Category Archives: All Norwegian Shares

All Norwegian Stocks Part 4 – Nr. 46-60

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:

46. Itera

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:

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All Norwegian Shares part 3 – Nr. 31-45

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”.

32. Argeo

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.”

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All Norwegian Share part 2 – Nr. 16-30

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

All Norwegian Shares part 1 – Nr. 1-15

Good bye Denmark, hello Norway !!
As with previous series (Germany, Switzerland & Denmark) I will tackle the  Norwegian shares in random order. The main reason for this is that I find this funnier compared to working down the list in Alphabetic order. The first batch of 15 stocks has resulted in two watch list candidates. Let’s go !

  1. Kahoot!

Kahoot! is 1,1 bn EUR market cap former “growth darling” that was part of many “naive Tech investor” portfolios. Kahoot! is an online learning platform that addresses both, private customers as well as the corporate learning market. As many other Tech companies the financial report is a gibberish of Non-GAAP adjusted numbers. On a GAAP level, the company is loss making and cash seems to be shrinking. At 7x P/S this still looks much to expensive. “Pass”.

2. AF Gruppen

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