Særlig de to største kjøperne av Bevest sine aksjer er interessante. Vet man hvem/hvilket fond det kan være?
New York kontoen ser ut til å være enda ett Arctic fond;
Arctic Norwegian Value Creation
Citibank usikker
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Kommer vel fort en bull analyse. Uansett positivt med mer institusjonelt inn. Selv om de helst hadde kjøpt over børs.
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Ser ikke ut for at markedet så langt har satt særlig pris på at Nekkar benyttet kjøpsopsjonen i Fiizk.
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Det ble nettopp omsatt nærmere 5 millioner aksjer til kurs 14 blank. Helt naturlig at den ikke koster av gårde, samt at noe som regel også tilfaller flippere. Og det var jo delvis/helt forventet at opsjonen ble benyttet. Ser heller på det at 14 ble satt som et trivelig “gulv” som utgangspunkt for videre oppgang i tiden fremover.
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Det er basically en ikkesak på kort sikt- de har erstattet eierskap av aksjer i morselskapet med at de eier mer av et underselskap.
Utvikling oppover eller nedover kommer jo i 2026-2027 om det ser ut som Fiizk får ytterligere traction og bunnlinje.
Kurs over 14 kan sees på som greit, hvis den kommer seg over 50 dagers snitt igjen er det veldig bullish
Forsåvidt ikke uenig, men tenker også på at det vel har vært forventet i månedsvis at opsjonen ville bli benyttet, det at aksjen i ukene før ble omsatt i intervallet 15-16 samt at man nylig annonserte en kontrakt på USD 10 mill for Syncrolift.
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Hva står i artikkelen?
Grei gjennomgang av caset og at de ser etter flere investeringer innen oppdrett
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Denne står seg neppe lenge:
All close på ca 14,3 eller over er finfint
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Kom for å poste den samme
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Her fra NY Times:
https://www.nytimes.com/2026/07/06/world/canada/carney-submariness-canada-military.html
Nekkar ASA – Norwegian marine holding company (0.6% of NAV)
Nekkar is a NOK 1.3bn market-capitalised Norwegian holding company which invests in maritime technology businesses.Its strategy is to acquire specialised, often early-stage, ocean technology assets at a low cost and develop them. The portfolio is anchored by wholly-owned Syncrolift, a global market leader in a small niche with an attractive financial profile and demand supported by sustained increases in defence spending.
Alongside Syncrolift are four additional part-owned subsidiaries: FiiZK, Intellilift, Globetech, and Techano Oceanlift. We believe Syncrolift alone is worth more than the entire current enterprise value of NOK 1.2bn, and a conservative sum-of-the-parts valuation including the remaining businesses
suggests more than 60% upside on the entire portfolio to the end of 2028.Syncrolift is the dominant global provider of shiplift and vessel transfer systems used to raise ships of up to 35,000 tons for maintenance and repair. Syncrolift has secured 60% market share of new-build contracts since 2012 and accounts for eighteen of the twenty largest installed systems globally. The market is niche, with approximately three USD 10-20m new- build contracts awarded annually. Given the small volumes and severe consequences of failure, shipyards are hesitant to consider unproven suppliers – limiting competition to Syncrolift (60% share), Pearlson (30% share), and a scattering of
small Chinese competitors (10% share). The largest Chinese competitor is a subsidiary of state-owned ZPMC, which is increasingly being excluded from Western markets due to unexplained embedded communication devices found in ZPMC cranes in the US in February 2024.The consolidated competitive landscape enables attractive long-term economics, though results are lumpy due to volatile project volumes. Between the cyclical peaks of 2015 and 2023, Syncrolift grew sales by 11% per year and averaged an operating margin of more than 20%. Syncrolift’s earnings quality should improve over time, as it increases the share of sales from servicing its global installed base of over 200 shiplifts, which now contributes nearly 40% of sales, although one-quarter of this comes from upgrade projects, which can still be somewhat unpredictable. The business operates an
asset-light model with variable production costs due to outsourcing, which, alongside the aftermarket business, supports profitability in weaker years. Revenue declined 35% in 2025 because no new-build contracts were awarded across the industry, yet Syncrolift managed to maintain an impressive 12% operating margin, compared to over 20% under normal conditions.Demand conditions are highly supportive. Defence accounts for roughly half of Syncrolift’s sales, and European defence budgets are expected to increase by around 80% by 2030. Syncrolift holds around 90% share in naval submarine lifts, positioning it strongly to capitalise on this demand. Commercial shipyard capacity also remains constrained, with an ageing global fleet and shipyard backlogs at their highest level in 15 years. Japan, the second-largest shipbuilder outside China, is targeting a doubling of shipbuilding capacity by 2035 in response. This backdrop has driven a record NOK 7.5bn
