Nekkar ASA - norjalainen disruptoija

Osakkeet
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Redeyn kommentit Q2:n jälkeen
https://www.redeye.se/api/articles/download-file/63e3a5bf-7390-3ded-b8a7-0a6586897ebb/Nekkar%3A%20H1%20Review%20–%20Uncovers%20Hidden%20Values

H1 Review – Uncovers Hidden Values

Redeye makes mixed estimate revisions on the back of Nekkar’s H1’24 report that beat our EPS forecast. We argue that the outlook remains solid with high tendering activity despite a softer Q2’24 order intake for Syncrolift. Driven by two divestments in FiiZK, which likely will reveal some hidden values, and by a value accretive acquisition of Globetech, we slightly raise our base case valuation.

Attractively priced

Nekkar trades at attractive multiples around 7.3x 2023 EBITDA and 6.6x EBITDA on 2024e, which we find surprising given the company’s quality, financial track record over time, and outlook. We expect that a continued financial performance will close the valuation gap to our base case.

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Iso omistaja laittoi 8NOK hintaan laput ulos :thinking:

RASMUSSENGRUPPEN AS (the “Seller”) has, with Pareto Securities AS as Sole Manager and Sole Bookrunner (the “Manager”), executed a block sale of existing shares (the “Offering”) in Nekkar ASA (the “Company”), through a club deal in the pre-sounding phase of the Offering.

The Seller has, as of this announcement, successfully sold 11,512,506 shares in the Company (the “Offer Shares”), which equals approximately 10.7% of the Company’s outstanding shares, at a price of NOK 8.00 per Offer Share, which again equals gross proceeds of approx. NOK 92.1 million.

https://newsweb.oslobors.no/message/628663

Ja pari päivää sitten Dubain kanssa tehty huolto- ja päivityssopimuksia

https://newsweb.oslobors.no/message/628578

26 September 2024 - Nekkar’s wholly-owned subsidiary Syncrolift AS has signed a
comprehensive service agreement with Dubai Maritime City (DMC) for the
maintenance of DMC’s two shiplifts and 42 dry berth-sets of transfer systems.

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Olenko ymmärtänyt oikein että Rasmussengruppen myi ja ostajana toimi hallituksessa toimiva henkilö? Eikös tämän pitäisi olla lähinnä positiivinen uutinen vaikkakin kauppahinta oli alhainen kurssiin nähden?

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Rasmussengruppen myi 11,5M lappua, joista Qvistille ja hänen määräysvallan alla olevalle Buntel AB:lle meni reilu 600k. Eli vielä olisi se vajaa 11M, joiden sijoituskohdetta ei vielä tiedetä.

En siis vielä tästä ostosta niin positiivista saa, kun jouduttu näin suurella alennuksella myymään. Enemmänkin huolestuttavaa, kun osakkeelle ei ole ollut kysyntää.

Blokkikaupalla paras olisi, että Nekkar olisi saanut itse ostettua suurimman osan tällä hinnalla. Suoraan markkinalta ei omien ostojen kaupankäyntisääntöjen mukaan ole mahdollista ostaa isoja määriä päivässä, blokkikaupasta en osaa sanoa.

Naapuripalstalta poimittuna Rasmussengruppen on ilmeisesti mukana Shearwaterin IPOssa, johon tarvitsisivat pääomia. Toinen asia on Nykode (NYKD), jossa ovat mukana ja kurssi tullut tonttiin ja sillä olisi sivuvaikutuksia.

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https://live.euronext.com/en/products/equities/company-news/2024-10-11-nekkar-asa-syncrolift-receives-notice-contract-award

Nekkar ASA: Syncrolift receives notice of contract award for Norwegian shiplift project

11 October 2024 - Nekkar ASA’s wholly-owned subsidiary Syncrolift AS has
received a notice of contract award from the Norwegian Defense Estate Agency
(Norwegian: Forsvarsbygg) for delivery of a shiplift to the Haakonsvern naval
base in Bergen, Norway.

The delivery includes a newbuild shiplift system and subsequent scheduled and
periodic service and maintenance services, customer support, and other service
and maintenance assignments. The combined contract value is NOK 205 million.

