Narratives

What's New

Your Valuation

Switch to Global Market

Author Program NEW

Norwegian Market Community

Our community narratives are driven by numbers and valuation.

Author Program NEW

Global Weekly Picks

Starfighters Space

Rick_Orford

Community Contributor

The 1960s Fighter Jet That Could Crack Open a $20 Billion Satellite Market

A small aerospace company is trying to turn vintage fighter jets into a reusable launch platform for small satellites, aiming for quicker and cheaper trips to space than traditional rockets. The idea looks promising on paper, but it hinges on proving the tech can turn into real customers before cash needs and tough competition catch up.

View narrative

US$5

15.2% undervalued

See narrative.

2.5k

Vertiv Holdings Co

FundamentalFlow

Community Contributor

The Short and Long Term Compounder of Liquid Cooling industry.

Vertiv builds the power and cooling systems that keep the world’s biggest data centers running, and its push into liquid cooling puts it in the middle of the AI buildout. The big question is whether data center projects keep moving on schedule—or get slowed by grid constraints and rising competition.

View narrative

US$450

34.7% undervalued

35.41%

Revenue growth p.a.

4.3k

SPX Technologies

John_Eric

Community Contributor

I Fell in Love With a Data-Center Cooling Stock. Then I Opened the Filings.

SPX Technologies sits in a sweet spot of the fast-changing data-center world, as liquid cooling shifts spending from big chillers toward simpler outdoor heat-removal equipment. But a closer look shows parts of the business are slowing, recent deal-making adds complexity, and the stock price already assumes a lot goes right.

View narrative

US$203

7.1% overvalued

14.88%

Revenue growth p.a.

1.9k

GQG Partners

tripledub

Community Contributor

The Cheap Genius Problem

GQG Partners looks like a rare kind of money manager: it throws off a lot of cash and returns most of it to shareholders, yet investors are pulling money out after a rough patch. The key question is whether this is a temporary slump you get paid to wait through, or the start of deeper problems tied to one star manager and a few lingering headlines.

View narrative

AU$3.21

55.0% undervalued

16.02%

Revenue growth p.a.

2.5k

BWG

High rates continues for Q4 '26 - Q1 '27

Shipping prices stay high longer than many expect, and that could keep BW LPG’s payouts strong if current conditions hold. But the same forces that support the upswing—Middle East disruption and weather-related bottlenecks—could also flip quickly, so the ride may be bumpier than it looks.Read more

NOK 235

8.7% undervalued

DP_invest's

Fair Value

Revenue

9.25% p.a.

Profit Margin

10.13%

Future PE

9.43x

Price in 2031

NOK 326.38

Aker

Aker's Stake in Nscale Will Boost Intrinsic Value to NOK 1,800

Aker owns a big slice of an AI infrastructure company that could go public, and that event could make Aker’s underlying assets look meaningfully more valuable. With fresh cash from a recent software sale, buybacks, and steady energy-backed payouts, the story hinges on whether that AI listing really unlocks value for shareholders.Read more

NOK 1.8k

20.0% undervalued

RS77's

Fair Value

Key Assumptions & Valuation Logic: Net Asset Value (NAV) Revaluation: Baseline Q2 2026 NAV of NOK 1,429 per share is adjusted upward to reflect the implied market valuation of AI infrastructure provider Nscale at a target IPO valuation of $25B (~NOK 262.5B). Nscale Ownership Contribution: Aker’s 22.7% stake in Nscale is valued at ~NOK 59.6B (~NOK 802/share). Factoring in existing carrying values, this delivers a net NAV lift of ~NOK 370 per share, establishing an updated intrinsic NAV of NOK 1,799 (~NOK 1,800). NAV Discount Elimination: The NOK 1,800 fair value assumes a zero NAV discount, justified by catalyst-driven value unlocking (Nscale IPO) and aggressive capital reallocation: Net Zero Debt & Cash Cushion: Over NOK 14.7B (~$1.48B) in net cash proceeds realized from the Cognite software exit, providing a total liquidity buffer exceeding NOK 20B. Share Buybacks & Yield: Active share buyback program at a discount to NAV, combined with an ongoing 5–7% dividend yield anchored by low-cost energy cash flows (Aker BP).

Norwegian Air Shuttle

Norwegian Air Shuttle's revenue will grow by 73.56% and profitability will soar

Norwegian Air Shuttle looks like a changed airline: it’s paying a dividend again, running a smoother peak season, and attracting more business travelers. With a strong cash buffer and a plan to own more of its planes, the next year could bring both upside and new costs to watch.Read more

NOK 200

93.3% undervalued

asaa's

Fair Value

Revenue

75.74% p.a.

Profit Margin

Future PE

20x

Price in 2029

NOK 251.22

Elkem

Market stabilized and silicone business transaction upside

It appears that the transaction/sale of the silicone business is proceeding according to plan. If the transaction price had fallen outside the book value range used in the sensitivity analysis disclosed in the company’s annual report, the company has stated that it would have been required to inform the market.Read more

NOK 50

32.3% undervalued

Nidaros_scout's

Fair Value

Revenue

19.42% p.a.

Profit Margin

2.87%

Future PE

39.41x

Price in 2031

NOK 73.04

Moreld

In my view, the share still looks attractive. The upside is not dramatic, but neither is the downside at current levels.

In my view, the share still looks attractive. The upside is not dramatic, but neither is the downside at current levels (price currently NOK 16.38).Read more

NOK 20

12.0% overvalued

Hekama's

Fair Value

Profit Margin

4.96%

Future PE

16.12x

Price in 2030

NOK 31.77

Vår Energi

Vår Energi will deliver explosive growth with 20% production rise by 2025

Explosive Production Ramp: 2025's nine startups deliver 20%+ growth to 430 kboepd, unlocking USD 2B+ FCF by 2026 – far outpacing flat peers like Equinor. Juicy Dividend Engine: 15% yield (USD 1.2B payout) funded by 70% FCF coverage; policy targets 40-60% payout, with hikes signaled for 2026.Read more

NOK 47

3.3% overvalued

Daos's

Fair Value

Revenue

15.38% p.a.

Profit Margin

8.54%

Future PE

13.47x

Price in 2030

NOK 67.03

Solstad Maritime

Solstad Maritime will see growth with a 15% revenue jump

Investment Memorandum – Solstad Maritime ASA (OSE: SOMA) 1. Executive Summary Solstad Maritime ASA (“Solstad” or the “Company”) is a Norway-based offshore marine services provider focused on high-end vessels supporting oil & gas and renewable energy operations globally.Read more

NOK 68.19

57.0% undervalued

kapirey's

Fair Value

Revenue

15% p.a.

Profit Margin

40%

Future PE

10x

Price in 2031

NOK 0

Bouvet

The cash flow machine

For a firm like Bouvet, the valuation isn't about high-risk moonshots; it's about the reliability of the cash flow machine 1. The Narrative: The "Local Trusted Partner" Bouvet’s narrative is built on three pillars: Regional Dominance: Unlike offshore giants (like Infosys) or massive global firms (like Accenture), Bouvet sells proximity.Read more

NOK 60.81

28.3% undervalued

alex30free's

Fair Value

Revenue

5% p.a.

Profit Margin

11%

Future PE

16x

Price in 2031

NOK 88.04

Cadeler

Cadeler set to grow with market.

Cadeler runs specialized ships that help build offshore wind farms, and demand looks set to climb as more countries push big clean-energy buildouts. With more ships coming and years of work already booked, it may be better insulated than many heavy-equipment businesses—though delivery hiccups and merger integration could still trip it up.Read more