Research report prepared by DNB Carnegie, a division of DNB Bank ASA
Aksjemarkedet i dag
US NED, MEN BLANDET I ASIA OG Port
AVVENTENDE I OLJE - AZA & SAVE
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Dårlige nyheter ble tolket som dårlige nyheter i det amerikanske aksjemarkedet i går og
med en svakere ISM indeks enn ventet kombinert med et mildt press opp på rentene,
blandende nyheter fra teknologisektoren og usikkerhet rundt mulige smitteeffekter av -
fallet i kryptovalutaene innledet investorene desember med å sende indeksene ned.
S&P500 begynte årets siste måned ned 0.5%, Nasdaq startet ned 0.4% og Dow
endte samtidig ned 0.9%. Volumet aksjer omsatt på de tre hovedindeksene steg tilbake
på 85-95% av gjennomsnittet for de siste tre måneder. VIX-indeksen var i tillegg opp
5.4% til 17.2 punkter. US tiårige statsobligasjoner handles i morgentimene med rente på
4.09%, hvilket er opp 1 basispunkt siden i går ettermiddag norsk tid. Futures på S&P500
indikerer i øyeblikket en åpning videre ned 0.1% i USA i ettermiddag.
Etter at vi i går fikk en runde med nøkkeltall som med enkelte unntak viste at aktørene i
den globale industrien har lunkne forventninger til at det vil bli vesentlig stigende
temperatur i økonomien i tiden fremover har vi i dag en noe tynnere agenda når det Rap
gjelder input fra makrosiden. I løpet av formiddagen presenterer imidlertid OECD sitt
syn på utsiktene for verdensøkonomien fremover, inkludert blant annet estimater for
global BNP-vekst i 2025 og 2026. Ved forrige oppdatering i september fremhevet OECD
nedsiderisikoen knyttet til høyere handelsbarrierer, høye statlige budsjettunderskudd
og fornyet inflasjonspress, mens de samtidig løftet frem eventuelle senkede
handelsbarrierer og økt aktivitet knyttet til AI som mulige positive faktorer for veksten
fremover. Fra Eurosonen får vi i tillegg i formiddag oppdaterte tall for ledigheten i
oktober samt de første KPI-tallene for november. Ledigheten er ventet å ha ligget
uendret på 6.3%, mens prisveksten forrige måned er ventet å ha vært på 2.1% år/år. I
Asia har Nikkei-indeksen i Japan så langt i dag, etter å ha startet uken ned 1.9% i går,
vendt forsiktig opp igjen med 0.2%. I Kina medfører tilbakeholdelse av antatt svake tall
for boligsalget til at usikkerheten knyttet til gjeldssituasjonen for boligaktørene igjen Nøk
stiger og bidrar dermed til å sende de viktigste indeksene ned med inntil 0.7%.
Mens aktørene i oljemarkedet avventer mulige sanksjonslettelser for eksport av russisk Rapp
olje jobber det ukrainske forsvaret videre med å svekke infrastrukturen som eventuelt
vil være nødvending for å produsere, laste og transportere denne oljen. I kombinasjon
med både at indiske kjøpere blir mer synlige i konkurransen om laster fra andre
leverandører og at usikkerheten vedrørende forholdet mellom Venezuela og USA
vedvarer har dette bidratt til å holde oljeprisene oppe så langt denne uken. Etter et løft
gjennom mandagen har Brent-prisen i morgentimene imidlertid kommet noe ned igjen
med USD 0.12 pr fat siden stengetid i det norske markedet i går og ligger før åpning i
Europa på USD 63.17 pr fat. WTI er i samme tidsrom ned med USD 0.08 pr fat og prisen
ligger i øyeblikket på USD 59.38 pr fat.
Nettmeglerne Avanza og Nordnet offentliggjør i morgen tidlig omsetningstallene for
november. Basert på allerede annonserte tall for oktober, våre egne tall for trafikken på
selskapenes nettsider i november og estimater for desember ser begge ut til å kunne DNB
rapportere om høyere aktivitet enn det som ligger implisert i konsensusforventningene.
Trekker vi disse signalene videre ned til estimerte Q4-resultater før skatt indikeres rundt
15% oppside i forhold til konsensus for Avanza og rundt 5% tilsvarende oppside for Emis
Nordnet. Til tross for noe mindre potensial for å overraske positivt i Nordnet har vi likevel
denne som vår fortrukne aksje av disse to. Med et bredere geografisk nedslagsfelt har
Nordnet etter vårt syn mer attraktive vekstutsikter, ikke minst i forbindelse med at
selskapet i løpet av første halvår planlegger en lansering av netthandelsplattformen i det UT
tyske markedet. Avanza stengte i går på SEK 363.80 pr aksje og vi har en vik
fina
kjøpsanbefaling med et kursmål på SEK 380 pr aksje. Nordnet stengte samtidig på A
SEK 265.40 pr aksje og her har vi en kjøpsanbefaling med et kursmål på SEK 300 pr Ol
aksje. Ole-a
TLF:
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DNB Carnegie | 2 desember 2025
US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO
Index rebased USD per brl
100,2 65
100,0 64
99,8 63
99,6 62
99,4 61
99,2 60
99,0 59
98,8 58
98,6 57
98,4 56
98,2 6 7 8 9 0 1 2 55
1 1 1 1 2 2 2 5
1
Dow S&P500 Nasdaq
INTERNASJONALE BØRSER RENTER VALUTA / R
VARER
Siste Endr. % Siste I går Endr. Siste I går Endr. %
Dow Jones 47 289 -427 -0,90 USA 10år 4,087 4,01 0,07 EUR/USD 1,161 1,161 0,02
S&P 500 6 813 -36 -0,53 Tyskl. 10år 2,751 2,68 0,07 USD/JPY 155,6 155,5 -0,11
NASDAQ 23 276 -90 -0,38 Norge 10år 4,124 4,06 0,06 USD/NOK 10,127 10,132 0,06
Nikkei 225 49 412 109 0,22 USA 3m 4,854 4,87 -0,01 EUR/NOK 11,759 11,764 0,05
Euro 500 6 812 -13 -0,19 Euro 3m 2,060 2,06 0,00 Siste Endr. Endr. %
Danmark-KFX 1 549 -1 -0,09 Norge 3m 4,220 4,23 -0,01 CRB indeks 303 4,89 1,64
Finland-HEX 11 779 26 0,22 Brent sp. ($/bbl) 64,2 -0,17 -0,27
Norge-OSEBX 1 606 -4 -0,24 Brent 1m ($/bbl) 63,2 0,03 0,05
Sverige-SAX 1 019 -3 -0,31 Alum. 3m ($/ton)2 893,0 64,50 2,28
US Nat.gass 5 ,1 0,46 10,02
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 48,43 -0,28 11 626 707 311,48 314,45 -2,97
GN Group 49,59 4,10 67 106,31 106,50 -0,19
AP Møller Maersk 10,21 0,54 135 860 13 133,33 13 215,00 -81,67
Finland
Nokia 6,12 0,04 16 859 034 5,27 5,28 -0,01
Metso 8,23 0,19 1 949 14,17 14,31 -0,14
UPM Kymmene 27,16 -0,13 180 561 23,39 23,40 -0,01
Norge
CMB Tech 10,64 -0,30 2 606 217 107,75 109,60 -1,85
BW LPG 12,53 -0,16 448 232 126,89 126,90 -0,01
Frontline 22,85 -0,67 5 145 900 231,39 235,40 -4,01
Norsk Hydro 7,23 0,01 119 140 73,22 72,62 0,60
Yara 18,40 0,10 12 118 372,66 372,50 0,16
Cool Company 9,71 -0,08 138 460 98,33 98,70 -0,37
DNB 26,59 -0,16 28 072 269,27 270,00 -0,73
Himalaya Shipping 9,25 0,26 235 831 93,67 94,60 -0,93
Hafnia 5,80 -0,19 1 956 431 58,73 59,14 -0,41
Okeanis Eco Tankers 36,53 -0,31 265 259 369,92 361,00 8,92
Kongsberg Gruppen 11,77 -0,27 108 096 238,38 237,20 1,18
Equinor 22,81 -0,10 3 463 170 230,99 232,60 -1,61
Subsea 7 19,10 -0,21 2 847 193,42 193,30 0,12
Telenor 14,33 -0,06 53 414 145,11 144,80 0,31
Tomra 12,85 0,55 830 130,17 129,50 0,67
Questerre 0,31 0,01 11 902 2,24 2,18 0,06
Orkla 10,68 -0,07 46 966 108,15 107,70 0,45
Sverige
AstraZeneca 90,52 -2,20 6 366 644 1710,67 1727 -16,33
Electrolux 12,62 -0,02 201 59,62 60,26 -0,64
Ericsson (B) 9,53 -0,07 9 170 732 90,05 91,26 -1,21
Evolution 68,99 0,67 90 300 651,89 653,4 -1,51
Hennes & Mauritz 3,68 0,08 95 497 173,86 176,05 -2,19
Atlas Copco 17,10 0,07 240 736 161,58 161,45 0,13
SKF B 26,13 -0,11 12 755 246,87 247,6 -0,73
Telia 7,97 -0,05 65 261 37,65 37,88 -0,23
Assa Abloy 18,82 -0,17 246 484 355,66 356,5 -0,84
Sandvik 30,31 0,07 43 578 286,40 286,5 -0,10
Kilde: Bloomberg, DNB Carnegie
2
DNB Carnegie | 2 desember 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 47 289 -427,1 -0,90 2,26 -0,58 4,40 11,15 5,60 23,25
S&P 500 6 813 -36,5 -0,53 3,17 -0,40 6,19 15,83 12,66 25,60
Nasdaq Composite 23 276 -89,8 -0,38 4,50 -1,89 9,38 20,53 19,95 35,72
Russel 2000 2 469 -31,3 -1,25 4,20 -0,41 4,97 10,72 1,44 39,93
Amex naturgass (XNG) 731 -0,7 -0,10 2,31 6,77 3,02 13,62 9,63 14,53
Amex Oil Service 73 0,7 1,01 4,25 3,98 12,12 0,45 -9,26 na
Philadelphia oljeproduksjon (XOI) 1 942 25,9 1,35 2,94 3,41 0,06 10,14 0,72 na
Amex farmasi (DRG) 1 100 -15,7 -1,40 0,34 10,09 15,24 17,75 11,68 17,88
Nasdaq biotech 5 692 -126,1 -2,17 1,57 6,07 19,41 32,04 22,50 na
Philadelphia halvleder (SOX) 7 021 -4,6 -0,07 9,59 -2,88 25,24 40,98 38,87 37,98
S&P 500 Paper & Forest (PAFO) 340 0,9 0,26 4,77 -1,10 -8,36 -26,34 0,89 24,20
Kilde: Bloomberg, DNB Carnegie
Råvarer og shipping Siste I går Endr. %1D %1W %1M %3M %YTD %12M 52W H 52W L
CRB indeks 302,7 302,7 1,25 0,41 2 0,1 -0,5 2,0 6,4 316,6 279,8
GS råvare indeks 3 953 3 953 24,47 0,62 2 1 1 8 12 4 053 3 328
Olje
Brent Spot 64,18 64,18 -0,17 -0,27 1,19 -1,58 -6,86 -13,40 -13,59 83,01 60,62
Brent olje 1m 63,23 63,17 0,06 0,09 1,20 -2,83 -8,55 -15,29 -11,97 82,63 58,40
Brent olje 3m 62,58 62,54 0,04 0,06 1,79 -2,52 -8,20 -15,30 -12,24 79,98 57,78
WTI olje 1m 59,41 59,32 0,09 0,15 0,97 -2,57 -9,42 -17,16 -12,76 80,77 55,12
Flybensin 716,75 0,00 -17,75 -2,42 -8,49 -6,25 -0,83 -0,17 0,14
Naturgass US Henry Hub 5,05 5,05 0,46 10,02 21,69 41,46 75,35 48,53 49,85
Fyringsolje 2 34,2 234,0 0,15 0,06 -2,68 -3,7 -1,4 0,9 7,5 2 74,0 1 93,4
Metaller
Aluminium 3m 2 893 2 893 25 0,87 2,88 0,3 10,8 13,4 11,5 2 920 2 300
Nikkel 14 928 14 928 99 0,67 1,56 -2,0 -3,3 -2,6 -6,1 16 780 13 865
Kobber 11 252 11 252 63 0,56 4,45 3,3 13,8 28,3 24,9 11 334 8 105
Gull 4 217 4 232 -15 -0,36 2,09 5,3 19,4 60,7 59,8 4 382 2 584
Shipping
WS AG - Japan, 250 dwt 135 135 -10 -6,90 -5,26 6 93 238 200 145 38
WS AG - USG, 250 dwt 75 75 -5 -6,25 -3,23 7 114 173 150 80 28
Baltic dry index 2 583 2 583 23,0 0,90 12,55 31 30 159 99 2 583 715
Kilde: Bloomberg, DNB Carnegie
Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L
Norge - Nibor 1m 4,140 4,140 0,000 -0,01 0,01 -0,10 -0,47 -0,51 4,66 4,04
Norge - Nibor 3m 4,220 4,220 0,000 -0,01 -0,03 -0,03 -0,46 -0,47 4,70 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 2,060 2,060 0,000 0,00 0,02 -0,01 -0,65 -0,87 2,92 0,00
Norge 10 år stat 4,124 4,124 0,054 0,01 0,10 0,13 0,24 0,60 4,23 3,47