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FiiZK saanut kahden ison suljetun kasvattamon tilaukset. Ihan olennainen päänavaus kaikkien muutosten jälkeen, vaikka määrä toki vielä rajallinen.

https://newsweb.oslobors.no/message/630094

Nekkar ASA: FiiZK awarded contract for closed fish farming cages

22 October 2024 - Aquaculture industry supplier FiiZK, which is an associated
company of Nekkar ASA (Nekkar), has been awarded a contract to deliver two
large, closed fish cages to an undisclosed Norway-based fish farmer.

Under the contract, FiiZK will supply two of its “Protectus” closed fish cages.
FiiZK has not disclosed the value of the contract.

"We have spent the past 12 months further developing and enhancing our products,
streamlined our business to focus solely on closed and semi-closed fish cages,
and prepared our team to provide the best possible support to fish farmers that
have closed cages as part of their production strategy. We consider this
contract as a confirmation that this is the right strategy for FiiZK, says Jan
Erik Kvingedal, CEO of FiiZK.

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Q3/2024 materiaalit:

Q3 2024 Financial result and business update.pdf (6,6 Mt)

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Paljon purtavaa tähän aamuun Nekkarilta

Ensimmäiseksi nostoksi tavoite 2B NOK liikevaihto 2027, eli yli tuplasti nykyisestä :exploding_head:

  • pääosin orgaanisella kasvulla, mutta kohdennetut yritysostot listalla
  • Nyt 4 portfolioyritystä, joiden tavoitemäärä 6-8

Q3 liikevaihto jäi viime vuodesta, mutta tämä heittelee paljon ajoituksien mukaan

  • EPS kuitenkin 0,40NOK vs 0,20NOK

Nekkar ASA (Nekkar) delivered a solid net profit of NOK 42 million in this year’s third quarter, up 91 percent from the same quarter last year (22). Revenue ended at NOK 140 million in the quarter (162) and EBITDA was NOK 14 million (29), giving a margin of 10.3 percent (17.8%).

Synchroliftin tilauksia tuli Q3:lla ja sen jälkeen, mikä nostaa backlogin taas hyvälle tasolle

Order intake was NOK 83 million in this year’s third quarter (61), driven by new
Syncrolift contracts in Dubai and Germany. Nekkar’s order backlog stood at NOK
704 million at the end of the quarter (747), giving good visibility for 2024 and
2025. The order backlog does not include the recently won NOK 164 million
contract with the Norwegian Defence Estate Agency

Fiizk

Fiizkin osto-myynti prosessi oli jo nyt kannattava. 50M NOK sijoitus ja non-core osuudet myyty 213M NOK. Nekkarin osuus 39%.

Uusia suljettuja Protectus -systeemejä myyty 2kpl. Regulaatiosta odotuksissa merkittävää kasvua tuleville vuosille

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Intellilift

Liikevaihto kasvanut tasaisesti :+1:

Intellilift delivered revenue of NOK 12 million in this third quarter, a
doubling from the same period last year (6). The company also secured an
expansion of the purchase order for a new drilling control system in the
quarter.

Techano

Projekteissa viivettä ja ensimmäiset myyty pienemmällä katteella. Kysyntää olisi, mutta referenssit puuttuu, joten tarjoaminen haastavaa :thinking:

Globetech

20 uutta sopimusta yritysoston 15.8.2024 jälkeen!
Nyt 170 jatkuvaa liikevaihtoa tuottavaa sopimusta. Ei näy vielä täysimääräisenä konsernin liikevaihdossa.
Kaupallisia synergioita Technanon ja Intellilfitin kanssa :+1:

Ja vielä niistä uusista tavoitteista

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Pitchaus -kisassa tiivistelmänä Nekkarin tilannetta tähän päivään ja myös vähän jatkoa

Ja Redeyn Q3 raportti löytyi jo sieltä, linkataan myös tänne talteen
q3-review-softer-near-term-outlook - 2024-11-19.pdf (533,6 Kt)

https://www.redeye.se/api/articles/download-file/efca75be-8b57-3dc4-ae84-56e2767cd6ff/Nekkar%20Q3%20Review%20–%20Softer%20Near-Term%20Outlook

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CEO juttelemassa Redeyn Technology & Science Day -tapahtumassa

Nekkar: CEO Ole Falk Hansen presents at Redeye Technology & Life Science Day 2024 – December 3

  • Uusista tavoitteista 1,5Mrd NOK on tarkoitus saavuttaa nykyisillä liiketoiminnoilla.

