Research report prepared by DNB Carnegie, a division of DNB Bank ASA
Aksjemarkedet i dag
FOKUS PĂ
GEOPOLITISK RISIKO & PortefĂžlje anbefalte aks
LĂFT I OLJEPRISEN - TGS & BAKKA
- H
- M
Mens oppdaterte tall for kostnadsvekst og ledighet trakk renter ned og skjĂžv -
aksjemarkedet opp i USA i gÄr bidro bÄde fortsatte bekymringer for -
handelsforhandlingene og nyheter fra selskapene, blant annet i forbindelse med Boeing, - S
til Ă„ holde en oppgang tilbake. Dow og S&P500 sluttet begge opp 0.2%, mens Nasdaq -
stengte opp 0.4%. Volumet aksjer omsatt pÄ de tre hovedindeksene kom i lÞpet av -
- V
dagen opp pÄ 70-96% av gjennomsnittet for de siste tre mÄneder, mens VIX-indeksen -
var opp med 4.4% til 18 punkter. I Asia handles futures pÄ S&P500 i Þyeblikket ned 1.5%,
mens avkastningen pÄ US tiÄringen ligger pÄ 4.35%. Det betyr at renten er ned 3 -
basispunkter i forhold til ved stengetid i det norske markedet i gÄr ettermiddag. -
Oppmerksomheten i markedene er i morgentimene i dag i all hovedsak rettet mot I dag
utviklingen i MidtĂžsten og risikoen for en ytterligere eskalering og eventuelt spredning
av konïŹikten mellom Israel og Iran. Fra Japan har vi imidlertid tidligere i dag ogsĂ„ fĂ„tt Rappo
nye nĂžkkeltall fra industrien. Oppdateringen reïŹekterer et noe lavere aktivitetsnivĂ„ enn
ventet og Nikkei ser ut til Ä avslutte uken med en nedgang pÄ 1.3%. De viktigste
kinesiske indeksene fÞlger sÄ langt i dag ogsÄ med ned inntil 1.3%. KPI- NÞkke
oppdateringene som legges frem i Europa i lĂžpet av morgentimene i dag er i all
hovedsak justeringer eller bekreftelser av allerede tidligere publiserte prisveksttall for S
S
mai. Selv med investorenes oppmerksomhet nÄ vendt mot MidtÞsten vil ogsÄ den fÞrste
amerikanske forbrukertillitsmÄlingen for juni i dag muligens kunne pÄvirke Rapport
markedene. Disse tallene offentliggjÞres kl 16.00 i ettermiddag norsk tid. Ser vi over pÄ
J
agendaen for neste uke har vi igjen et tettere program nÄr det gjelder oppdateringer fra
makrosiden. I lĂžpet av uken blir det avholdt seks viktige rentemĂžter i Asia, Europa og
USA. FÞr vi kommer sÄ langt vil i tillegg kinesiske myndigheter mandag morgen ha
E
offentliggjort blant annet tall for veksten i industriproduksjonen, investeringene og E
detaljhandelen gjennom mai. U
U
Oppmerksomheten i oljemarkedet er i Þyeblikket altsÄ rettet mot risikoen for en videre
eskalering og utvidelse av konïŹikten mellom pĂ„ den ene side Iran og pĂ„ den andre siden
Israel og USA. FÞr Äpning i dag ligger Brent pÄ USD 76.01 pr fat og WTI handles pÄ USD
73.21 pr fat. Det betyr at prisene er opp henholdsvis USD 6.82 pr fat og USD 6.55 pr fat
i forhold til nivÄene ved stengetid i det norske markedet i gÄr.
PĂ„ tross av utvikling i oljeprisen det siste dĂžgnet ser vi at etterspĂžrselen etter seismikk-
kapasitet i Q2 er ned rundt 30% i forhold til samme kvartal i fjor. Denne utviklingen vil
kunne legge et press pĂ„ ïŹĂ„teutnyttelsen ogsĂ„ inn i andre halvĂ„r og videre fremover. Vi
har tatt ned estimatene for topplinjen i TGS ned for perioden 2025-2027 og redusert
kursmÄlet fra NOK 110 til NOK 85 pr aksje. Anbefalingen er tatt ned fra KjÞp til
Hold. Kursen stengte i gÄr pÄ NOK 87.75 pr aksje.
Kapitalmarkedsdagene i sjĂžmatsektoren fortsetter neste uke med et to-dagers
arrangement pÄ FÊrÞyene. Mens vi i gÄr sÄ vÄre positive forventninger foran DNB
presentasjonen fra AKVA Group bekreftet er vi imidlertid ikke like overbevist om at
Bakkafrosts tilsvarende gjennomgang neste uke vil fungere som en trigger for aksjen. -
Oppstarten av smoltanlegg bÄde pÄ FÊrÞyene og i Skottland har vÊrt noe forsinket i Emis
forhold til de opprinnelige planene og dette medfÞrer etter vÄrt syn at det av selskapet
tidligere guidete volumet til og med 2028 vil kunne bli justert ned. Ettersom bÄde -
konsensus og vÄre estimater imidlertid allerede ligger godt under guidingen venter vi -
ikke at en slik nedjustering nĂždvendigvis gi noe betydelig kursutslag. Historisk sett har UTBYTTE
Bakkafrost vist en god evne til Ä oppnÄ prispremier i forhold til sine konkurrenter og vi vil viktigst
ïŹnansmar
i forbindelse med kapitalmarkedsdagen fÞlge spesielt med pÄ hva ledelsen sier om Ä ANALYST
kunne re-etablere denne differansen fremover. Videre vil vi fokusere pÄ Ä fÄ mer Ole-And
visibilitet nĂ„r det gjelder hva som kan deïŹneres som normalisert inntjening for Ole-and
virksomhetene innen ïŹskeolje, - mel og fĂŽr. Bakkafrost stengte i gĂ„r pĂ„ NOK 461 pr aksje TLF:
og vi har basert pÄ en vurdering av de langsiktige utsiktene og estimatet for summen-av- Please s
delene en kjÞpsanbefaling med et kursmÄl pÄ NOK 590 pr aksje. researc
employed b
research a
DNB Carnegie | 13 juni 2025
US AKSJEINDEKSER OG OLJEPRIS â FĂR OG ETTER STENGETID I OSLO
Index rebased US
100.6 7
100.4 6
100.2 6
100.0 6
99.8 6
99.6 6
99.4 6
6
99.2 6
99.0 6
98.8 6 7 8 9 0 1 2 6
1 1 1 1 2 2 2
1 1 1 1 1 2 2 2
Dow S&P500 Nasdaq WTI Oil Price
INTERNASJONALE BĂRSER RENTER VALUTA / RĂ
VARER
Siste Endr. % Siste I gÄr Endr. Siste I gÄr Endr. %
Dow Jones 42,968 102 0.24 USA 10Ă„r 4.342 4.42 -0.08 EUR/USD 1.153 1.158 -0.43
S&P 500 6,045 23 0.38 Tyskl. 10Ă„r 2.478 2.52 -0.05 USD/JPY 143.7 143.5 -0.13
NASDAQ 19,662 47 0.24 Norge 10Ă„r 4.045 4.06 -0.02 USD/NOK 9.972 9.937 -0.36
Nikkei 225 37,666 -507 -1.33 USA 3m 4.854 4.87 -0.01 EUR/NOK 11.501 11.512 0.09
Euro 500 6,468 -20 -0.31 Euro 3m 1.975 1.95 0.02 Siste Endr. Endr. %
Danmark-KFX 1,947 2 0.10 Norge 3m 4.600 4.62 -0.02 CRB indeks 3 03 3.42 1.14
Finland-HEX 10,564 -17 -0.16 Brent sp. ($/bbl) 7 0.9 1.19 1.71
Norge-OSEBX 1,616 5 0.33 Brent 1m ($/bbl) 7 5.7 5.96 8.54
Sverige-SAX 945 -9 -0.94 Alum. 3m ($/ton)2 ,517.5 25.00 1.00
US Nat.gass 2 .9 0.12 4.32
NORDISKE AKSJER I USA â 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 81.05 1.72 10,562,504 524.11 519.20 4.91
GN Group 46.09 2.75 12 99.35 99.18 0.17
AP MĂžller Maersk 9.38 0.14 78,959 12,131.15 12,130.00 1.15
Finland
Nokia 5.32 -0.03 14,290,803 4.61 4.57 0.04
Metso 6.11 -0.14 69,560 10.59 10.87 -0.28
UPM Kymmene 27.06 -0.06 154,217 23.46 23.49 -0.03
Norge
BW LPG 11.58 0.30 330,573 115.47 114.10 1.37
Frontline 18.37 0.82 3,296,194 183.18 180.75 2.43
Norsk Hydro 5.68 0.05 178,433 56.64 56.10 0.54
Yara 18.85 0.38 12,538 375.94 375.60 0.34
Cool Company 7.22 -0.01 87,106 72.00 72.50 -0.50
Golden Ocean 7.90 0.08 1,420,456 78.78 79.00 -0.22
Himalaya Shipping 6.57 0.06 75,052 65.52 65.00 0.52
Hafnia 5.35 0.12 1,504,569 53.35 53.32 0.03
Okeanis Eco Tankers 22.49 0.43 183,363 224.27 222.50 1.77
Flex LNG 24.15 0.43 490,231 240.82 236.00 4.82
Equinor 26.39 0.47 3,131,936 263.16 261.10 2.06
Subsea 7 19.06 0.14 4,510 190.10 189.50 0.60
Telenor 15.47 0.28 9,247 154.27 153.70 0.57
Tomra 15.90 -0.10 100 158.55 159.50 -0.95
Questerre 0.25 -0.01 11,033 1.83 1.96 -0.13
Orkla 11.13 0.11 50,803 110.99 110.30 0.69
Sverige
AstraZeneca 75.00 1.26 3,445,758 1425.09 1422 3.09
Electrolux 13.26 0.16 5,020 62.97 62.44 0.53
Ericsson (B) 8.50 0.06 14,267,041 80.76 80.72 0.04
