It is still January and I have managed to look at already 60 Norwegian companies, so this is good progress. This time, 6 companies made it onto the watxh list, although I would not consider any of them a strong candidate. Let’s go:
Itera is a 108 mn EUR market cap IT consulting company. The company has managed to grow topline consistently which is reflected in a relatively high valuation with a P/E in the mid 20s.
If I understand the business model correctly, a sinificant part is “near-shoring” IT employees in Eastern Europe.
The company was IPOed in the heydays of the dotcom boom and needed many years to regain the share prcie level from back then as we can see in the chart:
Great 2022 portfolio review of the very eccletic Emerging Value blog
Despite the lacklustre performance, Terry Smith’s Fundsmith annual letters are still a great read. 2022 is no exception
Describing 2022 as a very good year for David Einhorn would be a massive understatement
Interesting deep dive into a Canadian Port logistics company called Logistec
2022 letter from TGV Partners (Ferguson, Mutui, Tucows; Naked Wines)
Seawolf Capital, run by a “Big short” veteran, was up +169% last year
Some interesting insights how a decrease in population interacts with the economy
And another 15 Norwegian stocks chosen from my Google Sheets random number function.This time only one “watch” candidate and not even a strong oe. C’mon Norway, you can do better !!!
31. KMC Properties
As the name indicates, this 212 mn EUR market cap company (IPO in 2021) is active in property. They specialize in industrial and logistics property that seems to grow quickly through purchases. The share price hasn’t done much since the IPO and seems to tarde close to NAV . “Pass”.
Argeo is an 8 mn EUR market cap company that was IPOed in 2021. The company is active in fancy sounding seismic analysis activities. Unfortunately, the fancy technology does not translate in earnings but increasing losses. The stock lost more than -75% from the IPO and the company just had to issue new shares. “Pass”.
33. Hexagon Purus
Hexagon Purus ASA, a 520 mn EUR market cap stock sounds like an “Energy transation dream”: Accroding to the Euronext page, the company “is specialized in the manufacture and marketing of Type 4 composite tanks for high pressure hydrogen storage. The group also manufactures battery packs, electric drive systems, components and battery systems for electric and hybrid vehicles.”
Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!!
After looking at Hannover Re and Munich Re a few days ago, I decided to include also Swiss Re and Scor in my analysis. Unfortunately, for both of these players, the CAGRs for profit etc. are meaningless as they were making losses in 2022. However, especially for SCOR I found a few numbers very interesting:
2022 was a in absolute terms pretty bad, in relative terms however very lucky. The Value & Opportunity portfolio lost -3,9 % (including dividends, no taxes, AOC fund as of 30.09.) against -16,7% for the Benchmark (Eurostoxx50(25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all performance indices including Dividends).
Links to previous Performance reviews can be found on the Performance Page of the blog. Some other funds that I follow have performed as follows in 2020:
Partners Fund TGV: -33,6% (30.12.)
Profitlich/Schmidlin: -19,2% (30.12.)
Squad European Convictions -14,1% (30.12.)
Ennismore European Smaller Cos (30.12.) +3,8% (in EUR)
Frankfurter Aktienfonds für Stiftungen (30.12.) -17,3%
Greiff Special Situation (30.12.) -3,5%
Squad Aguja Special Situation (30.12.) -19,2%
Paladin One (30.12.) -19,1%
Most of the “Long only funds” in the peer Group were clustered together near the benchmark in a tight range of -14% to -19%. The only positive peer was Ennismore, which is a long/short funds.
There is nothing better than starting a year with looking at 15 “fresh” and randomly selected Norwegian shares. Three of them made it onto my preliminary watch list. As always, I am more than happy to get my reader’s input in the comments as these are quite rapid analysis and I most likely miss a lot of interesting things. Let’s go:
16. Melhus Sparebank
Melhus is a 43 mn EUR market cap local savings bank. The stock trades at around 10x earnings, pays a 6% dividend but hasn’t moved much for the last 20 years. EPS is oscillating in a range since 20 years, too. “Pass”.
17. Europris ASA
Europris is a 1,1 bn EUR market cap retailer that sells “discount variety” items in Norway, both through a chain of 300 stores but also online.
AT 12x earnings, the stock doesn’t look expensive and according to TIKR, they did 10x their EBIT since 2013. The company IPOed in 2015 and looking at the chart, they seem to have done quite well for a retailer, especially in the last few years despite Covid Read more