Norwegian Undervalued over 20% based on DCF

DNB Bank

Market Cap: NOK 380.0b

Provides financial services to individuals and businesses in Norway and internationally.

Aker BP

Market Cap: NOK 155.5b

Explores for, develops, and produces oil and gas on the Norwegian Continental Shelf.

Gjensidige Forsikring

Market Cap: NOK 135.4b

Provides general insurance and pension products in Norway, Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia.

Norsk Hydro

Market Cap: NOK 121.8b

Engages in the power production, bauxite extraction, alumina refining, aluminium smelting, and recycling activities worldwide.

Orkla

Market Cap: NOK 108.0b

Operates as an industrial investment company within brands and consumer-oriented businesses in Norway, Sweden, Denmark, Finland, Iceland, the Baltics, rest of Europe, and internationally.

SpareBank 1 Sør-Norge

Market Cap: NOK 67.8b

Provides various financial products and services for personal and corporate customers in Norway.

Storebrand

Market Cap: NOK 62.3b

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

Protector Forsikring

Market Cap: NOK 41.4b

Operates as a non-life insurance company, provides direct general insurance and reinsurance to the commercial lines of business, public sector, and affinity schemes.

SpareBank 1 SMN

Market Cap: NOK 27.7b

Provides various banking, accounting, and real estate products and services to private individuals and companies in Norway and internationally.

SpareBank 1 Østlandet

Market Cap: NOK 26.0b

Provides various financial products and services to individuals, businesses, the public sector, clubs, and societies.

AutoStore Holdings

Market Cap: NOK 23.4b

Provides robotic and software technology in Norway, Germany, Europe, the United States, Asia, and internationally.

Veidekke

Market Cap: NOK 22.3b

Operates as a construction and property development company in Norway, Sweden, and Denmark.

Borregaard

Market Cap: NOK 19.7b

Engages in the development, production, and marketing of specialized biochemicals and biomaterials in Norway, rest of Europe, Asia, the United States, and internationally.

Europris

Market Cap: NOK 15.7b

Operates as a discount variety retailer in Norway.

SpareBank 1 Nord-Norge

Market Cap: NOK 14.8b

Provides banking services in Northern Norway.

BlueNord

Market Cap: NOK 13.0b

An oil and gas company, engages in the production and development of resources that support the energy transition towards net zero in Norway, Denmark, the Netherlands, and the United Kingdom.

Norbit

Market Cap: NOK 12.9b

Provides technology solutions to customers in a range of industries.

LINK Mobility Group Holding

Market Cap: NOK 9.3b

Provides mobile and communication-platform-as-a-service solutions.

MPC Container Ships

Market Cap: NOK 8.4b

Owns and operates a portfolio of container vessels.

Pareto Bank

Market Cap: NOK 7.2b

Provides various banking products and services in Norway.

BW Offshore

Market Cap: NOK 6.3b

Engages in the engineering of offshore production solutions in the Americas, Europe, Africa, Asia, and the Pacific.

Kid

Market Cap: NOK 5.9b

Operates as a home textile retailer in Norway, Sweden, Finland, and Estonia.

SpareBank 1 Ringerike Hadeland

Market Cap: NOK 5.8b

A financial institution, provides various banking products and services to private and corporate customers in Norway.

Sparebanken Møre

Market Cap: NOK 5.2b

Provides banking services for retail and corporate customers in Norway.

SpareBank 1 Østfold Akershus

Market Cap: NOK 5.1b

Operates as a savings bank that provides various banking products and services in Norway.

SpareBank 1 Helgeland

Market Cap: NOK 5.0b

Provides various financial products and services to retail customers, small and medium enterprises, municipal authorities, and institutions in Norway.

SmartCraft

Market Cap: NOK 4.3b

Provides software solutions to the construction industry in Norway, Sweden, Finland, and the United Kingdom.

ABG Sundal Collier Holding

Market Cap: NOK 3.5b

Provides investment banking, stock broking, and corporate advisory services in Norway, Sweden, Denmark, and internationally.

Cambi

Market Cap: NOK 3.5b

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

Polaris Media

Market Cap: NOK 3.0b

Operates as a media house and printing company in Norway and Sweden.

Zaptec

Market Cap: NOK 2.1b

Engages in the development and sale of chargers, charging systems, and services for electric car charging in Norway, Sweden, Switzerland, Denmark, Iceland, rest of Europe, and internationally.

Jæren Sparebank

Market Cap: NOK 1.8b

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

Spir Group

Market Cap: NOK 1.4b

Provides software solutions in Norway, Sweden, and internationally.

Instabank

Market Cap: NOK 1.0b

Provides various banking products and services in Norway.

Lumi Gruppen

Market Cap: NOK 942.8m

Operates as an education provider in Norway.

Gentian Diagnostics

Market Cap: NOK 913.0m

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