纵横研报
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#Norway

02Reports
·国防科技 ·内部研究

Kongsberg Gruppen: A Genuine Defense Franchise Priced for a Decade of Perfect Execution

Kongsberg Gruppen is Norway's post-spin defense and ocean-space technology group, having demerged Kongsberg Maritime in April 2026 to focus on air-defense and missile systems alongside a smaller Discovery segment. The core tension is between a genuinely strong business, a record NOK 152.0 billion backlog with disciplined framework-agreement accounting, and a stock priced at roughly 9.1x trailing sales and about 70x trailing earnings that already assumes years of near-flawless execution toward management's bold 2029/2033 revenue targets. Rating Watch: a real defense franchise, but today's NOK 328.1 price leaves little margin of safety, with expected annualized returns ranging from about -17% to +6% across scenarios.

KOG.OL Kongsberg Gruppen ASA #Defense Technology#European Rearmament#Air Defense and Missiles#Post-Spin Valuation#Backlog Conversion#Norway
Watch
·水产养殖 ·内部研究

Mowi ASA: A License-Constrained Salmon Platform at a Fair, Not Forgiving, Price

Mowi is the world's largest and most geographically diversified Atlantic salmon farmer, controlling the full chain from feed and genetics through farming, processing and branded sales across more than 70 countries. Q1 2026 revenue hit a record EUR 1.544 billion even as operational EBIT per kg fell to EUR 1.62 from EUR 1.98 a year earlier, and the June 2026 sale of the loss-making Canada East unit to Cooke for CAD 225 million signals a pivot from chasing tonnes toward cleaner regional returns. Rating Hold: scale and integration are real advantages, but at roughly 16.8x underlying EPS the stock offers too little margin of safety against biology, Norwegian tax risk and weak-region drag.

MOWI.OL Mowi ASA #Aquaculture#Atlantic Salmon#Norway#Vertical Integration#Dividend#Commodity Cyclical
Hold