Hennes & Mauritz 2.77 0.00 85,371 131.58 132.7 -1.12
Atlas Copco 16.37 0.09 1,640,415 155.52 155 0.52
SKF B 22.35 0.23 10,043 212.34 211.2 1.14
Telia 7.50 0.16 104,878 35.63 35.53 0.10
Assa Abloy 16.10 0.06 337,676 305.92 305.1 0.82
Sandvik 22.46 0.09 29,213 213.38 211.9 1.48
2
DNB Carnegie | 13 juni 2025
US S&P500 â AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)*
Siste Ă„r Siden 1995
250 3000
200 2500
2000
150
1500
100
1000
50 500
0 0
S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks
* Verdiindeks = S&P 500 Value Total Return Index
* Vekstindeks = S&P 500 Growth Total Return Index
* GARP indeks = S&P 500 GARP Index (Growth At a Reasonable Price)
Kilde:Bloomberg / DNB Carnegie
US indekser I gÄr Endr. %1D %1W %1M %3M %YTD %12M Est. P/E
Dow Jones Industrial 42,968 101.9 0.24 1.53 1.96 5.28 1.00 11.18 21.47
S&P 500 6,045 23.0 0.38 1.78 2.70 9.49 2.78 11.25 23.36
Nasdaq Composite 19,662 46.6 0.24 1.89 3.43 13.64 1.82 11.29 30.25
Russel 2000 2,140 -8.1 -0.38 2.04 1.80 7.34 -4.04 4.96 29.98
Amex naturgass (XNG) 697 6.0 0.86 2.34 2.02 5.79 8.38 18.22 14.24
Amex Oil Service 62 -0.1 -0.20 8.04 4.43 -0.64 -14.19 -23.68 na
Philadelphia oljeproduksjon (XOI) 1,822 8.7 0.48 7.14 2.03 2.77 3.33 -7.84 na
Amex farmasi (DRG) 971 12.5 1.31 4.66 8.95 -1.84 3.95 -8.25 15.39
Nasdaq biotech 4,319 43.4 1.02 3.28 8.15 -2.31 0.19 -4.85 na
Philadelphia halvleder (SOX) 5,249 16.6 0.32 4.75 6.44 17.87 5.41 -6.31 27.30
S&P 500 Paper & Forest (PAFO) 376 4.4 1.20 -1.89 -4.23 -3.93 -18.73 2.46 15.85
Kilde: Bloomberg, DNB Carnegie
RÄvarer og shipping Siste I gÄr Endr. %1D %1W %1M %3M %YTD %12M 52W H 52W L
CRB indeks 302.8 302.8 -0.33 -0.11 1 0.7 -0.1 2.0 2.4 316.6 265.5
GS rÄvare indeks 3,772 3,772 -2.72 -0.07 2 3 2 3 2 3,918 3,307
Olje
Brent Spot 70.87 70.87 1.19 1.72 3.96 9.11 -1.91 -4.37 -12.77 89.11 61.07
Brent olje 1m 75.73 69.36 6.37 9.18 13.93 13.66 8.37 1.46 -8.48 87.95 58.40
Brent olje 3m 72.36 67.67 4.69 6.93 11.07 10.17 4.96 -2.06 -11.54 86.24 57.78
WTI olje 1m 74.34 68.04 6.30 9.26 15.11 16.76 11.71 3.65 -5.44 84.52 55.12
Flybensin 697.25 0.00 10.00 1.46 3.64 4.85 -1.13 -2.89 -12.79
Naturgass US Henry Hub 2.90 2.90 0.17 6.23 1.40 -8.81 -30.62 -14.71 3.57
Fyringsolje 2 32.8 218.9 13.97 6.38 9.56 7.2 7.7 0.3 -6.4 2 66.0 1 93.4
Metaller
Aluminium 3m 2,518 2,518 2 0.08 1.59 1.5 -6.8 -1.3 -2.3 2,736 2,210
Nikkel 15,142 15,142 -35 -0.23 -2.45 -3.2 -9.0 -1.2 -16.2 18,290 13,865
Kobber 9,702 9,702 54 0.56 -0.39 1.9 -0.7 10.7 -2.4 10,165 8,105
Gull 3,428 3,386 42 1.24 3.55 5.5 14.7 30.6 48.8 3,500 2,294
Shipping
WS AG - Japan, 250 dwt 50 50 0 0.00 0.00 -20 -13 25 -5 75 38
WS AG - USG, 250 dwt 28 28 0 0.00 0.00 -8 -15 0 -27 45 28
Baltic dry index 1,904 1,904 166.0 9.55 17.10 49 15 91 -2 2,179 715
Kilde: Bloomberg, DNB Carnegie
Renter og valuta Siste I gÄr Endr. 1W 1M 3M YTD 12M 52W H 52W L
Norge - Nibor 1m 4.550 4.550 0.000 -0.01 0.01 0.06 -0.06 -0.10 4.67 4.43
Norge - Nibor 3m 4.600 4.600 -0.010 -0.03 0.01 0.10 -0.08 -0.12 4.78 4.45
USA - Libor 3m 4.854 4.855 -0.001 -0.08 -0.42 -0.73 -0.74 -0.80 na na
Euro - Euribor 3m 1.975 1.975 0.022 0.02 -0.16 -0.55 -0.74 -1.75 3.72 0.00
Norge 10 Ă„r stat 4.045 4.045 -0.034 -0.04 0.01 -0.07 0.17 0.48 4.23 3.17
USA 10 Ă„r stat 4.342 4.359 -0.018 -0.16 -0.12 0.07 -0.23 0.10 4.81 3.60
Euro 10 Ă„r stat 2.478 2.478 -0.057 -0.10 -0.17 -0.40 0.11 -0.05 2.94 2.01
Tyskland 10 Ă„r stat 2.478 2.478 -0.057 -0.10 -0.17 -0.40 0.11 -0.05 2.94 2.01
Japan 10 Ă„r stat 1.411 1.452 -0.041 -0.04 -0.03 -0.14 0.31 0.44 1.60 0.74
UK 10 Ă„r stat 4.477 4.477 -0.075 -0.14 -0.17 -0.25 -0.09 0.35 4.92 3.73
Valuta
EUR/USD 1.153 1.158 -0.005 0.014 0.035 0.068 0.118 0.080 1.163 1.018
USD/JPY 143.7 143.5 0.180 -1.2 -3.8 -4.2 -13.5 -13.4 162.0 139.6
GBP/USD 1.355 1.361 -0.007 0.002 0.024 0.060 0.103 0.079 1.363 1.210
USD/NOK 9.972 9.937 0.035 -0.140 -0.395 -0.708 -1.415 -0.686 11.531 9.909
EUR/NOK 11.501 11.512 -0.011 -0.021 -0.091 -0.085 -0.284 0.067 12.222 11.254
GBP/NOK 13.508 13.525 -0.017 -0.171 -0.284 -0.327 -0.735 -0.084 14.371 13.317
Kilde: Bloomberg, DNB Carnegie
3
DNB Carnegie | 13 juni 2025
US Selskaper - vinnere/tapere
DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring
Alle siste 1 dag 1 mnd 1 Ă„r Topp siste 1 dag 1 mnd 1 Ă„r Topp siste 1 dag 1 mnd 1 Ă„r
UnitedHealth Group Inc 318.50 2.6 % 2.3 % -36.0 % Datadog Inc 122.68 3.4 % 4.6 % 2.6 % Oracle Corp 199.86 13.3 % 23.2 % 42.9 %
Amgen Inc 297.29 1.9 % 9.9 % -0.4 % Constellation Energy Corp 300.38 2.8 % 3.0 % 36.6 % Newmont Corp 55.92 4.9 % 11.7 % 37.9 %
Merck & Co Inc 81.82 1.9 % 6.8 % -36.8 % Gilead Sciences Inc 112.05 2.5 % 10.5 % 76.3 % Cardinal Health Inc 160.52 4.6 % 8.3 % 59.5 %
Travelers Cos Inc/The 265.95 1.8 % 0.4 % 28.4 % ON Semiconductor Corp 52.98 2.3 % 15.8 % -29.4 % Vistra Corp 173.87 4.2 % 12.2 % 96.7 %
NVIDIA Corp 145.00 1.5 % 11.6 % 11.9 % Marvell Technology Inc 69.64 2.1 % 6.4 % -4.4 % Cencora Inc 295.04 2.9 % 5.7 % 27.0 %
Cisco Systems Inc 65.10 1.4 % 5.4 % 43.0 % Dollar Tree Inc 96.09 2.0 % 12.1 % -9.8 % EQT Corp 55.52 2.9 % -1.2 % 37.8 %
Microsoft Corp 478.87 1.3 % 6.6 % 8.4 % Amgen Inc 297.29 1.9 % 9.9 % -0.4 % Gen Digital Inc 30.27 2.8 % 4.0 % 23.6 %
Johnson & Johnson 156.66 0.9 % 5.5 % 7.7 % PepsiCo Inc 132.30 1.8 % 1.5 % -19.0 % Arch Capital Group Ltd 91.91 2.8 % -1.6 % -2.5 %
Home Depot Inc/The 363.16 0.7 % -2.8 % 4.4 % PepsiCo Inc 132.30 1.8 % 1.5 % -19.0 % Constellation Energy Co3r0p0.38 2.8 % 3.0 % 36.6 %
Procter & Gamble Co/The 163.18 0.7 % 2.8 % -1.9 % Monster Beverage Corp 63.69 1.8 % 5.7 % 30.7 % Lockheed Martin Corp 469.27 2.8 % 2.1 % 2.3 %
McDonald's Corp 303.16 0.5 % -1.8 % 19.5 % Mondelez International Inc 68.12 1.7 % 6.2 % 3.1 % UnitedHealth Group Inc318.50 2.6 % 2.3 % -36.0 %
Salesforce Inc 266.91 0.4 % -7.7 % 16.5 % AstraZeneca PLC 75.00 1.7 % 10.8 % -5.7 % Gilead Sciences Inc 112.05 2.5 % 10.5 % 76.3 %
Coca-Cola Co/The 72.24 0.2 % 4.8 % 14.7 % Palo Alto Networks Inc 197.67 1.7 % 3.0 % 23.7 % Hershey Co/The 172.12 2.4 % 5.4 % -7.3 %
Apple Inc 199.20 0.2 % -6.4 % -7.0 % Vertex Pharmaceuticals Inc460.06 1.7 % 6.5 % -4.0 % ON Semiconductor Corp 52.98 2.3 % 15.8 % -29.4 %
Goldman Sachs Group Inc/The 625.11 0.2 % 3.5 % 40.0 %
Chevron Corp 144.97 0.1 % 1.8 % -5.1 % Bunn siste 1 dag 1 mnd 1 Ă„r Bunn siste 1 dag 1 mnd 1 Ă„r
Honeywell International Inc 226.05 0.1 % 3.6 % 8.3 % Warner Bros Discovery Inc 10.16 -3.3 % 10.7 % 39.4 % Boeing Co/The 203.75 -4.8 % 0.2 % 12.8 %
JPMorgan Chase & Co 268.24 0.0 % 2.0 % 38.5 % Sirius XM Holdings Inc 21.91 -3.0 % 0.6 % -13.7 % Albemarle Corp 62.48 -4.0 % 1.0 % -42.3 %
Amazon.com Inc 213.24 0.0 % 0.9 % 16.0 % Trade Desk Inc/The 70.57 -2.5 % -9.7 % -26.2 % Warner Bros Discovery In1c0.16 -3.3 % 10.7 % 39.4 %
International Business Machine 281.03 -0.2 % 8.7 % 66.2 % Microchip Technology Inc 67.93 -2.4 % 9.0 % -26.8 % Omnicom Group Inc 71.19 -2.9 % -8.1 % -20.4 %
Sherwin-Williams Co/The 356.20 -0.3 % 0.0 % 18.6 % Tesla Inc 319.11 -2.2 % -4.5 % 74.9 % Match Group Inc 30.66 -2.8 % 6.5 % -3.0 %