USA 10 år stat 4,087 4,087 0,000 0,09 0,01 -0,17 -0,48 -0,10 4,81 3,86
Euro 10 år stat 2,751 2,751 0,062 0,06 0,12 0,00 0,38 0,66 2,94 2,03
Tyskland 10 år stat 2,751 2,751 0,062 0,06 0,12 0,00 0,38 0,66 2,94 2,03
Japan 10 år stat 1,865 1,873 -0,008 0,06 0,20 0,24 0,76 0,79 1,89 1,03
UK 10 år stat 4,481 4,481 0,041 -0,06 0,07 -0,27 -0,09 0,24 4,92 4,19
Valuta
EUR/USD 1,161 1,161 0,000 0,004 0,009 -0,003 0,126 0,111 1,192 1,018
USD/JPY 155,6 155,5 0,170 -0,4 1,4 7,3 -1,6 6,0 158,9 139,9
GBP/USD 1,322 1,321 0,001 0,005 0,008 -0,018 0,070 0,056 1,379 1,210
USD/NOK 10,127 10,132 -0,006 -0,103 0,000 0,089 -1,260 -0,976 11,531 9,736
EUR/NOK 11,759 11,764 -0,005 -0,076 0,092 0,073 -0,027 0,104 12,222 11,254
GBP/NOK 13,386 13,389 -0,003 -0,081 0,075 -0,059 -0,857 -0,662 14,359 13,142
Kilde: Bloomberg, DNB Carnegie
3
DNB Carnegie | 2 desember 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
Walt Disney Co/The 106,77 2,2 % -5,2 % -8,9 % Synopsys Inc 438,29 4,9 % -3,4 % -22,6 % Bath & Body Works Inc 18,98 9,0 % -22,5 % -49,4 %
NVIDIA Corp 179,92 1,6 % -11,1 % 29,8 % AppLovin Corp 623,59 4,0 % -2,2 % 83,1 % Synopsys Inc 438,29 4,9 % -3,4 % -22,6 %
Apple Inc 283,10 1,5 % 4,7 % 18,2 % DoorDash Inc 205,58 3,6 % -19,2 % 16,6 % VF Corp 18,14 3,7 % 29,2 % -13,1 %
NIKE Inc 65,39 1,2 % 1,2 % -17,3 % Old Dominion Freight Line In1c39,67 3,2 % -0,5 % -37,9 % JB Hunt Transport Servic1e7s9 ,I7n3c 3,3 % 6,4 % -5,0 %
Salesforce Inc 232,83 1,0 % -10,6 % -29,7 % ASML Holding NV 1087,99 2,6 % 2,7 % 52,9 % Old Dominion Freight Lin13e 9In,6c7 3,2 % -0,5 % -37,9 %
Chevron Corp 152,54 0,9 % -3,3 % -6,0 % Diamondback Energy Inc 156,16 2,3 % 9,1 % -11,2 % Wynn Resorts Ltd 132,77 3,2 % 11,6 % 38,1 %
Walmart Inc 111,53 0,9 % 10,2 % 20,4 % NXP Semiconductors NV 199,49 2,3 % -4,6 % -14,6 % Accenture PLC 257,43 3,0 % 2,9 % -28,8 %
Amazon.com Inc 233,88 0,3 % -4,2 % 11,0 % Marvell Technology Inc 91,10 1,9 % -2,8 % -5,9 % Whirlpool Corp 79,48 2,8 % 11,0 % -28,2 %
Home Depot Inc/The 357,33 0,1 % -5,9 % -16,3 % Marvell Technology Inc 91,10 1,9 % -2,8 % -5,9 % Tapestry Inc 112,10 2,6 % 2,1 % 73,6 %
Procter & Gamble Co/The 147,44 -0,5 % -1,9 % -18,0 % Micron Technology Inc 240,46 1,7 % 7,5 % 144,0 % Brown-Forman Corp 29,72 2,6 % 9,1 % -29,5 %
Sherwin-Williams Co/The 341,49 -0,6 % -1,0 % -13,7 % NVIDIA Corp 179,92 1,6 % -11,1 % 29,8 % Diamondback Energy In1c56,16 2,3 % 9,1 % -11,2 %
Johnson & Johnson 205,34 -0,8 % 8,7 % 32,6 % Airbnb Inc 118,80 1,5 % -6,1 % -13,6 % NXP Semiconductors NV199,49 2,3 % -4,6 % -14,6 %
Travelers Cos Inc/The 290,50 -0,8 % 8,1 % 10,2 % Apple Inc 283,10 1,5 % 4,7 % 18,2 % Walt Disney Co/The 106,77 2,2 % -5,2 % -8,9 %
Verizon Communications Inc 40,74 -0,9 % 2,5 % -7,1 % Netflix Inc 109,13 1,4 % -2,5 % 21,6 % Devon Energy Corp 37,86 2,2 % 16,5 % 0,7 %
3M Co 170,48 -0,9 % 2,4 % 28,3 %
International Business Machine 305,67 -0,9 % -0,6 % 34,4 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år
Honeywell International Inc 190,22 -1,0 % -5,5 % -12,2 % Shopify Inc 149,28 -5,9 % -14,1 % na SolarEdge Technologies 3In2c,92 -9,9 % -6,2 % 107,2 %
Microsoft Corp 486,74 -1,1 % -6,0 % 12,9 % Broadcom Inc 386,08 -4,2 % 4,5 % 131,9 % Moderna Inc 24,16 -7,0 % -11,0 % -45,4 %
Cisco Systems Inc 76,04 -1,2 % 4,0 % 27,9 % Regeneron Pharmaceutical7s5 In0c,11 -3,9 % 15,1 % -1,6 % W R Berkley Corp 72,98 -6,1 % 2,3 % 16,4 %
Visa Inc 330,39 -1,2 % -3,0 % 4,3 % Zscaler Inc 243,28 -3,3 % -26,5 % 16,7 % Sandisk Corp/DE 210,17 -5,9 % 5,4 % na
JPMorgan Chase & Co 308,92 -1,3 % -0,7 % 25,4 % Strategy Inc 171,42 -3,3 % -36,4 % -54,9 % Insulet Corp 310,83 -5,0 % -0,7 % 16,6 %
Caterpillar Inc 568,06 -1,3 % -1,6 % 41,1 % IDEXX Laboratories Inc 728,97 -3,2 % 15,8 % 69,2 % Northrop Grumman Corp545,51 -4,7 % -6,5 % 12,5 %
Boeing Co/The 186,46 -1,3 % -7,2 % 19,1 % Exelon Corp 45,69 -3,0 % -0,9 % 19,1 % Broadcom Inc 386,08 -4,2 % 4,5 % 131,9 %
American Express Co 360,31 -1,4 % -0,1 % 19,2 % Xcel Energy Inc 79,73 -2,9 % -1,8 % 12,0 % Lockheed Martin Corp 439,19 -4,1 % -10,7 % -15,6 %
Coca-Cola Co/The 71,95 -1,6 % 4,4 % 13,0 % American Electric Power Co1 I2n0c,51 -2,6 % 0,2 % 22,7 % Iron Mountain Inc 82,83 -4,1 % -19,5 % -31,9 %
Goldman Sachs Group Inc/The 810,86 -1,8 % 2,7 % 34,8 % Starbucks Corp 84,91 -2,5 % 5,0 % -16,4 % RTX Corp 168,02 -3,9 % -5,9 % 41,6 %
UnitedHealth Group Inc 323,21 -2,0 % -5,4 % -46,9 % AstraZeneca PLC 90,52 -2,4 % 9,9 % 35,0 % Regeneron Pharmaceut7ica50ls,1 I1nc -3,9 % 15,1 % -1,6 %
Amgen Inc 337,49 -2,3 % 13,1 % 21,4 % Biogen Inc 177,78 -2,4 % 15,2 % 8,3 % Centene Corp 37,89 -3,7 % 7,1 % -36,9 %
McDonald's Corp 303,57 -2,6 % 1,7 % 3,8 % Amgen Inc 337,49 -2,3 % 13,1 % 21,4 % Block Inc 64,35 -3,7 % -15,3 % -30,6 %
Merck & Co Inc 101,83 -2,9 % 18,4 % 1,2 % Mondelez International Inc 56,40 -2,0 % -1,8 % -13,5 % First Solar Inc 263,54 -3,4 % -1,3 % 26,8 %
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
Datamaskiner og tilbehør 1,3% 4,0% 23,1% 18,8% 14,5% 34,0 Forbruksvarer og klær 1,4% 3,8% 18,5% 7,8% -0,5% 30,1
Olje og gass 0,9% 2,8% 0,2% -3,3% 5,9% 17,4 Biler og komponenter 0,7% 3,8% -2,3% -1,4% -5,2% 17,0
Metall 0,7% 8,7% 11,8% 36,6% 61,8% 18,2 Transport 0,6% 6,3% 5,4% 11,1% 12,1% 15,9
Energi og relatert utstyr 0,7% 1,9% 7,8% -6,2% 4,9% 14,9 Husholdningsvarer og personlige produkter 0,6% 1,5% -2,3% -0,3% -0,5% 19,1
Papir- og skogprodukter 0,3% -1,1% -8,4% -35,8% -26,3% 24,2 Detaljhandel 0,5% -4,2% 8,5% 15,8% 17,6% 19,5
Fritidsutstyr 0,1% 8,4% 3,7% 27,8% 47,9% 16,5 Mat- og apotekhandel 0,5% -1,9% 3,6% 8,2% 9,6% 13,9
Informasjonsteknologi 0,1% -4,3% 10,0% 23,9% 23,7% 34,2 Programvare og tjenester 0,4% -5,6% -8,6% -9,0% -12,7% 31,0
Media -0,2% -6,5% -17,5% -35,1% -26,4% 8,0 Banker 0,4% 4,8% 10,4% 62,2% 55,2% 10,4
Luftfart -0,3% 10,8% 2,4% 3,2% 5,0% 11,6 Energi 0,3% 1,0% 3,7% 7,3% 8,9% 10,0
Drikkevarer -0,3% 4,5% 2,7% 0,3% 5,0% 20,4 Materialer 0,3% 1,6% 4,6% 3,0% 5,5% 19,7
Husholdningsartikler -0,5% -2,0% -7,5% -19,2% -13,6% 19,4 Drikkevarer, mat og tobakk 0,2% 3,8% 2,1% 5,9% 7,3% 16,1
Programvare -0,6% -8,1% -3,8% 7,4% 10,5% 33,7 IT utstyr -0,1% -6,2% 18,1% 22,2% 15,4% 19,9
Kjemikalier -0,6% 2,4% -7,2% -12,6% -2,9% 23,8 Legemiddelindustri og bioteknologi -0,2% 6,9% 8,2% -1,4% 3,9% 16,0
Hotell og restaurant -0,6% 0,3% -7,0% -3,7% 0,1% 24,2 Helsevern - utstyr og tjenester -0,3% -3,6% 3,5% 2,4% 3,4% 24,8
Forsikring -0,6% 4,5% -3,0% -7,0% 0,1% 12,5 Forsyningsselskaper -0,6% 1,4% 12,5% 23,0% 27,5% 15,1
Maskiner -0,7% 2,1% 12,6% 8,5% 19,6% 25,3 Forsikring -0,7% 2,3% 0,8% 18,9% 19,6% 12,8
Bank -0,7% 0,4% 3,2% 16,4% 22,9% 13,6 Eiendomsselskaper -0,8% -0,3% 0,4% -5,7% 0,3% 16,4
Bildeler -0,8% -5,1% -1,8% 25,1% 22,0% 9,8 Telekommunikasjon og tjenester -0,8% -1,1% -8,9% 1,9% 7,1% 16,1
Elektronisk utstyr og instrumenter -0,9% -3,2% 14,3% 43,0% 49,7% 28,2 Kommersielle tjenester og leveranser -0,9% -7,8% -9,0% -19,9% -18,6% 21,6
Diversifiserte telekomtjenester -0,9% 3,4% -9,3% 2,6% 7,5% 10,3 Hotell-, underholdnings- og restaurantvirksom-0h,e9t% -3,8% -7,6% -16,6% -15,5% 20,2
Matvarer -0,9% 1,8% -2,7% -12,7% -6,9% 16,6 Finansieringsselskaper -1,0% -4,6% -5,7% 0,7% 1,5% 12,9
Industrielle konglomerater -1,0% -2,3% -0,5% 1,1% 3,3% 19,0 Kapitalvarer -1,4% -4,6% 1,0% 22,3% 23,7% 25,0
Helseartikler -1,1% 5,7% 3,0% 5,2% 9,8% 26,1 Media -2,1% -8,6% -10,1% -5,3% -3,3% 28,1
Kommunikasjonsutstyr -1,1% -4,7% 0,6% 16,3% 15,8% 22,8
Eiendom -1,4% 0,3% 0,1% -7,4% 0,5% 19,3
Farmasi -1,5% 14,2% 23,1% 17,3% 21,7% 18,4
Bioteknologi -1,8% 5,8% 11,1% 16,0% 22,3% 19,6
Elektrisk utstyr -2,2% -5,0% 0,9% 13,7% 23,0% 33,6
Kraft -2,2% -1,4% 7,5% 11,1% 18,4% 20,2
Bygg og anlegg -2,3% -2,7% 13,8% 24,6% 34,9% 34,5
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 | 2 desember 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 | 2 desember 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 (%)
40x 8,0 1800 160
35x 7,0 1600 140
30x 6,0 1400 120
1200
25x 5,0 100
1000
20x 4,0 80
800
15x 3,0 60
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 | 2 desember 2025
ETF / ETP Endring i %
Navn Kurs 1 dg 5 dg 1 mnd Valuta Verdi (gjennomsnitt)
Aksjer / Indekser (siste 5 dager)
Oil Service OIH 293,01 1,2 % 4,3 % 3,3 % USD 106 649 928
Energi XLE 91,32 1,0 % 2,1 % 3,6 % USD 1 356 991 744
AEX-Nederland IAEX 8332,00 0,8 % 2,2 % -2,2 % GBp 90 078 690
Hong Kong EWH 22,26 0,1 % 2,6 % 3,3 % USD 69 451 248
Teknologi USA XLK 286,35 0,0 % 4,8 % -4,8 % USD 2 860 371 712
Emerging Markets EEM 54,28 -0,1 % 2,2 % -1,8 % USD 1 437 092 096
Forbruksvarer XLP 79,29 -0,1 % 1,8 % 3,9 % USD 1 125 618 944
FTSE 100 ISF 949,10 -0,2 % 1,9 % 0,2 % GBp 2 445 671 000
CAC-40 CAC 81,95 -0,3 % 1,6 % -0,2 % EUR 2 611 056
Nasdaq 100 QQQ 617,17 -0,3 % 4,6 % -1,9 % USD 35 097 899 008
S&P Euro 350 IEV 66,74 -0,4 % 2,5 % 1,3 % USD 22 205 584
Pacific ex-Japan EPP 50,41 -0,4 % 1,8 % -1,8 % USD 13 508 012
S&P 500 SPY 680,27 -0,5 % 3,2 % -0,3 % USD 53 146 374 144
Dow Jones Total markeStPTM 82,28 -0,5 % 3,3 % -0,1 % USD 47 733 200
Latin-America 40 ILF 30,99 -0,5 % 4,0 % 5,3 % USD 62 778 692
S&P Midcap 400 MDY 602,20 -0,5 % 3,4 % 1,6 % USD 519 373 632
Japan EWJ 82,53 -0,6 % 1,7 % -1,1 % USD 499 883 680
Brasil EWZ 33,40 -0,6 % 4,3 % 7,2 % USD 769 206 400
DJIA DIA 473,32 -0,8 % 2,3 % -0,5 % USD 3 033 402 112
Finansielle tjenester XLF 52,89 -0,8 % 2,4 % 1,0 % USD 2 172 168 192
TecDax TDXPEX 31,18 -1,1 % 2,7 % -2,3 % EUR 373 969
DAX DAXEX 195,12 -1,2 % 1,3 % -1,7 % EUR 10 667 440
Russell 2000 IWM 245,62 -1,3 % 4,3 % -0,2 % USD 10 095 488 000
Industri XLI 151,44 -1,5 % 1,2 % -2,3 % USD 1 738 892 800
Russell 2000 Growth IWO 322,28 -1,8 % 4,5 % -2,5 % USD 133 418 720
Bioteknologi IBB 170,11 -2,1 % 1,5 % 6,7 % USD 346 486 592
