Research report prepared by DNB Carnegie, a division of DNB Bank ASA
Aksjemarkedet i dag
UKESTART MED TOLLTRØBBEL OG
OPEC-RAPPORT - ABB & YAR
Den re-aktualiserte toll- og handelskonflikten mellom USA og Kina rykket etter gjensidige
innstrammende tiltak fredag opp igjen mot toppen av investorenes liste over
bekymringer. I det amerikanske aksjemarkedet sendte denne eskaleringen S&P500 ned
med 2.7%, mens Nasdaq avsluttet uken ned 3.6% og Dow ved stengetid fredag var
ned 1.9%. VIX-indeksen steg med 31.8% til 21.7 punkter. Volumet aksjer omsatt på de
tre hovedindeksene økte samtidig til 118-147% av gjennomsnittet for de siste tre
måneder. Med det japanske markedet stengt og dermed begrenset likviditet indikerer
futures på S&P500 i øyeblikket en åpning opp 1.2% ved start av handel i USA i
ettermiddag. Renten på tiårige US statsobligasjoner ligger samtidig på 4.07%, ned 3
basispunkter i forhold til ved stengetid i det norske markedet på fredag.
I tillegg til at det japanske markedet i dag er stengt vil det også kunne bli lavere
aktivitet enn normalt i de øvrige globale markedene som følge av en delvis langhelg i
USA. Det amerikanske aksjemarkedet vil være åpent for handel, men store deler av øvrig
aktivitet i finansmarkedene vil være stengt i forbindelse med markeringen av Columbus
Day. I Kina er imidlertid markedene åpne og her ser vi at noe svakere handelsbalansetall
for september enn ventet sammen med den eskalerte handelskonflikten i dag bidrar til
å sende indeksene ned med inntil 3.4%. Kinesiske myndigheter følger onsdag morgen
opp med annonseringen av KPI- og PPI-tall for forrige måned. Senere samme formiddag
får vi også forslaget til det norske statsbudsjettet for 2026.
interessen når det gjelder nøkkeltall denne uken vil i tillegg være rettet mot den mulige
oppdateringen av de amerikanske KPI-tallene for september. I utgangspunktet skulle
disse publiseres onsdag ettermiddag, men nedstengningen medfører at oppdateringen
nå ser ut til å bli skjøvet ut en uke. Fed sender onsdag også ut sin statusrapport for
amerikansk økonomi, og kombinert med eventuelle KPI-tall vil denne kunne påvirke
forventningene frem mot rentemøtet den 29. oktober. Gjennom de neste dagene vil vi
også få lagt store deler av kvartalsrapporteringen fra amerikansk finanssektor bak
oss. De største bankene legger frem tall i morgen formiddag og innen torsdag vil også
de største forsikringsselskapene ha presentert sine rapporter for Q3.
Inn mot åpning i dag har oljeprisene kommet noe opp igjen etter svekkelsen før helgen.
Brent handles før åpning på USD 63.59 pr fat, mens WTI samtidig ligger på USD 59.73
pr fat. Det innebærer at prisene likevel er ned rundt USD 0.10-0.20 pr fat siden stengetid
på fredag. I tillegg til å følge med på utviklingen av handelskonflikten og kinesiske
importtall ser neste kortsiktige milepæl for aktørene i oljemarkedet ser ut til å kunne
bli OPECs månedlige oppdatering av markedsutsiktene tidlig i ettermiddag.
Ser vi på selskapene som legger frem kvartalstall i de nordiske markedene denne uken er
vi positive til blant annet ABB og Yara. ABB kommer med sin oppdatering på torsdag,
mens Yara oppsummerer kvartalet på fredag. I motsetning til i Yara har vi for ABB Q3-
estimater på nivå med konsensus, men ligger imidlertid 4-7% over markedets
forventninger til inntjeningen for 2026-2027. Videre venter vi at selskapets senest ved
kapitalmarkedsdagen i midten av november vil kunne oppjustere den finansielle
målsettingen for de neste årene og samtidig både løfte frem mulighetene for vekst
innenfor AI- og forsvarsrelatert virksomhet samt konkretisere planer om tilbakekjøp.
Signaler om dette allerede ved Q3-presentasjonen eller stigende forventninger om mer
konkretisering i forbindelse med kapitalmarkedsdagen vil etter vårt syn kunne gi oppdrift
for kursen de neste ukene. ABB stengte fredag på SEK 692 pr aksje og vi har en
kjøpsanbefaling med et kursmål på SEK 730 pr aksje.
I Yara estimerer vi at EBITDA for Q3 kom inn på USD 846 mill og EPS for perioden endte
på USD 1.49. Konsensus er på henholdsvis USD 778 mill og USD 1.38. Samtidig som
kostnadskurven for selskapet peker nedover er det i tillegg signaler som peker i retning
av at tilbudet av gjødsel er i ferd med å gå fra et overskudd til et underskudd inn i 2026.
Dette vil kunne påvirke marginene positivt de kommende kvartalene og sammen med
ytterligere økt visibilitet når det gjelder videre investeringsplaner bidra til å løfte
utbytteforventningene fremover. Yara endte før helgen på NOK 374.80 pr aksje og vi har
her en kjøpsanbefaling med et kursmål på NOK 450 pr aksje.
DNB Carnegie | 13 oktober 2025
US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO
Index rebased
101,0
100,0
99,0
98,0
97,0
96,0
95,0
94,0 6 7 8 9 0
1 1 1 1 2
Dow S&P500 Nasdaq
INTERNASJONALE BØRSER RENTER VALUTA / R
VARER
Siste Endr. %
Dow Jones 45 480 -879 -1,90 USA 10år 4,032 4,14 -0,11 EUR/USD 1,162 1,162 0,00
S&P 500 6 553 -183 -2,71 Tyskl. 10år 2,644 2,68 -0,04 USD/JPY 152,0 151,2 -0,51
NASDAQ 22 204 -820 -3,56 Norge 10år 4,053 4,07 -0,01 USD/NOK 10,097 10,121 0,25
Nikkei 225 48 089 -492 -1,01 USA 3m 4,854 4,87 -0,01 EUR/NOK 11,731 11,755 0,21
Euro 500 6 668 -83 -1,24 Euro 3m 2,009 2,02 -0,01 Siste Endr. Endr. %
Danmark-KFX 1 619 -5 -0,30 Norge 3m 4,140 4,15 -0,01 CRB indeks 293 -6,57 -2,19
Finland-HEX 11 097 -22 -0,20 Brent sp. ($/bbl) 64,5 -3,68 -5,40
Norge-OSEBX 1 651 -2 -0,14 Brent 1m ($/bbl) 63,6 -1,58 -2,42
Sverige-SAX 998 -10 -1,02 Alum. 3m ($/ton)2 748,0 -5,50 -0,20
US Nat.gass 2 ,9 -0,45 -13,43
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 56,93 -2,68 15 047 646 365,93 376,95 -11,02
GN Group 54,30 -1,30 271 116,35 117,35 -1,00
AP Møller Maersk 9,26 -0,41 75 426 11 904,10 12 025,00 -120,90
Finland
Nokia 5,32 0,15 51 707 409 4,58 4,54 0,04
Metso 6,79 0,10 668 11,69 11,62 0,07
UPM Kymmene 25,11 -0,43 87 219 21,61 21,85 -0,24
Norge
CMB Tech 9,20 0,12 3 478 622 92,89 94,10 -1,21
BW LPG 12,51 -0,68 718 197 126,31 131,30 -4,99
Frontline 22,73 0,48 2 410 088 229,49 232,70 -3,21
Norsk Hydro 6,71 -0,26 79 475 67,75 68,42 -0,67
Yara 18,41 -0,45 32 708 371,75 374,80 -3,05
Cool Company 9,57 -0,02 1 046 558 96,62 95,70 0,92
DNB 26,98 0,39 24 006 272,40 276,20 -3,80
Himalaya Shipping 7,91 0,08 186 489 79,86 81,90 -2,04
Hafnia 5,74 -0,16 789 336 57,95 59,52 -1,57
Okeanis Eco Tankers 28,89 -0,36 155 331 291,69 300,50 -8,81
Kongsberg Gruppen 15,15 -1,25 9 369 305,92 305,80 0,12
Equinor 23,21 -0,91 3 315 019 234,34 239,00 -4,66
Subsea 7 19,95 -0,89 2 819 201,43 205,60 -4,17
Telenor 16,41 0,21 12 168 165,68 166,30 -0,62
Tomra 13,94 -0,21 5 829 140,75 142,90 -2,15
Questerre 0,37 -0,02 11 092 2,67 2,66 0,01
Orkla 10,32 0,09 52 032 104,20 104,20 0,00
Sverige
AstraZeneca 84,53 -0,51 14 476 330 1605,46 1621 -15,54
Electrolux 10,82 -0,24 689 51,38 52,06 -0,68
Ericsson (B) 8,24 0,04 19 557 189 78,25 79,3 -1,05
Evolution 74,70 -2,25 89 310 709,38 714,2 -4,82
Hennes & Mauritz 3,47 -0,01 31 075 164,76 168,3 -3,54
Atlas Copco 17,30 -0,36 148 690 164,29 164,65 -0,36
SKF B 24,85 -0,26 9 889 235,99 237,8 -1,81
Telia 7,51 0,11 100 830 35,66 35,97 -0,31
Assa Abloy 17,27 -0,13 197 581 328,01 330,9 -2,89
Sandvik 27,85 -0,24 27 622 264,43 266,6 -2,17
Kilde: Bloomberg, DNB Carnegie
2
DNB Carnegie | 13 oktober 2025
US S&P500 – AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)*
Siste år Siden 1995
300 3000
250 2500
200 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 45 480 -878,8 -1,90 -2,73 -0,77 2,50 6,90 6,10 22,10
S&P 500 6 553 -182,6 -2,71 -2,43 -0,48 4,68 11,41 12,68 24,79
Nasdaq Composite 22 204 -820,2 -3,56 -2,53 0,29 7,58 14,98 20,01 34,99
Russel 2000 2 395 -74,3 -3,01 -3,29 -0,10 7,15 7,37 7,17 35,57
Amex naturgass (XNG) 695 -16,0 -2,25 -3,76 -1,46 0,81 8,03 10,32 14,02
Amex Oil Service 60 -3,4 -5,37 -7,92 -6,66 -5,04 -16,98 -25,44 na
Philadelphia oljeproduksjon (XOI) 1 808 -60,6 -3,24 -4,34 -3,56 -5,48 2,54 -8,84 na
Amex farmasi (DRG) 1 007 -13,7 -1,34 -1,91 5,55 6,92 7,80 -7,05 16,09
Nasdaq biotech 5 062 -68,8 -1,34 -0,30 6,19 14,68 17,42 6,02 na
Philadelphia halvleder (SOX) 6 408 -432,6 -6,32 -2,68 6,76 12,49 28,67 20,08 34,96
S&P 500 Paper & Forest (PAFO) 351 -5,1 -1,44 -3,05 -6,84 -7,80 -24,13 1,41 21,95
Kilde: Bloomberg, DNB Carnegie
Råvarer og shipping Siste I går Endr. %1D %1W %1M %3M %YTD %12M 52W H 52W L
CRB indeks 292,8 292,8 0,00 0,00 - 3 -3,0 -3,5 -1,3 2,0 316,6 277,7
GS råvare indeks 3 804 3 804 -86,26 -2,22 - 2 -1 -1 4 3 4 053 3 328
Olje
Brent Spot 64,49 #N/A N/A -2,95 -4,37 -2,77 -3,79 -8,47 -12,98 -18,61 83,01 61,07
Brent olje 1m 63,64 62,73 0,91 1,45 -2,80 -5,00 -9,55 -14,74 -19,48 82,63 58,40
Brent olje 3m 62,96 62,06 0,90 1,45 -2,87 -4,85 -7,80 -14,78 -19,44 79,98 57,78
WTI olje 1m 59,77 58,90 0,87 1,48 -3,11 -4,66 -12,68 -16,66 -20,90 80,77 55,12
Flybensin 696,25 0,00 -22,00 -3,06 -3,00 -3,90 -4,92 -3,03 -6,04
Naturgass US Henry Hub 2,90 2,90 -0,35 -10,77 -9,09 0,00 -6,75 -14,71 28,32
Fyringsolje 2 22,4 220,4 1,97 0,89 -0,90 -2,9 -9,1 -4,2 -5,1 2 74,0 1 93,4
Metaller
Aluminium 3m 2 748 2 748 -51 -1,80 1,42 4,7 5,4 7,7 6,3 2 808 2 300
Nikkel 15 280 15 280 -212 -1,37 -0,99 0,9 -0,1 -0,3 -12,9 17 885 13 865
Kobber 10 518 10 518 -350 -3,22 -1,84 5,0 8,4 20,0 8,2 11 000 8 105
Gull 4 055 4 018 37 0,92 2,36 11,3 20,8 54,5 52,6 4 060 2 537
Shipping
WS AG - Japan, 250 dwt 93 93 15 19,35 12,12 19 76 131 54 108 38
WS AG - USG, 250 dwt 50 50 5 11,11 5,26 11 67 82 43 60 28
Baltic dry index 1 936 1 936 13,0 0,68 1,84 -9 16 94 7 2 266 715
Kilde: Bloomberg, DNB Carnegie
Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L
Norge - Nibor 1m 4,060 4,060 -0,010 0,00 -0,14 -0,24 -0,55 -0,59 4,66 4,04
Norge - Nibor 3m 4,140 4,140 0,000 0,00 -0,09 -0,20 -0,54 -0,57 4,72 4,13
USA - Libor 3m 4,854 4,855 -0,001 -0,08 -0,42 -0,73 -0,74 -0,80 na na
Euro - Euribor 3m 2,009 2,009 -0,016 -0,01 -0,02 0,01 -0,71 -1,18 3,22 0,00
Norge 10 år stat 4,053 4,053 -0,054 -0,01 0,13 0,14 0,17 0,46 4,23 3,47
