Research report prepared by DNB Carnegie, a division of DNB Bank ASA
Aksjemarkedet i dag
MULIG TOLLREVERSERING, HØYERE
OLJEPRIS & EU KPI – SNTIA & ALIV
Etter en negativ start ristet det amerikanske aksjemarkedet i går av seg både nye
tollbekymringer og en svakere ISM indeks enn ventet. En av toll potensielt skjermet stål-
og aluminiumsektor ledet sammen med teknologi- og energisektorene an i en jevn
stigning gjennom dagen. Dow lå ved stengetid tilbake like over utgangspunktet,
mens S&P500 på samme tidspunkt var opp 0.4% og Nasdaq avsluttet opp 0.7%. VIX-
indeksen var ned med 1.1% til 18.4 punkter, mens volumet aksjer omsatt på de tre
hovedindeksene falt tilbake på 62-85% av gjennomsnittet for de siste tre måneder. I Asia
handles futures på S&P500 i øyeblikket ned igjen med 0.4%, mens renten på US tiåringen
ligger på 4.44%. Det betyr at renten er opp 1 basispunkt i forhold til ved stengetid i det
norske markedet på onsdag.
Før vi i ettermiddag går løs på ukens runde med månedlige amerikanske
arbeidsmarkedstall får vi blant annet fra EU i formiddag de første KPI-tallene for mai.
Kjerneprisindeksen for forrige måned er ventet å komme inn på 2.4% år/år og dermed
legge til rette for ytterligere et nytt kutt ved ESBs rentemøte på torsdag. Fra Kina har vi
i dag fått en innkjøpssjefsindeks som var svakere enn ventet, men forventninger til nye
samtaler med USA om blant annet toll gjør at de viktigste indeksene i morgentimene
likevel stiger med inntil 1.4%. I Japan har Nikkei-indeksen så langt i dag steget med mer
moderate 0.3% i påvente av både tollnyheter og nye rentesignaler.
Utfordringen for oljemarkedet er at effekter både av en tilbudsøkning fra OPEC og av
en mer usikker global etterspørselsutvikling som følge av høyere handelsbarrierer kan
ligge noen uker og måneder frem i tid, mens risikoen i mellomtiden er at virkninger av
eventuelt strammere sanksjoner mot Russland og Iran kan komme tilnærmet
umiddelbart. I tillegg bidrar også en svekkelse av USD-kursen til å støtte prisene i det
helt korte bildet. Brent har det siste halve døgnet trukket opp med USD 0.31 pr fat til
USD 64.84 pr fat. WTI-prisen har siden stengetid i går kommet opp med USD 0.27 pr fat
og handles før åpning på USD 62.36 pr fat.
Sentia planlegger en notering på Oslo Børs og det gjennomføres i den forbindelse et
nedsalg av aksjer. Tegningsperioden for kjøp av aksjer starter i dag og løper frem til 11.
juni kl 12.00. Informasjon om tildeling av aksjer er ventet å være tilgjengelig den 12. juni.
DNB Carnegie bistår selskapet med gjennomføringen av denne transaksjonen og mer
informasjon om selskapet og nedsalget finner du her.
Utvikling og utsikter for bilbransjen er relevant ved vurdering av flere av aksjene notert
på de nordiske markedene. En av aktørene som tidlig kan plukke opp signaler om hvordan
produsentene reagerer på blant annet økt usikkerhet knyttet til toll og endringer av
transportkorridorene er Autoliv. Selskapet er den globalt ledende leverandøren av
airbags, setebelter og rattløsninger til bilindustrien. I midten av april presenterte
selskapet en bedre Q1-rapport enn ventet og gjentok mer uventet også guidingen for
hele året. I morgen avholder selskapet kapitalmarkedsdag og et tema her blir hvorvidt en
guidet topplinjevekst for 2025 på 2%, samt en guidet EBIT-margin på 10-10.5%, fortsatt
opprettholdes. Vi har i våre estimater lagt inn en vekst på 0.7% og en margin på 9.9%.
Lavere vekstforventninger har sin bakgrunn i en ventet reduksjon i global bilproduksjon
på 1.7% for 2025. Vi venter videre at interessen i morgen vil være rettet mot hva
selskapet sier om hvordan handelsforhandlingene påvirker markedet og i hvilken grad de
fortsatt mener at mulige tolløkninger fullt ut kan kompenseres i prisene. Selskapet har
tidligere kommunisert en målsetting om å få marginen i første omgang opp på 12% og
på lang sikt opp på 13%. Konsensus for 2026 ligger i likhet med oss tett på 11% og
vi
forventninger om en eventuell raskere opptrapping vil kunne gi en positiv reaksjon i
aksjen. Kursen stengte i går på SEK 963.50 pr aksje. Vi har en kjøpsanbefaling på
Autoliv med et kursmål på SEK 1050 pr aksje.
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DNB Carnegie | 3 juni 2025
US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO
Index rebased US
101.0 6
100.5 6
6
100.0 6
6
99.5 6
99.0 5
5
98.5 5
5
98.0 6 7 8 9 0 1 2 5
1 1 1 1 2 2 2 5 6 7 8 9 0 1 2
1 1 1 1 1 2 2 2
Dow S&P500 Nasdaq WTI Oil Price
INTERNASJONALE BØRSER RENTER VALUTA / R
VARER
Siste Endr. % Siste I går Endr. Siste I går Endr. %
Dow Jones 42,305 35 0.08 USA 10år 4.442 4.40 0.04 EUR/USD 1.142 1.144 -0.17
S&P 500 5,936 24 0.41 Tyskl. 10år 2.524 2.51 0.02 USD/JPY 143.1 142.7 -0.25
NASDAQ 19,243 129 0.67 Norge 10år 4.062 4.07 -0.01 USD/NOK 10.099 10.075 -0.24
Nikkei 225 37,547 76 0.20 USA 3m 4.854 4.87 -0.01 EUR/NOK 11.534 11.528 -0.05
Euro 500 6,439 -9 -0.14 Euro 3m 1.979 2.00 -0.02 Siste Endr. Endr. %
Danmark-KFX 1,835 44 2.48 Norge 3m 4.640 4.64 0.00 CRB indeks 2 95 4.17 1.43
Finland-HEX 10,471 8 0.08 Brent sp. ($/bbl) 6 6.8 2.87 4.49
Norge-OSEBX 1,570 8 0.51 Brent 1m ($/bbl) 6 5.0 1.06 1.66
Sverige-SAX 944 -5 -0.49 Alum. 3m ($/ton)2 ,466.0 15.50 0.63
US Nat.gass 3 .0 0.03 1.01
NORDISKE AKSJER I USA – SLUTTKURS NORDEN VS SLUTTKURS USA
Sluttkurs USA Endr.1 dag Volum USA Sluttkurs USA, Sluttkurs Forskjell sluttkurs
Danmark (USD) (USD) hjemlig valuta hjemme USA/hjemlig
Novo Nordisk B 72.83 3.37 16,807,899 475.73 475.00 0.73
GN Group 43.14 -0.89 25 93.93 93.88 0.05
AP Møller Maersk 9.25 0.28 97,683 12,084.20 12,045.00 39.20
Finland
Nokia 5.31 -0.04 13,350,349 4.65 4.62 0.03
Metso 5.96 -0.05 5,069 10.44 10.62 -0.18
UPM Kymmene 27.46 -0.29 120,882 24.04 23.88 0.16
Norge
BW LPG 10.44 -0.02 423,899 105.43 103.80 1.63
Frontline 18.12 0.60 2,019,737 182.99 183.30 -0.31
Norsk Hydro 5.62 0.11 127,385 56.71 55.70 1.01
Yara 18.45 0.34 18,206 372.57 371.70 0.87
Cool Company 6.46 0.38 289,510 65.24 66.00 -0.76
Golden Ocean 7.77 0.07 2,304,831 78.47 78.35 0.12
Himalaya Shipping 6.08 0.10 110,855 61.40 60.30 1.10
Hafnia 5.13 0.07 1,475,966 51.81 51.52 0.29
Okeanis Eco Tankers 23.27 -0.06 142,333 235.00 230.50 4.50
Flex LNG 24.37 0.47 293,700 246.11 245.00 1.11
Equinor 24.32 0.83 4,223,935 245.61 244.60 1.01
Subsea 7 17.39 0.37 5,123 175.62 174.90 0.72
Telenor 15.59 0.20 10,587 157.44 156.50 0.94
Tomra 15.04 0.04 609 151.89 150.00 1.89
Questerre 0.24 -0.02 67,707 1.76 1.83 -0.06
Orkla 11.51 0.06 49,182 116.24 114.80 1.44
Sverige
AstraZeneca 71.93 -0.90 6,389,992 1373.29 1369 4.29
Electrolux 12.52 -0.54 3,593 59.74 59.22 0.52
Ericsson (B) 8.55 0.09 27,849,279 81.62 82.02 -0.40
Hennes & Mauritz 2.84 0.01 110,387 135.55 137.2 -1.65
Atlas Copco 16.09 -0.04 565,211 153.60 152 1.60
SKF B 22.15 -0.35 5,486 211.40 209.3 2.10
Telia 7.77 0.07 71,290 37.09 37.15 -0.06
Assa Abloy 15.74 -0.08 710,624 300.51 298.7 1.81
Sandvik 21.98 -0.02 27,588 209.82 207.7 2.12
2
DNB Carnegie | 3 juni 2025
US S&P500 – AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)*
Siste år Siden 1995
250 3000
200 2500
2000
150
1500
100
1000
50 500
0 0
S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks
* Verdiindeks = S&P 500 Value Total Return Index
* Vekstindeks = S&P 500 Growth Total Return Index
* GARP indeks = S&P 500 GARP Index (Growth At a Reasonable Price)
Kilde:Bloomberg / DNB Carnegie
US indekser I går Endr. %1D %1W %1M %3M %YTD %12M Est. P/E
Dow Jones Industrial 42,305 35.4 0.08 1.69 2.39 -2.05 -0.56 9.68 21.09
S&P 500 5,936 24.3 0.41 2.29 4.38 1.47 0.92 12.35 22.87
Nasdaq Composite 19,243 128.8 0.67 2.70 7.04 4.86 -0.35 14.34 29.44
Russel 2000 2,070 3.9 0.19 1.49 2.45 -1.53 -7.17 0.51 28.90
Amex naturgass (XNG) 687 10.2 1.51 1.65 1.89 2.42 6.81 14.72 14.05
Amex Oil Service 56 0.7 1.31 1.19 -1.66 -13.35 -22.65 -31.47 na
Philadelphia oljeproduksjon (XOI) 1,711 18.6 1.10 0.96 2.82 -3.90 -3.00 -15.76 na
Amex farmasi (DRG) 923 5.0 0.55 2.88 -3.46 -11.67 -1.24 -10.85 14.61
Nasdaq biotech 4,145 66.2 1.62 1.48 -2.84 -6.36 -3.84 -7.21 na
Philadelphia halvleder (SOX) 4,833 74.7 1.57 2.77 9.91 5.63 -2.95 -6.21 24.99
S&P 500 Paper & Forest (PAFO) 372 -3.1 -0.82 -3.45 -1.97 -13.05 -19.56 2.39 15.69
Kilde: Bloomberg, DNB Carnegie
Råvarer og shipping Siste I går Endr. %1D %1W %1M %3M %YTD %12M 52W H 52W L
CRB indeks 294.9 294.9 4.50 1.55 - 1 1.6 -1.8 -0.6 2.0 316.6 265.5
GS råvare indeks 3,636 3,636 68.48 1.92 1 3 -2 -1 1 3,918 3,307
Olje
Brent Spot 66.78 66.78 2.87 4.49 2.01 8.75 -9.05 -9.88 -16.66 89.11 61.07
Brent olje 1m 64.96 64.63 0.33 0.51 1.36 5.99 -9.30 -12.97 -17.10 87.95 58.40
Brent olje 3m 63.66 63.32 0.34 0.54 1.00 4.88 -10.03 -13.83 -18.33 86.24 57.78
WTI olje 1m 62.96 62.52 0.44 0.70 3.40 8.01 -7.91 -12.21 -15.17 84.52 55.12
Flybensin 656.75 0.00 10.50 1.62 -1.43 3.10 -8.43 -8.53 -16.04
Naturgass US Henry Hub 3.00 3.00 0.19 6.76 2.74 -3.23 -23.27 -11.76 71.92
Fyringsolje 2 05.7 204.5 1.29 0.63 -1.06 3.2 -9.0 -11.3 -10.4 2 66.0 1 93.4
Metaller
Aluminium 3m 2,466 2,466 22 0.90 0.10 1.4 -5.4 -3.4 -7.0 2,736 2,210
Nikkel 15,537 15,537 300 1.97 -0.37 0.4 0.7 1.4 -21.2 19,950 13,865
Kobber 9,617 9,617 119 1.25 0.07 2.7 2.8 9.7 -4.2 10,238 8,105
Gull 3,367 3,382 -15 -0.43 2.00 3.9 16.4 28.3 43.2 3,500 2,287
Shipping
WS AG - Japan, 250 dwt 55 55 0 0.00 -15.38 -21 -4 38 0 75 38
WS AG - USG, 250 dwt 28 28 0 0.00 -8.33 -31 -15 0 -31 45 28
Baltic dry index 1,422 1,422 4.0 0.28 6.12 0 11 43 -21 2,179 715
Kilde: Bloomberg, DNB Carnegie
Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L
Norge - Nibor 1m 4.570 4.570 0.010 0.01 0.06 0.06 -0.04 -0.07 4.67 4.43
Norge - Nibor 3m 4.640 4.640 0.000 0.00 0.06 0.17 -0.04 -0.07 4.78 4.45
USA - Libor 3m 4.854 4.855 -0.001 -0.08 -0.42 -0.73 -0.74 -0.80 na na
Euro - Euribor 3m 1.979 1.979 -0.016 -0.06 -0.16 -0.49 -0.74 -1.81 3.78 0.00
Norge 10 år stat 4.062 4.062 0.057 -0.07 0.16 0.25 0.18 0.30 4.23 3.17
USA 10 år stat 4.442 4.440 0.002 -0.00 0.13 0.29 -0.13 0.05 4.81 3.60
Euro 10 år stat 2.524 2.524 0.024 -0.04 -0.01 0.12 0.16 -0.14 2.94 2.01
Tyskland 10 år stat 2.524 2.524 0.024 -0.04 -0.01 0.12 0.16 -0.14 2.94 2.01
Japan 10 år stat 1.521 1.513 0.008 0.05 0.26 0.11 0.42 0.45 1.60 0.74
UK 10 år stat 4.667 4.667 0.020 -0.01 0.16 0.19 0.10 0.35 4.92 3.73
Valuta
EUR/USD 1.142 1.144 -0.002 0.009 0.011 0.093 0.107 0.052 1.157 1.018
USD/JPY 143.1 142.7 0.360 -1.3 -0.6 -6.4 -14.1 -13.0 162.0 139.6
GBP/USD 1.352 1.354 -0.003 0.001 0.022 0.082 0.100 0.071 1.359 1.210
USD/NOK 10.099 10.075 0.024 -0.059 -0.287 -1.088 -1.288 -0.358 11.531 10.052
EUR/NOK 11.534 11.528 0.005 0.024 -0.223 -0.206 -0.252 0.137 12.222 11.254
GBP/NOK 13.653 13.647 0.006 -0.072 -0.165 -0.562 -0.590 0.267 14.371 13.317
Kilde: Bloomberg, DNB Carnegie
3
DNB Carnegie | 3 juni 2025
US Selskaper - vinnere/tapere
DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring
Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år
Boeing Co/The 211.47 2.0 % 14.0 % 14.6 % Zscaler Inc 293.18 6.3 % 27.2 % 73.5 % Steel Dynamics Inc 135.71 10.3 % 0.6 % 2.3 %
International Business Machine 263.90 1.9 % 7.5 % 59.7 % Micron Technology Inc 98.18 3.9 % 21.6 % -23.4 % Nucor Corp 120.40 10.1 % -2.1 % -27.8 %
NVIDIA Corp 137.38 1.7 % 20.0 % 19.5 % Meta Platforms Inc 670.90 3.6 % 12.4 % 40.5 % Newmont Corp 55.58 5.4 % 7.9 % 32.7 %
NIKE Inc 61.57 1.6 % 5.1 % -34.8 % Advanced Micro Devices Inc114.63 3.5 % 16.0 % -29.9 % Freeport-McMoRan Inc 40.15 4.3 % 6.8 % -22.8 %
Cisco Systems Inc 63.85 1.3 % 7.6 % 36.9 % Microchip Technology Inc 60.00 3.4 % 25.2 % -37.3 % Vistra Corp 167.47 4.3 % 20.2 % 79.6 %
Walmart Inc 99.77 1.1 % 1.0 % 51.6 % Broadcom Inc 248.71 2.7 % 22.1 % 88.1 % Micron Technology Inc 98.18 3.9 % 21.6 % -23.4 %