Forsyningstjenester XLU 88,51 -2,3 % 0,4 % -0,7 % USD 948 673 088
Olje / Energi
Naturgass UNG 15,21 3,3 % 3,8 % 14,8 % USD 151 486 240
Brent-olje BNO 29,19 0,1 % 2,3 % -1,3 % USD 15 264 736
Fyringsolje HEAT 25,20 0,1 % -0,2 % -0,5 % USD 15 820
WTI-Oil USO 71,06 0,0 % 2,5 % -2,1 % USD 378 006 080
Bensin UGAS 53,38 -0,1 % 2,4 % 1,0 % USD 35 772
WTI-olje CRUD 9,09 -0,2 % 1,6 % -1,5 % USD 1 794 766
WTI-olje CRUDP 7,81 -0,5 % 0,5 % -2,5 % EUR 191 680
Metaller
Sølv SLV 52,52 2,6 % 15,9 % 19,3 % USD 1 576 605 696
Sink ZINC 10,50 2,1 % 4,4 % 2,6 % USD 97 073
Aluminium ALUM 3,79 0,7 % 2,9 % 0,1 % USD 230 276
Gull GLD 42,27 0,7 % 3,6 % 6,2 % USD 6 144 303 104
Nikkel NICK 13,18 0,6 % 1,3 % -2,3 % USD 92 484
Kobber COPA 46,19 0,2 % 4,9 % 3,0 % USD 4 144 808
Andre råvarer
Soyaolje SOYO 7,12 0,9 % 4,1 % 7,1 % USD 21 020
Råvarer DBC 23,12 0,3 % 2,6 % 1,0 % USD 9 486 040
Mais CORN 19,08 0,0 % 1,9 % 0,6 % USD 50 779
Soyabønner SOYB 27,88 -0,3 % 0,6 % 2,1 % USD 93 488
Hvete WEAT 17,99 -0,3 % 0,5 % -1,2 % USD 89 043
Kaffe COFF 74,52 -0,7 % 0,3 % 3,5 % USD 372 683
Svinekjøtt HOGS 31,16 -0,8 % 3,3 % -1,2 % USD 16 920
Kveg CATL 8,83 -1,3 % 3,8 % -6,0 % USD 45 326
Råvarekurver
Edle metaller AIGP 47,11 1,6 % 6,6 % 9,8 % USD 203 392
Industrimetaller AIGI 16,86 0,7 % 3,6 % 1,3 % USD 430 663
Råvarer AIGC 12,81 0,5 % 3,3 % 3,3 % USD 13 044
Energi AIGE 3,46 0,2 % 1,7 % 1,8 % USD 178 627
Råvarer (ETN) GSG 23,29 0,1 % 2,3 % 0,3 % USD 17 474 208
Korn AIGG 3,43 -0,2 % 1,1 % 0,9 % USD 7 509
Landbruk AIGA 6,18 -0,3 % 1,1 % 1,6 % USD 59 336
Softs (Sukker, Kakao, BAoIGmSull) 7,07 -0,7 % 0,6 % 2,2 % USD 33 279
Kilde: Bloomberg / DNB Carnegie
7
DNB Carnegie | 2 desember 2025
Rapportkalender
Konsensus DNB
Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte
2-Dec BW LPG Ltd Oslo 168 0,57 189 0,68 Quarter
9-Dec Rusta AB Stockholm 406 0,47 na na Irreg
11-Feb Raisio Oyj Helsinki 9 0,03 na 0,04 Annual
10-Dec Clas Ohlson AB Stockholm 599 4,83 717 6,02 Semi-Anl
14-Jan Dustin Group AB Stockholm 133 0,01 na na Irreg
21-Jan Avanza Bank Holding AB Stockholm 762 3,82 na 4,47 Annual
Flerie AB Stockholm na na na na None
22-Jan Essity AB Stockholm 5 956 4,78 7 107 4,62 Annual
Tryg A/S Copenhagen na 2,09 na 0,00 Quarter
Investor AB Stockholm 0 35,89 na na Semi-Anl
Investor AB Stockholm 0 35,89 na na Semi-Anl
23-Jan Telefonaktiebolaget LM Ericsso Stockholm 12 199 2,28 9 330 1,84 Semi-Anl
Telefonaktiebolaget LM Ericsso Stockholm 12 199 2,28 9 330 1,84 Semi-Anl
26-Jan Ependion AB Stockholm na na na na Annual
Epiroc AB Stockholm 3 892 1,93 3 821 1,81 Semi-Anl
Note AB Stockholm 143 2,75 na na Irreg
27-Jan Sandvik AB Stockholm 7 845 3,43 6 883 3,10 Annual
Atlas Copco AB Stockholm 11 386 1,45 11 546 1,35 Semi-Anl
Micro Systemation AB Stockholm na na na na Semi-Anl
HMS Networks AB Stockholm 254 2,88 277 2,96 Annual
BE Group AB Stockholm na na na na Irreg
Alleima AB Stockholm 807 1,03 550 0,55 Annual
BHG Group AB Stockholm 244 0,59 162 0,16 na
Atlas Copco AB Stockholm 11 386 1,45 11 546 1,35 Semi-Anl
Getinge AB Stockholm 2 570 4,39 1 605 2,10 Annual
28-Jan Dometic Group AB Stockholm 542 0,17 741 0,56 Annual
Green Landscaping Group AB Stockholm 225 1,30 245 1,22 None
Mangold AB Stockholm na na na na Annual
Nordnet AB publ Stockholm 975 2,91 na 2,85 Annual
Investment AB Oresund Stockholm na na na na Semi-Anl
Elanders AB Stockholm na 2,27 na na Annual
29-Jan Axfood AB Stockholm 1 891 2,63 1 872 3,56 Semi-Anl
Intrum AB Stockholm 2 808 3,99 2 200 na Irreg
H & M Hennes & Mauritz AB Stockholm 11 135 2,38 9 284 1,69 Semi-Anl
Skandinaviska Enskilda Banken Stockholm na 3,89 na 3,80 Annual
Pareto Bank ASA Oslo na 1,95 na 2,23 Annual
Europris ASA Oslo 978 3,04 542 na Annual
Gjensidige Forsikring ASA Oslo na 3,18 na 3,16 Annual
12-Feb Orion Oyj Helsinki 350 1,92 na 0,68 Semi-Anl
29-Jan Protector Forsikring ASA Oslo na 5,70 na 5,40 Irreg
ABB Ltd Stockholm 1 676 0,69 1 785 0,68 Annual
11-Feb NoHo Partners Oyj Helsinki 26 0,27 23 0,15 3x a yr
29-Jan Stolt-Nielsen Ltd Oslo 185 0,99 190 1,05 Semi-Anl
Hemnet Group AB Stockholm 189 1,45 202 na Annual
Electrolux Professional AB Stockholm na 0,77 489 0,06 Annual
Rvrc Holding AB Stockholm 176 1,19 na na Annual
Hexpol AB Stockholm 779 1,31 917 1,37 Annual
Nokia Oyj Stockholm 1 264 0,15 608 0,05 Quarter
Indutrade AB Stockholm 1 474 2,02 1 397 1,87 Annual
Nordea Bank Abp Stockholm na 0,34 na 0,34 Annual
NAXS AB Stockholm na na na na Annual
Granges AB Stockholm 530 1,92 613 2,50 Semi-Anl
Munters Group AB Stockholm 560 1,40 na na Semi-Anl
30-Jan Autoliv Inc Stockholm 435 2,85 338 2,10 Quarter
Hexagon AB Stockholm 539 0,12 480 0,10 Annual
Holmen AB Stockholm 1 201 3,54 1 155 3,90 Annual
8
DNB Carnegie | 2 desember 2025
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2025
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
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
Bien Sparebank 5,35 NOK Annual 28-Mar 10-Apr
Sparebank 68 Nord 12,00 NOK Annual 28-Mar 7-Apr
SpareBank 1 Ringerike Hadeland 30,00 NOK Annual 28-Mar 10-Apr
Sunndal Sparebank 7,00 NOK Annual 28-Mar 9-Apr
Sparebanken Øst 6,40 NOK Annual 28-Mar 8-Apr
Awilco Drilling 2,06 USD Irreg 1-Apr 11-Apr
Flekkefjord Sparebank 4,60 NOK Annual 1-Apr 9-Apr
Rogaland Sparebank 9,50 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
Borregaard ASA 4,25 NOK Annual 11-Apr 23-Apr
Morrow Bank 0,40 NOK Annual 11-Apr 24-Apr
Instabank 0,08 NOK Annual 11-Apr 24-Apr
Jæren Sparebank 20,00 NOK Annual 11-Apr 24-Apr
Multiconsult ASA 10,00 NOK Annual 11-Apr 24-Apr
Avance Gas Holding Ltd 0,74 USD Irreg 24-Apr 7-May
Europris ASA 3,50 NOK Annual 25-Apr 6-May
ABG Sundal Collier Holding ASA 0,50 NOK Annual 25-Apr 6-May
Selvaag Bolig ASA 1,25 NOK Semi-Anl 25-Apr 8-May
Kitron ASA 0,35 NOK Semi-Anl 25-Apr 15-May
Orkla ASA 10,00 NOK Annual 25-Apr 6-May
SpareBank 1 Sør-Norge 8,50 NOK Annual 25-Apr 5-May
River Tech 3,00 NOK Irreg 28-Apr 12-May
Aker Carbon Capture (2) 0,98 NOK Irreg 28-Apr 7-May
Pexip Holding ASA 2,50 NOK Annual 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
Elkem ASA 0,30 NOK Irreg 2-May 12-May
Bakkafrost P/F 8,44 DKK Annual 2-May 21-May
Elmera Group 3,00 NOK Annual 2-May 12-May
Norconsult ASA 1,70 NOK Annual 6-May 0-Jan
Gentian Diagnostics 0,40 NOK Annual 7-May 16-May
TOMRA Systems ASA 2,15 NOK Annual 7-May 20-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
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
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
Arendals Fossekompani A/S 1,00 NOK Quarter 20-May 30-May
Telenor ASA (1) 5,00 NOK Semi-Anl 22-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
Nykode Therapeutics 1,00 NOK Irreg 27-May 12-Jun
Leroy Seafood Group ASA 2,50 NOK Annual 28-May 5-Jun
Jinhui Shipping & Transportati 0,03 USD Semi-Anl 30-May 25-Jun
Reach Subsea ASA 0,42 NOK Annual 30-May 11-Jun
Yara International ASA 5,00 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
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
Norwegian Air Shuttle ASA 0,90 NOK Irreg 12-Aug 20-Aug
Archer Ltd 0,62 NOK Quarter 18-Aug 26-Aug
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie
9
DNB Carnegie | 2 desember 2025
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2025
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Odfjell SE 4,93 NOK Semi-annual 25-Aug 2-Sep
Wallenius Wilhelmsen ASA 1,10 USD Semi-Anl 26-Aug 16-Sep
Eidesvik Offshore ASA 0,30 NOK Annual 28-Aug 5-Sep
SATS ASA 0,63 NOK Annual 1-Sep 4-Sep
BW LPG 0,22 USD Quarter 4-Sep 18-Sep
StandardCoin 5,00 NOK Irreg 5-Sep 15-Sep
Spir Group 2,44 NOK Irreg 12-Sep 23-Sep
TietoEVRY Oyj (2) 0,75 EUR Semi-Anl 22-Sep 20-Oct
Public Property Invest (2) 0,10 NOK Quarter 1-Oct 9-Oct
Kongsberg Gruppen ASA (2) 2,40 NOK Irreg 9-Oct 23-Oct
Aker Carbon Capture 0.137 NOK Annual 13-Oct 17-Oct
Elopak (1) 0,03 EUR Sem-Annual 16-Oct 27-Oct
Elopak (2) 0,05 EUR Sem-Annual 16-Oct 27-Oct
Telenor ASA (2) 4,60 NOK Semi-Anl 16-Oct 28-Oct
Entra ASA 1,10 NOK Semi-Anl 20-Oct 30-Oct
AMSC ASA 1,48 NOK Quarter 21-Oct 29-Oct
Skandia Greenpower 0,02 NOK Irreg 24-Oct 3-Nov
Aker BP ASA 0,63 USD Quarter 27-Oct 4-Nov
Itera ASA 0,10 NOK Semi-Anl 28-Oct 9-Dec
Protector Forsikring ASA 3,00 NOK Irreg 28-Oct 5-Nov
AKVA Group ASA 1,00 NOK Semi-Anl 28-Oct 4-Nov
Subsea 7 SA (2) 6,50 NOK Semi-Anl 29-Oct 6-Nov
TGS NOPEC Geophysical Co ASA 0,16 USD Quarter 30-Oct 13-Nov
Klaveness Combination Carriers 0,12 USD Quarter 31-Oct 13-Nov
ABL Group 0,45 NOK Semi-Anl 3-Nov 27-Nov
Aker ASA 26,50 NOK Semi-Anl 6-Nov 14-Nov
Stainless Tankers 0,14 USD Quarter 7-Nov 2-Dec
Deep Value Driller 0.25 NOK Monthly 7-Nov 17-Nov
Hoegh Autoliners ASA 1,57 NOK Quarter 10-Nov 18-Nov
Cambi ASA 0,45 NOK Annual 10-Nov 20-Nov
Solstad Maritime 0,03 USD Quarter 10-Nov 13-Nov
Odfjell Drilling Ltd 0,20 USD Quarter 12-Nov 26-Nov
Bouvet ASA 0,70 NOK Quarter 13-Nov 24-Nov
DNO ASA 0,38 NOK Quarter 13-Nov 24-Nov
Equinor ASA (Q2) 0,37 USD Quarter 13-Nov 26-Nov
Rana Gruber 1,60 NOK Quarter 14-Nov 26-Nov
Himalaya Shipping 0,07 USD Monthly 14-Nov 24-Nov
Odfjell Technology 1,52 NOK Quarter 14-Nov 27-Nov
Moreld 0,42 NOK Quarter 18-Nov 26-Nov
Kid ASA 2,50 NOK Semi-Anl 18-Nov 28-Nov
Norbit ASA 3,00 NOK Annual 18-Nov 26-Nov
AF Gruppen ASA 4,00 NOK Semi-Anl 18-Nov 25-Nov
Noram Drilling 0,03 USD Monthly 18-Nov 28-Nov
Stolt-Nielsen Ltd 1,00 USD Semi-Anl 19-Nov 3-Dec
Atea ASA 3,50 NOK Semi-Anl 19-Nov 24-Nov
DOF Group 0,35 NOK Quarter 19-Nov 27-Nov
2020 Bulkers 0,19 USD Monthly 20-Nov 28-Nov
Bluenord 34,75 NOK Irreg 21-Nov 27-Nov
Treasure ASA 0,20 NOK Annual 25-Nov 3-Dec
Solstad Offshore 0,05 USD Quarter 25-Nov 28-Nov
Panoro Energy ASA 0,71 NOK Quarter 28-Nov 10-Dec
Hunter Group 0,30 NOK Irreg 1-Dec 15-Dec
Okeanis Eco Tankers 0,75 USD Quarter 1-Dec 11-Dec