USA 10 år stat 4,032 4,032 0,000 -0,12 -0,03 -0,38 -0,54 -0,07 4,81 3,86
Euro 10 år stat 2,644 2,644 -0,059 -0,05 -0,01 -0,06 0,28 0,39 2,94 2,03
Tyskland 10 år stat 2,644 2,644 -0,059 -0,05 -0,01 -0,06 0,28 0,39 2,94 2,03
Japan 10 år stat 1,688 1,688 -0,008 0,03 0,12 0,19 0,59 0,73 1,71 0,92
UK 10 år stat 4,675 4,675 -0,070 -0,02 0,04 0,08 0,11 0,47 4,92 4,05
Valuta
EUR/USD 1,162 1,162 0,000 -0,009 -0,014 -0,005 0,127 0,071 1,192 1,018
USD/JPY 152,0 151,2 0,770 1,6 4,6 4,2 -5,2 2,2 158,9 139,9
GBP/USD 1,335 1,336 -0,001 -0,013 -0,025 -0,007 0,084 0,029 1,379 1,210
USD/NOK 10,097 10,121 -0,025 0,175 0,270 -0,046 -1,290 -0,702 11,531 9,736
EUR/NOK 11,731 11,755 -0,024 0,108 0,174 -0,110 -0,055 -0,048 12,222 11,254
GBP/NOK 13,481 13,517 -0,035 0,095 0,118 -0,139 -0,762 -0,620 14,371 13,299
Kilde: Bloomberg, DNB Carnegie
3
DNB Carnegie | 13 oktober 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
McDonald's Corp 297,01 1,1 % -2,7 % -2,6 % PepsiCo Inc 150,08 3,7 % 4,6 % -14,1 % PepsiCo Inc 150,08 3,7 % 4,6 % -14,1 %
Coca-Cola Co/The 67,04 1,0 % 0,0 % -3,6 % O'Reilly Automotive Inc 102,15 2,4 % -5,0 % 29,0 % MarketAxess Holdings In1c77,40 3,0 % -4,0 % -36,2 %
Walmart Inc 101,84 0,1 % -1,6 % 27,1 % T-Mobile US Inc 228,79 1,1 % -5,3 % 7,4 % AutoZone Inc 4075,31 2,7 % -5,7 % 30,2 %
Sherwin-Williams Co/The 332,81 -0,1 % -7,6 % -12,2 % Thomson Reuters Corp 151,42 0,9 % -12,5 % na O'Reilly Automotive Inc 102,15 2,4 % -5,0 % 29,0 %
Johnson & Johnson 190,72 -0,2 % 7,1 % 18,1 % Exelon Corp 47,07 0,9 % 8,5 % 18,4 % Philip Morris Internationa1l6 I0n,47 2,3 % -3,4 % 33,6 %
Home Depot Inc/The 375,75 -0,5 % -11,1 % -8,8 % Monster Beverage Corp 69,62 0,9 % 7,6 % 35,7 % Southern Co/The 98,29 2,2 % 6,5 % 10,5 %
Procter & Gamble Co/The 149,69 -0,6 % -5,2 % -12,5 % Verisk Analytics Inc 243,06 0,7 % -7,3 % -9,4 % Duke Energy Corp 127,02 1,9 % 4,2 % 11,3 %
Visa Inc 343,65 -1,0 % 1,2 % 23,7 % Mondelez International Inc 61,45 0,7 % -0,9 % -13,0 % Campbell's Company/The30,39 1,7 % -8,5 % -35,9 %
Salesforce Inc 241,68 -1,5 % -0,4 % -16,1 % Mondelez International Inc 61,45 0,7 % -0,9 % -13,0 % Cboe Global Markets Inc244,71 1,6 % 4,5 % 18,8 %
JPMorgan Chase & Co 300,89 -1,5 % -2,0 % 35,4 % Gilead Sciences Inc 117,18 0,4 % 2,3 % 37,9 % Consolidated Edison Inc102,39 1,6 % 5,0 % 0,1 %
Travelers Cos Inc/The 270,12 -1,6 % -3,2 % 14,2 % Coca-Cola Europacific Partne8r7s,90 0,3 % -2,0 % 12,8 % Republic Services Inc 225,16 1,6 % -1,5 % 10,1 %
Walt Disney Co/The 109,19 -1,6 % -5,8 % 16,0 % Paychex Inc 125,55 0,3 % -7,1 % -9,6 % CVS Health Corp 77,90 1,5 % 3,9 % 16,9 %
Honeywell International Inc 200,91 -1,6 % -5,0 % -7,0 % American Electric Power Co1 I1n7c,04 0,1 % 6,9 % 19,1 % Jack Henry & Associates1 5In1c,54 1,5 % -5,4 % -17,4 %
Merck & Co Inc 85,99 -1,7 % 3,8 % -21,6 % Electronic Arts Inc 200,02 0,0 % 16,0 % 39,6 % Quest Diagnostics Inc 184,07 1,4 % 0,6 % 23,8 %
Amgen Inc 290,13 -1,8 % 5,0 % -11,6 %
Chevron Corp 148,90 -1,8 % -5,2 % -1,7 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år
Caterpillar Inc 491,30 -1,8 % 13,9 % 22,2 % Synopsys Inc 438,92 -9,4 % 3,2 % -18,7 % Synopsys Inc 438,92 -9,4 % 3,2 % -18,7 %
Goldman Sachs Group Inc/The 764,36 -2,0 % -2,0 % 48,0 % ARM Holdings PLC 154,81 -9,3 % 2,8 % 2,2 % Mosaic Co/The 30,35 -9,2 % -9,8 % 16,0 %
Microsoft Corp 510,96 -2,2 % 0,2 % 22,7 % ON Semiconductor Corp 45,74 -8,5 % -5,2 % -35,0 % SolarEdge Technologies 3In5c,06 -9,2 % 21,0 % 80,2 %
Verizon Communications Inc 39,85 -2,4 % -9,4 % -7,3 % Microchip Technology Inc 60,41 -8,3 % -6,6 % -22,5 % Teradyne Inc 132,08 -9,0 % 17,7 % 0,1 %
Boeing Co/The 210,73 -2,4 % -2,4 % 39,5 % Shopify Inc 151,02 -7,8 % 5,3 % na ON Semiconductor Corp 45,74 -8,5 % -5,2 % -35,0 %
American Express Co 316,26 -2,5 % -2,8 % 14,5 % PayPal Holdings Inc 69,84 -7,8 % 4,4 % -13,3 % Microchip Technology Inc60,41 -8,3 % -6,6 % -22,5 %
3M Co 148,75 -2,7 % -5,8 % 10,4 % Advanced Micro Devices Inc214,90 -7,7 % 35,5 % 28,0 % PayPal Holdings Inc 69,84 -7,8 % 4,4 % -13,3 %
Cisco Systems Inc 67,94 -2,9 % 2,1 % 25,2 % QUALCOMM Inc 153,59 -7,3 % -5,1 % -9,6 % Advanced Micro Devices2 I1n4c,90 -7,7 % 35,5 % 28,0 %
Apple Inc 245,27 -3,5 % 4,8 % 7,8 % NXP Semiconductors NV 205,37 -7,2 % -6,1 % -13,7 % Zebra Technologies Cor2p75,89 -7,7 % -11,8 % -26,4 %
UnitedHealth Group Inc 354,50 -3,6 % 0,6 % -40,7 % Lam Research Corp 131,37 -6,8 % 12,3 % 58,5 % Block Inc 74,67 -7,6 % 2,5 % 7,1 %
International Business Machine 277,82 -3,6 % 9,6 % 19,1 % KLA Corp 982,75 -6,7 % 1,9 % 22,3 % Monolithic Power System90s 4In,4c4 -7,6 % 8,4 % -3,6 %
NIKE Inc 65,22 -4,2 % -10,7 % -20,6 % GLOBALFOUNDRIES Inc 32,96 -6,7 % 4,1 % -19,3 % Qorvo Inc 83,24 -7,6 % -4,1 % -18,3 %
NVIDIA Corp 183,16 -4,9 % 3,0 % 35,9 % Cadence Design Systems In3c27,00 -6,2 % -4,8 % 15,8 % Stanley Black & Decker In6c4,43 -7,6 % -16,9 % -40,3 %
Amazon.com Inc 216,37 -5,0 % -5,2 % 14,6 % MercadoLibre Inc 2133,67 -6,2 % -8,8 % 2,0 % QUALCOMM Inc 153,59 -7,3 % -5,1 % -9,6 %
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
Drikkevarer 1,7% 1,8% 0,1% -10,2% 0,4% 19,6 Eiendomsselskaper 0,7% 0,9% -1,3% -10,5% -0,6% 16,1
Matvarer 0,2% -0,8% -1,6% -14,6% -4,9% 16,6 Drikkevarer, mat og tobakk 0,4% -0,5% -2,2% -3,7% 2,5% 15,5
Kraft -0,3% 8,2% 10,9% 13,4% 20,6% 20,6 Forsyningsselskaper 0,4% 5,6% 4,0% 14,1% 20,9% 14,1
Husholdningsartikler -0,4% -5,4% -6,4% -14,6% -11,8% 20,0 Mat- og apotekhandel 0,3% 3,3% 5,7% 11,8% 10,3% 14,2
Bioteknologi -0,6% 4,3% 7,0% 0,4% 15,4% 18,0 Media 0,3% -2,2% -6,1% 5,1% 7,5% 28,3
Forsikring -0,8% -0,4% 1,7% -0,6% 3,1% 13,5 Husholdningsvarer og personlige produkter 0,1% -3,0% 0,8% -7,0% -2,2% 18,8
Eiendom -1,1% -3,1% -2,2% -7,4% -0,9% 19,2 Telekommunikasjon og tjenester 0,0% -2,6% 0,1% 10,8% 12,8% 17,2
Hotell og restaurant -1,1% -4,3% -7,4% 4,1% 0,9% 24,7 Kommersielle tjenester og leveranser -0,4% -2,4% -11,0% -12,4% -11,6% 21,8
Papir- og skogprodukter -1,4% -6,8% -7,8% -26,2% -24,1% 21,9 Forsikring -0,4% 2,0% 3,3% 20,5% 20,3% 13,0
Diversifiserte telekomtjenester -1,6% -11,0% -4,2% 5,7% 6,5% 10,2 Transport -0,6% -3,0% -5,8% -1,6% 0,5% 14,5
Farmasi -1,6% 6,3% 6,8% -7,4% 4,9% 16,0 IT utstyr -0,9% 6,9% 8,7% 14,1% 6,9% 20,0
Kjemikalier -1,7% -7,5% -7,6% -14,4% -2,7% 24,1 Hotell-, underholdnings- og restaurantvirksom-0h,e9t% -2,2% -2,8% -5,0% -9,9% 20,7
Helseartikler -1,8% -3,5% -4,0% 0,2% 2,0% 24,4 Banker -1,0% -1,5% 10,4% 49,2% 43,0% 9,8
Industrielle konglomerater -2,0% -5,3% -11,2% -1,0% -2,5% 18,7 Finansieringsselskaper -1,0% 0,4% 0,0% 9,1% 6,1% 15,3
Maskiner -2,2% 0,3% 1,3% 3,6% 8,4% 23,1 Legemiddelindustri og bioteknologi -1,3% 6,5% 7,9% -9,4% 1,5% 15,5
Media -2,3% -5,8% -17,2% -23,0% -18,6% 8,5 Kapitalvarer -1,5% 2,3% 6,9% 29,0% 28,8% 25,3
Bank -2,4% -4,2% 1,5% 23,6% 15,7% 13,1 Materialer -1,8% -0,8% -0,9% -6,9% 1,5% 18,9
Bildeler -2,4% -2,5% 16,5% 10,7% 27,9% 10,5 Biler og komponenter -2,1% -6,0% -8,3% -12,4% -10,7% 15,2
Kommunikasjonsutstyr -2,4% 3,4% 11,9% 26,3% 18,9% 23,8 Helsevern - utstyr og tjenester -2,1% -1,0% 2,7% -3,5% -0,6% 23,9
Programvare -2,6% 0,2% 2,4% 21,2% 17,9% 37,1 Forbruksvarer og klær -2,2% 5,9% 1,7% -8,8% -9,4% 28,1
Olje og gass -2,6% -2,6% -4,4% -8,0% 0,4% 16,7 Detaljhandel -2,4% 5,6% 12,3% 13,1% 19,6% 20,4
Metall -2,6% 0,3% 10,1% 10,1% 47,0% 17,6 Programvare og tjenester -2,7% 3,7% -10,8% 3,6% -5,3% 32,0
Bygg og anlegg -2,7% 8,4% 8,0% 34,0% 31,1% 33,5 Energi -2,8% -0,6% -0,7% -4,9% 1,8% 9,9
Elektrisk utstyr -3,3% -3,1% 2,6% 31,3% 24,5% 33,6
Luftfart -3,5% -5,5% 0,1% 22,3% -3,6% 11,1
Datamaskiner og tilbehør -3,5% 5,0% 16,6% 8,7% -0,1% 30,5
Informasjonsteknologi -4,0% 2,1% 9,4% 22,9% 19,7% 34,1
Elektronisk utstyr og instrumenter -4,2% 0,1% 15,3% 41,0% 39,5% 27,4
Fritidsutstyr -4,9% -9,5% -5,9% -1,6% 26,9% 14,6
Energi og relatert utstyr -5,3% -6,3% -4,3% -15,1% -8,6% 13,3
Kilde: Bloomberg, DNB Carnegie Kilde: Bloomberg, DNB Carnegie
GULL ETC (NOK) OSLO VS GULLPRIS SPOT (USD)
2 400 43 000
41 000
2 200 39 000
37 000
2 000 35 000
33 000
1 800 31 000
1 600 29 000
27 000
1 400 25 000
COGLD (NOK, venstre) GULLPRIS (SPOT NOK, høyre)
4
DNB Carnegie | 13 oktober 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 | 13 oktober 2025
RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX
S&P500 INDEKSEN OSLO – OBX INDEKSEN
8000 8,0 6 6,0
7000 7,0 5 5,0
6000 6,0
4 4,0
5000 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 1800 160
40x 7,0 1600 140
35x 6,0 1400 120
30x 1200
5,0 100
25x 1000
4,0 80
20x 800
3,0 60
15x 600
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 30,0 30x 6,0
7x
25,0 25x 5,0
6x
20,0 20x 4,0
5x
4x 15,0 15x 3,0
3x 10x 2,0
10,0
2x
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 | 13 oktober 2025
ETF / ETP Endring i %
Navn Kurs 1 dg 5 dg 1 mnd Valuta Verdi (gjennomsnitt)
Aksjer / Indekser (siste 5 dager)
Forbruksvarer XLP 78,10 0,1 % 0,1 % -2,8 % USD 1 191 761 152
Forsyningstjenester XLU 90,20 -0,4 % 1,5 % 5,5 % USD 957 563 008
FTSE 100 ISF 917,60 -0,8 % -0,6 % 1,6 % GBp 1 984 584 000
S&P Euro 350 IEV 65,02 -1,1 % -2,7 % 0,4 % USD 28 416 896
Bioteknologi IBB 149,95 -1,4 % -0,7 % 6,4 % USD 241 395 248
CAC-40 CAC 79,98 -1,6 % -2,0 % 1,4 % EUR 3 181 146
AEX-Nederland IAEX 8178,00 -1,6 % -2,1 % 4,3 % GBp 72 132 730
DAX DAXEX 200,25 -1,8 % -0,8 % 1,9 % EUR 3 223 785
DJIA DIA 454,87 -1,9 % -2,7 % -1,0 % USD 2 152 012 544
Pacific ex-Japan EPP 50,54 -2,1 % -3,4 % -3,5 % USD 15 355 356
Finansielle tjenester XLF 52,16 -2,2 % -2,9 % -3,0 % USD 1 901 636 864
Industri XLI 149,90 -2,2 % -2,9 % -1,1 % USD 1 600 363 904
Latin-America 40 ILF 27,22 -2,5 % -4,1 % -2,6 % USD 51 188 136
TecDax TDXPEX 32,11 -2,5 % -2,3 % 2,5 % EUR 74 938
S&P 500 SPY 653,02 -2,7 % -2,4 % -0,7 % USD 46 333 005 824
Dow Jones Total markeStPTM 78,97 -2,7 % -2,5 % -0,9 % USD 38 934 752
S&P Midcap 400 MDY 577,77 -2,8 % -3,8 % -3,8 % USD 423 072 064
Russell 2000 Growth IWO 317,33 -2,9 % -2,5 % 1,4 % USD 112 608 872
Energi XLE 85,22 -2,9 % -4,2 % -3,8 % USD 1 342 267 008
Brasil EWZ 28,79 -3,0 % -5,1 % -4,1 % USD 787 672 320