  • Loput 500M NOK harkituilla ja portfolioon sopivilla täsmähankinnoilla, edellyttäen että sellaisia tulee vastaan. Eli teknologiaa yhdistettynä mereen tavalla tai toisella. Kannattavaa tai skaalautumista tarvitsevaa teknologiayritystä pääasiassa Norjasta tai mahdollisesti Euroopasta

  • 2024 osalta Syncroliftin aktiviteetit alakanttiin, backlogin liikevaihto tulossa vasta hieman myöhemmin, kun projektit edistyy tai käynnistyy.

  • Kolme hävittyä kilpailutusta 2024 aikana, joissa jokin poliittinen näkökulma vienyt diilit kilpailijoille. Tätä olen aiemminkin nostanut kommenteissa, mutta nyt tuli vielä CEO:lta suoraan.

  • FiizK on oikealla polulla ja kasvattamoissa tulossa murrosaika. Suljetut kasvattamot oikeaan aikaan tarjolla markkinalle

  • Technanolla haasteita kilpailutuksissa, kun referenssit puuttuu. Pari projektia valmistumassa, joista toivottavasti tähän apuja.

5 tykkäystä
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Kohta alkaa loppua avointen kasvattamoiden toiminta.

Norja kääntyy ainakin lontooksi ihan sujuvasti selaimen kääntäjällä.

The short version

  • Eight cases of escaped farmed fish have already been reported in 2025.
  • Lerøy has reported an escape of 15,000 salmon in Møre og Romsdal.
  • MDG’s Rasmus Hansson calls for an end to traditional open salmon cages.
  • Escaped farmed fish are a threat to the wild salmon population, which was red-listed in 2021.
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Salunda has announced it has integrated its Red Zone monitoring solutions on four drilling rigs in Guyana with Intellilift’s digital technologies to deliver automated location and control of critical equipment and personnel.

The collaboration – on assets belonging to a major offshore drilling contractor – marks the world’s first deployment of a real-time digital interface between wearable sensors, drilling controls and moving machinery to provide instant alerts to workers in the line of fire. The digital interface streams machine location, velocity and status in real-time.

By integrating Intellilift’s platform with Salunda’s CrewHawk, the system provides a low latency digital interface through Salunda’s proprietary Motion Trigger and Equipment Status (MTES) module. CrewHawk monitors hazardous working environments to track individuals and equipment while Intellilft’s platform provides a digital interface to the drilling automation suite, including position and status of all operational machinery.

Alan Finlay, Salunda Chief Executive, said: “This is a significant step in the evolution of offshore safety equipment, and we are proud to be working with Intellilift to ensure that crews are as safe as they can be when working in Red Zones.

“The digital integration marks a step change in safety for the sector and by knowing where workers and equipment are, as well as having the data behind the movements accurately captured and logged, this trailblazing solution ensures that personel working in safety critical areas can feel well protected during daily operations.”

Salunda’s Hawk Analytics platform, which enables users to scrutinise data, generate trends and display heatmaps showing where violations are clustered and around which machines they are most common. Reports can then be used to coach crews and adapt working practices to bolster safety.

Stig Trydal, Intellilift Chief Executive, said: “The market is in urgent need of new technology, and we are witnessing a growing willingness among operators to disrupt markets. Our collaboration with Salunda exemplifies the potential of innovative companies to challenge the larger players in technology and transparency. The journey we’ve had together has been truly remarkable, and only time will reveal what lies ahead.” The project marks the second collaboration between the two organisations, having first joined forces in August 2024 to optimise safety and automation in well construction.

Salunda’s wearable technology and camera solutions wirelessly monitor hazardous working environments in real-time, tracking individuals and equipment to provide anonymised feedback that focuses on safe operations and minimising risk.

Users of Crew Hawk, which has MET, IECEx and ATEX certification, can set up perimeters in the working environment around areas that pose the greatest risk to personnel.

