Tuesday, February 7, 2023
HomeValue InvestingAll Danish Shares Half 17 – Nr. 161-175

All Danish Shares Half 17 – Nr. 161-175


All good issues come to an finish and these are the remaining 15 randomly chosen Danish corporations. This time, two of the 15 made it onto the preliminary watch checklist. Earlier than shifting on to the subsequent nation, I might want to condense the Watchlist to my “Prime 10” watch checklist names for Denmark which I’ll do in a separate put up. Let’s go:

161. Valuer Holdings

Valuer is a 4 mn EUR market cap, 2021 Classic IPO that does one thing with AI and has misplaced greater than 90% of its worth since IPO. “Go”.

162. MapsPeople

MapsPeople is once more a 2021 Classic IPO with a market cap of 33 mn EUR. The corporate has been doing higher than different 2021 Tech IPOs, shedding solely -50% vs. the IPO value. However the corporate is burning cash and solely has restricted runway. “Go”.

163. Vestjysk Financial institution

And yet one more regional Danish Financial institution. With a market cap of ~520 mn EUR they’re one of many greater ones. Valuation is comparatively low cost at 9x P/E and 0,7x P/B. Profitability is sort of good however very unstable. They pay a slightly “juicy” dividend of round 7% however the share value did little or no over the previous few years. The corporate is majority owned by A/S Arbejdernes Landsbank. “Go”.

164. Kreditbanken

And on we go along with small banks, this time a 89 mn EUR market cap. Kreditbanken is comparatively costly at ~12x p/E and 0,9 x P/B. This appears to be justified by larger than common ROEs. However, it’s a “move”

165. Huscompagniet

Huscompagniet is a 112 mn EUR house builder specializing in single house building in Denmark and Sweden. IPOed in 2021, it’s not a complete shock that the inventory hasn’t been doing too properly as rates of interest rose:

husco

The shares appears extraordinarily low cost (3x P/E trailing, 6x P/E for 2022), nevertheless there may be clearly important threat and the corporate employs debt. On the minus aspect, the CFO simply stepped down and Q3 seemed fairly ugly. The corporate mainly eliminated any outlook going ahead.

Unsure if that is one of the best ways to play a housing restoration, so due to this fact I “move”.

166. ViroGates 

ViroGates is a 25 mn market c”life science firm that develops and sells prognostic merchandise to the healthcare sector”. The corporate appears to have been IPOed in 2018 and noticed a pointy enhance within the share value in 2021, however is now again the place it was earlier than. The corporate thus far has solely proven losses and little or no gross sales. Not my space of experience, “Go”.

167. Hvidbjerg Financial institution

Hvidbjerg Financial institution is with 21 mn EUR market cap clearly one of many smallest banking corporations listed. The inventory is equally low cost as the opposite regional banks at 6x P/E, ,0,8 x P/P and enough returns on fairness. Nonetheless, once more a “move”.

168.  AP Moeller Maersk

AP Moeller Maersk has a market cap of 20,6 bn EUR and is without doubt one of the international dominating container delivery operators. Trying on the share value, we will see that except for the final 2 years, the inventory ghs been buying and selling in a cyclical vary with out important structural development:

Maersk

Based mostly on 9M 2022, Maersk made extra revenue than their market cap which is one thing one sees solely very hardly ever. Cash is actually popping out of their ears they usually have been paying a beneficiant dividend and shopping for again shares.

The massive problem in fact is: To what prolong and when will incomes normalize ? There are numerous talks of re-shoring provide chains and so on. and capability will enhance so it’s actually laborious to handicap what is going to occur out there.

Maersk as such in my view clearly appears like a “Top quality” firm, I particularly like their management function in decarbonizing delivery and the way in which they present their targets and achievements with regard to return on invested capital.  Due to this fact Maersk goes on “Watch”.

169. Jyske Financial institution

Jyske is with 3,8 bn EUR market cap one of many bigger Danish banks. Valuation is in keeping with all the opposite banks at round 8,5 x P/E and 0,7 x P/B. ROE’s are on the decrease finish of the peer group. “Go”.

170. Alm. Model AS

Alm. Model is a 2,4 bn EUR market cap funding holding lively in insurance coverage. To be hoenst, I didn’t hear about them earlier than however they appear to have a market share of just about 20% in Denmark. 

The long run share value doesn’t look that encouraging:

Alm. Brand

The corporate appears to have undergone some form of transformation by promoting banking operations and buying the Danish Insurance coverage firm Codan from Trygg in 2021. That is an summary from the Investor relations web page:

 

At 16x P/E the inventory doesn’t look low cost however they firm claims growing synergies from the acquired enterprise. “Watch”

171. Agillic

Agilic is a 26 mn EUR market cap Software program corporations doing one thing with AI. They really have some revenues however have been making persistently losses for the final 5 years. “Go”.

172. Hypefactors

Hypefactors is a tiny, 5 mn EUR market cap software program firm lively in media monitoring. As its friends, it’s loss making for the final 5 years. “Go”.

173. Agat Ejendomme A/S

Agat Ejendomme is a 30 mn EUR market cap actual property firm that appears to have seen higher days. In response to TIKR, it trades at 0,5 occasions e book worth however has important leverage. “Go”.

174. WindowMaster Worldwide

Windowmaster is a 11 mn EUR market cap firm that specializes on air flow programs. As nearly all 2021 IPOs, the inventory value has suffered loads. The corporate is definitely not rising and is making losses. So it’s not clear why this needs to be fascinating. “Go”.

175. Zealand Pharma

Zealand is a 1,3 bn EUR market cap Biotech firm that truly has some gross sales. The corporate appears to have benefited throughout Covid, however general gross sales are very unstable an 2018 was the one 12 months with a revenue. “Go”.

 

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