All Norwegian Section 5 – Nr. 61-75






And on we cross relentlessly with any other 15 randomly decided on Norwegian Shares. As this time, an “outdated pal of mine” is inside the variety, perhaps one fascinating side:

Once I purchased my first Norwegian inventory in 2014, the Trade price have been 8,21 NOK consistent with Euro. At the moment, Norway is more potent then ever and Europe is limping alongside. However, the trade price these days is 10,92 NOK/EUR this means that the the NOK misplaced -25% over 8 plus years. Moderately a marvel in case you simply take a look at this from the out of doors. And perhaps the Euro isn’t so vulnerable in any case.

61. Höegh Autoliners

Höegh is a 1,15 bn EUR marketplace cap “main international supplier of Roll On Roll Off transportation services and products, working a fleet of round 40 Natural Automotive and Truck Carriers”. The corporate IPOed in past due 202, however in comparison to different 2021 antique IPO’s, Höegh traders are moderately pleased with the proportion value being up 3x since IPO.

The corporate turns out to have a somewhat brief monetary historical past. On account of provide chain disruptions, constitution charges are at mutli-decade highs. The marketplace thinks that those charges aren’t so sustainable, another way the inventory would now not business at a P/E of three,5:

Höegh rates

As I’m really not a nig fan of tremendous cyclical companies, I’ll “move”

62. Gentian Diagnostic

Gentian is a 62 mn EUR that “researches, develops, and produces biochemical reagents to be used in clinical diagnostics and analysis in Europe, Asia, and the USA”. The corporate does have gross sales and a favorable gross margins, however hasn’t ever produced an working benefit. “Go”.

63. Xplora Era

Xplora is a 38 mn EUR marketplace cap corporate that ” is a platform and services and products corporate and an business chief out there for youngsters’s smartwatches. Xplora used to be based to offer kids a protected onboarding to the virtual lifestyles and a greater stability between display screen time and bodily job.”

As a 2020 IPO, the corporate first surged throughout the post-covid craze ahead of buying and selling now at round 50% of the IPO value. The corporate remains to be rising decently at round 20% y-o-y, however appearing dis-economics of scale with more and more damaging margins. “Go”.

64. Huddlestock Fintech

Because the identify signifies, this 30 mn EUR corporate is a Fintech that “develops distinctive device as a carrier answers for digitizing paintings processes for custody banks, asset managers and retail buying and selling venues”. From what I underatnd, their primary merchandise are white label inventory buying and selling apps for monetary establishments.

This sounds fascinating. Very similar to different 2020 IPOs, the proportion shot up however is now a minimum of buying and selling at IPO stage. Compared to different Norwegian IPOs there appear to be some economies of scale at paintings, even supposing the corporate remains to be loss making.

They have got additionally received some industry by way of an asset deal from an organization that has now transform the most important investor. “Watch”.

65. Kyoto Team

Kyoto is any other Norwegian Cleantech corporate with a 20 mn EUR marketplace cap that “plans to function and promote HeatCube thermal batteries, enabling business intake of cheap warmth sourced from extra sun and wind power”. As a sizzling 2021 IPO, the inventory misplaced ~2/3 from their IPO value which signifies that issues aren’t going as deliberate. They have got a complicated investor presentation, 8 Leader one thing officials however no revenues. They appear to be looking to carry capital. Just right good fortune, “move”.

66. Norske Skog

Norske Skog is a 640 mn EUR marketplace cap paper manufacturer that specializes in newspaper and mag paper and used to be IPOed in 2019. TIKR says the corporate is tremendous affordable at 3,5x P/E and 4xEV/EBIT, however 2022 simplest appears to be the 3rd 12 months out of the previous 6 that had been profitale. They function paper generators in Europe as neatly one in Tasmania (!!). In addition they appear to tranform one mill to containerboard manufacturing which has perhaps a greater long run than newspapers and magazines. Total, nt my cup of tea, “move”.

67. DNO

DNO is a 1.1 bn EUR marketplace cap oil corporate that has it’s primary asset within the Kurdistan area if Iraq. DNO’s percentage value is moderately unstable, from over 20 NOK pre Covid, down to three NOK in 2020 an now again to 13 NOks.

