Thursday, June 20, 2024

All Norwegian Shares half 17 – Nr. 236 – 255

So, yet one more Norwegian shares submit earlier than Christmas. One other 20 randomly chosen shares with some Sparebanken, early stage VC suff but additionally 4 firms that made it onto the watch listing.

EDIT: Apologies, I acquired the numbering incorrect, that is truly submit quantity 17 and the businesses 236-255. So lower than 20 to go…..

236. Customary Supply

Customary Provide is a 78 mn EUR market cap firm that was shaped and IPOed in 2022. They personal a few ships that provide oil platforms and based on the presentation have been purchased cheaply. As I’ve little knoweledge on the sector, I’ll “go”.

237. Romerike Sparebank

With 29 mn EUR market cap, Romerike is among the smaller financial savings banks. Because the others, the inventory seems to be low cost they usually pay a good dividend, however as with the others, I’ll “go”.

238. Desert Management

This can be a 24 mn market cap “local weather expertise firm specialised in reclaiming degraded soil and turning desert sand into fertile soil. The patented product LNC (Liquid Pure Clay) is a liquid clay compound that permits sand and degraded soil to retain water and vitamins.”

This 2021 IPO has solely misplaced -50% from its IPO worth, has nearly no gross sales and losses. It actually seems like an fascinating idea however in actuality its an early stage VC case with a really unsure consequence. “Move”.

239. Romsdal Sparebank

Not surpisingly, this 20 mn EUR market cap financial savings financial institution is affordable, pays a good dividend and even much less surprisingly, I’ll “go”.

240. LUMI Gruppen

LUMI Gruppen, with a market cap of 67 mn EUR, “is a number one Norwegian personal schooling supplier based in 1989. At present, Lumi Gruppen consists of two predominant divisions; Sonans Utdanning and Oslo Nye Høyskole. Sonans Utdanning is the market chief in Norway inside personal candidate examination preparation programs, and Oslo Nye Høyskole presents top quality bachelor’s levels inside well being, social sciences and psychology, each on campus and on-line”.

That sounds in precept fascinating, however since its 2021 IPO, the inventory has misplaced round -75%. Working margins had conveniently peaked earlier than the IPO in 2020 and since then issues go downhill financially. At 24xEV/EBIT this nonetheless seems to be costly, “go”.

241. Black Sea Property

Black Sea property is a 2,5 mn EUR market cap firm that appears to have developed a Sea aspect ressort in Bulgaria. Trying on the shrae worth, this was not very profitable. “Move”.

242. AKVA Group

AKVA, with a market cap of ~200 mn EU “is the main supplier of expertise to the fish farming business and the one with international distribution. The merchandise encompass software program, sensor techniques, feed techniques and cage techniques.”

So one might name that one a “Fishtech” firm, which sounds fascinating. Nonetheless, the corporate is loss making and even on a normalized foundation, trades at a really excessive valuation which isn’t justfied by margins. “Move”.

243. Aker Carbon Seize

Aker Carbon Seize, part of the Aker Group, is a 713 mn market cap firm that focuses on Carbon Seize by the way in which of “level seize” of CO2, which implies capturing CO2 at industiial chmineys or exhausts in distinction to Direct Air Seize, the place gamers like Climework attempt to filter CO2 out of pristine air.

The corporate which was created as a “enterprise” and floated in 2022 truly appears to have traction, gross sales have been rising properly to over 100 mn EUR, nevertheless margins are but tremendous skinny and the corporate runs at a loss. Nonetheless the Order Guide seems to be healty and with the present money burn they’ve sufficient runway for a number of years,

From what I perceive, thay manufacture the gear but additionally supply “Carbon Seize as a service”. As an early mover, they could profit from their expertise .

Total, that is regardless of the losses a inventory that miht be price to “watch”.

244. B2 Impression

B2 Impression is a 240 mn EUR market cap firm that claims to be “one of many main pan-European debt administration firms”. If I perceive the enterprise appropriately, they purchase defaulted loans after which attempt to acquire as a lot as potential all throughout Europe.

To this point, worth creation has been relatvely restricted, returns on capital are one way or the other restricted and even a bit beneath Nordic banks. Valuation seems to be low cost. like all of the nordic banks, but when I would want to resolve, I’d go for a financial institution. “Move”.

