We see the stub trading at NOK 26/sh which is close to the all-time-high (NOK 29/sh May 2025). The stub value has gradually picked up over the past five years, trading at negative NOK 15/sh at its low point in 2021. While we too argue that the real break-up-value of the stub is higher (we estimate NOK 38/sh) then there is an obvious holding discount in the case. Although we see a long-term bull case in owning the three biggest assets Pelagia, Austral and FoodCorp, we question whether now is the ....