tender pipeline of unawarded contracts, compared to a NOK 522m backlog and NOK 315m revenue base before any new- build contracts. Securing NOK 400m of incremental project revenue – less than 6% of the pipeline – would increase operating profit after tax to approximately NOK 125m. Applying a multiple of fifteen times to this implies an enterprise value of NOK 1.9bn for Syncrolift alone, offering 50% upside to Nekkar’s current market capitalisation before assigning
value to the rest of the portfolio.Nekkar’s 39% stake in FiiZK provides longer-term, option-like exposure to closed-containment aquaculture. Its systems isolate fish from the marine environment, preventing sea lice and capturing waste. The company has installed roughly half of global closed-containment capacity, but penetration remains low at below 1% with open-net farming accounting for nearly the entirety of the market. Though adoption has been hampered by higher upfront costs despite lower operating costs, structural pressures are increasing. Salmon demand is growing at 5-7% annually, outpacing supply growth of 3%, while biological challenges and regulation are constraining open-net expansion. In Norway, the traffic light system has reduced biomass allowances by up to 30% in some regions, and Canada plans to phase out open-net farming in British Columbia by 2029. Norway’s Miljøfleksordning scheme, launched in October 2025, further supports adoption by allowing farmers to recover their biomass allowance when transitioning to closed systems
FiiZK generates NOK 166m in revenue and remains loss-making, though momentum is emerging following the introduction of Miljøfleksordning. As the leading player in a low-penetration market, the potential upside from broader adoption is significant. On top of its 39% stake, Nekkar holds an option to acquire the remaining equity in 2026 for approximately NOK 80m, which we expect to be exercised. We conservatively value the existing stake at its entry cost of NOK 50m, though see potential value multiples higher than this in the event of continued adoption.
Nekkar owns 51% and 67% of Intellilift and Globetech, respectively. Both of these businesses offer SaaS software: Intellilift for maritime drilling automation and Globetech for cybersecurity of large vessels. They offer smaller but stable, cash- generative contributions, together producing NOK 30m in operating profit after tax. We value the businesses at twelve times operating profit after tax, implying a value of NOK 220m for Nekkar’s stakes.
Techano Oceanlift is a wholly-owned business that develops advanced crane systems for offshore heavy lifting. The business was acquired for just NOK 3m but has absorbed NOK 70m in development costs, generating losses of NOK 50m in 2025. Initial projects using unproven technology were problematic, but the remaining backlog is based on proven designs and management has indicated that it will avoid further development risk and reduce the cost base if required – meaning we are confident that sustained cash burn is unlikely. In the first quarter of 2026 there were no new cost
overruns, and operating losses fell from NOK 13.4m to NOK 4.4m year over year. We conservatively value this business at zero.Nekkar maintains a strong financial position, with zero debt, NOK 100m in cash, and NOK 200m of undrawn credit. Capital allocation has been disciplined, including NOK 64m returned via buybacks in 2025 and acquisitions made at favourable prices, either for immaterial amounts or single-digit earnings multiples. Going forward, capital will be directed towards proven businesses with over NOK 100m in revenue and double-digit operating margins, while maintaining a keen focus on not overpaying. CEO Ole Hansen is an experienced acquirer, having led M&A at Aker Solutions Drilling Technologies, and is aligned with shareholders through his 0.5% ownership stake in the business. As such, we are confident he will continue to perform disciplined capital allocation. Failure to do so remains a key risk to our investment.
The remaining risk considerations are twofold. Firstly, Syncrolift’s contract timing is inherently lumpy, making any individual year hard to predict. However, the competitive positioning of the business is solid, and we are confident that when project volumes return, Syncrolift will be the one to capture them. Furthermore, volatility may be heightened by exposure to the Middle East (one-third of the pipeline), where geopolitical uncertainty could affect order intake, though this is partially mitigated by the fact that a portion of this relates to Middle Eastern defence demand. Although volatility
is inevitable, we believe the risk of permanent capital loss is very low. Secondly, execution risk remains for FiiZK and Techano Oceanlift, where adoption has not yet been proven at scale. This risk is mitigated by valuing these stakes conservatively at acquisition cost and zero, respectively.A sum-of-the-parts valuation, incorporating expected cash generation and subsidiary values, less central costs capitalized at 12x operating costs after tax and applying a 10% conglomerate discount, implies a 2028 equity value of NOK 2.1bn – 60% upside to the current share price. Additional upside could arise from stronger-than-expected pipeline conversion at Syncrolift, successful execution at Techano, or increased adoption of FiiZK’s technology.
En writeup på Nekkar fra Ennismore gjort i April
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