All Norwegian Shares Half 18 – Nr. 256

And the ultimate batch of randomly chosen Norwegian shares. The random generator turned this right into a “Salmon & Sparekassen” episode, however in between now we have a number of attention-grabbing ones. This was the final publish with the brief evaluation and I’m glad that I completed this in 2023. There will probably be one other Norway Abstract publish in a number of days. To maintain the strain excessive, I’ll solely reveal the following nation then. Take pleasure in !!!

256. Aker ASA

Aker is the High Holdco of the Aker Group, which has a number of different listed corporations that I’ve coated already. Created by “self-made” billionaire Kjell Inge Rogge, Aker is valued at 4,4 bn EUR, of which 68% is owned by Rogge.

What I like about Aker is that they’ve superb reporting the place you may simply see how the worth is distributed throughout the Group corporations. That is from the Q3 presentation:

Oil & Fuel is clearly their largest publicity. The long run observe report of Aker is de facto good, though lately, as an example the entry into renewable power (Aker Horizon) was actually bumpy.

If I’d make investments into Aker, the Holdco would clearly be my first alternative, possibly adopted by Aker Carbon Seize. One facet that could be a little bit regarding is that the founder, now at age 65 appears to be on the “Mega Yacht” stage and has commissioned one of many largest non-public yachts ever. To be truthful, the REV Ocean at an estimated value of 500 mn will change into a “reseach vessel” however it isn’t clear if and the way Rokke nonetheless focuses on his firm. His son can be working within the firm as CEO of Aker Horizon, nonetheless the observe report is combined at finest. As well as, in 2022 Rokke introduced that he’ll transfer to Siwtzerland which could have value him some sympathies in Norway.

Nonetheless, Aker ASA is clearly one to “watch”.

257. Sparebank 1 Ringerike Hadeland

With 420 mn EUR, Spareanken Ringerike Hadeland is a mid sized financial savings financial institution. Like all of the others, it seems to be low cost (P/E 9x) and pays an honest dividend. Anyway, I’ll keep away from Sparebanken, “go”.

258. M Vest Water

M Vest Water is a 18 mn EUR market cap “environmental know-how firm, offers options for water and wastewater remedy.” At first sight, this seems to be like one other early stage VC firm with a 2023 gross sales run fee of 1 mn EUR and losses. “Move”.

259. Mintra Holding

Mintra Holding is a 69 mn EUR market cap firm that “offers digital studying and human capital administration software program options worldwide”. For a change, this 202 IPO is worthwhile, nonetheless it isn’t rising a lot. They appear to have paid out massive particular dividends in 2022 and 2023. A P/E of 15 and an EV/EBITDA of 11 look cheap. “Watch”.

260. Sandes Sparebanken

Surprisingly, there are nonetheless Sparebanken left within the checklist. Sandnes, with a market cap of 175 mn EUR is among the smaller ones and appears much like all of the others (P/E 9x, 7% dividend). “Move”.

261. Sparebanken Vest

With a market cap of 1 bn, this is among the bigger ones. With 8x P/E and a 7% dividend yield it seems to be equally low cost as all of the others. “Move”.

262. NTS

NTS is a 960 mn EUR “Aquaculture Infrastructure” firm that’s working ships to service and keep ocean fish farming amenities. That sounds attention-grabbing, however margins have been declining steadily since 2017, return on capital is low and the corporate has a number of debt. “Move”.

263. Sparebank 68 Nord

A tine, 40 mn EUR market cap Sparebank who would solely stand out if they’d rename themselves to “Sparebank 69”, which after all they don’t. “Move”.

264. MOWI

With 8,1 bn EUR, MOWI is clearly one of many “Large fishes” among the many Norwegian fish farmers. The inventory at the moment trades on the degree of 2018 and appears fairly low cost (11x P/E), with the primary KPIs fairly OK. The fish enterprise appears to be cyclical, however MOWI is likely to be an attention-grabbing inventory to be taught extra. “Watch”.

265. Salmones Camanchaca

Salmones, with a market cap of 190 is just a little fish in comparison with MOWI (Nr. 264). Curiously, this one operates in Chile. It seems to be fairly low cost however has misplaced 2/3 of its worth because the IPO in early 2019. Possibly not the place to begin to make investments into fish farming, “go”.

266. Norcod

As “Salmon solely” tends to be boring, Norcod, because the identify says, is a 39 mn EUR market cap fish farmer that makes a speciality of Cod. Because the inventory misplaced -90% since its 2021 IPO, this appears to not be really easy. “Move”.

267. Subsequent Biometrcis

Subsequent is a 60 mn market cap firm that “engages within the analysis, growth, manufacture, and commercialization of fingerprint know-how and merchandise in Asia”. With a streak of 11 loss years in a row, the one query is why this firm nonetheless exists. “Move”.

268. Sparebanken Sor

440 mn market cap, 8x P/E, 7% dividend yield. “Move”.

269. Nidaros Sparebank

10 mn market cap, 12x P/E, 8% dividend yield. “Move”.

270. Schibsted

Schibsted is a 5,5 bn EUR market cap firm that efficiently entered the net labeled market. In 2019, they spun-off the net labeled enterprise into an entity referred to as Adevinta (Nr. 103). Adevinta obtained a take over provide from Permira and Blackstone, valueing Schibsted’s stake at round 3,9 bn USD or 3,5 bn EUR.

Schibsted stated that they’ll promote 60% of their place into the tender and keep invested within the remainung 40%. As well as, Schibsted appears to promote its Media enterprise to its primary shareholder for round 0,5 bn EUR.

Schibsted has round 500 mn in debt, the remaining enterprise (Nordic market locations) appears to have a run fee of ~200 mn EUR per 12 months. The share value has been on a wild trip, however long run worth creation is excellent.