Back to Denmark with a new batch of 10 randomly selected shares. What I have to say is that the Danish stock maket really offers a wide variety of companies. From a Fintech active in Africa, via shipping and concrete blocks over to Medtech, today’s selection has a lot of different business models. Four of them I found actually worth to “watch” this time.


41. SPENN Technology A/S 

SPENN is a 80 mn EUR market cap company that seems to offer a banking/trading app. The majority of the business seems to be in Africa (Zambia, Rwanda) via a company that was acquired in 2021. their offering seems to comprise (of course) Blockchain, Crypto, Payment and remittance services.

The stock chart looks quite uninspiring:


The company is making significant losses and has only limited cash left. There are some examples of Scandinavian companies that are successful in Africa (i.E. Milicom), but in this case it is hard to judge if their business is competitive. Overall not very attractive at first sight, “pass”.

42. Torm PLC

TORM PLC is a 657 mn EUR market cap shipping company that engages in the transportation of refined oil products and crude oil worldwide. The company transports gasoline, jet fuel, naphtha, and diesel. As of March 1, 2021, it operated a fleet of approximately 80 vessels.

As many shipping companies, results seem to be very volatile and the stock price looks like that they had to do some very diluting capital raises in 2014/2015:


Shipping companies are clearly far outside my circle of (in)competence, therefore I’ll “pass”.

43. Nordfyns Bank

Nordfyns Bank is a 57 mn EUR market cap local Danish Bank. The Bank looks surprisingly  profitable with 13% ROE and surprisingly cheap at around 0,7x P/B and ~6xP/E. And this despite an already nice run up in the share price over the previous years:


Unfortunately, al the investor documents are in Danish, but I think it could be worth digging deeper how they manage to generate these results. “Watch”.


As the name clearly states, this 2 bn EUR market cap company that has been IPOed/spun off from MAersk in 2019, exclusively focuses on oil and gas drilling in the North Sea. According to the company itself, the company was established actually 10 years earlier in 1962. AP Moeller, the family holding of Maersk still owns 50%

IPO investors have little reason for joy despite the rebound in the last few months:

drilling 1972

Based on recent developments, the stock could be worth a punt, assuming that some drilling resumes in the North Sea short term. Some value funds (Third Avenue, etc.) are holding stakes. However, as I am looking more for long term plays, I’ll “pass”.

45. BankNordik A/S

Another small, 167 mn EUR market cap Bank that operates only on the Faeroer Islands in Greenland.  As the other Danish Banks, valuation is cheap and returns have been surprisingly good.

The company seems to have divested its remaining Danish Business and distributed significant extra dividends over the last few months.


The drop in the share price seems to have been the ex dividend which included a portion of the “super dividend” they announced in 2021.

Overall an interesting candidate worth to “watch”.

46. Royal Unibrew A/S

Royal Unibrew is a 4,1 bn EUR company that produces a variety of beverages among them the (in) famous Faxe Beer. The company  is active mostly in Denmark, Germany and the Baltics and has been growing very nicely over the last 10 years, more than doubling its sales, quadrupling its profit and almost 10x on its share price:


Royal unibrew

The stock is not cheap at a 24x trailing P/E, but the company has extraordinary returns on Capital and equity and 15% net margins. This is a stock that belongs onto the “watch” list for further inspection…

47. D/S Norden A/S

D/S Norden is a 1.3 bn EUR market cap shipping company (Tankers, dry bulk) that had been struggling for some time, but as many other shipping companies, benefitted massively from the supply chain problems in the last 2 years. 2021 profit was roughly 10x the 2019 profit.

As the stock chart shows, long term value creation has been very limited:

DS norden

I am not a “shipping man”, therefore I’ll “pass”.

48. H+H International

H+H is a 410 mn EUR market cap company that is a supplier to the construction industry. Their main product are “aircrete” bricks with which one seems to be able to build factories etc.

The company is active mostly in Europe, russian activities have been sold in 2019. It looks like that the coompany also used to be the owner of Rockwool, another listed Danish supplier to the construction industry. 

The company is quite profitable (double digit EBIT margins, 20% ROE), the stock looks very cheap at a trailing P/E of 9,6x.

The stock has gone up nicely before retreating over the last few months:


Although it is not clear how long the current boom in construction will last and how sensitive tehy are with regard to high energy prices, I’ll put them onto the extended “watch” list.

49. Scandinavian Investment Group

Scandinavian is a 23 mn EUR market cap company that seems to invest mostly in Danish bonds, stocks and real estate.Reports ar all in Danish and the stock seems to indicate that they are not overly successful. “Pass”.

50. Ambu A/S

Ambu is a 3,6 bn EUR market cap company that is active in the Medtech sector specializing on everything about (single use)  endoscopes. Looking at their numbers, Ambu seems to have profited from Covid and has increased sales by +50 over the last 2 years. As one could expect, gross margins are above 60% but for some reasons operating results have been declining since 2018 and free cash flow is negative.

The stock price reflects the not so good bottom line after a peak in 2021


At 7x sales and 200x trailing P/E even after the decline, this doesn’t look like a great value proposition at this stage. “Pass”.




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