UnitedHealth Group Inc 304.72 0.9 % -23.8 % -38.7 % Constellation Energy Corp 313.43 2.4 % 26.8 % 50.5 % Arista Networks Inc 89.78 3.6 % -1.4 % 21.2 %
Chevron Corp 137.84 0.8 % -0.5 % -12.5 % Diamondback Energy Inc 137.59 2.3 % 0.6 % -27.9 % Meta Platforms Inc 670.90 3.6 % 12.4 % 40.5 %
Amazon.com Inc 206.65 0.8 % 8.8 % 15.9 % Diamondback Energy Inc 137.59 2.3 % 0.6 % -27.9 % Advanced Micro Devices1 I1n4c.63 3.5 % 16.0 % -29.9 %
American Express Co 295.33 0.4 % 6.7 % 24.7 % Lam Research Corp 82.48 2.1 % 10.7 % -11.8 % Microchip Technology Inc60.00 3.4 % 25.2 % -37.3 %
Apple Inc 201.70 0.4 % -1.8 % 4.0 % Lululemon Athletica Inc 322.95 2.0 % 16.4 % 5.3 % Coterra Energy Inc 25.08 3.2 % -2.3 % -9.6 %
Microsoft Corp 461.97 0.3 % 6.1 % 11.7 % Cadence Design Systems In2c92.53 1.9 % -5.1 % 2.2 % Best Buy Co Inc 68.27 3.0 % 0.3 % -21.5 %
Verizon Communications Inc 44.10 0.3 % 0.8 % 7.6 % eBay Inc 74.53 1.9 % 8.6 % 39.0 % Devon Energy Corp 31.14 2.9 % -1.0 % -33.9 %
JPMorgan Chase & Co 264.66 0.3 % 4.8 % 31.1 % Moderna Inc 27.05 1.8 % -2.0 % -81.7 % Targa Resources Corp 162.35 2.8 % 0.3 % 39.3 %
Travelers Cos Inc/The 276.34 0.2 % 3.3 % 31.4 %
Johnson & Johnson 155.40 0.1 % -0.5 % 5.2 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år
Amgen Inc 288.47 0.1 % 2.6 % -6.2 % Adobe Inc 403.40 -2.8 % 5.9 % -8.1 % First Solar Inc 149.65 -5.3 % 14.6 % -45.1 %
Visa Inc 365.32 0.0 % 5.1 % 35.1 % PACCAR Inc 91.77 -2.2 % 2.1 % -10.5 % Bath & Body Works Inc 26.73 -4.9 % -14.3 % -48.4 %
Walt Disney Co/The 112.95 -0.1 % 22.1 % 9.9 % Sirius XM Holdings Inc 21.26 -1.9 % 3.9 % -23.2 % Leidos Holdings Inc 141.65 -4.6 % -4.8 % -2.7 %
Home Depot Inc/The 367.96 -0.1 % 0.9 % 12.2 % Alphabet Inc 169.03 -1.6 % 3.0 % -2.4 % Interpublic Group of Cos I2n2c./8T7 -4.5 % -9.9 % -26.2 %
Coca-Cola Co/The 72.00 -0.1 % 0.5 % 14.4 % Alphabet Inc 170.37 -1.4 % 2.8 % -2.3 % SolarEdge Technologies 1In7c.10 -4.3 % 30.5 % -64.4 %
Goldman Sachs Group Inc/The 598.72 -0.3 % 5.8 % 31.6 % Illumina Inc 81.09 -1.4 % 4.1 % -19.3 % Omnicom Group Inc 70.49 -4.0 % -8.5 % -22.0 %
McDonald's Corp 312.68 -0.4 % 0.2 % 20.4 % Lucid Group Inc 2.20 -1.3 % -13.0 % -22.3 % General Motors Co 47.69 -3.9 % 5.3 % 4.3 %
Honeywell International Inc 225.52 -0.5 % 5.3 % 11.4 % Align Technology Inc 178.51 -1.3 % -0.7 % -29.9 % Ford Motor Co 9.98 -3.9 % -2.9 % -18.1 %
Merck & Co Inc 76.25 -0.8 % -8.3 % -40.6 % Copart Inc 50.80 -1.3 % -17.0 % -3.5 % LyondellBasell Industries5 N4V.44 -3.6 % -6.7 % -43.0 %
Sherwin-Williams Co/The 355.44 -0.9 % -1.2 % 17.7 % Keurig Dr Pepper Inc 33.25 -1.2 % -3.4 % -3.3 % Baxter International Inc 29.55 -3.1 % -3.8 % -13.3 %
Caterpillar Inc 344.67 -1.0 % 6.5 % 4.0 % AstraZeneca PLC 71.93 -1.2 % -0.7 % -8.9 % CDW Corp/DE 174.76 -3.1 % 4.8 % -21.8 %
Procter & Gamble Co/The 167.78 -1.2 % 4.5 % 1.9 % CSX Corp 31.24 -1.1 % 8.9 % -5.8 % Wynn Resorts Ltd 87.80 -3.0 % 6.4 % -7.5 %
3M Co 146.40 -1.3 % 3.0 % 46.8 % Tesla Inc 342.69 -1.1 % 19.3 % 94.4 % Caesars Entertainment In2c6.10 -2.9 % -6.1 % -26.7 %
Gilead Sciences Inc 108.91 -1.1 % 5.0 % 71.7 % Dell Technologies Inc 108.08 -2.9 % 14.3 % -18.1 %
Kilde: Bloomberg / DNB Carnegie
INDEKSUTVIKLING P
SEKTORNIV
Sektor USA 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor MSCI Europe 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E
Metall 6.3% 4.8% 12.9% -6.6% 19.8% 16.8 Energi 1.3% 3.0% -9.5% -16.3% -3.0% 9.3
Kommunikasjonsutstyr 1.6% 4.6% 0.9% 29.0% -1.9% 20.1 Forsikring 0.6% 0.1% 5.0% 27.6% 18.5% 12.8
Olje og gass 1.2% -0.2% -5.0% -8.4% -3.5% 16.4 Legemiddelindustri og bioteknologi 0.5% -0.6% -12.1% -11.9% -3.1% 14.5
Energi og relatert utstyr 1.0% -2.2% -16.3% -18.5% -14.3% 11.4 Banker 0.2% 6.9% 3.1% 34.7% 29.4% 9.2
Informasjonsteknologi 0.9% 8.1% 7.3% 13.8% -1.0% 29.0 Mat- og apotekhandel 0.1% 3.8% 5.7% 18.4% 8.6% 14.0
Bygg og anlegg 0.9% 7.6% 37.7% 27.0% 9.3% 32.5 Forsyningsselskaper 0.1% 2.3% 12.6% 15.7% 16.6% 13.8
Forsikring 0.7% 3.1% -0.4% 20.1% 9.6% 15.5 Materialer 0.0% 1.5% -4.9% -6.9% 2.2% 17.5
Luftfart 0.6% 10.0% -9.6% 16.6% -14.5% 10.2 Transport 0.0% 2.8% 2.5% 10.5% 6.7% 16.1
Farmasi 0.5% -5.3% -14.7% -11.9% -5.6% 14.6 Detaljhandel -0.1% 2.1% 2.7% 17.7% 8.3% 19.5
Datamaskiner og tilbehør 0.4% -1.2% -14.5% 2.8% -18.7% 26.7 Telekommunikasjon og tjenester -0.1% 3.5% 1.8% 26.1% 17.8% 17.1
Diversifiserte telekomtjenester 0.4% 1.0% 0.6% 27.9% 16.4% 11.1 IT utstyr -0.1% 3.3% -11.2% 9.4% -0.7% 18.2
Elektrisk utstyr 0.4% 12.6% 18.2% 29.2% 8.5% 30.5 Kommersielle tjenester og leveranser -0.1% -0.8% -1.3% 6.9% 2.6% 24.2
Hotell og restaurant 0.3% 3.2% -2.7% 17.0% 1.7% 25.4 Kapitalvarer -0.4% 4.5% 1.7% 16.3% 16.6% 22.3
Programvare 0.3% 5.4% 14.7% 19.0% 7.6% 33.7 Eiendomsselskaper -0.5% 1.2% 1.9% -3.4% 3.7% 14.1
Bioteknologi 0.2% -4.1% -10.6% -2.2% 3.9% 16.1 Helsevern - utstyr og tjenester -0.5% -4.7% -12.1% 2.1% -2.0% 22.7
Eiendom 0.1% -0.3% -3.9% 10.0% 2.6% 19.6 Finansieringsselskaper -0.5% 0.9% -5.8% 14.8% 5.5% 16.9
Bank 0.1% 4.6% -2.1% 21.8% 3.9% 12.5 Drikkevarer, mat og tobakk -0.6% 0.2% 0.5% 1.2% 10.4% 16.6
Kraft 0.0% 3.0% 3.2% 12.6% 8.2% 18.5 Hotell-, underholdnings- og restaurantvirksom-0h.e6t% 2.7% -9.7% 6.3% -5.9% 21.2
Matvarer -0.1% -1.8% -4.3% -10.2% -2.3% 16.1 Media -0.6% 3.6% 0.8% 7.8% 15.2% 27.1
Elektronisk utstyr og instrumenter -0.1% 9.0% 13.5% 19.8% 10.7% 23.3 Programvare og tjenester -0.7% -0.9% -3.9% 37.3% 8.4% 36.0
Helseartikler -0.3% 1.6% -4.3% 11.2% 6.4% 25.9 Forbruksvarer og klær -0.8% -0.1% -21.3% -17.6% -10.8% 25.3
Drikkevarer -0.4% -0.8% -5.2% -4.5% 1.5% 19.8 Husholdningsvarer og personlige produkter -1.1% -2.2% -2.0% -1.2% 0.6% 19.4
Kjemikalier -0.5% 1.8% -2.0% -2.7% 2.5% 24.5 Biler og komponenter -2.1% -0.4% -12.2% -20.1% -4.7% 8.9
Maskiner -0.7% 4.2% -1.1% 7.5% -0.8% 21.0
Industrielle konglomerater -0.8% 4.5% 2.2% 21.8% 4.2% 21.0
Papir- og skogprodukter -0.8% -2.0% -13.0% -16.1% -19.6% 15.7
Media -0.9% 0.3% -3.3% -3.7% -3.6% 9.6
Husholdningsartikler -1.2% 4.2% -4.5% 1.3% -0.1% 23.5
Fritidsutstyr -1.7% 6.2% 2.9% 11.7% 17.3% 15.6
Bildeler -2.3% 10.7% 2.6% -21.4% 3.5% 9.5
Kilde: Bloomberg, DNB Carnegie Kilde: Bloomberg, DNB Carnegie
GULL ETC (NOK) OSLO VS GULLPRIS SPOT (USD)
2,100 37,000
2,000 35,000
1,900 33,000
1,800
31,000
1,700
1,600 29,000
1,500 27,000
1,400 25,000
COGLD (NOK, venstre) GULLPRIS (SPOT NOK, høyre)
4
DNB Carnegie | 3 juni 2025
12-M
NEDERS FORWARD P/E - HISTORISKE MULTIPLER – OBX OG OMX
OSLO – OBX INDEKSEN STOCKHOLM – OMX INDEKSEN
35x 30x
30x 25x
25x 20x
20x
15x 15x
10x 10x
5x 5x
P/E Median P/E Median
3.0x 3.0x
2.5x 2.5x
2.0x 2.0x
1.5x 1.5x
1.0x 1.0x
0.5x 0.5x
0.0x 0.0x
P/B Median P/B Median
16x 25x
14x 20x
12x
10x 15x
8x
6x 10x
4x 5x
2x
0x 0x
EV/EBITDA Median EV/EBITDA Median
Kilde: Bloomberg / DNB Carnegie
5
DNB Carnegie | 3 juni 2025
RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX
S&P500 INDEKSEN OSLO – OBX INDEKSEN
7000 8.0 6 6.0
6000 7.0
5 5.0
5000 6.0
4 4.0
5.0
4000
4.0 3 3.0
3000
3.0 2 2.0
2000 2.0
1 1.0
1000 1.0
0 0.0 0 0.0
7 8 9 0 1 2 3 4 5 6 7 8 9 0 0 2 3 4 5 6 7 8 9 0 1 2 3 4 5
9 9 9 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2
9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 NO 10Y Interest (%) US10Y Interest (%)
SPX Index US10Y Interest (%)
45x 8.0 1600 160
40x 7.0 1400 140
35x 6.0 1200 120
30x
5.0 1000 100
25x
4.0 800 80
20x
3.0 600 60
15x
10x 2.0 400 40
5x 1.0 200 20
0x 0.0 0 0
Long term hist. PE US10Y Interest (%) OBX Index Brent Oil (USD)
8x 35.0 30x 6.0
7x 30.0
25x 5.0
6x 25.0
20x 4.0
5x
20.0
4x 15x 3.0
15.0
3x 10x 2.0
2x 10.0
5.0 5x 1.0
1x
0x 0.0 0x 0.0
US10Y Interest (%) Best fwd P/E Ratio Best fwd P/E Ratio NO 10Y Interest (%)
6.0 4.0 10.0 10.0
3.5 9.0 9.0
5.0 8.0 8.0
3.0
4.0 7.0 7.0
2.5 6.0 6.0
3.0 2.0 5.0 5.0
1.5 4.0 4.0
2.0 3.0 3.0
1.0
1.0 2.0 2.0
0.5 1.0 1.0
0.0 0.0 0.0 0.0
SPX Index dividend yield SPX Index dividend yield OBX Index dividend yield NO 10Y Interest rate
Kilde: Bloomberg /DNB Carnegie
6
DNB Carnegie | 3 juni 2025
ETF / ETP Endring i %
Navn Kurs 1 dg 5 dg 1 mnd Valuta Verdi (gjennomsnitt)
Aksjer / Indekser (siste 5 dager)
Oil Service OIH 220.31 1.7 % 1.9 % 0.0 % USD 129,837,816
Bioteknologi IBB 123.71 1.6 % 2.0 % -2.3 % USD 217,955,440
Pacific ex-Japan EPP 48.91 1.3 % 1.8 % 4.2 % USD 22,925,734
Energi XLE 82.60 1.3 % 0.7 % 0.8 % USD 1,525,795,584
Hong Kong EWH 19.18 1.3 % 2.2 % 7.8 % USD 69,287,312
Japan EWJ 75.04 1.2 % 2.8 % 4.4 % USD 396,905,088
S&P Euro 350 IEV 63.82 0.9 % 1.7 % 4.3 % USD 29,337,056
Teknologi USA XLK 232.95 0.9 % 2.7 % 7.5 % USD 1,329,067,264
Nasdaq 100 QQQ 523.21 0.8 % 2.7 % 7.0 % USD 25,167,269,888
Russell 2000 Growth IWO 271.72 0.8 % 1.9 % 3.9 % USD 136,500,928
Emerging Markets EEM 45.85 0.7 % -0.8 % 1.9 % USD 1,196,705,408
S&P 500 SPY 592.71 0.6 % 2.3 % 4.6 % USD 44,968,603,648
Dow Jones Total markeStPTM 71.85 0.5 % 2.2 % 4.4 % USD 65,090,656
Forsyningstjenester XLU 82.18 0.3 % 1.4 % 3.0 % USD 915,795,328
Latin-America 40 ILF 25.36 0.3 % -1.4 % 1.8 % USD 42,416,828
Russell 2000 IWM 205.71 0.3 % 1.6 % 2.6 % USD 7,093,686,272
Brasil EWZ 27.27 0.2 % -1.4 % 0.6 % USD 639,049,472
DJIA DIA 423.71 0.2 % 1.8 % 2.6 % USD 1,355,750,144
Forbruksvarer XLP 82.88 0.1 % 1.6 % 1.6 % USD 1,241,059,072
DAX DAXEX 199.40 0.0 % 0.2 % 3.8 % EUR 3,201,390
Finansielle tjenester XLF 50.98 0.0 % 1.9 % 2.5 % USD 2,502,196,736
FTSE 100 ISF 865.90 0.0 % 0.9 % 2.6 % GBp 2,273,741,000
S&P Midcap 400 MDY 548.24 -0.1 % 0.7 % 2.3 % USD 624,879,360
Industri XLI 142.64 -0.1 % 1.3 % 6.0 % USD 1,402,800,128
CAC-40 CAC 77.84 -0.2 % -1.1 % 1.1 % EUR 4,558,532
TecDax TDXPEX 33.89 -0.2 % 0.5 % 3.1 % EUR 74,560
AEX-Nederland IAEX 7810.00 -0.2 % 0.8 % 1.8 % GBp 77,625,840
Olje / Energi
Naturgass UNG 16.87 7.4 % 0.2 % -7.9 % USD 134,191,856
WTI-olje CRUD 8.93 3.8 % 0.7 % 7.1 % USD 1,715,055
Brent-olje BNO 27.91 3.6 % 1.3 % 7.0 % USD 18,545,578
WTI-Oil USO 69.55 3.6 % 2.3 % 8.7 % USD 306,890,912
WTI-olje CRUDP 7.81 3.0 % 0.4 % 6.2 % EUR 248,091
Bensin UGAS 49.42 2.8 % -1.3 % 4.0 % USD 28,807
Fyringsolje HEAT 21.17 2.5 % -2.0 % 4.3 % USD 23,641
Metaller
Sølv SLV 31.59 5.3 % 3.7 % 8.5 % USD 618,128,256
Kobber COPA 43.50 4.7 % 2.1 % 5.3 % USD 3,016,421
Sink ZINC 8.83 3.2 % -0.6 % 3.7 % USD 26,059
Gull GLD 33.96 2.6 % 0.4 % 3.0 % USD 3,597,937,408
Bomull COTN 2.37 1.9 % 0.2 % -2.5 % USD 24,657
Nikkel NICK 13.86 1.8 % -0.6 % 0.1 % USD 41,266
Andre råvarer
Råvarer DBC 21.32 2.1 % -0.4 % 2.7 % USD 34,786,624
Hvete WEAT 19.76 1.8 % 0.5 % 0.6 % USD 64,775
Svinekjøtt HOGS 32.32 0.9 % 3.8 % 3.3 % USD 40,549
Kaffe COFF 61.05 0.6 % -4.3 % -10.1 % USD 227,852
Kveg CATL 8.46 0.4 % 0.3 % 2.9 % USD 22,363
Mais CORN 19.94 -0.4 % -3.0 % -5.4 % USD 53,596
Soyabønner SOYB 25.01 -0.8 % -2.1 % -1.8 % USD 14,467
Soyaolje SOYO 6.33 -1.2 % -5.9 % -5.3 % USD 12,389
Råvarekurver
Energi AIGE 3.42 4.4 % -0.2 % 2.4 % USD 89,722
Edle metaller AIGP 35.24 3.0 % 1.0 % 4.4 % USD 92,581
Industrimetaller AIGI 15.47 2.9 % 0.7 % 2.4 % USD 428,404
Råvarer AIGC 11.63 2.3 % -0.4 % 1.1 % USD 38,140
Råvarer (ETN) GSG 21.60 2.0 % 0.2 % 3.0 % USD 14,860,767
Buskap AIGL 3.18 0.4 % 0.9 % 2.9 % USD 11,523
Softs (Sukker, Kakao, BAoIGmSull) 6.90 0.3 % -3.1 % -4.8 % USD 7,813
Korn AIGG 3.41 -0.1 % -1.4 % -2.6 % USD 24,204
Kilde: Bloomberg / DNB Carnegie
7
DNB Carnegie | 3 juni 2025
Rapportkalender
Konsensus DNB
Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte
9-Jun Borr Drilling Ltd Oslo 132 0.11 142 0.15 None
10-Jun Puuilo Oyj Helsinki 15 0.08 na na Semi-Anl
12-Jun Rusta AB Stockholm 217 -0.49 399 0.57 Irreg
Clas Ohlson AB Stockholm 288 1.04 511 3.46 Annual
16-Jun Interoil Exploration and Produ Oslo na na na na None
