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To maintain the working gag going: No fish this time and just a few ships, however quite a lot of different stuff on this random number of 15 Norwegian shares. 4 out of those 15 certified for my prelimiary “watch” checklist. Let’s go:
91. Wilson ASA
Wilson is a 270 mn EUR market cap shiping firm that operates ~130 smaller vessels. As different delivery firms, they trades at very low valuations, on this case 3,5x 2022 P/E. Working margins have elevated from 2,5% to 40% in 2022. I do not know how sustainable these margins are, however traditionally the height has been round 20% and on common perhaps 10-15% with a excessive volatility. Apparently, the share value hovered round 20 NOKs for 20 years earlier than going up greater than 3x in 2021:
Nonetheless, unstable delivery shares should not my space of experience, “move”.
92. Elektroimportoeren ASA
Because the title indiactes, this 84 mn EUR market cap firm retails and distributes tools for electrical installations (mild, electrical energy and so on.). The corporate has grown properly over the previous 5 years, nonetheless EPS halfed in 2022 which led to a major drop within the share value beneath the extent of the IPO in 2020:
They appear to have entered the Swedish market in 2022 however total, Gross margins and like-for-like gross sales struggled and curiosity bills elevated, resulting in an enormous discount in earnings. At 19x trailing p/E and 15x trailing EV/EBIT, the inventory shouldn’t be low-cost and the IPO appears to have been “effectively timed”. “Go”.
93. Entra
Entra is a 1,9 bn EUR market cap actual property firm that largely owns workplace buildings in Norway. The inventory misplaced nearly -50% from its high, much like many different actual property shares. I at all times discover it exhausting to know the industrial actual property KPIs like EPRA NAV and these things, their P&L is sort of messy because the present mark-to-market beneficial properties and losses within the P&L. Actual property is one thing I might solely think about in very particular circumstances which this isn’t. “Go”.
94. Navamedic
Navamedic is a 57 mn EUR market cap “Nordic pharma firm supplying hospitals and pharmacies with pharmaceutical and medical vitamin merchandise”. The corporate has been loss making for a few years however, surprisingly, turned worthwhile in 2022. That is mirrored within the share value which is now near ATH:
The corporate appears to have a large protfolio of OTC and pharmaceuticals in addition to “medical vitamin” with some concentrate on obesitiy, but additionally antibiotics and different stuff. At lower than 20x P/E, the inventory shouldn’t be too costly and the corporate plans o develop through M&A and so on to 1bn NOK in income and 150 mn NOK in EBITDA. In the meanwhile, I’ll put them onto the prolonged “watch” checklist
95. Cyviz
Cyviz is a 44 mn EUR market cap “international know-how supplier for standardized convention rooms, management rooms and expertise facilities.” The corporate was IPOed in December 2020 and is loss making, however based mostly on TIKR a minimum of money movement optimistic.
If I perceive their enterprise accurately, they set up management rooms for the protection sector in addition to top quality board rooms atc world wide:
One way or the other I discover this firm fairly attention-grabbing, particularly as it’s nonetheless rising fairly shortly (+50% full 12 months, +80% q-o-q). This appears to be one of many higher 2020/2021 IPOs, due to this fact “watch”.
96. Elliptic Laborator
Elliptic is a 160 mn EUR market cap firm that does some “”horny” issues like “AI Primarily based 3D gesture Software program sensors”. Nonetheless, Income is simply 5 mn EUR, stagnating and they’re making losses. One of many weaker 2020/202 IPOs, “Go”.
97. ATEA
ATEA is a 1,2 bn EUR market cap “main Nordic and Baltic answer supplier of IT infrastructure with over 7,000 staff. Atea is current in 85 cities in Norway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. “
With working margins of 2-3%, the bsuiness mannequin appears to be extra of a reseller or distributor. The corporate is comparatively reasonably valued at 14x P/E and return on capital/fairness is at the moment at round 20% or extra.
Atea has internet money, is paying a quite beneficiant dividend (~5% yield) and has been rising properly over thy previous few years. The share value nonetheless doesn’t totally replicate this:
Though comparable IT distributors are equally low-cost, I put ATEA on “watch”.
98. Inexperienced Minerals
Inexperienced Minerals is a 5 mn EUR Nano Cap that claims to be the ” pioneer in marine minerals on the Norwegian Continental Shelf”. The corporate has little income and is burning cash, with a runway of lower than 2 years left. “Go”.
99. Norwegian Block Trade
This 10 mn EUR market cap 2021 IPO runs a Crypto trade. In fact they’re burning money they usually have raised addtional cash in Q3 2022. “Go”.
100. Questback Group
Questback is a “main platform for conducting Worker and Buyer Expertise surveys”. The market cap of solely 5 mn EUR signifies that enterprise shouldn’t be so nice. They’ve been rising in 2022 however are CF unfavorable and have substantial debt. Additional fairness financing is probably going required as they’ve lower than 1 12 months runway left. “Go”.
101. Precise Therapeutics
Precise is a 31 mn EUR market cap inventory that IPOed in 2022 and misplaced round 2/3 of its worth since then. They develop know-how ” for focused therapeutic enhancement – Acoustic Cluster Remedy (ACT®). ACT® sonoporation is a novel method to ultrasound-mediated, focused drug enhancement”, no matter which means. The corporate has no revenues, “move”.
102. Solstad Offshore
Solsatd is a 320 mn EUR market capo firm that “operates offshore service and development vessels for offshore and renewable vitality trade worldwide. It offers platform provide vessel, anchor dealing with vessel, subsea development, and renewable vitality providers.”.
Wanting on the inventory chart, the corporate went by exhausting instances and was restructured in 2022 together with a debt-to-equity swap.
Operationally, issues look comparatively good nowadays, however the firm nonetheless carries quite a lot of debt (~2 bn EUR) and is making losses on GAAP foundation. Largest Shareholder appears to be Aker who snapped up different Norwegian gamers up to now. “Go”.
103. Adevinta
Adevinta is a 8,4 bn EUR market cap on-line classifieds firm that was spun-off from Schibsted in 2019. Schibsted owns ~34,8% and apparently Ebay owns nearly the identical quantity. Wanting on the chart, we will see that originally the inventory perforemd very effectively earlier than than affected by 2022 on:
The enterprise as such appears to be like enticing. Excessive progress charges (+40% in 2022) and respectable working margins. Nonetheless, a big Goodwill impairment in 2022 led to a GAAP loss.
Primarily based on the projections, the inventory is valued a ~15x EV/EBITDA for 2023 they usually anticipate to develop at “low double digits” for the subsequent years. Though the inventory shouldn’t be low-cost, it’s defintely one to “watch”.
104. Nel ASA
Nel is a (a lot hyped) 2,2 bn EUR market cap firm that’s energetic within the Hydrogen Financial system. Nal manufactures Electrolyzers and Hydrogen Filling station tools. Wanting on the chart we will see that Nel has been round for a while and had a frist hype cycle simply earlier than the monetary disaster:
In comparison with different firms in that house, NEL truly does have gross sales (~90 mn EUR in 2022), however shouldn’t be making a living. Losses are literally larger than gross sales. Personally, I don’t imagine in a mass marketplace for Hydrogen as a automobile or truck gas a minimum of for the subsequent 10 years or so, therfore I’ll “move”.
105. Arctizymes Techno
This “fancy title” firm has a market cap of 180 mn EUR does one thing with enzymes and shocking to me is definitely making a small revenue. Nonetheless, at round 13xEV/Gross sales and 50x EV/EBIT with solely average progress, I don’t suppose that that is attention-grabbing. “Go”.
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