Consistent with TIKR, the inventory may be very affordable at round 3x P/E. The corporate owns some oilwells close to norway and turns out to have purchased property in West Africa, however 80% of the manufacturing come from Kurdistan. As I’m really not knowledgeable of Oil firms or even know much less in regards to the scenario in Kurdistan, I’ll “move” once more.

68. Lifecare

Lifecare is a 28 mn EUR marketplace cap corporate that turns out to broaden clinical sensors as an example for Glucose ranges. The corporate is public for the reason that time and turns out to get hyped everry 5 years or so. So far as I will see, they nver amde a benefit and simplest little gross sales. “Go”.

69. Arribatec

Arribatec is a 26 mn EUR marketplace cap “Device & Consulting corporate headquartered in Oslo handing over Subsequent Era Postmodern ERP – Resolution as a Provider (SolaaS) globally.” The inventory turns out to ave had its 12 months within the solar in 2007. In some way they do have some gross sales however as anticipated the corporate is loss making and has raised capital in 2020 and 2022. “Go”.

70. Bouvet ASA

Bouvet is a Norwegian IT consultancy that I accidently came upon in 2014 and personal since then with the one remorseful about that it began as a part place and I by no means crammed it as much as a complete place.

The 560 mn EUR marketplace cap corporate has since then greater than 4x its EPS and at a present P/E of 20 isn’t affordable however alos now not dear for the standard on be offering. Margins and returns have regularly larger and it kind of feels that they are able to nonetheless develop organically. For me it’s obviously a “cling”.

71. Icelandic Salmon

Icelandic Salmon is a 440 mn EUR fish farmer and is majority owned by way of “higher fish” Salmar. Despit eing indexed in Norway, the corporate is if truth be told situated in Iceland the place they farm ….Salmon.

Curiously, on its homepage, they nonetheless run underneath their outdated identify Arnarlax which now could be simplest the working emblem. Trade is recently doing really well however I’ve to confess that I neither like Salmon nor that I undestand the KPIs of this industry. From what I perceive, margins are recently so much upper than customary. “Go”.

72. Elopak

Elopak is a 580 mn EUR marketplace cap corporate that used to be IPOed in 2021 and provides “sustainable packaging”. Those appear to be basically paper primarily based packagings for milk and different liquids. With a P/E of 13, the inventory appears affordable, alternatively expansion has been week within the years ahead of the IPO.

The percentage prcie is somewhat underneath the IPO and margins have deteriorated in 2022, in all probability because of prime power costs. A part of this is because of problems with a Russian subsidiary which they needed to deconsolidate. their Q3 record comprises some critical “chart crime”:

Elopak Chart crime

The corporate additionally carries moderately some debt. Total, doesn’t glance too interesting, “Go”.

73. Q-Loose

Q-Loose is a 61 mn EUR marketplace cap “main international provider of ITS (Clever Transportation Methods) merchandise and answers”. The inventory gave the impression to have its height in 2005 and buying and selling roughly sidewards down for the final 18 years.

The corporate is stagnating and rarely winning. “Go”.

74. Komplett Financial institution

Komplett Financial institution is a 100 mn EUR marketplace cap client financial institution that supply “unsecured financing to personal folks within the Norwegian, Finland, Sweden, and German markets. It provides deposit merchandise, client loans, bank cards, and level of sale finance merchandise.

The corporate made an important loss in 2021 after having proven very prime ROEs till 2018.  now not unusually, the proportion value misplaced -75% since 2018. There appear to have NPL problmes, a CEO exchange in additional writedowns. “Go”.

75. Panoro Power

Panoro is a 300 mn EUR marketplace cap “impartial exploration and manufacturing corporate, engages within the exploration, building, and manufacturing of oil and gasoline in Africa. The corporate holds property within the Equatorial Guinea, Gabon, Tunisia, South Africa, and Nigeria.”

Consistent with TIKR, Panoro is similarly affordable like DNO with a P/E of three. The inventory is round for a while and has recovered from its lows a couple of years agao however nonetheless at simplest 50% of the IPO value in 2010.

It sort of feels to be that the principle property appear to have been puchased simplest in 2021. Perhaps that is one thing for possibility in quest of oil mavens, however I’ll “move“.

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