All Danish Stocks part 6 – Nr. 51-60

And another batch of 10 randomly selected Danish shares, this time, none of them made it onto the watch list. We have now covered almost 1/3 of all Danish stocks.

51. Ringkjøbing Landbobank A/S

Ringkjøbing Landbobank is a 3,3 bn EUR market cap bank active only in Denmark, that is surprisingly profitable with a ROE of ~15%. This is reflected in a very good share price performance and a rather high valuation at 20x trailing P/E.

ringbank

I still don’t really understand how Danish banks manage to be so profitable despite the very low interest rate levels, but I’ll “pass” on that one.

52. Atlantic Petroleum

Atlantic is a tiny 5 mn EUR market cap oil company from the Faroer Islands that doesn’t seem to have any revenues. “pass”.

53. PARKEN Sport & Entertainment

PARKEN is a 120 mn EUR market cap company that manages both, a stadium and a football club in Copenhagen. The chart indicates that long term value creation is quite limited:

Parken

Although I do like football, it doesn’t look very interesting. “Pass”.

54. Green Hydrogen Systems

Green Hydrogen Systems is a 61 mn EUR company that intends to manufacture Electrolyzers and was IPOed in June 2021. In theory, this could be a great business, but revenues have been declining, both in 2020 and 2021.

The company claims to have orders and still some cash left but overall this rather looks like a venture company with significant cash burn and they might need to raise some additional capital soon.

On the other hand, it looks like that Electrolyzers will be in short supply for many years to come, especially after the urgency created by Russia’s attack on Ukraine.

The share price has suffered lately and is now below the IPO level:

Green H

The reason for the recent drop seem to be “design complications” in its core product and the resulting change in guidance for 2022. Overall, this seems to be much too speculative, therefore I’ll “pass”.

55. Bdr Klee A/S

Klee is 17 mn EUR market cap company that sells a variety of equipment from small motors, gear boxes and supplemental items.

The stock did nothing for many years before almost doubling last year:

klee

Looking at the numbers, it is not totally clear why. 2020 was not good and they just caught up in 2021. The stock looks cheap but is maybe too small to bother anyway. “Pass”.

56. Sparekassen Sjælland-Fyn

Sparekassen Sjælland-Fyn is a 450 mn EUR market cap local bank, that as other Danish banks, had a very good share price performance over the past few years and still looks cheap at 8x earnings and 0,8x book value:

spare

I am not entirely sure why that happened. As all the investor documents are in Danish, there is a clear disadvantage for me, therefore I’ll “pass”.

57. Coloplast A/S

Coloplast is a 28 bn EUR market cap Medtech company and clearly one of the posterchilds of a successful Danish Medtech company. I looked at Coloplast many times over the last years but it always looked too expensive. Since 2010, the share price has made around 10x:

coloplast

Interestingly, revenue and operating profit growth over the last 3-5 years is “only” 5-7%,. Margins are very hight (Op Margin 33%), however at a trailing valuation of 36x EV/EBIT and 11x treailing EV/Sales, the stock looks fully valued.

Great company but far out of reach, “pass”.

58. Happy Helper A/S

Happy Helper is a 3 mn EUR market cap nano company that claims to be a “AirBnB” market place for home cleaning. It doesn’t only sound like a stupid idea, but it seems to be not a good business as the stock has been declining since tits IPO in 2018. “Pass”.

59. Fast Ejendom Danmark A/S

Fast Ejendom is a real estate company that seems to invest in residential and commercial property in Denmark. The stock shows a steady increase over the last 10 years or so. Nevertheless, real estate is not my cup of tea. “Pass”.

60. Shape Robotics A/S

Shape is a 19 mn EUR market cap company that was IPOed in 2020 which develops a robotic systems that allows students to learn about robotics. The company actually has sales which even increased in 2021, but gross profit is negative. “Pass”.

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