Capital Goods Norwegian Community

Key Takeaways Market optimism may be overestimating sustained revenue and margin growth, ignoring uncertainties in demand, political shifts, and execution challenges on backlog conversion. Rising regulatory scrutiny and potential budget shifts toward sustainability could dampen long-term defense order flow, compressing margins and restricting earnings growth.

Q1 2025 Update Very weak quarter both in terms of order intake 142 mUSD (also including about 30 mUSD for "as a service" orders) vs 182 last Q!, no implications for long term valuation. No need to rush in to this stock.

Catalysts Structural market tailwinds: Offshore wind installations are projected to grow from approximately 8 GW in 2024 to 34 GW by 2030 (28% CAGR), supported by strong policy initiatives in the EU, U.S., and China targeting over 400 GW of capacity. Source.

Catalysts Industry Tailwinds: Continued global demand for wastewater treatment driven by urbanisation, water scarcity, and stricter environmental regulations. A rising focus on circular economies that value resource recovery from organic waste.

Key Takeaways Focus on sustainability, digital expertise, and workforce development strengthens Multiconsult's competitive edge and supports long-term growth and margin expansion. Robust order backlog from major public sector projects ensures strong revenue visibility, while cost control measures help mitigate margin pressures.

Key Takeaways Industry leadership in additive titanium parts and expanding regulatory acceptance position Norsk Titanium for strong revenue and market share growth amid rising demand. Diversification across sectors and manufacturing efficiency improvements support earnings stability, margin expansion, and predictable long-term growth.

Key Takeaways Transformational electrolyzer technologies and regulatory tailwinds position Nel for outsized market share, exponential order growth, and margin expansion as green hydrogen adoption accelerates. Operational streamlining, service revenues, and industry consolidation strengthen Nel's earnings and reduce cyclicality, setting the stage for positive income surprises and pricing power.

Key Takeaways Rising global demand for sustainable salmon production and stricter regulations are driving adoption of AKVA's advanced, digital, and land-based technologies. Completed R&D investments enable scalable growth, improved margins, and more stable, recurring digital and service revenues.

Key Takeaways Modern, specialized fleet and global market diversification position Cadeler for sustained revenue growth, high vessel utilization, and reduced geographic risk. Expansion into services and new markets, supported by strong policy momentum and newbuild execution, drives stable margins and long-term earnings visibility.