Norrhydro visited Pirkanmaa shareholders to introduce themselves. About an hour-long session and good information.
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Good video! Iâll also highlight the slides from there separately regarding the commercialization of NorrDig, as it has been discussed. As someone following oil, the oil and gas industry seems like a lost cause, as oil prices are predicted to have a terrible run for the next couple of years.
The products seem excellent and competitive, but commercialization is progressing slower than an investor would like, and the cash reserves donât allow much room for additional sales investments 
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Thanks for the video on my behalf too, Iâll raise a couple of thoughts from the video.
Positives:
- Yrjö commented on his share sales. He wants to lighten his ownership, but intends to remain the largest owner. Iâm not concerned about his commitment to the company.
- âEggs are not in one basketâ: Six different categories were presented (see @Pohjolan_Ekaâs previous message), which lowers the risk regarding sales success.
Concerns:
- At the 30-minute mark, itâs mentioned that the goal is to establish a global sales network within a few years.
- Even though âeggs are not in one basketâ, quite a few categories are in testing or have had individual deliveries â> no guarantee of a breakthrough.
Considering the above points, itâs challenging to see rapid revenue growth from NorrDigi. Hopefully Iâm wrong 
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Quite a positive video. If one wants to consider the interests of the company and shareholders, children should certainly not be taken onto the board. The role of the board is absolutely crucial for the success of the company, and every board member should have something to contribute in that role. That board cannot be a training ground for shareholders or family members, or it can be, but it can be costly for shareholders. Instead of having a relative learning on Norrhydroâs board, there could now, for example, be an experienced international marketing professional bringing added value. For the future of the company, it sounds good that the composition of the board will be re-evaluated.
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Over a year ago, an agreement was made with the American company Aberdeen Dynamics for the exclusive right to represent NorrDigi MCC technology in the US oil and gas industry. On Aberdeenâs website, Norrdigi is prominently featured right at the top: https://www.aberdeendynamics.com/
How has this progressed, given that the last earnings report made no mention of the cooperation or revenue streams? If the product brings significant savings, one would think it would be sold even in a weaker economic climate.
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Isnât it quite clear in the materials above that oil and gas investments are practically frozen in the USA until prices rise?
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Finnish trade explanation: âUncertainty observed, trade not picking up.â Nonsense.
US oil production grew by about 18% between 2022 and 2025, reaching a historical peak in 2025. Itâs not as if investment moves here or there in the USâs 350 BILLION DOLLAR annual production would in any way affect, say, Norhydroâs chances.
Generally, thereâs a lack of risk-taking, own investment, and capital to go into global exports. If thereâs a working solution, sales will happen. If thereâs a need for it, sales will happen. If you create added value, sales will happen. If all of these are present, and youâre not getting sales, look in the mirror.
Generally, in Finland, itâs now repeated that âtrade isnât picking up.â Should we try pushing!
Forecast: EU 2025 GDP +1.4%, Sweden even +2.6%, Denmark +3.0%, Estonia +1.2%, Poland +3.7%,
Finland is waiting. Waiting and saving itself to death. Finlandâs track record is terrible: 18 years of zero growth, with the exception of two years. And yesterday, the Ministry of Finance and Ministry of Economic Affairs and Employment officials interviewed on A-studio certainly did not possess the ability to see how and when the turnaround would happen.
Letâs just wait. Next year is also a year.
EDIT: The US oil production record was just set in September 2025.
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Actual oil production is at its peak, but investments in drilling equipment do not need to be made, as there is sufficient capacity available on that side, and service sector companies do not foresee a new boom or abundant cash flow, because the current oil price does not encourage a large number of additional drillings. Service-side companies are rather going bankrupt globally, including in the United States.
An easier comparison for Finns to understand would be, for example, the sale of a new innovative paper machine solution to Finland over the last 10 years. Not even a good solution helps if new investments are not necessary.
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Well, if/when thatâs the case, itâs even harder to understand why one would even bother wasting resources on conquering America.
Indeed, that particular partner is exceptionally aggressive in an American style when promoting Norrhydroâs solution, so in this case, a large market was opened with quite moderate investments. Norrhydro does not have oil and gas industry professionals, so itâs probably not worth taking any overly strong market views there when such a good opportunity presented itself.