Russell 2000 IWM 237,79 -3,0 % -3,3 % -0,2 % USD 8 461 438 464
Nasdaq 100 QQQ 589,50 -3,5 % -2,3 % 0,5 % USD 28 143 298 560
Emerging Markets EEM 51,94 -3,7 % -4,2 % -0,6 % USD 1 280 158 464
Japan EWJ 78,36 -3,9 % -4,2 % -3,0 % USD 478 346 816
Teknologi USA XLK 278,39 -4,1 % -2,2 % 2,8 % USD 2 117 182 592
Hong Kong EWH 20,66 -4,2 % -4,2 % -5,7 % USD 75 441 208
Oil Service OIH 242,45 -5,7 % -7,7 % -5,9 % USD 107 125 712
Olje / Energi
Naturgass UNG 12,33 -3,2 % -5,5 % -1,4 % USD 122 410 072
Fyringsolje HEAT 23,46 -3,5 % -1,4 % -3,5 % USD 5 274
Brent-olje BNO 28,49 -3,8 % -2,7 % -5,3 % USD 17 208 474
Bensin UGAS 50,46 -3,8 % -1,3 % -5,8 % USD 16 374
WTI-Oil USO 69,39 -4,3 % -3,2 % -5,3 % USD 378 708 384
WTI-olje CRUD 8,99 -4,4 % -2,9 % -6,2 % USD 1 657 812
WTI-olje CRUDP 7,73 -5,0 % -2,3 % -5,4 % EUR 208 001
Metaller
Sølv SLV 45,43 1,6 % 4,4 % 18,5 % USD 1 064 577 088
Gull GLD 40,08 0,0 % 3,1 % 9,8 % USD 4 004 638 976
Sink ZINC 9,98 -0,5 % -0,8 % 2,8 % USD 78 801
Bomull COTN 2,23 -1,5 % -2,5 % -4,2 % USD 22 653
Nikkel NICK 13,52 -1,5 % -1,4 % -1,1 % USD 78 202
Aluminium ALUM 3,60 -1,9 % 1,4 % 2,3 % USD 141 667
Andre råvarer
Sukker SUGA 10,53 -0,5 % -2,1 % -2,0 % USD 33 322
Kveg CATL 9,70 -0,7 % 1,9 % 2,2 % USD 14 894
Kaffe COFF 68,68 -1,8 % -3,8 % -5,7 % USD 345 545
Svinekjøtt HOGS 32,37 -2,0 % -3,7 % -5,6 % USD 13 875
Råvarer DBC 22,07 -2,1 % -1,5 % -1,3 % USD 8 961 778
Soyabønner SOYB 25,03 -2,2 % -2,2 % -3,6 % USD 30 338
Mais CORN 18,13 -2,4 % -2,1 % -2,5 % USD 47 739
Hvete WEAT 17,10 -2,6 % -3,5 % -4,0 % USD 94 497
Råvarekurver
Edle metaller AIGP 43,09 0,0 % 2,2 % 10,5 % USD 129 549
Buskap AIGL 3,51 -0,9 % 0,4 % -0,1 % USD 4 088
Softs (Sukker, Kakao, BAoIGmSull) 6,94 -1,3 % -3,1 % -4,2 % USD 14 683
Industrimetaller AIGI 16,28 -1,7 % -0,5 % 4,0 % USD 434 323
Råvarer AIGC 12,11 -1,9 % -0,9 % 0,8 % USD 26 303
Landbruk AIGA 5,81 -1,9 % -2,4 % -3,8 % USD 85 747
Råvarer (ETN) GSG 22,45 -2,1 % -1,3 % -1,4 % USD 10 252 156
Korn AIGG 3,17 -2,3 % -2,5 % -3,4 % USD 9 596
Kilde: Bloomberg / DNB Carnegie
7
DNB Carnegie | 13 oktober 2025
Rapportkalender
Konsensus DNB
Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte
14-Oct Telefonaktiebolaget LM Ericsso Stockholm 9 077 2,48 10 185 1,45 Semi-Anl
15-Oct Fastighetsbolaget Emilshus AB Stockholm 179 0,71 na na na
ABG Sundal Collier Holding ASA Oslo na na na na Annual
16-Oct Investor AB Stockholm 0 13,24 na na Semi-Anl
Nordea Bank Abp Stockholm na 0,33 na 0,35 Annual
Investor AB Stockholm 0 13,24 na na Semi-Anl
ABB Ltd Stockholm 1 835 0,68 1 845 0,67 Annual
Nordea Bank Abp Helsinki na 0,33 na 0,35 Annual
AQ Group AB Stockholm 276 1,75 290 na Annual
Carasent AB Stockholm 21 0,06 na na None
Industrivarden AB Stockholm 18 209 62,48 na na Annual
Kinnevik AB Stockholm na na na na Irreg
Kinnevik AB Stockholm na na na na Irreg
Industrivarden AB Stockholm 18 209 62,48 na na Annual
Note AB Stockholm 120 2,39 na na Irreg
OEM International AB Stockholm 217 1,12 na na Annual
17-Oct Norion Bank AB Stockholm na 1,82 na 1,52 None
TOMRA Systems ASA Oslo 61 0,07 na na Annual
Autoliv Inc Stockholm 348 2,08 341 2,07 Quarter
Avanza Bank Holding AB Stockholm 821 4,19 na 3,82 Annual
NP3 Fastigheter AB Stockholm 445 5,52 na na Quarter
20-Oct Sandvik AB Stockholm 7 175 3,07 6 969 3,04 Annual
21-Oct Var Energi ASA Oslo 1 787 0,10 1 942 0,10 Quarter
Hexagon Purus ASA Oslo -120 -0,63 -139 -0,59 None
Assa Abloy AB Stockholm 7 478 3,79 7 393 3,36 Semi-Anl
Ratos AB Stockholm 1 021 0,63 na na Annual
Husqvarna AB Stockholm 949 0,07 2 221 2,17 Semi-Anl
Husqvarna AB Stockholm 949 0,07 2 221 2,17 Semi-Anl
Getinge AB Stockholm 1 477 2,20 1 415 2,11 Annual
Indutrade AB Stockholm 1 350 1,77 1 402 1,82 Annual
Inwido AB Stockholm 390 3,32 na 3,19 Annual
Bulten AB Stockholm na na na na Annual
Intea Fastigheter AB Stockholm 316 na na na Quarter
Intea Fastigheter AB Stockholm 316 0,83 na na Irreg
HMS Networks AB Stockholm 260 2,66 243 2,62 Annual
Profilgruppen AB Stockholm na na na na Annual
Ratos AB Stockholm 1 021 0,63 na na Annual
Nordnet AB publ Stockholm 966 2,96 na 2,83 Annual
22-Oct Nyfosa AB Stockholm 587 1,84 572 1,45 Quarter
Hermana Holding ASA Oslo na na na na None
Olvi Oyj Helsinki 41 1,24 na 1,30 Semi-Anl
Flerie AB Stockholm na na na na None
Midsona AB Stockholm 67 0,10 na na Irreg
BioGaia AB Stockholm 105 0,74 na 1,00 Annual
Boliden AB Stockholm 4 764 6,04 3 439 2,50 Annual
Alleima AB Stockholm 387 0,47 845 0,80 Annual
Borregaard ASA Oslo 482 2,32 537 2,80 Annual
Bergman & Beving AB Stockholm 189 1,32 177 2,15 Annual
MIPS AB Stockholm 51 1,24 na na Annual
Aker BP ASA Oslo 2 144 0,59 2 199 0,70 Quarter
B3 Consulting Group AB Stockholm 15 0,21 na na Annual
HAKI Safety AB Stockholm na na na na Annual
HAKI Safety AB Stockholm na na na na Semi-Anl
Storebrand ASA Oslo na 2,53 na 2,44 Annual
DNB Bank ASA Oslo na 6,83 na 7,05 Annual
Corem Property Group AB Stockholm 528 na 579 0,05 Quarter
8
DNB Carnegie | 13 oktober 2025
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2025
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Sparebank 1 Østfold Akershus 20,10 NOK Annual 27-Mar 3-Apr
Skue Sparebank 32,52 NOK Annual 27-Mar 8-Apr
Sparebanken Sør 12,21 NOK Annual 28-Mar 8-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
SpareBank 1 Ringerike Hadeland 30,00 NOK Annual 28-Mar 10-Apr
Trønderlag Sparebank 4,80 NOK Annual 28-Mar 10-Apr
Sunndal Sparebank 7,00 NOK Annual 28-Mar 9-Apr
Bien Sparebank 5,35 NOK Annual 28-Mar 10-Apr
Sparebanken Øst 6,40 NOK Annual 28-Mar 8-Apr
Rogaland Sparebank 9,50 NOK Annual 1-Apr 9-Apr
Awilco Drilling 2,06 USD Irreg 1-Apr 11-Apr
Flekkefjord Sparebank 4,60 NOK Annual 1-Apr 9-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
Grong Sparebank 10,50 NOK Annual 10-Apr 24-Apr
Storebrand ASA 4,70 NOK Annual 10-Apr 24-Apr
Sogn Sparebank 20,00 NOK Annual 10-Apr 25-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
Multiconsult ASA 10,00 NOK Annual 11-Apr 24-Apr
Borregaard ASA 4,25 NOK Annual 11-Apr 23-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
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
River Tech 3,00 NOK Irreg 28-Apr 12-May
Pexip Holding ASA 2,50 NOK Annual 28-Apr 7-May
Aker Carbon Capture (2) 0,98 NOK Irreg 28-Apr 7-May
Magnora ASA 0,19 NOK Quarter 29-Apr 5-May
Aker Solutions ASA 3,30 NOK Annual 29-Apr 8-May
DNB ASA 16,75 NOK Annual 30-Apr 9-May
Aker ASA 26,50 NOK Annual 2-May 13-May
Elkem ASA 0,30 NOK Irreg 2-May 12-May
Bakkafrost P/F 8,44 DKK Annual 2-May 21-May
Wilh Wilhelmsen Holding ASA 12,00 NOK Semi-Anl 2-May 15-May
Elmera Group 3,00 NOK Annual 2-May 12-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
Kongsberg Gruppen ASA (1) 10,00 NOK Semi-Anl 8-May 27-May
Veidekke ASA 9,00 NOK Annual 8-May 21-May
Bouvet ASA 3,00 NOK Quarter 8-May 20-May
Smartoptics 0,60 NOK Annual 9-May 20-May
Medistim ASA 6,00 NOK Annual 9-May 19-May
Norsk Hydro ASA 2,25 NOK Annual 12-May 20-May
Kid ASA 5,00 NOK Semi-Anl 13-May 27-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
AF Gruppen ASA 5,00 NOK Semi-Anl 16-May 21-May
TGS NOPEC Geophysical Co ASA 0,16 USD Quarter 16-May 2-Jun
Webstep AS 2,30 NOK Annual 19-May 30-May
Arendals Fossekompani A/S 1,00 NOK Quarter 20-May 30-May
Telenor ASA (1) 5,00 NOK Semi-Anl 22-May 3-Jun
Baltic Sea Properties 2,00 NOK Annual 23-May 28-May
B2Impact ASA 1,50 NOK Annual 23-May 2-Jun
PetroNor 2,20 NOK Irreg 23-May 30-May
Mowi ASA 1,70 NOK Quarter 23-May 3-Jun
Bonheur ASA 6,75 NOK Annual 23-May 3-Jun
Nykode Therapeutics 1,00 NOK Irreg 27-May 12-Jun
Leroy Seafood Group ASA 2,50 NOK Annual 28-May 5-Jun
Borgestad ASA 0,80 NOK Annual 30-May 5-Jun
Austevoll Seafood ASA 6,50 NOK Annual 30-May 12-Jun
Yara International ASA 5,00 NOK Annual 30-May 11-Jun
Jinhui Shipping & Transportati 0,03 USD Semi-Anl 30-May 25-Jun
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie
9
DNB Carnegie | 13 oktober 2025
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2025
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Reach Subsea ASA 0,42 NOK Annual 30-May 11-Jun
ABL Group 0,45 NOK Semi-Anl 30-May 16-Jun
Vistin Pharma ASA 1,25 NOK Semi-Anl 4-Jun 12-Jun
Aker Carbon Capture 2,86 NOK Irreg 10-Jun 20-Jun
Philly Shipyard 0,86 USD Irreg 10-Jun 20-Jun
Horisont Energi AS 0,50 NOK Irreg 12-Jun 25-Jun
Vend Marketplaces ASA 2,22 NOK Irreg 16-Jun 24-Jun
Gyldendal ASA 3,50 NOK Annual 18-Jun 27-Jun
Salmar ASA 22,00 NOK Annual 19-Jun 2-Jul
Public Property Invest (1) 0,10 NOK Quarter 1-Jul 9-Jul
Solstad Maritime 0,08 USD Quarter 16-Jul 22-Jul
Protector Forsikring ASA 2,00 NOK Irreg 16-Jul 24-Jul
Aker BP ASA 0,63 USD Quarter 18-Jul 28-Jul
Bluenord 19,49 NOK Irreg 28-Jul 6-Aug
Norwegian Air Shuttle ASA 0,90 NOK Irreg 12-Aug 20-Aug
Archer Ltd 0,62 NOK Quarter 18-Aug 26-Aug
Moreld 0,42 NOK Quarter 18-Aug 26-Aug
Vår Energi 1,22 NOK Quarter 18-Aug 26-Aug
Equinor ASA (Q1 25) 0,37 NOK Quarter 18-Aug 29-Aug
Okeanis Eco Tankers 0,70 USD Quarter 21-Aug 5-Sep
Odfjell SE 4,93 NOK Semi-annual 25-Aug 2-Sep
Wallenius Wilhelmsen ASA 1,10 USD Semi-Anl 26-Aug 16-Sep
Klaveness Combination Carriers 0,05 USD Quarter 26-Aug 10-Sep
DOF Group 0,30 NOK Quarter 27-Aug 4-Sep
Eidesvik Offshore ASA 0,30 NOK Annual 28-Aug 5-Sep
DNO ASA 0,38 NOK Quarter 28-Aug 8-Sep
Panoro Energy ASA 0,71 NOK Quarter 28-Aug 8-Sep
Rana Gruber 0,66 NOK Quarter 29-Aug 10-Sep
Odfjell Technology 1,52 NOK Quarter 29-Aug 11-Sep
SATS ASA 0,63 NOK Annual 1-Sep 4-Sep
Hoegh Autoliners ASA 7,31 NOK Quarter 1-Sep 9-Sep
Stainless Tankers 0,34 USD Quarter 1-Sep 5-Sep
Paratus Energy 0,22 USD Quarter 2-Sep 16-Sep
Hafnia Ltd 0,12 USD Quarter 3-Sep 15-Sep
Odfjell Drilling Ltd 0,18 USD Quarter 3-Sep 17-Sep
BW LPG 0,22 USD Quarter 4-Sep 18-Sep
StandardCoin 5,00 NOK Irreg 5-Sep 15-Sep
Frontline 0,36 USD Quarter 11-Sep 24-Sep
Spir Group 2,44 NOK Irreg 12-Sep 23-Sep
TietoEVRY Oyj (2) 0,75 EUR Semi-Anl 22-Sep 20-Oct
MPC Container Ships AS 0,05 USD Quarter 22-Sep 26-Sep
SED Energy 0,06 USD Quarter 29-Sep 3-Oct
