5Mês·

And another exotic from Scandinavia!

In the process $MGN (-0,48%) has become the object of my desire.

26.03

MGN

Magnora

Comprado em € 2,18

20 Comentários

Keineui@Keineui

5Mês

Wow, it looks good. I like it, similar to $IREN but with a clear focus on Europe (and South Africa). I think their entry into the DC space has been successful, the timing could be worse. BESS is also a huge market in Germany. And the pipeline looks good. What was certainly the deciding factor for you, of course, are the dividends ;)

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Raketentoni@Raketentoni

5Mês

I've had it in my depot in Germany since last year. Super pick. 👍

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Chris@Multibagger

5Mês

@Raketentoni oh god, if this stock fits your selection criteria and Mr. Prompt's, I'll have to part with it again😂😂😂😂
All joking aside. Do you still have the analysis that Mr. Prompt did?

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Raketentoni@Raketentoni

5Mês

@Multibagger ☀️ [Analysis] Magnora ASA (Oslo: MGN) - The Nordic land developer for AI and energy
1. what the company does
Magnora is not a traditional electricity producer that invests billions in the construction of wind farms. They are a pure, "asset-light" project developer. They secure land, obtain permits, plan solar, wind or huge battery storage systems (BESS) and then sell the ready-to-build project to large utilities at a high profit.
The absolute highlight at the moment: they have made a massive change in strategy and are now primarily developing areas for AI data centers in Scandinavia (210 MW already secured in Norway and Finland), as the margins here are even higher than for classic wind energy!
2. the bare key figures & facts
Current share price: ~ NOK 23.30 (approx. DKK 14.90)
Market capitalization: ~ 1.5 billion NOK
Debt: NOK 0.00 (zero debt!)
Cash reserves: ~ NOK 316 million (incl. credit lines)
Dividend yield: Currently around 1.5 % to 2.0 %. (Important: They have paid out massive special dividends and spin-offs to shareholders in recent years).
3. the "Mr. Prompt" formula check (⚠️ Attention: special case!)
If I stubbornly run Magnora through our standard formulas, the system almost blows a fuse. Why? Magnora completely spun off its lucrative legacy business (oil and gas licenses, "Hermana") in 2025. As a result, the balance sheet profit has fallen from NOK 269m to NOK 12m and the P/E ratio looks absurd at around 80. In addition, the revenues of project developers are extremely "lumpy" (there is only money when a milestone is reached or a project is sold).
We therefore have to adjust the filter to what really counts for a developer:
Growth (The Pipeline): The project pipeline is the actual inventory. This has exploded by a gigantic 60% to 10.4 gigawatts in 2025!
Quality & balance sheet: They operate extremely profitably (historical return on equity of over 20% since 2020), have zero debt and an extremely low burn rate.
Exclusion rule: Revenue fluctuates naturally, but the story is underpinned by real, hard cash payments from sales (such as the recent huge Red Sands battery project in South Africa). Filter passed.
4. future prospects & competition
The prospects are excellent. The market is crying out for green energy and especially for data center sites in cool Scandinavia. Since Magnora sells the finished projects before the expensive (and often low-margin) construction phase begins, they do not have to struggle with the gigantic interest and construction cost problems that currently plague traditional operators (such as Ørsted or Scatec).
5. chart analysis of the last few months (mandatory check!)
The chart shows a very healthy picture. No sign of a falling knife. The share came back from a high of just over NOK 26 in the summer of 2025 and has been running in a very stable sideways and consolidation channel for months. The price is currently hovering exactly in the middle of this channel at NOK 23.30.
6. special entry zones (the "Bargain Hunter's List")
As the share is moving in a sideways channel, this is a great place to act as a bargain hunter:
Zone 1 (minor support): ~ NOK 22.60. The lower end of the short-term trading range of recent weeks.
Zone 2 (The absolute bottom): ~ NOK 21.50. This is a massive, medium-term support line. If the price falls here, the risk/reward ratio for an entry is absolutely outstanding.
7. detailed report: sustainability & alternatives
Sustainability: Extremely high. The "asset-light" model protects against interest rate risks. If they sell even a fraction of their 10.4 GW pipeline in the next few years, it will put a massive amount of cash in the coffers. The pivot to data centers is also an absolute stroke of genius.
Potential alternatives: If the wildly fluctuating (lumpy) revenues of a pure project developer are too wild for you, an established operator like Cloudberry Clean Energy (also Scandinavia) would be worth a look as an alternative, delivering more steady but lower-margin electricity sales revenues.
My conclusion for your dumbbell:
Magnora is a brilliant choice for the speculative side! You get a bet on the renewables and AI boom, but are extremely well protected on the downside thanks to its debt-free nature and asset-light model.

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Chris@Multibagger

5Mês

@Raketentoni Thank you, then I've got the right value after all 😉.

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Raketentoni@Raketentoni

5Mês

@Multibagger You have, I have 2000 shares in my portfolio. Before you buy something like that, ask me, you know I live up here and sometimes there's something in the newspaper or you hear something on the news. Scandinavia is my playground 😆

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TD@Routine123

5Mês

Do you have any insights how projects rollouts are going on for ast 6 months. My impression is that scandinavians stick together when they can to obtain sinergies but also lot of scandinavian companies that are part of such supply chain are having problems with materials, productions and constant delays from Q3 25 while margins are droping. I like scandinavian tech stocks, but subjectivly it seems to me like momentum is fading.

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Keineui@Keineui

5Mês

In Germany, the margin for project developers is 15-20% of the completion value for data centers

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Chris@Multibagger

5Mês

@Raketentoni If I had bought 2000 shares, I would have asked you, but for 1% of the portfolio volume as the first tranche, it wasn't so important to me.

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Raketentoni@Raketentoni

5Mês

@Multibagger oh well, you're old enough 😬😬😬😬 good business in any case

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Darkwingduck@Darkwingduck

5Mês

I have packed 200 pieces and let's see

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Keineui@Keineui

1Mês

@Raketentoni It's back under €2 right now, for anyone who still has it on their watch

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Ver todas as 2 restantes respostas

Wiktor_06@Wiktor_06

3Mês

Hey Chris, it's me for a change.
Could you possibly tell me your investment thesis?
And is this a short term trade or are you planning to stay in for the long term?

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Chris@Multibagger

3Mês

@Wiktor_06 I've been planning to keep them for a while now. I believe that we have the opportunity to hold a European $IREN here. And let's not kid ourselves. If the Europeans want to become more independent from the USA, they need data centers, and plenty of them.

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Wiktor_06@Wiktor_06

3Mês

@Multibagger What do you mean by "for a long time"?

Do you have an exit plan? And do you really believe that the Europeans want to become more independent?
With Trump as a negotiating partner, it's not all that easy 😂

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Chris@Multibagger

3Mês

@Wiktor_06 Yes, I believe that. The more independent, the better. And the Scandinavians are even more rigorous than us subservient Germans, for example.

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Wiktor_06@Wiktor_06

3Mês

@Multibagger You're right.

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Chris@Multibagger

3Mês

@Wiktor_06 You asked about my exit plan. No, I don't have one. It falls within my general stock market rule. 5% increase in value on average per month. In the first 6 weeks, it made 28% and is therefore in the range worth holding.

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