All Norwegian Shares part 1 – Nr. 1-15

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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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Some links

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Interesting FT article on UK listed Venture Capital vehicles (Venture Capital Trusts)

A good “red flags” list for Venture investments that might work well for listed tech stocks, too

A very nice deep dive into LVMH and the luxury business

Interesting Podcast with UK investing legend Nick Train

Swen Lorenz with a very interesting introduction & Deep Dive into the Lloyds Insurance market

A nice pitch for Europe and Germany despite the current energy crisis from Noahopinion

If you haven’t tried out ChatGPT yet, do it. I wonder how schools and universities will cope with pupils and students doing their homework using this tool.

 

All Danish Shares Part 17 – Nr. 161-175

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All good things come to an end and these are the remaining 15 randomly selected Danish companies. This time, two of the 15 made it onto the preliminary watch list. Before moving on to the next country, I will need to condense the Watchlist to my “Top 10” watch list names for Denmark which I will do in a separate post. Let’s go:

161. Valuer Holdings

Valuer is a 4 mn EUR market cap, 2021 Vintage IPO that does something with AI and has lost more than 90% of its value since IPO. “Pass”.

162. MapsPeople

MapsPeople is again a 2021 Vintage IPO with a market cap of 33 mn EUR. The company has been doing better than other 2021 Tech IPOs, losing only -50% vs. the IPO price. Nevertheless the company is burning money and only has limited runway. “Pass”.

163. Vestjysk Bank

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Trustpilot, which listed in the UK in  2021, doesn’t look like a must have stock

Some Spin-off stocks with insider buying

Insider Deals with a nice write up on Gym Group Plc

Bireme Capital really likes Meta

Great write up on 2 cheap micro caps: Atlas Engineered group (Canada, roofs) and HAV Group (Norway, boats)

The finance industry has invented “Collateralized Fund Obligations” that allow leveraged bets on (leveraged) PE Funds. What could go wrong here ?

An interesting deep dive on how to reduce the Carbon footprint of Cement

All Danish part 16 – Nr. 151-160

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And on we go relentlessly. Another 10 randomly selected Danish stocks, with only 16 more to go. This time, 3 of them made it onto the preliminary watch list. Enjoy !!

151. Nordea

Nordea is a 36 bn EUR market cap “full service” bank and asset manager active in the Nordics. As many other Scandinavian financial institutions, Nordea is doing quite well compared to its European peers, managing ROEs of around 7-11% over the past 10 years.

The longer term share price development is nevertheless quite disappointing, showing little to no value creation:

Nordea

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Profit Hunting has a nice write-up on Bolsa Mexicana de Valores (Mexico Stock Exchange)

In contrast to growth rates, high profitability seems to be very persistent over time

Good timeline and summary of the FTX & SBF drama. And the FT on “CZ”, the arch enemy of SBF.

Morgan Housel with some very good advice on how to write

Interesting long read on ETF Arbitrage behemoth Jane Street (former employer of SBF)

ByteDance, the parent of TikTok is an interesting example how non-traded equity stakes can be valued wildly different across investors

Verus on Interest rates and the attractiveness of Bank stocks (German)

All Danish Shares part 15 – Nr. 141-150

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What is the best way to relax after a crazy day at the stock market ? Exactly, looking at 10 randomly selected stocks from Denmark. This time, two candidates made it onto the watch list. Enjoy !

141. SKAKO

Skako is a 22 mn EUR market cap company that is manufacturing machinery for the cement and construction industry. The company is not expensive (P/E of 11), has Ok returns on capital and OK margins. However, the company seems to stagnate since more than 10 years and the coming construction downturn will clearly not help their business. “Pass”.

142. United Int. Enterprises

UIE is a 844 mn market cap company that holds several minority stakes, the largest being a palm oil and coconut plantation in Malaysia (a listed company named United Plantations) plus a stake in a Swedish company called Schörling. The company is headquartered in Malta.

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Royal Unibrew (ISIN DK0060634707) – A High Quality Beverage Compounder at a reasonable price ?

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Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!!

The company:

Royal Unibrew logo

Royal Unibrew is a Danish Beverage company that I “discovered” during my journey through all Danish shares some weeks ago (too expensive back then but “watch”). I had also seen them some months ago in the Profitlich&Schmidlin portfolio.

The company is mostly active in Scandinavia and the Baltics where they have offerings in all areas (including a contribution agreement with Pepsi), whereas in some countries (France, Germany, Italy), they are running a focused niche strategy. Despite the name, Beer is only around 35% of their offerings (as of 2021), the other 65% are mostly non-alcoholic drinks from soft drinks to water and energy drinks.

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Some links

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Must read: Prof. Damodaran on Free Cash Flow calculation (Spoiler: Don’t underestimate P/E and EV/EBIT measures)

Matt Levine with his epic “article” on all things Crypto

A good collection of recent and coming spin-offs

Twitter is a “disaster clown car company” with Elon Musk in charge.

Klement on Infrastructure investments and inflation protection

Ben Thompson (Stratechery) with a deep dive on the chip industry and American sanctions

Jim Chanos is always worth watching and listening to

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