26-Jun H & M Hennes & Mauritz AB Stockholm 11,738 2.62 13,345 3.62 Semi-Anl
2-Jul Dustin Group AB Stockholm 166 0.07 na na Irreg
3-Jul FastPartner AB Stockholm 412 1.44 na na Semi-Anl
Stolt-Nielsen Ltd Oslo 187 1.26 188 1.11 Semi-Anl
FastPartner AB Stockholm na na na na Quarter
4-Jul Platzer Fastigheter Holding AB Stockholm 340 2.39 na na Semi-Anl
Dios Fastigheter AB Stockholm 451 1.78 na na Quarter
Atrium Ljungberg AB Stockholm 502 0.49 509 0.49 Semi-Anl
Catena AB Stockholm 528 6.40 531 4.50 Semi-Anl
7-Jul Fabege AB Stockholm 610 1.15 624 1.19 Quarter
Eastnine AB Stockholm 14 na na na Quarter
8-Jul Kinnevik AB Stockholm na na na na Irreg
ABG Sundal Collier Holding ASA Oslo na na na na Annual
Industrivarden AB Stockholm -891 -24.82 na na Annual
Kinnevik AB Stockholm na na na na Irreg
Industrivarden AB Stockholm -891 -24.82 na na Annual
9-Jul Neobo Fastigheter AB Stockholm na na na na None
Heba Fastighets AB Stockholm 103 0.40 na na Annual
Mangold AB Stockholm na na na na Annual
Investment AB Oresund Stockholm na na na na Semi-Anl
10-Jul BLUENORD ASA Oslo 183 1.70 201 1.83 None
Bonheur ASA Oslo 780 10.30 930 9.65 Annual
Gentian Diagnostics ASA Oslo na na na na Irreg
Akastor ASA Oslo na na na na Irreg
Europris ASA Oslo 606 1.33 613 na Annual
Nyfosa AB Stockholm 556 1.59 572 1.45 Quarter
Carasent AB Stockholm 80 0.28 na na None
Nivika Fastigheter AB Stockholm na na na na Quarter
Nanologica AB Stockholm -10 -0.10 na na None
Q-Linea AB Stockholm -39 na na na None
John Mattson Fastighetsforetag Stockholm 113 1.89 na na None
Bulten AB Stockholm na na na na Annual
11-Jul Dedicare AB Stockholm na na na na Annual
Alligator Bioscience AB Stockholm na na na na None
JM AB Stockholm 129 1.05 118 1.07 Annual
Public Property Invest AS Oslo 181 0.40 164 0.30 Quarter
Norwegian Air Shuttle ASA Oslo 2,229 0.64 2,253 na Irreg
Bravida Holding AB Stockholm 557 1.43 588 1.48 Annual
Storebrand ASA Oslo na 2.23 na 2.44 Annual
DNB Bank ASA Oslo na 7.04 na 7.05 Annual
Intea Fastigheter AB Stockholm 298 0.80 na na Irreg
Aker Solutions ASA Oslo 1,229 1.46 1,221 1.51 Annual
Elkem ASA Oslo 981 0.05 1,154 0.47 Annual
Aker BioMarine ASA Oslo 9 0.02 10 0.01 Irreg
StrongPoint ASA Oslo -8 -0.38 na na Annual
Gjensidige Forsikring ASA Oslo na 3.09 na 3.33 Annual
Lime Technologies AB Stockholm 58 2.07 62 2.24 Semi-Anl
Axfood AB Stockholm 1,983 2.82 1,663 2.79 Semi-Anl
Kitron ASA Oslo 19 0.05 20 0.05 Annual
Protector Forsikring ASA Oslo na 4.49 na 6.17 Irreg
Corem Property Group AB Stockholm 582 0.05 579 0.05 Quarter
8
DNB Carnegie | 3 juni 2025
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2025
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Seabird 0.40 NOK Irreg 11-Feb 17-Feb
Odfjell SE 8.74 NOK Semi-annual 12-Feb 20-Feb
Equinor ASA (Q3) 0.70 USD Quarter 13-Feb 28-Feb
AMSC ASA 3.93 NOK Quarter 17-Feb 25-Feb
Philly Shipyard 6.08 USD Irreg 20-Feb 28-Feb
BW Offshore Ltd 0.14 USD Quarter 3-Mar 11-Mar
Holand og Setskog Sparebank 9.00 NOK Annual 20-Mar 2-Apr
Gjensidige Forsikring ASA 10.00 NOK Annual 21-Mar 28-Mar
Haugesund Sparebank 12.50 NOK Annual 21-Mar 1-Apr
Treasure ASA 0.70 NOK Annual 21-Mar 12-May
SpareBank 1 SMN 12.50 NOK Annual 21-Mar 28-Mar
Nidaros Sparebank 5.87 NOK Annual 21-Mar 3-Apr
Melhus Sparebank 13.50 NOK Annual 21-Mar 3-Apr
TietoEVRY Oyj (1) 0.75 EUR Semi-Anl 26-Mar 3-Apr
Aurskog Sparebank 15.00 NOK Annual 27-Mar 9-Apr
Romerike Sparebank 10.50 NOK Annual 27-Mar 4-Apr
Sparebank 1 Østfold Akershus 20.10 NOK Annual 27-Mar 3-Apr
Skue Sparebank 32.52 NOK Annual 27-Mar 8-Apr
Romsdal Sparebank 9.00 NOK Annual 27-Mar 8-Apr
SpareBank 1 Ringerike Hadeland 30.00 NOK Annual 28-Mar 10-Apr
Sparebanken Sør 12.21 NOK Annual 28-Mar 8-Apr
Bien Sparebank 5.35 NOK Annual 28-Mar 10-Apr
Sparebank 1 Østlandet 10.30 NOK Annual 28-Mar 4-Apr
Sparebanken Vest 8.50 NOK Annual 28-Mar 7-Apr
Sparebank 68 Nord 12.00 NOK Annual 28-Mar 7-Apr
Trønderlag Sparebank 4.80 NOK Annual 28-Mar 10-Apr
Sparebanken Øst 6.40 NOK Annual 28-Mar 8-Apr
Sunndal Sparebank 7.00 NOK Annual 28-Mar 9-Apr
Rogaland Sparebank 9.50 NOK Annual 1-Apr 9-Apr
Flekkefjord Sparebank 4.60 NOK Annual 1-Apr 9-Apr
Awilco Drilling 2.06 USD Irreg 1-Apr 11-Apr
AKVA Group ASA 1.00 NOK Semi-Anl 8-Apr 15-Apr
SpareBank 1 Nordmøre 8.50 NOK Annual 9-Apr 16-Apr
SpareBank 1 Nord Norge 8.75 NOK Annual 9-Apr 16-Apr
Sparebanken Møre 6.25 NOK Annual 10-Apr 23-Apr
Sogn Sparebank 20.00 NOK Annual 10-Apr 25-Apr
Grong Sparebank 10.50 NOK Annual 10-Apr 24-Apr
Storebrand ASA 4.70 NOK Annual 10-Apr 24-Apr
Multiconsult ASA 10.00 NOK Annual 11-Apr 24-Apr
Borregaard ASA 4.25 NOK Annual 11-Apr 23-Apr
Jæren Sparebank 20.00 NOK Annual 11-Apr 24-Apr
Morrow Bank 0.40 NOK Annual 11-Apr 24-Apr
Instabank 0.08 NOK Annual 11-Apr 24-Apr
Stolt-Nielsen Ltd 1.25 USD Semi-Anl 23-Apr 7-May
Avance Gas Holding Ltd 0.74 USD Irreg 24-Apr 7-May
SpareBank 1 Sør-Norge 8.50 NOK Annual 25-Apr 5-May
Selvaag Bolig ASA 1.25 NOK Semi-Anl 25-Apr 8-May
Europris ASA 3.50 NOK Annual 25-Apr 6-May
ABG Sundal Collier Holding ASA 0.50 NOK Annual 25-Apr 6-May
Kitron ASA 0.35 NOK Semi-Anl 25-Apr 15-May
Orkla ASA 10.00 NOK Annual 25-Apr 6-May
Pexip Holding ASA 2.50 NOK Annual 28-Apr 7-May
River Tech 3.00 NOK Irreg 28-Apr 12-May
Aker Carbon Capture (2) 0.98 NOK Irreg 28-Apr 7-May
Aker Solutions ASA 3.30 NOK Annual 29-Apr 8-May
Magnora ASA 0.19 NOK Quarter 29-Apr 5-May
DNB ASA 16.75 NOK Annual 30-Apr 9-May
Protector Forsikring ASA 3.00 NOK Irreg 30-Apr 9-May
Bakkafrost P/F 8.44 DKK Annual 2-May 21-May
Aker ASA 26.50 NOK Annual 2-May 13-May
Elkem ASA 0.30 NOK Irreg 2-May 12-May
Elmera Group 3.00 NOK Annual 2-May 12-May
Wilh Wilhelmsen Holding ASA 12.00 NOK Semi-Anl 2-May 15-May
Hoegh Autoliners ASA 0.83 USD Quarter 5-May 14-May
Norconsult ASA 1.70 NOK Annual 6-May 0-Jan
TOMRA Systems ASA 2.15 NOK Annual 7-May 20-May
Norbit ASA 3.00 NOK Annual 7-May 16-May
Gentian Diagnostics 0.40 NOK Annual 7-May 16-May
Schibsted B-aksje 2.25 NOK Irreg 8-May 16-May
Schibsted A-aksje 2.25 NOK Irreg 8-May 16-May
Bouvet ASA 3.00 NOK Quarter 8-May 20-May
Veidekke ASA 9.00 NOK Annual 8-May 21-May
Kongsberg Gruppen ASA (1) 10.00 NOK Semi-Anl 8-May 27-May
Medistim ASA 6.00 NOK Annual 9-May 19-May
Stainless Tankers 0.50 USD Quarter 12-May 2-Jun
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie
9
DNB Carnegie | 3 juni 2025
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2025
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Aker BP ASA 0.63 USD Quarter 12-May 21-May
Norsk Hydro ASA 2.25 NOK Annual 12-May 20-May
Kid ASA 5.00 NOK Semi-Anl 13-May 27-May
Noram Drilling 0.04 USD Monthly 13-May 23-May
Klaveness Combination Carriers 0.04 USD Quarter 13-May 28-May
Polaris Media ASA 20.40 NOK Annual 14-May 21-May
Subsea 7 SA (1) 6.50 NOK Semi-Anl 14-May 22-May
Olav Thon Eiendomsselskap ASA 7.25 NOK Annual 15-May 28-May
Equinor ASA (Q4) 0.37 USD Quarter 15-May 28-May
2020 Bulkers 0.10 USD Monthly 15-May 23-May
Elopak (1) 0.08 EUR Sem-Annual 15-May 26-May
TGS NOPEC Geophysical Co ASA 0.16 USD Quarter 16-May 2-Jun
AF Gruppen ASA 5.00 NOK Semi-Anl 16-May 21-May
Rana Gruber 1.27 NOK Quarter 16-May 28-May
Himalaya Shipping 0.03 USD Monthly 19-May 3-Jun
Archer Ltd 0.63 na Quarter 19-May 28-May
Arendals Fossekompani A/S 1.00 NOK Quarter 20-May 30-May
Moreld 0.42 NOK Quarter 21-May 26-May
Hafnia Ltd 0.10 USD Quarter 22-May 4-Jun
DNO ASA 0.31 NOK Quarter 22-May 2-Jun
Telenor ASA (1) 5.00 NOK Semi-Anl 22-May 3-Jun
Zalaris ASA 0.90 NOK Annual 23-May 3-Jun
PetroNor 2.20 NOK Irreg 23-May 30-May
Baltic Sea Properties 2.00 NOK Annual 23-May 28-May
B2Impact ASA 1.50 NOK Annual 23-May 2-Jun
Bonheur ASA 6.75 NOK Annual 23-May 3-Jun
Mowi ASA 1.70 NOK Quarter 23-May 3-Jun
Odfjell Technology 1.52 NOK Quarter 26-May 4-Jun
Nykode Therapeutics 1.00 NOK Irreg 27-May 12-Jun
Leroy Seafood Group ASA 2.50 NOK Annual 28-May 5-Jun
BW LPG 0.28 USD Quarter 28-May 12-Jun
Jinhui Shipping & Transportati 0.03 USD Semi-Anl 30-May 25-Jun
Reach Subsea ASA 0.42 NOK Annual 30-May 11-Jun
Borgestad ASA 0.80 NOK Annual 30-May 5-Jun
Austevoll Seafood ASA 6.50 NOK Annual 30-May 12-Jun
ABL Group 0.45 NOK Semi-Anl 30-May 16-Jun
Okeanis Eco Tankers 0.32 USD Quarter 2-Jun 12-Jun
Panoro Energy ASA 0.68 NOK Quarter 2-Jun 10-Jun
Odfjell Drilling Ltd 0.16 USD Quarter 3-Jun 12-Jun
Paratus Energy 0.22 USD Quarter 3-Jun 11-Jun
Vistin Pharma ASA 1.25 NOK Semi-Anl 4-Jun 12-Jun
Golden Ocean Group Ltd 0.05 USD Quarter 4-Jun 17-Jun
Flex LNG 0.75 USD Quarter 6-Jun 20-Jun
Aker Carbon Capture 2.86 NOK Irreg 10-Jun 20-Jun
Deep Value Driller 0.25 NOK Monthly 11-Jun 17-Jun
Frontline 0.18 USD Quarter 11-Jun 24-Jun
Horisont Energi AS 0.50 NOK Irreg 12-Jun 25-Jun
Gyldendal ASA 3.50 NOK Annual 18-Jun 27-Jun
Salmar ASA 22.00 NOK Annual 19-Jun 2-Jul
MPC Container Ships AS 0.08 USD Quarter 20-Jun 27-Jun
Pioneer Property 2.50 NOK Quarter 30-Jun 11-Jul
Public Property Invest (1) 0.10 NOK Quarter 1-Jul 9-Jul
Equinor ASA (Q1 25) 0.37 NOK Quarter 18-Aug 29-Aug
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie
10
DNB Carnegie | 3 juni 2025
DNB ANBEFALINGER OG ESTIMATER
DNB KJØPSANBEFALINGER OG OPPSIDE TIL KURSM
L ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSM
L
VNV Global -33.2 % NEL
VEF -30.5 % Kongsberg Gruppen
Cinclus Pharma -27.8 % Elmera Group
Ventura Offshore 177.8 % -26.4 % Equinor
Egetis Therapeutics 175.9 % -22.0 % A.P. Møller - Mærsk
BICO 134.4 % -19.8 % AF Gruppen
Vicore Pharma 124.4 % -15.7 % Wallenstam
Zealand Pharma 109.2 %
Instalco 105.8 % -14.9 % Fabege
Cyviz 102.8 % -14.9 % Schibsted
AutoStore 98.6 % -13.3 % Tomra
Netel Group Holding 97.2 % -12.9 % Orkla
Benchmark Holdings Plc 94.4 % -9.3 % Telenor
Detection Technology 92.8 % -7.2 % Volvo
Gubra 90.0 % -3.1 % Vitec
BrainCool 89.9 % -1.3 % Norsk Hydro
Novo Nordisk 89.5 % 0.0 %
Archer 87.5 % 0.0 %
Stolt-Nielsen 82.2 % 0.0 %
Cadeler 78.2 % 0.0 %
Scorpio Tankers 77.5 %
Bonesupport 74.5 % 0.0 %
Cool Company 74.2 % 0.0 %
Klaveness Combination Carriers 73.6 % 0.0 %
Evolution 70.0 % 0.0 %
Hexagon Composites 69.3 % 0.0 %
Vitrolife 69.1 % 0.0 %
CTEK 64.2 % 0.0 %
Paratus Energy 64.1 % 0.0 %
BioArctic 63.6 % 0.0 %
0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% -100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0%
ESTIMERT UTBYTTE – DIREKTEAVKASTNING 2025E SELSKAP ANBEFALING
30% NorAm Drilling Hold
Sea1 Offshore Buy
25% Wallenius Wilhelmsen ASA Buy
Paratus Energy Buy
20% Vår Energi Hold
15% Dorian LPG Buy
Okeanis Eco Tankers Buy
10% Frontline Buy
Odfjell Technology Buy
5% SFL Corporation Ltd Hold
Flex LNG Buy
0% Panoro Energy Buy
MPC Container Ships ASA Hold
DOF Buy
2020 Bulkers Hold
Kilde: DNB Carnegie, FactSet, Bloomberg
11
DNB Carnegie | 3 juni 2025
UKESPORTEFØLJE ANBEFALTE AKSJER
Selskap Dato inn Kurs inn Utbytte Kurs %Uke Avkast. % % YTD Anbefaling Kursmål
Protector 6. jan. 290.0 4.0 406 -0.2 41.4 Kjøp 380
Hafnia 5. mai. 50.3 1.0 52 0.3 4.6 Kjøp 74
Yara 6. jan. 308.5 5 372 1.0 22.1 Kjøp 425
Storebrand 12. mai. 127.9 135 0.8 5.6 Kjøp 149
Mowi 14. apr. 188.0 1.7 188 0.4 0.9 Kjøp 230
Subsea 7 6. jan. 192.1 6.5 175 0.3 -5.6 Kjøp 205
Veidekke 6. jan. 140.4 156 1.1 11.2 Hold 150
Sats 26. mai. 36.2 36 0.1 0.2 Hold 37
Norwegian 2. jun. 14.3 14 -0.2 -0.2 Kjøp 17
Endring portefølje 0.4 15.5
Endring OSEBX Indeks 6. jan. 1,457.0 1569.64 0.5 7.7
*Endringer i ukesporteføljen gjøres hver mandag og offenliggjøres før børsen åpner. Ved bytte av aksjer benyttes gjennomsnittlige kurser for de
første timene av ukens handel. Vår ukentlige rapport "Anbefalte Aksjer", med gjennomgang av porteføljen, sendes ut mandag etter at kursene
er fastsatt. Avkastningen i tabellen over er basert på sluttkurser fra dagen før og er således en midlertidig beregning.