Pioneer Property 2,50 NOK Quarter 30-Sep 10-Oct
CMB.TECH 0,05 USD Quarter 1-Oct 9-Oct
Public Property Invest (2) 0,10 NOK Quarter 1-Oct 9-Oct
Deep Value Driller 0.25 NOK Monthly 9-Oct 14-Oct
Kongsberg Gruppen ASA (2) 2,40 NOK Irreg 9-Oct 23-Oct
Aker Carbon Capture 0.137 NOK Annual 13-Oct 17-Oct
Noram Drilling 0,03 USD Monthly 16-Oct 24-Oct
2020 Bulkers 0,19 USD Monthly 16-Oct 24-Oct
Telenor ASA (2) 4,60 NOK Semi-Anl 16-Oct 28-Oct
Elopak (2) 0,05 EUR Sem-Annual 16-Oct 27-Oct
Elopak (1) 0,03 EUR Sem-Annual 16-Oct 27-Oct
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie
10
DNB Carnegie | 13 oktober 2025
DNB CARNEGIE ANBEFALINGER OG ESTIMATER
DNB CARNEGIE KJØPSANBEFALINGER OG OPPSIDE TIL KURSM
L ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSM
L
Cinclus Pharma -55,0 % NEL
BrainCool 171,6 % -28,3 % AF Gruppen
Truecaller 147,0 % -26,9 % Norsk Hydro
BioInvent 137,2 % -24,7 % Equinor
Alvotech 119,0 % -22,7 % Elmera Group
Pandora 93,5 % -18,2 % Kongsberg Gruppen
Elliptic Laboratories 88,1 %
Storskogen 85,8 % -14,0 % Telenor
Hemnet 83,9 % -12,0 % Volvo
Egetis Therapeutics 82,5 % -11,9 % A.P. Møller - Mærsk
Xvivo 81,7 % -10,7 % Fabege
Surgical Science Sweden 79,4 % -10,4 % Komplett
Detection Technology 74,2 % -10,3 % Vend
Kambi 74,1 % -9,4 % TGS
Sdiptech 72,9 % -9,0 % Tomra
Hexagon Composites 71,1 % -7,0 % Wallenstam
Instalco 69,2 % -5,5 % Veidekke
Green Landscaping Group 68,2 % -3,1 % Orkla
Vitrolife 67,9 % -2,7 % Kone
Vicore Pharma 67,5 % 0,0 %
Cadeler 66,4 %
Norske Skog 65,2 % 0,0 %
Bonesupport 63,8 % 0,0 %
Salmon Evolution 63,5 % 0,0 %
Ventura Offshore 63,3 % 0,0 %
Qt Group 60,8 % 0,0 %
Agilyx 60,0 % 0,0 %
Cyviz 59,3 % 0,0 %
Link Mobility 58,5 % 0,0 %
Sea1 Offshore 58,4 % 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
BlueNord Hold
35% Sea1 Offshore Buy
30% Höegh Autoliners ASA Hold
Paratus Energy Buy
25% NorAm Drilling Hold
Wallenius Wilhelmsen ASA Hold
20% BW LPG Hold
15% Vår Energi Hold
Solstad Maritime Buy
10% Mandatum Buy
5% Panoro Energy Buy
MPC Container Ships ASA Sell
0% SFL Corporation Ltd Hold
Flex LNG Buy
Dorian LPG Hold
Aker Solutions Sell
Kilde: DNB Carnegie, FactSet, Bloomberg
11
DNB Carnegie | 13 oktober 2025
UKESPORTEFØLJE ANBEFALTE AKSJER
Selskap Dato inn Kurs inn Utbytte Kurs %Uke Avkast. % % YTD Anbefaling Kursmål
DOF Group 29. sep. 101,7 97 -3,2 -5,0 Kjøp 130
Hafnia 5. mai. 50,3 1,0 60 -4,7 20,5 Kjøp 73
Frontline 8. sep. 227,8 233 2,9 2,1 Kjøp 285
Odfjell Drilling 21. jul. 71,9 1,8 78 -2,0 11,5 Kjøp 100
Mowi 14. apr. 188,0 1,7 221 3,2 18,5 Kjøp 230
SATS 8. sep. 37,4 39 6,6 5,0 Kjøp 43
Nordic Semiconductor 18. aug. 166,0 165 2,5 -0,9 Kjøp 200
Gjensidige 8. sep. 277,6 289 0,6 4,2 Hold 280
Yara 6. okt. 367,9 375 1,9 1,9 Kjøp 450
Endring portefølje 0,9 32,6
Endring OSEBX Indeks 6. jan. 1 457,0 1650,86 -0,6 13,4
*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 – FRA START 2025
Sektor Selskap Dato inn Kurs anb. Utbytte Kurs Avkastn. % Anbefaling Kursmål
Sjømat Salmar 8. jan. 529,6 570,0 7,6 Kjøp 550
Mowi 8. jan. 195,3 5,15 221,0 15,8 Kjøp 230
Salmon Evolution 8. jan. 6,6 5,2 -20,7 Kjøp 8,5
IT / Teknologi HMS Networks 10. jan. 411,8 443,0 7,6 Kjøp 575
Nokia 10. jan. 4,4 0,1 4,5 5,5 Kjøp 4,7
Truecaller 10. jan. 51,7 1,7 38,5 -22,4 Kjøp 95
Yubico 13. jan. 219,6 119,1 -45,8 Hold 158
Energi / Shipping Subsea 7 8. jan. 169,9 13,0 205,6 28,7 Kjøp 220
Odfjell Drilling 8. jan. 56,8 4,7 78,3 46,1 Kjøp 100
Vår Energi 10. jan. 38,3 3,7 33,2 -3,7 Hold 31
Finans Nordea 8. jan. 125,8 10,3 154,2 30,8 Kjøp 182
Storebrand 8. jan. 123,5 4,7 157,7 31,5 Kjøp 170
Protector 10. jan. 294,7 9,0 489,0 69,0 Kjøp 560
Sparebank1 SMN 10. jan. 172,4 12,5 193,0 19,2 Kjøp 210
Svenska Handelsbanken 17. jan. 121,6 15,0 124,0 14,3 Kjøp 145
Forbruker Scandic Hotels 8. jan. 66,5 2,6 87,3 35,2 Kjøp 115
Sats 10. jan. 25,1 0,63 39,3 58,9 Kjøp 43
Essity 10. jan. 295,3 8,25 251,9 -11,9 Hold 275
Kesko 10. jan. 17,7 0,93 18,3 8,1 Hold 20,5
Entrepenør / Rådgivning Norconsult 8. jan. 43,1 1,7 47,7 14,4 Kjøp 50
Skanska 10. jan. 231,1 8,0 265,0 18,1 Hold 240
Eiendom Castellum 10. jan. 113,5 1,2 107,6 -4,1 Hold 110
Helse Embla 8. jan. 36,4 31,9 -12,4 Hold 35,5
ChemoMetec 10. jan. 544,5 678,5 24,6 Kjøp 690
Industri Securitas 8. jan. 134,5 4,5 139,2 6,8 Kjøp 165
Alfa Laval 10. jan. 470,5 8,5 448,4 -2,9 Kjøp 500
Huhtamaki 17. jan. 34,2 1,1 28,4 -13,8 Kjøp 39
Råvarer Yara 8. jan. 306,6 5,0 374,8 23,9 Kjøp 450
Borregaard 10. jan. 184,1 4,3 191,0 6,0 Kjøp 230
Kilde: DNB Carnegie, Infront, Bloomberg
DNB CARNEGIE «MOVERS» - 6-M
NEDERS PORTEFØLJE
Sektor / tema Selskap Dato inn Kurs anb. Utbytte Kurs Avkastn. % Anbefaling Kursmål
Defensive Demant 17. sep. 237,9 227,8 -4,2 Kjøp 330
Nordea 17. sep. 150,5 154,2 2,4 Kjøp 182
Novo Nordisk 17. sep. 364,3 377,0 3,5 Kjøp 500
Industri / infrastruktur ABB 17. sep. 652,3 692,0 6,1 Kjøp 730
Alfa Laval 17. sep. 430,3 448,4 4,2 Kjøp 500
Sweco 17. sep. 165,0 158,1 -4,2 Kjøp 210
Verdsettelse / triggere Frontline 17. sep. 234,1 232,7 -0,6 Kjøp 285
Mowi 17. sep. 217,5 221,0 1,6 Kjøp 230
Lav US eksponering Balder 17. sep. 67,2 67,0 -0,4 Kjøp 80
Royal Unibrew 17. sep. 484,4 487,0 0,5 Kjøp 650
Gjennomsnitt 0,9
VINX Benchmark 591,6 602,0 0,0
12
DNB Carnegie | 13 oktober 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
okt des feb apr jun aug okt des feb apr jun aug okt okt des feb apr jun aug okt des feb apr jun aug okt
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
okt des feb apr jun aug okt des feb apr jun aug okt okt des feb apr jun aug okt des feb apr jun aug okt
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
okt des feb apr jun aug okt des feb apr jun aug okt okt des feb apr jun aug okt des feb apr jun aug okt
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
okt des feb apr jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr jun aug okt
MOWI Laksepriser RANA Iron ore (NOK)
13
DNB Carnegie | 13 oktober 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 137 138,0 2,03 2,01 11,2x 6,7x 9,1x 6,3x
A.P. Møller - Mærsk MAERSKB DC Sell DKK 12 025 10 600 -228,77 -243,35 11,0x -8,2x 3,1x 12,0x
ABB ABB SS Buy SEK 692,0 730,0 2,84 3,12 26,9x 24,1x 18,4x 16,3x
AcadeMedia ACAD SS Buy SEK 97,0 115,0 11,72 12,37 9,0x 8,1x 4,7x 4,2x
Acast ACAST SS Buy SEK 19,6 25,0 0,48 0,58 -59,1x 41,2x 30,4x 17,9x
AddLife ALIFB SS Hold SEK 183,3 190,0 4,18 4,56 25,7x 22,7x 16,0x 14,5x
Addnode Group ANODB SS Hold SEK 107,4 125,0 3,33 4,20 27,2x 24,5x 16,4x 14,9x
Addtech ADDTB SS Buy SEK 300,0 380,0 8,75 9,73 30,8x 27,8x 21,5x 19,5x
Admicom ADMCM FH Buy EUR 46,8 60,0 1,57 2,37 24,3x 18,8x 18,6x 13,5x
AF Gruppen AFG NO Sell NOK 174,4 125,0 9,67 10,19 19,7x 18,0x 8,5x 7,7x
Africa Energy AEC SS Hold SEK 0,9 4,3 0,00 -232,2x 13,9x 11,3x 9,5x
AFRY AFRY SS Buy SEK 166,8 240,0 13,49 16,88 13,7x 10,8x 9,0x 7,5x
Agilyx AGLX NO Buy NOK 22,5 36,0 -0,10 0,07 -14,5x -22,8x -40,2x -63,7x
Airthings AIRX NO Not Rated NOK 0,1 0,01 0,01 18,4x 1,5x -2,2x -1,1x
Aker ASA AKER NO Not Rated NOK 737,0
Aker BioMarine AKBM NO Hold NOK 87,4 75,0 0,20 0,31 70,0x 42,7x 19,5x 15,2x
Aker BP AKRBP NO Hold NOK 255,9 240,0 1,75 2,25 25,6x 14,4x 2,5x 3,3x
Aker Solutions AKSO NO Sell NOK 27,6 29,0 3,40 2,09 5,2x 8,1x 1,4x 3,0x
Akva Group AKVA NO Buy NOK 94,6 122,0 5,00 7,58 26,5x 18,9x 9,3x 7,5x
Alfa Laval ALFA SS Buy SEK 448,4 500,0 21,94 22,84 22,2x 20,4x 14,4x 13,2x
Alimak ALIG SS Buy SEK 152,0 178,0 7,75 8,77 18,9x 16,8x 12,3x 11,0x
ALK-Abello ALKB DC Hold DKK 213,2 182,0 6,02 7,05 40,8x 35,4x 25,5x 21,8x
Alleima ALLEI SS Hold SEK 73,2 70,0 5,25 5,83 15,1x 13,9x 8,3x 6,3x
Alligo ALLIGOB SS Buy SEK 111,6 160,0 10,91 12,69 14,4x 10,2x 6,8x 5,5x
ALM Equity ALM SS Not Rated SEK 50,4 -3,50 -1,88 -2,4x -4,5x -84,3x 160,3x
Alm. Brand ALMB DC Buy DKK 18,2 20,0 0,98 1,08 17,1x 15,5x
Alma Media ALMA FH Buy EUR 14,7 15,2 0,76 0,84 20,9x 19,4x 13,4x 12,4x
Alvotech ALVO US Buy USD 8,0 17,5 0,72 1,13 21,7x 11,1x 14,6x 9,9x
Alzinova ALZ SS Not Rated SEK 1,7 -0,62 -0,69 -5,1x -2,8x -1,8x -0,6x
Ambea AMBEA SS Buy SEK 126,6 150,0 9,76 10,72 12,4x 10,9x 8,0x 7,4x
Ambu AMBUB DC Buy DKK 103,1 143,0 2,86 3,79 44,9x 36,9x 28,0x 23,0x
Amplifon AMP IM Hold EUR 14,8 21,6 0,71 0,91 19,4x 16,8x 8,9x 8,2x
Andfjord Salmon ANDF NO Buy NOK 31,6 40,0 -1,40 0,74 -24,6x -22,6x -90,8x 159,6x
Angler Gaming ANGL SS Not Rated SEK 3,0 0,09 0,10 4,5x 3,0x 3,0x 1,6x
Anora Group ANORA FH Hold EUR 3,0 3,2 0,37 0,41 6,5x 5,7x 4,6x 4,1x
Apotea APOTEA SS Hold SEK 89,0 86,0 2,95 3,57 37,2x 30,2x 19,2x 14,8x
AQ Group AQ SS Hold SEK 174,8 195,0 8,54 9,33 21,3x 19,5x 13,4x 12,0x
Archer ARCH NO Not Rated NOK 22,4 0,54 0,66 30,1x 4,1x 4,1x 3,5x
Arcoma ARCOMA SS Not Rated SEK 9,2 0,74 0,87 14,3x 12,5x 5,2x 4,1x
Arctic Bioscience ABS NO Not Rated NOK 3,4 0,25 -3,0x 13,5x -5,6x 12,0x
Arctic Fish AFISH NO Buy NOK 42,0 45,0 0,10 0,31 -6,5x 36,4x 171,5x 10,4x
Arise ARISE SS Not Rated SEK 32,5 3,27 8,02 33,7x 9,9x 8,4x 6,4x
Arjo ARJOB SS Buy SEK 30,9 45,0 2,56 3,06 13,1x 11,2x 6,2x 5,6x
Arlandastad Group AGROUP SS Not Rated SEK 31,0 5,63 1,12 -87,8x 5,5x -60,1x -1586,1x
Ascelia Pharma ACE SS Not Rated SEK 3,0 -0,09 0,16 8,8x -33,4x 5,8x -22,8x
Asker ASKER SS Buy SEK 84,5 105,0 2,38 2,71 32,5x 27,1x 18,6x 16,8x
Asmodee ASMDEE SS Buy SEK 119,4 145,0 0,50 0,55 16,3x 13,8x 10,8x 9,3x
Assa Abloy ASSAB SS Hold SEK 330,9 345,0 15,35 17,06 23,4x 21,6x 14,2x 13,3x
AstraZeneca AZN SS Buy SEK 1621,0 1725,0 7,69 9,00 18,7x 16,7x 14,0x 12,2x
Atea ATEA NO Buy NOK 143,8 170,0 10,36 11,91 16,6x 13,9x 6,9x 6,1x
Atlantic Sapphire ASA NO Not Rated NOK 8,0 -0,90 0,03 -1,0x -0,9x -2,7x -10,9x
Atlas Copco ATCOA SS Buy SEK 164,7 180,0 6,23 6,83 29,8x 26,4x 18,2x 16,2x
Atrium Ljungberg ATRLJB SS Hold SEK 31,9 32,0 1,58 1,62 16,1x 16,3x 22,8x 22,5x
Attendo ATT SS Buy SEK 69,0 77,0 5,14 6,21 12,8x 10,9x 7,1x 6,8x
Austevoll Seafood AUSS NO Buy NOK 95,7 123,0 11,10 12,17 14,8x 8,6x 8,1x 4,9x
Autoliv ALIV SS Hold SEK 1112,0 1185,0 11,80 13,58 12,3x 9,9x 6,8x 6,1x
AutoStore AUTO NO Buy NOK 9,8 14,0 0,03 0,04 27,1x 18,4x 17,4x 12,7x
