Norwegian Undervalued over 20% based on DCF

DNB Bank

Market Cap: NOK 442.2b

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

Kongsberg Gruppen

Market Cap: NOK 368.4b

Provides high-tech systems and solutions primarily to customers in the defense markets.

Gjensidige Forsikring

Market Cap: NOK 127.2b

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

Orkla

Market Cap: NOK 120.5b

Operates as an industrial investment company within brands and consumer-oriented businesses worldwide.

Mowi

Market Cap: NOK 118.0b

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

Subsea 7

Market Cap: NOK 86.8b

Subsea 7 S.A. delivers offshore projects and services for the energy industry worldwide.

SpareBank 1 Sør-Norge

Market Cap: NOK 78.2b

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

Storebrand

Market Cap: NOK 74.0b

Provides insurance products and services in Norway, the United States, Germany, Sweden, the United Kingdom, and internationally.

SpareBank 1 SMN

Market Cap: NOK 29.6b

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 27.2b

Provides various financial products and services to individuals, businesses, public entities, teams, associations, and organisations.

Odfjell Drilling

Market Cap: NOK 24.3b

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

AF Gruppen

Market Cap: NOK 19.7b

A contracting and industrial company, provides civil engineering, construction, energy and environment, and property and offshore services in Norway and Sweden.

Elkem

Market Cap: NOK 17.8b

Engages in the provision of advanced material solutions worldwide.

SpareBank 1 Nord-Norge

Market Cap: NOK 15.7b

Provides banking services in Northern Norway.

Norconsult

Market Cap: NOK 12.9b

Provides consultancy services with focus on community planning, engineering design, and architecture in the Nordics and internationally.

BW Offshore

Market Cap: NOK 9.3b

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

SpareBank 1 Ringerike Hadeland

Market Cap: NOK 7.0b

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

Pareto Bank

Market Cap: NOK 6.6b

Provides various banking products and services in Norway.

Pexip Holding

Market Cap: NOK 6.4b

A video technology company, provides end-to-end video conferencing platform and digital infrastructure in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Sparebanken Møre

Market Cap: NOK 5.8b

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

SpareBank 1 Østfold Akershus

Market Cap: NOK 5.5b

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

Endúr

Market Cap: NOK 5.3b

Operates as a Scandinavian infrastructure contractor headquartered in Lysaker and listed on the Oslo Stock Exchange.

Bouvet

Market Cap: NOK 5.1b

Provides IT and digital communication consultancy services for public and private sectors in Norway, Sweden, and internationally.

SpareBank 1 Helgeland

Market Cap: NOK 4.4b

Provides various banking products and services to private customers, small and medium-sized enterprises, municipalities, and institutions in Norway.

Smartoptics Group

Market Cap: NOK 4.4b

Provides optical networking solutions and devices in the Americas, Europe, the Middle East, Africa, and the Asia–Pacific.

AKVA group

Market Cap: NOK 3.9b

Designs, purchases, manufactures, assembles, sells, and installs technology products; and provides rental and consulting services for the aquaculture industry.

Rogaland Sparebank

Market Cap: NOK 3.4b

An independent savings bank, provides various banking and investment products to retail and corporate customers in Norway.

2020 Bulkers

Market Cap: NOK 3.2b

Owns and operates large dry bulk vessels worldwide.

Archer

Market Cap: NOK 2.9b

Provides various oilfield products and services to the oil and gas industry in Norway, Argentina, the United Kingdom, and internationally.

Zaptec

Market Cap: NOK 2.5b

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.

HitecVision

Market Cap: NOK 1.9b

A private equity and venture capital firm specializing in seed/startup, early stage, early venture, middle market, mature, industry consolidation, PIPES, buyout in growth capital companies.

Voss Veksel- og Landmandsbank

Market Cap: NOK 982.9m

Provides banking and insurance services services to private individuals, business, and agriculture in Norway.

Vistin Pharma

Market Cap: NOK 971.1m

Through its subsidiary, Vistin Pharma AS, engages in the production and sale of active pharmaceutical ingredients (APIs) worldwide.

Omda

Market Cap: NOK 820.3m

Provides software solutions for the healthcare and emergency response sector in Norway, Sweden, Denmark, Finland, and internationally.

Aprila Bank

Market Cap: NOK 654.6m

Provides loans to small and medium sized businesses in Norway.

Kraft Bank

Market Cap: NOK 588.0m

Provides refinancing of mortgages on loans and unsecured loans with and without collateral to individuals in Norway.