All Norwegian Stocks part 10 – Nr. 136-150

And on we go. With this put up, I’ve handed the 50% threshold, so I’m very optimistic to complete this earlier than yr finish. This time, two shares certified for the preliminary watch listing. Let’s go:

136. Norbit

Norbit is a 305 mn EUR market cap firm has three distinct phase of which “Oceans delivers tailor-made expertise to world maritime markets, Connectivity offers wi-fi options for identification, monitoring and monitoring, whereas PIR provides R&D companies, proprietary merchandise and contract manufacturing.”

The corporate IPOed in 2019, and opposite to the 2020 IPO vintages, the share worth has finished fairly properly:

This improve has been underpinned by robust progress in 2022, gross sales went up ~50% and EPS greater than doubled. The corporate trades at 19x 2023 P/E and 13,3x EV/EBIT, which isn’t low cost. Nevertheless, the primary quarter 2023 was once more tremendous robust. I’m not but positive the place that progress comes from, however this clearly seems to be like one of many extra fascinating Norwegian firms. Founders & CEO personal ~20% of the corporate between them. “Watch”.

137. Medistim

Medistim is a 417 mn EUR market cap firm that “develops, produces, companies, leases, and distributes medical units for cardio-vascular surgical procedure in the USA, Europe, Asia, and internationally”.

The corporate has been rising properly over the previous 10 years and enjoys very first rate margins. Nevertheless, at 42xP/E and 30x EV/EBIT, quite a lot of future progress appears to be priced in. For valuation causes, this can be a “move”.

138. SPAREBANKEN MØRE

One other of the 20 or so Sparebanken, Sparebanken Extra has a market cap of 322 mn EUR. As lots of the different Sparebanken, they’re fairly low cost (8x P/E , 0,5x P/B), however ROE is low with 5%. “Go”.

139. Elektromagnet Geoservices

Elektromagnet is a tiny, 35 mn EUR market cap firm that appears to supply some expertise for seismic knowledge assortment for Oil and Gasoline firms. The corporate has very unstable gross sales and made losses in 4 out of the final 8 years. “move”.

140. Nekkar

Nekkar is a 59 mn EUR market cap firm that claims to have options for Aquaculture, renewable energies and the transport trade. The corporate grew properly till 2021 earlier than shrinking in 2022. Q1 2023 appeared barely higher than 2022. The corporate is round for someday however for the final 15 years or so, the inventory has been not doing a lot total. At 21x P/E the inventory just isn’t low cost, attributable to internet money, EV/EBIT is just 11x. “Go”.

141. Veidekke

Veidekke is a 1,25 bn EUR market cap building firm. The corporate achieves excessive ROE’s (30%) with low margins (3%). At 12xP/E and seven% dividend yield, the inventory seems to be low cost, however I’m not 100% positive that now could be the time to purchase building firms. “Go”.

142. Proximar Seefood

Proximar is a 24 mn EUR market cap firm that focuses on land based mostly Salmon farming. To make issues extra fascinating, they’re constructing their first facility in Japan. Not my cup of (Japanese) tea, “move”.

143. North Vitality

North Vitality is a 23 mn EUR market cap firm that’s energetic in oil and fuel. The corporate is round for fairly some years however has no gross sales. “Go”.

144. Codelab Capital

Codelab is an 8 mn market cap firm that lately modified its title from Patientsky Group. “Go”.

145. CSAM Well being Group

CSAM is a 73 mn EUR market cap firm that claims to be the “main supplier of area of interest eHealth options within the Nordics. The corporate’s product portfolio contains options in related healthcare, medical imaging, girls and youngsters’s well being, public security, well being analytics, remedy administration, and laboratory data administration programs”. The corporate is a 2020 IPO, has misplaced round -50% for the reason that IPO and is persistently making losses. “Go”.

146. DNB Financial institution

With 26 bn EUR market cap, DNB is clearly one of many large Nordic gamers in Banking. DNB has a really good long run chart that reveals a gentle share worth improve throughout each disaster:

The valuation is similar to different nordic gamers with a P/E of round 8x. The Norwegian Authorities owns 34%. It could possibly be fascinating to check DNB with Handelsbanken, however I feel the energy of DNB explains the weak point of Handelsbanken in Norway. “Watch”.

147. REC Silicon

“REC Silicon is a number one producer of superior silicon supplies, supplying high-purity polysilicon and silicon gases to the photo voltaic and electronics industries worldwide.” REC Silicon has a market cap 585 mn EUR. After an extended stoop, the inventory worth has recoevered within the final 2 years. The corporate is persistently making losses since 10 years, the biggest shareholder is Japanese Conglomerate Hanwa. “Go”.

148. Otello

Otello is a Holdco that owns a number of firms which are energetic in some type of cell/cloud/gaming companies with a market cap of 61 mn EUR. The corporate has been round for a while and appears to have been its peak in 2015. The inventory has misplaced greater than -9ß% since 2015. “Go”.

149. Komplett

Komplett is a 212 mn EUR market cap electronics E-Commerce participant. The corporate was neatly IPO’ed in 2021 to profit from teh Covid growth. The inventory misplaced 2/3 since then. Gross margin is 5%, internet margin 0%. “Go”.

150. Leroy Seafood

Leroy is among the bigger fish farmers with a market cap of two,4 bn EUR. They appear to have a sure vertical integration. Valuation at round 10x P/E and 7X EV/EBIT seems to be modest, however earnings are very unstable which is mirrored within the share worth:

Not my space of curiosity, “move”.