FORETRUKNE AKSJER, ENKELTSEKTORER - 2025
Sektor Selskap Dato inn Kurs anb. Utbytte Kurs Avkastn. % Anbefaling Kursmål
Sjømat Salmar 8. jan. 529.6 452.4 -14.6 Kjøp 580
Mowi 8. jan. 195.3 188.0 -3.7 Kjøp 230
Salmon Evolution 8. jan. 6.6 6.0 -7.9 Kjøp 9.1
IT / Teknologi HMS Networks 10. jan. 411.8 429.2 4.2 Kjøp 615
Nokia 10. jan. 4.4 4.6 4.9 Hold 4
Truecaller 10. jan. 51.7 67.0 29.4 Kjøp 100
Yubico 13. jan. 219.6 150.0 -31.7 Hold 193
Energi / Shipping Subsea 7 8. jan. 169.9 174.9 2.9 Kjøp 205
Odfjell Drilling 8. jan. 56.8 64.7 13.9 Kjøp 100
Vår Energi 10. jan. 38.3 30.4 -20.7 Hold 29
Finans Nordea 8. jan. 125.8 139.7 11.0 Kjøp 155
Storebrand 8. jan. 123.5 135.1 9.4 Kjøp 149
Protector 10. jan. 294.7 406.0 37.8 Kjøp 380
Sparebank1 SMN 10. jan. 172.4 192.5 11.7 Kjøp 202
Svenska Handelsbanken 17. jan. 121.6 129.8 6.7 Kjøp 140
Forbruker Scandic Hotels 8. jan. 66.5 76.0 14.3 Kjøp 115
Sats 10. jan. 25.1 36.3 44.2 Hold 37
Essity 10. jan. 295.3 277.3 -6.1 Hold 300
Kesko 10. jan. 17.7 21.1 18.8 Kjøp 21.5
Entrepenør / RådgivningNorconsult 8. jan. 43.1 45.2 4.7 Hold 48
Skanska 10. jan. 231.1 230.6 -0.2 Hold 230
Eiendom Castellum 10. jan. 113.5 120.5 6.2 Hold 110
Helse Embla 8. jan. 36.4 35.5 -2.6 Kjøp 35.5
ChemoMetec 10. jan. 544.5 506.0 -7.1 Kjøp 640
Industri Securitas 8. jan. 134.5 141.6 5.2 Kjøp 158
Alfa Laval 10. jan. 470.5 402.3 -14.5 Kjøp 500
Huhtamaki 17. jan. 34.2 32.4 -5.2 Kjøp 40
Råvarer Yara 8. jan. 306.6 371.7 21.2 Kjøp 425
Borregaard 10. jan. 184.1 185.4 0.7 Kjøp 230
Kilde: DNB Carnegie, Infront, Bloomberg
12
DNB Carnegie | 3 juni 2025
AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2
R
80 40,000 700 5,000
70 35,000 600 4,500
60 30,000 4,000
500 3,500
50 25,000 3,000
400
K 40 20,000 K 2,500
O O 300 2,000
N 30 15,000 N
20 10,000 200 1,500
1,000
10 5,000 100 500
0 0 0 0
jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr
NHY ALUM LME (NOK) YAR CAN (NOK)
350 1,200 400 1,200
300 1,000 350 1,000
250 300
800 250 800
200
K 600 K 200 600
O 150 O
N N 150
100 400 400
100
50 200 50 200
0 0 0 0
jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr
Aker BP BRENT (NOK) EQNR BRENT (NOK)
180 50,000 450
160 45,000 400 5,000
140 40,000 350
35,000 4,000
120 300
100 30,000 250
25,000 3,000
K 80 K 200
O 20,000 O
N N 2,000
60 15,000 150
40 10,000 100 1,000
20 5,000 50
0 0 0 0
jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr
GOGL Baltic Dry Index (NOK) EQNR Naturgass (NOK)
400 160.0 100 2,400
350 140.0 90 2,200
300 120.0 2,000
80 1,800
250 100.0 70
1,600
K 200 80.0 K 1,400
O O 60
N 150 60.0 N
50 1,200
100 40.0 1,000
50 20.0 40 800
0 0.0 30 600
jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr
MOWI Laksepriser RANA Iron ore (NOK)
13
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
2020 Bulkers 2020 NO Hold NOK 120 115.0 1.95 1.97 12.3x 6.1x 9.2x 5.9x
A.P. Møller - Mærsk MAERSKB DC Sell DKK 12,045 9,400 -295.46 -254.93 429.2x -6.2x 4.1x 15.9x
ABB ABB SS Buy SEK 538.6 585.0 2.63 2.83 21.8x 20.4x 14.8x 13.6x
AcadeMedia ACAD SS Buy SEK 81.5 90.0 11.95 12.77 7.4x 6.6x 4.3x 3.8x
Acast ACAST SS Buy SEK 15.6 23.0 0.47 0.57 133.8x 33.2x 25.5x 14.0x
AddLife ALIFB SS Buy SEK 185.5 185.0 4.49 4.83 25.9x 22.5x 16.1x 14.5x
Addnode Group ANODB SS Buy SEK 102.0 100.0 3.18 3.90 26.9x 24.4x 15.9x 14.7x
Addtech ADDTB SS Hold SEK 326.2 360.0 8.33 9.28 34.7x 31.6x 24.0x 22.0x
Admicom ADMCM FH Buy EUR 52.0 60.8 2.03 2.60 26.3x 18.0x 20.0x 13.0x
AF Gruppen AFG NO Sell NOK 149.6 120.0 9.11 9.46 18.6x 16.4x 7.5x 6.8x
Africa Energy AEC SS Hold SEK 1.2 4.3 0.00 -307.2x 18.4x -1.7x -3.6x
AFRY AFRY SS Buy SEK 168.0 240.0 15.50 17.48 12.9x 10.1x 8.6x 7.0x
Agilyx AGLX NO Buy NOK 28.7 37.0 0.05 0.22 -32.5x 54.1x -49.5x -687.6x
Airthings AIRX NO Not Rated NOK 1.3 0.01 0.01 177.4x 14.2x 10.4x 3.7x
Aker ASA AKER NO Not Rated NOK 612.0
Aker BioMarine AKBM NO Buy NOK 60.4 65.0
Aker BP AKRBP NO Hold NOK 244.1 235.0 1.73 2.26 12.6x 14.0x 2.4x 3.0x
Aker Solutions AKSO NO Hold NOK 33.9 30.0 3.36 1.79 5.4x 10.1x 1.9x 3.9x
Akva Group AKVA NO Buy NOK 70.6 90.0 4.72 5.23 15.4x 15.0x 6.8x 6.1x
Alfa Laval ALFA SS Buy SEK 402.3 500.0 21.85 22.85 19.4x 18.4x 12.5x 11.7x
Alimak ALIG SS Buy SEK 138.0 150.0 7.60 8.37 17.1x 15.3x 11.2x 10.3x
ALK-Abello ALKB DC Hold DKK 182.0 176.0 5.92 6.94 35.3x 30.7x 21.8x 18.9x
Alleima ALLEI SS Hold SEK 78.7 76.0 5.86 6.38 14.5x 13.4x 7.4x 6.0x
Alligo ALLIGOB SS Buy SEK 116.2 160.0 11.65 12.91 13.0x 10.0x 6.4x 5.3x
ALM Equity ALM SS Not Rated SEK 83.8 -3.50 -1.88 -4.1x -7.5x -99.2x 187.8x
Alm. Brand ALMB DC Buy DKK 16.3 17.0 0.93 1.00 15.7x 14.5x
Alma Media ALMA FH Buy EUR 12.1 14.8 0.76 0.84 17.8x 15.8x 11.5x 10.4x
Alvotech ALVO US Not Rated USD 11.2 0.66 1.16 31.6x 16.9x 19.5x 12.9x
Alzinova ALZ SS Not Rated SEK 1.7 -0.81 -0.61 -3.9x -2.1x -1.9x -0.9x
Ambea AMBEA SS Buy SEK 108.8 135.0 9.30 10.42 10.6x 9.6x 7.6x 7.1x
Ambu AMBUB DC Buy DKK 99.0 144.0 3.15 4.02 39.8x 32.4x 25.3x 20.4x
Amplifon AMP IM Hold EUR 19.9 22.7 0.89 1.03 21.1x 18.5x 9.9x 9.0x
Andfjord Salmon ANDF NO Buy NOK 32.9 48.0 0.33 0.82 -46.3x 100.8x -115.2x 32.1x
Angler Gaming ANGL SS Not Rated SEK 3.7 0.10 0.11 4.0x 3.3x 2.5x 1.4x
Anora Group ANORA FH Hold EUR 3.2 3.4 0.38 0.44 6.8x 6.0x 4.7x 4.1x
Apotea APOTEA SS Hold SEK 96.7 85.0 2.92 3.58 42.1x 33.1x 20.5x 15.7x
AQ Group AQ SS Hold SEK 174.4 183.0 8.25 9.05 21.9x 20.1x 13.2x 11.6x
Archer ARCH NO Buy NOK 24.0 45.0 0.57 0.64 10.5x 4.1x 3.9x 3.4x
Arcoma ARCOMA SS Not Rated SEK 9.8 0.98 1.15 11.5x 9.9x 4.8x 3.6x
Arctic Bioscience ABS NO Not Rated NOK 3.2 -0.2x -2.3x
Arctic Fish AFISH NO Hold NOK 50.0 60.0 0.13 0.42 -13.7x 33.2x 23.5x 10.2x
Arise ARISE SS Not Rated SEK 35.3 8.35 9.37 8.0x 4.2x 6.7x 4.2x
Arjo ARJOB SS Buy SEK 29.8 40.0 2.64 3.16 12.4x 10.4x 5.9x 5.2x
Arlandastad Group AGROUP SS Not Rated SEK 25.8 5.54 1.11 -15.5x 4.7x -73.8x -351.0x
Ascelia Pharma ACE SS Not Rated SEK 4.3 -0.09 0.16 12.6x -47.7x 9.5x -37.1x
Asker ASKER SS Hold SEK 98.6 95.0 2.21 2.45 38.3x 32.7x 21.4x 19.9x
Asmodee ASMDEE SS Buy SEK 130.2 140.0 0.49 0.55 16.6x 15.4x 11.6x 10.3x
Assa Abloy ASSAB SS Hold SEK 298.7 290.0 15.60 17.29 21.5x 19.1x 13.2x 12.0x
AstraZeneca AZN SS Buy SEK 1369.0 1680.0 7.79 9.13 15.9x 14.0x 12.0x 10.3x
Atea ATEA NO Buy NOK 146.4 170.0 10.36 11.91 16.9x 14.1x 7.0x 6.2x
Atlantic Sapphire ASA NO Not Rated NOK 5.4 -0.90 0.03 -0.7x -0.6x -2.5x -10.2x
Atlas Copco ATCOA SS Buy SEK 152.0 175.0 6.32 6.90 27.1x 24.1x 16.6x 14.8x
Atrium Ljungberg ATRLJB SS Hold SEK 32.8 32.0 1.61 1.64 16.5x 16.4x 23.0x 22.6x
Attendo ATT SS Buy SEK 62.1 77.0 4.93 5.97 11.5x 9.9x 6.7x 6.5x
Aurora Eiendom AURA NO Not Rated NOK 85.0
Austevoll Seafood AUSS NO Buy NOK 93.0 125.0 10.51 11.66 11.1x 8.9x 6.0x 4.8x
Autoliv ALIV SS Buy SEK 963.5 1050.0 11.50 13.06 11.3x 8.8x 6.3x 5.2x
AutoStore AUTO NO Buy NOK 5.0 10.0 0.02 0.03 23.3x 12.2x 15.5x 9.2x
Avanza AZA SS Buy SEK 345.7 335.0 14.90 17.06 22.8x 23.2x
Axactor ACR NO Hold NOK 6.1 5.9 0.07 0.07 4.2x 8.0x -0.8x -1.2x
Axfood AXFO SS Hold SEK 278.7 250.0 13.42 14.38 23.6x 20.8x 9.1x 8.4x
B2 Impact B2I NO Buy NOK 13.0 13.0 1.54 1.87 8.7x 8.4x 0.7x 0.5x
Bactiguard BACTIB SS Not Rated SEK 34.5 0.53 1.33 180.5x 43.1x 33.0x 22.2x
Bakkafrost BAKKA NO Buy NOK 471.4 590.0 25.19 31.03 18.7x 12.1x 9.1x 6.8x
Kilde: DNB Carnegie, FactSet, Bloomberg
14
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Bakkafrost BAKKA NO Buy NOK 471 590.0 25.19 31.03 18.7x 12.1x 9.1x 6.8x
Balco BALCO SS Buy SEK 24.6 40.0 3.18 4.57 15.6x 6.8x 8.1x 5.0x
Balder BALDB SS Buy SEK 67.3 80.0 4.50 4.70 12.9x 12.2x 18.6x 17.6x
Bang & Olufsen BO DC Hold DKK 13.46 14.0 -0.09 0.56 -41.7x -53.8x 15.5x 16.9x
Bavarian Nordic BAVA DC Buy DKK 181.2 244.0 8.78 10.73 8.7x 20.6x 4.3x 7.2x
Beijer Alma BEIAB SS Buy SEK 225 240.0 11.45 12.74 20.4x 17.9x 12.0x 10.6x
Beijer Ref BEIJB SS Buy SEK 140.5 165.0 5.54 6.28 26.8x 24.2x 17.2x 15.7x
Benchmark Holdings Plc BMK NO Buy NOK 3.24 6.3 0.01 0.01 4.6x 23.4x -15.9x 18.6x
BerGenBio BGBIO NO Not Rated NOK 1.784 0.00 0.00 -0.7x -0.4x
Bergman & Beving BERGB SS Not Rated SEK 313.5 10.94 12.17 24.7x 21.9x 13.2x 12.1x
Besqab BESQAB SS Not Rated SEK 20.9 4.35 5.53 21.8x 6.0x 15.1x 6.7x
Betsson BETSB SS Buy SEK 186.0 195.0 1.80 1.95 11.0x 9.5x 6.3x 5.3x
BEWI BEWI NO Hold NOK 21.8 24.0 0.06 0.16 -22.2x 33.7x 9.2x 6.7x
Beyond Frames BEYOND SS Not Rated SEK 13.30 0.72 1.37 -103.8x 18.6x 7.9x 4.4x
BHG BHG SS Buy SEK 24.88 26.0 1.41 1.63 18.5x 13.4x 7.4x 6.3x
BICO BICO SS Buy SEK 35.0 82.0 -0.50 0.39 -64.1x 15.1x 12.7x 9.7x
Bilia BILIA SS Buy SEK 122.9 160.0
Billerud BILL SS Buy SEK 104.1 128.0 8.72 8.73 12.8x 11.9x 5.0x 4.6x
BioArctic BIOAB SS Buy SEK 183.4 300.0 1.89 12.99 19.5x 97.2x 14.7x 86.2x
BioGaia BIOGB SS Buy SEK 98.5 150.0 4.38 4.95 26.2x 22.5x 18.2x 15.6x
Björn Borg BORG SS Not Rated SEK 57.9 4.26 4.49 14.7x 13.6x 9.5x 8.3x
BlueNord BNOR NO Hold NOK 584 625.0 6.81 5.26 9.4x 8.5x 4.1x 3.5x
Bokusgruppen BOKUS SS Not Rated SEK 52.4 3.81 4.44 11.9x 10.4x 3.8x 3.6x
Boliden BOL SS Buy SEK 302.9 330.0 36.62 42.95 11.4x 8.3x 6.1x 4.9x
Bonava BONAVB SS Not Rated SEK 11.3 12.0x 15.9x
Bonesupport BONEX SS Buy SEK 246.4 430.0 6.02 8.76 80.6x 40.9x 55.3x 29.6x
Bonheur BONHR NO Hold NOK 225.5 250.0 19.30 22.45 11.9x 11.7x 3.5x 3.0x
Boozt BOOZT SS Hold SEK 83 85.0 4.55 4.97 16.4x 15.4x 7.0x 6.2x
Borr Drilling BORR US Buy USD 1.8 2.2 -0.16 -0.08 9.0x -11.3x 4.7x 5.9x
