All Norwegian Shares Half 11 – Nr. 151-165


And on we go together with one more 15 randomly chosen Norwegian share. Regardless of many uninteresting or crappy firms, once more 2 made it onto the preliminary watchlist. Have enjoyable !!

151. Sogn Sparebank

With round 8 mn EUR market cap, Sogn Sparebank appears to be the smallest Sparebank thus far. Possibly fascinating for individuals who dwell in Årdalstangen, the place it’s loctated, however not for me. “Move”.

152. Aqua Bio Know-how

From the identify alone, I assumed that this 5 mn EUR market cap firm could be a crappy 2021/2022 IPO and ….I used to be flawed. Reasonably it appears to be a crappy firm that has been round for a little bit bit longer. The corporate has little earnings however constant losses. “Move”.

153. Norsk Photo voltaic

Norsk Photo voltaic is a 13 mn EUR market cap firm that’s one other 2021 classic IPO and has misplaced ~-80% since IPO. The working crops are in Vietnam, Ukraine and Pakistan. Salaries are 5x its earnings and growing mcuh sooner than earnings. “Move”.

154. Sparebank Nordmore

One other financial savings financial institution with a market cap of round 100 mn EUR. Valuation seems to be fairly low cost with a P/E of 10 and a 7% dividend yield, nevertheless I’ve no clue how sustainable these earnings are and the way banking in Norway works on the whole. “Move”.

155. Arctic Fish Holdings

It is a 235 mn market cap fish farmer that farms Salmon in Iceland. It was IPOed in 2021 however is majority owned by bigger participant MOWI. In comparison with different 2021 IPOs, the inventory has accomplished nicely and trades greater than 50% above the IPO worth. To be trustworthy, I don’t suppose that Fish farmers are an acceptable funding for me, subsequently I’ll “cross”.

156. Kongsberg Automotive

Kongsberg Automotive, with a market cap of 235 mn EUR, is an automotive provider that appears to largely focus on gear shifts and chassis for worldwide OEMs. 2022 Working earnings was -50% decrease than 10 years in the past, the corporate appears to stagnate and even worse. “Move”.

157. Otovo

Otovo is a 150 mn EUR market cap firm that was once more, a 2021 classic IPO that “solely” misplaced round -50% from their IPO worth. The corporate appears to be a “Rooftop Photo voltaic” participant. The corporate is loss making and appears to have elevated capital already at the least as soon as since its IPO. “Move”.

158. Hexagon Composits

Hexagon Composits is a 435 mn EUR market cap firm that “engages within the manufacturing and sale of composite strain cylinders and gasoline techniques”. The corporate has been rising by 4x within the final 10 years however made losses in 4 out of 10 years.

The specialty about Hexagon Composites is that it holds a majority in Hexagon Purus, which is loss making however increased valued because of teh Hydrogen hype. Only a few days earlier than I wrote this, Hexagon composites distributed an “in sort” dividend of a portion of its Hexagon Purus shares to shareholders.

Apparently, the “non-Purus” phase is once more divided into three subsegments, from which one is a brilliant worthwhile one referred to as Ragasco, which grows at~15% and has EBITDA margins north of 20%. Ragsco appears to fabricate LPG containers. Having an incredible enterprise hidden inside a bigger conglomerate is one thing I do like quite a bit as a place to begin.

Total, that is the primary of this batch that appears fascinating, so I put them on “watch”.

159. Belships

Belships is a 377 mn market cap ship proprietor that owns and runs a fleet of bulk carriers. As many different transport firms, earnings soared in 2021/2022 and the inventory seems to be low cost with 6x trailing P/E. Then again, the chart reveals that the enterprise is cyclical and Q1 2023 earnings are already -50% under 2022.

Total, this appears to be a inventory that one can purchase if issues look unhealthy, if in any respect. “Move”.

160. Zalaris

Zalaris is an 78 mn EUR market cap HR Software program supplier that surprisingly is round alreadys some years. The corporate has proven respectable development, nevertheless with 40% has fairly low gross margins for software program and in 5 out of the final 7 years they’ve made a loss, largely because of excessive curiosity bills. Cashflow has been optimistic however SBC is growing. At 46x trailing EV/EBIT, this doesn’t look to fascinating, “cross”.

161. Zwipe

Zwipe is a 16 mn market cap firm that’s “targeted on creating and commercializing safe, quick and straightforward to make use of biometric authentication options”. The corporate IPOed in 2019, has minimal gross sales however related losses. I swipe this to “Move”.

162. Recreate

Recreate is a 9 mn EUR market cap, 2021 IPO, that misplaced round -90% since its IPO. It appears to be a financially distressed Actual Property firm which I fortunately “cross” on.

163. XXL

XXL is a 56 mn EUR market cap Sports activities retailer that has clearly seen higher days as we are able to see within the inventory chart:

They actually appear to scrap collectively each penny, i.e. by acquiring tax deferrals. XXL is energetic within the Nordics and Austria, though they plan to shut Austria this yr. XXL is clearly in misery and it must be seen in the event that they survive of their curret kind. One fascinating side is that Swedish PE store Altor owns ~1/3 and appears to maintain shopping for shares. “Move”.

164. Aker Options

Aker Options is a 1,8 bn EUR market cap subsidiary of the Aker Group, of which I alrady coated Aker Horizon, the “new vitality” subsidiary earlier. Aker Options is a Offshore engineering specialist, offering providers to the oil and fuel business in addition to to offshore wind and fish farming. Some years in the past, Aker Options took over struggling competitor Kvaerner which was lastly merged and disolved in 2020.

Wanting on the inventory chart, we are able to see that it has been very unstable, with a low after the beginning of Covid and a 8x restoration since then:

The inventory at present seems to be fairly low cost, with a P/E of ~10 however the enterprise clearly has cycles. Nvertheless, I feel this one is price to “Watch”.

165. Hydrogenpro

Hydrogenpro, a 109 mn EUR market cap firm, appears like and certainly is a late 2020 IPO that may be a “OEM for top strain alkaline electrolyser and provides giant scale inexperienced hydrogen expertise & techniques”.

That is really fairly fascinating, particularly with regard to the latest Thyssen/Nucera IPO that appears to have went fairly nicely.

Hydrogenpro actuall has some gross sales as they appear to have already a manufacturing web site in China. However that is additionally an issue, as I do suppose that will probably be onerous to promote the Chinese language made electrolysers in Europe or the US. In keeping with their quarterly report, they appear plan to construct manufacturing websites additionally in Europe and the US, however I gues for this they could want extra capital. With a operation margin of -80%, I suppose the corporate has to do fairly some capital elevating going ahead.

Hydrogenpro appears to be one of many higher Hydrogen firms on the market, however I nonetheless “cross”.


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