And on we go witj one other 20 ramdomly chosen Norwegian shares. This time, I discovered 5 of them fairly attention-grabbing and put them onto the preliminary watchlist. Lower than 40 companie sto go. Take pleasure in !!!
216. Cloudberry Clear Power
Cloudberry is a 247 mn EUR market cap renewable vitality firm based in 2017 and IPOed in 2020. In distinction to Sctaec, Cloudberry is barely lively within the Nordics. They develop and personal and function renewable energy vegetation in Sweden, Norway and Denmark. Largely Wind, but additionally some hydro belongings they usually appear additionally to plan to construct some hybrid wind/photo voltaic parks.
One factor that stands out is that in distinction to many different gamers, Cloudberry sells it’s electrical energy “service provider”, i.e. at prevailling market costs. This led to excessive income final 12 months bu a lot decrease income on this 12 months.
Perhaps this additionally explains the very risky share worth and the unfavourable worth creation because the IPO:
They’ve fairly some debt and overlaying increasaed curiosity funds with very risky revenues is possibly not such an ideal concept. Nonetheless, I’ll hold them on “watch” in the interim.
217. Multiconsult
Because the title signifies, this 275 mn EUR market cap firm is a consulting firm focusing extra on “technical” consulting for Engineering initiatives. At first sight, the inventory seems attention-grabbing with a comparatively modest p/E of 12 and first rate eturns on capital and margins.
Earnings are somewhat bit decrease in 2023 than in 2022 however a glance into the previous reveals that they already suffered a hunch in 2017-2019. At the moment, they’re nonetheless rising and order books are full however there appears to be some levelling off they usually have publicity to the the development sector.
The inventory has been declining already considerably:
Multiconsult is clearly a extra risky enterprise than Bouvet, however I nonetheless discover it fairly attention-grabbing, subsequently “watch”.
218. Arctic Bioscience
It is a 20 mn EUR market cap “biotech firm growing distinctive pharmaceutical and nutraceutical merchandise based mostly on bioactive marine compounds.” IPOed im 202, the inventory misplaced -60% since then. After all these guys are loss making, so I’ll “go”.
219. Prosafe
Prosafe is a 81 mn EUR market cap proprietor of service vessels for the offshore trade. The corporate appears to have been recapitalized within the earlier years however nonetheless appears to be loss making and has vital debt. “Go”.
220. Strongpoint
Strongpoint is a 52 mn EUR market cap “retail know-how firm that gives options to make retailers smarter, purchasing experiences higher and on-line grocery purchasing extra environment friendly”. At first signal, the corporate reasonably seems weak than stron with declining income and margins. “Go”.
221. ABG Sundal Collier
ABG Sundal Collier is a 240 mn EUR market cap funding financial institution that trades at precisely the extent from 20 years in the past. The inventory seems low cost however other than the dividend, there doesn’t appear to be a variety of worth creation. his just isn’t uncommon, as funding banking is commonly a “star” enterprise with the bankers taking a lot of the pie by way of bonuses. “Go”.
222. Carasent
Carasent, a 75 mn market firm, that “was based in 1997. In Might 2018 the Swedish firm Evimeria EMR AB, an organization offering cloud-based medical file companies to the well being care trade, was acquired. Carasent’s technique is to develop and develop digitalization that helps clients in offering environment friendly and qualitative well being care companies within the Scandinavian market.” The corporate appears to be (once more) loss making and I believe it’s a tremendous troublesome enterprise. “Go”.
223. Circa Group
Circa is a 37 mn EUR market cap “biotechnology firm that has spent 15 years and 5 pilots to develop and patent the primary scalable LGO manufacturing course of. LGO is a platform biomolecule utilized in manufacturing of prescribed drugs, agrochemicals, batteries, graphene, polymers and extra.” The comany has no gross sales and naturally losses. “Go”.
224. Oceanteam
Oceanteam is a 4 mn EUR nano cap loss making funding firm. “Go”.
225. Observe Medical
Observe is a 2020 IPO with 1 mn market cap that has created “Sippi®, the one digital urine meter with wi-fi information switch to affected person information administration system and which additionally prevents bacterial migration which might result in urinary infections”. They’ve some gross sales, aren’t rising and large losses. “Go”.
226. Dolphin Drilling
Dolphin Drilling is a 150 mn EUR market cap firm that, thank God, doesn’t drill holes into Dolphins however describes itself as a “a number one harsh setting drilling contractor for the offshore oil and fuel trade”.
The corporate listed/IPOed round 1 12 months in the past and has misplaced round -50% up to now. Efficiency appears to have improved however it’s nonetheless loss making. “Go”.
