Saturday, March 2, 2024

All Norwegian Half 5 – Nr. 61-75

And on we go relentlessly with one other 15 randomly chosen Norwegian Shares. As this time, an “outdated pal of mine” is inside the choice, possibly one fascinating facet:

After I purchased my first Norwegian inventory in 2014, the Trade charge had been 8,21 NOK per Euro. Today, Norway is stronger then ever and Europe is limping alongside. Nonetheless, the alternate charge immediately is 10,92 NOK/EUR which implies the the NOK misplaced -25% over 8 plus years. Fairly a shock in case you simply take a look at this from the surface. And possibly the Euro is just not so weak in any case.

61. Höegh Autoliners

Höegh is a 1,15 bn EUR market cap “main world supplier of Roll On Roll Off transportation companies, working a fleet of round 40 Pure Automotive 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 quite 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:

Höegh rates

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 america”. The corporate does have gross sales and a optimistic gross margins, however has by no means produced an working revenue. “Cross”.

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 offer 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 in the course of the post-covid craze earlier than buying and selling now at round 50% of the IPO worth. The corporate continues to be rising decently at round 20% y-o-y, however exhibiting dis-economics of scale with more and more unfavorable margins. “Cross”.

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 principal merchandise are white label inventory buying and selling apps for monetary establishments.

This sounds fascinating. Just like different 2020 IPOs, the share shot up however is now no less than buying and selling at IPO degree. Compared to different Norwegian IPOs there appear to be some economies of scale at work, though the corporate continues to be loss making.

They’ve additionally acquired some enterprise through 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 power”. As a scorching 2021 IPO, the inventory misplaced ~2/3 from their IPO worth which signifies that issues aren’t going as deliberate. They’ve a elaborate investor presentation, 8 Chief one thing officers however no revenues. They appear to be attempting to lift 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 properly one in Tasmania (!!). In addition they appear to tranform one mill to containerboard manufacturing which has possibly a greater future than newspapers and magazines. General, nt my cup of tea, “move”.

67. DNO

DNO is a 1.1 bn EUR market cap oil firm that has it’s principal asset within the Kurdistan area if Iraq. DNO’s share worth is kind 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 may 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 knowledgeable of Oil firms and even know much less in regards to 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 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. “Cross”.

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. In some way they do have some gross sales however as anticipated the corporate is loss making and has raised capital in 2020 and 2022. “Cross”.

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 is just not low cost however alos not costly for the standard on supply. Margins and returns have steadily elevated and evidently 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 positioned in Iceland the place they farm ….Salmon.

Curiously, on its homepage, they nonetheless run beneath their outdated title Arnarlax which now’s solely the working model. Enterprise is at the moment doing very properly 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 at the moment lots greater than regular. “Cross”.

72. Elopak

Elopak is a 580 mn EUR market cap firm that was IPOed in 2021 and presents “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 development has been week within the years earlier than the IPO.

The share prcie is barely beneath the IPO and margins have deteriorated in 2022, most definitely as a consequence of excessive power 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”:

Elopak Chart crime

The corporate additionally carries fairly some debt. General, doesn’t look too interesting, “Cross”.

73. Q-Free

Q-Free is a 61 mn EUR market cap “main world provider of ITS (Clever Transportation Methods) 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. “Cross”.

74. Komplett Financial institution

Komplett Financial institution is a 100 mn EUR market cap shopper financial institution that provide “unsecured financing to non-public people within the Norwegian, Finland, Sweden, and German markets. It presents deposit merchandise, shopper 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. “Cross”.

75. Panoro Vitality

Panoro is a 300 mn EUR market cap “unbiased exploration and manufacturing firm, engages within the exploration, growth, and manufacturing of oil and fuel 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 primary belongings appear to have been puchased solely in 2021. Possibly that is one thing for danger searching for oil specialists, however I’ll “move“.

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