OB:VEI
OB:VEIConstruction

Assessing Veidekke (OB:VEI) Valuation After NOK460m Railway Contract Win

Contract announcement and why it matters for Veidekke stock Veidekke (OB:VEI) has secured a NOK 460 million construction contract with Bane NOR to renew tracks across five sections in Eastern Norway, adding to its infrastructure workload and project visibility. The agreement covers 46 kilometres of railway, around 90,000 tonnes of ballast and more than 75,000 sleepers on key lines including the Roros, Dovre, Gardermoen, Upper Main and Gjovik routes. See our latest analysis for Veidekke. At a...
OB:KIT
OB:KITElectronic

Assessing Kitron (OB:KIT) Valuation After New €5 Million Defence Order For Autonomous Systems

Kitron (OB:KIT) recently reported an additional order of about €5 million for defence related autonomous systems, lifting this customer's total orders to around €12 million and highlighting growing engagement across air, land, and sea applications. See our latest analysis for Kitron. Kitron’s latest defence order lands as the share price trades at NOK82.45, with an 11.04% year to date share price return and a very large 5 year total shareholder return of 401.43%, suggesting momentum has been...
OB:ELO
OB:ELOPackaging

A Look At Elopak (OB:ELO) Valuation As CEO Thomas Körmendi Plans To Step Down

Elopak (OB:ELO) is back in focus after the board announced that CEO Thomas Körmendi will step down for personal reasons linked to a relocation to Denmark, and a search for his successor is underway. See our latest analysis for Elopak. The CEO transition headlines come after a softer patch in the share price, with a 7 day share price return of a 7.05% decline and a 30 day share price return of a 5.47% decline. However, the 1 year total shareholder return of 26.61% and 3 year total shareholder...
OB:SBNOR
OB:SBNORBanks

Sparebanken Norge (OB:SBNOR) Valuation Check After Strong Q4 2025 Earnings And Higher Dividend

Q4 earnings and dividend announcement Sparebanken Norge (OB:SBNOR) recently reported fourth quarter 2025 results, with net income of NOK 1,750 million and basic earnings per share of NOK 3.9, alongside an annual dividend announcement of NOK 12.00 per share. See our latest analysis for Sparebanken Norge. The latest Q4 results and annual dividend announcement came alongside a 1 day share price return of 3.33% and a 7 day share price return of 2.44%. The 1 year total shareholder return of 39.70%...
OB:TGS
OB:TGSEnergy Services

How A New European 4D Seismic OBN Win At TGS (OB:TGS) Has Changed Its Investment Story

TGS recently announced it had secured an additional ocean bottom node (OBN) seismic contract in Europe, with its node-on-a-rope crew scheduled to mobilize in mid-summer for an approximately 30-day project supporting high-resolution 4D data acquisition. The award from a repeat customer underscores continued confidence in TGS’s OBN technology and strengthens its position in supplying advanced reservoir monitoring data to European offshore oil and gas operators. We will examine how this...
OB:VEND
OB:VENDInteractive Media and Services

Does Vend Marketplaces (OB:VEND) Nettbil Inspection Reframe Its Operational And Compliance Risk Profile?

Vend Marketplaces ASA recently confirmed that the Norwegian Competition Authority carried out inspections at the Norwegian offices of its auction platform Nettbil, while reiterating its commitment to comply with all applicable laws and cooperate fully with regulators. The focus of the inspection on Nettbil, and not on Vend’s larger FINN operation, highlights how regulatory scrutiny can be concentrated on specific adjacent units within a broader marketplaces group. We’ll now examine how this...
OB:SCATC
OB:SCATCRenewable Energy

Scatec (OB:SCATC) Margin Compression To 20% Tests Bullish Earnings Narratives

Scatec (OB:SCATC) has wrapped up FY 2025 with fourth quarter revenue of NOK 1,028 million and basic EPS of NOK 0.09, alongside trailing twelve month revenue of NOK 5,238 million and EPS of NOK 6.58 that frame the latest print in a wider earnings context. Over recent quarters, the company has seen revenue move from NOK 896 million in Q4 2024 to NOK 1,028 million in Q4 2025. Quarterly EPS shifted from a loss of NOK 0.89 to a profit of NOK 0.09, setting the stage for investors to weigh strong...
OB:EQNR
OB:EQNROil and Gas

Will Court‑Cleared Empire Wind Progress Reshape Equinor's (OB:EQNR) Energy Transition Narrative?