227. Vistin Pharma
Vistin PHarma is an 82 mn market cap firm that describes itself as a “main producer and provider of metformin API (lively pharmaceutical components), utilized in drugs for diabetes”. The corporate has truly turn out to be worthwhile in 2023 and elevated gross sales so much.
Nevertheless, as I’ve little or no data on that sector, I’ll “go”.
228. Borregaard
Borregaard is a 1,4 bn EUR market cap “biobased specialty chemical compounds firm with one of many world’s most superior and sustainable biorefineries. From pure and renewable uncooked supplies, Borregaard produces superior and environmentally pleasant biochemicals, biomaterials and bioethanol that may substitute oil-based merchandise”.
At first sight, long run worth creation seems excellent regardless of the inventory eing down from “Covid peaks”:
The inventory just isn’t low cost (~18x P/E) however is rising, has good margins and returns on capital. I’ve to confess, that I checked out Borregaard prior to now not less than twice. It was a form of story inventory with the story being “wooden based mostly plastics”. Initially, Borregaard was a plain vanilla paper mill however they appeared to have reworked themselves fairly nicely.
This seems very attention-grabbing, subsequently “watch”.
229. Nordic Expertise
Nordic Expertise is a 23 mn EUR market cap firm, that despit its small dimension tries to unravel main technological issues. Up to now that doesn’t have been very profitable, because the inventory misplaced round -2/3 because the IPO in July 2022. “Go”.
230. Hyperlink Mobility
Hyperlink Mobility is a 420 mn EUR market cap cellular communication service supplier that gives “cellular messaging and CPaaS options, based mostly on quantity of messages, for buyer engagement serving enterprise, SME and authorities clients.” The corporate has been IPOed in October 2020 nad has misplaced, as a lot of its friends, round 2/3 from its IPO worth.
Internet revenue up to now has at all times been unfavourable, not less than the corporate is rising strongly, with a progress of ~20% p.a. since IPO. These form of instances aren’t for me, therfore I’ll “go”.
231. Telenor
Telenor is a 14,6 bn EUR market cap “blue chip” that started off as a Norwegian Telco however today is globally lively, apart from the Nordiucs primarily in Pakistan and Bangladesh.
As many different Telcos, Telenor pays a fairly juicy dividend however the share worth hasn’t carried out a lot over the previous 15 years or so:
A part of the issue is that Working margins have been declining for the previous 4 years. Telenors can be on the upper finish of the valuation for the peer groupo at a P/E ~16 and an EV/EBITDA of seven,3x. As Telco can be not one in every of my favourite sectors, I’ll “go”.
231. Gyldendal
Gyldendal is a 110 mn EUR market cap e book writer and vendor lively solely in Norway. As to be anticipated, margins are very slim and lowering. The corporate has an 86% shareholder. The valuation is sort of excessive and evidently the corporate is extra of an Actual Property play. “Go”.
232. ABL Group
ABL Group is a 132 mn EUR market cap “funding holding firm, supplies marine and engineering consultancy companies to the offshore oil and fuel trade and renewables market worldwide”.
The corporate has been rising quickly over the previous years and is worthwhile, nonetheless, they wanted to problem many shares to realize this. Nonetheless, the shareprice has developed fairly nicely till not too long ago:
The corporate s fairly acqusitive and covers al form of vitality and offshore consulting. At the moment 2/3 are Oil and Gasoline associated, the remainder ist Renewables and MArine. I believe the corporate justifies a deeper look, herefore t goes on “watch”.
233. Nordic Semiconductor
Nordic Semiconductor with a market ap of round 1,8 bn EUR “is a fabless semiconductor firm specializing in wi-fi know-how that powers the IoT”.
The chart is sort of attention-grabbing. The corporate has been IPOed into the Dot.com growth in 2000 and skilled a spectacular growth through the Covid lockdown time:
The corporate grew to become very worthwhile in 2021 and particularly 2022 however in 2023, income are already in a steep decline. The corporate by no means was low cost and at present trades at 35x trailing EV/EBIT. Not my space of curiosity. “Go”.
234. Skandia GreenPower
Skandia GreenPower is a 3 mn EUR Nanocap that was IPOed in 2021 however has misplaced -95% since then. “Go”.
235. Bonheur
Bonheur is a 760 mn marakt cap firm that “by means of its subsidiaries is concerned in quite a few actions in Norway and internationally. The investments are associated to the next foremost segments: Renewable Power, Wind Service and Cruise.”
This sound like a fairly attention-grabbing mixture. The inventory additionally seems very low cost based mostly on present earnings which have will increase considerably over the previous quarters.
We are able to see in the long run chart, {that a} comparable growth occurred already pre GFC:
The corporate employs some debt and the P&L could be very noisy, together with funding positive factors and huge minority stakes, nvertheless, I discover the very attention-grabbing. “Watch”.