Norwegian Undervalued based on future growth

Sparebanken Norge

Market Cap: NOK 35.1b

A financial services company, provides banking and financing services.

Odfjell Drilling

Market Cap: NOK 25.5b

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

Cadeler

Market Cap: NOK 21.9b

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

Austevoll Seafood

Market Cap: NOK 20.0b

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.

SpareBank 1 Nord-Norge

Market Cap: NOK 15.8b

Provides banking services in Northern Norway.

BW Energy

Market Cap: NOK 12.6b

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

Paratus Energy Services

Market Cap: NOK 8.2b

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

Sparebanken Møre

Market Cap: NOK 5.6b

Provides banking services for retail and corporate customers in Norway.

Klaveness Combination Carriers

Market Cap: NOK 5.6b

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.

Solstad Offshore

Market Cap: NOK 4.1b

Owns and operates offshore service vessels.

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.

Dellia Group

Market Cap: NOK 2.4b

Engages in the sale of dried fruit products.

Integrated Wind Solutions

Market Cap: NOK 2.3b

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

Skue Sparebank

Market Cap: NOK 2.0b

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

Instabank

Market Cap: NOK 1.9b

Provides various banking products and services in Norway.

Jæren Sparebank

Market Cap: NOK 1.8b

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

Zalaris

Market Cap: NOK 1.7b

Provides full-service outsourced personnel and payroll services.

SpareBank 1 Nordmøre

Market Cap: NOK 1.7b

Provides various banking products and services in Norway.

NorAm Drilling

Market Cap: NOK 1.6b

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

ABL Group

Market Cap: NOK 1.3b

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

Aurskog Sparebank

Market Cap: NOK 1.2b

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

Haugesund Sparebank

Market Cap: NOK 851.1m

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

Elektroimportøren

Market Cap: NOK 837.9m

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

Grong Sparebank

Market Cap: NOK 768.7m

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

Tinde Sparebank

Market Cap: NOK 632.5m

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

Borgestad

Market Cap: NOK 631.1m

Focuses on real estate and refractory in Norway.

Sparebank 68° Nord

Market Cap: NOK 617.2m

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

Itera

Market Cap: NOK 593.2m

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

Melhus Sparebank

Market Cap: NOK 541.4m

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

Webstep

Market Cap: NOK 487.1m

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

Romerike Sparebank

Market Cap: NOK 404.5m

Provides various banking products and services.

Aasen Sparebank

Market Cap: NOK 232.7m

Provides various banking products and services in Norway.

Flekkefjord Sparebank

Market Cap: NOK 187.3m

A savings bank, provides banking services for retail and corporate markets in lekkefjord, Egersund, Farsund, Hægebostad, Kvinesdal, Lindesnes, Lund, Lyngdal, and SirdalogSokndal.

Nidaros Sparebank

Market Cap: NOK 121.9m

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

Høland og Setskog Sparebank

Market Cap: NOK 108.0m

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