American Express Co 297.99 -0.4 % -1.4 % 34.1 % Advanced Micro Devices Inc118.50 -2.2 % 5.4 % -25.9 % Southwest Airlines Co 32.58 -2.7 % 4.1 % 14.7 %
NIKE Inc 62.80 -0.5 % 0.7 % -33.3 % Ross Stores Inc 133.47 -2.1 % -10.6 % -8.4 % CarMax Inc 66.11 -2.5 % -5.0 % -5.9 %
Visa Inc 371.40 -0.5 % 4.3 % 37.0 % Lululemon Athletica Inc 247.03 -2.1 % -20.5 % -19.7 % Paramount Global 11.94 -2.5 % -0.4 % 15.4 %
Caterpillar Inc 360.96 -0.6 % 2.4 % 10.6 % Align Technology Inc 181.69 -2.0 % -4.6 % -33.0 % Microchip Technology Inc67.93 -2.4 % 9.0 % -26.8 %
Walt Disney Co/The 118.61 -0.8 % 6.5 % 18.5 % Intuitive Surgical Inc 513.00 -1.8 % -9.0 % 21.3 % Celanese Corp 56.87 -2.3 % 6.4 % -60.5 %
Walmart Inc 94.83 -1.0 % -1.1 % 42.2 % GLOBALFOUNDRIES Inc 37.90 -1.7 % -4.5 % -22.0 % General Electric Co 239.99 -2.3 % 8.3 % 54.1 %
Verizon Communications Inc 43.16 -1.3 % 1.2 % 8.5 % Moderna Inc 27.35 -1.4 % 7.3 % -81.2 % Tesla Inc 319.11 -2.2 % -4.5 % 74.9 %
3M Co 144.77 -1.6 % -4.0 % 42.6 % Enphase Energy Inc 44.70 -1.3 % -2.0 % -65.5 % Advanced Micro Devices1 I1n8c.50 -2.2 % 5.4 % -25.9 %
Synopsys Inc 494.99 -1.1 % -4.0 % -15.6 % Ross Stores Inc 133.47 -2.1 % -10.6 % -8.4 %
Kilde: Bloomberg / DNB Carnegie
INDEKSUTVIKLING PĂ
SEKTORNIVĂ
Sektor USA 1 dag 1 mnd. 3 mnd. 1 Ă„r hittil i Ă„r est. P/E Sektor MSCI Europe 1 dag 1 mnd. 3 mnd. 1 Ă„r hittil i Ă„r est. P/E
Metall 2.3% 5.3% 10.1% 0.5% 20.4% 16.7 Energi 1.4% 2.1% -2.6% -9.5% 1.2% 9.7
Forsikring 1.5% -1.6% -1.4% 16.4% 4.9% 14.8 Forsyningsselskaper 0.8% 6.3% 12.9% 19.8% 17.8% 13.8
Programvare 1.5% 5.5% 24.8% 16.1% 11.6% 34.9 Legemiddelindustri og bioteknologi 0.7% 7.7% -3.1% -11.7% 0.1% 15.1
Kommunikasjonsutstyr 1.3% 2.7% 9.5% 29.8% 0.4% 20.5 Mat- og apotekhandel 0.4% 1.8% 4.9% 19.5% 6.2% 13.6
Kraft 1.2% 1.5% 5.1% 14.6% 7.5% 18.3 Banker 0.1% 1.0% 6.4% 41.1% 28.4% 9.1
Bioteknologi 1.2% 5.0% -8.0% -0.7% 7.2% 16.7 Drikkevarer, mat og tobakk 0.1% 2.3% 2.0% 1.1% 9.9% 16.6
Papir- og skogprodukter 1.2% -4.2% -3.9% -15.4% -18.7% 15.9 Kapitalvarer -0.3% 1.2% 3.8% 19.2% 16.9% 22.5
Matvarer 1.0% 1.2% -1.9% -6.8% -1.9% 16.3 Husholdningsvarer og personlige produkter -0.3% 0.1% 0.2% -2.8% 0.6% 19.2
Informasjonsteknologi 1.0% 4.3% 16.7% 8.3% 2.6% 30.0 Kommersielle tjenester og leveranser -0.6% -3.1% 3.6% 1.4% 0.8% 24.0
Farmasi 0.9% 7.5% -3.7% -8.6% -0.5% 15.4 Forbruksvarer og klĂŠr -0.6% -8.1% -12.4% -18.6% -12.2% 25.0
Drikkevarer 0.9% 2.3% -1.7% -2.2% 1.6% 19.8 Transport -0.6% 3.3% 5.2% 12.5% 9.1% 16.6
Bygg og anlegg 0.8% 4.4% 43.3% 29.6% 13.5% 33.7 Programvare og tjenester -0.6% -1.0% 7.3% 31.6% 8.0% 35.9
Husholdningsartikler 0.7% 2.8% -3.2% -2.4% -2.4% 22.9 Materialer -0.7% -1.4% -3.1% -4.8% 2.2% 17.7
Elektrisk utstyr 0.7% 4.7% 26.4% 31.1% 11.6% 31.4 Detaljhandel -0.8% -1.6% 8.9% 16.2% 7.9% 19.3
Fritidsutstyr 0.7% 5.6% 17.2% 19.8% 24.3% 16.6 IT utstyr -0.8% -2.3% -3.9% 7.5% 0.1% 18.5
Elektronisk utstyr og instrumenter 0.6% 4.0% 24.0% 20.9% 14.2% 24.1 Helsevern - utstyr og tjenester -1.0% -3.2% -3.3% 2.5% -0.4% 23.3
Eiendom 0.5% 2.3% 3.2% 8.5% 2.9% 19.7 Forsikring -1.1% -0.5% 2.1% 27.9% 15.6% 12.7
Olje og gass 0.5% 0.4% 0.0% -1.5% 1.2% 17.2 Biler og komponenter -1.3% -7.3% -8.0% -17.6% -4.8% 8.8
Datamaskiner og tilbehĂžr 0.2% -5.9% -4.0% -7.8% -19.5% 26.4 Finansieringsselskaper -1.3% -3.2% 0.4% 15.1% 4.9% 16.6
Kjemikalier 0.0% 3.1% 2.8% -0.7% 4.5% 25.0 Telekommunikasjon og tjenester -1.3% 1.8% 0.1% 25.4% 13.3% 16.8
Helseartikler -0.1% -0.8% 3.5% 9.6% 5.7% 25.7 Media -1.4% 4.1% 12.1% 11.8% 17.2% 27.9
Bank -0.3% 0.6% 13.5% 27.3% 5.3% 12.7 Eiendomsselskaper -1.4% 3.6% 7.7% 1.0% 2.9% 14.0
Maskiner -0.4% 0.0% 5.4% 9.5% 1.5% 21.5 Hotell-, underholdnings- og restaurantvirksom-2h.e0t% -3.3% -2.8% 4.4% -8.0% 21.2
Hotell og restaurant -0.4% 1.7% 10.4% 16.8% 2.7% 25.6
Media -0.4% -1.0% 2.8% 2.5% -2.2% 9.7
Industrielle konglomerater -0.5% 0.8% 5.6% 18.4% 4.0% 20.8
Energi og relatert utstyr -0.6% 0.3% -9.4% -12.2% -9.1% 12.1
Bildeler -0.7% 1.3% 13.0% -6.4% 10.5% 10.2
Diversifiserte telekomtjenester -0.8% 4.1% 3.6% 30.7% 15.9% 11.1
Luftfart -1.4% -4.5% 9.5% 15.0% -16.0% 10.1
Kilde: Bloomberg, DNB Carnegie Kilde: Bloomberg, DNB Carnegie
GULL ETC (NOK) OSLO VS GULLPRIS SPOT (USD)
2,100 37,000
2,000 35,000
1,900 33,000
1,800
31,000
1,700
1,600 29,000
1,500 27,000
1,400 25,000
COGLD (NOK, venstre) GULLPRIS (SPOT NOK, hĂžyre)
4
DNB Carnegie | 13 juni 2025
12-MĂ
NEDERS FORWARD P/E - HISTORISKE MULTIPLER â OBX OG OMX
OSLO â OBX INDEKSEN STOCKHOLM â 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 juni 2025
RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX
S&P500 INDEKSEN OSLO â OBX INDEKSEN
7000 8.0 6 6.0
6000 7.0
5 5.0
5000 6.0
4 4.0
5.0
4000
4.0 3 3.0
3000
3.0 2 2.0
2000 2.0
1 1.0
1000 1.0
0 0.0 0 0.0
7 8 9 0 1 2 3 4 5 6 7 8 9 0 0 2 3 4 5 6 7 8 9 0 1 2 3 4 5
9 9 9 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2
9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 NO 10Y Interest (%) US10Y Interest (%)
SPX Index US10Y Interest (%)
45x 8.0 1600 160
40x 7.0 1400 140
35x 6.0 1200 120
30x
5.0 1000 100
25x
4.0 800 80
20x
3.0 600 60
15x
10x 2.0 400 40
5x 1.0 200 20
0x 0.0 0 0
Long term hist. PE US10Y Interest (%) OBX Index Brent Oil (USD)
8x 35.0 30x 6.0
7x 30.0
25x 5.0
6x 25.0
20x 4.0
5x
20.0
4x 15x 3.0
15.0
3x 10x 2.0
2x 10.0
5.0 5x 1.0
1x
0x 0.0 0x 0.0
US10Y Interest (%) Best fwd P/E Ratio Best fwd P/E Ratio NO 10Y Interest (%)
6.0 4.0 10.0 10.0
3.5 9.0 9.0
5.0 8.0 8.0
3.0
4.0 7.0 7.0
2.5 6.0 6.0
3.0 2.0 5.0 5.0
1.5 4.0 4.0
2.0 3.0 3.0
1.0
1.0 2.0 2.0
0.5 1.0 1.0
0.0 0.0 0.0 0.0
SPX Index dividend yield SPX Index dividend yield OBX Index dividend yield NO 10Y Interest rate
Kilde: Bloomberg /DNB Carnegie
6
DNB Carnegie | 13 juni 2025
ETF / ETP Endring i %
Navn Kurs 1 dg 5 dg 1 mnd Valuta Verdi (gjennomsnitt)
Aksjer / Indekser (siste 5 dager)
Forsyningstjenester XLU 81.89 1.2 % 1.3 % 2.8 % USD 917,200,576
S&P Euro 350 IEV 64.59 1.1 % 1.3 % 5.2 % USD 26,729,014
Teknologi USA XLK 242.57 0.9 % 2.7 % 4.3 % USD 1,301,307,776
Bioteknologi IBB 129.00 0.9 % 3.2 % 7.9 % USD 228,119,648
Japan EWJ 74.21 0.7 % 1.1 % 2.7 % USD 387,426,080
Forbruksvarer XLP 81.96 0.6 % 0.7 % 2.5 % USD 1,163,942,912
S&P 500 SPY 603.75 0.4 % 1.8 % 2.9 % USD 43,898,073,088
Dow Jones Total markeStPTM 73.23 0.4 % 1.8 % 2.6 % USD 60,412,340
Energi XLE 86.59 0.3 % 5.8 % 1.0 % USD 1,476,400,128
Nasdaq 100 QQQ 533.66 0.2 % 1.7 % 3.5 % USD 24,529,135,616
DJIA DIA 430.49 0.2 % 1.5 % 2.1 % USD 1,312,794,240
Pacific ex-Japan EPP 49.77 0.2 % 0.8 % 4.7 % USD 20,065,966
Emerging Markets EEM 47.87 0.2 % 2.4 % 4.2 % USD 1,158,649,984
S&P Midcap 400 MDY 559.19 0.1 % 1.1 % 0.0 % USD 582,271,552
Finansielle tjenester XLF 51.00 0.0 % 0.7 % -0.2 % USD 2,249,523,968
Hong Kong EWH 19.93 -0.2 % 2.3 % 6.7 % USD 62,999,136
CAC-40 CAC 78.20 -0.2 % -0.2 % -0.7 % EUR 4,664,153
Latin-America 40 ILF 26.00 -0.2 % 1.9 % -0.2 % USD 41,643,580
Brasil EWZ 28.15 -0.2 % 2.0 % -0.6 % USD 645,394,816
