Norwegian Undervalued based on future growth

Mowi

Market Cap: NOK 112.1b

A seafood company, produces and sells Atlantic salmon products worldwide.

Lerøy Seafood Group

Market Cap: NOK 30.5b

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

Austevoll Seafood

Market Cap: NOK 19.7b

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.

Sparebanken Norge

Market Cap: NOK 18.9b

Sparebanken Vest, a financial services company, provides banking and financing services in the counties of Vestland and Rogaland, Norway.

Cadeler

Market Cap: NOK 18.1b

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

Elkem

Market Cap: NOK 16.2b

Engages in the provision of advanced material solutions worldwide.

TGS

Market Cap: NOK 14.3b

Provides geoscience data services to the oil and gas industry in Norway and internationally.

SpareBank 1 Nord-Norge

Market Cap: NOK 14.0b

Provides banking services in Northern Norway.

BW Energy

Market Cap: NOK 11.6b

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

Odfjell

Market Cap: NOK 10.0b

Provides services for the transportation and storage of bulk liquid chemicals, acids, edible oils, and other specialty products in North America, South America, Norway, the Netherlands, rest of Europe, the Middle East, Asia, Africa, and Australasia.

Okeanis Eco Tankers

Market Cap: NOK 9.6b

A shipping company, owns and operates tanker vessels worldwide.

Sparebanken Møre

Market Cap: NOK 5.2b

Provides banking services for retail and corporate customers in Norway.

Klaveness Combination Carriers

Market Cap: NOK 4.4b

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.

Elmera Group

Market Cap: NOK 3.7b

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

2020 Bulkers

Market Cap: NOK 3.4b

Owns and operates large dry bulk vessels worldwide.

Morrow Bank

Market Cap: NOK 3.3b

Provides unsecured financing to private individuals in Norway, Finland, Sweden, Netherlands, and Germany.

Cambi

Market Cap: NOK 3.2b

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

Panoro Energy

Market Cap: NOK 2.7b

An independent exploration and production company, engages in the exploration, development, and production of oil and gas properties in Africa.

Rana Gruber

Market Cap: NOK 2.5b

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 2.4b

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.

OKEA

Market Cap: NOK 1.9b

An oil and gas company, engages in the development and production of oil and gas in the Norwegian Continental Shelf.

Integrated Wind Solutions

Market Cap: NOK 1.9b

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

Zalaris

Market Cap: NOK 1.7b

Provides full-service outsourced personnel and payroll services.

Sparebanken Øst

Market Cap: NOK 1.5b

Operates as a savings bank in Eastern Norway.

Instabank

Market Cap: NOK 1.1b

Provides various banking products and services in Norway.

Aurskog Sparebank

Market Cap: NOK 1.1b

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

Nekkar

Market Cap: NOK 999.6m

Operates as an industrial company builder in Europe, Turkey, Asia, Australia, New Zealand, North America, the United Arab Emirates, Africa, the United States, South America, India, Norway, and internationally.

Skue Sparebank

Market Cap: NOK 728.8m

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

Elektroimportøren

Market Cap: NOK 723.6m

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

Tinde Sparebank

Market Cap: NOK 664.9m

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

Grong Sparebank

Market Cap: NOK 611.8m

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

Sparebank 68° Nord

Market Cap: NOK 553.0m

Operates as a savings bank that provides a range of banking services to personal and corporate market in Norway.

Trøndelag Sparebank

Market Cap: NOK 549.9m

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

Melhus Sparebank

Market Cap: NOK 469.2m

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

Romerike Sparebank

Market Cap: NOK 396.9m

Provides banking products and services.

Haugesund Sparebank

Market Cap: NOK 349.9m

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