Sunday, January 29, 2023
HomeValue InvestingAll Norwegian Shares half 1 – Nr. 1-15

All Norwegian Shares half 1 – Nr. 1-15


Good bye Denmark, hi there Norway !!
As with earlier sequence (Germany, Switzerland & Denmark) I’ll deal with the  Norwegian shares in random order. The primary purpose for that is that I discover this funnier in comparison with working down the checklist in Alphabetic order. The primary batch of 15 shares has resulted in two watch checklist candidates. Let’s go !

  1. Kahoot!

Kahoot! is 1,1 bn EUR market cap former “progress darling” that was a part of many “naive Tech investor” portfolios. Kahoot! is a web-based studying platform that addresses each, non-public clients in addition to the company studying market. As many different Tech firms the monetary report is a gibberish of Non-GAAP adjusted numbers. On a GAAP degree, the corporate is loss making and money appears to be shrinking. At 7x P/S this nonetheless appears to be like a lot to costly. “Cross”.

2. AF Gruppen

AF Gruppen is a 1,5 bn EUR market cap building and engineering firm energetic in Norway and Sweden. They appear to be energetic in varied areas, from house constructing, civil building to demolition and off-shore. In 2022 they’ve seen already a decline in profitability. in Sweden they’re truly already making losses. The rising and worthwhile offshore division is sadly comparatively small.

Over the long run, the share worth has carried out very effectively till 2016 however since then went principally sideways:

AF Gruppen

With a P/E of 15x, the inventory can also be not low cost. “Cross”.

3. DOF

DOF is a 30 mn EUR market cap firm working a fleet of vessels for offshore and subsea providers around the globe.

Taking a look at the long run share worth chart, one can see that there appear to be some points right here:

DOF

In keeping with TIKR, the corporate carries 2 bn EUR of debt and the money move goes into debt repayments. With growing rates of interest, this doesn’t look promising. “Cross”.

4. Holand OG Setskog Sparebank

This can be a native financial savings financial institution with a market cap based on TIKR of solely 10 mn EUR. I’m not positive nevertheless if there or different share lessons that weren’t counted for this. I couldn’t even discover the Investor Relations part on their web site. Possibly it’s a hidden treasure however I’ll “move”.

5. Cambi ASA

Cambi is a ~80 mn EUR market cap firm that “gives thermal hydrolysis, superior anaerobic digestion, and biogas options for sewage sludge and natural waste administration in Europe, the US, Asia, Africa, and Oceania. “

The corporate went public within the loopy days of 2021 and its share worth tanked quickly afterwards:

Cambi Chart

The therapy of waste is a fairly fascinating enterprise and Cambi’s know-how appears to have some benefit. Nevertheless I discover the financials extraordinarily exhausting to learn. There may be lots of POC accounting and mixing the 2 enterprise fashions of producing tools in addition to proudly owning and working installations will not be straightforward to know. Nonetheless, I’ll put them on “watch”

6. BEWI

BEWI is a 1,2 bn EUR market cap firm that’s manufacturing packaging and insulation primarily based on Styrofoam, however most just lately additionally primarily based on organic inputs.

BEWI IPOed in August 2020 and is curiously nonetheless above the IPO worth. The chart exhibits that there was fairly some actions over the past 2 years:

BEWI Chart

Basically, the corporate has developed effectively because the IPO, though I’m not 100% positive what occurred earlier than as TIKR exhibits some very unusual numbers. Valuation clever, it doesn’t look low cost (P/E ~15) and the corporate has some debt, however the insulation side alone warrants a spot on the “watch” checklist.

7. Huddly

Huddly is a 85 mn EUR market cap know-how firm that appears to supply digital camera techniques for assembly rooms. The corporate has grown from nothing in 2016 to ~40 mn revenues for 2022. Nevertheless, based on TIKR, they’ve made earnings solely in 2019 and 2020 which was good timing for his or her 2021 IPO. 2021 and 2022 nevertheless will once more see a loss. In keeping with their newest quarterly report. They’re nonetheless rising at a 30% price, nevertheless gross margins are contracting and GAAP outcomes go much more damaging.