Industri XLI 143.86 -0.3 % 0.1 % 1.8 % USD 1,397,868,032
Oil Service OIH 243.70 -0.3 % 8.6 % 5.3 % USD 126,086,784
DAX DAXEX 196.96 -0.4 % -1.9 % 0.6 % EUR 2,944,364
Russell 2000 IWM 212.78 -0.4 % 2.0 % 2.0 % USD 6,855,485,440
Russell 2000 Growth IWO 280.53 -0.5 % 1.6 % 2.8 % USD 126,122,720
TecDax TDXPEX 33.99 -0.9 % -2.0 % 1.2 % EUR 69,141
AEX-Nederland IAEX 7906.00 -1.2 % 0.8 % 1.0 % GBp 65,421,330
FTSE 100 ISF 865.70 -1.2 % -0.5 % 2.4 % GBp 2,230,240,000
Olje / Energi
WTI-olje CRUD 9.63 2.1 % 6.0 % 6.2 % USD 1,845,726
Fyringsolje HEAT 22.66 1.1 % 4.6 % 4.2 % USD 23,782
WTI-olje CRUDP 8.30 1.0 % 4.6 % 2.3 % EUR 265,891
Naturgass UNG 16.07 0.8 % -3.8 % -11.7 % USD 119,756,088
Bensin UGAS 51.44 0.6 % 3.9 % 1.5 % USD 33,026
WTI-Oil USO 75.05 0.3 % 7.3 % 7.8 % USD 330,063,072
Brent-olje BNO 29.84 0.1 % 6.6 % 5.8 % USD 18,766,356
Metaller
Gull GLD 34.33 2.1 % 1.4 % 4.9 % USD 3,646,935,552
SĂžlv SLV 33.06 0.3 % 1.9 % 10.5 % USD 671,872,064
Kobber COPA 43.09 0.2 % -2.8 % 2.6 % USD 2,840,621
Aluminium ALUM 3.27 0.1 % 1.6 % 1.2 % USD 161,281
Nikkel NICK 13.52 -0.2 % -2.5 % -3.8 % USD 43,202
Sink ZINC 8.61 -0.6 % -2.0 % -2.5 % USD 29,390
Andre rÄvarer
Mais CORN 19.61 0.0 % -0.4 % -0.6 % USD 51,197
RĂ„varer DBC 21.97 0.0 % 2.3 % 1.8 % USD 30,844,708
Soyaolje SOYO 6.56 0.0 % 2.6 % -4.6 % USD 12,763
Kveg CATL 8.72 -0.2 % 0.9 % 2.8 % USD 22,130
SvinekjĂžtt HOGS 33.38 -0.3 % 3.3 % 6.2 % USD 37,213
Hvete WEAT 19.35 -0.4 % -2.4 % 3.2 % USD 64,924
SoyabĂžnner SOYB 25.41 -0.5 % 0.2 % -0.8 % USD 14,799
Sukker SUGA 11.32 -0.8 % -1.5 % -9.5 % USD 18,489
RĂ„varekurver
Energi AIGE 3.56 1.3 % 3.1 % 1.0 % USD 85,665
Edle metaller AIGP 35.76 1.1 % 0.9 % 5.3 % USD 87,508
RĂ„varer AIGC 11.82 0.4 % 0.7 % 1.0 % USD 35,882
RĂ„varer (ETN) GSG 22.38 0.0 % 2.8 % 2.8 % USD 13,885,657
Industrimetaller AIGI 15.38 0.0 % -1.4 % 0.3 % USD 444,412
Korn AIGG 3.39 -0.3 % -0.9 % 0.3 % USD 14,166
Buskap AIGL 3.28 -0.4 % 1.5 % 3.7 % USD 6,240
Landbruk AIGA 6.01 -0.6 % -0.8 % -2.4 % USD 121,122
Kilde: Bloomberg / DNB Carnegie
7
DNB Carnegie | 13 juni 2025
Rapportkalender
Konsensus DNB
Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte
16-Jun Interoil Exploration and Produ Oslo na na na na None
17-Jun Rusta AB Stockholm 217 -0.49 399 0.57 Irreg
24-Jun Borr Drilling Ltd Oslo 135 0.11 142 0.15 None
26-Jun H & M Hennes & Mauritz AB Stockholm 11,691 2.57 13,345 3.62 Semi-Anl
2-Jul Dustin Group AB Stockholm 160 0.06 na na Irreg
3-Jul FastPartner AB Stockholm 412 1.44 na na Semi-Anl
Stolt-Nielsen Ltd Oslo 187 1.26 188 1.11 Semi-Anl
FastPartner AB Stockholm na na na na Quarter
4-Jul Platzer Fastigheter Holding AB Stockholm 340 2.39 na na Semi-Anl
Dios Fastigheter AB Stockholm 451 1.78 na na Quarter
Atrium Ljungberg AB Stockholm 502 na 509 0.52 Semi-Anl
Catena AB Stockholm 528 6.40 531 4.50 Semi-Anl
7-Jul Fabege AB Stockholm 610 1.15 624 1.19 Quarter
Eastnine AB Stockholm 14 na na na Quarter
8-Jul Kinnevik AB Stockholm na na na na Irreg
ABG Sundal Collier Holding ASA Oslo na na na na Annual
Industrivarden AB Stockholm 11,034 2.76 na na Annual
Kinnevik AB Stockholm na na na na Irreg
Industrivarden AB Stockholm 11,034 2.76 na na Annual
Brinova Fastigheter AB Stockholm na 1.32 na na Annual
9-Jul Neobo Fastigheter AB Stockholm na na na na None
Heba Fastighets AB Stockholm 103 0.40 na na Annual
Mangold AB Stockholm na na na na Annual
Investment AB Oresund Stockholm na na na na Semi-Anl
10-Jul BLUENORD ASA Oslo 178 1.67 201 1.83 None
Bonheur ASA Oslo 706 10.63 930 9.65 Annual
Gentian Diagnostics ASA Oslo na na na na Irreg
Akastor ASA Oslo na na na na Irreg
Europris ASA Oslo 613 1.36 623 1.37 Annual
Nyfosa AB Stockholm 566 1.66 572 1.45 Quarter
Carasent AB Stockholm 80 0.28 na na None
Nivika Fastigheter AB Stockholm na na na na Quarter
Nanologica AB Stockholm -10 -0.10 na na None
Q-Linea AB Stockholm -39 na na na None
John Mattson Fastighetsforetag Stockholm 113 1.89 na na None
Bulten AB Stockholm na na na na Annual
11-Jul Dedicare AB Stockholm na na na na Annual
Alligator Bioscience AB Stockholm na na na na None
JM AB Stockholm 129 1.05 118 1.07 Annual
Public Property Invest AS Oslo 185 0.40 164 0.30 Quarter
Norwegian Air Shuttle ASA Oslo 2,232 0.64 2,253 na Irreg
Bravida Holding AB Stockholm 557 1.43 588 1.48 Annual
Storebrand ASA Oslo na 2.23 na 2.44 Annual
DNB Bank ASA Oslo na 7.04 na 7.05 Annual
Intea Fastigheter AB Stockholm 298 0.80 na na Irreg
Aker Solutions ASA Oslo 1,229 1.46 1,221 1.51 Annual
Elkem ASA Oslo 981 0.05 1,154 0.47 Annual
Aker BioMarine ASA Oslo 9 0.02 10 0.01 Irreg
StrongPoint ASA Oslo -8 -0.38 na na Annual
Gjensidige Forsikring ASA Oslo na 3.09 na 3.33 Annual
Lime Technologies AB Stockholm 59 2.07 60 2.24 Semi-Anl
Axfood AB Stockholm 1,985 2.82 1,663 2.79 Semi-Anl
Kitron ASA Oslo 19 0.05 20 0.05 Annual
Protector Forsikring ASA Oslo na 4.49 na 6.17 Irreg
Corem Property Group AB Stockholm 582 0.05 579 0.05 Quarter
Corem Property Group AB Stockholm na na na na Quarter
8
DNB Carnegie | 13 juni 2025
UTBYTTEOVERSIKT â ESTIMERT EKS. & UTBETALINGSDATO 2025
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Seabird 0.40 NOK Irreg 11-Feb 17-Feb
Odfjell SE 8.74 NOK Semi-annual 12-Feb 20-Feb
Equinor ASA (Q3) 0.70 USD Quarter 13-Feb 28-Feb
AMSC ASA 3.93 NOK Quarter 17-Feb 25-Feb
BW Offshore Ltd 0.14 USD Quarter 3-Mar 11-Mar
Holand og Setskog Sparebank 9.00 NOK Annual 20-Mar 2-Apr
Gjensidige Forsikring ASA 10.00 NOK Annual 21-Mar 28-Mar
Haugesund Sparebank 12.50 NOK Annual 21-Mar 1-Apr
Treasure ASA 0.70 NOK Annual 21-Mar 12-May
SpareBank 1 SMN 12.50 NOK Annual 21-Mar 28-Mar
Nidaros Sparebank 5.87 NOK Annual 21-Mar 3-Apr
Melhus Sparebank 13.50 NOK Annual 21-Mar 3-Apr
TietoEVRY Oyj (1) 0.75 EUR Semi-Anl 26-Mar 3-Apr
Aurskog Sparebank 15.00 NOK Annual 27-Mar 9-Apr
Romerike Sparebank 10.50 NOK Annual 27-Mar 4-Apr
Sparebank 1 Ăstfold Akershus 20.10 NOK Annual 27-Mar 3-Apr
Skue Sparebank 32.52 NOK Annual 27-Mar 8-Apr
Romsdal Sparebank 9.00 NOK Annual 27-Mar 8-Apr
SpareBank 1 Ringerike Hadeland 30.00 NOK Annual 28-Mar 10-Apr
Sparebanken SĂžr 12.21 NOK Annual 28-Mar 8-Apr
Bien Sparebank 5.35 NOK Annual 28-Mar 10-Apr
Sparebank 1 Ăstlandet 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
TrĂžnderlag Sparebank 4.80 NOK Annual 28-Mar 10-Apr
Sparebanken Ăst 6.40 NOK Annual 28-Mar 8-Apr
Sunndal Sparebank 7.00 NOK Annual 28-Mar 9-Apr
Rogaland Sparebank 9.50 NOK Annual 1-Apr 9-Apr
Flekkefjord Sparebank 4.60 NOK Annual 1-Apr 9-Apr
Awilco Drilling 2.06 USD Irreg 1-Apr 11-Apr
AKVA Group ASA 1.00 NOK Semi-Anl 8-Apr 15-Apr
SpareBank 1 NordmĂžre 8.50 NOK Annual 9-Apr 16-Apr
SpareBank 1 Nord Norge 8.75 NOK Annual 9-Apr 16-Apr
Sparebanken MĂžre 6.25 NOK Annual 10-Apr 23-Apr
Sogn Sparebank 20.00 NOK Annual 10-Apr 25-Apr
Grong Sparebank 10.50 NOK Annual 10-Apr 24-Apr
Storebrand ASA 4.70 NOK Annual 10-Apr 24-Apr
Multiconsult ASA 10.00 NOK Annual 11-Apr 24-Apr
Borregaard ASA 4.25 NOK Annual 11-Apr 23-Apr
JĂŠren Sparebank 20.00 NOK Annual 11-Apr 24-Apr
Morrow Bank 0.40 NOK Annual 11-Apr 24-Apr