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie
10
DNB Carnegie | 2 desember 2025
DNB CARNEGIE ANBEFALINGER OG ESTIMATER
DNB CARNEGIE KJØPSANBEFALINGER OG OPPSIDE TIL KURSM
L ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSM
L
Cinclus Pharma NEL
Surgical Science Sweden Norsk Hydro
Elliptic Laboratories AF Gruppen
BrainCool Equinor
Truecaller TGS
BioInvent Elmera Group
Hemnet MPC Container Ships ASA
Bonesupport
Gigante Salmon Tomra
Egetis Therapeutics A.P. Møller - Mærsk
#N/A Komplett
Vicore Pharma Orkla
Alvotech Kone
Cadeler Wallenstam
Norske Skog Fabege
Instalco
Xvivo
Hacksaw Gaming
Sdiptech
Storskogen
Arctic Fish
Cyviz
Sinch
Pandora
Envipco
Salmon Evolution
Vitrolife
CTEK
Matas Group
Enento Group
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
Grieg Seafood Buy
60% BlueNord Buy
Sea1 Offshore Buy
50% Höegh Autoliners ASA Hold
Paratus Energy Buy
40% NorAm Drilling Hold
30% Wallenius Wilhelmsen ASA Hold
BW LPG Hold
20% Vår Energi Hold
Panoro Energy Buy
10% Dorian LPG Hold
Solstad Maritime Buy
0% Mandatum Buy
MPC Container Ships ASA Sell
Flex LNG Hold
Norske Skog Buy
Kilde: DNB Carnegie, FactSet, Bloomberg
11
DNB Carnegie | 2 desember 2025
UKESPORTEFØLJE ANBEFALTE AKSJER
Selskap Dato inn Kurs inn Utbytte Kurs %Uke Avkast. % % YTD Anbefaling Kursmål
Atea 27. okt. 154,3 3,5 149 0,2 -1,4 Kjøp 170
Hafnia 5. mai. 50,3 1,0 59 -0,6 19,7 Kjøp 74
Salmar 10. nov. 577,4 585 0,4 1,3 Kjøp 650
Odfjell Drilling 21. jul. 71,9 3,8 85 0,7 24,0 Kjøp 110
Mowi 14. apr. 188,0 3,2 227 -0,2 22,7 Kjøp 255
SATS 8. sep. 37,4 38 0,0 1,5 Kjøp 43
Protector 1. des. 484,9 499 2,8 2,8 Kjøp 560
Yara 6. okt. 367,9 373 0,8 1,3 #N/A #N/A
Autostore 10. nov. 10,8 11 -0,6 0,4 Kjøp 15
Endring portefølje 0,4 34,7
Endring OSEBX Indeks 6. jan. 1 457,0 1605,87 0,2 10,2
*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. 529,6 585,0 10,5 Kjøp 650
Mowi 8. jan. 195,3 5,15 227,4 19,1 Kjøp 255
Salmon Evolution 8. jan. 6,6 4,7 -28,2 Kjøp 7,5
IT / Teknologi HMS Networks 10. jan. 411,8 458,0 11,2 Kjøp 575
Nokia 10. jan. 4,4 0,1 5,3 22,2 Kjøp 7
Truecaller 10. jan. 51,7 1,7 23,8 -50,6 Kjøp 60
Yubico 13. jan. 219,6 85,6 -61,0 Hold 109
Energi / Shipping Subsea 7 8. jan. 169,9 13,0 193,3 21,4 Kjøp 230
Odfjell Drilling 8. jan. 56,8 4,7 85,3 58,5 Kjøp 110
Vår Energi 10. jan. 38,3 3,7 31,9 -7,2 Hold 31
Finans Nordea 8. jan. 125,8 10,3 168,7 42,2 Kjøp 190
Storebrand 8. jan. 123,5 4,7 157,1 31,0 Kjøp 175
Protector 10. jan. 294,7 9,0 498,5 72,2 Kjøp 560
Sparebank1 SMN 10. jan. 172,4 12,5 192,4 18,9 Kjøp 210
Svenska Handelsbanken 17. jan. 121,6 15,0 132,2 21,0 Kjøp 148
Forbruker Scandic Hotels 8. jan. 66,5 2,6 90,9 40,5 Kjøp 115
Sats 10. jan. 25,1 0,63 38,0 53,7 Kjøp 43
Essity 10. jan. 295,3 8,25 263,3 -8,0 Hold 285
Kesko 10. jan. 17,7 0,93 18,3 8,3 Kjøp 20,5
Entrepenør / Rådgivning Norconsult 8. jan. 43,1 1,7 44,3 6,5 Kjøp 52
Skanska 10. jan. 231,1 8,0 240,2 7,4 Hold 250
Eiendom Castellum 10. jan. 113,5 1,2 105,8 -5,7 Hold 110
Helse Embla 8. jan. 36,4 36,6 0,5 Hold 36,5
ChemoMetec 10. jan. 544,5 764,0 40,3 Kjøp 875
Industri Securitas 8. jan. 134,5 4,5 148,0 13,4 Kjøp 175
Alfa Laval 10. jan. 470,5 8,5 445,8 -3,4 Kjøp 500
Huhtamaki 17. jan. 34,2 1,1 29,6 -10,2 Kjøp 38
Råvarer Yara 8. jan. 306,6 5,0 372,5 23,1 #N/A #N/A
Borregaard 10. jan. 184,1 4,3 192,0 6,6 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. 237,9 219,0 -7,9 Kjøp 315
Nordea 17. sep. 150,5 168,7 12,0 Kjøp 190
Novo Nordisk 17. sep. 364,3 314,5 -13,7 Kjøp 445
AAK 25. nov. 263,0 265,6 1,0 Kjøp 341
Industri / infrastruktur
Alfa Laval 17. sep. 430,3 445,8 3,6 Kjøp 500
Sweco 17. sep. 165,0 162,2 -1,7 Kjøp 210
Verdsettelse / triggere Frontline 17. sep. 234,1 235,4 0,6 Kjøp 300
Mowi 17. sep. 217,5 227,4 4,6 Kjøp 255
Lav US eksponering Balder 17. sep. 67,2 67,0 -0,3 Kjøp 83
Royal Unibrew 17. sep. 484,4 569,5 17,6 Kjøp 670
Gjennomsnitt 1,6
VINX Benchmark 591,6 612,1 0,0
12
DNB Carnegie | 2 desember 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
des feb apr jun aug okt des feb apr jun aug 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
des feb apr jun aug okt des feb apr jun aug 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
des feb apr jun aug okt des feb apr jun aug 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
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 | 2 desember 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 144 142,0 1,12 5,85 12,9x 19,5x 10,0x 6,9x
A.P. Møller - Mærsk MAERSKB DC Sell DKK 13 215 11 300 186,62 -219,64 10,6x -9,4x 3,2x 12,6x
ABB ABB SS Hold SEK 673,8 745,0 2,55 3,95 26,3x 23,3x 17,8x 15,3x
AcadeMedia ACAD SS Buy SEK 103,2 115,0 10,42 11,89 9,6x 8,4x 5,0x 4,4x
Acast ACAST SS Buy SEK 32,7 30,0 -0,69 0,59 -108,4x 55,3x 49,7x 28,9x
AddLife ALIFB SS Hold SEK 187,0 204,0 3,53 4,43 25,6x 22,6x 16,1x 14,5x
Addnode Group ANODB SS Buy SEK 99,5 130,0 2,70 3,41 25,1x 21,8x 16,4x 13,5x
Addtech ADDTB SS Buy SEK 325,6 400,0 7,85 9,22 33,0x 28,8x 22,9x 20,2x
Admicom ADMCM FH Buy EUR 43,7 60,0 1,00 1,57 22,7x 17,5x 17,3x 12,5x
AF Gruppen AFG NO Sell NOK 178,4 130,0 9,03 9,69 19,7x 18,4x 8,2x 7,7x
Africa Energy AEC SS Hold SEK 0,8 4,3 0,00 0,00 -202,4x 12,1x 16,5x 14,6x
AFRY AFRY SS Buy SEK 156,6 235,0 8,50 12,82 13,9x 10,5x 9,0x 7,3x
Agilyx AGLX NO Not Rated NOK 23,0 -0,15 -0,10 -14,8x -23,3x -40,9x -64,7x
Airthings AIRX NO Not Rated NOK 0,1 0,00 0,01 13,1x 1,0x -2,6x -1,3x
Aker ASA AKER NO Not Rated NOK 784,0
Aker BioMarine AKBM NO Hold NOK 88,0 90,0 -0,12 0,29 -71,2x 30,2x 18,7x 14,3x
Aker BP AKRBP NO Hold NOK 247,3 245,0 0,90 1,81 27,2x 13,5x 2,4x 3,1x
Aker Solutions AKSO NO Hold NOK 30,5 30,0 5,69 4,29 5,3x 7,1x 1,6x 2,8x
Akva Group AKVA NO Buy NOK 89,0 126,0 4,18 5,02 21,3x 17,7x 8,9x 7,3x
Alfa Laval ALFA SS Buy SEK 445,8 500,0 20,08 21,61 22,2x 20,6x 14,3x 13,1x
Alimak ALIG SS Buy SEK 144,0 165,0 6,09 7,08 18,8x 17,0x 12,3x 10,9x
ALK-Abello ALKB DC Hold DKK 233,6 243,0 5,59 6,34 41,8x 36,8x 26,4x 23,1x
Alleima ALLEI SS Buy SEK 82,6 93,0 2,92 5,81 16,6x 14,2x 10,6x 6,7x
Alligo ALLIGOB SS Buy SEK 119,2 165,0 7,05 10,94 15,2x 10,9x 7,0x 5,6x
ALM Equity ALM SS Not Rated SEK 48,3 -23,03 -0,37 -1,6x -6,0x -30,2x 51,7x
Alm. Brand ALMB DC Buy DKK 18,1 20,0 0,92 1,00 16,5x 15,2x
Alma Media ALMA FH Buy EUR 12,8 15,8 0,69 0,77 18,0x 16,7x 11,8x 10,9x
Alvotech ALVO SS Buy SEK 46,4 90,0 0,51 0,24 -152,1x 20,3x 17,9x 9,4x
Alzinova ALZ SS Not Rated SEK 1,7 -0,23 -0,63 -7,2x -2,6x -6,4x -1,9x
Ambea AMBEA SS Buy SEK 141,1 155,0 8,09 9,85 13,6x 11,8x 8,4x 7,9x
Ambu AMBUB DC Buy DKK 86,0 130,0 2,26 2,36 43,1x 36,5x 26,4x 22,0x
Amplifon AMP IM Hold EUR 13,3 16,9 0,52 0,61 19,3x 17,1x 8,7x 8,2x
Andfjord Salmon ANDF NO Buy NOK 29,9 43,0 -1,28 -1,20 -23,3x -24,8x -87,5x 91,4x
Angler Gaming ANGL SS Not Rated SEK 3,1 0,06 0,10 4,5x 2,8x 2,8x 1,4x
Anora Group ANORA FH Hold EUR 3,7 3,4 0,34 0,40 7,4x 6,6x 5,0x 4,5x
Apotea APOTEA SS Buy SEK 89,3 105,0 2,43 2,95 36,0x 30,2x 19,3x 15,0x
AQ Group AQ SS Buy SEK 185,3 195,0 7,46 8,21 23,7x 21,2x 13,9x 12,7x
Archer ARCH NO Buy NOK 23,2 35,0 -0,18 0,34 55,8x 6,7x 4,2x 4,0x
Arcoma ARCOMA SS Not Rated SEK 7,2 0,46 0,67 15,6x 10,7x 4,5x 2,9x
Arctic Bioscience ABS NO Not Rated NOK 3,8 -1,32 -0,20 -2,9x -19,0x -6,2x 96,6x
Arctic Fish AFISH NO Buy NOK 30,6 50,0 -0,79 0,23 -3,7x 11,3x -116,7x 7,0x
Arise ARISE SS Not Rated SEK 43,8 1,09 3,46 40,3x 12,7x 9,9x 8,0x
Arjo ARJOB SS Buy SEK 32,3 42,0 1,73 2,39 14,7x 12,5x 6,6x 6,1x
Arlandastad Group AGROUP SS Not Rated SEK 30,2 0,73 5,97 41,6x 5,1x -85,7x 219,4x
Ascelia Pharma ACE SS Not Rated SEK 2,6 0,29 -0,06 9,1x -42,2x 5,5x -24,9x
Asker ASKER SS Buy SEK 90,3 110,0 1,49 2,48 34,8x 28,0x 20,1x 17,6x
Asmodee ASMDEE SS Buy SEK 115,2 150,0 0,23 0,53 14,5x 13,2x 10,4x 8,9x
Assa Abloy ASSAB SS Hold SEK 356,5 360,0 13,08 15,42 25,1x 23,1x 15,1x 14,1x
AstraZeneca AZN SS Buy SEK 1727,0 1820,0 6,56 7,63 20,0x 17,8x 14,8x 13,0x
Atea ATEA NO Buy NOK 148,6 170,0 7,88 10,67 18,9x 13,9x 7,6x 6,4x
Atlantic Sapphire ASA NO Not Rated NOK 7,4 -0,77 -0,90 -0,9x -0,8x -2,7x -10,7x
Atlas Copco ATCOA SS Buy SEK 161,5 180,0 5,50 6,30 28,8x 25,6x 17,7x 15,7x
Atrium Ljungberg ATRLJB SS Hold SEK 33,3 32,0 1,70 1,58 16,8x 17,0x 23,3x 22,9x
Attendo ATT SS Buy SEK 83,8 90,0 4,58 5,44 14,8x 12,7x 7,6x 7,2x
Austevoll Seafood AUSS NO Buy NOK 88,0 126,0 2,42 10,83 18,3x 8,1x 7,6x 4,3x
Autoliv ALIV SS Hold SEK 1122,0 1190,0 9,46 11,65 12,6x 10,2x 6,8x 6,1x
AutoStore AUTO NO Buy NOK 10,9 15,0 0,02 0,04 32,6x 21,7x 17,9x 13,1x
Avanza AZA SS Buy SEK 363,8 380,0 16,15 15,23 22,5x 23,9x
Axactor ACR NO Buy NOK 7,3 8,9 0,13 0,09 4,9x 7,3x -0,2x -0,5x
Axfood AXFO SS Hold SEK 272,3 280,0 10,83 12,97 24,2x 21,0x 9,1x 8,4x
B2 Impact B2I NO Buy NOK 16,9 19,0 1,74 1,76 8,6x 9,6x 8,3x 9,0x
Bactiguard BACTIB SS Not Rated SEK 16,4 -0,87 0,19 -81,5x 35,6x 29,7x 14,8x
Bakkafrost BAKKA NO Buy NOK 474,2 550,0 1,79 23,09 38,1x 13,0x 13,7x 7,1x
Balco BALCO SS Hold SEK 17,0 25,0 -1,44 1,33 -70,1x 11,3x 11,9x 7,2x
Kilde: DNB Carnegie, FactSet, Bloomberg
14
DNB Carnegie | 2 desember 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 83,0 6,00 4,47 13,3x 12,3x 19,2x 18,2x
Bang & Olufsen BO DC Hold DKK 14,3 13,0 -0,21 -0,18 -33,9x -25,7x 16,7x 38,0x
Bavarian Nordic BAVA DC Buy DKK 187,4 250,0 20,28 8,58 9,2x 21,8x 4,5x 7,8x
Beijer Alma BEIAB SS Buy SEK 281 315,0 9,50 12,59 23,0x 20,5x 13,7x 12,1x
Beijer Ref BEIJB SS Buy SEK 148,8 180,0 4,65 5,60 28,6x 25,2x 17,6x 16,0x
Bergman & Beving BERGB SS Not Rated SEK 316,5 7,05 9,41 39,2x 33,6x 13,5x 12,8x
Besqab BESQAB SS Not Rated SEK 27,2 2,02 2,98 23,2x 12,8x 18,8x 11,6x
Betsson BETSB SS Hold SEK 145,9 190,0 1,46 1,66 9,1x 8,0x 4,8x 4,1x
BEWI BEWI NO Hold NOK 17 18,0 0,13 0,00 11,5x -303,6x 9,8x 8,5x
