Norwegian Undervalued based on future growth

Mowi

Market Cap: NOK 123.2b

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

Sparebanken Norge

Market Cap: NOK 32.5b

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

Lerøy Seafood Group

Market Cap: NOK 29.2b

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

P/F Bakkafrost

Market Cap: NOK 28.9b

Produces and sells salmon products in North America, Western Europe, Eastern Europe, Asia, and internationally.

Austevoll Seafood

Market Cap: NOK 19.5b

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.

Elkem

Market Cap: NOK 19.4b

Engages in the provision of advanced material solutions worldwide.

Cadeler

Market Cap: NOK 17.8b

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

Scatec

Market Cap: NOK 17.0b

Provides renewable energy solutions worldwide.

SpareBank 1 Nord-Norge

Market Cap: NOK 15.0b

Provides banking services in Northern Norway.

BW Energy

Market Cap: NOK 11.4b

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

Odfjell

Market Cap: NOK 10.6b

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.

Sats

Market Cap: NOK 7.9b

Provides fitness and training services in Norway, Sweden, Denmark, and Finland.

Paratus Energy Services

Market Cap: NOK 7.2b

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

Sparebanken Møre

Market Cap: NOK 5.7b

Provides banking services for retail and corporate customers in Norway.

Klaveness Combination Carriers

Market Cap: NOK 4.8b

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 4.2b

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

Solstad Offshore

Market Cap: NOK 4.0b

Owns and operates offshore service vessels.

Morrow Bank

Market Cap: NOK 3.7b

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

2020 Bulkers

Market Cap: NOK 3.3b

Owns and operates large dry bulk vessels worldwide.

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.

Cambi

Market Cap: NOK 2.8b

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

Integrated Wind Solutions

Market Cap: NOK 2.0b

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 1.9b

Provides full-service outsourced personnel and payroll services.

Jæren Sparebank

Market Cap: NOK 1.8b

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

Instabank

Market Cap: NOK 1.7b

Provides various banking products and services in Norway.

Dellia Group

Market Cap: NOK 1.7b

Engages in the sale of dried fruit products.

Sparebanken Øst

Market Cap: NOK 1.6b

Operates as a savings bank in Eastern Norway.

SpareBank 1 Nordmøre

Market Cap: NOK 1.6b

Provides various banking products and services in Norway.

NorAm Drilling

Market Cap: NOK 1.5b

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

Aurskog Sparebank

Market Cap: NOK 1.2b

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

ABL Group

Market Cap: NOK 1.1b

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

Gentian Diagnostics

Market Cap: NOK 897.6m

Develops, manufactures, and sells biochemical reagents for use in medical diagnostics and research in the United States, Asia, and Europe.

Haugesund Sparebank

Market Cap: NOK 850.8m

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

Skue Sparebank

Market Cap: NOK 802.0m

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

Elektroimportøren

Market Cap: NOK 705.9m

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

Itera

Market Cap: NOK 701.1m

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