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And on we go, after a small break, with a recent batch of 15 randomly chosen Norwegian shares. This time, the random quantity generator chosen all kinds of companies in comparison with the ususal “Fsih & Ships”. 3 shares made it onto the watch checklist, considered one of them had been in my portfolio previously. Take pleasure in !!
121. HAV Group AS
HAV Group is a 32 mn EUR market cap provider to the maritime business. Trying on the web site, they appear to deal with at the very least optically on “Inexperienced” applied sciences, for example electrical ships and hydrogen options.
That every one sounds superb on paper and for 2021 has translated into first rate earnings, however 2022 seems to be very completely different, with declining gross sales and disappearing earnings. This autumn 2022 was particularly dangerous with an EBIT margin of -16%.
Trying on the chart, we are able to see that the timing of the IPO in March 2021 appears to have been good….for individuals who have been promoting:
Trying on the order guide, issues usually are not actually booming both:
The corporate does give an optimistic outlook for 2025 however nothing actually for 2023. In principle, the enterprise seems to be like a terrific alternative however for some motive issues usually are not actually improing. On the plus aspect, they don’t have monetary debt as of the tip of 2022.
I’ll put them onto the “watch” checklist however it isn’t a really sturdy candidate.
122. Nordic Halibut
Nordic Halibut is, because the title says, a 60 mn EUR market cap fish farmer that specialices on Halibut. Once more, a 2021 IPO, the corporate trades round -20% vs the IPO worth. The corporate does have gross sales, however losses are virtually as excessive as gross sales and the enterprise mannequin appears to be nonetheless in a comparatively early section. Though I do like Halibut on a plate greater than Salmon, I’ll “cross”.
123. Built-in Wind Options ASA
Built-in Wind is a 113 mn EUR market cap firm that owns 6 ships that service the offshore wind business. The corporate was integrated in 2020, IPOed in 2021 and trades ~15% beneath the IPO worth.
As promised an image from the ships:
The corporate has been dropping cash in 2022, nevertheless primarily based on their presentation, the longer term seems to be (in fact) fairly good. That is hwo they see their valuation primarily based on costs to be achieved:
I’ve to say that that is the primary Transport firm that I discover remotely attention-grabbing, due to this fact I’ll put them on “watch” however once more a weaker one.
124. Sparebanken 1 SMN
Sparebanken 1 SMN is a 1,5 bn EUR market cap savigs financial institution headquartered in Norway. Curiously, wanting on the share worth, shareholders of this financial institution is perhaps the happiest banking shareholders in Europe, making 7x over the previous 20 years. At round 9x earnings and 5% dividend yield, th inventory doesn’t look costly. I do not know what these guys did in another way to some other financial institution in Europe, perhaps is hould attempt to discover out at a while, however on the time being I’ll “cross”.
125. Grong Sparebank
With 50 mn EUR market cap, Grong is clearly one of many small financial savings banks and surprisingly positioned in a Metropolis known as Grong. Nothing to see right here for me, “cross”.
126. Sparebank 1 Nord-Norge
The random generatr is tormenting me with Sparebanken. This one has a a market cap of 820 mn EUR, operates from Tromsoe and concentrates on Northern Norway. The inventory has additionally a good long run efficiency, however much less spectacular than SMN. Valuation is analogous, with a barely increased dividend yield. “Move”.
127. Airthings
Airthings is a 43 mn EUR market cap firm that’s in pricnple energetic in an attention-grabbing space, coping with “air high quality sensors and hardware-enabled software program merchandise for air high quality, radon measurement, and vitality effectivity options worldwide.”
As an opportunistic, finish of 2020 IPO, the share misplaced ~-70% from the IPO worth. 2022 confirmed solely little development after an enormous leap in 2021, however losses are growing and stock is piling up. The corporate issued shares early in 2023 and decreased their 2024 outlook. Total, regardless of an attention-grabbing enterprise, this seems to be just a little bit too shaky for my style. “Move”.
128. ELMERA Group SA
ELMERA is a 173 mn market cap electrical energy distributor and cell phone supplier that doesn’t personal a grid/tework and doesn’t produce electrical energy. As such, the principally purchase wholsale and promote retail. So it isn’t an enormous shock, that 2022 was powerful for them. Trying on the chart, we are able to see nevertheless that issues appear to have worsened already earlier in 2020:
The corporate grew lots previously few years, however margins are razor skinny and debt is substantial. “Move”.
128. Induct
Induct is a ten mn EUR market cap firm that provides some sort of challenge collaboration plartform. The inventory is thinly traded, the corporate is loss making for the final 6 years or so and all in all doesn’t look very attention-grabbing. “cross”.