Borregaard BRG NO Buy NOK 185.4 230.0 13.03 13.82 16.5x 14.2x 9.6x 8.4x
BrainCool BRAIN SS Buy SEK 1.58 3.0 0.01 0.07 -20.4x 219.6x -23.2x 62.5x
Bravida BRAV SS Buy SEK 88.45 110.0 7.19 7.84 13.8x 12.3x 8.0x 7.1x
BTS Group BTSB SS Not Rated SEK 210.5 12.23 13.80 15.0x 13.2x 9.1x 7.8x
Bufab BUFAB SS Buy SEK 81.5 90.0 3.86 4.42 22.1x 19.4x 14.6x 13.1x
BW Energy BWE NO Buy NOK 31.35 33.0 0.85 0.66 6.0x 3.7x 2.4x 2.3x
BW LPG BWLPG NO Buy NOK 103.8 152.0 1.77 1.90 6.9x 5.8x 4.3x 3.9x
BW Offshore BWO NO Buy NOK 34.0 40.0 0.00 0.10 40.7x 107.5x 5.1x 4.0x
Byggmax BMAX SS Hold SEK 55.2 55.0 4.49 5.02 14.4x 11.6x 5.8x 5.3x
Cadeler CADLR NO Buy NOK 50.5 90.0 0.66 1.37 17.8x 6.7x 9.7x 5.9x
CAG Group CAG SS Not Rated SEK 110.0 8.89 9.55 12.6x 11.3x 7.0x 6.2x
Cambi CAMBI NO Buy NOK 18 23.0 1.37 1.87 18.5x 13.1x 11.7x 8.7x
Camurus CAMX SS Hold SEK 515.5 680.0 28.94 40.72 37.3x 22.0x 27.5x 14.4x
Canatu Oyj CANATU FH Hold EUR 9.5 10.7 0.13 0.15 -55.9x 86.9x -53.2x 38.1x
Cantargia CANTA SS Hold SEK 1.3 5.0 -2.20 -0.76 -1.0x -0.6x -0.6x -1.3x
Carasent CARA SS Not Rated SEK 28.0 0.58 0.77 101.4x 41.1x 22.4x 15.4x
Carlsberg CARLB DC Buy DKK 951 970.0 62.71 69.80 16.3x 14.5x 10.0x 9.3x
Castellum CAST SS Hold SEK 120.5 110.0 7.89 8.23 14.3x 13.5x 16.9x 16.4x
Catella CATB SS Hold SEK 29.15 32.0 3.92 5.00 256.3x 7.9x 10.1x 7.1x
Catena CATE SS Buy SEK 468.8 500.0 21.76 22.73 18.3x 17.2x 21.3x 20.1x
cBrain CBRAIN DC Hold DKK 166 150.0 5.22 6.59 45.6x 33.6x 33.3x 24.6x
CellaVision CEVI SS Buy SEK 189.6 240.0 8.07 9.27 27.1x 23.5x 17.0x 14.5x
Checkin.com CHECK SS Not Rated SEK 9.42 0.24 0.38 -38.9x 38.9x 9.1x 5.4x
ChemoMetec CHEMM DC Buy DKK 506.0 640.0 13.10 15.56 49.9x 39.5x 35.1x 27.6x
Cinclus Pharma CINPHA SS Buy SEK 14.9 75.0 -8.69 -11.79 -2.2x -1.7x -1.1x 0.1x
Cint CINT SS Hold SEK 7.1 11.1 -0.01 -39.4x -104.7x 7.2x 5.9x
Circio CRNA NO Not Rated NOK 0.6 -0.2x -0.5x
Citycon CTY1S FH Hold EUR 3.8 3.8 0.29 0.31 9.5x 9.5x 17.6x 17.2x
Clas Ohlson CLASB SS Buy SEK 276.2 290.0 14.66 14.76 19.5x 18.8x 9.1x 8.3x
Clemondo Group CLEM SS Not Rated SEK 10.8 1.12 1.31 13.5x 9.6x 5.7x 4.2x
Cloudberry Clean Energy CLOUD NO Buy NOK 11.76 13.5 0.22 -0.09 112.6x 54.6x 24.9x 23.3x
CMB.TECH CMBT US Hold USD 8.78 8.6 2.53 3.03 11.2x 3.5x 10.0x 6.1x
Coloplast COLOB DC Hold DKK 626.6 760.0 27.96 31.03 32.0x 21.4x 18.0x 16.0x
Cool Company CLCO NO Buy NOK 66.0 115.0 1.19 1.38 6.6x 5.5x 7.0x 6.2x
Coor COOR SS Buy SEK 38.9 54.0 4.41 4.88 10.7x 8.4x 6.4x 5.4x
Corem COREB SS Hold SEK 5.145 4.5 0.60 0.63 14.9x 17.2x 16.8x 17.0x
Crayon CRAYN NO Hold NOK 140.7 112.0 8.52 10.93 18.1x 14.1x 8.7x 6.8x
CTEK CTEK SS Buy SEK 16.4 27.0 1.41 1.56 13.8x 10.6x 7.0x 5.6x
Cyviz CYVIZ NO Buy NOK 28.6 58.0 4.70 6.17 9.6x 6.0x 4.6x 2.9x
Danske Bank DANSKE DC Buy DKK 259.6 270.0 26.50 27.36 9.7x 9.8x
Kilde: DNB Carnegie, FactSet, Bloomberg
15
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Demant Group DEMANT DC Buy DKK 252 320.0 14.10 15.53 19.3x 16.8x 11.6x 10.8x
Detection Technology DETEC FH Buy EUR 12.5 24.0 0.90 1.07 17.8x 13.8x 9.5x 7.6x
Devyser DVYSR SS Buy SEK 106 135.0 3.62 5.73 121.7x 29.2x 39.5x 17.2x
DFDS DFDS DC Hold DKK 107.3 115.0 13.74 21.13 18.5x 7.8x 5.5x 4.8x
DHT Holdings DHT US Buy USD 11.58 14.1 1.58 1.96 10.5x 7.3x 6.7x 5.5x
Diamyd Medical DMYDB SS Not Rated SEK 9.12 0.54 0.36 -7.2x 16.8x -7.1x 9.7x
Digia DIGIA FH Buy EUR 7 7.8 0.52 0.59 15.0x 13.8x 8.0x 7.1x
DNB DNB NO Not Rated NOK 275.5 27.20 28.80 9.8x 10.1x
DNO DNO NO Hold NOK 12.67 15.0 0.09 0.13 17.1x 13.7x 2.6x 2.8x
DOF DOFG NO Buy NOK 89.05 130.0 1.66 1.88 6.1x 5.4x 4.3x 3.9x
Dolphin Drilling DDRIL NO Not Rated NOK 0.1
Dometic DOM SS Buy SEK 36.6 48.0 3.61 4.58 13.6x 10.1x 7.3x 6.7x
Dorian LPG LPG US Buy USD 21.3 30.0 2.90 3.38 8.3x 7.1x 6.6x 5.5x
DSV DSV DC Buy DKK 1532.0 1685.0 58.08 82.27 26.4x 20.5x 14.8x 11.4x
Duell Corporation DUELL FH Buy EUR 6.7 9.0 0.72 0.86 6.7x 5.5x 6.0x 4.7x
Dustin DUST SS Hold SEK 2.0 2.7 0.16 0.25 31.2x 9.4x 6.2x 4.3x
Dynavox Group DYVOX SS Buy SEK 107.3 85.0 2.78 3.39 47.7x 36.1x 21.8x 18.3x
Edda Wind ASA EWIND NO Not Rated NOK 22.7
eEducation Albert ALBERT SS Not Rated SEK 3.3 -2.00 -1.46 -2.5x -2.7x -123.7x 61.1x
Eezy EEZY FH Hold EUR 0.83 0.7 0.06 0.18 8.6x 4.8x 7.0x 5.5x
Egetis Therapeutics EGTX SS Buy SEK 3.6 10.0 -0.07 1.14 10.1x -55.4x 6.8x -81.6x
Elanders ELANB SS Not Rated SEK 60.5 9.64 12.20 6.8x 4.8x 5.2x 4.7x
Electrolux ELUXB SS Hold SEK 59.2 75.0 9.38 10.83 12.9x 6.3x 4.7x 3.7x
Electrolux Professional EPROB SS Buy SEK 64.6 75.0 3.68 4.15 21.3x 17.6x 10.6x 9.2x
Elekta EKTAB SS Hold SEK 49.8 60.0 4.42 4.95 11.9x 10.3x 6.4x 5.8x
Elektroimportøren ELIMP NO Buy NOK 14.8 15.5 1.34 1.97 17.7x 11.0x 5.5x 4.2x
Elisa ELISA FH Hold EUR 46.72 42.0 2.41 2.47 19.4x 19.2x 11.2x 11.2x
Elkem ELK NO Buy NOK 19.9 30.0 2.33 2.76 16.9x 8.4x 5.3x 4.8x
Elliptic Laboratories ELABS NO Buy NOK 12 19.0 1.30 2.00 17.1x 9.3x 10.0x 5.3x
Elmera Group ELMRA NO Sell NOK 33.3 24.0 2.20 2.09 14.9x 13.8x 8.6x 7.6x
Elopak ELO NO Hold NOK 44.1 44.0 0.30 0.34 14.5x 12.8x 7.7x 6.6x
Embla Medical EMBLA DC Buy DKK 35.5 35.5 0.20 0.22 25.9x 23.8x 14.6x 13.5x
Embracer Group EMBRACB SS Buy SEK 115.36 140.0 8.19 10.31 13.2x 9.5x 3.6x 2.4x
Emilshus EMILB SS Buy SEK 49.75 55.0 3.13 3.33 18.8x 16.4x 18.2x 16.2x
Enento Group ENENTO FH Buy EUR 17.2 25.0 0.92 1.07 23.9x 18.8x 10.9x 9.8x
Engcon ENGCONB SS Hold SEK 91.4 95.0 2.59 3.13 47.5x 35.2x 31.2x 24.6x
Entra ENTRA NO Buy NOK 117.8 130.0 5.44 5.96 16.9x 16.0x 19.7x 19.5x
Envipco ENVIP NO Buy NOK 67.8 90.0 0.43 0.63 89.3x 13.8x 24.8x 10.1x
Eolus EOLUB SS Hold SEK 51.1 8.86 14.92 3.5x 5.8x 2.7x 3.6x
Ependion EPEN SS Not Rated SEK 106.2 7.78 9.92 16.9x 12.8x 8.2x 6.7x
Epiroc EPIA SS Hold SEK 212.5 200.0 8.47 9.60 28.5x 25.1x 16.7x 15.2x
EQL Pharma EQL SS Not Rated SEK 84.0 3.01 4.32 38.9x 27.9x 22.4x 17.6x
EQT EQT SS Hold SEK 277.0 295.0 0.98 1.61 23.0x 18.4x 18.3x 14.9x
Equinor EQNR NO Sell NOK 244.6 180.0 2.48 2.52 10.0x 8.9x 2.0x 2.1x
Ericsson ERICB SS Buy SEK 82.02 100.0 5.87 6.82 10.6x 10.8x 5.9x 5.6x
Essity ESSITYB SS Hold SEK 277 300.0 19.21 20.51 15.0x 14.2x 9.0x 8.3x
Etteplan ETTE FH Hold EUR 11 10.5 0.64 0.77 12.9x 12.3x 7.9x 7.2x
Europris EPR NO Buy NOK 79.4 90.0 6.43 7.24 15.7x 12.3x 6.8x 5.8x
Evolution EVO SS Buy SEK 647.0 1100.0 5.77 6.59 10.9x 9.9x 7.9x 6.7x
Fabege FABG SS Sell SEK 82.3 70.0 3.80 3.78 17.5x 16.9x 24.5x 23.6x
Faron Pharmaceuticals FARON FH Not Rated EUR 3.0 -0.29 -0.20 -12.7x -10.6x -14.3x -11.3x
Fasadgruppen FG SS Hold SEK 28.3 20.0 5.08 5.67 5.0x 3.9x 8.1x 6.7x
Fastpartner FPAR SS Hold SEK 54.9 52.0 3.88 4.12 14.0x 13.7x 16.8x 16.8x
Ferroamp FERRO SS Not Rated SEK 1.3 0.67 111.8x 2.0x 1.8x 1.0x
Fiskars FSKRS FH Hold EUR 14.2 15.0 1.08 1.19 12.2x 11.2x 10.4x 7.9x
Flerie FLERIE SS Buy SEK 47.1 57.0
Flex LNG FLNG NO Buy NOK 245.0 300.0 2.60 3.08 11.4x 9.3x 10.2x 9.2x
FLSmidth FLS DC Hold DKK 375.8 335.0 27.51 30.33 16.3x 13.3x -5.9x -4.7x
Fortnox FNOX SS Not Rated SEK 85.7 1.87 2.16 58.0x 45.9x 37.2x 28.1x
Fortum FORTUM FH Hold EUR 15.4 13.7 0.86 0.84 16.7x 17.9x 10.8x 11.5x
Fractal Gaming FRACTL SS Hold SEK 36.5 43.0 1.75 2.14 21.5x 20.8x 9.5x 9.7x
Frontline FRO NO Buy NOK 183.3 285.0 3.57 3.65 7.7x 5.1x 6.6x 5.1x
F-Secure FSECURE FH Buy EUR 2.0 2.6 0.15 0.21 12.3x 10.5x 8.8x 7.8x
Gapwaves GAPW SS Not Rated SEK 13.1 -0.60 0.05 -12.9x -21.8x -17.6x -27.1x
Kilde: DNB Carnegie, FactSet, Bloomberg
16
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Garo GARO SS Hold SEK 20.0 21.0 1.64 2.1x 28.4x 12.2x 10.1x 6.5x
Genco Shipping & TradingGNK US Buy USD 13.2 15.0 2.10 2.0x 32.0x 6.3x 6.1x 3.0x
Genmab GMAB DC Buy DKK 1423.5 2288.0 17.06 21.7x 12.9x 12.8x 8.2x 6.7x
Genova GPG SS Hold SEK 45.8 45.0 1.54 1.8x 29.6x 42.4x 23.7x 24.3x
Gentian Diagnostics GENT NO Buy NOK 62.0 67.0 2.66 0.0x 38.5x 23.3x 21.0x 13.5x
Gentoo Media G2MNO NO Not Rated SEK 13.6 0.16 0.20 6.2x 5.2x 5.8x 4.9x
Getinge GETIB SS Buy SEK 182.1 270.0 11.74 13.57 15.4x 13.6x 8.7x 7.9x
Gigante Salmon GIGA NO Buy NOK 9.0 11.0 0.60 1.60 -41.3x 15.1x 107.1x 11.3x
Gigasun GIGA SS Not Rated SEK 2.7 0.65 0.75 15.6x 4.1x 8.5x 8.2x
Gjensidige GJF NO Hold NOK 259.0 235.0 13.91 14.70 21.0x 18.6x
GN Group GN DC Buy DKK 93.9 138.0 5.44 8.0x 19.6x 13.1x 12.0x 9.6x
Golar LNG GLNG US Buy USD 41.9 54.0 0.63 -0.4x 33.0x 66.5x 22.3x 22.9x
Golden Ocean Group GOGL NO Hold NOK 78.4 83.0 1.63 1.9x 26.6x 4.8x 10.6x 4.5x
Green Hydrogen SystemsGREENH DC Sell DKK 0.4 4.9 -1.21 -0.8x -0.3x -0.5x -6.9x -17.8x
Green Landscaping GroupGREEN SS Buy SEK 67.6 93.0 6.41 6.6x 14.5x 10.6x 6.3x 5.6x
Grieg Seafood GSF NO Hold NOK 67.8 67.0 3.28 5.01 -91.2x 20.7x 11.8x 6.4x
GRK GRK FH Buy EUR 12.1 13.5 0.80 0.84 15.1x 15.3x 7.4x 7.1x
Gränges GRNG SS Hold SEK 124.3 133.0 13.45 15.62 10.9x 9.2x 6.2x 5.3x
Guard Therapeutics GUARD SS Not Rated SEK 17.65 7.84 0.20 -2.2x 2.3x -2.6x 0.8x
Gubra GUBRA DC Buy DKK 395 750.0 10.33 45.92 3.3x 38.2x 1.6x 20.3x
H+H International HH DC Hold DKK 130.0 108.0 8.20 11.1x 29.6x 15.9x 8.6x 7.1x
Hafnia HAFNI NO Buy NOK 51.5 74.0 0.94 0.92 7.7x 5.4x 5.7x 4.5x
HAKI Safety HAKIB SS Not Rated SEK 23.0 2.38 3.0x 16.1x 7.9x 7.0x 5.2x
Handelsbanken SHBA SS Buy SEK 129.8 140.0 11.87 12.50 10.8x 10.9x
Hansa Biopharma HNSA SS Hold SEK 23.1 32.0 -6.22 -6.7x -2.7x -3.7x -4.5x -7.4x
HANZA HANZA SS Not Rated SEK 83.6 7.28 8.45 14.2x 11.5x 8.0x 6.6x
Harvia HARVIA FH Hold EUR 48.0 45.0 1.91 2.2x 27.1x 23.2x 18.7x 16.1x