They nonetheless have new money however on the present burn price, the money is spent in 4 quarters. Additionally they appear to capitalize R&D.

So perhaps not the worst of all 2021 classic IPOs however nonetheless a “move”.

8. Atlantic Sapphire

Atlantic Sapphire is a 110 mn EUR market cap  fish farming firm that appears to farm Salmon in Denmark and the US, and regardless of it’s identify not within the Ocean however with land primarily based installations. Over the previous 18 months, the inventory misplaced ~-90% of its worth, so not every little thing appears to go based on plan:

atl sapphire

The corporate is loss making, which isn’t unusual for a fish farm that’s within the technique of ramping up, as fish takes a while to develop and in between one has to feed and have a tendency them. 

Land primarily based aquaculture appeared to have been a hype sector for a while. Nevertheless it appears to be very capital intensive and in Atlantic’s case, there appear to be points with the precise high quality of the product. Generally, i I discover fish farming fascinating and would need to be taught extra, however Atlantic Sapphire doesn’t appear to be a great place to begin. “Cross”.

9. Norse Atlantic

Norse Atlantic is a 800 mn EUR market cap airline “Begin-up” that was IPOes in 2021. It appears to be by some means associated to bankrupt Norwegian Airways and specializes on lengthy haul flights. As many different 2021 IPOs, the inventory is struggling and misplaced ~-90% from the IPO. Airways are usually not my type of factor, subsequently I’ll “move”.

10. Andfjord Salmon

Andfjord is a 160 mn Salmon farm situated in Polar Waters that was IPOed in 2020. Additionally they appear to make use of land primarily based swimming pools however with Seawater. On their web site they speak lots about sustainability and low power depth. Nevertheless they appear to be in a construct up face with the primary harvest anticipated for 2023. I’m not positive if they’re hit by the additional tax on fish farming revealed by the Norwegian Authorities some months in the past. The inventory has been doing higher than Atlantic Sapphire, however continues to be down ~-1/3. General, this additionally won’t be the very best place to know extra about fish farming, subsequently I’ll “move”.

11. Play Magnus

Play Magnus is a 75 mn EUR market cap firm that’s energetic in on-line chess, has Magnus Carlsen as a most important investor and is well-known to my readers as I owned the inventory twice and made some cash in whole. Nevertheless, as talked about on the weblog, competitor Chess.com made a proposal of 13 NOK per share just lately and evidently that is the top of Play magnus as a stand-alone firm. Nothing to see right here anymore, “move”.

12. Sikri Holding

Sikri Holding is a 107 mn EUR market cap firm that was IPOed in 2020 and appears to offer software program for the property sector and public authorities. The excellent news is that the corporate is worthwhile, the unhealthy information is that they don#t appear to have the ability to develop organically of their most important enterprise line.  The inventory has finished comparatively effectively for a 2020 IPO, solely shedding round -1/3% which for a software program firm will not be so unhealthy:

Sikri

The corporate has fairly some debt (near 100 mn EUR), so the valuation of round 20x EV/EBITDA is sort of bold. Doesn’t look so fascinating to me, “move”.

13. Noram Drilling

Noram is a 230 mn EUR market cap firm that simply went public in October 2022. It appears to function a fleet of 11 on shore drilling rigs energetic within the Permian basin within the US. Issues presently look fairly good, TIKR estimates a P/E of 9 for 2022. Nevertheless I assume that this can be a very cyclical enterprise and I perceive subsequent to nothing about drilling, so I’ll “move”.

14. Crayon Group

Crayon is a 920 mn EUR market cap B2B software program/ providers firm that appears to principally resell software program and repair. At first sight, the corporate grows properly by round 30% p.a., however margins are razor skinny, with EBITDA margins being between 1-2%. At 11,5x EV/EBITDA and 22x P/E, the corporate appears to be adequately valued. “Cross”.

15. Ultimovacs

Ultimovacs is a 355 mn EUR market cap Biotech that appears to develop a “common most cancers vaccine” and has one product at degree II growth stage. There are not any revenues however growing losses. Nevertheless they appear to have the ability to elevate capital. “Cross”.

16. Melhus Sparebank

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