhile till 2019, however loss making since 2020 which helps to clarify that the inventory misplaced -80% because the IPO. “Move”.
184. Yara
With round 8,9 bn EUR market cap, Yara is among the giant Norwegian Industrial teams and one of many largest ammonia fertilizer producers globally.
Usually, this can be a low margin, low return on capital enterprise, however with the Ukraine struggle, fertilizer bacame a scarce commodity final yr and Yara was just about printing cash. Nvertheless, trying on the chart, Yara appears to be a long run regular grower:
Issues appears to normalize in 2023 and in Q2 they really confirmed a loss on account of investory write-downs. Figuring out that Ammonia manufacturing is among the greatest CO2 emitters globally, it’s clear that Yara is dealing with challenges, nonetheless this additionally might flip into a chance if the handle to be forward of the gang. For me a inventory to “watch”.
185. Aurora Eiendom
Aurora is a 220 mn EUR market cap actual property firm that has been created and IPOed in 2021. They appear to personal principally buying heart, which, shock, appears to not be a lot in favor proper now. The corporate is extremely leveraged as effectively. “Move”.
186. MPC Container Ships
Because the nam signifies, MPC is “a number one container tonnage supplier with a concentrate on small to mid-size containerships. Its fundamental exercise is to personal and function a portfolio of container ships serving intra-regional commerce lanes on fixed-rate charters”. With a market cap of 700 mn EUR it’s not small and has solely a small quantity of debt. In keeping with TIKR, the inventory trades at 2,3x P/E and a 35% dividend yield, which sort of signifies that the ggod days in container delivery may come to an finish. The inventory did greater than 10x since 2020. Not my space of experience, “cross”.
187. VOW Inexperienced Metals
VOW Inexperienced Metals, with a market cap of 40 mn EUR, appears to be a Spin off of VOW ASA and focuses on the manufacturing of “biocarbon”. From what I perceive, this can be a CO2 impartial replacment to metallurgical coal used as an example in metal manufacturing. This feels like a horny “local weather” story, nonetheless profuction hasn’t but begun, so it’s extra a enterprise case.
I additionally doubt a little bit however the scalability, as competitors for Biomass feedstock is excessive and Hydrogen primarily based Inexperienced Metal manufacturing appears to be the extra scalable method. “Move”.
188. Eidesvik Offshore
Eidesvik is a 89 mn EUR market cap firm that “operates a contemporary fleet of extremely specialised offshore help vessels.” The corporate is worthwhile proper now, however has been loss making for 7 out of the final 10 years. “Move”.
189. Masoval
Masoval is a 260 mn EUR market cap Salmon farmer which nonetheless appears to be majority owned by a household and went public in 2021. The corporate made an enormous revenue in 2022 however appears to be loss making in 2023. As talked about earlier than, that sector appears “too onerous” fro me, “cross”.
190. Byggma
Byggma is a 100 mn EUR market cap firm “manufacturing and promoting constructing materials merchandise. The Group consists of 12 manufacturing vegetation and 4 gross sales comp. in Norway, Sweden, Finland, UK and US.”
Even in tremendous wealthy Norway, buildig is struggling and Byggma’s margin have been dropping in 2023. The chart appears to be like extra like a provider of Covid assessments than a builing supplies firm:
Byggma appears to supply principally wooden primarily based merchandise comparable to beams and home windows, but in addition lamps. The corporate appears to be managed by it’s CEO who owns virtually 90%. The debt load is kind of excessive and has elevated yoy considerably. “Move”.
191. Edda Wind
Edda Wind is a 220 mn EUR market cap firm that went public in 2021 and principally supplies companies to the offshore wind trade. The corporate owns 6 ships and has comissioned extra that primarily function an off shore base for service private that’s required to take care of and restore off shore windfarms. In principle, the sector ought to develop for a while and enterprise ought to be nice because the vessels are in excessive deman. Income is growing, however the variety of shares is even growing quicker as capital will increase are required to finance the brand new ships, which meaybe explains why the shares are down ~-20% from the IPO.
Rising debt prices is clearly additionally a problem, however general this appears to be like like one of many few delivery associated shares that might be fascinating. In keeping with TIKR, the share worth is ~0,75x tangible guide worth. “Watch”.
192. Magnora
Magnora is a 185 mn EUR market cap firm that “operates as a renewable vitality improvement firm. It primarily focuses on creating wind and photo voltaic photovoltaic (PV) initiatives.”
A primary have a look at the numbers present a wierd image with a single digit P/E however a excessive 10x a number of on gross sales. The answer for that is that as a developer, they had been in a position to promote a mission with a big revenue in 2023. Overal, Magnora has a pipeline of round 6,7 GW with the bulk in PV initiatives. Up unitl 2018, they appear to have serviced additionally the oil trade however then targeted totally on renewable vitality. he share worth, this was a optimistic transfer:
In distinction to many different builders, Magnora has internet money which I discover fascinating. As I just like the developer mannequin usually, I’ll put hem on “watch”.
193. Ayfie Group
Ayfie is a 8 mn EUR market cap nano cap providing “distinctive AI options” that appear to be so successfull that they only needed to do a capital enhance. “Move”.
194. Odfjell SE
Odfjell is a 600 mn EUR market cap that “engages within the transportation and storage of bulk liquid chemical compounds, acids, edible oils, and different particular merchandise.”
In order that they mainly personal ships and terminals which is an fascinating mixture. The long run chart appears to be like REALLY fascinating:
After a peak in 2005, the inventory did nothing for 13-14 years earlier than growing considerably simply up to now few months. Plainly costs have immediately elevated so much and translated into so much greater earnings for Odfjell. Nevertheless, I do not know how sustanable that’s:
I suppose that this enterprise is once more “too onerous” for me, so I’ll “cross” depite the presently low valuation.
195. Selvaag Bolig
Selvvag Bolig is a 210 mn EUR market cap firm that develops residential properties in Norway. Creating residential properties in Norway is simlar tough proper now than elsewhere on the earth, which reveals inthe share worth:
Superficially, the inventory appears to be like low-cost with a 6x P/E based on TIKR. The bsuiness mannequin appears to be that they really purchase the land, however solely after 60% of the items have been pre bought. The corporate has fairly good reporting and a powerful observe report:
The corporate appears to be nonetheless majority owned by the founding Selvaag household. Total this might be an intersting guess on a housing restoration within the Nordics, subsequently I’ll “watch”.