Haypp HAYPP SS Hold SEK 114.0 90.0 5.04 6.79 23.2x 18.0x 13.9x 11.2x
Hemnet HEM SS Buy SEK 301.2 482.0 9.87 12.6x 36.5x 28.0x 28.9x 22.4x
Hennes & Mauritz HMB SS Hold SEK 137.2 140.0 8.29 8.46 18.6x 16.6x 7.2x 6.7x
Hexagon HEXAB SS Buy SEK 95.3 115.0 0.40 0.5x 20.5x 18.8x 13.3x 12.3x
Hexagon Composites HEX NO Buy NOK 16.5 28.0 0.56 2.93 -4.0x 29.6x 6.9x 4.4x
Hexagon Purus HPUR NO Not Rated NOK 1.7 -1.45 -1.2x -0.7x -1.1x -5.2x -13.7x
Hexpol HPOLB SS Buy SEK 87.75 97.0 6.80 7.03 14.7x 12.9x 9.1x 8.4x
Hiab HIAB FH Buy EUR 47.9 51.0 2.80 3.4x 20.6x 16.9x 11.2x 9.7x
Himalaya Shipping HSHP NO Hold NOK 60.3 58.0 1.42 1.49 18.7x 4.2x 10.1x 6.3x
HMS Networks HMS SS Buy SEK 429.2 615.0 15.81 18.9x 33.6x 26.5x 20.5x 17.1x
Hoist Finance HOFI SS Buy SEK 93.6 120.0 11.13 11.39 9.0x 8.4x
Holmen HOLMB SS Hold SEK 392.2 435.0 19.73 20.1x 20.6x 19.9x 12.0x 11.7x
Hufvudstaden HUFVA SS Hold SEK 120.5 120.0 5.04 5.26 22.1x 21.1x 21.7x 21.0x
Huhtamaki HUH1V FH Buy EUR 32.4 40.0 2.75 2.9x 12.6x 11.8x 7.4x 6.9x
Humana HUM SS Buy SEK 36.6 48.0 5.56 6.66 7.6x 5.9x 5.6x 5.2x
Humble Group HUMBLE SS Hold SEK 8.5 10.0 0.59 0.8x 10.8x 8.7x 7.0x 5.9x
HusCompagniet HUSCO DC Buy DKK 52.6 76.0 6.20 9.17 20.3x 8.5x 9.6x 5.4x
Husqvarna HUSQB SS Buy SEK 47.4 55.0 4.60 5.3x 14.0x 10.3x 6.1x 5.2x
Höegh Autoliners ASA HAUTO NO Buy NOK 88.4 90.0 2.29 2.19 3.9x 3.8x 3.8x 3.8x
IAR Systems IARB SS Not Rated SEK 109.0 5.34 5.4x 20.1x 20.4x 7.7x 7.4x
Icelandic Salmon ISLAX NO Hold NOK 99.6 105.0 0.44 0.92 -32.0x 19.5x 30.5x 9.3x
Iconovo ICO SS Not Rated SEK 1.2 -0.12 0.4x -0.7x -10.2x -0.6x 11.5x
Idun Industrier IDUNB SS Not Rated SEK 332.0 5.83 6.56 25.7x 24.5x 13.3x 12.5x
Industrivärden INDUC SS Hold SEK 345.4 345.0
Indutrade INDT SS Buy SEK 258.2 290.0 8.64 9.64 27.1x 25.0x 17.5x 16.1x
Initiator Pharma INIT SS Not Rated SEK 3.9 -0.26 -0.4x -9.5x -10.0x -8.0x -8.2x
Instalco INSTAL SS Buy SEK 24.3 50.0 2.59 3.14 9.7x 8.4x 7.2x 6.1x
Intea INTEAB SS Buy SEK 77.1 72.0 3.44 3.58 22.6x 20.9x 24.7x 23.5x
Integrum INTEGB SS Not Rated SEK 18 0.66 0.81 562.4x 27.2x 42.5x 11.8x
International Petroleum CoIPCrp O SS Buy SEK 139.6 200.0 1.04 2.40 78.5x 14.0x 9.6x 6.2x
Intrum INTRUM SS Hold SEK 37.25 42.0 12.29 14.23 3.1x 3.0x 7.8x 6.9x
Investor INVEB SS Buy SEK 279.5 320.0
INVISIO IVSO SS Hold SEK 360.5 390.0 11.26 13.67 42.0x 32.4x 30.0x 22.7x
Inwido INWI SS Buy SEK 207.4 220.0 13.97 15.45 16.6x 14.2x 9.6x 8.4x
Irisity IRIS SS Not Rated SEK 0.313 -0.83 -0.79 -0.4x -0.5x -2.6x -7.2x
ISS ISS DC Buy DKK 174.7 215.0 19.14 22.47 10.5x 9.1x 7.0x 6.9x
ITAB Shop Concept ITAB SS Not Rated SEK 24 2.73 3.34 11.5x 8.8x 6.6x 5.5x
JM JM SS Hold SEK 145.0 145.0 7.16 12.12 44.3x 20.3x 22.9x 14.3x
Kilde: DNB Carnegie, FactSet, Bloomberg
17
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Job Solution JOBS SS Not Rated SEK 33.2 6.71 7.70 5.5x 4.9x 6.1x 5.0x
John Mattson JOMA SS Buy SEK 62.4 70.0 2.56 2.6x 23.8x 22.2x 26.0x 24.9x
Jyske Bank JYSK DC Hold DKK 631.5 577.0 71.73 77.07 9.0x 8.7x
Kaldvik KLDVK NO Not Rated NOK 15.10 0.06 0.2x -151.7x 23.4x 10.9x 7.6x
Kalmar KALMAR FH Hold EUR 30.82 27.0 2.72 3.07 14.1x 11.2x 8.4x 6.7x
Kambi KAMBI SS Buy SEK 121.10 195.0 0.71 0.9x 18.5x 12.5x 4.6x 3.6x
Kamux KAMUX FH Hold EUR 2.05 2.2 0.23 0.37 18.0x 9.0x 5.6x 4.8x
Karnov KAR SS Hold SEK 95.20 95.0 2.67 3.2x 22.9x 19.4x 14.9x 13.0x
Karolinska Development KDEV SS Not Rated SEK 1.02
KB Components KBC SS Hold SEK 51.10 49.0 4.13 4.6x 13.7x 12.0x 7.1x 6.4x
Kebni KEBNIB SS Not Rated SEK 1.93 0.07 0.11 42.4x 27.9x 25.1x 17.9x
Kemira KEMIRA FH Buy EUR 19.33 23.0 1.70 1.9x 12.2x 11.4x 5.8x 5.6x
Kempower KEMPOWR FH Hold EUR 11.04 10.0 0.12 0.31 -58.5x 92.0x 140.6x 21.8x
Kesko KESKOB FH Buy EUR 21.08 21.5 1.33 1.4x 18.3x 15.9x 9.0x 8.4x
K-Fastigheter KFASTB SS Hold SEK 11.44 24.0 0.20 0.16 21.1x 23.6x 35.9x 34.7x
Kid KID NO Buy NOK 148.80 165.0 10.91 12.2x 15.6x 13.6x 6.7x 6.1x
Kinnevik KINVB SS Buy SEK 80.94 100.0
Kitron KIT NO Buy NOK 59.00 60.0 0.26 0.3x 303.3x 229.5x 157.0x 128.8x
Kjell Group KJELL SS Hold SEK 9.52 9 0.67 1.05 17.6x 9.7x 4.1x 3.6x
Klaveness Combination CKarCriCer NsO Buy NOK 62.80 109 1.12 1.3x 13.2x 5.6x 7.6x 5.1x
Kojamo KOJAMO FH Buy EUR 10.55 12 0.53 0.49 18.1x 16.8x 22.5x 22.4x
Komplett KOMPL NO Hold NOK 11.15 11 0.84 1.5x -5837.7x 13.2x 6.2x 4.1x
Kone KNEBV FH Hold EUR 54.58 55 2.32 2.53 24.9x 22.6x 15.8x 14.3x
Konecranes KCR FH Buy EUR 69.35 70 5.46 5.9x 13.5x 11.9x 7.9x 6.7x
Kongsberg Gruppen KOG NO Sell NOK 1797.5 1250 47.80 53.70 46.3x 37.6x 30.1x 24.1x
Lagercrantz LAGRB SS Hold SEK 220.00 230 5.56 6.0x 36.0x 33.3x 23.6x 22.2x
Latour LATOB SS Buy SEK 250 300
Lerøy Seafood Group LSG NO Buy NOK 44.76 62 4.77 5.4x 13.7x 9.4x 7.0x 5.4x
Lifco LIFCOB SS Buy SEK 389.6 410 9.44 10.46 36.6x 33.9x 25.7x 23.8x
Lifecare ASA LIFE NO Not Rated NOK 6.30 -4.21 -3.9x -1.4x -1.5x -0.1x -0.4x
Lime LIME SS Buy SEK 407.5 405 10.16 11.74 46.2x 35.2x 24.5x 20.8x
Lindab LIAB SS Hold SEK 209.00 195 12.74 15.1x 20.8x 16.4x 10.9x 9.2x
Link Mobility LINK NO Buy NOK 25.1 27 1.28 1.55 13.6x 11.6x 9.5x 8.0x
Logistea LOGIB SS Buy SEK 14.84 20 0.92 1.0x 14.9x 13.2x 16.9x 15.4x
Loomis LOOMIS SS Buy SEK 369 419 34.27 37.46 11.2x 10.0x 5.4x 5.1x
Lumi Gruppen LUMI NO Not Rated NOK 13.50 0.67 0.9x 27.2x 20.1x 9.6x 8.1x
Lundbeck HLUNB DC Buy DKK 37.68 50 4.14 4.29 10.0x 9.1x 6.5x 5.6x
Lundbergs LUNDB SS Hold SEK 486.60 535
Lundin Mining LUMI SS Buy SEK 91.65 98 0.63 0.74 17.6x 15.2x 7.0x 6.4x
Lyko LYKOA SS Hold SEK 121.00 129 5.84 7.2x 47.4x 20.5x 9.2x 7.5x
Mandatum MANTA FH Hold EUR 5.246 5 0.33 11.0x 11.3x
Marimekko MEKKO FH Hold EUR 13.40 15 0.74 0.8x 20.3x 18.1x 12.2x 11.1x
Matas Group MATAS DC Buy DKK 134.2 175 9.86 14.30 17.0x 12.6x 7.3x 6.5x
Maven Wireless MAVEN SS Not Rated SEK 8.48 0.16 0.4x -258.8x 53.8x 38.4x 20.7x
MedHelp Care MEDHLP SS Not Rated SEK 3.68 0.32 0.37 16.4x 11.4x 5.8x 4.6x
Medicover MCOVB SS Buy SEK 240.00 285 0.60 0.8x 40.9x 31.8x 12.9x 11.1x
Medistim MEDI NO Hold NOK 192.5 200 7.66 8.31 27.7x 25.1x 18.3x 17.1x
Medivir MVIRB SS Not Rated SEK 1.67 -1.35 -1.5x -1.6x -1.2x -1.0x -0.5x
Mentice MNTC SS Not Rated SEK 19.05 0.21 0.67 2335.1x 48.2x 16.8x 13.3x
Metso METSO FH Buy EUR 10.62 12 0.77 0.9x 14.5x 12.5x 10.1x 8.6x
Metsä Board METSB FH Hold EUR 3.17 4 0.20 0.33 22.7x 15.6x 8.2x 7.1x
MilDef Group MILDEF SS Not Rated SEK 255.40 6.07 7.5x 48.2x 34.7x 32.2x 23.4x
Millicom TIGO US Buy USD 37.43 40 2.68 2.92 9.0x 8.3x 4.3x 4.3x
Mips MIPS SS Buy SEK 410.00 480 8.86 10.7x 81.5x 46.3x 57.5x 33.4x
Modern Times Group MTGB SS Buy SEK 108.7 130 10.18 10.75 10.8x 8.3x 6.3x 4.9x
Modus Therapeutics HoldiMngODTX SS Not Rated SEK 1.41 -0.86 0.3x -1.9x -1.6x -1.6x -1.4x
Momentum Group MMGRB SS Hold SEK 171 175 4.73 5.13 39.9x 36.2x 19.6x 18.1x
Mowi MOWI NO Buy NOK 188.00 230 1.40 1.6x 15.3x 11.8x 10.7x 7.9x
MPC Container Ships ASAMPCC NO Hold NOK 16.695 15 0.21 0.00 4.1x 8.0x 2.7x 3.2x
Multiconsult MULTI NO Buy NOK 201.00 220 13.83 16.3x 14.9x 14.3x 8.4x 8.2x
Munters MTRS SS Hold SEK 130 125 5.83 6.34 24.1x 20.7x 12.1x 11.0x
Mycronic MYCR SS Buy SEK 384.00 425 17.33 17.8x 22.4x 21.5x 15.3x 14.1x
Måsøval MAS NO Buy NOK 21 26 1.94 2.70 -119.4x 10.8x 14.5x 6.2x
Navigator Holdings Ltd NVGS US Buy USD 14.15 18 1.78 1.9x 9.0x 7.9x 4.7x 4.0x
Kilde: DNB Carnegie, FactSet, Bloomberg
18
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
NCAB NCAB SS Hold SEK 42.4 45.0 1.60 1.85 25.5x 21.9x 17.5x 15.4x
NCC NCCB SS Buy SEK 184.3 210.0 15.59 16.9x 13.8x 11.8x 6.4x 5.4x
NEL NEL NO Sell NOK 2.2 1.5 -0.14 -0.11 -6.5x -16.3x -5.6x -26.1x
Neste NESTE FH Buy EUR 9.46 10.5 0.49 0.7x 76.9x 19.3x 10.2x 8.0x
Net Insight NETIB SS Not Rated SEK 3.345 0.19 0.27 -47.4x 17.9x 14.8x 5.7x
Netcompany NETC DC Buy DKK 296.00 350.0 19.10 24.0x 19.3x 15.0x 13.3x 11.2x
Netel Group Holding NETEL SS Buy SEK 9.13 18.0 2.28 2.75 5.0x 4.0x 4.3x 3.8x
New Wave Group NEWAB SS Buy SEK 116.10 138.0 9.61 11.6x 14.4x 12.1x 9.6x 8.1x
Nibe NIBEB SS Buy SEK 38.07 51.0 1.60 1.77 30.3x 23.7x 15.1x 12.8x
Nilfisk NLFSK DC Buy DKK 91.00 115.0 1.76 2.0x 10.8x 6.9x 5.1x 4.4x
Nimbus Group BOAT SS Not Rated SEK 15.00 3.84 6.4x 3.9x 3.3x 1.7x
Niutech Group NIUTEC SS Not Rated SEK 0.55 0.05 0.1x -0.6x 11.2x -5.1x 4.3x
Nivika Fastigheter NIVIB SS Not Rated SEK 37.95 2.79 2.97 14.5x 13.4x 18.6x 17.9x
NKT NKT DC Buy DKK 554.00 630.0 4.00 5.6x 20.9x 18.5x 9.4x 8.4x
NNIT NNIT DC Hold DKK 69.9 70.0 5.88 7.24 21.2x 13.0x 13.3x 8.6x
Nobia NOBI SS Hold SEK 3.98 3.3 0.49 0.7x -126.5x 8.2x 7.4x 5.4x
Noble Corporation NE US Buy USD 26.16 30.0 0.99 1.13 15.0x 26.5x 5.2x 6.0x
NoHo Partners NOHO FH Buy EUR 9.32 11.8 0.89 0.9x 12.2x 10.5x 5.4x 5.4x
Nokia NOKIA FH Hold EUR 4.615 4 0.30 0.36 16.1x 14.3x 7.3x 6.7x
Nokian Tyres TYRES FH Hold EUR 6.43 7 0.64 1.0x 85.3x 10.0x 8.9x 5.7x
Nolato NOLAB SS Buy SEK 58.85 68 3.06 3.52 20.4x 18.4x 10.8x 9.5x
NorAm Drilling NORAM NO Hold NOK 22.70 37 0.23 9.8x 9.6x 2.9x 2.9x
Norconsult NORCO NO Hold NOK 45.15 48 2.40 2.94 18.9x 18.8x 9.1x 8.8x
Nordea NDA SS Buy SEK 139.70 155 1.37 1.5x 9.3x 9.3x
Nordhealth NORDH NO Buy NOK 37.6 45 -0.02 0.06 -601.9x 55.5x 60.6x 25.5x
Nordic LEVEL Group LEVEL SS Not Rated SEK 0.49 0.09 0.1x 12.8x 5.6x 5.4x 3.8x
Nordic Semiconductor NOD NO Buy NOK 123.3 160 0.36 0.59 90.1x 34.3x 28.6x 16.1x
Nordisk Bergteknik NORBB SS Hold SEK 11.00 10 1.62 2.1x 10.4x 6.8x 4.2x 3.6x