129. Aker Horizons
Aker Horizons is a inventory that truly had been in my portfolio however I exited it just a few months in the past as I decreased my Renewables publicity. Aker Horizon has a market cap of 540 mn EUR and covers every thing inside the wider Aker Group that’s associated to Local weather and Vitality transition.
As we are able to see within the inventory chart nevertheless, after in preliminary leap, the inventory worth is on a good distance down since its IPO in Ferbuary 2021:
One motive for the declining share worth is clearly the frantic reorganization. Initially, Aker listed 3 extra subsidiaries, Aker Carbon Seize, Aker Offshore Renewables and Aker Hydrogen. Nonetheless, Aker Offshore and Aker Hydrogen have been taken non-public in 2022 with important losses for the shareholders with solely Aker Cabon Seize remaining listed.
The P&L of Aker Horizon is basically exhausting to investigate at it’s largely a improvement firm with plenty of bills upfront and little operational income and/or earnings.
From the This autumn presentation, probably the most attention-grabbing slide is how they report their NAV :
Their NAV of ~1,3 bn EUR is considerably above the market cap, put partially depends on historic valuation (Mainstream). Total, I nonetheless discover it very attention-grabbing and Aker Horizon stays on the “watch” checklist with a excessive precedence.
130. AMSC ASA
AMSC is a 255 mn EUR market delivery firm that “operates as a ship proudly owning and lease finance firm in america. The corporate is concerned within the buy and bareboat chartering of product tankers, shuttle tankers, and different vessels to operators and finish customers within the Jones Act market. It operates a fleet of 9 product tankers and one shuttle tanker.”
The Jones Act is a US regulation that solely permits US primarily based ships to function inside a sure distance of the US coast and due to this fact protects these ships from any international competitors.
As many delivery shares, the inventory seems to be low-cost however they carry plenty of debt and the inventory did nothing for the final 10 years. I’m additionally unsure if proudly owning ships as such is a very good enterprise, even when protected by way of the Jones Act. “Move”.
131. Kongsberg Gruppen
Kongsberg Gruppen is a 7,3 bn EUR market cap Know-how Group that’s energetic throughout a variety of sectors equivalent to marine and aerospace with a deal with protection and navy applied sciences. The inventory has been performing nicely, doing 19% CAGR over the past 5 years:
That is supported by a powerful improve in working revenue and EPS after a stoop in 2017 and 2018. Evidently as a protection inventory, plenty of issues at present go into their instructions.
Nonetheless the inventory now additionally seems to be fairly costly at 30x P/E and 25x EV/EBIT. The Norwegian Authorities owns 50% of the shares. As I’ve no actual angle on this, I’ll “cross”.
132. PGS ASA
PGS aka Petroleum Geo Companies, is a 626 mn EUR market cap firm that’s energetic within the assortment of Geological surveys for the Oil & Fuel business. In distinction to competitor TGS Nopec (which I woned some years in the past), PGS nonetheless owns its personal ships which makes it a capital intensive, leveraged and due to this fact susceptible cyclical enterprise.
PGS needed to elevate regularly capital and the share worth is tremendous risky. Not my space of curiosity, “cross”.
133. Norsk Titanium
This 73 mn EUR market cap firm is, because the title signifies a “producer of aerospace-grade, additively manufactured, structural titanium parts for industrial aerospace tier one suppliers”.
Sadly, the manufacturing appears very small, with revenues lower than 100K EUR for 2022 and now development however growing losses. As a lot of its peer 2021 IPOs, this appears to be extra a enterprise funding. “Move”.
134. Quantafuel
Quantafuel is a 92 mn EUR market cap “Cleantech” firm that goals to recycle plastics into helpful uncooked supplies by chemical processes. Quantafuel was IPOed really simply earlier than Covid hit and the inventory participated within the “Covid hype” earlier than than declining far beneath the IPO worth:
In February 2023, Quantafuel acquired a take-over (or take-under) from KKR at a worth of 6,38 NOks per share and the 2 largest shareholders have alreay agreed, representing greater than 40% of the shareholders.
Trying on the present worth, it appears that evidently the probability of the deal going by way of is kind of excessive, due to this fact I’ll “cross” though the area as such is attention-grabbing.
135. Nordic Mining
Because the title says, Nordic mining appears to be energetic in mining operations within the Nordic. The corporate has a market cap of 105 mn EUR. So far as I perceive, they’re at a comparatively early stage and began growing the websites, however needed to do a capital elevate in March in orther to finance the subsequent step. Mining is clearly not my circle of competence, due to this fact I’ll “cross”.
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