Beyond Frames BEYOND SS Not Rated SEK 7,4 -0,53 0,70 -13,9x 10,5x 6,2x 2,3x
BHG BHG SS Buy SEK 31,5 35,0 1,02 1,47 27,7x 16,5x 10,7x 8,4x
BICO BICO SS Hold SEK 20,1 30,0 -21,61 -1,83 -5,8x 54,8x 50,0x 13,2x
Bilia BILIA SS Buy SEK 125,4 159,0 8,02 9,96 15,9x 12,6x 6,7x 6,1x
Billerud BILL SS Buy SEK 93,20 109,0 2,62 6,66 24,4x 14,0x 6,4x 5,3x
BioArctic BIOAB SS Buy SEK 292,4 334,0 11,54 4,29 25,3x 68,1x 20,4x 54,5x
BioGaia BIOGB SS Buy SEK 101,9 130,0 3,09 4,12 32,9x 24,7x 22,7x 17,3x
Björn Borg BORG SS Not Rated SEK 63,5 3,64 4,12 17,4x 15,4x 11,2x 9,2x
Logistri LOGISTB SS Not Rated SEK 15,75 1,29 0,91 17,5x 16,3x 18,6x 16,6x
BlueNord BNOR NO Buy NOK 436 515,0 3,47 6,53 12,4x 6,6x 3,9x 2,6x
Bokusgruppen BOKUS SS Not Rated SEK 73,6 4,66 5,20 15,8x 14,2x 4,5x 4,2x
Boliden BOL SS Hold SEK 456,4 413,0 27,03 39,07 16,9x 11,7x 7,1x 5,8x
Bonava BONAVB SS Not Rated SEK 10,16 0,94 10,8x 15,4x
Bonesupport BONEX SS Buy SEK 192 400,0 2,49 5,22 77,2x 36,8x 50,8x 26,4x
Bonheur BONHR NO Buy NOK 224 260,0 31,40 31,92 7,1x 7,0x 3,3x 2,7x
Boozt BOOZT SS Hold SEK 107,8 95,0 4,59 5,02 19,6x 18,4x 8,3x 7,4x
Borr Drilling BORR US Buy USD 3,5 4,0 0,16 0,01 21,7x 438,9x 6,0x 6,7x
Borregaard BRG NO Buy NOK 192,0 230,0 9,35 12,39 20,5x 15,5x 10,9x 9,1x
BrainCool BRAIN SS Buy SEK 1 1,5 -0,11 0,00 -5,2x -155,8x -5,8x 26,4x
Bravida BRAV SS Buy SEK 82,2 102,0 5,77 6,59 14,2x 12,4x 8,7x 7,4x
BTS Group BTSB SS Not Rated SEK 133,6 7,08 9,70 11,2x 9,8x 7,2x 6,2x
Bufab BUFAB SS Buy SEK 97,85 123,0 3,22 4,08 26,4x 20,9x 17,4x 14,9x
BW Energy BWE NO Buy NOK 35,95 45,0 0,26 0,35 13,7x 10,0x 3,9x 4,0x
BW LPG BWLPG NO Hold NOK 126,9 133,0 2,06 2,07 6,7x 6,1x 4,2x 4,1x
BW Offshore BWO NO Hold NOK 36,3 40,0 0,36 0,65 13,3x 12,7x 2,3x 1,3x
Byggmax BMAX SS Hold SEK 50,8 53,0 2,96 4,19 12,8x 11,4x 5,3x 4,8x
Cadeler CADLR NO Buy NOK 45,1 80,0 0,73 0,79 5,3x 4,8x 6,5x 5,0x
CAG Group CAG SS Not Rated SEK 106,0 6,77 8,57 13,2x 11,4x 7,1x 6,2x
Cambi CAMBI NO Buy NOK 16,05 23,0 1,08 0,75 14,9x 21,5x 12,0x 13,5x
John Mattson JOMA SS Buy SEK 69,2 75,0 4,52 2,51 26,1x 24,5x 27,6x 26,5x
Camurus CAMX SS Buy SEK 604,0 800,0 13,94 26,46 49,4x 48,4x 35,8x 28,1x
Canatu Oyj CANATU FH Hold EUR 8,28 9,3 -0,25 0,11 -30,9x 87,4x -22,0x 52,1x
Cantargia CANTA SS Hold SEK 4,225 5,0 -1,22 -2,20 -3,5x -1,9x -3,0x -2,7x
Carasent CARA SS Not Rated SEK 27,4 0,14 0,60 86,8x 38,8x 24,6x 15,1x
Carlsberg CARLB DC Buy DKK 810,6 910,0 53,76 61,44 13,8x 12,6x 9,2x 8,7x
Castellum CAST SS Hold SEK 105,8 110,0 3,94 7,81 13,0x 12,1x 16,2x 15,6x
Catella CATB SS Hold SEK 26,4 31,0 1,96 3,83 -1769,1x 7,3x 14,4x 5,6x
Catena CATE SS Buy SEK 438 525,0 23,96 22,48 17,4x 15,7x 20,4x 18,9x
cBrain CBRAIN DC Hold DKK 145,2 160,0 2,95 4,48 51,1x 34,1x 35,5x 24,4x
CellaVision CEVI SS Buy SEK 161,4 235,0 6,74 7,66 23,9x 21,1x 15,0x 13,3x
Checkin.com CHECK SS Not Rated SEK 6,44 -0,50 -0,16 -12,9x -41,2x 10,3x 6,0x
ChemoMetec CHEMM DC Buy DKK 764,0 875,0 10,68 14,41 79,6x 54,3x 55,3x 46,8x
Cinclus Pharma CINPHA SS Buy SEK 17,06 75,0 -6,89 -8,69 -2,5x -2,0x -1,3x 0,0x
Paxman PAX SS Not Rated SEK 53,2 -0,22 1,83 -236,7x 29,0x 35,4x 14,6x
Cint CINT SS Hold SEK 2,9 11,1 -0,04 -0,01 -15,9x -42,2x 4,2x 3,3x
Circio CRNA NO Not Rated NOK 1,1 0,0 -0,43 0,00 -2,5x -3,7x 548,9x
Citycon CTY1S FH Hold EUR 4,0 3,5 0,35 0,32 9,6x 9,2x 14,0x 13,9x
Clas Ohlson CLASB SS Buy SEK 365,4 400,0 16,96 17,76 21,5x 20,6x 10,9x 10,2x
Clemondo Group CLEM SS Not Rated SEK 8,8 0,41 0,76 21,4x 11,5x 6,5x 4,3x
Cloudberry Clean Energy CLOUD NO Hold NOK 12,8 12,0 0,39 0,48 32,5x 26,5x 19,5x 20,9x
CMB.TECH CMBT US Hold USD 10,64 9,7 0,76 1,56 -119,7x 6,8x 10,8x 6,5x
Coloplast COLOB DC Hold DKK 589,2 655,0 15,93 25,25 34,4x 22,0x 17,7x 16,8x
Cool Company CLCO NO Hold NOK 98,7 98,0 0,81 1,14 13,8x 8,6x 8,1x 6,9x
Coor COOR SS Buy SEK 48,4 60,0 2,68 4,14 14,3x 11,1x 7,3x 6,5x
Corem COREB SS Hold SEK 4,0 4,5 -0,69 0,45 16,1x 15,8x 15,3x 16,6x
Crayon CRAYN NO Hold NOK 144 112,0 6,29 8,52 18,5x 14,4x 8,9x 6,9x
CTEK CTEK SS Buy SEK 13,36 21,0 0,40 1,02 18,9x 11,5x 7,5x 5,9x
Cyviz CYVIZ NO Buy NOK 35,6 58,0 2,95 4,70 12,0x 7,5x 5,7x 3,7x
Danske Bank DANSKE DC Buy DKK 297,3 270,0 26,73 26,50 11,1x 11,2x
Demant Group DEMANT DC Buy DKK 219 315,0 10,15 12,78 18,0x 15,4x 11,8x 10,0x
Kilde: DNB Carnegie, FactSet, Bloomberg
15
DNB Carnegie | 2 desember 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 11 15,0 0,41 0,64 25,3x 17,0x 11,6x 8,3x
Devyser DVYSR SS Buy SEK 112,8 150,0 -0,83 2,44 -135,3x 46,3x 85,0x 25,0x
DFDS DFDS DC Hold DKK 91 91,0 -7,08 -1,40 -13,8x -65,1x 5,4x 5,4x
DHT Holdings DHT US Buy USD 13,02 14,4 1,32 1,64 13,0x 8,0x 8,4x 6,1x
Diamyd Medical DMYDB SS Not Rated SEK 10,04 -1,41 0,47 -7,1x 21,6x -6,5x 12,4x
Digia DIGIA FH Buy EUR 6,04 8,5 0,48 0,56 12,6x 10,7x 8,1x 7,0x
DNB DNB NO Not Rated NOK 270 27,76 26,34 9,7x 10,2x
DNO DNO NO Buy NOK 14,79 17,5 0,06 0,25 23,0x 5,8x 2,5x 1,6x
DOF DOFG NO Buy NOK 94,05 130,0 1,63 1,52 5,8x 6,2x 4,2x 4,0x
Dolphin Drilling DDRIL NO Not Rated NOK 0,0098
Dometic DOM SS Buy SEK 43,4 60,0 2,08 3,30 20,8x 13,2x 8,4x 7,7x
Dorian LPG LPG US Hold USD 24,6 26,0 2,16 4,16 9,6x 5,6x 7,4x 5,0x
DSV DSV DC Buy DKK 1476,0 2094,0 41,66 58,18 27,8x 20,0x 14,8x 11,5x
Duell Corporation DUELL FH Hold EUR 3,1 3,8 -0,20 -0,02 6,0x 5,4x 5,9x 5,8x
Dustin DUST SS Hold SEK 1,764 2,1 -2,65 0,04 -31,6x 19,7x 8,8x 6,4x
Dynavox Group DYVOX SS Buy SEK 95,1 135,0 1,48 2,97 37,5x 28,4x 18,5x 15,3x
eEducation Albert ALBERT SS Not Rated SEK 4,9 -2,18 -0,52 -5,8x -11,0x -30,5x 5,5x
Eezy EEZY FH Hold EUR 0,812 0,9 -0,05 0,04 5,6x 5,3x 6,4x 5,4x
Egetis Therapeutics EGTX SS Buy SEK 5,0 10,0 -0,84 0,39 -5,9x 12,7x -6,9x 7,7x
Elanders ELANB SS Not Rated SEK 63,00 0,11 7,26 17,2x 8,7x 5,7x 5,3x
Electrolux ELUXB SS Hold SEK 60,3 63,0 3,66 7,50 16,5x 8,0x 4,9x 4,1x
Electrolux Professional EPROB SS Buy SEK 66,0 75,0 2,30 3,54 22,7x 18,7x 11,4x 9,8x
Elekta EKTAB SS Buy SEK 56,5 65,0 2,42 4,06 15,1x 12,8x 7,8x 7,0x
Elektroimportøren ELIMP NO Buy NOK 13,4 17,5 0,61 1,46 20,1x 9,2x 5,5x 3,8x
Elisa ELISA FH Hold EUR 37,6 45,0 2,26 2,54 15,7x 14,7x 9,2x 8,8x
Elkem ELK NO Buy NOK 27,8 35,0 -0,70 2,15 -51,1x 12,8x 8,8x 6,1x
Elliptic Laboratories ELABS NO Buy NOK 6,67 19,0 0,70 1,30 9,5x 5,1x 5,1x 2,5x
Elmera Group ELMRA NO Sell NOK 35,0 28,0 1,55 2,69 15,7x 12,1x 8,3x 6,7x
Elopak ELO NO Hold NOK 48,4 50,0 0,24 0,31 17,1x 13,4x 7,8x 6,8x
Embla Medical EMBLA DC Hold DKK 36,6 36,5 0,20 0,22 25,8x 23,0x 14,6x 13,0x
Embracer Group EMBRACB SS Not Rated SEK 91,1 -2,00 3,70 22,7x 13,2x 3,5x 2,4x
Emilshus EMILB SS Buy SEK 53,0 62,0 3,84 3,04 20,3x 17,5x 19,7x 17,1x
Enento Group ENENTO FH Buy EUR 14,5 22,3 0,58 0,85 18,5x 17,0x 9,4x 9,1x
Engcon ENGCONB SS Hold SEK 76,4 85,0 1,53 2,35 49,9x 32,5x 31,0x 22,6x
Entra ENTRA NO Buy NOK 110 135,0 5,76 5,35 15,5x 15,2x 18,9x 19,3x
Envipco ENVIP NO Buy NOK 59,2 95,0 -0,14 0,39 -35,2x 13,0x 103,0x 8,7x
Eolus EOLUB SS Not Rated SEK 39,8 -0,13 7,76 -312,7x 5,1x 13,9x 4,9x
Ependion EPEN SS Not Rated SEK 114,0 4,66 6,81 24,5x 16,7x 10,0x 8,1x
Epiroc EPIA SS Hold SEK 202,3 200,0 6,98 7,72 28,2x 26,2x 16,7x 15,6x
EQL Pharma EQL SS Not Rated SEK 52,3 0,78 2,47 67,1x 21,2x 22,8x 12,9x
EQT EQT SS Buy SEK 320,1 370,0 0,62 0,97 26,3x 22,0x 21,7x 18,3x
Equinor EQNR NO Sell NOK 232,6 180,0 1,87 2,23 10,6x 9,8x 1,8x 2,0x
Ericsson ERICB SS Buy SEK 91,3 105,0 7,55 5,73 12,4x 12,3x 5,6x 7,0x
Essity ESSITYB SS Hold SEK 263,3 285,0 18,18 19,89 14,1x 13,0x 8,5x 7,9x
Etteplan ETTE FH Hold EUR 9,46 10,0 0,44 0,59 12,3x 11,1x 7,5x 6,6x
Europris EPR NO Hold NOK 91 95,0 5,08 5,64 17,9x 16,1x 7,6x 7,0x
Evolution EVO SS Buy SEK 653,4 980,0 4,99 5,50 11,4x 10,4x 8,2x 7,3x
F-Secure FSECURE FH Hold EUR 1,8 1,6 0,11 0,11 12,1x 12,1x 9,0x 8,5x
Ortoma ORTB SS Not Rated SEK 15,3 -0,32 -0,92 -47,0x -16,5x 383,8x -24,5x
Faron Pharmaceuticals FARON FH Not Rated EUR 2,1 -0,30 -0,29 -6,9x -7,2x -10,6x -8,0x
Fasadgruppen FG SS Buy SEK 26,3 40,0 1,30 6,68 5,1x 3,9x 8,0x 6,7x
Fastpartner FPAR SS Hold SEK 47,1 55,0 2,45 3,80 13,0x 12,0x 16,0x 16,2x
Ferroamp FERRO SS Not Rated SEK 2 0,01 0,67 167,5x 3,0x 3,0x 1,5x
Fiskars FSKRS FH Hold EUR 12,8 13,0 0,24 0,76 15,9x 13,6x 12,1x 8,8x
Flerie FLERIE SS Buy SEK 38,3 52,0
Flex LNG FLNG US Hold USD 25,1 26,9 1,42 2,45 13,3x 10,2x 10,9x 9,6x
FLSmidth FLS DC Hold DKK 403,4 435,0 11,57 39,14 16,2x 14,8x 9,8x 8,3x
Fortum FORTUM FH Hold EUR 17,6 17,7 0,86 0,96 20,3x 18,4x 12,4x 11,8x
Fractal Gaming FRACTL SS Buy SEK 32,4 42,0 1,30 1,56 24,9x 20,8x 10,2x 9,2x
Frontline FRO NO Buy NOK 235,4 300,0 1,92 3,50 11,8x 6,7x 8,2x 6,0x
Gapwaves GAPW SS Not Rated SEK 16,8 -1,42 -0,40 -11,9x -42,0x -28,5x 76,5x
Fabege FABG SS Sell SEK 81,1 80,0 0,43 3,81 17,4x 16,6x 24,3x 23,6x
Garo GARO SS Hold SEK 15,8 17,0 -0,09 1,07 873,6x 14,8x 15,0x 7,3x
Genco Shipping & TradingGNK US Not Rated USD 19,0 -0,02 1,82 715,0x 10,4x 10,6x 5,0x
Kilde: DNB Carnegie, FactSet, Bloomberg
16
DNB Carnegie | 2 desember 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 2043,0 2050,0 17,98 4,9x 17,7x 65,2x 18,9x 62,2x
Genova GPG SS Hold SEK 38,8 43,0 3,02 1,5x 41,9x 32,6x 27,0x 24,5x
Gentian Diagnostics GENT NO Buy NOK 54,6 67,0 1,03 2,3x 52,9x 24,2x 22,2x 12,8x
Gentoo Media G2MNO NO Not Rated SEK 8,1 0,04 0,1x 3,8x 11,3x 5,0x 4,1x
Getinge GETIB SS Buy SEK 216,0 260,0 9,04 11,1x 19,1x 17,0x 10,6x 9,8x
Gigante Salmon GIGA NO Buy NOK 7,6 15,7 -0,02 0,61 -338,4x 12,5x 70,5x 8,2x
Gigasun GIGA SS Not Rated SEK 2,9 -0,06 0,40 -49,0x 7,2x 8,8x 8,7x
Gjensidige GJF NO Hold NOK 284,6 280,0 13,28 15,51 21,4x 18,4x
GN Group GN DC Buy DKK 106,5 140,0 4,05 6,09 20,8x 13,7x 12,0x 9,8x
Golar LNG GLNG US Buy USD 37,1 57,0 0,90 0,24 25,3x 157,2x 21,0x 23,2x
Golden Ocean Group GOGL NO Hold NOK 83,3 82,0 0,33 1,6x 26,0x 5,0x 10,6x 4,7x