Avanza AZA SS Buy SEK 367,4 380,0 15,30 17,47 22,3x 24,0x
Axactor ACR NO Hold NOK 7,4 8,9 0,08 0,08 5,3x 7,9x -0,2x -0,5x
Axfood AXFO SS Hold SEK 284,7 290,0 13,44 14,52 24,5x 21,2x 9,0x 8,3x
B2 Impact B2I NO Buy NOK 17,6 18,0 1,62 1,90 9,9x 10,9x 8,9x 9,5x
Bactiguard BACTIB SS Not Rated SEK 19,4 0,40 1,01 -4947,6x 28,9x 24,5x 14,3x
Bakkafrost BAKKA NO Buy NOK 475,6 520,0 18,90 26,10 41,7x 16,1x 14,7x 8,3x
Balco BALCO SS Buy SEK 24,2 31,0 1,44 3,76 53,4x 13,0x 11,9x 7,8x
Kilde: DNB Carnegie, FactSet, Bloomberg
14
DNB Carnegie | 13 oktober 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
Balder BALDB SS Buy SEK 67 80,0 4,54 4,75 12,7x 12,1x 18,9x 18,0x
Bang & Olufsen BO DC Hold DKK 12,0 13,0 -0,18 0,58 -28,3x -21,5x 13,8x 31,8x
Bavarian Nordic BAVA DC Buy DKK 234,1 244,0 9,47 10,37 10,8x 24,7x 5,7x 10,0x
Beijer Alma BEIAB SS Buy SEK 246 295,0 11,95 13,15 21,1x 18,8x 12,4x 11,1x
Beijer Ref BEIJB SS Buy SEK 148,5 180,0 5,50 6,23 28,6x 25,7x 17,5x 16,2x
BerGenBio BGBIO NO Not Rated NOK 1,182 0,00 0,00 -0,4x -0,1x
Bergman & Beving BERGB SS Not Rated SEK 316,5 9,34 10,44 39,6x 33,9x 14,5x 13,4x
Besqab BESQAB SS Not Rated SEK 21,3 4,07 5,73 22,9x 6,6x 15,3x 6,6x
Betsson BETSB SS Hold SEK 146,9 200,0 1,75 1,92 9,0x 7,6x 4,8x 3,9x
BEWI BEWI NO Not Rated NOK 18,02 0,06 0,15 -18,0x 26,6x 12,2x 9,5x
Beyond Frames BEYOND SS Not Rated SEK 10,2 0,77 1,44 -125,5x 13,2x 6,0x 3,1x
BHG BHG SS Buy SEK 28,2 33,0 1,40 1,74 22,7x 15,3x 10,0x 8,1x
BICO BICO SS Hold SEK 21,7 35,0 -1,38 -0,74 -6,2x 15,0x 54,4x 12,2x
Bilia BILIA SS Buy SEK 113,30 152,0 9,49 10,19 14,1x 11,9x 6,1x 5,7x
Billerud BILL SS Buy SEK 80,5 108,0 6,68 7,33 21,4x 12,0x 5,6x 4,6x
BioArctic BIOAB SS Buy SEK 291,0 330,0 2,96 16,38 24,4x 98,2x 21,0x 82,2x
BioGaia BIOGB SS Buy SEK 106,4 130,0 4,17 4,91 33,4x 25,5x 23,3x 17,9x
Björn Borg BORG SS Not Rated SEK 62,3 4,31 4,47 17,3x 14,4x 10,8x 8,8x
BlueNord BNOR NO Hold NOK 426,5 500,0 6,41 5,00 10,3x 6,6x 4,2x 2,9x
Bokusgruppen BOKUS SS Not Rated SEK 68,2 4,72 5,14 15,6x 14,4x 4,3x 4,1x
Boliden BOL SS Buy SEK 403 405,0 38,21 42,47 17,4x 10,5x 7,1x 5,4x
Bonava BONAVB SS Not Rated SEK 10,94 11,7x 15,7x
Bonesupport BONEX SS Buy SEK 256,4 420,0 5,51 8,35 98,6x 46,5x 65,8x 33,7x
Bonheur BONHR NO Hold NOK 221,5 250,0 23,01 26,02 6,6x 9,6x 3,2x 2,7x
Boozt BOOZT SS Hold SEK 97,3 90,0 4,66 5,09 19,2x 17,6x 8,0x 7,0x
Borr Drilling BORR US Buy USD 2,5 2,8 -0,07 -0,05 12,6x -36,8x 5,0x 6,2x
Borregaard BRG NO Buy NOK 191,0 230,0 12,62 13,40 18,3x 15,1x 10,3x 8,9x
BrainCool BRAIN SS Buy SEK 1 2,2 -0,01 0,03 -7,8x -58,1x -8,2x -280,8x
Bravida BRAV SS Buy SEK 92,8 110,0 6,98 7,62 15,2x 13,3x 8,9x 7,7x
BTS Group BTSB SS Not Rated SEK 185 11,28 12,78 14,1x 12,4x 8,6x 7,4x
Bufab BUFAB SS Buy SEK 96 105,0 3,95 4,55 26,6x 22,3x 17,0x 15,2x
BW Energy BWE NO Buy NOK 49,15 45,0 0,20 1,04 14,4x 24,6x 4,9x 5,0x
BW LPG BWLPG NO Hold NOK 131,3 133,0 2,07 1,07 7,0x 6,3x 4,4x 4,3x
BW Offshore BWO NO Hold NOK 37,1 40,0 0,65 0,70 13,6x 13,0x 2,3x 1,3x
Byggmax BMAX SS Hold SEK 56 63,0 4,71 5,25 13,8x 11,3x 5,8x 5,1x
Cadeler CADLR NO Buy NOK 54,1 90,0 0,79 1,49 6,3x 5,8x 7,2x 5,5x
CAG Group CAG SS Not Rated SEK 115,0 8,48 9,12 14,2x 12,2x 7,7x 6,8x
Calviks CALVIK SS Not Rated SEK 35,5 6,43 7,37 8,6x 5,5x 4,8x 3,7x
Cambi CAMBI NO Buy NOK 19,5 25,0 0,97 1,97 18,9x 20,0x 14,6x 12,8x
Camurus CAMX SS Buy SEK 689,0 780,0 30,34 39,59 53,5x 34,0x 39,5x 22,1x
Canatu Oyj CANATU FH Hold EUR 8,38 9,3 0,11 0,08 -31,3x 88,4x -22,4x 52,9x
Cantargia CANTA SS Hold SEK 2,515 5,0 -2,20 -0,76 -2,1x -1,1x -1,6x -1,9x
Carasent CARA SS Not Rated SEK 25,9 0,62 0,90 106,2x 35,6x 22,1x 13,5x
Carlsberg CARLB DC Buy DKK 757,4 890,0 61,83 68,67 12,8x 11,7x 8,8x 8,3x
Castellum CAST SS Hold SEK 107,6 110,0 7,80 8,11 13,0x 12,3x 16,2x 15,7x
Catella CATB SS Hold SEK 30,85 33,0 4,05 5,11 34,8x 8,1x 13,0x 6,1x
Catena CATE SS Buy SEK 436,2 525,0 22,76 23,64 17,3x 15,4x 20,7x 18,9x
cBrain CBRAIN DC Hold DKK 193,8 195,0 5,20 7,12 61,6x 39,6x 43,3x 28,8x
CellaVision CEVI SS Buy SEK 177,2 235,0 7,80 8,96 26,1x 22,7x 16,4x 14,4x
Checkin.com CHECK SS Not Rated SEK 5,42 0,06 0,19 -9,7x 93,7x 8,2x 3,4x
ChemoMetec CHEMM DC Buy DKK 678,5 690,0 13,32 16,94 70,7x 51,8x 49,0x 36,9x
Paxman PAX SS Not Rated SEK 67,6 2,14 3,69 2065,7x 31,6x 34,4x 16,5x
Cinclus Pharma CINPHA SS Buy SEK 16,5 75,0 -8,69 -11,79 -2,4x -1,9x -1,3x 0,0x
Cint CINT SS Hold SEK 5,9 11,1 -0,01 -32,2x -85,5x 6,3x 5,1x
Circio CRNA NO Not Rated NOK 1,3 -0,4x -0,7x
Citycon CTY1S FH Hold EUR 3,2 3,5 0,34 0,36 7,7x 6,9x 12,9x 12,7x
Clas Ohlson CLASB SS Buy SEK 351,8 400,0 17,70 18,01 20,7x 19,9x 10,3x 9,6x
Clemondo Group CLEM SS Not Rated SEK 9,8 0,99 1,20 19,0x 9,9x 6,5x 4,2x
Cloudberry Clean Energy CLOUD NO Hold NOK 13,6 14,0 0,46 0,29 56,0x 29,6x 22,5x 19,3x
CMB.TECH CMBT US Hold USD 9,105 8,9 1,99 2,32 23,2x 4,6x 9,3x 5,5x
Coloplast COLOB DC Hold DKK 565,6 655,0 25,05 27,98 30,4x 21,2x 16,9x 15,7x
Cool Company CLCO NO Hold NOK 95,7 96,0 1,18 1,43 11,9x 8,0x 8,0x 6,8x
Coor COOR SS Buy SEK 48,2 62,0 4,46 4,99 13,4x 10,3x 7,1x 6,1x
Corem COREB SS Hold SEK 4,0 4,5 0,45 0,47 15,1x 15,2x 14,9x 16,1x
Crayon CRAYN NO Hold NOK 144 112,0 8,52 10,93 18,5x 14,4x 8,9x 6,9x
CTEK CTEK SS Buy SEK 12,7 20,0 0,97 1,32 19,1x 11,4x 7,5x 5,8x
Cyviz CYVIZ NO Buy NOK 36,4 58,0 4,70 6,17 12,2x 7,7x 5,8x 3,8x
Danske Bank DANSKE DC Buy DKK 276,3 270,0 26,50 27,36 10,3x 10,4x
Demant Group DEMANT DC Buy DKK 227,8 330,0 13,44 15,26 18,3x 15,3x 12,0x 10,0x
Kilde: DNB Carnegie, FactSet, Bloomberg
15
DNB Carnegie | 13 oktober 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
Detection Technology DETEC FH Buy EUR 10 17,0 0,66 0,79 20,6x 14,7x 9,6x 7,1x
Devyser DVYSR SS Buy SEK 137,2 160,0 3,23 5,32 790,6x 42,4x 60,4x 24,1x
DFDS DFDS DC Hold DKK 92 110,0 8,22 16,84 -40,9x 11,2x 5,9x 5,1x
DHT Holdings DHT US Buy USD 11,47 14,3 1,65 2,04 11,0x 7,0x 7,2x 5,5x
Diamyd Medical DMYDB SS Not Rated SEK 10,82 0,47 0,32 -7,7x 23,2x -7,1x 13,6x
Digia DIGIA FH Buy EUR 6,14 8,4 0,57 0,61 12,5x 10,8x 7,7x 6,6x
DNB DNB NO Not Rated NOK 276 26,42 27,74 10,1x 10,5x
DNO DNO NO Hold NOK 14,54 14,0 0,29 0,28 10,8x 5,0x 2,5x 1,7x
DOF DOFG NO Buy NOK 96,65 130,0 1,66 1,88 6,6x 5,8x 4,5x 4,2x
Dolphin Drilling DDRIL NO Not Rated NOK 0,0098
Dometic DOM SS Buy SEK 48,0 60,0 3,36 4,56 19,9x 14,3x 8,7x 8,1x
Dorian LPG LPG US Hold USD 26,4 26,0 4,21 3,16 10,2x 5,9x 7,7x 5,0x
DSV DSV DC Buy DKK 1296,5 2040,0 59,40 84,79 23,2x 17,1x 13,7x 10,4x
Duell Corporation DUELL FH Hold EUR 4,2 4,5 0,01 0,31 8,2x 7,1x 6,9x 6,6x
Dustin DUST SS Hold SEK 2,062 2,1 0,04 0,11 -36,9x 23,0x 9,5x 7,0x
Dynavox Group DYVOX SS Buy SEK 105,3 140,0 3,34 4,31 40,7x 29,2x 20,1x 15,7x
eEducation Albert ALBERT SS Not Rated SEK 4,1 -1,54 -1,00 -3,2x -5,4x -11,9x 16,3x
Eezy EEZY FH Hold EUR 0,84 0,9 0,01 0,11 10,7x 7,0x 7,4x 6,1x
Egetis Therapeutics EGTX SS Buy SEK 5,5 10,0 0,43 0,15 -5,6x 12,7x -6,8x 9,2x
Elanders ELANB SS Not Rated SEK 58,90 7,52 10,24 15,0x 7,8x 5,5x 5,0x
Electrolux ELUXB SS Hold SEK 52,1 63,0 7,58 9,71 12,5x 6,9x 4,6x 3,9x
Electrolux Professional EPROB SS Buy SEK 64,0 75,0 3,57 4,27 22,5x 17,9x 10,9x 9,4x
Elekta EKTAB SS Hold SEK 47,8 55,0 4,23 4,95 11,7x 10,4x 6,4x 5,8x
Elektroimportøren ELIMP NO Buy NOK 14,9 17,5 1,34 1,99 22,6x 11,1x 5,9x 4,3x
Elisa ELISA FH Buy EUR 44,5 52,0 2,62 2,68 18,1x 16,9x 10,5x 9,9x
Elkem ELK NO Buy NOK 27,4 30,0 2,23 2,70 -159,4x 12,1x 7,7x 5,8x
Elliptic Laboratories ELABS NO Buy NOK 10,1 19,0 1,30 2,00 14,4x 7,8x 8,3x 4,3x
Elmera Group ELMRA NO Sell NOK 32,4 25,0 2,41 2,34 14,8x 12,4x 8,1x 6,7x
Elopak ELO NO Hold NOK 45,2 48,0 0,30 0,35 15,9x 12,7x 7,5x 6,4x
Embla Medical EMBLA DC Hold DKK 31,9 35,5 0,21 0,24 23,3x 20,6x 13,3x 11,7x
Embracer Group EMBRACB SS Buy SEK 106,8 105,0 3,38 5,70 29,3x 16,3x 4,4x 3,1x
Emilshus EMILB SS Buy SEK 51,4 57,0 2,97 3,14 20,1x 17,5x 18,1x 15,9x
Enento Group ENENTO FH Buy EUR 15,04 21,9 0,80 0,95 22,3x 18,8x 10,6x 9,8x
Engcon ENGCONB SS Hold SEK 72,8 85,0 2,39 2,94 44,2x 30,5x 28,2x 21,4x
Entra ENTRA NO Buy NOK 117,4 135,0 5,44 5,70 16,5x 16,0x 19,6x 19,6x
Envipco ENVIP NO Buy NOK 74,4 100,0 0,44 0,65 454,0x 14,5x 33,6x 10,5x
Eolus EOLUB SS Not Rated SEK 41,6 6,76 13,44 6,8x 6,2x 5,9x 4,8x
Ependion EPEN SS Not Rated SEK 119,2 6,95 8,80 24,3x 17,2x 10,4x 8,3x
Epiroc EPIA SS Hold SEK 210,6 200,0 7,93 9,06 28,6x 26,6x 17,0x 15,8x
EQL Pharma EQL SS Not Rated SEK 59,1 2,63 4,00 31,6x 22,4x 16,8x 13,6x
EQT EQT SS Buy SEK 337,6 370,0 1,00 1,66 27,4x 22,8x 22,6x 19,0x
Equinor EQNR NO Sell NOK 239,0 180,0 2,38 2,40 9,9x 9,1x 2,0x 2,2x
Ericsson ERICB SS Buy SEK 79,3 98,0 5,06 6,23 10,8x 11,8x 4,8x 5,8x
Essity ESSITYB SS Hold SEK 251,9 275,0 19,20 20,19 13,7x 12,9x 8,4x 7,9x
Etteplan ETTE FH Hold EUR 10,1 10,5 0,63 0,76 12,1x 11,4x 7,5x 6,7x
Europris EPR NO Buy NOK 99 110,0 6,62 7,43 18,4x 15,0x 7,8x 6,8x
Evolution EVO SS Buy SEK 714,2 1100,0 5,80 6,63 12,1x 10,8x 8,7x 7,4x
Ortoma ORTB SS Not Rated SEK 15,3 -0,90 -0,19 -47,7x -17,0x 544,4x -25,6x
Fabege FABG SS Sell SEK 78,4 70,0 3,82 3,83 17,0x 16,0x 23,9x 23,0x
Faron Pharmaceuticals FARON FH Not Rated EUR 2,0 -0,29 -0,25 -6,7x -7,0x -10,3x -7,7x
Fasadgruppen FG SS Buy SEK 32,0 43,0 4,86 5,44 5,8x 4,5x 8,4x 7,2x
Fastpartner FPAR SS Hold SEK 51,0 55,0 3,89 4,12 13,6x 12,6x 16,4x 16,5x
Ferroamp FERRO SS Not Rated SEK 1,855 0,67 155,4x 2,8x 2,8x 1,4x
Fiskars FSKRS FH Hold EUR 12,2 13,0 0,81 0,93 14,0x 12,2x 11,1x 8,3x
Flerie FLERIE SS Buy SEK 40,5 60,0
Flex LNG FLNG US Buy USD 24,4 29,2 2,57 3,04 11,9x 9,5x 10,4x 9,2x
FLSmidth FLS DC Hold DKK 476,0 405,0 41,01 31,85 19,5x 16,1x 10,3x 8,5x
Fortum FORTUM FH Hold EUR 16,5 14,3 0,88 0,86 17,6x 18,6x 11,3x 12,0x
Fractal Gaming FRACTL SS Hold SEK 40,0 43,0 1,65 2,16 33,9x 24,2x 12,7x 10,8x
Frontline FRO NO Buy NOK 232,7 285,0 3,53 3,58 11,4x 6,5x 8,1x 5,9x
F-Secure FSECURE FH Hold EUR 1,6 1,7 0,11 0,15 11,6x 10,8x 8,5x 7,9x
Gapwaves GAPW SS Not Rated SEK 28,9 -0,35 0,29 -33,2x -83,3x -165,5x 154,9x
Garo GARO SS Hold SEK 17,4 19,0 1,49 1,93 53,2x 11,7x 11,2x 6,0x
