Norwegian Undiscovered Gems With Strong Fundamentals

ABG Sundal Collier Holding

Market Cap: NOK 3.6b

Provides investment banking, stock broking, and corporate advisory services in Norway, Sweden, Denmark, and internationally.

Vistin Pharma

Market Cap: NOK 931.2m

Through its subsidiary, Vistin Pharma AS, engages in the production and sale of active pharmaceutical ingredients (APIs) in Africa, Europe, Asia, and North and South America.

Maritime & Merchant Bank

Market Cap: NOK 1.4b

A private bank, provides first-priority mortgages to the shipping and offshore services industry in Norway and internationally.

Gyldendal

Market Cap: NOK 945.9m

Through its subsidiaries, engages in the publishing and distribution of books in Norway.

Otello

Market Cap: NOK 1.2b

Through its subsidiary, provides mobile solutions and platforms for digital payments, customer engagement, microfinance, and digital services in Norway.

S.D. Standard ETC

Market Cap: NOK 962.4m

An investment entity, focuses on the energy, transport, and commodities segments.

Skue Sparebank

Market Cap: NOK 1.9b

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

Instabank

Market Cap: NOK 1.9b

Provides various banking products and services in Norway.

Jacktel

Market Cap: NOK 1.2b

Together with its subsidiary, engages in the provision of offshore accommodation services in Norway.

Dellia Group

Market Cap: NOK 1.4b

Through its subsidiaries, operates as a branded consumer goods company in Norway, Sweden, Denmark, Finland, Iceland, the United Kingdom, Germany, France, the Netherlands, Italy, Switzerland, Portugal, Spain, and China.

NorAm Drilling

Market Cap: NOK 2.0b

Together with its subsidiary, owns and operates AC driven rigs for the drilling of horizontal wells in the United States.

ArcticZymes Technologies

Market Cap: NOK 1.1b

A life sciences company, develops, manufactures, and commercializes recombinant enzymes for use in molecular research, in vitro diagnostics, and biomanufacturing.

SpareBank 1 Østfold Akershus

Market Cap: NOK 5.5b

Operates as a savings bank that provides various banking products and services in Norway.

SpareBank 1 Ringerike Hadeland

Market Cap: NOK 7.3b

A financial institution, provides various banking products and services to private and corporate customers in Norway.

Smartoptics Group

Market Cap: NOK 6.3b

Provides optical networking solutions and devices in the Americas, Europe, the Middle East, Africa, and the Asia–Pacific.

Kongsberg Automotive

Market Cap: NOK 2.0b

Develops, manufactures, and sells products to the automotive industry worldwide.

Cambi

Market Cap: NOK 3.4b

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

Medistim

Market Cap: NOK 4.2b

Develops, produces, services, leases, and distributes medical devices for cardiac and vascular surgery in the United States, Asia, Europe, and internationally.

Appear

Market Cap: NOK 3.2b

Develops and provides solutions for processing, transport, and delivery of live video for the broadcast, media, and sports industries in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

B2 Impact

Market Cap: NOK 8.3b

Provides various debt solutions.

Bonheur

Market Cap: NOK 10.8b

Engages in the renewable energy, wind service, and cruise businesses in the United Kingdom, Germany, the Netherlands, France, Norway, Europe, Asia, the Americas, Africa, and Internationally.

NRC Group

Market Cap: NOK 1.4b

Operates as a rail infrastructure company in Norway, Sweden, and Finland.

Pexip Holding

Market Cap: NOK 8.0b

A video technology company, offers end-to-end video conferencing platform and digital infrastructure in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Norbit

Market Cap: NOK 11.9b

Provides technology solutions to customers in a range of industries.

SED Energy Holdings

Market Cap: NOK 6.2b

Provides tender-assisted drilling services in Southeast Asia, Thailand, Myanmar, and the United States.

Zaptec

Market Cap: NOK 4.6b

Engages in the development and sale of chargers, charging systems, and services for electric car charging in Norway, Sweden, Switzerland, Denmark, Iceland, rest of Europe, and internationally.

Sentia

Market Cap: NOK 7.8b

Engages in the construction business in Norway and Sweden.

Photocure

Market Cap: NOK 1.6b

Engages in the research, development, production, distribution, marketing, and sale of pharmaceutical products.

Bouvet

Market Cap: NOK 4.9b

Provides consultancy services in the fields of information technology and digital communication for public and private sectors in Norway, Sweden, and internationally.