Equinor recently confirmed that activities at its Empire Wind offshore wind project in the US can resume, following a favorable court ruling. This court decision removes a key procedural obstacle for one of Equinor’s flagship renewable projects, clarifying the regulatory path for continued development. We will now examine how the resumption of Empire Wind activities could influence Equinor’s investment narrative and long-term energy transition positioning. These 13 companies survived and...
OB:PROT
OB:PROTInsurance

How Stronger Underwriting and Dividend Payouts Will Impact Protector Forsikring (OB:PROT) Investors

Protector Forsikring ASA has reported its fourth-quarter and full-year 2025 results, with net income rising to NOK 705 million for the quarter and NOK 2.65 billion for the year, alongside sharply higher earnings per share. Beneath the headline profit growth, the insurer delivered an improved combined ratio of 84.7%, maintained a 95% renewal rate, and confirmed a NOK 495 million dividend while keeping its solvency ratio at 219% post dividend. We will now examine how the stronger underwriting...
OB:SUBC
OB:SUBCEnergy Services

How Shell’s Kaikias Waterflood Contract Win At Subsea 7 (OB:SUBC) Has Changed Its Investment Story

Subsea 7 S.A. recently announced a sizeable contract award from Shell for the Kaikias Waterflood deepwater project in the US Gulf of Mexico, covering the transportation and installation of subsea umbilicals, a riser and a rigid flowline in water depths up to 1,650 metres, with offshore work scheduled for 2027. This award adds to Subsea 7’s future workload while reinforcing its role as a key offshore contractor for Shell’s deepwater developments. We will now examine how this new Shell...
OB:KOG
OB:KOGAerospace & Defense

The Bull Case For Kongsberg Gruppen (OB:KOG) Could Change Following Major Polish SAN CUAS Contract Expansion

Kongsberg Defence & Aerospace and consortium partner Polska Grupa Zbrojeniowa recently signed a NOK 16.00 billion contract to deliver 18 SAN CUAS counter-drone batteries to the Polish Armaments Agency, integrating guns, missiles, interceptor drones and tailored command-and-control systems into Poland’s air defence network. An important aspect of this agreement is KONGSBERG’s plan to expand manufacturing capacity in Poland, deepening industrial ties while leveraging its PROTECTOR family of...
OB:SNI
OB:SNIShipping

Is Stolt-Nielsen (OB:SNI) Quietly Redefining Its Portfolio With Avenir LNG Stake Talks?

Stolt-Nielsen Limited reported fourth-quarter 2025 results showing sales of US$680.6 million and net income of US$59.55 million, alongside one of its highest annual EBITDA figures and the completion of the Suttons International acquisition. At the same time, the company confirmed talks to sell up to 50% of its interest in Avenir LNG, potentially reshaping its exposure to small-scale LNG bunkering while continuing as a joint owner. Next, we will examine how the Avenir LNG stake sale...
OB:AKER
OB:AKERIndustrials

A Look At Aker (OB:AKER) Valuation After New AI Data Center Expansion Plans

Aker (OB:AKER) is back in focus after Aker Nscale agreed to develop a 96MW data center in Skien, Norway, aimed at AI workloads, with further Norwegian data center projects already on the drawing board. See our latest analysis for Aker. The AI focused data center plan lands at a time when the 1 month share price return of 15.62% and year to date share price return of 13.99% point to building momentum, while the 1 year total shareholder return of 58.05% and 5 year total shareholder return of...
OB:PARB
OB:PARBBanks