Instabank 0.08 NOK Annual 11-Apr 24-Apr
Stolt-Nielsen Ltd 1.25 USD Semi-Anl 23-Apr 7-May
Avance Gas Holding Ltd 0.74 USD Irreg 24-Apr 7-May
SpareBank 1 SĂžr-Norge 8.50 NOK Annual 25-Apr 5-May
Selvaag Bolig ASA 1.25 NOK Semi-Anl 25-Apr 8-May
Europris ASA 3.50 NOK Annual 25-Apr 6-May
ABG Sundal Collier Holding ASA 0.50 NOK Annual 25-Apr 6-May
Kitron ASA 0.35 NOK Semi-Anl 25-Apr 15-May
Orkla ASA 10.00 NOK Annual 25-Apr 6-May
Pexip Holding ASA 2.50 NOK Annual 28-Apr 7-May
River Tech 3.00 NOK Irreg 28-Apr 12-May
Aker Carbon Capture (2) 0.98 NOK Irreg 28-Apr 7-May
Aker Solutions ASA 3.30 NOK Annual 29-Apr 8-May
Magnora ASA 0.19 NOK Quarter 29-Apr 5-May
DNB ASA 16.75 NOK Annual 30-Apr 9-May
Protector Forsikring ASA 3.00 NOK Irreg 30-Apr 9-May
Bakkafrost P/F 8.44 DKK Annual 2-May 21-May
Aker ASA 26.50 NOK Annual 2-May 13-May
Elkem ASA 0.30 NOK Irreg 2-May 12-May
Elmera Group 3.00 NOK Annual 2-May 12-May
Hoegh Autoliners ASA 0.83 USD Quarter 5-May 14-May
Norconsult ASA 1.70 NOK Annual 6-May 0-Jan
TOMRA Systems ASA 2.15 NOK Annual 7-May 20-May
Norbit ASA 3.00 NOK Annual 7-May 16-May
Gentian Diagnostics 0.40 NOK Annual 7-May 16-May
Schibsted B-aksje 2.25 NOK Irreg 8-May 16-May
Schibsted A-aksje 2.25 NOK Irreg 8-May 16-May
Bouvet ASA 3.00 NOK Quarter 8-May 20-May
Veidekke ASA 9.00 NOK Annual 8-May 21-May
Kongsberg Gruppen ASA (1) 10.00 NOK Semi-Anl 8-May 27-May
Medistim ASA 6.00 NOK Annual 9-May 19-May
Stainless Tankers 0.50 USD Quarter 12-May 2-Jun
Aker BP ASA 0.63 USD Quarter 12-May 21-May
Norsk Hydro ASA 2.25 NOK Annual 12-May 20-May
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie
9
DNB Carnegie | 13 juni 2025
UTBYTTEOVERSIKT â ESTIMERT EKS. & UTBETALINGSDATO 2025
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Kid ASA 5.00 NOK Semi-Anl 13-May 27-May
Klaveness Combination Carriers 0.04 USD Quarter 13-May 28-May
Polaris Media ASA 20.40 NOK Annual 14-May 21-May
Subsea 7 SA (1) 6.50 NOK Semi-Anl 14-May 22-May
Olav Thon Eiendomsselskap ASA 7.25 NOK Annual 15-May 28-May
Equinor ASA (Q4) 0.37 USD Quarter 15-May 28-May
Elopak (1) 0.08 EUR Sem-Annual 15-May 26-May
TGS NOPEC Geophysical Co ASA 0.16 USD Quarter 16-May 2-Jun
AF Gruppen ASA 5.00 NOK Semi-Anl 16-May 21-May
Rana Gruber 1.27 NOK Quarter 16-May 28-May
Webstep AS 2.30 NOK Annual 19-May 30-May
Archer Ltd 0.63 na Quarter 19-May 28-May
Arendals Fossekompani A/S 1.00 NOK Quarter 20-May 30-May
Moreld 0.42 NOK Quarter 21-May 26-May
Hafnia Ltd 0.10 USD Quarter 22-May 4-Jun
DNO ASA 0.31 NOK Quarter 22-May 2-Jun
Telenor ASA (1) 5.00 NOK Semi-Anl 22-May 3-Jun
PetroNor 2.20 NOK Irreg 23-May 30-May
Baltic Sea Properties 2.00 NOK Annual 23-May 28-May
B2Impact ASA 1.50 NOK Annual 23-May 2-Jun
Bonheur ASA 6.75 NOK Annual 23-May 3-Jun
Mowi ASA 1.70 NOK Quarter 23-May 3-Jun
Odfjell Technology 1.52 NOK Quarter 26-May 4-Jun
Nykode Therapeutics 1.00 NOK Irreg 27-May 12-Jun
Leroy Seafood Group ASA 2.50 NOK Annual 28-May 5-Jun
BW LPG 0.28 USD Quarter 28-May 12-Jun
Yara International ASA 5.00 NOK Annual 30-May 11-Jun
Jinhui Shipping & Transportati 0.03 USD Semi-Anl 30-May 25-Jun
Reach Subsea ASA 0.42 NOK Annual 30-May 11-Jun
Borgestad ASA 0.80 NOK Annual 30-May 5-Jun
Austevoll Seafood ASA 6.50 NOK Annual 30-May 12-Jun
ABL Group 0.45 NOK Semi-Anl 30-May 16-Jun
Okeanis Eco Tankers 0.32 USD Quarter 2-Jun 12-Jun
Panoro Energy ASA 0.68 NOK Quarter 2-Jun 10-Jun
Odfjell Drilling Ltd 0.16 USD Quarter 3-Jun 12-Jun
Paratus Energy 0.22 USD Quarter 3-Jun 11-Jun
Golden Ocean Group Ltd 0.05 USD Quarter 4-Jun 17-Jun
Flex LNG 0.75 USD Quarter 6-Jun 20-Jun
Philly Shipyard 0.86 USD Irreg 10-Jun 20-Jun
Aker Carbon Capture 2.86 NOK Irreg 10-Jun 20-Jun
Deep Value Driller 0.25 NOK Monthly 11-Jun 17-Jun
Frontline 0.18 USD Quarter 11-Jun 24-Jun
Horisont Energi AS 0.50 NOK Irreg 12-Jun 25-Jun
Vend Marketplaces ASA 2.22 NOK Irreg 16-Jun 24-Jun
Noram Drilling 0.04 USD Monthly 16-Jun 25-Jun
2020 Bulkers 0.11 USD Monthly 17-Jun 25-Jun
Himalaya Shipping 0.03 USD Monthly 17-Jun 3-Jul
Gyldendal ASA 3.50 NOK Annual 18-Jun 27-Jun
Salmar ASA 22.00 NOK Annual 19-Jun 2-Jul
MPC Container Ships AS 0.08 USD Quarter 20-Jun 27-Jun
Pioneer Property 2.50 NOK Quarter 30-Jun 11-Jul
Public Property Invest (1) 0.10 NOK Quarter 1-Jul 9-Jul
Equinor ASA (Q1 25) 0.37 NOK Quarter 18-Aug 29-Aug
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie
10
DNB Carnegie | 13 juni 2025
DNB CARNEGIE ANBEFALINGER OG ESTIMATER
DNB CARNEGIE KJĂPSANBEFALINGER OG OPPSIDE TIL KURSMĂ
L ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSMĂ
L
VNV Global -38.9 % NEL
VEF -35.1 % Kongsberg Gruppen
Cinclus Pharma -31.1 % Equinor
Ventura Offshore 180.1 % -30.5 % Elmera Group
BICO 139.1 % -22.5 % A.P. MĂžller - MĂŠrsk
Vicore Pharma 120.1 % -22.4 % AF Gruppen
Egetis Therapeutics 104.9 % -19.9 % Vend
Detection Technology 104.3 %
Instalco 103.4 % -18.5 % Tomra
Zealand Pharma 100.3 % -11.7 % Fabege
Netel Group Holding 95.7 % -10.8 % Wallenstam
Benchmark Holdings Plc 94.4 % -9.7 % Volvo
Archer 92.7 % -9.3 % Orkla
BrainCool 92.6 % -8.3 % Vitec
AutoStore 84.8 % -7.6 % Telenor
Stolt-Nielsen 79.4 % -2.0 % Norsk Hydro
Andfjord Salmon 76.5 % 0.0 %
Cyviz 75.8 % 0.0 %
Klaveness Combination Carriers 75.0 % 0.0 %
Hemnet 74.9 % 0.0 %
Novo Nordisk 73.3 %
Paratus Energy 71.3 % 0.0 %
Scorpio Tankers 69.4 % 0.0 %
CTEK 68.8 % 0.0 %
Vitrolife 67.6 % 0.0 %
Hexagon Composites 66.3 % 0.0 %
Sinch 65.3 % 0.0 %
Cadeler 65.0 % 0.0 %
Bonesupport 64.4 % 0.0 %
Evolution 62.5 % 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 â DIREKTEAVKASTNING 2025E SELSKAP ANBEFALING
30% NorAm Drilling Hold
Paratus Energy Buy
25% Sea1 Offshore Buy
Wallenius Wilhelmsen ASA Buy
20% VĂ„r Energi Hold
15% Okeanis Eco Tankers Buy
Dorian LPG Buy
10% Frontline Buy
Flex LNG Buy
5% SFL Corporation Ltd Hold
MPC Container Ships ASA Hold
0% Odfjell Technology Buy
B2 Impact Buy
DOF Buy
Panoro Energy Buy
Kilde: DNB Carnegie, FactSet, Bloomberg
11
DNB Carnegie | 13 juni 2025
UKESPORTEFĂLJE ANBEFALTE AKSJER
Selskap Dato inn Kurs inn Utbytte Kurs %Uke Avkast. % % YTD Anbefaling KursmÄl
Protector 6. jan. 290.0 4.0 406 -0.2 41.2 KjĂžp 380
Hafnia 5. mai. 50.3 1.0 53 1.6 8.1 KjĂžp 74
Yara 6. jan. 308.5 5 376 1.5 23.4 KjĂžp 425
Storebrand 12. mai. 127.9 134 7.6 4.7 KjĂžp 149
Mowi 14. apr. 188.0 1.7 190 -1.3 2.2 KjĂžp 230
Subsea 7 6. jan. 192.1 6.5 190 2.7 2.0 KjĂžp 205
Veidekke 6. jan. 140.4 157 2.2 12.0 Hold 150
Sats 26. mai. 36.2 35 0.5 -3.7 Hold 37
Norwegian 2. jun. 14.3 13 -2.6 -7.0 KjĂžp 17
Endring portefĂžlje 1.3 16.8
Endring OSEBX Indeks 6. jan. 1,457.0 1616.14 1.2 10.8
*Endringer i ukesportefĂžljen gjĂžres hver mandag og offenliggjĂžres fĂžr bĂžrsen Ă„pner. Ved bytte av aksjer benyttes gjennomsnittlige kurser for de
fĂžrste timene av ukens handel. VĂ„r ukentlige rapport "Anbefalte Aksjer", med gjennomgang av portefĂžljen, sendes ut mandag etter at kursene
er fastsatt. Avkastningen i tabellen over er basert pÄ sluttkurser fra dagen fÞr og er sÄledes en midlertidig beregning.
