Norwegian Undervalued based on future growth

Lerøy Seafood Group

Market Cap: NOK 28.6b

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

DOF Group

Market Cap: NOK 23.2b

Owns and operates a fleet of offshore and subsea vessels.

Austevoll Seafood

Market Cap: NOK 19.6b

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.

Cadeler

Market Cap: NOK 17.8b

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

Sparebanken Norge

Market Cap: NOK 17.4b

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

Odfjell Drilling

Market Cap: NOK 17.1b

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

Elkem

Market Cap: NOK 16.0b

Engages in the provision of advanced material solutions worldwide.

TGS

Market Cap: NOK 14.5b

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

SpareBank 1 Nord-Norge

Market Cap: NOK 14.3b

Provides banking services in Northern Norway.

BW Energy

Market Cap: NOK 9.2b

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

Okeanis Eco Tankers

Market Cap: NOK 8.0b

A shipping company, owns and operates tanker vessels worldwide.

Paratus Energy Services

Market Cap: NOK 6.6b

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.

Himalaya Shipping

Market Cap: NOK 3.5b

Provides dry bulk shipping services worldwide.

Morrow Bank

Market Cap: NOK 3.0b

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

Panoro Energy

Market Cap: NOK 2.6b

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

Reach Subsea

Market Cap: NOK 2.6b

Provides subsea services in Norway and internationally.

Ventura Offshore Holding

Market Cap: NOK 2.4b

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

Odfjell Technology

Market Cap: NOK 2.1b

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 1.8b

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 1.6b

Provides full-service outsourced personnel and payroll services.

Sparebanken Øst

Market Cap: NOK 1.5b

Operates as a savings bank in Eastern Norway.

Storebrand

Market Cap: NOK 1.2b

Provides insurance products and services in Norway, Sweden, the United Kingdom, Finland, Denmark, Germany, Luxemburg, and Ireland.

Aurskog Sparebank

Market Cap: NOK 1.1b

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

Instabank

Market Cap: NOK 1.1b

Provides various banking products and services in Norway.

Nekkar

Market Cap: NOK 1.0b

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

Elektroimportøren

Market Cap: NOK 820.1m

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

Skue Sparebank

Market Cap: NOK 732.9m

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

Itera

Market Cap: NOK 728.9m

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

Borgestad

Market Cap: NOK 685.5m

Focuses on real estate and refractory in Norway.

Grong Sparebank

Market Cap: NOK 615.7m

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

Trøndelag Sparebank

Market Cap: NOK 559.4m

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

Sparebank 68° Nord

Market Cap: NOK 530.7m

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

Melhus Sparebank

Market Cap: NOK 480.0m

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

Cyviz

Market Cap: NOK 460.6m

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.