Just in time, a new comprehensive report 
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Iikka and Pauli chatted about Norrhydro, inspired by a comprehensive report. 
Topics:
00:00 Start
00:14 Events after listing
01:46 Commercial development has been slow
04:31 Norrdigi EMA
06:13 Distribution agreement to the United States
07:30 Q3 was good
09:58 Recommendation is âaddâ, but risk is high
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-5.2% close, a huge slide in percentages but a penny game. The rest of the stock market, however, ended in positive. Was this possibly a market result from the analysis you made, or did something go unnoticed yesterday or some other explaining event? All-time bottom 
.
I donât know for sure, but in previous trading spikes, Trög sold (and the stock price plummeted). And yesterday was the most traded day ever, if the IPO is not taken into account.
Could you clarify what this âgood opportunityâ is? Aberdeen Dynamics is a relatively small outfit that serves 10+ different industrial sectors, with oil and gas being just one of them.
Iâve mentioned this before, but it seems that the potential of these new technologies is quite heavily overestimated (even on this forum). Forum participants remember to praise the energy efficiency of the solutions, the growth potential of productivity, etc. (information, of course, comes from the company) without knowing more precisely how significant these factors are when the end customer makes their investment decision.
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The high P/E doesnât concern me as much due to weak earnings, but the somewhat high P/B does. Norrhydroâs P/B ratio is 1.6. This feels a bit high, as in my opinion, one shouldnât pay over one for this due to the lack of demonstrated performance and also the high risk. A better âmargin of safetyâ would be obtained by buying below book value, e.g., P/B 0.8, which would be a 50% lower price from about âŹ1.2 â âŹ0.6.
It wouldnât be surprising if we get a stock exchange release in the coming days stating that Yrjö Trög has sold more shares, and this was the reason for the decline.
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Inderesâ mandate is probably not to disagree with this technology communication. However, the same statements about technology have been repeated for a long time. I follow Inderes a lot on YouTube, and they have good monetary market stories about different companies. With Norhydro, the emphasis is on technology, not the money that comes from the core business. Thereâs probably nothing special to report there then. Of course, Inderes has now spiced it up with descriptions like âdelaysâ and now âhigh risk,â which didnât warm my heart .
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Peculiar binary thinking regarding that MCC. New technology is not necessarily sold in such a way that âyay this is goodâ and then billions of orders come in, or âthis is crapâ and no one orders. Norrhydro is a small company and the penetration of new technology into the market will continue to be slow, if it happens at all. If the device is good, it will gradually enter the market as awareness grows; if not, then very little of it will go there, and at a decelerating pace as awareness grows
And that Aberdeen Dynamics is hard not to see as a good opportunity: a free entry into the US market. Why wouldnât it be a good opportunity even if it is a small company and serves, say, 100+ industrial sectors? If a euro coin is found on the ground, itâs a good opportunity to put it in your pocket, even if itâs not a gold bar.
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Free entry? Sounds worse than if there had been investment and effort.
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Itâs hard to say precisely, of course, but I somehow donât believe that anything more than, say, contract lawyer fees and flight tickets has necessarily been invested at this point. Itâs also an advantage for Aberdeen to expand its offering, so itâs a win-win. For this reason, I believe itâs a free lunch for Norrhydro. And if similar ones were to appear all over the world, then surely it would generate at least some revenue if the product has any appeal? It would be difficult to see it as negative. I would see it more negatively if investments and efforts were made towards moving to the USA. That money is easily thrown away if nothing happens in the market.
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Our bull case is primarily based on the upward development of the traditional cylinder business. This would likely enable the company to reduce its debt in the coming years (debt has been at a relatively high level for the past 3 years) and would reduce earnings-based valuation multiples (EV/EBIT) quite quickly. Key drivers for earnings development include, among others, economic development and demand from key customers. In the big picture, it is also observed that the new factory enables stronger profitability than historically and helps gain market share (for which there is also historical evidence).
NorrDigi is rather seen as an uncertain option, to which significant value is not yet ready to be assigned until stronger evidence of commercialization is obtained. There is certainly demand in the market for the features of MCC and EMA, but as an outsider, it is difficult to assess how well the technologies actually work in customersâ work machines.
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Yrjöâs sales are strong relative to turnover:
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