Monday, May 27, 2024

All Norwegian Shares Half 18 – Nr. 256 – 272

And the ultimate batch of randomly chosen Norwegian shares. The random generator turned this right into a “Salmon & Sparekassen” episode, however in between we have now a couple of attention-grabbing ones. This was the final put up with the brief evaluation and I’m glad that I completed this in 2023. There can be one other Norway Abstract put up in a couple of days. To maintain the stress excessive, I’ll solely reveal the subsequent nation then. Take pleasure in !!!

256. Aker ASA

Aker is the Prime Holdco of the Aker Group, which has a number of different listed firms that I’ve lined already. Created by “self-made” billionaire Kjell Inge Rogge, Aker is valued at 4,4 bn EUR, of which 68% is owned by Rogge.

What I like about Aker is that they’ve excellent reporting the place you’ll be able to simply see how the worth is distributed throughout the Group firms. That is from the Q3 presentation:

Oil & Gasoline is clearly their largest publicity. The long run monitor document of Aker is actually good, though lately, for example the entry into renewable vitality (Aker Horizon) was actually bumpy.

If I’d make investments into Aker, the Holdco would clearly be my first selection, possibly adopted by Aker Carbon Seize. One side that may be a little bit regarding is that the founder, now at age 65 appears to be on the “Mega Yacht” stage and has commissioned one of many largest non-public yachts ever. To be honest, the REV Ocean at an estimated value of 500 mn will grow to be a “reseach vessel” however it’s not clear if and the way Rokke nonetheless focuses on his firm. His son can be working within the firm as CEO of Aker Horizon, nevertheless the monitor document is blended at finest. As well as, in 2022 Rokke introduced that he’ll transfer to Siwtzerland which could have value him some sympathies in Norway.

Nonetheless, Aker ASA is clearly one to “watch”.

257. Sparebank 1 Ringerike Hadeland

With 420 mn EUR, Spareanken Ringerike Hadeland is a mid sized financial savings financial institution. Like all of the others, it seems to be low-cost (P/E 9x) and pays a good dividend. Anyway, I’ll keep away from Sparebanken, “go”.

258. M Vest Water

M Vest Water is a 18 mn EUR market cap “environmental know-how firm, gives options for water and wastewater remedy.” At first sight, this seems to be like one other early stage VC firm with a 2023 gross sales run price of 1 mn EUR and losses. “Cross”.

259. Mintra Holding

Mintra Holding is a 69 mn EUR market cap firm that “gives digital studying and human capital administration software program options worldwide”. For a change, this 202 IPO is worthwhile, nevertheless it’s not rising a lot. They appear to have paid out massive particular dividends in 2022 and 2023. A P/E of 15 and an EV/EBITDA of 11 look cheap. “Watch”.

260. Sandes Sparebanken

Surprisingly, there are nonetheless Sparebanken left within the listing. Sandnes, with a market cap of 175 mn EUR is among the smaller ones and appears much like all of the others (P/E 9x, 7% dividend). “Cross”.

261. Sparebanken Vest

With a market cap of 1 bn, this is among the bigger ones. With 8x P/E and a 7% dividend yield it seems to be equally low-cost as all of the others. “Cross”.

262. NTS

NTS is a 960 mn EUR “Aquaculture Infrastructure” firm that’s working ships to service and keep ocean fish farming amenities. That sounds attention-grabbing, however margins have been declining steadily since 2017, return on capital is low and the corporate has loads of debt. “Cross”.

263. Sparebank 68 Nord

A tine, 40 mn EUR market cap Sparebank who would solely stand out if they’d rename themselves to “Sparebank 69”, which in fact they don’t. “Cross”.

264. MOWI

With 8,1 bn EUR, MOWI is clearly one of many “Massive fishes” among the many Norwegian fish farmers. The inventory presently trades on the stage of 2018 and appears fairly low-cost (11x P/E), with the principle KPIs fairly OK. The fish enterprise appears to be cyclical, however MOWI could be an attention-grabbing inventory to be taught extra. “Watch”.

265. Salmones Camanchaca

Salmones, with a market cap of 190 is a little bit fish in comparison with MOWI (Nr. 264). Apparently, this one operates in Chile. It seems to be fairly low-cost however has misplaced 2/3 of its worth because the IPO in early 2019. Perhaps not the place to begin to make investments into fish farming, “go”.

266. Norcod

As “Salmon solely” tends to be boring, Norcod, because the identify says, is a 39 mn EUR market cap fish farmer that focuses on Cod. Because the inventory misplaced -90% since its 2021 IPO, this appears to not be really easy. “Cross”.

267. Subsequent Biometrcis

Subsequent is a 60 mn market cap firm that “engages within the analysis, growth, manufacture, and commercialization of fingerprint know-how and merchandise in Asia”. With a streak of 11 loss years in a row, the one query is why this firm nonetheless exists. “Cross”.

268. Sparebanken Sor

440 mn market cap, 8x P/E, 7% dividend yield. “Cross”.

269. Nidaros Sparebank

10 mn market cap, 12x P/E, 8% dividend yield. “Cross”.

270. Schibsted

Schibsted is a 5,5 bn EUR market cap firm that efficiently entered the net categorised market. In 2019, they spun-off the net categorised enterprise into an entity known as Adevinta (Nr. 103). Adevinta acquired a take over provide from Permira and Blackstone, valueing Schibsted’s stake at round 3,9 bn USD or 3,5 bn EUR.

Schibsted stated that they are going to promote 60% of their place into the tender and keep invested within the remainung 40%. As well as, Schibsted appears to promote its Media enterprise to its essential shareholder for round 0,5 bn EUR.

Schibsted has round 500 mn in debt, the remaining enterprise (Nordic market locations) appears to have a run price of ~200 mn EUR per 12 months. The share worth has been on a wild trip, however long run worth creation is superb.

There’s loads of stuff taking place at Schibsted and I believe that it’s value to “watch”.

271. Skue Sparebank

42 mn EUR market cap, 7x P/E and 5% dividend yield. “Cross”.

272. Sparebank 1 Sorost-Norge

771 mn EUR market cap, 10x P/E, 4% dividend yield. “Cross”.

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