Green Landscaping GroupGREEN SS Buy SEK 46,1 64,0 2,75 4,5x 16,8x 10,2x 6,2x 5,1x
Grieg Seafood GSF NO Buy NOK 70,3 82,0 16,52 4,4x 3,6x 15,8x 13,8x 8,7x
Gränges GRNG SS Buy SEK 140,0 147,0 9,10 12,1x 15,4x 11,6x 8,0x 6,6x
InfraCom INFRA SS Not Rated SEK 21,1 4,10 1,9x 12,6x 10,9x 6,9x 5,9x
Guard Therapeutics GUARD SS Not Rated SEK 1,3 -6,22 -1,04 -0,2x -1,2x 0,2x -0,1x
Gubra GUBRA DC Buy DKK 470,8 538,0 107,68 7,91 4,4x 59,5x 2,9x 53,3x
H+H International HH DC Hold DKK 95,2 81,0 -41,94 6,14 -19,8x 15,5x 13,1x 7,6x
Hafnia HAFNI NO Buy NOK 59,14 74,0 0,71 0,86 8,2x 6,8x 5,9x 5,0x
Sydbank SYDB DC Buy DKK 558 594,0 48,91 50,92 11,3x 10,8x
HAKI Safety HAKIB SS Not Rated SEK 21,1 1,59 2,2x 12,4x 8,0x 6,5x 4,7x
Handelsbanken SHBA SS Buy SEK 132,2 148,0 11,82 11,39 11,2x 11,6x
Hansa Biopharma HNSA SS Hold SEK 33,2 33,0 -6,07 -5,6x -5,5x -5,9x -7,2x -9,0x
HANZA HANZA SS Not Rated SEK 118,8 5,18 7,30 24,7x 16,3x 10,6x 8,5x
Harvia HARVIA FH Hold EUR 41,1 43,0 1,47 1,8x 25,3x 20,6x 17,4x 15,0x
Haypp HAYPP SS Hold SEK 151,6 150,0 2,21 5,49 32,9x 22,4x 19,4x 13,7x
Hemnet HEM SS Buy SEK 169,6 389,0 5,63 7,4x 25,9x 20,2x 20,8x 16,5x
Hennes & Mauritz HMB SS Hold SEK 176,1 160,0 7,46 8,58 23,6x 20,5x 8,6x 8,2x
Hexagon HEXAB SS Buy SEK 109,2 135,0 0,24 0,4x 24,3x 22,6x 15,5x 14,4x
Hexagon Composites HEX NO Hold NOK 6,8 9,0 -5,43 -1,95 -1,1x -2,9x -613,9x 18,1x
Hexagon Purus HPUR NO Not Rated NOK 1,7 -2,77 -1,6x -0,6x -1,1x -4,7x -11,2x
Hexpol HPOLB SS Buy SEK 86,8 97,0 5,93 6,49 14,6x 13,4x 9,2x 8,7x
Hiab HIAB FH Buy EUR 49,5 55,0 2,37 2,7x 19,9x 18,1x 11,2x 10,4x
Himalaya Shipping HSHP NO Hold NOK 94,6 78,0 0,35 1,38 26,8x 6,8x 11,5x 7,6x
HMS Networks HMS SS Buy SEK 458,0 575,0 9,45 13,4x 37,0x 29,7x 25,6x 20,9x
Hoist Finance HOFI SS Buy SEK 100,3 120,0 10,03 11,04 9,8x 9,1x
Holmen HOLMB SS Hold SEK 344,4 385,0 18,85 17,9x 21,1x 19,2x 11,6x 11,2x
Hufvudstaden HUFVA SS Hold SEK 125,2 130,0 3,89 5,12 22,1x 21,6x 22,2x 21,7x
Huhtamaki HUH1V FH Buy EUR 29,6 38,0 1,95 2,6x 11,9x 11,2x 7,0x 6,6x
Humana HUM SS Buy SEK 48,4 60,0 4,73 5,53 10,2x 8,0x 6,2x 5,8x
Humble Group HUMBLE SS Hold SEK 8,0 9,3 0,12 0,6x 10,3x 8,1x 7,3x 5,9x
HusCompagniet HUSCO DC Hold DKK 39,9 41,0 -0,69 2,66 -58,0x 15,0x 19,7x 7,6x
Husqvarna HUSQB SS Hold SEK 45,2 46,0 3,47 3,8x 12,9x 11,4x 6,1x 5,6x
Höegh Autoliners ASA HAUTO NO Hold NOK 90,3 99,0 2,67 2,26 3,8x 4,0x 3,7x 3,8x
IAR Systems IARB SS Not Rated SEK 180,0 5,16 5,3x 33,2x 33,7x 13,2x 12,8x
Icelandic Salmon ISLAX NO Hold NOK 80,6 90,0 -1,23 0,45 -7,3x 15,1x -44,9x 7,8x
Iconovo ICO SS Not Rated SEK 1,2 -0,67 0,0x -1,8x 34,2x -2,2x 6,7x
Idun Industrier IDUNB SS Not Rated SEK 344 4,79 5,11 25,2x 23,9x 14,0x 12,7x
Industrivärden INDUC SS Hold SEK 393,6 382,0
Indutrade INDT SS Hold SEK 232,4 250,0 7,33 8,16 25,4x 23,3x 16,4x 15,2x
Initiator Pharma INIT SS Not Rated SEK 2,9 -0,25 -0,3x -8,0x -6,5x -6,5x -5,5x
Cibus CIBUS SS Buy SEK 160 210,0 1,01 0,86 15,1x 13,8x 18,6x 17,4x
Instalco INSTAL SS Buy SEK 23,3 40,0 1,32 2,2x 11,6x 9,3x 7,8x 6,4x
Intea INTEAB SS Buy SEK 67,1 82,0 4,51 3,81 19,6x 16,2x 22,5x 20,4x
Integrum INTEGB SS Not Rated SEK 10,3 -0,12 0,68 -88,8x 15,1x 47,4x 6,6x
International Petroleum CoIPrpCO SS Buy SEK 179 185,0 0,18 0,23 105,7x 81,5x 12,1x 11,7x
Intrum INTRUM SS Hold SEK 38,9 45,0 11,06 11,02 3,4x 3,5x 6,7x 7,3x
Investor INVEB SS Buy SEK 319 355,0
INVISIO IVSO SS Buy SEK 256,5 370,0 4,52 9,07 60,9x 29,1x 41,6x 20,2x
Inwido INWI SS Buy SEK 146 197,0 9,36 11,39 13,7x 12,0x 7,8x 7,1x
ISS ISS DC Buy DKK 213,4 230,0 16,13 19,22 13,0x 11,1x 8,5x 8,2x
ITAB Shop Concept ITAB SS Not Rated SEK 18,02 1,07 2,11 12,6x 7,6x 5,9x 4,6x
JM JM SS Hold SEK 138,0 140,0 2,02 4,80 68,4x 28,7x 26,8x 20,4x
Calviks CALVIK SS Not Rated SEK 44,9 3,14 7,02 14,3x 6,4x 6,5x 4,5x
Jyske Bank JYSK DC Hold DKK 798,0 738,0 82,24 78,69 9,7x 10,0x
Kilde: DNB Carnegie, FactSet, Bloomberg
17
DNB Carnegie | 2 desember 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
K-Fastigheter KFASTB SS Hold SEK 13,5 24,0 0,25 0,20 24,9x 27,8x 37,2x 35,9x
Kalmar KALMAR FH Hold EUR 38,0 37,0 2,57 2,9x 14,4x 13,0x 8,7x 7,7x
Kambi KAMBI SS Buy SEK 136,7 195,0 0,24 0,65 25,8x 14,7x 5,7x 4,4x
Kamux KAMUX FH Hold EUR 2,05 2,0 0,02 0,2x 27,5x 10,7x 5,7x 4,8x
Karnov KAR SS Not Rated SEK 102,8 1,03 2,87 22,8x 20,2x 15,8x 13,5x
Karolinska Development KDEV SS Not Rated SEK 0,44
KB Components KBC SS Hold SEK 42,85 47,0 3,14 3,66 14,1x 11,4x 6,9x 5,8x
Kebni KEBNIB SS Not Rated SEK 1,67 0,04 0,1x 35,0x 21,9x 18,8x 14,1x
Kemira KEMIRA FH Buy EUR 19,41 23,0 1,46 1,58 12,9x 12,3x 6,5x 6,2x
Kempower KEMPOWR FH Hold EUR 14,30 14,0 -0,14 0,2x -118,1x 61,8x 110,4x 24,1x
Kesko KESKOB FH Buy EUR 18,29 20,5 1,06 1,21 16,9x 15,2x 8,6x 8,1x
Kid KID NO Hold NOK 133,60 140,0 6,66 9,3x 20,0x 14,4x 6,9x 6,0x
Kaldvik KLDVK NO Not Rated NOK 9,1 -0,01 0,06 -89,6x 13,8x 8,7x 6,1x
Kinnevik KINVB SS Buy SEK 85,78 110,0
Kitron KIT NO Hold NOK 59,2 68,0 0,20 0,33 23,8x 15,5x 13,8x 9,8x
Kjell Group KJELL SS Hold SEK 9,02 9,0 -5,00 0,4x 207,7x 13,3x 5,3x 4,3x
Klaveness Combination CKarCriCer NsO Buy NOK 78,7 110,0 0,56 1,18 13,8x 6,6x 8,5x 5,8x
Kojamo KOJAMO FH Buy EUR 10,44 12,0 0,14 0,5x 18,3x 17,2x 21,6x 22,0x
Komplett KOMPL NO Sell NOK 11,9 11 -0,74 0,69 -25,9x 17,2x 7,6x 4,1x
Kone KNEBV FH Sell EUR 58,64 55 1,96 2,2x 28,1x 25,8x 18,1x 17,0x
Konecranes KCR FH Buy EUR 88,7 100 4,87 5,56 16,4x 14,8x 9,7x 8,6x
Kongsberg Gruppen KOG NO Hold NOK 237,20 250 7,48 9,1x 31,7x 26,1x 20,3x 16,0x
Lagercrantz LAGRB SS Hold SEK 214,2 235 5,37 5,90 33,4x 30,5x 22,4x 20,7x
Latour LATOB SS Buy SEK 226,40 300
Lerøy Seafood Group LSG NO Buy NOK 46,88 65 0,94 5,66 29,1x 8,3x 9,4x 5,5x
Lifco LIFCOB SS Buy SEK 344,80 410 7,98 9,0x 33,0x 30,3x 23,6x 21,4x
Lifecare ASA LIFE NO Not Rated NOK 4,65 -4,30 -3,69 -1,1x -1,3x -0,1x -0,1x
Lime LIME SS Buy SEK 317,00 405 7,93 9,0x 40,0x 35,3x 19,7x 18,0x
Lindab LIAB SS Hold SEK 207,4 214 10,85 10,82 22,9x 19,2x 11,2x 10,1x
Link Mobility LINK NO Buy NOK 30,85 46 0,45 1,5x 18,9x 10,5x 12,5x 8,1x
Logistea LOGIB SS Buy SEK 14,94 20 1,56 0,94 15,8x 13,3x 17,1x 15,2x
Loomis LOOMIS SS Hold SEK 382,20 433 28,40 34,3x 11,3x 10,3x 5,4x 5,1x
NOBA Bank Group NOBA SS Buy SEK 116,48 117 6,66 8,84 16,1x 12,9x
Lumi Gruppen LUMI NO Not Rated NOK 16,50 0,39 0,7x 42,0x 22,9x 11,3x 8,8x
Lundbeck HLUNB DC Buy DKK 43,78 53 4,15 4,62 10,7x 9,4x 6,6x 6,1x
Lundbergs LUNDB SS Hold SEK 497,40 540
Lundin Mining LUMI SS Hold SEK 174,1 154 0,72 0,87 26,9x 21,2x 9,5x 8,2x
Lyko LYKOA SS Hold SEK 142,80 120 2,08 5,3x 51,7x 27,0x 11,0x 8,9x
Mandatum MANTA FH Buy EUR 6,452 7 0,33 0,32 11,2x 14,8x
Marimekko MEKKO FH Hold EUR 12,54 15 0,61 0,7x 20,2x 17,6x 11,8x 10,6x
Matas Group MATAS DC Buy DKK 119,8 185 7,39 10,15 15,1x 11,1x 6,8x 6,2x
Maven Wireless MAVEN SS Not Rated SEK 6,22 -0,14 -0,1x -43,3x -81,7x 52,5x 46,9x
Medicover MCOVB SS Buy SEK 235 320 0,49 0,62 37,5x 30,1x 12,3x 10,8x
Medistim MEDI NO Buy NOK 259,00 310 8,14 9,3x 34,0x 29,5x 22,5x 19,7x
Medivir MVIRB SS Not Rated SEK 0,4615 -0,76 -1,24 -0,6x -0,4x -0,8x -0,1x
Mentice MNTC SS Not Rated SEK 15,05 -1,28 -0,1x -20,5x 180,6x 31,7x 14,5x
Metso METSO FH Buy EUR 14,31 15 0,58 0,76 20,3x 17,3x 13,7x 11,9x
Metsä Board METSB FH Hold EUR 2,96 3 -0,25 0,0x -15,4x 62,2x 33,2x 9,2x
MilDef Group MILDEF SS Not Rated SEK 128,2 3,33 5,43 39,4x 23,4x 19,8x 12,5x
Millicom TIGO US Buy USD 53,09 55 6,58 3,2x 10,4x 10,4x 4,7x 4,5x
Mips MIPS SS Buy SEK 307,6 470 5,04 8,88 61,1x 34,6x 42,8x 24,7x
Modern Times Group MTGB SS Buy SEK 118,50 145 2,10 7,8x 9,7x 6,5x 6,8x 5,8x
Modus Therapeutics HoldiMngODTX SS Not Rated SEK 0,4 -0,21 -0,14 -1,9x -2,9x -2,0x -1,2x
Momentum Group MMGRB SS Hold SEK 161,60 175 4,07 4,7x 39,1x 34,3x 18,4x 16,5x
Mowi MOWI NO Buy NOK 227,4 255 0,63 1,76 21,5x 11,1x 13,9x 7,4x
MPC Container Ships ASAMPCC NO Sell NOK 18,10 15 0,52 0,3x 4,6x 6,9x 3,2x 3,7x
Multiconsult MULTI NO Hold NOK 161,5 180 10,22 12,02 15,6x 13,3x 9,4x 8,3x
Munters MTRS SS Buy SEK 160,10 205 3,04 6,0x 30,6x 23,2x 14,8x 12,5x
Mycronic MYCR SS Buy SEK 216,85 240 8,10 8,09 25,2x 25,0x 17,7x 17,1x
Måsøval MAS NO Buy NOK 22,40 30 -0,47 2,5x -39,8x 9,0x 17,0x 5,4x
Navigator Holdings Ltd NVGS US Hold USD 17,85 18 1,70 1,94 13,0x 9,2x 5,7x 4,8x
NCAB NCAB SS Hold SEK 52,50 57 1,08 1,4x 36,5x 29,4x 23,2x 19,9x
NCC NCCB SS Buy SEK 216,6 240 12,93 15,71 16,8x 13,8x 7,7x 6,8x
NEL NEL NO Sell NOK 2,34 1 -0,27 -0,2x -8,6x -10,8x -8,9x -12,3x
Kilde: DNB Carnegie, FactSet, Bloomberg
18
DNB Carnegie | 2 desember 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
Neste NESTE FH Buy EUR 16,9 24,0 0,29 1,30 33,3x 13,0x 10,8x 7,3x
Net Insight NETIB SS Not Rated SEK 3,8 0,04 0,2x 58,1x 16,0x 9,7x 5,4x
Netcompany NETC DC Buy DKK 326,8 415,0 6,66 20,31 22,0x 14,2x 16,2x 12,1x
Netel Group Holding NETEL SS Hold SEK 4,21 4,5 -0,70 0,6x -14,2x 7,6x 8,6x 5,3x
New Wave Group NEWAB SS Buy SEK 112,1 133,0 6,44 8,06 17,4x 13,9x 11,4x 9,5x
Nibe NIBEB SS Buy SEK 34,90 45,0 1,25 1,7x 28,0x 20,8x 14,4x 11,6x
Nilfisk NLFSK DC Buy DKK 103 130,0 0,45 1,93 10,4x 7,1x 5,4x 4,9x
Nimbus Group BOAT SS Not Rated SEK 11,35 2,31 3,8x 4,9x 2,9x 2,7x 1,3x
Niutech Group NIUTEC SS Not Rated SEK 0,15 -0,93 0,05 -0,2x 3,3x -2,8x 2,0x
NKT NKT DC Buy DKK 764,00 820,0 3,75 4,3x 27,2x 23,7x 12,4x 10,6x
NNIT NNIT DC Hold DKK 49,50 65,0 1,80 4,80 17,9x 10,4x 11,3x 7,3x
Nobia NOBI SS Hold SEK 4,16 4,0 -3,22 0,3x -4,9x 14,0x 8,4x 6,6x
AAC Clyde Space AAC SS Not Rated SEK 80,4 -9,55 -4,26 -8,4x -18,9x 25,1x 12,2x
Noble Corporation NE US Hold USD 31,23 30,0 1,27 1,0x 22,1x 32,8x 6,0x 6,9x
NoHo Partners NOHO FH Hold EUR 7,82 8,6 1,52 0,65 17,3x 12,0x 5,8x 5,3x
Nokia NOKIA FH Buy EUR 5,28 7,0 0,17 0,3x 18,5x 15,3x 8,6x 7,9x