245. Gigante Salmon

Gigante, is a 100 mn EUR market cap fish farmer that focuses on “land based mostly” farming. To this point they don’t have any gross sales and solely losses. Not my cup of tea, “go”.

246. Sparebank Ostfold Akerhus

With 345 mn EUR market cap, this Sparebank is a mid measurement financial institution. Because the others, it seems to be low cost at a P/E of ~8 and a dividend yield of 5,6% and P/B of 0,9. The inventory made ~3x during the last 10 years which is kind of outstanding. Anyway, no Sparebanken for me, “go”.

247. Lytix Biopharma

Lytix is a 19 mn EUR market cap firm that develops some sort of most cancers remedy. It#s predominant candidate appears to be nonetheless in Section II clincial trials. “Move”.

248. Northhealth AS

Northhealth is a 167 mn market cap “cloud-based healthcare software-as-a-services (SaaS) in Nordic area and internationally. The corporate acquires, manages, and builds SaaS follow administration software program (PMS) for about 50,000 veterinary and remedy, similar to physiotherapy, psychotherapy, occupational, and speech remedy professionals throughout 13,000 clinics and hospitals positioned in 30 nations.

This 2021 IPO, as different of its classic, is down round -50% since its IPO. The corporate is loss making and development has slowed down in 2023. The one revenue they confirmed was the interval earlier than the IPO. “Move”.

249. Ocean Geoloop

Ocean Geoöoop is a 38 mn EUR market cap “inexperienced tech firm, develops level supply carbon seize and Geoloop column environmental models in Norway.” Ipo’ed in 2022, the inventory misplaced round 2/3 since then. The corporate truly has some gross sales, however continues to be loss making. Nonetheless, the primary 6M appeared considerably higher and the corporate nonetheless has some money runway. In addition they have a kinf of distinctive expertise (in take a look at part) that captures CO2 from the Ocean.

They cooperate with a few of the largest Norwegian Industrials (Yara, Norske Skog) and Norway usually appears to be a forerunner in Carbon Seize.

As I discover Carbon Seize fairly fascinating, I’ll truly “watch” this one.

250. Gjensidige Forsikring

Gjensidige is a 7,8 bn EUR market cap insurance coverage firm that’s energetic throughout the Nordics and the Baltics. With ROE’s within the 2ß% vary, Gjensidige is clearly probably the most worthwhile ones in Europe and has been growig properly. With a P/E of 15, tehy are costly in comparison with its friends, however not so costly on an absolute foundation.

The chart reveals first rate worth creation since 2012:

What I additionally like is that the income are insurance coverage pushed and don’t rely an excessive amount of on capital markets. The one query is how a lot development opportunites are left inside the Nordics and the Baltics. “Watch”.

251. Akastor

Akastor is a 240 mn EUR market cap off shore oil subject providers firm that appears to function vessels that assist in the development of off shore oil wells. The corporate had extra unprofitable years up to now decade than worthwhile ones. “Move”.

252. Golden Vitality Offshore Companies

Golden Vitality, with a market cap of 60 mn EUR, is one other offshore oildfield providers firm, specializing on plattform provide vessels. Trying on the constant losses, the enterprise appears relatively unattractive. “Move”.

253. Nordic Nanovector

Nordic Nanovector is a 40 mn EUR market cap reverse merger (July 2023) biopharmaceutical firm, that develops therapeutics for hematological cancers in Norway. No gross sales, solely losses, “go”.

254. Salmon Evolution

Salmon Evolution is a 240 mn EUR market cap, “land based mostly” Salmon farming firm that appears to be nonetheless within the ramp up part. To this point solely losses, “go”.

255. Aker BP

Aker BP is a 16,5 bn EUR market cap oil upstream firm that’s nimority owned by Aker (round 20%) and BP (16%). In 2022 it was merged with Swedish Lundin. As many oil firms, it seems to be low cost with a P/E of ~8 and a dividend yield near 7%.

What I discover fascinating is that they solely have reserves within the North Sea, have very low productaiuon prices and an excellent worth creation over a long run:

If I’d by an oil inventory, Aker BP would clearly be one of many favorites, perhaps subsequent to Occidential. However in the meanwhile, I’d not really feel comfy with a place in an oil inventory. Nonetheless price to “watch”.

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