Pareto Bank (OB:PARB) Margins Near 60% Challenge Cautious Earnings Narratives

Pareto Bank (OB:PARB) closed out FY 2025 with fourth quarter total revenue of NOK 208.8 million and basic EPS of NOK 2.07. This capped a year in which trailing twelve month EPS reached NOK 8.80 on revenue of NOK 1,120.6 million and net income of NOK 675.6 million. Over the past few quarters, the bank has reported revenue of NOK 265.1 million and EPS of NOK 1.43 in Q4 2024, NOK 295.2 million and EPS of NOK 2.16 in Q1 2025, NOK 326.1 million and EPS of NOK 2.44 in Q2, and NOK 290.5 million and...
OB:SCATC
OB:SCATCRenewable Energy

Scatec (OB:SCATC) Valuation After Weaker 2025 Results And New 2026 Production Guidance

Earnings setback and fresh outlook shift focus to Scatec Scatec (OB:SCATC) just reported weaker 2025 earnings, with lower sales, revenue, net income and fourth quarter power production, while also issuing new 2026 production guidance that sits alongside fresh long term PPA wins in Tunisia. See our latest analysis for Scatec. The weaker 2025 results and softer fourth quarter production appear to have weighed on sentiment, with a 1-day share price return of -4.24% at NOK115.3. However, the...
OB:GJF
OB:GJFInsurance

Gjensidige Forsikring (OB:GJF) EPS Growth Of 27.1% Tests Steady Income Narrative

Gjensidige Forsikring (OB:GJF) has wrapped up FY 2025 with fourth quarter revenue of NOK 11.3b and EPS of NOK 2.58, alongside trailing twelve month revenue of NOK 46.4b and EPS of NOK 12.56, which anchor the full year picture. Over recent periods, revenue has moved from NOK 10.5b in Q4 2024 to NOK 11.3b in Q4 2025, while quarterly EPS shifted from NOK 2.31 to NOK 2.58. This sets the stage for investors to focus on how these earnings feed into the group’s 13.8% net margin and what that means...
OB:CADLR
OB:CADLRConstruction

Why Cadeler (OB:CADLR) Is Up 8.4% After Securing First Full-Scale EU Foundation Contract

Cadeler recently announced it has signed a preferred supplier agreement with an undisclosed client to transport and install monopiles and transition pieces at a large European offshore wind farm, using two installation vessels including a new A-class ship designed for XXL foundations from the first half of 2028, subject to the client’s final investment decision. This will be Cadeler’s first full-scope foundation transportation and installation project outside the United Kingdom, underlining...
OB:EPR
OB:EPRMultiline Retail

Europris (OB:EPR) Net Margin Slippage Tests Bullish Same Store Sales Narrative

Europris (OB:EPR) has wrapped up FY 2025 with fourth quarter revenue of NOK 4.6b and basic EPS of NOK 2.82, while trailing twelve month EPS came in at NOK 4.97 on revenue of NOK 14.9b. Over the past year, the company has seen quarterly revenue move from NOK 4.4b and EPS of NOK 2.71 in Q4 2024 to NOK 4.6b and EPS of NOK 2.82 in Q4 2025. Earlier 2025 quarters ranged between NOK 2.9b and NOK 3.8b of revenue, with EPS stretching from a loss of NOK 0.49 in Q1 to NOK 1.69 in Q2. With net profit...
OB:PROT
OB:PROTInsurance

Protector Forsikring (OB:PROT) Margin Improvement Reinforces Bullish Profitability Narratives

Protector Forsikring (OB:PROT) has capped FY 2025 with fourth quarter revenue of NOK 3.95b and EPS of NOK 8.5, while trailing twelve month EPS sits at NOK 31.7 on revenue of NOK 14.66b. Over the last year, the company has seen revenue move from NOK 12.06b to NOK 14.66b and trailing EPS lift from NOK 18.67 to NOK 31.7, alongside a reported 71.9% earnings growth rate and an improvement in net margin from 12.8% to 18.1%. This puts the focus squarely on how durable these margins look after such a...