All Danish Series – Grand Final and where to go next

All Danish Share – the Grand Final:

After looking at all 175 Danish companies, it’s time to consolidate. From the 175 companies, overall 34 made it onto the preliminary watch list which looks as follows:

Top Ten Denmark

The bright green marked companies, Rockwool, Royal Unibrew and Solar already made it into the portfolio. The ones that I shaded light green will be my additional “Top Ten Danish shares to watch” going forward. Here a quick summary why I chose them:

  1. AP Moeller Maersk: A currently absurdly cheap stock (P/E of 1) but with predictable slow down in profits. Nevertheless a very well run company and in my opinion the clearest way to Decarbonization for any large shipping company.
  2. Alm. Brand: A potentially interesting consolidation story in P&C insurance. Nordic P&C insurance is very profitable and if they execute their synergy plan, the stock would be cheap.
  3. Brdr. A&O Johansen: Cheap but interesting distribution company, peer to Solar.
  4. Demant: Hearing aid specialist that hasn’t been so cheap as it is now for a long time. Hearing aids seems to be  a long term stable and growing business.
  5. GN Store Nord: Audio products (Jabra) and hearing adds. Profited form Covid Home office wave
  6. Netcompany: fast growing Nordic IT service company with some issues lately. But in general an inteesting play, something like a larger Version of Bouvet.
  7. North Media: Deep value play with some interesting assets
  8. Orsted: Leading Renewable Energy / Off shore company.
  9. SimCorp: Established Software company transforming from license to SaaS
  10. Vestas: “Best of class” Wind Turbine maker. At some point in time they should be able to make money.

This selection is not “scientific” but much more a “gut feeling”. I’ll try to follow these 10 companies a little bit closer than my “big” watch list for the next months to come.

So which country to tackle next ?

One commentator proposed Belgium, France or Norway as the next country. Funnily enough, these three countries were actually my top 3 candidates. I finally decided for ….. NORWAY !!!


Why ? First, because I already have 2 Norwegian stocks in the portfolio (Bouvet, Aker Horizon). Secondly, as I think that Energy will be one of the big themes going forward, Norway as a country looks like being at the forefront of the Energy transition, so I might find some interesting players there.

According to Euronext, Norway has 282 listed stocks, so it might take a little bit longer than the Danish series. I’ll try to tackle them in batches of 15 each. Their should also be a lot of shipping (which I don’t like) and fish.

Stay tuned !!!


  • Michael Fischer

    Sceptical about Demant. Hearing aids will be sold over the counter in US. Puts (price)pressure on established producers of hearing aids

  • Interesting to see your results…I posted some time ago, that I went through these stocks some months before you. Our watchlist has many overlaps, but mine is smaller. I bought one company: A&O Johansen. I prefer them over Solar, and I think their businesses overlap, but there are also many differences. I’ve also been through the Norwegian stocks (you are right…”fish & ships” 😉 … only one company there was left that I closely watch, no purchases. Thanks for posting everything!

  • Look at Atea ASA, Nordic Bechtle with high ROIC and founder has bought 15 million USD in shares this year alone. This could be a Private Equity target and the founder was approached in the past.

  • Fantastic choice. Already interested about your thoughts regarding Aker BP, Tomra, AF Gruppen and SalMar.

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