Norwegian Undervalued based on future growth

Sparebanken Norge

Market Cap: NOK 35.1b

A financial services company, provides banking and financing services.

Lerøy Seafood Group

Market Cap: NOK 30.1b

Produces, processes, markets, sells, and distributes seafood products.

Odfjell Drilling

Market Cap: NOK 25.5b

Engages in owning and operating mobile offshore drilling units primarily in Norway and Namibia.

Cadeler

Market Cap: NOK 21.9b

Engages in offshore wind farm installation, operations, and maintenance services in Denmark.

Austevoll Seafood

Market Cap: NOK 20.0b

A seafood company, produces and sells salmon and trout, whitefish, and pelagic in Norway, the European Union, the United Kingdom, Eastern Europe, Africa, North America, Asia, and South America.

SpareBank 1 Nord-Norge

Market Cap: NOK 15.8b

Provides banking services in Northern Norway.

BW Energy

Market Cap: NOK 12.6b

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

Paratus Energy Services

Market Cap: NOK 8.2b

Through its subsidiaries, provides drilling services and operates a fleet of jack-up rigs under contracts in Mexico.

Sparebanken Møre

Market Cap: NOK 5.6b

Provides banking services for retail and corporate customers in Norway.

Solstad Offshore

Market Cap: NOK 4.1b

Owns and operates offshore service vessels.

Moreld

Market Cap: NOK 2.9b

Provides integrated solutions for the energy, marine, and industrial sectors in Norway and internationally.

Rana Gruber

Market Cap: NOK 2.9b

Engages in the mining, processing, and sale of iron ore concentrate in Norway, the United Kingdom, Sweden, the United States, and internationally.

Dellia Group

Market Cap: NOK 2.4b

Engages in the sale of dried fruit products.

Integrated Wind Solutions

Market Cap: NOK 2.3b

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

Skue Sparebank

Market Cap: NOK 2.0b

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

Instabank

Market Cap: NOK 1.9b

Provides various banking products and services in Norway.

Jæren Sparebank

Market Cap: NOK 1.8b

Engages in providing various financial products and services to individuals and businesses in Norway.

Zalaris

Market Cap: NOK 1.7b

Provides full-service outsourced personnel and payroll services.

SpareBank 1 Nordmøre

Market Cap: NOK 1.7b

Provides various banking products and services in Norway.

NorAm Drilling

Market Cap: NOK 1.6b

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

ABL Group

Market Cap: NOK 1.3b

An investment holding company, provides energy, and marine and engineering consultancy services to renewables, maritime, and oil and gas industries worldwide.

Aurskog Sparebank

Market Cap: NOK 1.2b

Provides various banking products and services for individuals and corporate customers in Norway.

Haugesund Sparebank

Market Cap: NOK 851.1m

A savings bank, provides various financial products and services to individuals and corporate customers in Norway.

Elektroimportøren

Market Cap: NOK 837.9m

Engages in the sale of electrical installation products to private and professional customers in Norway.

Grong Sparebank

Market Cap: NOK 768.7m

An independent savings bank, provides a range of banking products and services in Norway.

Tinde Sparebank

Market Cap: NOK 632.5m

Operates as a savings bank that provides various financial products and services to retail and corporate customers in Romsdal and southern parts of Nordmøre.

Borgestad

Market Cap: NOK 631.1m

Focuses on real estate and refractory in Norway.

Sparebank 68° Nord

Market Cap: NOK 617.2m

A savings bank, provides various banking services to the personal and corporate market in Norway.

Itera

Market Cap: NOK 593.2m

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

Melhus Sparebank

Market Cap: NOK 541.4m

A savings bank, provides various banking products and services to businesses, agriculture customers, and private individuals in Norway.

Webstep

Market Cap: NOK 487.1m

Provides information technology (IT) consultancy services to public and private businesses in Norway and Sweden.

Romerike Sparebank

Market Cap: NOK 404.5m

Provides various banking products and services.

Aasen Sparebank

Market Cap: NOK 232.7m

Provides various banking products and services in Norway.

ContextVision

Market Cap: NOK 232.6m

A software company, provides image analysis and imaging for medical systems in South Korea, China, Japan, the United States, and internationally.

Flekkefjord Sparebank

Market Cap: NOK 187.3m

A savings bank, provides banking services for retail and corporate markets in lekkefjord, Egersund, Farsund, Hægebostad, Kvinesdal, Lindesnes, Lund, Lyngdal, and SirdalogSokndal.

Nidaros Sparebank

Market Cap: NOK 121.9m

A savings bank, provides banking services for private and corporate customers in Norway.