Regarding Pareto’s coverage, here is a link to the Finansavisen article below. It’s behind a paywall, but ChatGPT seemed to be able to access it to summarize the article
AI summary highlights:
Nekkar – why does the analyst see significant upside?
- Pareto Securities initiated coverage on Nekkar with a Buy rating and set a target price of NOK 22, compared to the share price of around NOK 14.75 at the time of publication → approximately 50% upside.
- A key growth driver is Syncrolift, which manufactures shiplifts and transfer systems for shipyards. It accounted for 43% of Nekkar’s revenue in 2025.
- Increased defense spending is a particularly crucial catalyst. As naval fleets expand, more capacity is needed for naval vessel maintenance. Syncrolift’s systems allow multiple vessels to be serviced side-by-side more efficiently than in traditional dry docks.
- Syncrolift already holds an exceptionally strong market position: it has secured around 60% of shiplift contracts awarded since 2012 and has delivered 18 of the world’s 20 largest installations.
- The opportunity pipeline has surged: the value of potential Syncrolift projects has risen from NOK 3.2 billion (Q4/2022) to NOK 8.7 billion (Q2/2026). Pareto estimates that about two-thirds of these contracts will materialize by the end of 2027.
What caught my attention and what I had personally missed earlier was Syncrolift’s pipeline. It was indeed mentioned in Redeye’s analysis when I went through it, but I hadn’t looked into it in detail.
The newbuild tender pipeline stands at approximately NOK 8.7 billion, of which around NOK 5.7 billion is expected to be awarded during 2026 and 2027. While specific award dates continue to be hard to predict, the large number of defence-related contracts on the prospect list remains promising
Source for the quote above, Nekkar’s own materials: