All Norwegian Share part 15 – Nr. 216-235

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. Get pleasure from !!!

216. Cloudberry Clear Vitality

Cloudberry is a 247 mn EUR market cap renewable power firm based in 2017 and IPOed in 2020. In distinction to Sctaec, Cloudberry is barely lively within the Nordics. They develop and personal and function renewable energy crops 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 12 months bu a lot decrease income on this 12 months.

Perhaps this additionally explains the very unstable share worth and the destructive worth creation for the reason that IPO:

They’ve fairly some debt and protecting increasaed curiosity funds with very unstable revenues is possibly not such an excellent concept. However, I’ll hold them on “watch” in the interim.

217. Multiconsult

Because the title 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 first rate eturns on capital and margins.

Earnings are somewhat bit decrease in 2023 than in 2022 however a glance into the previous exhibits that they already suffered a hunch in 2017-2019. At the moment, 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 growing distinctive pharmaceutical and nutraceutical merchandise primarily based on bioactive marine compounds.” IPOed im 202, the inventory misplaced -60% since then. After all these guys are loss making, so I’ll “cross”.

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 vital debt. “Cross”.

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. “Cross”.

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 aside from the dividend, there doesn’t appear to be quite a lot of worth creation. his shouldn’t be uncommon, as funding banking is commonly a “star” enterprise with the bankers taking a lot of the pie by way of bonuses. “Cross”.

222. Carasent

Carasent, a 75 mn market firm, that “was based in 1997. In Could 2018 the Swedish firm Evimeria EMR AB, an organization offering cloud-based medical report companies to the well being care trade, was acquired. Carasent’s technique is to develop and increase digitalization that helps clients in offering environment friendly and qualitative well being care companies within the Scandinavian market.” The corporate appears to be (once more) loss making and I believe it’s a tremendous troublesome enterprise. “Cross”.

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 prescription drugs, agrochemicals, batteries, graphene, polymers and extra.” The comany has no gross sales and naturally losses. “Cross”.

224. Oceanteam

Oceanteam is a 4 mn EUR nano cap loss making funding firm. “Cross”.

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 might result in urinary infections”. They’ve some gross sales, usually are not rising and large losses. “Cross”.

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 surroundings drilling contractor for the offshore oil and gasoline trade”.

The corporate listed/IPOed round 1 12 months in the past and has misplaced round -50% thus far. Efficiency appears to have improved however it’s nonetheless loss making. “Cross”.

227. Vistin Pharma

Vistin PHarma is an 82 mn market cap firm that describes itself as a “main producer and provider of metformin API (lively pharmaceutical substances), utilized in drugs for diabetes”. The corporate has truly turn out to be worthwhile in 2023 and elevated gross sales quite a bit.

Nevertheless, as I’ve little or no information on that sector, I’ll “cross”.

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 change 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 no less than twice. It was a form 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. Up to now that doesn’t have been very profitable, because the inventory misplaced round -2/3 for the reason that IPO in July 2022. “Cross”.

230. Hyperlink Mobility

Hyperlink Mobility is a 420 mn EUR market cap cell communication service supplier that gives “cell messaging and CPaaS options, primarily based on quantity of messages, for buyer engagement serving enterprise, SME and authorities clients.” 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 all the time been destructive, no less than the corporate is rising strongly, with a development of ~20% p.a. since IPO. These form of circumstances usually are not for me, therfore I’ll “cross”.

231. Telenor

Telenor is a 14,6 bn EUR market cap “blue chip” that started off as a Norwegian Telco however today is globally lively, moreover the Nordiucs primarily in Pakistan and Bangladesh.

As many different Telcos, Telenor pays a fairly juicy dividend however the share worth hasn’t achieved 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 considered one of my favourite sectors, I’ll “cross”.

231. Gyldendal

Gyldendal is a 110 mn EUR market cap guide writer and vendor lively solely in Norway. As to be anticipated, margins are very slim and lowering. The corporate has an 86% shareholder. The valuation is sort of excessive and plainly the corporate is extra of an Actual Property play. “Cross”.

232. ABL Group

ABL Group is a 132 mn EUR market cap “funding holding firm, supplies marine and engineering consultancy companies to the offshore oil and gasoline trade and renewables market worldwide”.

The corporate has been rising quickly over the previous years and is worthwhile, nevertheless, they wanted to difficulty many shares to attain this. However, the shareprice has developed fairly effectively till lately:

The corporate s fairly acqusitive and covers al form of power and offshore consulting. At the moment 2/3 are Oil and Fuel associated, the remainder ist Renewables and MArine. I believe 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 sort of fascinating. The corporate has been IPOed into the Dot.com increase in 2000 and skilled a spectacular increase in the course of the Covid lockdown time:

The corporate turned 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 the moment trades at 35x trailing EV/EBIT. Not my space of curiosity. “Cross”.

234. Skandia GreenPower

Skandia GreenPower is a 3 mn EUR Nanocap that was IPOed in 2021 however has misplaced -95% since then. “Cross”.

235. Bonheur

Bonheur is a 760 mn marakt cap firm that “via its subsidiaries is concerned in quite a lot of actions in Norway and internationally. The investments are associated to the next most important segments: Renewable Vitality, 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 are able to see in the long run chart, {that a} comparable increase occurred already pre GFC:

The corporate employs some debt and the P&L may be very noisy, together with funding features and huge minority stakes, nvertheless, I discover the very fascinating. “Watch”.