And one other 15 Norwegian shares chosen from my Google Sheets random quantity perform.This time just one “watch” candidate and never even a robust oe. C’mon Norway, you are able to do higher !!!
31. KMC Properties
Because the identify signifies, this 212 mn EUR market cap firm (IPO in 2021) is lively in property. They focus on industrial and logistics property that appears to develop shortly by means of purchases. The share worth hasn’t executed a lot because the IPO and appears to tarde near NAV . “Move”.
32. Argeo
Argeo is an 8 mn EUR market cap firm that was IPOed in 2021. The corporate is lively in fancy sounding seismic evaluation actions. Sadly, the flamboyant know-how doesn’t translate in earnings however rising losses. The inventory misplaced greater than -75% from the IPO and the corporate simply needed to problem new shares. “Move”.
33. Hexagon Purus
Hexagon Purus ASA, a 520 mn EUR market cap inventory feels like an “Power transation dream”: Accroding to the Euronext web page, the corporate “is specialised within the manufacture and advertising and marketing of Sort 4 composite tanks for top stress hydrogen storage. The group additionally manufactures battery packs, electrical drive methods, parts and battery methods for electrical and hybrid autos.”
The corporate is rising quickly, however loss making and elevated its capital in 2022. The corporate is a Spin-off of Hexagon Composites and was listed in 2020.
Hexagon is clearly a Hydrogen play with a spotlight of containers. Because the intitially hyped Hydrogen highway transport seems extra like a distinct segment, the share prcie has suffered after the intitial exitment:
However, the corporate has actual merchandise and a robust order e-book, however money is clearly a problem. Regardless of the by some means shaky funds, I’ll put hem on “watch” as that is clearly one of many extra attention-grabbing Hydrogen performs obtainable.
34. Endur
Endur is an 84 mn EUR market cap firm that describes itself as “a number one provider of development and upkeep tasks and providers for marine infrastructure, together with amenities for land-based aquaculture, quays, harbours, dams, bridges and different specialised concrete and metal tasks”.
As a development firm, margins are very low and the share worth deosn’t look fairly. “Move”.
35. Sparebanken Ost
Sparebanken Ost is one among a number of regional financial savings banks with a market cap of 93 mn EUR. ROE is tremendous low, P/E at 12x and a 5% dividend yield. I do not know if and the way these Sparebanken belong collectively. “Move”.
36. Photocure
Photocure is a 272 mn EUR market cap “specialty pharmaceutical” firm that has developed some therapies for example towards bladder most cancers. The therapy appears to be a mix of a drug and particular mild.
The corporate has precise gross sales and appears to be at the least from a cashflow perspevtive break even. Nonetheless, for me it’s nearly unimaginable to know the potential and future improvement of this enterprise mannequin, subsequently I’ll “cross”.
37. ECIT
ECIT is a 238 mn market cap firm that’s ” specialised in outsourced enterprise course of providers. The corporate provides corporations accounting administration, IT outsourcing, information internet hosting and safety, digital archiving of paperwork and automation of varied duties”.
ECIT is a 2021 classic IPO and, aside from many different 2021 IPO’s, trades near the IPO worth. At round 39x P/E, the corporate seems costly in comparison with their comparatively weak margins.
I’m additionally undecided if AI (GPT-3) is a blessing for these sort of companies or an actual Menace. Subsequently I’ll “cross”.
38. Kitron
Kitron “manufactures and assembles digital methods and subsystems, from design, engineering, prototyping, testing to logistics administration, upkeep, restore and redesign of merchandise” and has a market cap of 514 mn EUR.
The inventory doesn’t appear to be costly at round 16x P/E, EBIT margins are solely ~6%, however returns on capital are fairly OK. The corporate has been rising properly over the previous years they usually goal 10% development going ahead with 8% EBIT margins for the following 5 years. Nonetheless, it doesn’t appear to be one thing that I perceive nicely and subsequently I’ll “cross”.
39. poLlight
Polight is a 92 mn EUR market cap firm that “develops optical lens for client gadgets and industrial functions. Its lens replicates the lens of the human eye enabling the implementation of autofocus features for numerous functions. “
The corporate has been loss making for the previous 7 years and continuously points newshares. “Move”.
40. Sage Pure
Saga Pure is a 78 mn EUR “funding firm specialised in fairness investments in corporations working within the manufacturing and transportation of crude oil, actual property and inventory markets”.
Wanting on the present portfolio, the main target appears to be on Hydrogen associated investments, a few of them listed. For some causes, the CEO simply stepped down in mid-December and the corporate known as of a particular shareholder assembly, which is generally a nasty signal. “Move”.
41. Self Storage Group
Self Storage Group is a 216 mn EUR market cap firm that provides self storage amenities within the nordics. As with nearly all actual property corporations, I discover it tremendous exhausting to judge. I even have little or no insights into this subsection of the property enterprise, subsequently I’ll “cross”.
42. Jaren Sparebanken
Jaren is one other, 110 mn EUR market cap native financial savings financial institution. The corporate trades at 11,5x P/E and 0,5x e-book worth, however ROE is tremendous low at 4,5%. “Move”.
43. Scana
Scana is a forty five mn EUR market cap offshore providers firm. The inventory has been hibernating for a very long time earlier than going up in mid 2020 and since then went again down once more. Enterprise appears to have picked up by means of an acquisition in 2022 and particularly the reneabe power enterprise appears to develop. However, the corporate is loss making. “Move”.
44. Child AS
Child is a 267 mn EUR market cap house textile retailer within the Nordics that operates round 200 shops. As different retailers, the valuation at 12x P/E is average. The corporate has been grwoing strongly over the past 10 years, with gross sales up ~3x and EPS nearly 10x.
Nonetheless, 2022 turned out to be fairly difficult, with EBITDA down nearly -50% in Q3. The inventory had an incredible run in the course of the pandemic:
To me it’s not clear how this “pandemiic lottery winner” will do in an setting like right this moment. The current drop in revenue clearly signifies some bigger troubls. As I like to remain out of hassle, I’ll “cross”.
45. Grieg Seafood
Grieg is an 810 mn EUR market cap fish farming firm that farms Atlantic Salmon. They appear to be lively in Norway and Canada.
At a primary look, Slamon farming seems like a unstable enterprise. with margins oscillating between -10 and +30% over the previous 10-15 years:
This ends in a really unstable chart as we will see on this graph:
From a low of ~4 NOk/share, Grieg elevated by nearly 40x till early 2022 earlier than then dropping by -50% inside just a few weeks. Grieg appears to be hit by the shock “Seafood Tax” from the Norwegian Authorities, which appears to clarify the drop to a sure extent.
Salmon costs seemt o be fairly excessive in the meanwhile and administration is optimistic. I’ve very restricted expereince with these sort of companies, however in my expertise, caclical shares shouldn’t be purchased when issues look good and the shares look low-cost, slightly on the contrary. Subsequently, I’ll “cross”.
