Norwegian Undervalued based on future growth

Lerøy Seafood Group

Market Cap: NOK 27.3b

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

DOF Group

Market Cap: NOK 22.5b

Owns and operates a fleet of offshore and subsea vessels.

Cadeler

Market Cap: NOK 19.3b

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

Austevoll Seafood

Market Cap: NOK 19.0b

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.

Sparebanken Norge

Market Cap: NOK 17.5b

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

Odfjell Drilling

Market Cap: NOK 16.4b

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

SpareBank 1 Nord-Norge

Market Cap: NOK 15.0b

Provides banking services in Northern Norway.

Norwegian Air Shuttle

Market Cap: NOK 14.6b

Provides air travel services in Norway and internationally.

BW Energy

Market Cap: NOK 8.8b

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

Okeanis Eco Tankers

Market Cap: NOK 7.0b

A shipping company, owns and operates tanker vessels worldwide.

Paratus Energy Services

Market Cap: NOK 5.6b

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

Sparebanken Møre

Market Cap: NOK 5.2b

Provides banking services for retail and corporate customers in Norway.

B2 Impact

Market Cap: NOK 4.7b

Provides various debt solutions.

Klaveness Combination Carriers

Market Cap: NOK 3.7b

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.

Selvaag Bolig

Market Cap: NOK 3.2b

A housing development company, engages in the development, construction, and sale of residential properties in Greater Oslo, Bergen, Stavanger, Trondheim, and Stockholm.

Himalaya Shipping

Market Cap: NOK 3.1b

Provides dry bulk shipping services worldwide.

Panoro Energy

Market Cap: NOK 2.8b

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

Morrow Bank

Market Cap: NOK 2.8b

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

Reach Subsea

Market Cap: NOK 2.6b

Provides subsea services in Norway and internationally.

Gentoo Media

Market Cap: NOK 2.1b

An iGaming technology company, together with its subsidiaries, provides solutions, products, and services to iGaming operators in Nordic countries, other European countries, and internationally.

Odfjell Technology

Market Cap: NOK 2.0b

Operates as a supplier of offshore operations, well services technology, and engineering solutions in Norway, the United Kingdom, Europe, Kuwait, Malaysia, Asia, and internationally.

Ventura Offshore Holding

Market Cap: NOK 1.8b

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

Integrated Wind Solutions

Market Cap: NOK 1.7b

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

Sparebanken Øst

Market Cap: NOK 1.6b

Operates as a savings bank in Eastern 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 1.0b

Provides technologies, software, and automation solutions to offshore energy, renewables, and aquaculture industries.

Instabank

Market Cap: NOK 904.0m

Provides various banking products and services in Norway.

Itera

Market Cap: NOK 800.8m

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

Elektroimportøren

Market Cap: NOK 784.6m

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

Skue Sparebank

Market Cap: NOK 753.5m

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

Grong Sparebank

Market Cap: NOK 599.4m

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

Borgestad

Market Cap: NOK 589.0m

Focuses on real estate and refractory in Norway.

Trøndelag Sparebank

Market Cap: NOK 545.1m

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

Sparebank 68° Nord

Market Cap: NOK 533.3m

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

Melhus Sparebank

Market Cap: NOK 494.2m

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

Cyviz

Market Cap: NOK 429.3m

Operates as a technology provider for conference and control rooms and command and experience centers in Europe, the Middle East, the Asia Pacific, and North America.