And on we go, one other 15 randomly chosen shares from Norway. This time, 4 of them made it into the preliminary watch record. Solely 80 shares extra to go….

181. Circio Holding

Circio Holding is a 6 mn EUR market cap Biotech that’s loss making and has renamed itself just lately from Targovax. “Cross”.

182. Borgestad

Borgestad is a 17 mn EUR market cap firm that manufactures and distributes refractory merchandise and in addition owns a shopping mall. The corporate appears to have seen higher days and is very leveraged. “Cross”.

183. Pexip Holding

Pexip, with a market cap of 160 mn EUR, is a video conferencing know-how firm that was IPOed 2 monhts into the Covid lockdown 2020. The corporate was worthwhile till 2019, however loss making since 2020 which helps to clarify that the inventory misplaced -80% for the reason that IPO. “Cross”.

184. Yara

With round 8,9 bn EUR market cap, Yara is likely one of the massive Norwegian Industrial teams and one of many largest ammonia fertilizer producers globally.

Usually, it is a low margin, low return on capital enterprise, however with the Ukraine warfare, fertilizer bacame a scarce commodity final 12 months and Yara was nearly printing cash. Nvertheless, trying on the chart, Yara appears to be a long run regular grower:

Issues appears to normalize in 2023 and in Q2 they really confirmed a loss on account of investory write-downs. Figuring out that Ammonia manufacturing is likely one of the greatest CO2 emitters globally, it’s clear that Yara is dealing with challenges, nonetheless this additionally might flip into a chance if the handle to be forward of the group. For me a inventory to “watch”.

185. Aurora Eiendom

Aurora is a 220 mn EUR market cap actual property firm that has been created and IPOed in 2021. They appear to personal principally buying heart, which, shock, appears to not be a lot in favor proper now. The corporate is very leveraged as nicely. “Cross”.

186. MPC Container Ships

Because the nam signifies, MPC is “a number one container tonnage supplier with a give attention to small to mid-size containerships. Its essential exercise is to personal and function a portfolio of container ships serving intra-regional commerce lanes on fixed-rate charters”. With a market cap of 700 mn EUR it’s not small and has solely a small quantity of debt. In line with TIKR, the inventory trades at 2,3x P/E and a 35% dividend yield, which type of signifies that the ggod days in container transport would possibly come to an finish. The inventory did greater than 10x since 2020. Not my space of experience, “move”.

187. VOW Inexperienced Metals

VOW Inexperienced Metals, with a market cap of 40 mn EUR, appears to be a Spin off of VOW ASA and focuses on the manufacturing of “biocarbon”. From what I perceive, it is a CO2 impartial replacment to metallurgical coal used as an illustration in metal manufacturing. This feels like a horny “local weather” story, nonetheless profuction hasn’t but begun, so it’s extra a enterprise case.

I additionally doubt somewhat however the scalability, as competitors for Biomass feedstock is excessive and Hydrogen primarily based Inexperienced Metal manufacturing appears to be the extra scalable strategy. “Cross”.

188. Eidesvik Offshore

Eidesvik is a 89 mn EUR market cap firm that “operates a contemporary fleet of extremely specialised offshore assist vessels.” The corporate is worthwhile proper now, however has been loss making for 7 out of the final 10 years. “Cross”.

189. Masoval

Masoval is a 260 mn EUR market cap Salmon farmer which nonetheless appears to be majority owned by a household and went public in 2021. The corporate made an enormous revenue in 2022 however appears to be loss making in 2023. As talked about earlier than, that sector appears “too laborious” fro me, “move”.

190. Byggma

Byggma is a 100 mn EUR market cap firm “manufacturing and promoting constructing materials merchandise. The Group consists of 12 manufacturing crops and 4 gross sales comp. in Norway, Sweden, Finland, UK and US.”

Even in tremendous wealthy Norway, buildig is struggling and Byggma’s margin have been dropping in 2023. The chart appears to be like extra like a provider of Covid assessments than a builing supplies firm:

Byggma appears to supply principally wooden primarily based merchandise similar to beams and home windows, but additionally lamps. The corporate appears to be managed by it’s CEO who owns virtually 90%. The debt load is sort of excessive and has elevated yoy considerably. “Cross”.

191. Edda Wind

Edda Wind is a 220 mn EUR market cap firm that went public in 2021 and principally gives companies to the offshore wind business. The corporate owns 6 ships and has comissioned extra that primarily function an off shore base for service private that’s required to keep up and restore off shore windfarms. In idea, the sector ought to develop for a while and enterprise must be nice because the vessels are in excessive deman. Income is rising, however the variety of shares is even rising quicker as capital will increase are required to finance the brand new ships, which meaybe explains why the shares are down ~-20% from the IPO.

Rising debt prices is clearly additionally a problem, however general this appears to be like like one of many few transport associated shares that could possibly be attention-grabbing. In line with TIKR, the share worth is ~0,75x tangible e book worth. “Watch”.

192. Magnora

Magnora is a 185 mn EUR market cap firm that “operates as a renewable power growth firm. It primarily focuses on growing wind and photo voltaic photovoltaic (PV) tasks.”

A primary have a look at the numbers present an odd image with a single digit P/E however a excessive 10x a number of on gross sales. The answer for that is that as a developer, they had been in a position to promote a venture with a big revenue in 2023. Overal, Magnora has a pipeline of round 6,7 GW with the bulk in PV tasks. Up unitl 2018, they appear to have serviced additionally the oil business however then targeted absolutely on renewable power. he share worth, this was a optimistic transfer:

In distinction to many different builders, Magnora has internet money which I discover attention-grabbing. As I just like the developer mannequin usually, I’ll put hem on “watch”.

193. Ayfie Group

Ayfie is a 8 mn EUR market cap nano cap providing “distinctive AI options” that appear to be so successfull that they only needed to do a capital enhance. “Cross”.

194. Odfjell SE

Odfjell is a 600 mn EUR market cap that “engages within the transportation and storage of bulk liquid chemical compounds, acids, edible oils, and different particular merchandise.”

So that they mainly personal ships and terminals which is an attention-grabbing mixture. The long run chart appears to be like REALLY attention-grabbing:

After a peak in 2005, the inventory did nothing for 13-14 years earlier than rising considerably simply prior to now few months. Plainly costs have immediately elevated so much and translated into so much greater earnings for Odfjell. Nonetheless, I do not know how sustanable that’s:

I assume that this enterprise is once more “too laborious” for me, so I’ll “move” depite the at the moment low valuation.

195. Selvaag Bolig

Selvvag Bolig is a 210 mn EUR market cap firm that develops residential properties in Norway. Creating residential properties in Norway is simlar tough proper now than elsewhere on this planet, which exhibits inthe share worth:

Superficially, the inventory appears to be like low-cost with a 6x P/E in line with TIKR. The bsuiness mannequin appears to be that they really purchase the land, however solely after 60% of the models have been pre offered. The corporate has fairly good reporting and a powerful observe file:

The corporate appears to be nonetheless majority owned by the founding Selvaag household. Total this could possibly be an intersting wager on a housing restoration within the Nordics, subsequently I’ll “watch”.