Norwegian Undervalued Small Caps

Norwegian Air Shuttle

Market Cap: NOK 14.8b

Provides air travel services in Norway and internationally.

Elopak

Market Cap: NOK 9.6b

Manufactures and supplies paper-based packaging system solutions for liquid products in Europe, the Middle East, Africa, Asia, Americas, Germany, Canada, Netherlands, Norway, the United States, and internationally.

BW Energy

Market Cap: NOK 14.4b

Engages in the exploration and production of oil and gas properties.

SpareBank 1 Nordmøre

Market Cap: NOK 1.8b

Provides various banking products and services for businesses and individuals in Norway.

Europris

Market Cap: NOK 16.3b

Operates as a discount variety retailer in Norway.

Solstad Offshore

Market Cap: NOK 5.5b

Owns and operates offshore service vessels.

SpareBank 1 Nord-Norge

Market Cap: NOK 15.9b

Provides banking services in Northern Norway.

Bouvet

Market Cap: NOK 5.4b

Provides IT and digital communication consultancy services for public and private sectors in Norway, Sweden, and internationally.

Dellia Group

Market Cap: NOK 1.9b

Engages in the sale of dried fruit products.

Sats

Market Cap: NOK 8.5b

Provides fitness and training services in Norway, Sweden, Denmark, and Finland.

Jæren Sparebank

Market Cap: NOK 1.7b

Engages in providing banking and financial services to personal and agricultural customers as well as small/medium-sized businesses in Norway.

Cambi

Market Cap: NOK 3.1b

Provides thermal hydrolysis solutions for sewage sludge and organic waste management in Europe, the Americas, Asia, Africa, and Oceania.

Odfjell Technology

Market Cap: NOK 2.7b

Operates as a supplier of offshore operations, well services technology, and engineering solutions in Norway, the United Kingdom, rest of Europe, Kuwait, Malaysia, rest of Asia, and internationally.

Multiconsult

Market Cap: NOK 4.4b

Engages in the provision of engineering design, consultancy, and architecture services in Norway, Sweden, Denmark, Poland, and internationally.