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And on we go witj one other 20 ramdomly chosen Norwegian shares. This time, I discovered 5 of them fairly fascinating 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 just energetic within the Nordics. They develop and personal and function renewable energy vegetation in Sweden, Norway and Denmark. Principally Wind, but in addition some hydro property 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 yr bu a lot decrease income on this yr.
Possibly this additionally explains the very unstable share worth and the damaging worth creation because the IPO:
They’ve fairly some debt and masking increasaed curiosity funds with very unstable revenues is possibly not such a terrific concept. However, I’ll hold them on “watch” in the interim.
217. Multiconsult
Because the identify 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 fascinating with a comparatively modest p/E of 12 and respectable 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. Presently, 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 unstable enterprise than Bouvet, however I nonetheless discover it fairly fascinating, due to this fact “watch”.
218. Arctic Bioscience
It is a 20 mn EUR market cap “biotech firm creating distinctive pharmaceutical and nutraceutical merchandise primarily based on bioactive marine compounds.” IPOed im 202, the inventory misplaced -60% since then. In fact these guys are loss making, so I’ll “move”.
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 important debt. “Move”.
220. Strongpoint
Strongpoint is a 52 mn EUR market cap “retail know-how firm that gives options to make retailers smarter, procuring experiences higher and on-line grocery procuring extra environment friendly”. At first signal, the corporate relatively seems weak than stron with declining income and margins. “Move”.
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 number of worth creation. his shouldn’t be uncommon, as funding banking is usually a “star” enterprise with the bankers taking a lot of the pie by way of bonuses. “Move”.
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 document providers to the well being care trade, was acquired. Carasent’s technique is to develop and increase digitalization that helps prospects in offering environment friendly and qualitative well being care providers within the Scandinavian market.” The corporate appears to be (once more) loss making and I feel it’s a tremendous troublesome enterprise. “Move”.
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. “Move”.
224. Oceanteam
Oceanteam is a 4 mn EUR nano cap loss making funding firm. “Move”.
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 may result in urinary infections”. They’ve some gross sales, should not rising and large losses. “Move”.
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 atmosphere drilling contractor for the offshore oil and fuel trade”.
The corporate listed/IPOed round 1 yr in the past and has misplaced round -50% thus far. Efficiency appears to have improved however it’s nonetheless loss making. “Move”.
227. Vistin Pharma
Vistin PHarma is an 82 mn market cap firm that describes itself as a “main producer and provider of metformin API (energetic pharmaceutical components), utilized in medicines for diabetes”. The corporate has truly change into worthwhile in 2023 and elevated gross sales loads.
Nevertheless, as I’ve little or no data on that sector, I’ll “move”.
228. Borregaard
Borregaard is a 1,4 bn EUR market cap “biobased specialty chemical substances 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 shouldn’t be low cost (~18x P/E) however is rising, has good margins and returns on capital. I’ve to confess, that I checked out Borregaard previously at the least twice. It was a sort of story inventory with the story being “wooden primarily based plastics”. Initially, Borregaard was a plain vanilla paper mill however they appeared to have remodeled themselves fairly effectively.
This seems very fascinating, due to this fact “watch”.
229. Nordic Know-how
Nordic Know-how is a 23 mn EUR market cap firm, that despit its small measurement tries to resolve main technological issues. Thus far that doesn’t have been very profitable, because the inventory misplaced round -2/3 because the IPO in July 2022. “Move”.
230. Hyperlink Mobility
Hyperlink Mobility is a 420 mn EUR market cap cellular communication service supplier that gives “cellular messaging and CPaaS options, primarily based on quantity of messages, for buyer engagement serving enterprise, SME and authorities prospects.” The corporate has been IPOed in October 2020 nad has misplaced, as a lot of its friends, round 2/3 from its IPO worth.
Web revenue thus far has at all times been damaging, at the least the corporate is rising strongly, with a development of ~20% p.a. since IPO. These sort of instances should not for me, therfore I’ll “move”.
231. Telenor
Telenor is a 14,6 bn EUR market cap “blue chip” that started off as a Norwegian Telco however lately is globally energetic, in addition to the Nordiucs primarily in Pakistan and Bangladesh.
As many different Telcos, Telenor pays a fairly juicy dividend however the share worth hasn’t finished 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 among my favourite sectors, I’ll “move”.
231. Gyldendal
Gyldendal is a 110 mn EUR market cap e-book writer and vendor energetic solely in Norway. As to be anticipated, margins are very slim and reducing. The corporate has an 86% shareholder. The valuation is kind of excessive and evidently the corporate is extra of an Actual Property play. “Move”.
232. ABL Group
ABL Group is a 132 mn EUR market cap “funding holding firm, gives marine and engineering consultancy providers 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 subject many shares to realize this. However, the shareprice has developed fairly effectively till lately:
The corporate s fairly acqusitive and covers al sort of vitality and offshore consulting. Presently 2/3 are Oil and Fuel associated, the remaining ist Renewables and MArine. I feel 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 kind of fascinating. The corporate has been IPOed into the Dot.com growth in 2000 and skilled a spectacular growth throughout 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. “Move”.
234. Skandia GreenPower
Skandia GreenPower is a 3 mn EUR Nanocap that was IPOed in 2021 however has misplaced -95% since then. “Move”.
235. Bonheur
Bonheur is a 760 mn marakt cap firm that “by its subsidiaries is concerned in various actions in Norway and internationally. The investments are associated to the next primary segments: Renewable Power, Wind Service and Cruise.”
This sound like a fairly fascinating mixture. The inventory additionally seems very low cost primarily based on present earnings which have will increase considerably over the previous quarters.
We will 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 good points and huge minority stakes, nvertheless, I discover the very fascinating. “Watch”.
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