Genco Shipping & TradingGNK US Hold USD 15,9 16,2 2,04 2,08 31,7x 7,8x 7,5x 4,0x
Kilde: DNB Carnegie, FactSet, Bloomberg
16
DNB Carnegie | 13 oktober 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
Genmab GMAB DC Hold DKK 2044,0 2300,0 9,36 13,3x 17,8x 33,9x 19,0x 32,3x
Genova GPG SS Hold SEK 38,2 43,0 1,53 1,8x 28,2x 30,6x 23,0x 23,4x
Gentian Diagnostics GENT NO Buy NOK 53,0 67,0 2,66 0,0x 32,9x 19,9x 17,6x 11,2x
Gentoo Media G2MNO NO Not Rated SEK 6,6 0,06 0,1x 3,8x 3,4x 4,9x 3,8x
Getinge GETIB SS Buy SEK 206,6 250,0 11,00 13,0x 18,5x 16,4x 10,3x 9,5x
Gigante Salmon GIGA NO Buy NOK 8,5 12,7 0,35 1,39 -103,5x 24,3x 68,9x 11,8x
Gigasun GIGA SS Not Rated SEK 2,9 0,40 0,47 -21,7x 7,4x 9,1x 8,8x
Gjensidige GJF NO Hold NOK 289,2 280,0 15,37 16,16 21,1x 18,8x
GN Group GN DC Buy DKK 117,4 148,0 6,40 8,72 21,4x 14,7x 12,6x 10,1x
Golar LNG GLNG US Buy USD 39,3 55,0 0,60 -0,51 26,4x 65,5x 20,7x 22,1x
Golden Ocean Group GOGL NO Hold NOK 83,3 82,0 1,63 1,9x 26,0x 5,0x 10,6x 4,7x
Green Landscaping GroupGREEN SS Buy SEK 52,9 89,0 5,65 6,0x 12,8x 9,4x 5,9x 5,0x
Grieg Seafood GSF NO Not Rated NOK 68,4 3,28 5,0x -92,0x 20,9x 11,8x 6,5x
InfraCom INFRA SS Not Rated SEK 21,8 1,93 2,2x 13,6x 11,3x 7,6x 6,2x
Gränges GRNG SS Buy SEK 118,4 143,0 11,80 13,5x 12,7x 10,0x 7,1x 5,8x
Guard Therapeutics GUARD SS Not Rated SEK 22,2 10,70 0,29 -2,8x 2,1x -3,3x 0,9x
Gubra GUBRA DC Buy DKK 431,0 550,0 8,29 40,83 4,1x 52,0x 2,7x 46,0x
H+H International HH DC Hold DKK 99 98,0 8,04 10,57 -22,6x 12,3x 12,9x 6,9x
Sydbank SYDB DC Buy DKK 535 570,0 52,05 55,24 10,8x 10,2x
Hafnia HAFNI NO Buy NOK 60 73,0 0,89 0,87 8,9x 6,6x 6,2x 5,1x
HAKI Safety HAKIB SS Not Rated SEK 20,4 2,34 3,0x 15,5x 7,3x 6,1x 4,3x
Handelsbanken SHBA SS Buy SEK 124,0 145,0 11,06 12,44 10,7x 11,2x
Hansa Biopharma HNSA SS Hold SEK 38,6 37,0 -4,41 -4,0x -6,2x -8,8x -7,3x -15,8x
HANZA HANZA SS Not Rated SEK 106,4 7,71 8,82 19,4x 13,8x 9,4x 7,8x
Harvia HARVIA FH Hold EUR 35,1 39,0 1,73 2,0x 22,8x 18,6x 15,6x 13,4x
Haypp HAYPP SS Hold SEK 161,8 130,0 5,21 7,21 36,5x 24,9x 20,6x 14,8x
Hemnet HEM SS Buy SEK 220,8 406,0 8,10 10,4x 32,4x 24,4x 25,8x 19,8x
Hennes & Mauritz HMB SS Hold SEK 168,3 160,0 8,49 8,76 22,3x 19,8x 8,2x 7,7x
Hexagon HEXAB SS Buy SEK 112,4 125,0 0,38 0,5x 24,7x 22,9x 15,7x 14,7x
Hexagon Composites HEX NO Buy NOK 10,5 18,0 -0,91 1,73 -1,9x -13,0x 82,8x 7,2x
Hexagon Purus HPUR NO Not Rated NOK 2,0 -1,56 -1,3x -0,8x -1,3x -4,4x -11,3x
Hexpol HPOLB SS Buy SEK 82,5 97,0 6,50 6,82 14,1x 12,7x 8,7x 8,2x
Hiab HIAB FH Buy EUR 50,0 60,0 2,93 3,4x 18,2x 16,8x 10,1x 9,6x
Himalaya Shipping HSHP NO Hold NOK 81,9 77,0 1,42 1,47 16,4x 5,7x 10,2x 7,0x
HMS Networks HMS SS Buy SEK 443,0 575,0 14,59 17,3x 37,4x 29,6x 22,3x 18,7x
Hoist Finance HOFI SS Buy SEK 101,2 120,0 11,36 12,25 9,9x 8,9x
Holmen HOLMB SS Hold SEK 342,8 395,0 18,53 18,7x 20,4x 18,5x 11,5x 10,9x
Hufvudstaden HUFVA SS Hold SEK 124,1 130,0 5,03 5,26 22,2x 21,8x 22,4x 21,9x
Huhtamaki HUH1V FH Buy EUR 28,4 39,0 2,70 2,8x 11,3x 10,5x 6,8x 6,4x
Humana HUM SS Buy SEK 41,9 45,0 5,30 6,51 9,0x 7,1x 6,0x 5,5x
Humble Group HUMBLE SS Hold SEK 8,2 9,4 0,56 0,8x 10,3x 8,7x 7,0x 5,9x
HusCompagniet HUSCO DC Buy DKK 46,0 55,0 4,42 6,80 31,5x 10,4x 10,8x 6,1x
Husqvarna HUSQB SS Buy SEK 48,9 57,0 4,23 5,1x 13,3x 11,5x 6,2x 5,6x
Höegh Autoliners ASA HAUTO NO Hold NOK 95,1 108,0 2,34 2,28 3,9x 4,0x 3,9x 4,0x
IAR Systems IARB SS Not Rated SEK 177,8 5,34 5,4x 32,8x 33,3x 13,1x 12,6x
Icelandic Salmon ISLAX NO Hold NOK 90,4 90,0 0,05 0,26 -8,2x 143,2x -34,7x 12,9x
Iconovo ICO SS Not Rated SEK 2,1 0,06 0,6x -3,0x 33,8x -4,8x 11,2x
Idun Industrier IDUNB SS Not Rated SEK 331 4,65 5,35 25,0x 23,8x 13,7x 12,5x
Industrivärden INDUC SS Hold SEK 380,5 355,0
Indutrade INDT SS Hold SEK 234,0 268,0 8,38 9,28 25,6x 23,0x 16,4x 15,1x
Cibus CIBUS SS Buy SEK 164,5 210,0 0,83 0,9x 15,8x 14,6x 18,9x 17,9x
Initiator Pharma INIT SS Not Rated SEK 3,23 -0,32 -0,43 -9,7x -6,8x -7,8x -5,8x
Instalco INSTAL SS Buy SEK 26,6 45,0 2,39 3,0x 11,8x 9,9x 8,2x 6,7x
Intea INTEAB SS Buy SEK 66 82,0 3,77 3,90 19,2x 16,0x 21,8x 19,4x
Integrum INTEGB SS Not Rated SEK 12,3 0,69 1,22 -104,7x 17,8x 56,8x 7,9x
International Petroleum CoIPrpCO SS Buy SEK 154 185,0 0,43 1,90 180,2x 37,6x 12,0x 9,5x
Intrum INTRUM SS Hold SEK 49,1 64,0 8,29 10,44 5,7x 5,9x 8,8x 7,1x
Investor INVEB SS Buy SEK 303,55 350,0
INVISIO IVSO SS Hold SEK 307,0 375,0 9,17 12,26 68,2x 34,0x 45,9x 23,5x
Inwido INWI SS Buy SEK 179,7 199,0 11,76 13,21 16,1x 14,3x 9,0x 8,4x
Irisity IRIS SS Not Rated SEK 0,1 -0,94 -0,80 -0,1x -0,2x -1,0x -2,6x
ISS ISS DC Buy DKK 203,2 225,0 19,14 22,48 12,3x 10,6x 8,1x 7,9x
ITAB Shop Concept ITAB SS Not Rated SEK 17,2 2,11 2,97 12,6x 7,4x 5,9x 4,6x
JM JM SS Hold SEK 145 140,0 6,08 10,14 49,5x 23,9x 22,7x 16,4x
John Mattson JOMA SS Buy SEK 60,8 72,0 2,52 2,65 23,6x 21,6x 25,9x 24,7x
Kilde: DNB Carnegie, FactSet, Bloomberg
17
DNB Carnegie | 13 oktober 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
Jyske Bank JYSK DC Hold DKK 751,5 673,0 74,02 79,13 10,2x 10,0x
Kaldvik KLDVK NO Not Rated NOK 12,1 0,06 0,2x -119,7x 18,5x 9,8x 6,8x
Kalmar KALMAR FH Hold EUR 34,6 37,0 2,88 3,26 13,5x 11,9x 8,0x 7,0x
Kambi KAMBI SS Buy SEK 112,00 195,0 0,67 0,9x 18,5x 12,0x 4,3x 3,4x
Kamux KAMUX FH Hold EUR 2,04 2,2 0,21 0,34 19,9x 9,7x 5,3x 4,6x
Karnov KAR SS Buy SEK 105,80 130,0 2,93 3,4x 23,2x 20,6x 16,0x 13,8x
Karolinska Development KDEV SS Not Rated SEK 0,9
KB Components KBC SS Hold SEK 43,65 47,0 3,78 4,2x 13,3x 11,2x 6,7x 5,8x
Kebni KEBNIB SS Not Rated SEK 1,87 0,07 0,11 33,3x 25,1x 19,5x 16,3x
Kemira KEMIRA FH Buy EUR 18,80 23,0 1,59 1,8x 12,7x 11,8x 6,1x 5,8x
Kempower KEMPOWR FH Hold EUR 14,75 17,0 0,29 0,63 -251,0x 50,4x 65,6x 21,5x
Kesko KESKOB FH Hold EUR 18,25 20,5 1,26 1,3x 16,6x 14,5x 8,3x 7,8x
K-Fastigheter KFASTB SS Hold SEK 14,38 24,0 0,20 0,16 26,5x 29,6x 37,7x 36,3x
Kid KID NO Hold NOK 138,20 145,0 9,36 10,1x 20,0x 14,8x 7,0x 6,2x
Kinnevik KINVB SS Buy SEK 83,56 105,0
Kitron KIT NO Hold NOK 58,65 58,0 0,29 0,4x 23,2x 17,1x 13,8x 11,1x
Kjell Group KJELL SS Hold SEK 11,05 9,0 0,45 0,90 38,1x 14,6x 5,2x 4,3x
Klaveness Combination CKarCriCer NsO Buy NOK 74,00 113,0 1,19 1,4x 13,0x 6,2x 8,2x 5,5x
Kojamo KOJAMO FH Buy EUR 10,41 12 0,52 0,49 18,6x 17,0x 22,1x 22,6x
Komplett KOMPL NO Sell NOK 13,40 12 0,98 1,5x -58,9x 13,6x 7,5x 4,1x
Kone KNEBV FH Sell EUR 56,54 55 2,17 2,38 26,4x 24,8x 17,5x 16,3x
Konecranes KCR FH Hold EUR 66,35 75 5,23 5,7x 12,6x 11,7x 7,5x 6,6x
Kongsberg Gruppen KOG NO Sell NOK 305,8 250 9,37 10,36 39,0x 32,6x 25,3x 20,8x
Lagercrantz LAGRB SS Hold SEK 208,40 245 6,01 6,4x 32,0x 29,5x 21,8x 20,2x
Latour LATOB SS Buy SEK 230,4 300
Lerøy Seafood Group LSG NO Buy NOK 50,20 62 4,93 5,5x 22,3x 10,2x 10,1x 6,0x
Lifco LIFCOB SS Buy SEK 332 405 8,86 9,87 32,8x 30,1x 22,9x 21,1x
Lifecare ASA LIFE NO Not Rated NOK 7,90 -3,69 -3,3x -1,8x -2,1x -1,0x -1,1x
Lime LIME SS Buy SEK 311,5 400 8,67 10,47 41,2x 35,9x 20,4x 18,3x
Lindab LIAB SS Hold SEK 192,10 190 10,66 13,1x 23,0x 18,0x 11,2x 9,7x
Link Mobility LINK NO Buy NOK 29,65 47 1,60 1,96 15,1x 9,8x 11,0x 7,8x
Logistea LOGIB SS Buy SEK 14,84 20 0,95 1,0x 14,9x 12,9x 17,0x 15,2x
Loomis LOOMIS SS Hold SEK 394,8 433 35,07 38,22 11,5x 10,4x 5,4x 5,2x
Lumi Gruppen LUMI NO Not Rated NOK 17,70 0,72 0,9x 45,1x 24,6x 11,8x 9,3x
Lundbeck HLUNB DC Buy DKK 45,88 51 4,58 4,61 11,6x 9,9x 7,2x 6,2x
Lundbergs LUNDB SS Hold SEK 492,40 535
Lundin Mining LUMI SS Hold SEK 144,4 101 0,65 0,75 27,7x 23,4x 9,4x 8,8x
Lyko LYKOA SS Hold SEK 140,40 135 5,87 7,2x 48,9x 23,9x 10,2x 8,3x
Mandatum MANTA FH Buy EUR 5,894 7 0,33 0,33 10,4x 13,3x
Marimekko MEKKO FH Hold EUR 12,52 15 0,73 0,8x 19,6x 17,3x 11,7x 10,5x
Matas Group MATAS DC Buy DKK 127,8 185 10,56 15,22 16,2x 11,2x 7,1x 6,3x
Maven Wireless MAVEN SS Not Rated SEK 7,78 -0,03 0,2x -39,3x -261,2x 69,0x 38,3x
MedHelp Care MEDHLP SS Not Rated SEK 6,9 0,32 0,37 30,8x 21,4x 10,8x 8,9x
Medicover MCOVB SS Buy SEK 261,00 325 0,66 0,8x 41,5x 31,6x 13,2x 11,4x
Medistim MEDI NO Hold NOK 239 270 8,16 9,14 34,2x 31,2x 22,4x 20,5x
Medivir MVIRB SS Not Rated SEK 0,64 -1,24 -1,5x -0,8x -0,5x -1,0x -0,3x
Mentice MNTC SS Not Rated SEK 10,35 -0,21 0,20 -11,5x -268,5x 38,5x 12,2x
Metso METSO FH Buy EUR 11,62 13 0,71 0,8x 17,1x 15,0x 11,6x 10,2x
Metsä Board METSB FH Hold EUR 2,7 3 0,08 0,21 -15,8x 32,3x 27,1x 8,1x
MilDef Group MILDEF SS Not Rated SEK 195,50 5,45 7,6x 47,0x 35,6x 24,8x 18,4x
Millicom TIGO US Buy USD 47,04 48 2,82 3,06 10,8x 10,5x 4,4x 4,4x
Mips MIPS SS Buy SEK 340,00 470 8,82 10,6x 67,9x 38,5x 47,7x 27,6x
Modern Times Group MTGB SS Buy SEK 120,3 125 8,60 9,33 8,9x 6,2x 7,0x 5,6x
Modus Therapeutics HoldiMngODTX SS Not Rated SEK 0,48 -0,14 0,1x -2,3x -3,5x -2,6x -1,7x
Momentum Group MMGRB SS Hold SEK 159,6 175 4,66 5,05 38,8x 34,2x 18,3x 16,5x
Mowi MOWI NO Buy NOK 221,00 230 1,46 1,6x 20,6x 13,0x 13,2x 8,4x
MPC Container Ships ASAMPCC NO Sell NOK 15,7 16 0,22 0,00 3,9x 7,0x 2,5x 3,1x
Multiconsult MULTI NO Hold NOK 172,50 200 12,39 15,6x 14,5x 13,7x 8,5x 7,9x
Munters MTRS SS Buy SEK 112,3 150 5,93 6,46 21,0x 17,6x 10,8x 9,6x
Mycronic MYCR SS Buy SEK 196,00 238 7,96 8,5x 23,5x 23,2x 16,4x 15,7x
Måsøval MAS NO Buy NOK 24,6 26 2,10 2,87 -65,0x 11,7x 18,1x 6,5x
Navigator Holdings Ltd NVGS US Hold USD 14,40 17 1,98 0,9x 9,8x 7,3x 4,9x 4,1x
NCAB NCAB SS Hold SEK 49,26 50 1,34 1,59 35,6x 29,9x 22,0x 19,4x
NCC NCCB SS Buy SEK 210,60 210 15,41 16,6x 16,3x 13,7x 7,5x 6,5x
Kilde: DNB Carnegie, FactSet, Bloomberg
18
DNB Carnegie | 13 oktober 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
NEL NEL NO Sell NOK 2,7 1,2 -0,22 -0,11 -8,6x -12,4x -8,6x -13,9x
Neste NESTE FH Buy EUR 16,2 21,0 1,03 1,3x 32,7x 15,7x 10,5x 8,1x
Net Insight NETIB SS Not Rated SEK 4,0 0,22 0,33 952,4x 18,6x 12,9x 6,4x
Netcompany NETC DC Buy DKK 283,40 340,0 17,79 22,8x 20,9x 15,3x 13,8x 11,6x
Netel Group Holding NETEL SS Hold SEK 5,06 6,0 0,56 1,01 -28,9x 9,0x 8,4x 5,3x
New Wave Group NEWAB SS Buy SEK 111,80 131,0 7,90 10,4x 17,0x 14,2x 11,1x 9,7x
