To maintain the working gag going: No fish this time and just a few ships, however lots of different stuff on this random collection of 15 Norwegian shares. 4 out of those 15 certified for my prelimiary “watch” record. Let’s go:

91. Wilson ASA

Wilson is a 270 mn EUR market cap shiping firm that operates ~130 smaller vessels. As different delivery firms, they trades at very low valuations, on this case 3,5x 2022 P/E. Working margins have elevated from 2,5% to 40% in 2022. I do not know how sustainable these margins are, however traditionally the height has been round 20% and on common possibly 10-15% with a excessive volatility. Apparently, the share value hovered round 20 NOKs for 20 years earlier than going up greater than 3x in 2021:

However, risky delivery shares aren’t my space of experience, “go”.

92. Elektroimportoeren ASA

Because the title indiactes, this 84 mn EUR market cap firm retails and distributes gear for electrical installations (gentle, electrical energy and many others.). The corporate has grown properly over the previous 5 years, nevertheless EPS halfed in 2022 which led to a big drop within the share value under the extent of the IPO in 2020:

They appear to have entered the Swedish market in 2022 however general, Gross margins and like-for-like gross sales struggled and curiosity bills elevated, resulting in a giant discount in earnings. At 19x trailing p/E and 15x trailing EV/EBIT, the inventory isn’t low cost and the IPO appears to have been “effectively timed”. “Move”.

93. Entra

Entra is a 1,9 bn EUR market cap actual property firm that largely owns workplace buildings in Norway. The inventory misplaced virtually -50% from its prime, much like many different actual property shares. I at all times discover it laborious to grasp the industrial actual property KPIs like EPRA NAV and these items, their P&L is sort of messy because the present mark-to-market good points and losses within the P&L. Actual property is one thing I might solely take into account in very particular circumstances which this isn’t. “Move”.

94. Navamedic

Navamedic is a 57 mn EUR market cap “Nordic pharma firm supplying hospitals and pharmacies with pharmaceutical and medical vitamin merchandise”. The corporate has been loss making for a few years however, surprisingly, turned worthwhile in 2022. That is mirrored within the share value which is now near ATH:

The corporate appears to have a large protfolio of OTC and prescribed drugs in addition to “medical vitamin” with some deal with obesitiy, but in addition antibiotics and different stuff. At lower than 20x P/E, the inventory isn’t too costly and the corporate plans o develop through M&A and many others to 1bn NOK in income and 150 mn NOK in EBITDA. In the intervening time, I’ll put them onto the prolonged “watch” record

95. Cyviz

Cyviz is a 44 mn EUR market cap “international expertise supplier for standardized convention rooms, management rooms and expertise facilities.” The corporate was IPOed in December 2020 and is loss making, however based mostly on TIKR at the least money move optimistic.

If I perceive their enterprise accurately, they set up management rooms for the protection sector in addition to top quality board rooms atc around the globe:

In some way I discover this firm fairly attention-grabbing, particularly as it’s nonetheless rising fairly shortly (+50% full 12 months, +80% q-o-q). This appears to be one of many higher 2020/2021 IPOs, subsequently “watch”.

96. Elliptic Laborator

Elliptic is a 160 mn EUR market cap firm that does some “”attractive” issues like “AI Based mostly 3D gesture Software program sensors”. Nonetheless, Income is just 5 mn EUR, stagnating and they’re making losses. One of many weaker 2020/202 IPOs, “Move”.

97. ATEA

ATEA is a 1,2 bn EUR market cap “main Nordic and Baltic resolution supplier of IT infrastructure with over 7,000 staff. Atea is current in 85 cities in Norway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. “

With working margins of 2-3%, the bsuiness mannequin appears to be extra of a reseller or distributor. The corporate is comparatively reasonably valued at 14x P/E and return on capital/fairness is presently at round 20% or extra.

Atea has web money, is paying a reasonably beneficiant dividend (~5% yield) and has been rising properly over thy previous few years. The share value nevertheless doesn’t totally mirror this:

Though comparable IT distributors are equally low cost, I put ATEA on “watch”.

98. Inexperienced Minerals

Inexperienced Minerals is a 5 mn EUR Nano Cap that claims to be the ” pioneer in marine minerals on the Norwegian Continental Shelf”. The corporate has little income and is burning cash, with a runway of lower than 2 years left. “Move”.

99. Norwegian Block Change

This 10 mn EUR market cap 2021 IPO runs a Crypto alternate. In fact they’re burning money and so they have raised addtional cash in Q3 2022. “Move”.

100. Questback Group

Questback is a “main platform for conducting Worker and Buyer Expertise surveys”. The market cap of solely 5 mn EUR signifies that enterprise isn’t so nice. They’ve been rising in 2022 however are CF destructive and have substantial debt. Additional fairness financing is probably going required as they’ve lower than 1 12 months runway left. “Move”.

101. Actual Therapeutics

Actual is a 31 mn EUR market cap inventory that IPOed in 2022 and misplaced round 2/3 of its worth since then. They develop expertise ” for focused therapeutic enhancement – Acoustic Cluster Remedy (ACT®). ACT® sonoporation is a novel method to ultrasound-mediated, focused drug enhancement”, no matter which means. The corporate has no revenues, “go”.

102. Solstad Offshore

Solsatd is a 320 mn EUR market capo firm that “operates offshore service and building vessels for offshore and renewable vitality business worldwide. It gives platform provide vessel, anchor dealing with vessel, subsea building, and renewable vitality providers.”.

Trying on the inventory chart, the corporate went via laborious occasions and was restructured in 2022 together with a debt-to-equity swap.

Operationally, issues look comparatively good nowadays, however the firm nonetheless carries lots of debt (~2 bn EUR) and is making losses on GAAP foundation. Largest Shareholder appears to be Aker who snapped up different Norwegian gamers up to now. “Move”.

103. Adevinta

Adevinta is a 8,4 bn EUR market cap on-line classifieds firm that was spun-off from Schibsted in 2019. Schibsted owns ~34,8% and apparently Ebay owns virtually the identical quantity. Trying on the chart, we will see that originally the inventory perforemd very effectively earlier than than affected by 2022 on:

The enterprise as such appears engaging. Excessive development charges (+40% in 2022) and respectable working margins. Nonetheless, a big Goodwill impairment in 2022 led to a GAAP loss.

Based mostly on the projections, the inventory is valued a ~15x EV/EBITDA for 2023 and so they anticipate to develop at “low double digits” for the following years. Though the inventory isn’t low cost, it’s defintely one to “watch”.

104. Nel ASA

Nel is a (a lot hyped) 2,2 bn EUR market cap firm that’s energetic within the Hydrogen Financial system. Nal manufactures Electrolyzers and Hydrogen Filling station gear. Trying on the chart we will see that Nel has been round for a while and had a frist hype cycle simply earlier than the monetary disaster:

In comparison with different firms in that house, NEL truly does have gross sales (~90 mn EUR in 2022), however isn’t creating wealth. Losses are literally increased than gross sales. Personally, I don’t consider in a mass marketplace for Hydrogen as a automotive or truck gas at the least for the following 10 years or so, therfore I’ll “go”.

105. Arctizymes Techno

This “fancy title” firm has a market cap of 180 mn EUR does one thing with enzymes and shocking to me is definitely making a small revenue. However, at round 13xEV/Gross sales and 50x EV/EBIT with solely reasonable development, I don’t assume that that is attention-grabbing. “Move”.