FORETRUKNE AKSJER, ENKELTSEKTORER - 2025
Sektor Selskap Dato inn Kurs anb. Utbytte Kurs Avkastn. % Anbefaling KursmÄl
SjĂžmat Salmar 8. jan. 529.6 460.6 -13.0 KjĂžp 580
Mowi 8. jan. 195.3 3.7 190.4 -0.6 KjĂžp 230
Salmon Evolution 8. jan. 6.6 6.1 -7.3 KjĂžp 9.1
IT / Teknologi HMS Networks 10. jan. 411.8 408.0 -0.9 KjĂžp 615
Nokia 10. jan. 4.4 0.1 4.6 5.5 Hold 4
Truecaller 10. jan. 51.7 1.7 66.9 32.5 KjĂžp 100
Yubico 13. jan. 219.6 138.5 -36.9 Hold 193
Energi / Shipping Subsea 7 8. jan. 169.9 6.5 189.5 15.4 KjĂžp 205
Odfjell Drilling 8. jan. 56.8 2.9 68.1 25.0 KjĂžp 100
VĂ„r Energi 10. jan. 38.3 2.5 32.5 -8.9 Hold 29
Finans Nordea 8. jan. 125.8 10.3 138.1 18.0 KjĂžp 155
Storebrand 8. jan. 123.5 4.7 133.9 12.2 KjĂžp 149
Protector 10. jan. 294.7 7.0 405.5 40.0 KjĂžp 380
Sparebank1 SMN 10. jan. 172.4 12.5 191.6 18.4 KjĂžp 202
Svenska Handelsbanken 17. jan. 121.6 15.0 127.0 16.8 KjĂžp 140
Forbruker Scandic Hotels 8. jan. 66.5 1.3 76.4 16.8 KjĂžp 115
Sats 10. jan. 25.1 34.9 38.7 Hold 37
Essity 10. jan. 295.3 8.25 270.0 -5.8 Hold 300
Kesko 10. jan. 17.7 0.48 20.8 20.0 KjĂžp 21.5
EntrepenĂžr / RĂ„dgivningNorconsult 8. jan. 43.1 1.7 45.6 9.6 Hold 48
Skanska 10. jan. 231.1 8.0 232.0 3.8 Hold 230
Eiendom Castellum 10. jan. 113.5 0.6 119.6 5.9 Hold 110
Helse Embla 8. jan. 36.4 33.5 -8.0 KjĂžp 35.5
ChemoMetec 10. jan. 544.5 540.0 -0.8 KjĂžp 640
Industri Securitas 8. jan. 134.5 2.3 139.8 5.6 KjĂžp 158
Alfa Laval 10. jan. 470.5 8.5 404.2 -12.3 KjĂžp 500
Huhtamaki 17. jan. 34.2 0.6 31.7 -5.7 KjĂžp 40
RĂ„varer Yara 8. jan. 306.6 5.0 375.6 24.1 KjĂžp 425
Borregaard 10. jan. 184.1 4.3 191.4 6.3 KjĂžp 230
Kilde: DNB Carnegie, Infront, Bloomberg
12
DNB Carnegie | 13 juni 2025
AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2 Ă
R
80 40,000 700 5,000
70 35,000 600 4,500
60 30,000 4,000
500 3,500
50 25,000 3,000
400
K 40 20,000 K 2,500
O O 300 2,000
N 30 15,000 N
20 10,000 200 1,500
1,000
10 5,000 100 500
0 0 0 0
jun aug okt des feb apr jun aug okt des feb apr jun jun aug okt des feb apr jun aug okt des feb apr jun
NHY ALUM LME (NOK) YAR CAN (NOK)
350 1,200 400 1,200
300 1,000 350 1,000
250 300
800 250 800
200
K 600 K 200 600
O 150 O
N N 150
100 400 400
100
50 200 50 200
0 0 0 0
jun aug okt des feb apr jun aug okt des feb apr jun jun aug okt des feb apr jun aug okt des feb apr jun
Aker BP BRENT (NOK) EQNR BRENT (NOK)
180 50,000 450
160 45,000 400 5,000
140 40,000 350
35,000 4,000
120 300
100 30,000 250
25,000 3,000
K 80 K 200
O 20,000 O
N N 2,000
60 15,000 150
40 10,000 100 1,000
20 5,000 50
0 0 0 0
jun aug okt des feb apr jun aug okt des feb apr jun jun aug okt des feb apr jun aug okt des feb apr jun
GOGL Baltic Dry Index (NOK) EQNR Naturgass (NOK)
400 160.0 100 2,400
350 140.0 90 2,200
300 120.0 2,000
80 1,800
250 100.0 70
1,600
K 200 80.0 K 1,400
O O 60
N 150 60.0 N
50 1,200
100 40.0 1,000
50 20.0 40 800
0 0.0 30 600
jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr
MOWI Laksepriser RANA Iron ore (NOK)
13
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
2020 Bulkers 2020 NO Hold NOK 130 115.0 1.95 1.97 13.5x 6.7x 9.9x 6.4x
A.P. MĂžller - MĂŠrsk MAERSKB DC Sell DKK 12,130 9,400 -295.46 -254.93 437.8x -6.4x 4.2x 16.2x
ABB ABB SS Buy SEK 555.0 610.0 2.69 2.90 22.7x 20.8x 15.4x 13.9x
AcadeMedia ACAD SS Buy SEK 83.9 90.0 11.95 12.77 7.7x 6.8x 4.4x 3.9x
Acast ACAST SS Buy SEK 16.0 23.0 0.47 0.57 137.1x 34.0x 26.2x 14.4x
AddLife ALIFB SS Buy SEK 196.7 185.0 4.49 4.83 27.4x 23.8x 16.9x 15.3x
Addnode Group ANODB SS Buy SEK 101.8 100.0 3.18 3.90 26.8x 24.4x 15.8x 14.7x
Addtech ADDTB SS Hold SEK 321.0 360.0 8.33 9.28 34.1x 31.1x 23.7x 21.7x
Admicom ADMCM FH Buy EUR 50.7 60.8 2.03 2.60 25.6x 17.5x 19.5x 12.6x
AF Gruppen AFG NO Sell NOK 154.6 120.0 9.11 9.46 19.2x 17.0x 7.7x 7.0x
Africa Energy AEC SS Hold SEK 1.0 4.3 0.00 -249.1x 14.9x 8.4x 6.5x
AFRY AFRY SS Buy SEK 158.9 240.0 14.95 17.19 12.5x 9.9x 8.3x 6.9x
Agilyx AGLX NO Buy NOK 25.5 37.0 0.05 0.22 -29.3x 48.8x -45.2x -627.3x
Airthings AIRX NO Not Rated NOK 1.3 0.01 0.01 169.7x 13.5x 9.8x 3.4x
Aker ASA AKER NO Not Rated NOK 653.0
Aker BioMarine AKBM NO Buy NOK 59.7 65.0
Aker BP AKRBP NO Hold NOK 258.5 235.0 1.73 2.26 13.5x 15.1x 2.5x 3.2x
Aker Solutions AKSO NO Hold NOK 36.4 30.0 3.36 1.79 5.7x 10.8x 2.2x 4.4x
Akva Group AKVA NO Buy NOK 79.8 90.0 4.72 5.23 17.4x 16.9x 7.4x 6.7x
Alfa Laval ALFA SS Buy SEK 404.2 500.0 21.85 22.85 19.5x 18.5x 12.6x 11.7x
Alimak ALIG SS Buy SEK 140.6 150.0 7.60 8.37 17.4x 15.6x 11.4x 10.5x
ALK-Abello ALKB DC Hold DKK 187.2 176.0 5.92 6.94 36.3x 31.6x 22.4x 19.4x
Alleima ALLEI SS Hold SEK 81.5 76.0 5.86 6.38 15.0x 13.9x 7.6x 6.2x
Alligo ALLIGOB SS Buy SEK 116.2 160.0 11.65 12.91 13.0x 10.0x 6.4x 5.3x
ALM Equity ALM SS Not Rated SEK 88.0 -3.50 -1.88 -4.3x -7.9x -101.1x 191.2x
Alm. Brand ALMB DC Buy DKK 16.5 17.0 0.93 1.00 15.9x 14.7x
Alma Media ALMA FH Buy EUR 12.5 14.8 0.76 0.84 18.3x 16.3x 11.8x 10.7x
Alvotech ALVO US Not Rated USD 9.8 0.66 1.16 27.7x 14.9x 17.6x 11.6x
Alzinova ALZ SS Not Rated SEK 1.7 -0.81 -0.61 -3.9x -2.1x -1.9x -0.9x
Ambea AMBEA SS Buy SEK 111.2 135.0 9.30 10.42 10.8x 9.8x 7.7x 7.1x
Ambu AMBUB DC Buy DKK 100.0 138.0 3.02 3.90 42.6x 34.1x 26.8x 21.0x
Amplifon AMP IM Hold EUR 21.3 22.7 0.89 1.03 22.6x 19.8x 10.4x 9.5x
Andfjord Salmon ANDF NO Buy NOK 27.2 48.0 0.33 0.82 -38.3x 83.3x -99.9x 28.4x
Angler Gaming ANGL SS Not Rated SEK 3.7 0.10 0.11 4.0x 3.3x 2.5x 1.3x
Anora Group ANORA FH Hold EUR 3.3 3.4 0.38 0.44 7.0x 6.2x 4.7x 4.2x
Apotea APOTEA SS Hold SEK 87.7 85.0 2.92 3.58 38.2x 30.0x 18.6x 14.3x
AQ Group AQ SS Hold SEK 181.4 183.0 8.21 9.00 23.1x 21.0x 13.9x 12.2x
Archer ARCH NO Buy NOK 23.4 45.0 0.57 0.64 10.4x 4.1x 3.9x 3.4x
Arcoma ARCOMA SS Not Rated SEK 9.7 0.98 1.15 11.4x 9.9x 4.8x 3.6x
Arctic Bioscience ABS NO Not Rated NOK 3.1 -0.2x -2.3x
Arctic Fish AFISH NO Hold NOK 49.2 60.0 0.13 0.42 -13.5x 32.7x 23.3x 10.2x
Arise ARISE SS Not Rated SEK 36.9 8.35 9.37 8.4x 4.4x 6.9x 4.3x
Arjo ARJOB SS Buy SEK 33.0 40.0 2.64 3.16 13.7x 11.6x 6.3x 5.6x
Arlandastad Group AGROUP SS Not Rated SEK 25.5 5.54 1.11 -15.4x 4.6x -73.3x -348.9x
Ascelia Pharma ACE SS Not Rated SEK 4.6 -0.09 0.16 13.5x -51.1x 10.4x -40.5x
Asker ASKER SS Hold SEK 105.0 95.0 2.21 2.45 40.8x 34.8x 22.7x 21.0x
Asmodee ASMDEE SS Buy SEK 130.0 140.0 0.49 0.55 16.5x 15.3x 11.5x 10.3x
Assa Abloy ASSAB SS Hold SEK 305.1 325.0 15.42 17.10 22.0x 19.8x 13.6x 12.3x
AstraZeneca AZN SS Buy SEK 1422.0 1680.0 7.79 9.13 16.7x 14.7x 12.6x 10.8x
Atea ATEA NO Buy NOK 152.0 170.0 10.36 11.91 17.5x 14.7x 7.3x 6.5x
Atlantic Sapphire ASA NO Not Rated NOK 9.9 -0.90 0.03 -1.3x -1.1x -2.9x -11.4x
Atlas Copco ATCOA SS Buy SEK 155.0 175.0 6.32 6.90 27.7x 24.5x 17.0x 15.1x
Atrium Ljungberg ATRLJB SS Hold SEK 32.7 32.0 1.61 1.64 16.5x 16.4x 22.9x 22.6x
Attendo ATT SS Buy SEK 60.8 77.0 4.93 5.97 11.3x 9.7x 6.7x 6.4x
Aurora Eiendom AURA NO Not Rated NOK 84.5
Austevoll Seafood AUSS NO Buy NOK 93.7 125.0 10.51 11.66 11.2x 8.9x 6.0x 4.8x
Autoliv ALIV SS Buy SEK 1038.0 1160.0 11.58 13.65 12.3x 9.5x 6.8x 5.9x
AutoStore AUTO NO Buy NOK 5.4 10.0 0.02 0.03 25.4x 13.2x 16.8x 10.0x
Avanza AZA SS Buy SEK 315.7 335.0 14.90 17.06 20.9x 21.2x
