All Danish Shares part 14 – Nr. 131-140

A new week, a new batch of 10 randomly selected Danish shares. This time two shares made it onto the preliminary “watch” list. I also need to think about which country i will invade look at next.

131. NTR Holding

NTR seems to be a defunct shell with a market cap of 1,5 mn EUR. “Pass”.

132. Orsted

Orsted is a 32,5 bn EUR market cap energy that has already been part of the V&O portfolio. Orsted, which used to be called Dong Energy is a unique story: it is the first Oil and Gas company that divested more or less completely from oil and gas and focuses only on renewable energy.

Orsted is a Pioneer in renewables and is both, developing an running renewables projects with a focus on offshore wind on a global basis. Looking at the stock chart, we can see that the stock had a good run until 2021 but is since then drifting lower:


To be honest, it is not totally clear to me why Orsted performed so badly, especially since the beginning of the war in Ukraine. Maybe the stock was too expensive in 2021 following the Covid induced run up in “green stocks”.

Orsted’s earnings are difficult to read, as they combine operating assets with lumpy development. Another topic with Orsted is that it is majority owned by the Government which is always a potential issue.

In any case; I do thin it is clearly one to “watch”.

133. Schouw & Co A/S

Schouw is a 1.7 bn EUR conglomerate/investment company. They operate in several quite differing sectors, such as feed for fish farms, textiles and auto parts.

At first glance, their collection of businesses looks like a section of low margin and low retun on capital businesses. There had been a nice run-up in the share price until 2017 but since then a clear stagnation:


At a P/E of 11, the stock doesn’t look expensive. I may be missing something, but this doesn’t look very interesting. “Pass”.

134. Rovsing

Rovsing is a 3,5 mn EUR company that produces testing equipment. Topline is stagnating and the company made losses for the last 8 years. “Pass”.

135. Q-Interline

Q-Interline is a 17 mn EUR market cap that “develops and manufactures analytical solutions and measuring equipment for process and product quality optimization. It serves dairy, agriculture, food and ingredients, chemical, and pharmaceutical industries.” The company is loss making for some years. “Pass”.

136. RISMA Sytems

RISMA is a 16 mn EUR market cap SaaS company IPOed in 2021. As many of its peers, it is small and unprofitable and losses are increasing. “Pass”.

137. SP Group

SP Group is a 420 mn market cap industrial group that specializes in a range of plastic products. The company is enjoying ok margins (8-11% EBIT margin) and decent return on capital. The stock price had a good run until the end of 2021 before losing -50%:

SP Group

At the time of writing, the stock is priced at ~14,5x earnings which in the current environment is  not super cheap. However, in the last 10 years the company managed to grow their EPS by 6x. The long time CEo owns around 11% of the shares. The company is active globally in niche markets and seems to have a diversified customer structure. The have been quite active acquirers, buying 15 businesses in the last 8 years.

All in all, this company ticks a number of boxes at first sight, therefor SP Group goes on “watch”.

138. Flügger Group

Flügger is both, a manufacturer and retailer of all kind of decorative home improvement products with a market cap of 175 mn EUR. The stock did nothing for a long time before being pushed up by the Covid home improvement craze in 2020/2021:


Returns on capital an margins are low and the stock trades still at 25x P/E. “Pass”.

139. Totalbanken

Totalbanken is a tiny, 56 mn EUR market company regional bank. As many Danish banks, the stock is cheap (8x P/E), ROEs are OK. Despite the good long term development, local Danish stocks are not my area of interest. “Pass”.

140. SAS

SAS is the 360 mn EUR market cap airline, owned 22% by the Governments of Denmark and Sweden each. As all other airlines, they made huge losses during Covid. But even before Covid, things were not that great. Airlines are just not a good business, especially when Governments are involved. “Pass”.


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