Nokian Tyres TYRES FH Hold EUR 8,42 9,3 0,08 0,59 100,0x 14,3x 9,6x 6,7x
Nolato NOLAB SS Buy SEK 60,65 70,0 2,91 3,1x 19,6x 18,4x 11,0x 10,2x
NorAm Drilling NORAM NO Hold NOK 30,85 37 0,23 0,23 13,3x 13,0x 4,1x 4,1x
Norconsult NORCO NO Buy NOK 44,25 52 2,26 2,4x 18,7x 16,8x 10,5x 9,3x
Nordea NDA SS Buy SEK 168,65 190 1,42 1,42 11,0x 10,7x
Nordhealth NORDH NO Buy NOK 35,00 40 -0,14 -0,1x -66,7x -349,2x 166,3x 54,1x
Nordic LEVEL Group LEVEL SS Not Rated SEK 0,604 -0,01 0,08 -103,1x 8,0x 8,5x 4,6x
Nordic Semiconductor NOD NO Buy NOK 130,90 200 0,06 0,3x 204,0x 42,4x 37,9x 19,2x
Nordisk Bergteknik NORBB SS Hold SEK 14,25 13 0,68 1,32 16,0x 10,7x 4,6x 3,9x
Nordnet SAVE SS Buy SEK 265,40 300 11,55 11,8x 22,7x 22,3x
Norion Bank NORION SS Buy SEK 65,2 70 7,27 7,50 9,0x 8,3x
Norsk Hydro NHY NO Sell NOK 72,62 50 6,21 5,2x 12,1x 13,9x 5,5x 6,6x
Norsk Titanium NTI NO Not Rated NOK 1,014 -0,06 -0,02 -1,7x -6,6x -3,3x -8,6x
Norske Skog NSKOG NO Buy NOK 17,00 30 1,94 5,8x 8,8x 2,9x 3,3x 2,0x
Norwegian Air Shuttle ASANAS NO Buy NOK 17,34 19 2,62 2,55 7,9x 6,8x 3,0x 2,3x
Novo Nordisk NOVOB DC Buy DKK 314,45 445 22,79 21,3x 13,1x 14,6x 10,1x 10,5x
Novonesis NSISB DC Buy DKK 401,8 485 1,39 1,61 27,3x 24,6x 17,7x 16,2x
NP3 NP3 SS Buy SEK 257,00 300 16,67 14,8x 17,3x 16,3x 17,3x 16,9x
NRC Group NRC NO Hold NOK 8,13 7 0,19 0,57 29,3x 12,9x 6,7x 5,5x
NTG NTG DC Hold DKK 184,20 222 10,20 15,7x 16,3x 11,7x 7,4x 6,7x
Nyfosa NYF SS Buy SEK 76,2 115 3,08 6,22 11,6x 10,1x 14,3x 13,8x
Nykode Therapeutics NYKD NO Not Rated NOK 2,20 -0,09 -0,1x -2,4x -3,4x -0,7x -2,1x
Odfjell Drilling ODL NO Buy NOK 85,3 110 0,69 1,07 12,1x 7,9x 6,8x 5,0x
Odfjell SE ODF NO Buy NOK 129,20 180 2,00 2,8x 6,4x 4,5x 3,9x 3,5x
Odfjell Technology OTL NO Buy NOK 56,4 70 8,42 8,19 6,7x 6,9x 4,2x 3,9x
OKEA OKEA NO Hold NOK 21,10 20 -0,24 0,4x -8,7x 5,5x 0,2x 0,5x
BioInvent BINV SS Buy SEK 27,5 65 -4,69 -6,91 -5,9x -4,0x -4,0x -3,8x
Okeanis Eco Tankers OET NO Hold NOK 361,00 420 3,98 5,2x 9,1x 6,9x 7,9x 6,7x
Olav Thon EiendomsselskOapLT NO Hold NOK 333 335 17,99 19,11 17,8x 16,2x 17,0x 16,4x
Olvi OLVAS FH Hold EUR 30,25 32 3,01 3,3x 10,0x 9,2x 5,4x 5,1x
Omda OMDA NO Buy NOK 45,3 59 0,57 0,92 17,0x 15,0x 11,0x 8,3x
Oncoinvent ONCIN NO Not Rated NOK 0,50 -0,79 -0,8x -0,6x -0,7x 0,6x 0,7x
Oncopeptides ONCO SS Hold SEK 5,4 5 -0,96 -0,37 -5,7x -14,6x -7,1x -14,8x
OptiCept Technologies OPTI SS Not Rated SEK 3,37 -0,77 -0,2x -4,6x -15,2x -8,0x 980,7x
Optomed OPTOMED FH Hold EUR 3,715 4 -0,30 -0,20 -12,4x -18,5x -31,0x -519,4x
Orexo ORX SS Not Rated SEK 26,40 -2,81 -1,8x -9,4x -14,9x -317,7x 64,7x
Oriola ORIOLA FH Hold EUR 1,108 1 -0,04 0,07 13,6x 11,0x 4,6x 4,0x
Orion ORNBV FH Buy EUR 61,30 76 3,63 3,4x 16,9x 17,9x 12,3x 12,7x
Orkla ORK NO Sell NOK 107,7 100 10,80 6,59 17,5x 16,4x 11,8x 11,0x
Orthex ORTHEX FH Buy EUR 4,65 6 0,38 0,4x 12,2x 10,5x 7,2x 6,4x
OssDsign OSSD SS Not Rated SEK 10,68 -0,39 -0,38 -36,0x -29,7x -39,2x -28,9x
OEM International OEMB SS Buy SEK 157,40 167 4,47 5,1x 33,8x 30,1x 23,6x 21,1x
Otovo OTOVO NO Not Rated NOK 0,658
Outokumpu OUT1V FH Buy EUR 4,02 4 -0,34 0,3x -19,5x 14,4x 16,9x 5,6x
Ovzon OVZON SS Buy SEK 31,65 45 0,70 1,33 45,3x 23,8x 15,4x 11,2x
Pandora PNDORA DC Buy DKK 769,00 1 250 69,74 75,2x 11,0x 10,2x 7,8x 7,4x
Pandox PNDXB SS Buy SEK 189,8 220 25,46 11,05 17,5x 13,9x 20,4x 15,8x
Panoro Energy PEN NO Buy NOK 19,28 27 0,10 0,2x 19,9x 12,3x 3,0x 2,9x
Kilde: DNB Carnegie, FactSet, Bloomberg
19
DNB Carnegie | 2 desember 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 177,8 215,0 5,26 7,25 30,6x 22,8x 11,1x 8,9x
Paratus Energy PLSV NO Buy NOK 44,0 60,0 0,33 0,5x 8,7x 7,6x 6,1x 5,5x
Pareto Bank PARB NO Buy NOK 85,4 95,0 8,66 8,18 9,9x 10,4x
Peab PEABB SS Hold SEK 79,10 85,0 4,27 6,6x 18,5x 12,0x 6,9x 6,3x
Solstad Maritime SOMA NO Buy NOK 18,12 24,0 0,32 0,36 5,5x 5,0x 4,9x 4,0x
Per Aarsleff PAALB DC Buy DKK 721,00 835,0 45,64 51,0x 15,8x 14,1x 6,9x 6,1x
Pexip PEXIP NO Buy NOK 59,1 50,0 1,76 2,24 28,9x 23,1x 16,6x 13,2x
PhotoCure PHO NO Buy NOK 62,90 76,0 -0,14 0,4x -397,2x 178,9x 35,9x 23,8x
Pihlajalinna PIHLIS FH Hold EUR 14,1 15,5 1,53 1,41 9,2x 10,0x 5,6x 5,7x
Ponsse PON1V FH Hold EUR 24,90 27,5 1,14 1,4x 20,2x 17,4x 8,2x 7,2x
PowerCell PCELL SS Not Rated SEK 37,02 0,04 0,07 919,2x 496,3x 74,2x 72,5x
Fingerprint Cards FINGB SS Not Rated SEK 20,68 -7,60 -2,5x -2,7x -8,4x -4,2x -7,7x
Pricer PRICB SS Not Rated SEK 3,885 0,17 0,68 18,0x 5,7x 4,2x 2,6x
Profoto PRFO SS Hold SEK 10,00 16,0 -0,51 1,6x 10,9x 5,2x 5,5x 3,2x
Prosafe PRS NO Not Rated NOK 3,41 -0,42 0,60 -0,8x 0,6x 7,8x 3,0x
Protector Forsikring PROT NO Buy NOK 498,50 560,0 28,87 24,1x 17,3x 20,7x
Public Property Invest PUBLI NO Not Rated NOK 21,95
Puuilo PUUILO FH Hold EUR 14,68 15,8 0,67 0,8x 21,2x 18,4x 13,9x 12,1x
Q-linea QLINEA SS Not Rated SEK 24,845 -137,09 -80,28 -0,2x -0,3x -0,2x -1,8x
Qliro QLIRO SS Hold SEK 17,40 18 -2,74 -0,2x -6,3x -84,5x
Qt Group QTCOM FH Buy EUR 32,22 44 1,14 1,63 28,3x 19,7x 17,8x 12,2x
Raisio RAIVV FH Buy EUR 2,62 3 0,16 0,2x 16,6x 16,4x 8,7x 8,3x
Raketech RAKE SS Not Rated SEK 1,762 -0,34 0,09 -1,3x 1,8x 3,2x 1,3x
Rana Gruber RANA NO Buy NOK 66,30 80 10,77 11,5x 7,7x 5,8x 3,9x 3,2x
RaySearch RAYB SS Buy SEK 226 330 6,36 8,53 37,5x 28,3x 13,7x 11,8x
Rejlers REJLB SS Buy SEK 205,50 220 9,39 12,2x 21,9x 16,9x 9,5x 8,3x
Relais Group RELAIS FH Not Rated EUR 16,4 0,95 1,17 12,7x 12,3x 9,0x 8,0x
Remedy Entertainment REMEDY FH Hold EUR 13,42 13 -0,71 -0,2x -18,9x -63,8x 11,2x 50,2x
Revenio REG1V FH Buy EUR 22,4 29 0,72 0,89 30,1x 25,2x 17,3x 15,6x
RevolutionRace RVRC SS Buy SEK 62,70 71 2,56 3,0x 22,4x 20,3x 17,2x 14,8x
Rockwool ROCKB DC Buy DKK 215,9 240 2,16 2,14 12,1x 12,6x 6,6x 6,5x
Rogaland Sparebank ROGS NO Hold NOK 140,76 145 12,49 10,6x 11,3x 13,2x
Royal Unibrew RBREW DC Buy DKK 569,5 670 31,27 35,88 18,2x 15,9x 11,7x 10,8x
RugVista RUG SS Buy SEK 69,00 91 2,82 4,0x 21,7x 17,2x 12,0x 9,5x
Rusta RUSTA SS Hold SEK 70,9 70 3,53 4,41 20,1x 16,1x 8,3x 7,4x
Röko ROKOB SS Hold SEK 1 737,60 1 965 51,57 57,0x 24,6x 23,3x 19,2x 17,7x
SAAB SAABB SS Hold SEK 462,8 550 10,61 12,62 44,3x 36,7x 23,4x 19,8x
Sagax SAGAB SS Buy SEK 199,10 250 9,14 11,1x 17,0x 15,6x 19,2x 17,8x
SalMar SALM NO Buy NOK 585 650 11,96 44,58 36,8x 13,1x 18,8x 8,1x
Salmon Evolution SALME NO Buy NOK 4,71 8 -0,46 -0,1x -10,2x -70,1x -52,0x 26,5x
Salmones Camanchaca SALMOCAM CI Buy CLP 3881,9 4400 0,43 0,64 10,7x 6,4x 5,2x 3,8x
Sampo SAMPO FH Buy EUR 10,15 11 0,66 0,6x 19,8x 17,5x
Sandvik SAND SS Buy SEK 286,5 310 11,79 15,73 23,4x 18,2x 13,8x 11,4x
Sanoma SANOMA FH Buy EUR 9,97 12 0,14 0,7x 11,7x 11,1x 6,4x 5,6x
Sats SATS NO Buy NOK 38 43 2,36 2,80 16,1x 13,6x 6,0x 5,6x
SBB SBBB SS Not Rated SEK 4,13 1,09 0,7x -69,6x 17,0x 34,1x 24,3x
SCA SCAB SS Buy SEK 121,25 150 4,86 6,44 24,9x 18,8x 14,2x 11,8x
Scandic Hotels Group SHOT SS Buy SEK 90,85 115 5,51 7,8x 15,5x 11,4x 7,7x 7,9x
Scandinavian Tobacco GroSuTpG DC Hold DKK 92,1 90 9,54 11,08 7,8x 7,5x 6,5x 6,3x
Sentia SNTIA NO Hold NOK 63,00 67 4,92 4,6x 12,8x 13,7x 8,2x 8,4x
Scanfil SCANFL FH Not Rated EUR 10,2 0,63 0,81 15,7x 12,6x 9,3x 7,3x
Scatec SCATC NO Hold NOK 98,80 110 10,98 4,9x 9,0x 20,0x 9,1x 11,0x
Vend VEND NO Buy NOK 280,2 310 11,19 6,66 23,2x 42,1x 25,7x 22,8x
Scorpio Tankers STNG US Buy USD 56,28 74 6,10 7,5x 10,7x 7,5x 5,5x 4,0x
Sdiptech SDIPB SS Buy SEK 191 315 -5,50 9,94 12,8x 10,7x 9,3x 8,3x
Sea1 Offshore SEA1 NO Buy NOK 21,40 25 0,74 0,3x 4,5x 6,3x 3,6x 4,5x
Seadrill SDRL US Buy USD 30,38 40 -0,47 1,03 129,1x 29,4x 5,8x 5,4x
SEB SEBA SS Hold SEK 189,40 178 15,40 14,7x 12,3x 12,9x
Sectra SECTB SS Hold SEK 281,6 300 2,68 3,60 104,9x 78,2x 69,3x 52,4x
Securitas SECUB SS Buy SEK 148,00 175 10,89 11,7x 12,0x 11,2x 7,8x 7,6x
Selvaag Bolig SBO NO Hold NOK 34,4 37 1,03 4,16 32,6x 8,3x 44,8x 6,0x
Sensys Gatso Group SGG SS Not Rated SEK 39,40 -0,65 3,6x -60,6x 11,0x 7,6x 6,3x
SFL Corporation Ltd SFL US Hold USD 8,2 8 -0,11 0,49 66,6x 15,0x 8,5x 7,8x
Hacksaw Gaming HACK SS Buy SEK 63,60 105 0,50 0,7x 11,3x 8,3x 9,3x 6,6x
Kilde: DNB Carnegie, FactSet, Bloomberg
20
DNB Carnegie | 2 desember 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
Hacksaw Gaming HACK SS Buy SEK 63,6 105,0 0,50 0,70 11,3x 8,3x 9,3x 6,6x
ShaMaran Petroleum SNM SS Buy SEK 1,7 1,9 0,01 0,0x 26,1x 7,3x 6,1x 3,7x
Shelf Drilling SHLF NO Not Rated NOK 18,4
Sileon SILEON SS Not Rated SEK 2,30 -13,82 -13,5x -0,2x -0,2x -1,9x -3,3x
Sinch SINCH SS Buy SEK 28,29 46,0 0,19 1,07 8,5x 8,3x 7,9x 6,9x
Sitowise SITOWS FH Hold EUR 2,24 2,3 -0,09 0,0x 31,6x 21,8x 9,0x 8,2x
Sivers Semiconductors SIVE SS Not Rated SEK 4,124 -0,54 -0,32 -7,6x -12,8x -44,7x 316,6x
Skanska SKAB SS Hold SEK 240,20 250,0 14,12 15,5x 17,0x 15,5x 7,6x 7,0x
SKF SKFB SS Buy SEK 247,6 275,0 10,17 17,53 14,1x 13,1x 7,6x 6,7x
SkiStar SKISB SS Buy SEK 169,90 205,0 7,05 9,7x 24,1x 17,5x 12,7x 10,2x
Sleep Cycle SLEEP SS Not Rated SEK 23,10 2,65 2,71 8,7x 8,5x 4,7x 4,0x
SLP SLPB SS Buy SEK 41,20 47,0 2,39 1,9x 19,1x 17,7x 22,6x 20,6x
Smart Eye SEYE SS Buy SEK 71,7 108,0 -3,75 3,75 -80,4x 10,9x 186,0x 8,7x
SmartCraft SMCRT NO Buy NOK 23,40 28,0 0,57 0,8x 40,1x 30,6x 19,1x 15,4x
Smartoptics SMOP NO Buy NOK 26,7 24,0 0,03 0,07 94,3x 35,4x 31,8x 20,3x
Sobi SOBI SS Buy SEK 341,00 400,0 -0,72 18,9x 13,1x 11,6x 11,0x 8,9x
Solar SOLARB DC Hold DKK 190,8 220,0 1,01 13,84 36,7x 13,8x 6,0x 5,4x
Solar Foods SFOODS FH Not Rated EUR 5,00 -0,31 -0,3x -16,1x -18,2x -103,4x -135,2x
Solstad Offshore SOFF NO Buy NOK 41,9 60 1,32 1,99 3,2x 2,1x 3,6x 2,5x
Scandinavian Medical SoluStiMoSnsMED DC Buy DKK 3,97 6 0,00 0,1x 4192,2x 54,1x 15,7x 12,3x
Sonova SOON SW Hold CHF 203,4 220 9,04 8,62 18,8x 22,4x 13,6x 15,0x
SP Group SPG DC Buy DKK 285,00 395 20,44 26,4x 13,9x 10,8x 7,0x 5,9x