Axactor ACR NO Hold NOK 6.0 5.9 0.07 0.07 4.2x 7.9x -0.8x -1.2x
Axfood AXFO SS Hold SEK 277.0 250.0 13.42 14.38 23.4x 20.6x 9.1x 8.4x
B2 Impact B2I NO Buy NOK 12.8 13.0 1.54 1.87 8.6x 8.3x 0.6x 0.5x
Bactiguard BACTIB SS Not Rated SEK 29.2 0.53 1.33 152.8x 36.4x 28.3x 19.0x
Bakkafrost BAKKA NO Buy NOK 461.2 590.0 25.19 31.03 18.3x 11.8x 8.9x 6.7x
Kilde: DNB Carnegie, FactSet, Bloomberg
14
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Bakkafrost BAKKA NO Buy NOK 461 590.0 25.19 31.03 18.3x 11.8x 8.9x 6.7x
Balco BALCO SS Buy SEK 25.6 40.0 3.18 4.57 16.3x 7.1x 8.3x 5.1x
Balder BALDB SS Buy SEK 64.8 80.0 4.50 4.70 12.5x 11.7x 18.3x 17.4x
Bang & Olufsen BO DC Hold DKK 13.24 14.0 -0.09 0.56 -41.0x -53.0x 15.2x 16.6x
Bavarian Nordic BAVA DC Buy DKK 185.05 244.0 8.78 10.73 8.9x 21.1x 4.4x 7.5x
Beijer Alma BEIAB SS Buy SEK 223.5 240.0 11.45 12.74 20.2x 17.8x 12.0x 10.6x
Beijer Ref BEIJB SS Buy SEK 143.9 165.0 5.54 6.28 27.5x 24.8x 17.6x 16.0x
Benchmark Holdings Plc BMK NO Buy NOK 3.24 6.3 0.01 0.01 4.7x 23.6x -16.1x 18.8x
BerGenBio BGBIO NO Not Rated NOK 1.372 0.00 0.00 -0.5x -0.2x
Bergman & Beving BERGB SS Not Rated SEK 310 10.94 12.17 24.4x 21.6x 13.1x 12.0x
Besqab BESQAB SS Not Rated SEK 22.1 4.35 5.53 23.1x 6.3x 15.6x 6.9x
Betsson BETSB SS Buy SEK 192.3 195.0 1.80 1.95 11.3x 9.7x 6.5x 5.5x
BEWI BEWI NO Hold NOK 21.7 24.0 0.06 0.16 -22.1x 33.5x 9.2x 6.7x
Beyond Frames BEYOND SS Not Rated SEK 11.65 0.72 1.37 -90.9x 16.3x 6.8x 3.8x
BHG BHG SS Buy SEK 23.46 26.0 1.41 1.63 17.5x 12.7x 7.1x 6.0x
BICO BICO SS Buy SEK 34.3 82.0 -0.50 0.39 -62.8x 14.8x 12.5x 9.5x
Bilia BILIA SS Buy SEK 128.8 160.0
Billerud BILL SS Buy SEK 106.3 128.0 8.72 8.73 13.1x 12.2x 5.0x 4.7x
BioArctic BIOAB SS Buy SEK 201.6 300.0 1.89 12.99 21.4x 106.8x 16.3x 95.6x
BioGaia BIOGB SS Buy SEK 103.5 150.0 4.38 4.95 27.6x 23.6x 19.2x 16.4x
Björn Borg BORG SS Not Rated SEK 58.4 4.26 4.49 14.8x 13.7x 9.6x 8.3x
BlueNord BNOR NO Hold NOK 604 625.0 6.81 5.26 9.8x 8.9x 4.2x 3.6x
Bokusgruppen BOKUS SS Not Rated SEK 52.4 3.81 4.44 11.9x 10.4x 3.8x 3.6x
Boliden BOL SS Buy SEK 297.8 330.0 36.62 42.95 11.2x 8.1x 6.0x 4.9x
Bonava BONAVB SS Not Rated SEK 11.7 12.5x 16.1x
Bonesupport BONEX SS Buy SEK 261.6 430.0 6.02 8.76 85.6x 43.4x 58.8x 31.5x
Bonheur BONHR NO Hold NOK 222.0 250.0 19.30 22.45 11.7x 11.5x 3.5x 3.0x
Boozt BOOZT SS Hold SEK 82 85.0 4.55 4.97 16.2x 15.2x 6.9x 6.2x
Borr Drilling BORR US Buy USD 2.2 2.2 -0.16 -0.08 11.1x -13.9x 4.9x 6.2x
Borregaard BRG NO Buy NOK 191.4 230.0 13.03 13.82 17.0x 14.7x 9.8x 8.6x
BrainCool BRAIN SS Buy SEK 1.558 3.0 0.01 0.07 -20.1x 216.5x -22.8x 61.6x
Bravida BRAV SS Buy SEK 90.8 110.0 7.19 7.84 14.2x 12.6x 8.2x 7.3x
BTS Group BTSB SS Not Rated SEK 215 12.23 13.80 15.3x 13.5x 9.3x 8.0x
Bufab BUFAB SS Buy SEK 86.85 90.0 3.86 4.42 23.5x 20.6x 15.4x 13.8x
BW Energy BWE NO Buy NOK 34.95 44.0 0.20 1.04 12.7x 17.8x 4.6x 4.6x
BW LPG BWLPG NO Buy NOK 114.1 152.0 1.77 1.90 7.7x 6.5x 4.6x 4.2x
BW Offshore BWO NO Buy NOK 31.9 40.0 0.00 0.10 38.7x 102.2x 5.0x 3.9x
Byggmax BMAX SS Hold SEK 51.1 55.0 4.49 5.02 13.3x 10.7x 5.6x 5.0x
Cadeler CADLR NO Buy NOK 54.55 90.0 0.66 1.37 19.2x 7.2x 10.1x 6.1x
CAG Group CAG SS Not Rated SEK 110.5 8.89 9.55 12.7x 11.3x 7.0x 6.3x
Cambi CAMBI NO Buy NOK 19.15 23.0 1.37 1.87 19.7x 13.9x 12.5x 9.3x
Camurus CAMX SS Hold SEK 624.5 680.0 28.94 40.72 45.2x 26.6x 34.1x 18.0x
Canatu Oyj CANATU FH Hold EUR 8.92 10.7 0.13 0.15 -52.5x 81.6x -48.9x 34.9x
Cantargia CANTA SS Hold SEK 1.1 5.0 -2.20 -0.76 -0.9x -0.5x -0.4x -1.2x
Carasent CARA SS Not Rated SEK 28.0 0.58 0.77 101.6x 41.2x 22.4x 15.4x
Carlsberg CARLB DC Buy DKK 935 970.0 62.71 69.80 16.1x 14.2x 9.9x 9.2x
Castellum CAST SS Hold SEK 119.55 110.0 7.89 8.23 14.2x 13.4x 16.8x 16.3x
Catella CATB SS Hold SEK 30.6 32.0 3.92 5.00 269.1x 8.3x 10.5x 7.3x
Catena CATE SS Buy SEK 451.8 500.0 21.76 22.73 17.6x 16.6x 20.8x 19.7x
cBrain CBRAIN DC Hold DKK 194 150.0 5.22 6.59 53.3x 39.3x 38.9x 28.9x
CellaVision CEVI SS Buy SEK 194.4 240.0 8.07 9.27 27.8x 24.1x 17.5x 14.9x
Checkin.com CHECK SS Not Rated SEK 10.2 0.24 0.38 -42.1x 42.1x 9.9x 5.9x
ChemoMetec CHEMM DC Buy DKK 540.0 640.0 13.10 15.56 53.2x 42.2x 37.6x 29.6x
Cinclus Pharma CINPHA SS Buy SEK 17.7 75.0 -8.69 -11.79 -2.6x -2.0x -1.4x -0.1x
Cint CINT SS Hold SEK 7.3 11.1 -0.01 -40.2x -106.8x 7.3x 6.0x
Circio CRNA NO Not Rated NOK 0.6 -0.2x -0.4x
Citycon CTY1S FH Hold EUR 3.7 3.8 0.29 0.31 9.3x 9.3x 17.5x 17.1x
Clas Ohlson CLASB SS Buy SEK 332.4 360.0 16.05 16.03 21.4x 20.7x 10.3x 9.5x
Clemondo Group CLEM SS Not Rated SEK 10.4 1.12 1.31 13.0x 9.3x 5.5x 4.0x
Cloudberry Clean Energy CLOUD NO Buy NOK 11.4 13.5 0.22 -0.09 109.2x 52.9x 24.3x 22.8x
CMB.TECH CMBT US Hold USD 9.58 8.6 2.53 3.03 12.2x 3.8x 10.2x 6.2x
Coloplast COLOB DC Hold DKK 639.2 760.0 27.96 31.03 32.7x 21.8x 18.3x 16.3x
Cool Company CLCO NO Buy NOK 72.5 115.0 1.19 1.38 7.3x 6.1x 7.2x 6.4x
Coor COOR SS Buy SEK 38.7 54.0 4.41 4.88 10.6x 8.4x 6.4x 5.4x
Corem COREB SS Hold SEK 4.736 4.5 0.60 0.63 13.7x 15.8x 16.5x 16.8x
Crayon CRAYN NO Hold NOK 143.4 112.0 8.52 10.93 18.4x 14.3x 8.8x 6.9x
CTEK CTEK SS Buy SEK 16.0 27.0 1.41 1.56 13.4x 10.3x 6.8x 5.4x
Cyviz CYVIZ NO Buy NOK 33 58.0 4.70 6.17 11.1x 7.0x 5.3x 3.4x
Danske Bank DANSKE DC Buy DKK 259.7 270.0 26.50 27.36 9.7x 9.8x
Kilde: DNB Carnegie, FactSet, Bloomberg
15
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Demant Group DEMANT DC Buy DKK 283 320.0 14.10 15.53 21.7x 18.9x 12.7x 11.8x
Detection Technology DETEC FH Buy EUR 11.8 24.0 0.90 1.07 16.8x 13.0x 8.9x 7.1x
Devyser DVYSR SS Buy SEK 116 135.0 3.62 5.73 133.5x 32.1x 43.4x 18.8x
DFDS DFDS DC Hold DKK 113.4 115.0 13.74 21.13 19.5x 8.3x 5.6x 4.9x
DHT Holdings DHT US Buy USD 11.41 14.1 1.58 1.96 10.4x 7.2x 6.6x 5.4x
Diamyd Medical DMYDB SS Not Rated SEK 10.3 0.54 0.36 -8.1x 19.0x -8.2x 11.3x
Digia DIGIA FH Buy EUR 8 7.8 0.52 0.59 16.5x 15.1x 8.8x 7.8x
DNB DNB NO Not Rated NOK 280 27.20 28.80 10.0x 10.3x
DNO DNO NO Hold NOK 13.31 15.0 0.09 0.13 18.2x 14.6x 2.8x 2.9x
DOF DOFG NO Buy NOK 92.6 130.0 1.66 1.88 6.4x 5.7x 4.4x 4.1x
Dolphin Drilling DDRIL NO Not Rated NOK 0.1
Dometic DOM SS Buy SEK 37.0 48.0 3.61 4.58 13.8x 10.2x 7.3x 6.7x
Dorian LPG LPG US Buy USD 23.7 30.0 2.90 3.38 9.2x 7.9x 7.1x 6.0x
DSV DSV DC Buy DKK 1612.5 1685.0 58.08 82.27 27.8x 21.5x 15.4x 11.9x
Duell Corporation DUELL FH Buy EUR 6.6 9.0 0.72 0.86 6.6x 5.4x 5.9x 4.6x
Dustin DUST SS Hold SEK 2.2 2.7 0.16 0.25 33.6x 10.1x 6.4x 4.5x
Dynavox Group DYVOX SS Buy SEK 109.8 85.0 2.78 3.39 48.8x 37.0x 22.2x 18.7x
Edda Wind ASA EWIND NO Not Rated NOK 22.7
eEducation Albert ALBERT SS Not Rated SEK 3.1 -2.00 -1.46 -2.3x -2.5x -112.8x 56.0x
Eezy EEZY FH Hold EUR 0.82 0.7 0.06 0.18 8.5x 4.7x 6.9x 5.5x
Egetis Therapeutics EGTX SS Buy SEK 4.9 10.0 -0.07 1.14 13.6x -74.5x 9.8x -116.9x
Elanders ELANB SS Not Rated SEK 63.3 9.64 12.20 7.1x 5.0x 5.3x 4.7x
Electrolux ELUXB SS Hold SEK 62.4 75.0 9.38 10.83 13.6x 6.7x 4.8x 3.8x
Electrolux Professional EPROB SS Buy SEK 62.8 75.0 3.68 4.15 20.7x 17.1x 10.3x 9.0x
Elekta EKTAB SS Hold SEK 49.0 60.0 4.42 4.95 11.7x 10.1x 6.4x 5.7x
ElektroimportĂžren ELIMP NO Buy NOK 15.1 17.5 1.31 1.94 20.0x 11.6x 5.7x 4.3x