Nordnet SAVE SS Buy SEK 260 270 11.31 12.84 23.1x 22.8x
Nokia NOKIA FH Hold EUR 4.62 4 0.30 0.4x 16.1x 14.3x 7.3x 6.7x
Nokian Tyres TYRES FH Hold EUR 6.425 7 0.64 0.99 85.3x 10.0x 8.9x 5.7x
Nolato NOLAB SS Buy SEK 58.85 68 3.06 3.5x 20.4x 18.4x 10.8x 9.5x
NorAm Drilling NORAM NO Hold NOK 22.7 37 0.23 9.8x 9.6x 2.9x 2.9x
Norconsult NORCO NO Hold NOK 45.15 48 2.40 2.9x 18.9x 18.8x 9.1x 8.8x
Nordea NDA SS Buy SEK 139.7 155 1.37 1.46 9.3x 9.3x
Nordhealth NORDH NO Buy NOK 37.60 45 -0.02 0.1x -601.9x 55.5x 60.6x 25.5x
Nordic LEVEL Group LEVEL SS Not Rated SEK 0.489 0.09 0.11 12.8x 5.6x 5.4x 3.8x
Nordic Semiconductor NOD NO Buy NOK 123.30 160 0.36 0.6x 90.1x 34.3x 28.6x 16.1x
Nordisk Bergteknik NORBB SS Hold SEK 11 10 1.62 2.06 10.4x 6.8x 4.2x 3.6x
Nordnet SAVE SS Buy SEK 260.00 270 11.31 12.8x 23.1x 22.8x
Norion Bank NORION SS Buy SEK 46.6 49 7.47 8.70 7.6x 6.2x
Norsk Hydro NHY NO Sell NOK 55.70 55 5.19 5.9x 11.2x 10.7x 4.8x 5.3x
Norsk Titanium NTI NO Not Rated NOK 1.228 0.04 0.04 -10.2x 3.1x -12.6x 2.2x
Norske Skog NSKOG NO Buy NOK 21.75 30 5.77 11.2x 3.8x 3.7x 2.2x
Norwegian Air Shuttle ASANAS NO Buy NOK 14.25 17 2.48 3.18 7.2x 5.7x 2.5x 2.0x
Novo Nordisk NOVOB DC Buy DKK 475.00 900 31.83 38.4x 18.1x 14.8x 13.1x 10.3x
Novonesis NSISB DC Buy DKK 468 490 1.79 2.09 30.5x 26.8x 19.2x 17.1x
NP3 NP3 SS Buy SEK 257.00 290 13.92 14.8x 17.7x 17.0x 17.6x 17.3x
NRC Group NRC NO Hold NOK 6.34 5 0.63 0.80 17.4x 9.3x 5.5x 4.1x
NTG NTG DC Hold DKK 205.50 240 18.13 20.3x 12.9x 11.3x 7.8x 6.4x
Nyfosa NYF SS Buy SEK 86.65 115 6.16 6.54 12.9x 11.7x 15.0x 14.5x
Nykode Therapeutics NYKD NO Not Rated NOK 1.64 -0.06 0.0x -1.8x -2.6x -0.2x -1.3x
Odfjell Drilling ODL NO Buy NOK 64.7 100 1.06 0.95 9.3x 6.1x 4.9x 3.9x
Odfjell SE ODF NO Buy NOK 110.00 170 3.23 3.5x 4.7x 3.4x 3.5x 3.0x
Odfjell Technology OTL NO Buy NOK 48.15 70 7.16 7.32 7.8x 6.7x 3.5x 3.2x
OKEA OKEA NO Hold NOK 17.16 18 0.29 0.4x 3.4x 5.8x 0.3x 0.7x
Okeanis Eco Tankers OET NO Buy NOK 230.5 340 5.28 5.26 6.6x 4.3x 6.5x 4.9x
Olav Thon EiendomsselskOapLT NO Buy NOK 277.00 300 19.53 20.6x 13.9x 13.1x 14.4x 14.0x
Olvi OLVAS FH Hold EUR 34.5 35 3.53 3.71 10.5x 9.8x 5.7x 5.1x
Omda OMDA NO Buy NOK 53.00 57 0.64 1.3x 24.0x 19.8x 13.0x 10.0x
Oncoinvent ONCIN NO Buy NOK 2.12 3 -1.19 -1.26 -1.7x -1.8x -0.6x -0.5x
Oncopeptides ONCO SS Hold SEK 1.59 2 -0.45 -0.2x -1.6x -3.5x -0.9x -3.0x
OptiCept Technologies OPTI SS Not Rated SEK 4.005 -0.24 -0.06 -7.0x -17.6x -7.4x -19.1x
Optomed OPTOMED FH Buy EUR 4.13 5 -0.15 0.0x -15.7x -26.9x -32.0x 178.8x
Kilde: DNB Carnegie, FactSet, Bloomberg
19
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Orexo ORX SS Not Rated SEK 15.6 -1.87 -2.08 -12.9x -8.3x 22.1x 51.0x
Oriola ORIOLA FH Hold EUR 1.1 1.2 0.06 0.1x 16.5x 11.4x 4.5x 3.9x
Orion ORNBV FH Buy EUR 60.2 63.0 3.96 3.52 24.5x 15.2x 17.5x 11.0x
Orkla ORK NO Sell NOK 114.80 100.0 6.59 7.1x 18.2x 17.4x 12.9x 12.0x
Orthex ORTHEX FH Buy EUR 4.92 5.5 0.43 0.48 13.9x 11.4x 7.9x 6.8x
OssDsign OSSD SS Not Rated SEK 14.40 -0.18 0.0x -47.5x -91.2x -52.6x -100.3x
Otovo OTOVO NO Not Rated NOK 1.78
Outokumpu OUT1V FH Hold EUR 3.53 3.2 0.34 0.4x 45.6x 11.5x 6.3x 4.3x
Ovzon OVZON SS Buy SEK 38.7 44.5 2.01 2.83 57.9x 19.3x 16.7x 9.9x
Pandora PNDORA DC Buy DKK 1,178.50 1585.0 81.64 101.9x 16.8x 14.4x 11.3x 10.3x
Pandox PNDXB SS Buy SEK 159.60 200.0 8.63 9.29 15.4x 14.2x 17.9x 17.2x
Panoro Energy PEN NO Buy NOK 23.85 32.0 0.26 0.3x 9.8x 9.1x 2.6x 2.4x
Paradox Interactive PDX SS Buy SEK 191.9 215.0 7.75 10.21 26.1x 23.3x 10.3x 9.3x
Paratus Energy PLSV NO Buy NOK 36.56 60.0 0.52 0.6x 7.2x 6.3x 5.6x 5.0x
Pareto Bank PARB NO Buy NOK 82.2 84.0 9.16 9.58 9.4x 9.0x
Peab PEABB SS Hold SEK 83.35 80.0 6.23 7.0x 15.6x 13.4x 7.6x 6.7x
Per Aarsleff PAALB DC Buy DKK 617 760.0 52.55 57.22 13.2x 11.7x 5.8x 5.0x
Pexip PEXIP NO Buy NOK 60.10 50.0 2.24 2.9x 29.4x 23.4x 16.9x 13.4x
PhotoCure PHO NO Buy NOK 49.6 80 1.21 2.70 -960.8x 41.1x 22.9x 11.6x
Pihlajalinna PIHLIS FH Buy EUR 14.40 16 1.41 1.7x 9.7x 10.2x 5.6x 5.7x
Ponsse PON1V FH Buy EUR 30 31 1.79 2.26 21.5x 16.8x 8.9x 7.4x
PowerCell PCELL SS Not Rated SEK 24.72 0.14 0.5x -44.0x 173.7x -113.7x 40.1x
Pricer PRICB SS Not Rated SEK 5.83 1.14 1.22 7.0x 5.1x 3.6x 2.8x
Profoto PRFO SS Hold SEK 24.00 35 2.87 3.2x 12.0x 8.4x 5.8x 4.2x
Prosafe PRS NO Not Rated NOK 7.59 0.60 -1.8x 1.3x 8.0x 3.0x
Protector Forsikring PROT NO Buy NOK 406.00 380 28.04 29.3x 14.9x 14.5x
Public Property Invest PUBLI NO Buy NOK 21.05 24 1.17 1.22 15.8x 14.0x 16.8x 15.9x
Puuilo PUUILO FH Buy EUR 12.90 14 0.75 0.8x 18.5x 16.8x 12.6x 11.5x
Q-linea QLINEA SS Not Rated SEK 0.0461 -0.09 0.02 -0.3x -0.5x -0.4x -2.0x
Qliro QLIRO SS Hold SEK 19.70 21 0.89 2.2x -14.0x 22.2x
Qt Group QTCOM FH Buy EUR 57.4 85 2.81 3.61 26.7x 20.4x 16.3x 12.2x
Raisio RAIVV FH Buy EUR 2.63 3 0.16 0.2x 17.7x 16.7x 9.0x 8.5x
Raketech RAKE SS Not Rated SEK 2.7 0.09 0.18 5.5x 2.8x 1.9x 0.9x
Rana Gruber RANA NO Buy NOK 71.20 90 12.23 12.0x 5.3x 5.8x 3.1x 3.0x
RaySearch RAYB SS Buy SEK 306 350 8.80 11.46 53.4x 37.6x 18.0x 15.3x
Rejlers REJLB SS Buy SEK 193.00 205 12.51 14.1x 17.7x 15.4x 8.6x 7.6x
Relais Group RELAIS FH Not Rated EUR 14.65 1.22 1.35 11.4x 10.4x 7.6x 6.9x
Remedy Entertainment REMEDY FH Buy EUR 18.60 19 0.93 1.0x 41.6x 19.9x 11.2x 7.6x
Resurs Holding RESURS SS Not Rated SEK 25.85 4.17 4.50 7.0x 6.2x
Revenio REG1V FH Buy EUR 27.40 30 0.91 1.1x 34.0x 30.0x 20.8x 18.4x
RevolutionRace RVRC SS Buy SEK 44.38 51 2.86 3.00 15.5x 15.1x 11.5x 10.7x
Rockwool ROCKB DC Buy DKK 300.70 340 2.65 2.8x 14.9x 14.8x 8.1x 7.9x
Rogaland Sparebank ROGS NO Hold NOK 137 137 11.23 11.75 10.6x 12.2x
Royal Unibrew RBREW DC Buy DKK 547.50 645 35.14 40.3x 17.9x 15.6x 11.3x 10.3x
RugVista RUG SS Buy SEK 61.8 70 3.98 4.62 18.1x 15.5x 10.4x 8.8x
Rusta RUSTA SS Hold SEK 73.25 75 4.63 5.1x 18.7x 15.8x 8.2x 7.4x
Röko ROKOB SS Hold SEK 2200 2050 57.03 61.55 33.2x 31.1x 24.3x 22.7x
Safe Bulkers SB US Buy USD 3.78 5 1.13 1.2x 7.0x 3.3x 4.9x 3.3x
Sagax SAGAB SS Buy SEK 206.8 240 10.61 11.05 17.8x 16.9x 19.3x 18.1x
SalMar SALM NO Buy NOK 452.40 580 39.18 44.7x 20.8x 11.5x 11.5x 7.3x
Salmon Evolution SALME NO Buy NOK 6.04 9 0.09 0.51 -41.6x 67.0x 81.7x 21.5x
Salmones Camanchaca SALMOCAM CI Hold CLP 3,024.00 2,950 0.34 0.4x 14.1x 9.4x 5.9x 5.0x
Sampo SAMPO FH Not Rated EUR 9.44 0.57 16.5x 15.9x
Sandvik SAND SS Buy SEK 207.70 260 15.39 16.5x 16.7x 13.5x 9.2x 7.8x
Sanoma SANOMA FH Buy EUR 9.55 11 0.71 0.85 14.6x 11.1x 5.9x 5.3x
Sats SATS NO Hold NOK 36.25 37 2.88 3.3x 14.4x 12.6x 5.6x 5.2x
SBB SBBB SS Not Rated SEK 5.95 0.93 0.84 11.3x 14.1x 20.4x 19.7x
SCA SCAB SS Buy SEK 126.65 160 6.85 7.6x 22.4x 18.5x 13.1x 11.6x
Scandic Hotels Group SHOT SS Buy SEK 76 115 7.08 7.78 12.1x 10.6x 6.1x 5.4x
Scandinavian Tobacco GroSuTpG DC Hold DKK 86.00 90 11.43 11.8x 7.1x 6.8x 6.2x 6.0x
Scanfil SCANFL FH Not Rated EUR 8.5 0.72 0.77 13.0x 11.9x 6.8x 6.1x
Scatec SCATC NO Buy NOK 86.85 95 4.83 0.6x 8.5x 18.0x 8.5x 10.0x
Schibsted SCHA NO Sell NOK 340.6 290 4.79 7.27 -60.0x 71.2x 41.4x 36.4x
Schouw & Co SCHO DC Buy DKK 572.00 730 51.60 57.2x 10.5x 9.8x 6.2x 5.7x
Kilde: DNB Carnegie, FactSet, Bloomberg
20
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Scorpio Tankers STNG US Buy USD 40.0 71.0 8.02 8.89 7.5x 5.0x 4.4x 2.8x
Sdiptech SDIPB SS Buy SEK 220.0 335.0 14.63 16.4x 13.7x 11.8x 9.9x 9.1x
Sea1 Offshore SEA1 NO Buy NOK 25.0 30.0 0.36 0.36 6.2x 6.9x 4.5x 5.0x
Seadrill SDRL US Buy USD 24.08 35.0 1.62 3.2x 14.7x 14.9x 4.1x 3.9x
SEB SEBA SS Hold SEK 163.15 149.0 14.73 15.88 11.2x 11.1x
Sectra SECTB SS Hold SEK 323.80 250.0 3.87 4.7x 104.5x 83.6x 69.3x 56.0x
Securitas SECUB SS Buy SEK 141.55 158.0 11.09 12.10 12.0x 11.2x 7.9x 7.5x
Selvaag Bolig SBO NO Hold NOK 34.65 35.0 3.11 3.4x 22.3x 11.1x 17.7x 8.2x
Sensys Gatso Group SGG SS Not Rated SEK 41.95 3.57 5.90 26.1x 11.8x 7.4x 6.0x
Senzime SEZI SS Not Rated SEK 4.67 -0.27 0.6x -7.0x -21.2x -10.3x -72.7x
SFL Corporation Ltd SFL US Hold USD 8.62 9.0 0.67 0.74 35.2x 11.9x 8.3x 7.2x
ShaMaran Petroleum SNM SS Buy SEK 1.29 1.6 0.02 0.0x 13.3x 8.0x 4.4x 3.7x
Shelf Drilling SHLF NO Buy NOK 6.74 8.0 0.06 0.08 1.9x 1.8x 3.9x 3.8x
Sileon SILEON SS Not Rated SEK 3.60 -13.52 -6.5x -0.3x -0.3x -2.1x -3.5x
Sinch SINCH SS Buy SEK 25.32 41.0 0.86 1.01 7.9x 7.8x 7.4x 6.4x
Sitowise SITOWS FH Hold EUR 2.58 2.0 0.02 0.1x 28.9x 17.3x 8.8x 7.5x
Sivers Semiconductors SIVE SS Not Rated SEK 4.132 -0.12 -0.04 -11.4x -35.6x 102.3x 19.0x
Skanska SKAB SS Hold SEK 230.60 230.0 16.26 17.6x 15.4x 14.2x 7.4x 6.7x
SKF SKFB SS Buy SEK 209.3 235 18.28 19.91 12.9x 11.2x 6.6x 5.7x
SkiStar SKISB SS Buy SEK 170.00 193 9.49 9.3x 24.3x 17.9x 12.6x 10.5x
Sleep Cycle SLEEP SS Not Rated SEK 33 3.13 4.18 11.2x 10.6x 6.2x 5.1x
SLP SLPB SS Buy SEK 38.10 42 1.85 2.0x 17.5x 16.5x 21.1x 19.4x
Smart Eye SEYE SS Buy SEK 68.1 103 7.43 10.12 -170.8x 6.5x 125.8x 5.3x
SmartCraft SMCRT NO Buy NOK 25.20 31 0.98 1.2x 31.0x 25.7x 17.4x 14.2x
Smartoptics SMOP NO Buy NOK 17 27 0.08 0.11 40.3x 22.0x 38.3x 25.4x
Sobi SOBI SS Buy SEK 305.00 381 19.49 25.6x 12.6x 10.0x 11.0x 8.3x
Solar SOLARB DC Hold DKK 320 315 23.43 29.12 20.3x 13.7x 6.6x 5.5x
Solar Foods SFOODS FH Not Rated EUR 5.85 -0.27 -0.3x -18.8x -21.3x -119.8x -163.3x
Solstad Offshore SOFF NO Not Rated NOK 40.35
Sonova SOON SW Hold CHF 254.10 280 10.40 11.5x 23.5x 23.3x 16.4x 16.3x
SP Group SPG DC Buy DKK 306.5 400 29.91 33.57 11.8x 10.2x 6.6x 5.8x
