All Norwegian Stocks Part 18 – No. 256 – 272

And the last batch of randomly selected Norwegian stocks. The random generator made this a “Salmon & Sparekassen” episode, but we’ve got a few interesting ones in between. This was the last post with a short analysis and I am glad to have finished it in 2023. In a few days there will be another Norway Summary post. To keep the tension high, I will reveal the next country until after. Enjoy!!!

256. Aker ASA

Aker is the Top Holdco of the Aker Group, which has several other listed companies that I have already covered. Aker, created by self-made billionaire Kjell Inge Rogge, is worth €4.4bn, of which Rogge owns 68%.

What I like about Akera is that they have very good reporting where you can easily see how the value is distributed among the group companies. This is from the Q3 presentation:

Oil & Gas is clearly their biggest exposure. Aker’s long-term results are really good, although in recent years, for example, the entry into renewable energy (Aker Horizon) has been really bumpy.

If I were to invest in Aker, Holdco would definitely be my first choice, possibly followed by Aker Carbon Capture. One aspect that is a little worrying is that the founder, now aged 65, seems to be in his ‘Mega Yacht’ phase and has commissioned one of the largest private yachts ever. To be fair, REV Ocean at an estimated cost of 500 mil will become a “research vessel”, but it is unclear if and how Rokke is still focused on his company. His son also works at the company as CEO of Aker Horizon, however results have been mixed at best. In addition, Rokke announced in 2022 that he will move to Siwtzerland, which may have cost him some sympathy in Norway.

However, Aker ASA is clearly one of them “watches”.

257. Sparebank 1 Ringerike Hadeland

Spareanken Ringerike Hadeland is a medium-sized savings bank with EUR 420 million. Like all the others, it looks cheap (P/E 9x) and pays a decent dividend. I will avoid Sparebanken anyway, “fold”.

258. M Vest Water

M Vest Water has a market capitalization of EUR 18 million “an environmental technology company providing water and wastewater treatment solutions.” At first glance, it looks like another early-stage VC company with a 2023 revenue pace of €1m and losses. “Fold”.

259. Mintra

Mintra Holding is a company with a market capitalization of EUR 69 million which “provides software solutions for digital education and human capital management worldwide”. This 202 IPO is profitable for a change, but not growing much. They appear to have paid out large special dividends in 2022 and 2023. AP/E of 15 and EV/EBITDA of 11 look reasonable. “Watches.”

260. Sandes Sparebanken

Surprisingly, Sparebanken still remain in the list. Sandnes, with a market capitalization of EUR 175 million, belongs to the smaller ones and looks similar to all the others (P/E 9x, 7% dividend). “Fold”.

261. Vesta Sparebanken

With a market capitalization of 1 billion, it belongs to the larger ones. With an 8x P/E and a 7% dividend yield, it looks as cheap as all the rest. “Fold”.

262. NTS

NTS is a €960 million “Aquaculture Infrastructure” company that operates vessels for the operation and maintenance of ocean fish farming facilities. That sounds interesting, but margins have been flat since 2017, return on capital is low, and the company has a lot of debt. “Fold”.

263. Sparebank 68 Sever

A piece of Sparebank with a market cap of €40m, which would only stand out if it renamed itself “Sparebank 69”, which of course it doesn’t. “Fold”.

264. MOWI

At €8.1 billion, MOWI is clearly one of the “big fish” among Norwegian fish farmers. The stock is currently trading at 2018 levels and looks quite cheap (11x P/E) with the main KPIs being quite OK. The fish trade seems to be cyclical, but MOWI may be an interesting stock to learn more about. “Watches”.

265. Salmon Camanchaca

Salmon, with a market cap of 190, is a small fish compared to MOWI (#264). Interestingly, this one operates in Chile. It looks pretty cheap, but it has lost 2/3 of its value since its IPO in early 2019. Maybe not the place to start investing in fish farming, “fold”.

266. Norcod

Because “Salmon only” tends to be boring, Norcod, as the name suggests, is a €39m market cap fish farmer specializing in cod. With the stock having lost -90% since its IPO in 2021, it looks like it won’t be that easy. “Fold”.

267. Another Biometrcis

Next is a 60 million market cap company that “is engaged in research, development, manufacturing and commercialization of fingerprint technology and products in Asia”. With a streak of 11 consecutive losing years, the only question is why this company still exists. “Fold”.

268. Sparebanken Sor

Market cap 440 min, 8x P/E, 7% dividend yield. “Fold”.

269. Nidaros Sparebank

10 min market cap, 12x P/E, 8% dividend yield. “Fold”.

270. Schibsted

Schibsted is a €5.5 billion market capitalization company that has successfully entered the online classifieds market. In 2019, they spun off the online classified business into an entity called Adevinta (#103). Advinta received a takeover bid from Permira and Blackstonevaluing Schibsted’s stake at approximately USD 3.9 billion or EUR 3.5 billion.

Schibsted stated that it will sell 60% of its position before the tender and stay invested in the remaining 40%. In addition, Schibsted looks set to sell its media business to its main shareholder for around €0.5 billion.

Schibsted is around €500m in debt, the remaining stores (Nordic marketplace) seem to have a normal rate of ~€200m per year. The share price has been on a wild ride, but the long-term value creation is very good.

There’s a lot going on at Schibsted and I think it’s worth it “watches”.

271. Skue Sparebank

Market capitalization EUR 42m, 7x P/E and 5% dividend yield. “Fold”.

272. Sparebank 1 Sorost-Norge

Market cap EUR 771m, 10x P/E, 4% dividend yield. “Fold”.

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