Tuesday, April 16, 2024

All Norwegian Shares half 3 – Nr. 31-45

And one other 15 Norwegian shares chosen from my Google Sheets random quantity operate.This time just one “watch” candidate and never even a powerful oe. C’mon Norway, you are able to do higher !!!

31. KMC Properties

Because the title signifies, this 212 mn EUR market cap firm (IPO in 2021) is energetic in property. They concentrate on industrial and logistics property that appears to develop shortly by way of purchases. The share worth hasn’t finished a lot because the IPO and appears to tarde near NAV . “Cross”.

32. Argeo

Argeo is an 8 mn EUR market cap firm that was IPOed in 2021. The corporate is energetic in fancy sounding seismic evaluation actions. Sadly, the flowery expertise doesn’t translate in earnings however growing losses. The inventory misplaced greater than -75% from the IPO and the corporate simply needed to problem new shares. “Cross”.

33. Hexagon Purus

Hexagon Purus ASA, a 520 mn EUR market cap inventory feels like an “Vitality transation dream”: Accroding to the Euronext web page, the corporate  “is specialised within the manufacture and advertising and marketing of Kind 4 composite tanks for top stress hydrogen storage. The group additionally manufactures battery packs, electrical drive methods, elements and battery methods for electrical and hybrid automobiles.”

The corporate is rising quickly, however loss making and elevated its capital in 2022. The corporate is a Spin-off of Hexagon Composites and was listed in 2020.

Hexagon is clearly a Hydrogen play with a spotlight of containers. Because the intitially hyped Hydrogen highway transport appears extra like a distinct segment, the share prcie has suffered after the intitial exitment:

Hexagon Purus

Then again, the corporate has actual merchandise and a powerful order e-book, however money is clearly a problem. Regardless of the someway shaky funds, I’ll put hem on “watch” as that is clearly one of many extra fascinating Hydrogen performs accessible.

34. Endur

Endur is an 84 mn EUR market cap firm that describes itself as “a number one provider of development and upkeep initiatives and providers for marine infrastructure, together with amenities for land-based aquaculture, quays, harbours, dams, bridges and different specialised concrete and metal initiatives”.

As a development firm, margins are very low and the share worth deosn’t look fairly. “Cross”.

35. Sparebanken Ost

Sparebanken Ost is one in all a number of regional financial savings banks with a market cap of 93 mn EUR. ROE is tremendous low, P/E at 12x and a 5% dividend yield. I do not know if and the way these Sparebanken belong collectively. “Cross”.

36. Photocure

Photocure is a 272 mn EUR market cap “specialty pharmaceutical” firm that has developed some therapies for example towards bladder most cancers. The remedy appears to be a mix of a drug and particular gentle.

The corporate has precise gross sales and appears to be at the very least from a cashflow perspevtive break even. Nonetheless, for me it’s nearly unimaginable to know the potential and future improvement of this enterprise mannequin, subsequently I’ll “go”.

37. ECIT

ECIT is a 238 mn market cap firm that’s ” specialised in outsourced enterprise course of providers. The corporate presents firms accounting administration, IT outsourcing, information internet hosting and safety, digital archiving of paperwork and automation of assorted duties”.

ECIT is a 2021 classic IPO and, aside from many different 2021 IPO’s, trades near the IPO worth. At round 39x P/E, the corporate appears costly in comparison with their comparatively weak margins.

I’m additionally unsure if AI (GPT-3) is a blessing for these type of companies or an actual Menace. Due to this fact I’ll “go”.

38. Kitron

Kitron “manufactures and assembles digital methods and subsystems, from design, engineering, prototyping, testing to logistics administration, upkeep, restore and redesign of merchandise” and has a market cap of 514 mn EUR.

The inventory doesn’t appear to be costly at round 16x P/E, EBIT margins are solely ~6%, however returns on capital are fairly OK. The corporate has been rising properly over the previous years and they aim 10% development going ahead with 8% EBIT margins for the following 5 years. Nonetheless, it doesn’t appear to be one thing that I perceive effectively and subsequently I’ll “go”.

39. poLlight

Polight is a 92 mn EUR market cap firm that “develops optical lens for client gadgets and industrial purposes. Its lens replicates the lens of the human eye enabling the implementation of autofocus capabilities for numerous purposes. “

The corporate has been loss making for the previous 7 years and incessantly points newshares. “Cross”.

40. Sage Pure

Saga Pure is a 78 mn EUR “funding firm specialised in fairness investments in firms working within the manufacturing and transportation of crude oil, actual property and inventory markets”.

Trying on the present portfolio, the main target appears to be on Hydrogen associated investments, a few of them listed. For some causes, the CEO simply stepped down in mid-December and the corporate known as of a particular shareholder assembly, which is usually a nasty signal. “Cross”.

41. Self Storage Group

Self Storage Group is a 216 mn EUR market cap firm that gives self storage amenities within the nordics. As with nearly all actual property firms, I discover it tremendous laborious to guage. I even have little or no insights into this subsection of the property enterprise, subsequently I’ll “go”.

42. Jaren Sparebanken

Jaren is one other, 110 mn EUR market cap native financial savings financial institution. The corporate trades at 11,5x P/E and 0,5x e-book worth, however ROE is tremendous low at 4,5%. “Cross”.

43. Scana

Scana is a forty five mn EUR market cap offshore providers firm. The inventory has been hibernating for a very long time earlier than going up in mid 2020 and since then went again down once more. Enterprise appears to have picked up by way of an acquisition in 2022 and particularly the reneabe vitality enterprise appears to develop. Then again, the corporate is loss making. “Cross”.

44. Child AS

Child is a 267 mn EUR market cap residence textile retailer within the Nordics that operates round 200 shops. As different retailers, the valuation at 12x P/E is average. The corporate has been grwoing strongly during the last 10 years, with gross sales up ~3x and EPS nearly 10x.

Nonetheless, 2022 turned out to be fairly difficult, with EBITDA down nearly -50% in Q3. The inventory had an excellent run through the pandemic:

KID chart

To me it’s not clear how this “pandemiic lottery winner” will do in an setting like at the moment. The current drop in revenue clearly signifies some bigger troubls. As I like to remain out of bother, I’ll “go”.

45. Grieg Seafood

Grieg is an 810 mn EUR market cap fish farming firm that farms Atlantic Salmon. They appear to be energetic in Norway and Canada.

At a primary look, Slamon farming appears like a risky enterprise. with margins oscillating between -10 and +30% over the previous 10-15 years:

grieg margins

This ends in a really risky chart as we will see on this graph:

Grieg chart

From a low of ~4 NOk/share, Grieg elevated by nearly 40x till early 2022 earlier than then dropping by -50% inside a couple of weeks. Grieg appears to be hit by the shock “Seafood Tax” from the Norwegian Authorities, which appears to elucidate the drop to a sure extent.

Salmon costs seemt o be fairly excessive for the time being and administration is optimistic. I’ve very restricted expereince with these type of companies, however in my expertise, caclical shares shouldn’t be purchased when issues look good and the shares look low-cost, somewhat on the contrary. Due to this fact, I’ll “go”.

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