Spago Nanomedical SPAGO SS Not Rated SEK 0.21 -0.11 -0.1x -2.4x -1.8x -1.2x -1.0x
Spar Nord Bank SPNO DC Not Rated DKK 208.8 18.34 19.63 12.3x 11.4x
SpareBank 1 Helgeland HELG NO Hold NOK 170.20 167 14.15 14.6x 11.6x 12.0x
Sparebank 1 Nord-Norge NONG NO Hold NOK 147 150 12.67 13.22 11.2x 11.6x
Sparebank 1 SMN MING NO Buy NOK 192.50 202 17.85 18.7x 10.9x 10.8x
SpareBank 1 Sør-Norge SB1NO NO Hold NOK 177.2 180 15.92 16.72 10.1x 10.2x
Sparebank 1 Østlandet SPOL NO Hold NOK 183.24 168 14.60 15.7x 11.5x 12.2x
Sparebanken Møre MORG NO Hold NOK 106.8 95 8.27 8.60 12.4x 12.9x
Sparebanken Norge SVEG NO Buy NOK 157.22 157 13.13 13.6x 10.7x 12.0x
Sparebanken Sør SOR NO Buy NOK 203 226
Sparebanken Øst SPOG NO Hold NOK 72.60 76 5.75 6.0x 10.9x 12.6x
Spinnova SPINN FH Hold EUR 0.487 2 -0.01 -0.14 -7.5x -41.8x -5.6x
SSAB SSABA SS Buy SEK 61.86 70 7.02 7.9x 9.9x 8.8x 4.2x 4.7x
Star Bulk SBLK US Hold USD 16.34 16 3.94 4.10 11.0x 4.1x 6.1x 3.3x
Stillfront Group SF SS Not Rated SEK 7.74 0.77 0.8x 4.3x 3.9x 4.0x 3.5x
Stockwik STWK SS Not Rated SEK 22.6 4.42 5.21 6.5x 4.3x 4.9x 4.4x
Stolt-Nielsen SNI NO Buy NOK 258.00 470 6.29 6.8x 4.8x 4.1x 4.1x 3.6x
Stora Enso STERV FH Buy EUR 8.676 12 0.69 0.88 22.6x 12.5x 7.0x 5.4x
Storebrand STB NO Buy NOK 135.10 149 10.44 11.6x 13.2x 12.0x
Storskogen STORB SS Buy SEK 11.135 18 0.97 1.15 9.5x 8.6x 6.9x 6.2x
Storytel STORYB SS Hold SEK 98.35 83 4.83 5.9x 28.0x 18.4x 11.1x 8.8x
Subsea 7 SUBC NO Buy NOK 174.9 205 1.97 2.09 14.1x 8.8x 4.0x 3.5x
Surgical Science Sweden SUS SS Buy SEK 141.90 185 5.13 6.3x 30.3x 23.6x 22.8x 15.4x
Sveafastigheter SVEAF SS Hold SEK 35.02 36 1.68 1.80 20.0x 18.1x 25.8x 23.3x
Svedbergs Group SVEDB SS Not Rated SEK 52.70 4.17 4.6x 13.2x 11.8x 8.5x 7.6x
Sweco SWECB SS Buy SEK 165 190 7.52 8.33 24.2x 21.4x 13.3x 11.9x
Swedbank SWEDA SS Hold SEK 261.70 240 23.36 24.1x 10.5x 11.2x
Synsam SYNSAM SS Buy SEK 49.65 62 4.04 4.83 17.9x 12.8x 6.2x 5.2x
Systemair SYSR SS Buy SEK 88.70 104 4.28 4.7x 22.9x 20.1x 12.0x 10.9x
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Talenom TNOM FH Buy EUR 3.94 4 0.18 0.2x 33.3x 22.3x 7.4x 6.8x
TCM Group TCM DC Buy DKK 76.2 95 8.44 10.75 11.6x 8.6x 7.7x 6.0x
Teekay Tankers TNK US Buy USD 44.76 63 9.59 10.1x 6.0x 4.6x 2.2x 1.1x
Kilde: DNB Carnegie, FactSet, Bloomberg
21
DNB Carnegie | 3 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Tele2 TEL2B SS Buy SEK 143.8 150.0 7.29 7.93 15.9x 14.6x 10.0x 9.4x
Telenor TEL NO Sell NOK 156.5 142.0 10.29 10.9x 17.9x 14.5x 8.4x 8.2x
Telia Company TELIA SS Hold SEK 37.2 35.0 1.74 1.78 18.5x 19.3x 6.6x 6.6x
Terveystalo TTALO FH Buy EUR 12.22 13.4 0.97 1.1x 13.8x 12.5x 7.5x 7.0x
TF Bank TFBANK SS Buy SEK 371.5 520.0 41.92 51.37 12.0x 9.1x
TGS TGS NO Buy NOK 84.45 110.0 1.03 1.3x 12.3x 8.1x 2.1x 1.9x
Thule Group THULE SS Buy SEK 248.8 300.0 13.30 14.44 21.7x 18.7x 14.9x 13.1x
Tidewater Inc. TDW US Buy USD 40.26 55.0 4.26 5.2x 10.7x 8.8x 3.7x 3.1x
TietoEVRY TIETO FH Hold EUR 16.03 16.9 1.29 1.37 14.4x 9.6x 9.7x 7.8x
Tobii TOBII SS Not Rated SEK 3.30 0.19 0.4x -74.1x 17.7x 2.5x 2.1x
Tokmanni TOKMAN FH Hold EUR 10.91 12.0 1.16 1.30 11.2x 9.3x 6.4x 5.8x
Tomra TOM NO Sell NOK 150.00 130.0 0.58 0.6x 32.1x 22.4x 14.5x 11.2x
Transocean RIG US Buy USD 2.49 3.0 0.06 -0.11 -27.4x 39.0x 6.1x 5.6x
Transtema TRANS SS Not Rated SEK 14.52 1.71 2.3x 12.8x 8.5x 3.6x 2.6x
Trelleborg TRELB SS Hold SEK 346.8 350.0 19.29 22.19 20.7x 17.1x 10.9x 10.1x
Trianon TRIANB SS Hold SEK 20.05 21.0 0.95 1.0x 18.2x 16.6x 21.4x 21.7x
Trifork TRIFOR DC Buy DKK 91.5 110.0 0.60 0.70 21.2x 17.5x 8.5x 7.1x
Troax TROAX SS Buy SEK 156.40 190.0 0.65 0.7x 25.3x 20.3x 15.2x 12.7x
Truecaller TRUEB SS Buy SEK 66.95 100 2.59 3.09 31.3x 23.8x 21.7x 17.0x
Tryg TRYG DC Buy DKK 169.30 185 17.66 18.7x 9.9x 9.6x
UPM UPM FH Hold EUR 23.88 26 1.91 2.05 15.3x 12.5x 8.2x 7.2x
Vaisala VAIAS FH Buy EUR 50.20 59 2.48 2.6x 27.3x 20.3x 15.3x 12.1x
Valaris VAL US Buy USD 37.62 40 3.59 5.22 20.2x 10.5x 5.4x 5.4x
Valmet VALMT FH Buy EUR 28.73 33 2.32 2.8x 12.6x 10.2x 9.0x 7.6x
VEF VEFAB SS Buy SEK 1.872 24
Veidekke VEI NO Hold NOK 156.00 150 11.37 11.3x 14.5x 13.7x 6.0x 5.7x
Ventura Offshore VTURA NO Buy NOK 18 50 -0.04 1.10 8.6x -48.5x 3.3x 5.6x
Verkkokauppa.com VERK FH Buy EUR 2.68 3 0.15 0.2x 23.5x 18.0x 8.0x 6.9x
Vertiseit VERT SS Not Rated SEK 56.6 2.79 3.40 31.6x 20.3x 14.8x 10.6x
Verve VER SS Hold SEK 32.20 39 0.37 0.4x 8.2x 6.5x 5.7x 5.0x
Vestas VWS DC Buy DKK 102.75 160 0.94 1.16 17.9x 14.6x 7.0x 6.1x
Vestum VESTUM SS Buy SEK 10.04 13 0.21 0.3x 13.1x 10.0x 7.7x 6.5x
Viaplay Group VPLAYB SS Hold SEK 0.5886 1 -0.03 0.03 -3.6x -21.5x -34.3x 11.9x
Vicore Pharma VICO SS Buy SEK 8.67 19 -1.44 -1.7x -7.0x -6.0x -3.6x -4.3x
Vimian VIMIAN SS Buy SEK 44.42 50 0.12 0.15 31.1x 26.3x 18.8x 16.6x
Vitec VITB SS Sell SEK 432.20 419 12.53 14.1x 39.0x 34.5x 14.0x 12.4x
Vitrolife VITR SS Buy SEK 153.8 260 5.75 6.38 23.1x 20.1x 16.1x 14.2x
Vivesto VIVE SS Not Rated SEK 0.23 -0.08 -0.1x -3.3x -2.7x -3.5x -2.6x
VNV Global VNV SS Buy SEK 16.16 229
VO2 Cap Holding VO2 SS Not Rated SEK 1.81 0.16 0.2x 16.9x 11.0x 4.3x 2.9x
Volati VOLO SS Buy SEK 122.8 139 6.13 6.63 19.8x 16.1x 11.2x 9.6x
Volvo VOLVB SS Sell SEK 258.60 240 21.68 23.5x 13.2x 11.9x 6.2x 5.7x
Volvo Cars VOLCARB SS Hold SEK 16.975 18 2.87 1.97 6.8x 5.9x 1.2x 0.7x
Vår Energi VAR NO Hold NOK 30.39 29 0.37 0.4x 7.1x 8.2x 2.2x 1.9x
W5 Solutions W5 SS Not Rated SEK 68.3 1.37 2.39 264.9x 49.9x 40.9x 22.1x
Wallenius Wilhelmsen ASAWAWI NO Buy NOK 80.85 87 2.57 2.5x 3.4x 3.1x 2.4x 1.9x
Wallenstam WALLB SS Sell SEK 47.44 40 1.52 1.54 23.3x 22.8x 33.0x 31.9x
Waystream WAYS SS Not Rated SEK 32.00 2.14 2.5x 14.0x 14.9x 9.2x 8.5x
Western Bulk Chartering WEST NO Hold NOK 13.3 15 0.09 0.09 1943.2x 14.9x 16.1x 3.2x
Wihlborgs WIHL SS Buy SEK 96.25 120 5.33 5.5x 15.6x 14.5x 20.5x 19.3x
Wilh. Wilhelmsen Holding WASAWI NO Buy NOK 417.5 525 12.35 12.37 3.2x 3.4x -0.5x -2.8x
WithSecure WITH FH Not Rated EUR 1.04 -0.01 -71.9x -130.9x 25.1x 17.2x
Wärtsilä WRT1V FH Hold EUR 17.555 15 1.07 1.12 17.0x 16.1x 9.9x 9.5x
Xbrane Biopharma XBRANE SS SEK 0.24
Xvivo XVIVO SS Hold SEK 299 400 7.83 10.20 103.7x 37.4x 38.5x 21.7x
XXL XXL NO Not Rated NOK 9.83 0.24 3.3x -15.6x 41.6x 6.9x 2.5x
Yara YAR NO Buy NOK 371.7 425 5.08 4.95 7.1x 6.8x 4.4x 4.0x
YIT YIT FH Buy EUR 2.62 3 0.06 0.2x -48.4x 39.8x 17.6x 9.8x
Yubico YUBICO SS Hold SEK 150 193 5.64 6.75 34.9x 26.6x 26.0x 19.1x
Zealand Pharma ZEAL DC Buy DKK 454.20 950 3.61 -12.1x 4.4x 125.9x 1.8x -70.7x
Zelluna ZLNA NO Not Rated NOK 13 -0.4x 0.7x
Ørsted ORSTED DC Hold DKK 263.30 300 32.02 31.9x 10.9x 10.4x 6.9x 6.1x
AAK AAK SS Buy SEK 265.8 331 14.47 15.60 18.8x 17.5x 12.4x 11.0x
Kilde: DNB Carnegie, FactSet, Bloomberg
22
DNB Carnegie | 3 juni 2025
AFTER-HOURS / AFTER-SKI
Aksjer Kursutvikling 12 mnd Market cap
Selskap Ticker Kurs Endring Volum (x1000) Valuta Siste uke siste mnd YTD 12 mnd lav høy NOK mrd
AFC Ajax AJAX 9.74 -1.0 % 1 EUR -1.0 % -2.0 % 1.9 % -7.2 % 9.50 10.50 2.1
AIK Fotboll AIKB 1.59 -5.1 % 19 SEK -3.6 % -3.9 % -5.6 % -3.3 % 1.00 1.80 0.0
SC Braga SCB 13.90 0.0 % na EUR 0.0 % -0.7 % -4.8 % 6.9 % 13.00 17.00 0.2
Besiktas Futbol BJKAS 1.69 -2.9 % 49,571 TRY -7.7 % -16.3 % -51.4 % -72.3 % 1.68 14,950.00 1.9
Borussia Dortmund BVB 3.77 -1.6 % 145 EUR -3.2 % 13.6 % 19.9 % -2.6 % 2.78 4.20 4.8
Brøndby IF BIFB 0.37 0.5 % 665 DKK 0.0 % -2.6 % -10.3 % -32.1 % 0.30 0.59 4.9
Celtic FC CCP 150.50 0.0 % na GBp -0.7 % 4.5 % -10.1 % 7.5 % 137.50 205.00 1.9
CF Intercity CITY 0.20 -6.8 % na EUR -21.5 % -40.0 % 7.4 % -73.2 % 0.09 1.35 0.0
Birmingham Sports 2309 2.57 -7.6 % na HKD -9.8 % 8.4 % 8.4 % -14.9 % 1.80 3.65 2.8
FC København PARKEN 153.50 1.0 % 6 DKK 4.4 % 12.9 % 20.4 % 34.6 % 106.50 155.00 11.1
FC Porto FCP 1.02 -1.9 % na EUR -2.9 % 0.0 % -7.3 % -32.0 % 0.90 1.50 0.3
Galatasaray Sportif GSRAY 1.63 -8.9 % 272,966 TRY -11.4 % -22.7 % -18.9 % -39.3 % 1.63 3.11 2.3
Juventus Football JUVE 3.35 6.4 % 3,564 EUR 6.1 % 7.2 % 10.7 % 74.3 % 1.92 3.56 14.6
Manchester United MANU 14.10 -0.5 % 191 USD 4.8 % 0.2 % -18.7 % -18.4 % 12.05 18.42 24.1
Olympique Lyonnais EFG 1.78 -1.1 % 3 EUR -0.6 % -1.9 % -11.4 % -19.5 % 1.42 2.33 3.6
SL Benfica SLBEN 6.00 3.1 % 19 EUR 11.1 % 60.9 % 84.6 % 99.3 % 2.99 6.46 1.6
Sporting Club SCP 0.97 -6.7 % 1 EUR 2.1 % -1.0 % 6.6 % -3.0 % 0.85 1.10 2.3
SS Lazio SSL 0.84 -0.5 % 13 EUR 2.4 % -4.8 % -19.2 % 25.4 % 0.64 1.14 0.7
Trabzonspor Sportif TSPOR 0.73 -2.7 % 227,429 TRY -5.2 % -17.0 % -27.0 % -65.4 % 0.72 2.75 1.4
Skistar SKISB 170.00 -0.1 % 43 SEK -0.2 % 1.1 % 3.9 % 6.5 % 142.00 182.90 14.1
Vail Resorts MTN 156.17 -2.5 % 771 USD 5.7 % 11.1 % -16.7 % -20.0 % 129.85 199.45 59
Cie des Alpes CDA 18.62 2.0 % 73 EUR 2.9 % 7.0 % 22.8 % 15.9 % 12.32 18.62 10.9
Amer Sports AS 36.81 1.2 % 7,604 USD -0.6 % 43.2 % 31.7 % 140.3 % 10.11 38.51 205.9
Heineken HEIA 78.10 -0.4 % 548 EUR 1.2 % -1.2 % 13.7 % -14.4 % 63.58 96.20 519
Carlsberg CARLB 951.00 1.3 % 351 DKK 0.7 % 3.2 % 37.8 % 1.9 % 662.60 978.60 197
Anheuser-Busch ABI 61.94 -0.2 % 1,356 EUR 0.7 % 6.0 % 28.4 % 7.2 % 44.89 62.48 1,443
Molson Coors TAP 52.87 -1.3 % 2,116 USD -2.1 % -8.1 % -7.8 % -1.1 % 49.19 64.66 108
Royal Unibrew RBREW 547.50 0.4 % 92 DKK 0.9 % 2.9 % 8.3 % -0.1 % 466.00 591.50 42
Kilde: Bloomberg, DNB Carnegie
23
DNB Carnegie | 3 juni 2025
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