Reply To: AqualisBraemar LOC ASA

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Markus Enge


Great review of the purchase.

Having 67 offices with 140m Usd turnover, about 20m NOK in average income per office, is quite small. Guess that creates a good potential for growth. Do they say anything about growth in different countries?

Gets a bit of that shovel to goldrush feeling (sorry cliché) lots of consultants needed in renewables, especially because it is project based and often in different jurisdictions. In the solar companies I worked for, we used a lot of consultants because 90% of the work was on a project to project basis, and then DD’s on the seller and buyer market again in sales processes after its built.

The gain of bargain purchase often suggests that they can be a little aggressive on the accounting part, to post a gain when buying something between two independent parties always seems strange for me. But on the other hand, it provides greater depreciation going forward.

Rødland as chairman of the board and second largest shareholder seems promising, which means to remember Spetalen so that he went to Rødland if he wants all the arguments why something was a bad investment.

Kristian Falnes & Ulf Huse had some interesting comments regarding NWC on Twitter for Aqualis, currently, it’s quite high atm. Seems like it is trending the right way