2 tykkäystä
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Parempaa tekemistä koko ajan ja kasvuaihiot menossa oikeaan suuntaan. Vertailukausi Q4/2023 taisi olla aika kova, mutta kokonaisuutena :+1:

https://newsweb.oslobors.no/message/638505

13 February 2025 - Nekkar ASA (Nekkar) delivered revenue of NOK 181 million in
last year’s fourth quarter, which is more or less unchanged from the same
quarter in 2023 (179). EBITDA was NOK 27 million (32), equivalent to a margin of
15.1 percent (18%). Cash flow excluding buy-backs was strong at NOK 68 million
(30) in the fourth quarter.

The fourth quarter and 2024 results position Nekkar well to deliver on its
strategic ambitions:

  • Strong operational cash flow of NOK 68 million in Q4 driven by progress in
    key projects in Syncrolift
  • Growth in Group revenue of NOK 575 million in 2023 to NOK 838 million
    (pro-forma incl. Globetech and FiiZK) in 2024
  • Continued expansion of the Nekkar portfolio according to communicated
    strategy - Globetech acquired and FiiZk restructuring completed
  • Key contract wins for several operating companies - FiiZk secured two major
    contracts and Syncrolift awarded Haakonsvern shiplift and transfer system
    project

Sijoittajapresis:

Nekkar ASA_Q4 2024_presentation.pdf (6,0 Mt)

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Ja Redeyn pikakommentit

  • Q4 revenues beat our expectations by 14%, posting 1% y/y growth on a group level. A bit more in detail, Syncrolift sales decreased y/y with about NOK20m, resulting in organic growth of a negative 15% y/y (when excluding Globetech). Syncrolift revenues continue to be relatively volatile which is a result of the business model with large project-based contracts, we encourage investors to evaluate Nekkar on a yearly basis. The last two quarters have seen a slowdown in near-term activity while order intake has been fair, but with delivery further out in time impacting near-term revenues.
  • Order intake amounted to 187m, including the previously communicated NOK136m contract to the Norwegian defense. As a result, the order backlog increased sequentially, now amounting to NOK744m.
  • Tender activity continues to be high, and the company expects to secure a significant amount of outstanding NOK5.7bn in tenders. For 2025, there are expected outcomes in the Middle East and Asia, ASMAR Chile.
  • On a group level, Nekkar beat our EBITDA estimate by about 24%, delivering an EBITDA margin of 15%, which is a healthy recovery relative to Q3 2024.
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https://newsweb.oslobors.no/message/640916

Nekkar’s subsidiary Techano Oceanlift has been awarded a
contract by Sefine Shipyard to deliver an offshore crane to a newbuild
construction support vessel that the Turkish shipyard is building for a
strategic partnership between Agalas, Eidesvik and Reach Subsea.

Techano Oceanlift will supply a 150-tonnes capacity crane capable of performing
subsea construction work and topside lifting operations. The company’s scope of
work includes engineering, manufacturing and commissioning of the crane. The
contract value is approximately EUR 7.5 million.

Tätä on jo vähän odotettu, että vahvistuisi uusi nosturitilaus sisaralukselle samalle asiakkaalle.
Hintaa 1,0M EUR enemmän kuin edellisellä reilu vuosi sitten. Eli ensimmäinen tehty ilmeisesti pienemmällä katteella “sisäänvetotuotteena”. Nyt sitten hieman lisää katetta, josta toki osa menee varmaan valuuttakursseihin ja inflaatioon :thinking:

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Techanolle Kanadaan pari nosturitilausta. Ei ilmeisesti kovin isoja, kun ei tullut pörssitiedotetta. Pääasia, että Techanon kilpailukyky ja toimituskyky alkaa osoittaa oikeaan suuntaan :+1:

Techano Oceanlift has been awarded a contract by CRIST S.A. to deliver two offshore knuckle boom cranes that will be installed on board an offshore support vessel (OSV) that is being built at the yard.

Our cranes are designed for safe operation under harsh conditions and low temperatures and equipped with radio remote controls. They will be delivered with winches including constant tension (passive compensation), for safe operation offshore.

CRIST is building the OSV for DOF. The vessel will be delivered to service offshore Newfoundland and Labrador, Canada.

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