Spago Nanomedical SPAGO SS Not Rated SEK 0,111 -0,04 -0,03 -2,9x -3,3x -2,7x -2,3x
Spar Nord Bank SPNO DC Not Rated DKK 209,60 17,01 18,3x 12,3x 11,4x
SpareBank 1 Helgeland HELG NO Hold NOK 174 174 15,63 13,59 11,0x 12,8x
Sparebank 1 Nord-Norge NONG NO Hold NOK 142,36 150 14,76 12,6x 9,6x 11,3x
Sparebank 1 SMN MING NO Buy NOK 192,42 210 18,48 17,59 10,4x 10,9x
SpareBank 1 Sør-Norge SB1NO NO Hold NOK 180,20 185 16,56 15,7x 10,9x 11,5x
Sparebank 1 Østlandet SPOL NO Hold NOK 183,5 190 16,97 14,34 10,5x 12,5x
Sparebanken Møre MORG NO Hold NOK 102,36 105 8,92 8,3x 11,5x 12,3x
Sparebanken Norge SBNOR NO Hold NOK 178,7 178 16,63 14,35 10,7x 12,5x
Sparebanken Sør SOR NO Buy NOK 203,00 226
Sparebanken Øst SPOG NO Hold NOK 73,71 76 6,93 5,53 10,6x 13,3x
SSAB SSABA SS Buy SEK 67,74 69 4,74 6,9x 14,3x 9,8x 5,8x 4,9x
Star Bulk SBLK US Hold USD 20,01 19 0,83 3,70 23,7x 5,4x 8,9x 4,2x
Stillfront Group SF SS Not Rated SEK 6,80 0,51 0,8x 3,8x 3,4x 3,7x 3,3x
Stockwik STWK SS Not Rated SEK 17,95 -1,25 2,65 -60,9x 5,2x 5,6x 4,7x
Stolt-Nielsen SNI NO Buy NOK 343,00 470 6,42 6,0x 7,3x 5,7x 5,0x 4,2x
Stora Enso STERV FH Buy EUR 10,015 13 0,50 0,63 24,4x 15,8x 9,6x 7,9x
Storebrand STB NO Buy NOK 157,10 175 10,19 11,4x 14,1x 12,9x
Storskogen STORB SS Buy SEK 11,32 19 0,68 0,89 10,3x 9,0x 7,2x 6,5x
Storytel STORYB SS Buy SEK 77,80 91 4,10 5,4x 18,2x 14,0x 7,9x 6,6x
Subsea 7 SUBC NO Buy NOK 193,3 230 1,62 2,39 11,8x 8,0x 4,1x 3,6x
Surgical Science Sweden SUS SS Buy SEK 34,40 142 1,38 3,8x 15,3x 7,3x 7,1x 2,9x
Sveafastigheter SVEAF SS Hold SEK 39,72 40 0,79 1,77 23,5x 19,0x 26,6x 23,7x
Svedbergs Group SVEDB SS Not Rated SEK 63,80 3,74 4,2x 17,0x 15,1x 9,8x 8,9x
Sweco SWECB SS Buy SEK 162,2 210 6,30 7,53 24,1x 20,7x 13,5x 11,8x
Swedbank SWEDA SS Hold SEK 304,00 295 27,72 24,2x 11,1x 12,5x
Synsam SYNSAM SS Buy SEK 66,6 75 3,10 4,22 22,5x 16,5x 7,5x 6,4x
Terranor TERNOR SS Not Rated SEK 28,65 0,09 5,0x 10,0x 5,7x 3,7x 2,7x
Systemair SYSR SS Buy SEK 77,4 95 3,27 3,84 22,1x 19,2x 10,8x 10,5x
Talenom TNOM FH Hold EUR 3,15 3 0,13 0,2x 24,9x 17,2x 6,6x 6,0x
Safe Bulkers SB US Hold USD 5,23 5 0,34 0,95 16,5x 5,5x 7,9x 5,3x
TCM Group TCM DC Buy DKK 68,40 93 5,66 8,3x 11,3x 7,9x 7,5x 5,6x
Teekay Tankers TNK US Buy USD 55,53 68 10,09 8,93 8,0x 6,2x 3,5x 2,1x
Tele2 TEL2B SS Hold SEK 149,15 157 6,51 7,2x 16,2x 15,5x 10,1x 9,6x
Telenor TEL NO Sell NOK 144,8 156 8,94 10,20 15,9x 13,4x 7,8x 7,6x
Telia Company TELIA SS Buy SEK 37,88 41 1,63 2,0x 17,0x 17,5x 6,8x 6,5x
Terveystalo TTALO FH Hold EUR 9,38 10 0,79 0,88 11,2x 10,6x 6,7x 6,4x
Traton 8TRA SS Buy SEK 317,20 360 2,96 5,0x 8,5x 5,8x 3,2x 2,4x
TF Bank TFBANK SS Buy SEK 165,66 205 9,96 13,60 16,6x 12,5x
TGS TGS NO Sell NOK 87,80 70 0,17 0,3x 49,7x 28,3x 2,5x 2,8x
Thule Group THULE SS Hold SEK 251,8 255 11,19 12,89 22,5x 19,5x 15,6x 13,7x
Tidewater Inc. TDW US Hold USD 54,87 55 3,05 3,6x 13,8x 14,3x 4,9x 4,9x
Kilde: DNB Carnegie, FactSet, Bloomberg
21
DNB Carnegie | 2 desember 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
TietoEVRY TIETO FH Hold EUR 18,4 17,7 0,13 1,21 12,3x 11,2x 7,1x 8,0x
Tobii TOBII SS Not Rated SEK 1,6 -0,04 0,2x -35,2x 8,4x 0,8x 1,0x
Tokmanni TOKMAN FH Hold EUR 7,6 7,6 0,60 0,75 12,1x 10,0x 6,1x 5,9x
Tomra TOM NO Sell NOK 129,50 110,0 0,29 0,4x 38,2x 25,3x 15,4x 11,9x
Transocean RIG US Not Rated USD 4,41 -0,97 0,13 19,5x 32,9x 7,0x 6,8x
Transtema TRANS SS Not Rated SEK 8,38 0,68 1,2x 11,6x 6,9x 3,9x 2,8x
Trelleborg TRELB SS Hold SEK 395,9 380,0 15,61 19,58 23,1x 19,3x 12,1x 11,0x
Excelerate Energy EE US Buy USD 28,02 33,0 1,45 2,2x 16,0x 12,7x 7,8x 6,8x
Trianon TRIANB SS Buy SEK 19,82 23,0 1,26 1,01 17,9x 15,4x 22,3x 21,5x
Trifork TRIFOR DC Buy DKK 84,50 120,0 0,52 0,7x 14,7x 13,0x 7,8x 7,2x
Troax TROAX SS Buy SEK 139,00 181,0 0,34 0,61 27,5x 19,1x 15,7x 12,0x
Truecaller TRUEB SS Buy SEK 23,84 60,0 1,29 1,5x 15,5x 14,3x 8,6x 8,8x
Tryg TRYG DC Buy DKK 160,2 190,0 8,71 8,71 16,1x 16,1x
UPM UPM FH Hold EUR 23,40 22,0 0,88 1,6x 19,0x 14,8x 11,8x 8,9x
Verisure VSURE SS Buy EUR 15,642 20,1 -0,23 0,06 45,0x 29,1x 12,5x 11,2x
Vaisala VAIAS FH Buy EUR 43,15 57,0 1,58 2,1x 27,3x 20,4x 14,3x 11,7x
Valaris VAL US Hold USD 56,41 50,0 2,13 2,74 25,2x 20,6x 7,3x 8,9x
Valmet VALMT FH Buy EUR 27,84 33,0 1,60 2,3x 10,8x 10,1x 8,1x 7,4x
VEF VEFAB SS Buy SEK 2,425 3
Veidekke VEI NO Hold NOK 167,00 160 10,48 11,3x 15,9x 14,8x 6,4x 6,0x
Ventura Offshore VTURA NO Buy NOK 20 40 0,17 -0,07 11,8x -28,8x 3,7x 6,6x
Schouw & Co SCHO DC Buy DKK 616,00 750 46,42 48,4x 11,5x 11,1x 6,5x 6,3x
Verkkokauppa.com VERK FH Buy EUR 3,69 4 0,24 0,23 19,8x 16,1x 7,1x 6,6x
Posti POSTI FH Hold EUR 8,34 9 0,73 0,9x 7,8x 7,5x 4,0x 3,9x
Vertiseit VERT SS Not Rated SEK 65 0,37 2,48 79,6x 26,3x 21,4x 12,4x
Verve VER SS Hold SEK 18,11 20 0,04 0,1x 9,1x 6,6x 6,1x 5,4x
Vestas VWS DC Buy DKK 153,8 191 0,75 0,99 27,6x 20,8x 11,0x 9,5x
Vestum VESTUM SS Buy SEK 8,61 11 -0,17 0,1x 15,0x 9,7x 9,1x 6,9x
Viaplay Group VPLAYB SS Not Rated SEK 0,932 -0,12 -0,03 -5,2x -28,3x -31,7x 17,9x
Vicore Pharma VICO SS Buy SEK 9,88 19 -1,23 -1,4x -8,0x -6,9x -4,5x -5,0x
Vimian VIMIAN SS Hold SEK 29,9 40 0,06 0,10 21,3x 18,4x 13,8x 12,5x
Vitec VITB SS Buy SEK 308,60 450 9,88 11,4x 31,3x 27,1x 11,6x 10,4x
Vitrolife VITR SS Buy SEK 146 230 3,41 5,33 27,0x 20,1x 19,0x 15,1x
Vivesto VIVE SS Not Rated SEK 0,14 -0,06 0,0x -2,2x -3,5x -1,2x -0,7x
VNV Global VNV SS Buy SEK 22,04 30
VO2 Cap Holding VO2 SS Not Rated SEK 2,02 -0,31 0,1x 52,9x 23,2x 4,3x 4,5x
Volati VOLO SS Buy SEK 106,4 137 3,37 5,30 21,0x 15,7x 11,3x 9,4x
Volvo VOLVB SS Hold SEK 282,90 247 16,27 19,3x 15,7x 14,6x 6,8x 6,9x
Volvo Cars VOLCARB SS Buy SEK 32,94 37 1,17 5,52 7,4x 6,0x 2,2x 1,6x
Vår Energi VAR NO Hold NOK 31,90 31 0,43 0,3x 7,3x 10,3x 2,0x 2,0x
W5 Solutions W5 SS Not Rated SEK 47,8 0,31 1,59 154,6x 30,0x 17,9x 12,1x
Wallenius Wilhelmsen ASAWAWI NO Hold NOK 92,70 92 2,54 2,2x 4,2x 4,1x 3,0x 2,7x
Wallenstam WALLB SS Sell SEK 42,56 40 2,26 1,46 21,1x 21,3x 30,7x 30,2x
Waystream WAYS SS Not Rated SEK 33,80 1,97 3,1x 17,2x 11,0x 9,6x 7,3x
Western Bulk Chartering WEST NO Hold NOK 16,6 13 -0,11 0,06 -6,5x 27,4x -2,8x 10,8x
Wihlborgs WIHL SS Buy SEK 90,55 110 5,65 5,4x 14,7x 13,4x 20,0x 18,8x
Wilh. Wilhelmsen Holding WASWAI NO Buy NOK 553 700 14,71 10,80 3,7x 5,1x 2,0x 0,2x
WithSecure WITH FH Not Rated EUR 1,71 -0,02 0,0x -118,3x -215,5x 43,2x 29,7x
Wärtsilä WRT1V FH Buy EUR 27,72 30 1,05 1,24 25,2x 22,1x 15,3x 13,5x
Xbrane Biopharma XBRANE SS SEK 8,88
Xvivo XVIVO SS Buy SEK 178,1 300 0,53 4,64 287,2x 37,1x 34,2x 19,7x
YIT YIT FH Buy EUR 3,13 3 -0,11 0,0x -146,1x 69,7x 18,3x 11,1x
Yubico YUBICO SS Hold SEK 85,6 109 2,23 4,15 38,3x 20,6x 24,5x 13,9x
Zealand Pharma ZEAL DC Buy DKK 492,10 610 92,03 5,9x 5,3x 83,5x 2,4x 434,8x
Zelluna ZLNA NO Not Rated NOK 8,7 -4,69 -7,80 -0,2x -0,1x 0,1x 0,8x
Ørsted ORSTED DC Hold DKK 136,65 115 4,34 10,4x 17,9x 16,8x 8,4x 8,0x
GRK GRK FH Buy EUR 13,352 17 1,16 1,13 11,1x 11,8x 5,8x 5,7x
Taaleri TAALA FH Not Rated EUR 7,30 0,50 0,6x 14,5x 11,2x 7,4x 5,2x
AAK AAK SS Buy SEK 265,6 341 13,22 15,37 18,4x 16,6x 12,1x 10,7x
0 0 0 0 0,00 0 0,00 0,0x 0,0x 0,0x 0,0x 0,0x
Kilde: DNB Carnegie, FactSet, Bloomberg
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DNB Carnegie | 2 desember 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 8,60 -5,3 % 7 EUR -6,3 % -5,3 % -10,0 % -14,0 % 8,60 10,25 1,9
AIK Fotboll AIKB 1,59 0,0 % 5 SEK 1,9 % 0,6 % -5,9 % -2,2 % 1,43 2,00 0,0
SC Braga SCB 15,00 0,0 % na EUR 0,0 % -5,1 % 2,7 % 2,7 % 13,60 17,00 0,2
Besiktas Futbol BJKAS 1,78 3,5 % 35 156 TRY -1,7 % -8,7 % -48,9 % -47,3 % 1,68 4,13 1,9
Borussia Dortmund BVB 3,32 0,2 % 57 EUR 0,2 % -3,1 % 5,7 % 2,8 % 2,78 4,20 4,3
Brøndby IF BIFB 0,32 0,9 % 623 DKK 3,8 % 4,9 % -21,3 % -27,0 % 0,30 0,46 4,3
Celtic FC CCP 187,50 0,0 % na GBp 2,7 % 4,2 % 11,9 % 11,9 % 142,50 195,00 2,4
CF Intercity CITY 0,10 21,7 % na EUR 42,0 % -5,7 % -47,4 % -78,3 % 0,05 0,67 0,0
Birmingham Sports 2309 1,94 -2,5 % na HKD 3,7 % -7,2 % -18,1 % -35,1 % 1,62 3,41 2,3
FC København PARKEN 138,00 -3,2 % 1 DKK 1,8 % -4,5 % 8,2 % 14,0 % 120,00 240,00 9,9
FC Porto FCP 3,28 4,5 % na EUR -0,6 % -14,1 % 198,2 % 192,9 % 0,90 4,18 0,9
Galatasaray Sportif GSRAY 1,30 2,4 % 190 218 TRY -5,8 % -11,6 % -14,1 % -23,4 % 1,14 1,75 4,2
Juventus Football JUVE 2,34 0,9 % 719 EUR -4,1 % -14,7 % -22,6 % -24,7 % 2,29 3,56 10,4
Manchester United MANU 15,79 -0,7 % 386 USD 2,3 % -5,1 % -9,0 % -8,7 % 12,05 19,65 27,6
Olympique Lyonnais EFG 1,54 -4,9 % 9 EUR -6,1 % -6,1 % -23,4 % -21,4 % 1,42 2,06 3,2
SL Benfica SLBEN 6,00 1,0 % 1 EUR -2,6 % -6,0 % 84,6 % 80,7 % 3,09 6,78 1,6
Sporting Club SCP 0,99 -3,4 % 0 EUR 0,0 % -1,5 % 8,2 % -0,5 % 0,90 1,10 2,3
SS Lazio SSL 1,09 0,0 % 21 EUR -1,4 % 2,4 % 4,3 % 5,9 % 0,75 1,17 0,9
Trabzonspor Sportif TSPOR 1,24 4,2 % 399 668 TRY -0,8 % -2,4 % -42,4 % -37,4 % 0,93 2,84 2,2
Skistar SKISB 169,90 -1,0 % 52 SEK 2,6 % 6,8 % 3,9 % 1,0 % 148,90 182,90 14,3
Vail Resorts MTN 138,74 -1,0 % 638 USD 1,2 % -6,5 % -26,0 % -21,5 % 129,85 199,45 51
Cie des Alpes CDA 22,45 2,0 % 68 EUR 11,1 % 12,8 % 48,1 % 52,5 % 13,24 23,65 13,4
Amer Sports AS 37,03 -0,3 % 3 570 USD 8,7 % 18,6 % 32,4 % 41,7 % 20,21 42,36 207,7
Heineken HEIA 70,36 0,3 % 544 EUR 1,4 % 5,0 % 2,4 % -0,4 % 63,58 82,78 477
Carlsberg CARLB 810,60 1,4 % 243 DKK 3,3 % 6,4 % 17,5 % 7,3 % 662,60 958,80 175
Anheuser-Busch ABI 53,70 1,3 % 1 221 EUR -0,3 % 1,5 % 11,3 % 5,1 % 44,89 63,04 1 275
Molson Coors TAP 46,91 0,9 % 3 005 USD 1,7 % 7,3 % -18,2 % -24,1 % 42,94 64,66 94
Royal Unibrew RBREW 569,50 2,1 % 222 DKK 4,1 % 16,3 % 12,7 % 6,2 % 464,60 591,50 45
Kilde: Bloomberg, DNB Carnegie
23
DNB Carnegie | 2 desember 2025
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