Nibe NIBEB SS Buy SEK 35,66 53,0 1,67 1,86 28,2x 21,3x 14,5x 11,9x
Nilfisk NLFSK DC Buy DKK 118,40 125,0 1,89 2,1x 12,1x 8,3x 5,9x 5,3x
Nimbus Group BOAT SS Not Rated SEK 14,5 3,84 6,2x 3,8x 3,2x 1,7x
Niutech Group NIUTEC SS Not Rated SEK 0,27 0,05 0,1x -0,3x 5,9x -5,1x 2,8x
NKT NKT DC Hold DKK 721,00 600,0 3,82 5,33 27,6x 25,3x 12,7x 11,6x
NNIT NNIT DC Hold DKK 56,60 70,0 5,19 6,9x 19,0x 11,1x 11,7x 7,6x
Nobia NOBI SS Hold SEK 4,26 4,5 0,35 0,59 -22,2x 12,0x 8,5x 6,5x
Noble Corporation NE US Hold USD 27,43 30,0 1,17 1,4x 18,1x 23,5x 5,3x 6,0x
NoHo Partners NOHO FH Buy EUR 8,86 11,0 0,81 0,92 15,9x 10,9x 6,0x 5,7x
Nokia NOKIA FH Buy EUR 4,54 4,7 0,27 0,4x 17,0x 14,6x 7,6x 7,3x
Nokian Tyres TYRES FH Hold EUR 7,665 7,0 0,62 0,99 73,4x 12,3x 9,1x 6,2x
Nolato NOLAB SS Buy SEK 58,90 70,0 3,23 3,6x 19,2x 17,5x 10,7x 9,7x
NorAm Drilling NORAM NO Hold NOK 27,5 37 0,23 11,8x 11,6x 3,6x 3,6x
Norconsult NORCO NO Buy NOK 47,65 50 2,54 3,0x 19,5x 18,2x 10,5x 9,5x
Nordea NDA SS Buy SEK 154,2 182 1,38 1,52 10,3x 10,1x
Nordhealth NORDH NO Buy NOK 35,20 44 -0,08 0,0x -68,0x 1409,6x 207,2x 43,8x
Nordic LEVEL Group LEVEL SS Not Rated SEK 0,558 0,07 0,10 24,9x 7,5x 6,5x 4,3x
Nordic Semiconductor NOD NO Buy NOK 164,50 200 0,35 0,6x 121,2x 46,0x 40,6x 22,6x
Nordisk Bergteknik NORBB SS Hold SEK 12,2 10 1,31 1,82 15,0x 9,3x 4,5x 3,9x
Nordnet SAVE SS Buy SEK 284,40 300 11,55 13,2x 24,6x 24,5x
Norion Bank NORION SS Buy SEK 66,3 72 8,32 10,67 9,5x 8,0x
Norsk Hydro NHY NO Sell NOK 68,42 50 5,02 5,6x 11,9x 13,6x 5,3x 6,5x
Norsk Titanium NTI NO Not Rated NOK 1,158 -0,02 0,00 -1,8x -6,1x -3,5x -8,3x
Norske Skog NSKOG NO Buy NOK 18,16 30 5,77 9,4x 3,1x 3,4x 2,0x
Norwegian Air Shuttle ASANAS NO Buy NOK 15,71 19 2,54 3,07 7,6x 6,2x 2,8x 1,8x
Novo Nordisk NOVOB DC Buy DKK 376,95 500 25,05 27,5x 15,7x 14,9x 11,7x 10,6x
Novonesis NSISB DC Buy DKK 400,3 505 1,74 2,04 25,2x 22,5x 17,1x 15,3x
NP3 NP3 SS Buy SEK 250,50 300 14,67 15,5x 16,8x 16,1x 17,0x 16,6x
NRC Group NRC NO Hold NOK 9,16 7 0,58 0,81 21,8x 14,4x 6,4x 4,9x
NTG NTG DC Hold DKK 194,00 234 18,36 20,5x 12,0x 10,6x 7,4x 6,2x
Nyfosa NYF SS Buy SEK 81,5 115 6,19 6,58 12,4x 10,8x 14,8x 14,2x
Nykode Therapeutics NYKD NO Not Rated NOK 2,11 -0,06 0,0x -2,3x -3,3x -0,6x -2,0x
Odfjell Drilling ODL NO Buy NOK 78,3 100 1,07 0,96 10,5x 7,2x 5,3x 4,5x
Odfjell SE ODF NO Buy NOK 113,60 170 2,74 3,4x 6,2x 4,1x 4,0x 3,4x
Odfjell Technology OTL NO Buy NOK 58,2 70 7,63 7,93 8,5x 7,6x 4,1x 3,6x
BioInvent BINV SS Buy SEK 27,40 65 -6,91 -8,9x -5,8x -4,0x -4,0x -3,8x
OKEA OKEA NO Hold NOK 18 19 0,38 0,45 6,9x 4,7x 0,3x 0,5x
Okeanis Eco Tankers OET NO Buy NOK 300,50 335 5,23 5,2x 8,7x 5,7x 7,7x 5,9x
Olav Thon EiendomsselskOapLT NO Buy NOK 275 315 18,92 20,10 14,5x 13,6x 15,2x 14,9x
Olvi OLVAS FH Hold EUR 30,00 33 3,39 3,6x 9,6x 8,8x 5,2x 4,6x
Omda OMDA NO Buy NOK 47 57 0,64 1,32 21,2x 17,6x 11,9x 9,1x
Oncoinvent ONCIN NO Not Rated NOK 1,44 -1,19 -1,3x -1,2x -1,2x 0,0x 0,1x
Oncopeptides ONCO SS Not Rated SEK 5,55 -0,43 -0,16 -6,1x -13,0x -5,8x -13,2x
OptiCept Technologies OPTI SS Not Rated SEK 3,85 -0,23 0,0x -6,3x -17,6x -9,8x -113,3x
Optomed OPTOMED FH Hold EUR 3,82 4 -0,17 -0,04 -14,0x -21,9x -30,0x 234,1x
Orexo ORX SS Not Rated SEK 40,90 -2,06 -1,9x -15,7x -19,8x 400,5x 149,9x
Oriola ORIOLA FH Hold EUR 1,114 1 0,06 0,09 33,0x 11,5x 4,1x 3,6x
Orion ORNBV FH Buy EUR 68,95 77 3,48 4,2x 18,8x 19,8x 13,6x 14,1x
Orkla ORK NO Sell NOK 104,2 101 6,37 6,98 16,9x 16,4x 11,6x 10,8x
Orthex ORTHEX FH Buy EUR 4,50 6 0,43 0,5x 12,7x 10,6x 7,2x 6,4x
OEM International OEMB SS Buy SEK 135,2 163 4,94 5,44 29,6x 26,7x 20,7x 18,4x
OssDsign OSSD SS Not Rated SEK 13,58 -0,38 -0,2x -40,2x -37,7x -45,2x -38,3x
Otovo OTOVO NO Not Rated NOK 0,895
Outokumpu OUT1V FH Hold EUR 4,36 3 0,27 0,4x -627,7x 16,2x 9,3x 5,5x
Ovzon OVZON SS Buy SEK 35,05 45 1,55 2,90 57,9x 22,6x 16,6x 10,4x
Pandora PNDORA DC Buy DKK 811,20 1 570 82,14 91,1x 11,4x 9,9x 8,1x 7,4x
Pandox PNDXB SS Buy SEK 177,2 200 8,65 9,20 16,9x 15,8x 17,3x 16,8x
Panoro Energy PEN NO Buy NOK 22,40 32 0,26 0,3x 6,1x 8,5x 2,2x 2,3x
Kilde: DNB Carnegie, FactSet, Bloomberg
19
DNB Carnegie | 13 oktober 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
Paradox Interactive PDX SS Buy SEK 168,3 215,0 7,19 8,92 27,9x 21,8x 10,2x 8,3x
Paratus Energy PLSV NO Buy NOK 38,6 60,0 0,52 0,6x 7,6x 6,7x 5,7x 5,2x
Pareto Bank PARB NO Buy NOK 91,1 100,0 8,73 9,18 10,4x 10,4x
Solstad Maritime SOMA NO Buy NOK 19,84 30,0 0,52 0,6x 4,3x 3,8x 4,0x 3,3x
Peab PEABB SS Hold SEK 75,35 80,0 6,49 7,32 20,1x 11,6x 7,1x 6,2x
Per Aarsleff PAALB DC Buy DKK 744,00 835,0 50,98 55,5x 16,3x 14,6x 7,1x 6,3x
Pexip PEXIP NO Buy NOK 59,5 50,0 2,24 2,90 29,1x 23,2x 16,7x 13,2x
PhotoCure PHO NO Buy NOK 55,10 80,0 1,26 2,7x -627,2x 45,8x 27,4x 13,6x
Pihlajalinna PIHLIS FH Hold EUR 15,55 17,5 1,53 1,80 9,8x 10,2x 5,7x 5,6x
Ponsse PON1V FH Hold EUR 26,80 29,0 1,53 1,8x 21,3x 17,5x 8,5x 7,4x
PowerCell PCELL SS Not Rated SEK 30,54 0,10 0,54 156,3x 294,5x 50,9x 58,2x
Pricer PRICB SS Not Rated SEK 4,54 0,84 1,0x 15,4x 5,4x 4,3x 2,8x
Profoto PRFO SS Hold SEK 17,85 27,0 2,59 3,15 9,4x 6,9x 5,7x 4,0x
Prosafe PRS NO Not Rated NOK 3,06 0,60 -0,7x 0,5x 7,8x 2,9x
Protector Forsikring PROT NO Buy NOK 489 560,0 24,21 23,96 17,4x 20,2x
Public Property Invest PUBLI NO Buy NOK 22,85 27,0 1,26 1,5x 17,4x 14,1x 17,9x 16,2x
Puuilo PUUILO FH Hold EUR 14,25 15,8 0,78 0,89 20,5x 17,8x 13,4x 11,8x
Q-linea QLINEA SS Not Rated SEK 28,00 -85,98 19,7x -0,2x -0,3x -0,2x -1,8x
Qliro QLIRO SS Hold SEK 18,8 18 -0,21 1,27 -6,9x -91,3x
Qt Group QTCOM FH Buy EUR 44,78 72 2,52 3,2x 23,7x 17,8x 13,7x 10,3x
Raisio RAIVV FH Buy EUR 2,45 3 0,16 0,17 16,5x 15,4x 8,4x 7,8x
Raketech RAKE SS Not Rated SEK 2,53 0,06 0,1x -3,8x 4,1x 2,8x 1,3x
Rana Gruber RANA NO Buy NOK 64,8 85 12,34 12,11 7,2x 5,3x 3,6x 2,9x
RaySearch RAYB SS Buy SEK 245,00 340 8,47 11,0x 45,1x 31,4x 15,2x 12,7x
Rejlers REJLB SS Buy SEK 187,4 225 12,32 14,06 18,3x 15,2x 8,9x 7,7x
Relais Group RELAIS FH Not Rated EUR 15,25 1,53 1,7x 11,7x 9,4x 8,3x 7,2x
Remedy Entertainment REMEDY FH Hold EUR 13,2 14 0,05 0,59 41,6x 247,3x 6,6x 10,1x
Revenio REG1V FH Buy EUR 23,70 30 0,92 1,1x 31,5x 25,8x 18,0x 16,0x
RevolutionRace RVRC SS Buy SEK 52,8 52 2,96 3,10 18,8x 17,4x 13,4x 12,7x
Rockwool ROCKB DC Buy DKK 234,65 280 2,34 2,5x 12,7x 12,7x 6,9x 6,6x
Rogaland Sparebank ROGS NO Hold NOK 142,9 145 10,69 11,07 11,6x 13,4x
Royal Unibrew RBREW DC Buy DKK 487,00 650 35,92 41,2x 15,6x 13,6x 10,3x 9,4x
RugVista RUG SS Buy SEK 74 90 4,14 4,85 21,8x 17,9x 13,3x 10,5x
Rusta RUSTA SS Hold SEK 61,10 70 4,43 4,9x 17,2x 13,8x 7,5x 6,7x
Röko ROKOB SS Hold SEK 1934,8 2125 56,59 60,68 27,7x 26,0x 21,4x 19,5x
Safe Bulkers SB US Buy USD 4,20 5 1,00 1,1x 9,3x 4,2x 6,4x 4,6x
Sagax SAGAB SS Buy SEK 202,4 240 11,03 11,47 17,3x 15,9x 19,5x 18,1x
SalMar SALM NO Buy NOK 570,00 550 38,69 43,5x 42,3x 14,7x 18,5x 8,7x
Salmon Evolution SALME NO Buy NOK 5,2 9 0,07 0,51 -12,7x 76,7x -82,7x 21,0x
Salmones Camanchaca SALMOCAM CI Hold CLP 3 600,00 3 200 0,39 0,5x 44,8x 9,3x 8,3x 5,0x
Sampo SAMPO FH Buy EUR 9,87 11 0,55 0,60 17,3x 16,5x
Sandvik SAND SS Buy SEK 266,60 285 15,55 16,8x 21,3x 17,1x 11,4x 9,8x
Sanoma SANOMA FH Buy EUR 10,8 12 0,71 0,82 15,7x 12,6x 6,8x 5,9x
Sats SATS NO Buy NOK 39,30 43 2,82 3,1x 15,8x 13,9x 6,1x 5,7x
SBB SBBB SS Hold SEK 5,02 6 0,58 0,55 155,2x 37,0x 35,0x 27,4x
SCA SCAB SS Buy SEK 118,90 152 6,58 7,3x 23,4x 18,1x 13,5x 11,5x
Scandic Hotels Group SHOT SS Buy SEK 87,3 115 6,88 7,75 14,7x 12,5x 7,5x 6,6x
Sentia SNTIA NO Hold NOK 65,30 67 4,51 4,7x 14,1x 14,5x 9,1x 8,7x
Scandinavian Tobacco GroSuTpG DC Hold DKK 86 90 11,33 11,91 7,1x 6,8x 6,2x 6,0x
Scanfil SCANFL FH Not Rated EUR 10,04 0,81 0,9x 15,5x 12,4x 9,1x 7,3x
Scatec SCATC NO Hold NOK 105 108 6,18 6,20 8,6x 17,0x 8,7x 10,5x
Schouw & Co SCHO DC Buy DKK 610,00 740 50,35 56,6x 11,3x 10,6x 6,5x 6,1x
Scorpio Tankers STNG US Buy USD 54,35 71 8,12 8,80 10,2x 6,7x 5,7x 3,8x
Sdiptech SDIPB SS Buy SEK 173,50 300 13,65 15,8x 11,6x 9,8x 8,7x 7,8x
Sea1 Offshore SEA1 NO Buy NOK 20,2 32 0,36 0,37 4,6x 5,5x 3,9x 4,3x
Seadrill SDRL US Buy USD 29,92 35 0,90 2,2x 101,9x 33,3x 6,1x 5,5x
SEB SEBA SS Hold SEK 182,85 171 14,39 15,83 12,0x 12,7x
Sectra SECTB SS Hold SEK 301,80 300 3,60 4,5x 112,5x 83,8x 74,4x 56,3x
Securitas SECUB SS Buy SEK 139,2 165 11,40 12,37 11,3x 10,8x 7,6x 7,3x
Selvaag Bolig SBO NO Hold NOK 34,35 37 3,70 3,1x 24,5x 9,3x 29,1x 7,0x
Sensys Gatso Group SGG SS Not Rated SEK 38,5 3,57 5,90 -61,8x 10,8x 8,1x 6,2x
Hacksaw Gaming HACK SS Buy SEK 70,47 105 0,70 0,9x 12,6x 9,1x 10,4x 7,4x
SFL Corporation Ltd SFL US Hold USD 6,995 8 0,56 0,93 42,6x 11,3x 8,0x 7,1x
ShaMaran Petroleum SNM SS Buy SEK 1,65 2 0,02 0,0x 23,2x 10,5x 5,5x 4,6x
Kilde: DNB Carnegie, FactSet, Bloomberg
20
DNB Carnegie | 13 oktober 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
ShaMaran Petroleum SNM SS Buy SEK 1,7 1,8 0,02 0,02 23,2x 10,5x 5,5x 4,6x
Shelf Drilling SHLF NO Hold NOK 18,3 14,0 0,16 0,1x 4,8x 3,9x 4,5x 4,2x
Sileon SILEON SS Not Rated SEK 2,8 -13,52 -6,54 -0,2x -0,2x -2,0x -3,4x
Sinch SINCH SS Buy SEK 31,41 44,0 0,96 1,2x 9,9x 9,5x 8,7x 7,5x
Sitowise SITOWS FH Hold EUR 2,45 2,2 0,01 0,11 27,7x 16,5x 8,6x 7,3x
Sivers Semiconductors SIVE SS Not Rated SEK 4,32 -0,12 0,0x -8,3x -35,5x -83,2x 21,1x
Skanska SKAB SS Hold SEK 265 240,0 15,48 16,93 18,8x 17,1x 8,6x 8,1x
SKF SKFB SS Buy SEK 237,80 275,0 18,11 21,6x 13,4x 12,2x 7,3x 6,4x
SkiStar SKISB SS Buy SEK 154,2 205,0 9,70 9,50 21,9x 15,9x 11,8x 9,4x
Sleep Cycle SLEEP SS Not Rated SEK 26,00 2,76 3,4x 9,3x 9,4x 5,2x 4,7x
SLP SLPB SS Buy SEK 40,90 47,0 1,89 2,01 19,1x 17,5x 22,5x 20,3x
Smart Eye SEYE SS Buy SEK 81,05 105,0 7,30 9,8x -138,8x 7,9x 132,7x 6,5x
SmartCraft SMCRT NO Buy NOK 26,4 33,0 0,89 1,19 42,8x 29,8x 20,9x 15,8x
Smartoptics SMOP NO Buy NOK 21,60 24,0 0,07 0,1x 76,3x 28,6x 25,7x 16,4x
Sobi SOBI SS Buy SEK 300 365,0 18,70 25,11 12,2x 10,3x 10,8x 8,5x
Solar SOLARB DC Hold DKK 209,00 245,0 16,65 22,0x 54,4x 12,6x 5,8x 4,7x
