Norwegian Potentially Undervalued Companies

BW Offshore

Market Cap: NOK 5.3b

Engages in the engineering of offshore production solutions in the Americas, Europe, Africa, Asia, and the Pacific.

REC Silicon

Market Cap: NOK 514.8m

Produces and sells silicon materials for the solar and electronics industries worldwide.

ABG Sundal Collier Holding

Market Cap: NOK 3.7b

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

Bonheur

Market Cap: NOK 9.7b

Engages in the renewable energy, wind service, and cruise businesses in Norway, Europe, Asia, the Americas, Africa, and Internationally.

Cadeler

Market Cap: NOK 19.3b

Operates as an offshore wind farm transportation and installation contractor in Denmark.

Arendals Fossekompani

Market Cap: NOK 6.7b

An industrial investment company, owns and operates hydropower plants in Norway, rest of Europe, Asia, and North America.

Cavendish Hydrogen

Market Cap: NOK 164.7m

Engages in the development and manufacture of hydrogen fueling stations in Norway, North America, Asia, Denmark, the United States, South Korea, and the rest of Europe.

Nordic Halibut

Market Cap: NOK 1.0b

Produces and sells farmed Atlantic halibut products worldwide.

AutoStore Holdings

Market Cap: NOK 33.5b

A robotic and software technology company, provides warehouse automation solutions in Norway, Germany, rest of Europe, the United States, Asia, and internationally.

Norsk Hydro

Market Cap: NOK 131.6b

Engages in the power production, bauxite extraction, alumina refining, aluminium smelting, and recycling activities worldwide.

Kraft Bank

Market Cap: NOK 357.0m

Provides refinancing of mortgages on loans and unsecured loans with and without collateral to individuals in Norway.

Scatec

Market Cap: NOK 12.6b

Provides renewable energy solutions worldwide.

Axactor

Market Cap: NOK 1.4b

Through its subsidiaries, operates as a debt management and collection company in Sweden, Finland, Germany, Italy, Norway, and Spain.

Protector Forsikring

Market Cap: NOK 27.7b

Operates as a non-life insurance company, provides various insurance products to the commercial and public sectors, and the grouped insurance schemes markets in Norway, Denmark, Sweden, the United Kingdom, and Finland.

Public Property Invest

Market Cap: NOK 3.9b

A real estate company, owns, develops, operates, and rents real estate properties in Norway.

Seacrest Petroleo Bermuda

Market Cap: NOK 33.4m

An independent oil and gas production company, engages in the redevelopment of midlife onshore producing oil and gas fields in Brazil.

Norwegian Air Shuttle

Market Cap: NOK 11.1b

Provides air travel services in Norway and internationally.

Pexip Holding

Market Cap: NOK 4.3b

A video technology company, provides end-to-end video conferencing platform and digital infrastructure worldwide.

Subsea 7

Market Cap: NOK 50.3b

Subsea 7 S.A. delivers offshore projects and services for the energy industry worldwide.

Klaveness Combination Carriers

Market Cap: NOK 3.9b

Owns and operates combination carriers for the dry bulk shipping and product tanker industries in the Middle East, Australia, Oceania, North East Asia, South America, North America, Europe, Africa, Southeast Asia, and South Asia.

Sea1 Offshore

Market Cap: NOK 3.2b

Owns and operates offshore support vessels for the offshore energy service industry and offshore renewables market.

Elmera Group

Market Cap: NOK 4.0b

Engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway.

Kid

Market Cap: NOK 6.1b

Operates as a home textile retailer in Norway, Sweden, Finland, and Estonia.

Olav Thon Eiendomsselskap

Market Cap: NOK 26.4b

Engages in the property rental business in Norway and Sweden.

Integrated Wind Solutions

Market Cap: NOK 1.6b

Through its subsidiaries, provides offshore wind services in Norway, Denmark, Taiwan, Belgium, France, Finland, the United Kingdom, and internationally.

Sparebanken Møre

Market Cap: NOK 5.1b

Provides banking services for retail and corporate customers in Norway.

Sparebanken Sør

Market Cap: NOK 8.7b

Operates as an independent financial institution in Norway.

Voss Veksel- og Landmandsbank

Market Cap: NOK 784.5m

Provides banking products and services to private individuals and companies in Norway.

Crayon Group Holding

Market Cap: NOK 10.1b

Operates as an IT consultancy company.

Dolphin Drilling

Market Cap: NOK 519.6m

Operates as a harsh environment drilling contractor for the offshore oil and gas industry in Mexico, Norway, and Nigeria.

Northern Ocean

Market Cap: NOK 2.1b

A drilling contractor, provides offshore contract drilling services for the oil and gas industry worldwide.

Benchmark Holdings

Market Cap: NOK 188.3m

Engages in the provision of technical services, products, and specialist knowledge that supports the development of food and farming industries.

Prosafe

Market Cap: NOK 140.1m

Owns and operates semi-submersible accommodation vessels in South America, north America, and Europe.

Itera

Market Cap: NOK 755.2m

Provides digital solutions for businesses and organizations in Norway, Sweden, Ukraine, Denmark, the Czech Republic, Iceland, Poland, and Slovakia.

NorAm Drilling

Market Cap: NOK 1.4b

Owns and operates AC driven rigs tailored for the drilling of horizontal wells in the United States.

Vår Energi

Market Cap: NOK 81.9b

Operates as an independent upstream oil and gas company on the Norwegian continental shelf in Norway.