Norwegian Undervalued based on future growth

Sparebanken Norge

Market Cap: NOK 36.0b

A financial services company, provides banking and financing services.

SpareBank 1 Nord-Norge

Market Cap: NOK 16.2b

Provides banking services in Northern Norway.

BW Energy

Market Cap: NOK 14.7b

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

Elopak

Market Cap: NOK 10.0b

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.

Sparebanken Møre

Market Cap: NOK 5.7b

Provides banking services for the retail and business markets in Norway.

Klaveness Combination Carriers

Market Cap: NOK 5.5b

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.

Ventura Offshore Holding

Market Cap: NOK 3.4b

A deep-water drilling contractor, provides offshore drilling services to the oil and gas industry in Brazil and internationally.

Cambi

Market Cap: NOK 3.0b

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

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.

Odfjell Technology

Market Cap: NOK 2.8b

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.

Integrated Wind Solutions

Market Cap: NOK 2.4b

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

Dellia Group

Market Cap: NOK 2.1b

Engages in the sale of dried fruit products.

Skue Sparebank

Market Cap: NOK 1.9b

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

SpareBank 1 Nordmøre

Market Cap: NOK 1.8b

Provides various banking products and services in Norway.

Instabank

Market Cap: NOK 1.8b

Provides various banking products and services in Norway.

Sparebanken Øst

Market Cap: NOK 1.7b

Operates as a savings bank in eastern Norway.

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.

Aurskog Sparebank

Market Cap: NOK 1.2b

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

Grong Sparebank

Market Cap: NOK 794.4m

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

Elektroimportøren

Market Cap: NOK 769.4m

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

Sparebank 68° Nord

Market Cap: NOK 665.3m

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

Itera

Market Cap: NOK 598.8m

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

Melhus Sparebank

Market Cap: NOK 532.5m

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

Trøndelag Sparebank

Market Cap: NOK 516.4m

A savings bank, provides banking products and services in Norway.

Webstep

Market Cap: NOK 476.3m

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

Romerike Sparebank

Market Cap: NOK 450.9m

Provides various banking products and services.

Aasen Sparebank

Market Cap: NOK 242.2m

Provides various banking products and services in Norway.

Sogn Sparebank

Market Cap: NOK 218.5m

Provides various banking products and services in Norway.

Flekkefjord Sparebank

Market Cap: NOK 178.3m

A savings bank, provides banking services for retail and corporate markets in Flekkefjord, Egersund, Farsund, Hægebostad, Kristiansand, Kvinesdal, Lindesnes, Lund, Lyngdal, and Sirdal and Sokndal.

Nidaros Sparebank

Market Cap: NOK 118.5m

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

Høland og Setskog Sparebank

Market Cap: NOK 103.2m

Provides banking services for the retail and corporate markets in Norway.