Solar Foods SFOODS FH Not Rated EUR 5,5 -0,27 -0,32 -17,7x -20,1x -113,1x -151,8x
Scandinavian Medical SoluStiMoSnsMED DC Buy DKK 4,44 6,5 0,41 0,5x 27,9x 10,8x 11,4x 7,1x
Solstad Offshore SOFF NO Buy NOK 49,8 65 2,33 2,47 3,2x 2,1x 3,6x 2,5x
Sonova SOON SW Hold CHF 217,60 280 10,40 11,5x 20,1x 19,9x 14,2x 14,1x
SP Group SPG DC Buy DKK 271 370 26,58 31,01 12,2x 10,2x 6,5x 5,8x
Spago Nanomedical SPAGO SS Not Rated SEK 0,16 -0,11 -0,1x -1,9x -1,4x -0,7x -0,6x
Spar Nord Bank SPNO DC Not Rated DKK 209,6 18,34 19,63 12,3x 11,4x
SpareBank 1 Helgeland HELG NO Hold NOK 177,90 174 13,35 13,7x 12,0x 13,3x
Sparebank 1 Nord-Norge NONG NO Hold NOK 140,5 150 12,43 12,91 10,1x 11,3x
Sparebank 1 SMN MING NO Buy NOK 193,04 210 17,47 18,2x 11,0x 11,0x
SpareBank 1 Sør-Norge SB1NO NO Hold NOK 177,2 180 15,43 16,04 11,1x 11,5x
Sparebank 1 Østlandet SPOL NO Hold NOK 187,66 190 14,12 15,0x 11,2x 13,0x
Sparebanken Møre MORG NO Hold NOK 105,86 104 8,23 8,52 12,2x 12,9x
Sparebanken Norge SBNOR NO Hold NOK 179,88 166 13,64 14,0x 11,4x 13,2x
Sparebanken Sør SOR NO Buy NOK 203 226
Sparebanken Øst SPOG NO Hold NOK 72,22 76 5,40 5,6x 10,5x 13,4x
Star Bulk SBLK US Hold USD 16,872 18 3,72 3,92 11,3x 4,5x 6,0x 3,4x
Stillfront Group SF SS Not Rated SEK 5,54 0,77 0,8x 3,1x 2,8x 3,5x 3,0x
Stockwik STWK SS Not Rated SEK 23 3,48 4,32 17,2x 5,4x 5,3x 4,7x
Stolt-Nielsen SNI NO Buy NOK 323,50 470 5,99 7,0x 6,9x 5,3x 4,8x 4,1x
Stora Enso STERV FH Buy EUR 8,628 13 0,65 0,85 22,3x 13,2x 9,0x 7,1x
Storebrand STB NO Buy NOK 157,70 170 11,13 12,5x 14,5x 13,2x
Storskogen STORB SS Buy SEK 9,686 18 0,87 1,03 9,1x 7,9x 6,6x 6,0x
Storytel STORYB SS Hold SEK 74,30 90 5,08 5,9x 20,9x 14,1x 8,0x 6,5x
Subsea 7 SUBC NO Buy NOK 205,6 220 1,92 2,11 15,8x 10,6x 4,8x 4,2x
Surgical Science Sweden SUS SS Buy SEK 87,50 157 4,22 5,2x 28,0x 17,2x 19,4x 10,1x
Sveafastigheter SVEAF SS Hold SEK 42,14 37 1,70 1,83 25,0x 21,5x 27,8x 24,5x
Svedbergs Group SVEDB SS Not Rated SEK 54,90 4,15 4,6x 15,0x 13,2x 8,9x 7,9x
Sweco SWECB SS Buy SEK 158,1 210 7,48 8,36 23,8x 20,6x 13,2x 11,6x
Swedbank SWEDA SS Hold SEK 288,90 284 23,92 25,7x 11,0x 12,1x
Synsam SYNSAM SS Buy SEK 57,7 70 4,15 5,01 20,2x 14,4x 6,7x 5,7x
Terranor TERNOR SS Not Rated SEK 30,70 4,90 6,0x 9,2x 6,3x 3,6x 2,9x
Systemair SYSR SS Buy SEK 77,4 103 3,96 4,50 22,1x 18,7x 10,8x 10,3x
Talenom TNOM FH Hold EUR 3,60 4 0,16 0,2x 31,6x 22,6x 7,2x 6,5x
SAAB SAABB SS Hold SEK 526,9 550 13,12 16,15 49,0x 40,2x 26,8x 22,2x
TCM Group TCM DC Buy DKK 70,80 107 8,92 11,3x 10,8x 7,6x 7,3x 5,5x
Teekay Tankers TNK US Buy USD 49,33 61 8,77 9,05 7,9x 5,6x 3,2x 1,7x
Tele2 TEL2B SS Hold SEK 159,15 157 7,18 7,8x 17,2x 16,6x 10,7x 10,2x
Telenor TEL NO Sell NOK 166,3 143 10,61 11,13 18,2x 15,0x 8,6x 8,5x
Telia Company TELIA SS Hold SEK 35,97 36 1,93 2,0x 16,0x 17,0x 6,5x 6,4x
Terveystalo TTALO FH Hold EUR 9,8 11 0,91 0,99 11,6x 10,7x 6,8x 6,4x
Traton 8TRA SS Buy SEK 290,20 380 5,01 6,3x 9,0x 5,3x 3,2x 2,3x
TF Bank TFBANK SS Buy SEK 184,5 200 13,36 16,37 18,7x 14,2x
TGS TGS NO Sell NOK 77,30 70 0,26 0,5x -64,4x 29,8x 2,5x 2,4x
Thule Group THULE SS Hold SEK 229,4 255 12,91 13,96 20,6x 17,8x 14,4x 12,7x
Tidewater Inc. TDW US Buy USD 48,33 69 4,08 5,1x 11,8x 11,0x 4,4x 3,9x
TietoEVRY TIETO FH Hold EUR 15,39 17 1,28 1,42 10,5x 9,0x 6,9x 7,4x
Tobii TOBII SS Not Rated SEK 3,42 0,19 0,4x -76,7x 18,3x 2,6x 2,2x
Kilde: DNB Carnegie, FactSet, Bloomberg
21
DNB Carnegie | 13 oktober 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
Tokmanni TOKMAN FH Hold EUR 9,0 8,7 0,86 1,00 12,8x 10,2x 6,3x 6,0x
Tomra TOM NO Sell NOK 142,9 130,0 0,56 0,6x 34,8x 21,8x 15,0x 11,3x
Transocean RIG US Not Rated USD 3,1 0,13 -0,08 13,6x 23,0x 6,0x 5,8x
Transtema TRANS SS Not Rated SEK 11,46 1,45 2,0x 13,0x 7,9x 3,5x 2,5x
Trelleborg TRELB SS Hold SEK 352,2 350,0 19,22 21,53 20,4x 17,5x 10,9x 10,0x
Excelerate Energy EE US Buy USD 27,41 31,0 2,20 2,3x 15,1x 12,4x 7,9x 6,8x
Trianon TRIANB SS Buy SEK 18,8 23,0 0,99 1,06 16,9x 14,9x 22,0x 21,4x
Trifork TRIFOR DC Buy DKK 83,90 120,0 0,66 0,8x 19,4x 14,7x 8,6x 6,9x
Troax TROAX SS Buy SEK 140 181,0 0,62 0,71 26,0x 18,8x 15,2x 11,9x
Truecaller TRUEB SS Buy SEK 38,46 95,0 2,40 2,9x 20,1x 14,8x 12,6x 9,6x
Tryg TRYG DC Buy DKK 165,00 190,0 8,71 9,32 16,6x 16,5x
UPM UPM FH Hold EUR 21,85 23,0 1,64 1,8x 16,8x 13,3x 10,1x 8,3x
Vaisala VAIAS FH Buy EUR 44,7 58,0 2,39 2,59 26,6x 18,7x 14,5x 11,0x
Valaris VAL US Hold USD 46,75 50,0 2,74 5,5x 20,8x 17,1x 6,2x 7,5x
Valmet VALMT FH Buy EUR 27,48 32,2 2,40 2,74 10,9x 9,5x 7,8x 6,9x
VEF VEFAB SS Buy SEK 2,23 2,6
Veidekke VEI NO Sell NOK 158,8 150,0 10,84 11,13 15,8x 14,7x 6,4x 5,9x
Ventura Offshore VTURA NO Buy NOK 24,50 40,0 -0,06 1,0x 8,9x -39,0x 3,6x 7,1x
Vend VENDA NO Sell NOK 362,2 325 5,67 8,41 22,3x 63,9x 35,1x 33,2x
Verkkokauppa.com VERK FH Buy EUR 3,51 4 0,20 0,3x 23,3x 17,5x 7,4x 6,6x
Vertiseit VERT SS Not Rated SEK 70,2 2,74 3,35 66,9x 25,6x 21,9x 13,2x
Verve VER SS Hold SEK 25,46 28 0,14 0,2x 14,5x 10,4x 6,5x 6,3x
Vestas VWS DC Buy DKK 133,55 173 0,94 1,15 24,7x 19,1x 9,1x 7,9x
Vestum VESTUM SS Buy SEK 8,54 11 0,10 0,3x 15,0x 9,1x 8,8x 6,6x
Viaplay Group VPLAYB SS Not Rated SEK 1,3525 -0,03 0,03 -7,5x -41,0x -43,2x 23,7x
Vicore Pharma VICO SS Buy SEK 11,62 19 -1,44 -1,7x -9,4x -8,1x -5,7x -6,1x
Vimian VIMIAN SS Hold SEK 28,02 40 0,11 0,13 19,6x 17,3x 13,2x 11,7x
Vitec VITB SS Buy SEK 360,00 375 11,57 13,5x 36,4x 31,1x 12,9x 11,5x
Vitrolife VITR SS Buy SEK 137 230 5,29 5,86 25,3x 19,0x 17,9x 14,2x
Vivesto VIVE SS Not Rated SEK 0,23 -0,08 -0,1x -3,6x -2,8x -4,1x -2,9x
VNV Global VNV SS Buy SEK 23,92 31
VO2 Cap Holding VO2 SS Not Rated SEK 2,16 0,10 0,1x -1792,5x 21,9x 6,8x 4,7x
Volati VOLO SS Buy SEK 102 137 5,52 6,05 19,0x 14,7x 10,7x 9,0x
Volvo VOLVB SS Sell SEK 267,00 235 20,05 23,1x 14,5x 13,3x 6,9x 6,5x
Volvo Cars VOLCARB SS Hold SEK 20,22 21 2,88 2,45 8,6x 7,0x 1,6x 1,1x
Vår Energi VAR NO Hold NOK 33,24 31 0,37 0,4x 6,9x 8,9x 2,1x 2,0x
W5 Solutions W5 SS Not Rated SEK 54,7 1,61 2,63 83,1x 33,9x 19,5x 13,2x
Wallenius Wilhelmsen ASAWAWI NO Hold NOK 83,40 108 2,28 2,3x 3,7x 3,6x 2,8x 2,4x
Wallenstam WALLB SS Sell SEK 43,02 40 1,48 1,50 21,2x 21,2x 31,8x 30,9x
Waystream WAYS SS Not Rated SEK 35,80 2,49 3,0x 13,9x 14,4x 9,1x 8,1x
Western Bulk Chartering WEST NO Hold NOK 15,4 13 0,06 0,10 -6,1x 25,4x -2,3x 8,3x
Wihlborgs WIHL SS Buy SEK 91,90 110 5,46 5,7x 14,7x 13,5x 20,1x 18,9x
Wilh. Wilhelmsen Holding WASWAI NO Buy NOK 494,5 615 10,88 11,29 3,5x 4,5x 0,3x -1,7x
WithSecure WITH FH Not Rated EUR 1,69 -0,01 -116,5x -212,2x 42,5x 29,3x
Wärtsilä WRT1V FH Buy EUR 26,26 28 1,20 1,33 24,3x 21,6x 14,8x 13,3x
Xbrane Biopharma XBRANE SS SEK 0,27
Xvivo XVIVO SS Buy SEK 165,1 300 4,78 7,17 118,4x 33,4x 28,7x 17,6x
Yara YAR NO Buy NOK 374,80 450 4,30 4,4x 8,3x 8,6x 4,1x 4,0x
YIT YIT FH Buy EUR 2,792 4 0,10 0,23 -91,2x 26,9x 17,3x 9,6x
Yubico YUBICO SS Hold SEK 119,05 158 4,42 5,1x 47,0x 26,9x 35,5x 19,1x
Zealand Pharma ZEAL DC Buy DKK 498,2 623 6,19 -14,86 5,3x 80,4x 2,6x -163,5x
Zelluna ZLNA NO Not Rated NOK 11,80 -7,80 -0,2x -0,1x 0,1x 0,7x
Ørsted ORSTED DC Hold DKK 122,55 115 10,60 10,19 16,5x 15,3x 7,7x 7,5x
GRK GRK FH Buy EUR 13,76 17 1,00 1,0x 13,3x 13,8x 6,9x 6,8x
AAK AAK SS Buy SEK 247,8 331 14,94 16,05 17,4x 15,9x 11,6x 10,2x
Kilde: DNB Carnegie, FactSet, Bloomberg
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DNB Carnegie | 13 oktober 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 9,36 -0,6 % 1 EUR -1,1 % -3,5 % -2,1 % -7,3 % 9,28 10,25 2,0
AIK Fotboll AIKB 1,55 2,3 % 24 SEK -1,0 % -2,2 % -8,3 % -3,4 % 1,41 2,00 0,0
SC Braga SCB 15,20 9,4 % na EUR 9,4 % 9,4 % 4,1 % -5,0 % 13,60 17,00 0,2
Besiktas Futbol BJKAS 1,97 0,5 % 57 028 TRY -4,8 % -3,9 % -43,4 % -45,9 % 1,68 4,13 2,1
Borussia Dortmund BVB 3,54 0,0 % 258 EUR -0,7 % -1,4 % 12,6 % 1,1 % 2,78 4,20 4,6
Brøndby IF BIFB 0,32 0,0 % 199 DKK -0,9 % -2,7 % -22,5 % -31,3 % 0,30 0,51 4,3
Celtic FC CCP 170,00 0,0 % na GBp -2,9 % -2,9 % 1,5 % 4,6 % 142,50 195,00 2,2
CF Intercity CITY 0,12 -1,6 % na EUR -1,6 % -38,0 % -34,7 % -81,3 % 0,09 0,75 0,0
Birmingham Sports 2309 2,07 -1,9 % na HKD -0,5 % 16,9 % -12,7 % -5,9 % 1,62 3,41 2,5
FC København PARKEN 158,50 -0,9 % 4 DKK -1,6 % -18,1 % 24,3 % 29,9 % 118,00 240,00 11,3
FC Porto FCP 1,80 0,0 % na EUR 5,9 % 20,8 % 63,6 % 55,2 % 0,90 1,85 0,5
Galatasaray Sportif GSRAY 1,40 0,7 % 210 172 TRY -0,7 % -3,4 % -7,5 % -11,6 % 1,14 1,83 4,6
Juventus Football JUVE 2,70 -1,3 % 354 EUR -1,2 % -8,0 % -10,6 % 10,1 % 2,31 3,56 12,0
Manchester United MANU 15,96 1,5 % 825 USD 4,1 % -2,7 % -8,0 % -1,8 % 12,05 19,65 27,8
Olympique Lyonnais EFG 1,69 0,0 % 1 EUR 1,8 % -10,8 % -15,9 % -24,9 % 1,42 2,29 3,5
SL Benfica SLBEN 6,60 0,3 % 5 EUR -0,6 % -0,9 % 103,1 % 95,8 % 3,02 6,78 1,8
Sporting Club SCP 1,01 0,0 % 0 EUR 0,0 % 1,0 % 11,0 % 3,1 % 0,90 1,10 2,4
SS Lazio SSL 1,05 0,0 % 25 EUR -0,5 % -4,6 % 0,5 % 35,4 % 0,75 1,17 0,8
Trabzonspor Sportif TSPOR 1,22 -0,8 % 395 816 TRY 0,8 % 1,7 % -43,3 % -39,7 % 0,93 2,84 2,2
Skistar SKISB 154,20 -2,5 % 52 SEK -2,3 % -2,1 % -5,7 % -2,7 % 148,90 182,90 12,8
Vail Resorts MTN 148,77 -0,9 % 678 USD -5,3 % 3,8 % -20,6 % -13,9 % 129,85 199,45 54
Cie des Alpes CDA 20,60 -1,7 % 31 EUR -3,1 % -3,7 % 35,9 % 49,5 % 13,24 23,65 12,3
Amer Sports AS 30,94 -4,6 % 10 491 USD -10,0 % -14,9 % 10,7 % 58,2 % 17,32 42,36 173,0
Heineken HEIA 66,86 0,0 % 1 397 EUR 1,3 % 1,3 % -2,7 % -13,4 % 63,58 82,78 452
Carlsberg CARLB 757,40 1,1 % 166 DKK 1,7 % -1,6 % 9,8 % -4,3 % 662,60 958,80 168
Anheuser-Busch ABI 51,36 0,5 % 1 324 EUR 1,5 % 2,7 % 6,4 % -13,5 % 44,89 63,04 1 217
Molson Coors TAP 45,97 -0,1 % 2 169 USD -0,9 % -5,1 % -19,8 % -15,6 % 43,80 64,66 92
Royal Unibrew RBREW 487,00 0,9 % 81 DKK 0,4 % -0,6 % -3,7 % -10,6 % 464,60 591,50 38
Kilde: Bloomberg, DNB Carnegie
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DNB Carnegie | 13 oktober 2025
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DNB Carnegie | 13 oktober 2025
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