Short - no substance
Land based windmills have all but been banned in Norway, This company has based its existence on building land based. While they have started to think about idea of going offshore - they are miles behind the competition. As to their hydro production and wind combined they manage to lose money at the peak of electricity prices during the Norwegian/European power-crises this year. If you cannot make money at record high sales price and still have a massive investment program required to go "online" offshore - there is little hope for the baseline going forward. As to their runway - 99% guaranteed to be in water-down effect (pun intended) as to ownership of shares and coming capital requirement. If the big boys can't do it - why buy a small under-capitalized company with an even lessor management team onboard. Short target 13 NOK.
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