Elisa ELISA FH Hold EUR 46.18 42.0 2.41 2.47 19.2x 19.0x 11.1x 11.1x
Elkem ELK NO Buy NOK 22.5 30.0 2.33 2.76 19.1x 9.5x 5.7x 5.1x
Elliptic Laboratories ELABS NO Buy NOK 14 19.0 1.30 2.00 20.0x 10.8x 11.9x 6.3x
Elmera Group ELMRA NO Sell NOK 34.6 24.0 2.20 2.09 15.4x 14.4x 8.8x 7.8x
Elopak ELO NO Hold NOK 45.4 44.0 0.30 0.34 15.0x 13.2x 7.8x 6.8x
Embla Medical EMBLA DC Buy DKK 33.5 35.5 0.20 0.22 24.8x 22.7x 14.1x 13.0x
Embracer Group EMBRACB SS Buy SEK 111.26 140.0 8.19 10.31 12.7x 9.1x 3.5x 2.3x
Emilshus EMILB SS Buy SEK 47.8 55.0 3.13 3.33 18.1x 15.8x 17.9x 15.9x
Enento Group ENENTO FH Buy EUR 16.78 25.0 0.92 1.07 23.4x 18.3x 10.7x 9.6x
Engcon ENGCONB SS Hold SEK 95.9 95.0 2.59 3.13 49.9x 37.0x 32.7x 25.8x
Entra ENTRA NO Buy NOK 121.6 130.0 5.44 5.96 17.5x 16.6x 19.9x 19.8x
Envipco ENVIP NO Buy NOK 72.6 90.0 0.43 0.63 95.6x 14.7x 26.4x 10.7x
Eolus EOLUB SS Hold SEK 52.7 8.86 14.92 3.6x 5.9x 2.8x 3.7x
Ependion EPEN SS Not Rated SEK 107.0 7.78 9.92 17.0x 12.9x 8.3x 6.8x
Epiroc EPIA SS Hold SEK 212.3 200.0 8.47 9.60 28.5x 25.1x 16.7x 15.2x
EQL Pharma EQL SS Not Rated SEK 86.8 3.01 4.32 40.2x 28.8x 23.1x 18.1x
EQT EQT SS Hold SEK 281.4 295.0 0.98 1.61 23.3x 18.6x 18.5x 15.1x
Equinor EQNR NO Sell NOK 261.1 180.0 2.48 2.52 10.8x 9.7x 2.1x 2.3x
Ericsson ERICB SS Buy SEK 80.72 100.0 5.87 6.82 10.5x 10.6x 5.8x 5.5x
Essity ESSITYB SS Hold SEK 270 300.0 19.11 20.40 14.8x 13.9x 8.7x 8.1x
Etteplan ETTE FH Hold EUR 10.8 10.5 0.64 0.77 12.6x 12.1x 7.8x 7.1x
Europris EPR NO Buy NOK 83.3 90.0 6.54 7.34 16.2x 12.7x 7.0x 6.0x
Evolution EVO SS Buy SEK 676.8 1100.0 5.77 6.59 11.4x 10.3x 8.3x 7.1x
Fabege FABG SS Sell SEK 79.3 70.0 3.80 3.78 16.9x 16.3x 24.1x 23.3x
Faron Pharmaceuticals FARON FH Not Rated EUR 2.7 -0.29 -0.20 -11.5x -9.6x -13.0x -10.2x
Fasadgruppen FG SS Hold SEK 31.8 20.0 5.08 5.67 5.6x 4.3x 8.4x 6.9x
Fastpartner FPAR SS Hold SEK 52.7 52.0 3.88 4.12 13.5x 13.1x 16.5x 16.6x
Ferroamp FERRO SS Not Rated SEK 1.2 0.67 97.6x 1.7x 1.5x 0.8x
Fiskars FSKRS FH Hold EUR 14.5 15.0 1.08 1.19 12.4x 11.4x 10.5x 8.0x
Flerie FLERIE SS Buy SEK 46.2 57.0
Flex LNG FLNG NO Buy NOK 236.0 300.0 2.60 3.08 11.1x 9.1x 10.0x 9.1x
FLSmidth FLS DC Hold DKK 388.2 335.0 27.51 30.33 16.9x 13.8x -6.1x -4.8x
Fortnox FNOX SS Not Rated SEK 89.8 1.87 2.16 60.8x 48.1x 39.0x 29.5x
Fortum FORTUM FH Hold EUR 16.1 14.5 0.90 0.87 17.0x 17.8x 10.9x 11.5x
Fractal Gaming FRACTL SS Hold SEK 39.7 43.0 1.75 2.14 23.3x 22.7x 10.5x 10.6x
Frontline FRO NO Buy NOK 180.8 285.0 3.57 3.65 7.7x 5.1x 6.6x 5.1x
F-Secure FSECURE FH Buy EUR 1.9 2.6 0.15 0.21 11.7x 10.0x 8.6x 7.6x
Gapwaves GAPW SS Not Rated SEK 13.1 -0.60 0.05 -12.9x -21.8x -17.6x -27.1x
Kilde: DNB Carnegie, FactSet, Bloomberg
16
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Garo GARO SS Hold SEK 19.7 21.0 1.64 2.1x 27.9x 12.0x 10.0x 6.4x
Genco Shipping & TradingGNK US Buy USD 13.9 15.0 2.10 2.0x 33.8x 6.6x 6.4x 3.2x
Genmab GMAB DC Buy DKK 1484.0 2288.0 17.06 21.7x 13.6x 13.5x 8.9x 7.2x
Genova GPG SS Hold SEK 41.6 45.0 1.54 1.8x 26.9x 38.6x 23.2x 23.8x
Gentian Diagnostics GENT NO Buy NOK 61.2 67.0 2.66 0.0x 38.0x 23.0x 20.7x 13.3x
Gentoo Media G2MNO NO Not Rated SEK 14.7 0.16 0.20 6.7x 5.6x 6.1x 5.1x
Getinge GETIB SS Buy SEK 187.8 270.0 11.74 13.57 15.9x 14.0x 8.9x 8.1x
Gigante Salmon GIGA NO Buy NOK 8.6 11.0 0.60 1.60 -39.5x 14.5x 103.6x 10.9x
Gigasun GIGA SS Not Rated SEK 2.8 0.65 0.75 16.6x 4.3x 8.6x 8.3x
Gjensidige GJF NO Hold NOK 252.2 235.0 13.91 14.70 20.4x 18.1x
GN Group GN DC Buy DKK 99.2 138.0 5.44 8.0x 20.7x 13.9x 12.4x 9.9x
Golar LNG GLNG US Buy USD 42.1 54.0 0.63 -0.4x 33.1x 66.8x 22.4x 23.0x
Golden Ocean Group GOGL NO Hold NOK 79.0 83.0 1.63 1.9x 27.2x 4.9x 10.7x 4.6x
Green Hydrogen SystemsGREENH DC Sell DKK 0.4 4.9 -1.21 -0.8x -0.3x -0.5x -6.9x -17.8x
Green Landscaping GroupGREEN SS Buy SEK 65.4 93.0 6.41 6.6x 14.0x 10.2x 6.2x 5.5x
Grieg Seafood GSF NO Hold NOK 68.4 67.0 3.28 5.01 -92.0x 20.9x 11.8x 6.5x
GRK GRK FH Buy EUR 12.3 13.5 0.80 0.84 15.3x 15.5x 7.5x 7.3x
GrÀnges GRNG SS Hold SEK 121 133.0 13.45 15.62 10.6x 9.0x 6.1x 5.1x
Guard Therapeutics GUARD SS Not Rated SEK 18 7.84 0.20 -2.3x 2.3x -2.7x 0.9x
Gubra GUBRA DC Buy DKK 554 750.0 10.33 45.92 4.6x 53.6x 2.7x 34.2x
H+H International HH DC Hold DKK 128.4 108.0 8.20 11.1x 29.2x 15.7x 8.5x 7.0x
Hafnia HAFNI NO Buy NOK 53.3 74.0 0.94 0.92 8.1x 5.7x 6.0x 4.7x
HAKI Safety HAKIB SS Not Rated SEK 22.3 2.38 3.0x 15.6x 7.7x 6.9x 5.1x
Handelsbanken SHBA SS Buy SEK 127.0 140.0 11.87 12.50 10.5x 10.7x
Hansa Biopharma HNSA SS Hold SEK 24.8 32.0 -6.22 -6.7x -2.9x -4.0x -4.7x -7.7x
HANZA HANZA SS Not Rated SEK 80.8 7.28 8.45 13.7x 11.1x 7.8x 6.4x
Harvia HARVIA FH Hold EUR 50.2 45.0 1.91 2.2x 28.3x 24.2x 19.5x 16.8x
Haypp HAYPP SS Hold SEK 117.2 90.0 5.04 6.79 23.8x 18.5x 14.3x 11.5x
Hemnet HEM SS Buy SEK 275.6 482.0 9.87 12.6x 33.4x 25.6x 26.5x 20.5x
Hennes & Mauritz HMB SS Hold SEK 132.7 140.0 8.29 8.46 18.0x 16.0x 7.0x 6.6x
Hexagon HEXAB SS Buy SEK 95.5 115.0 0.40 0.5x 20.5x 18.8x 13.3x 12.3x
Hexagon Composites HEX NO Buy NOK 16.8 28.0 0.56 2.93 -4.0x 30.1x 7.0x 4.5x
Hexagon Purus HPUR NO Not Rated NOK 1.7 -1.45 -1.2x -0.7x -1.1x -5.2x -13.7x
Hexpol HPOLB SS Buy SEK 87.75 97.0 6.80 7.03 14.7x 12.9x 9.1x 8.4x
Hiab HIAB FH Buy EUR 52.6 51.0 2.80 3.4x 22.6x 18.5x 12.3x 10.7x
Himalaya Shipping HSHP NO Hold NOK 65.0 58.0 1.42 1.49 20.5x 4.6x 10.3x 6.5x
HMS Networks HMS SS Buy SEK 408.0 615.0 15.81 18.9x 31.9x 25.2x 19.6x 16.3x
Hoist Finance HOFI SS Buy SEK 92.6 120.0 11.13 11.39 8.9x 8.3x
Holmen HOLMB SS Hold SEK 384.0 435.0 19.73 20.1x 20.2x 19.5x 11.8x 11.5x
Hufvudstaden HUFVA SS Hold SEK 120.0 120.0 5.04 5.26 22.0x 21.0x 21.6x 20.9x
Huhtamaki HUH1V FH Buy EUR 31.7 40.0 2.75 2.9x 12.3x 11.5x 7.3x 6.8x
Humana HUM SS Buy SEK 36.5 48.0 5.56 6.66 7.6x 5.9x 5.6x 5.2x
Humble Group HUMBLE SS Hold SEK 9.0 10.0 0.59 0.8x 11.5x 9.2x 7.3x 6.2x
HusCompagniet HUSCO DC Buy DKK 51.2 76.0 6.20 9.17 19.8x 8.3x 9.3x 5.3x
Husqvarna HUSQB SS Buy SEK 49.4 55.0 4.60 5.3x 14.6x 10.7x 6.3x 5.4x
Höegh Autoliners ASA HAUTO NO Buy NOK 90.4 90.0 2.29 2.19 4.0x 4.0x 3.9x 3.9x
IAR Systems IARB SS Not Rated SEK 113.4 5.34 5.4x 20.9x 21.2x 8.1x 7.7x
Icelandic Salmon ISLAX NO Hold NOK 103 105.0 0.44 0.92 -33.1x 20.2x 31.3x 9.5x
Iconovo ICO SS Not Rated SEK 1.8 -0.12 0.4x -1.1x -15.4x -1.1x 17.9x
Idun Industrier IDUNB SS Not Rated SEK 364.0 5.83 6.56 28.2x 26.8x 14.3x 13.4x
IndustrivÀrden INDUC SS Hold SEK 344.1 345.0
Indutrade INDT SS Buy SEK 263.6 290.0 8.64 9.64 27.7x 25.5x 17.8x 16.5x
InfraCom INFRA SS Not Rated SEK 24.9 2.19 2.5x 12.2x 11.4x 7.7x 6.8x
Initiator Pharma INIT SS Not Rated SEK 3.8 -0.26 -0.41 -9.3x -9.8x -7.8x -8.1x
Instalco INSTAL SS Buy SEK 24.6 50.0 2.59 3.14 9.8x 8.5x 7.3x 6.1x
Intea INTEAB SS Buy SEK 73 72.0 3.44 3.58 21.3x 19.7x 24.0x 22.8x
Integrum INTEGB SS Not Rated SEK 22.6 0.69 1.22 -191.9x 32.7x 108.2x 15.1x
International Petroleum CoIPCrp O SS Buy SEK 146 185.0 0.42 1.87 185.8x 36.7x 10.8x 9.1x
Intrum INTRUM SS Hold SEK 40.4 42.0 12.29 14.23 3.3x 3.3x 7.8x 7.0x
Investor INVEB SS Buy SEK 278.75 320.0
INVISIO IVSO SS Hold SEK 322.5 390.0 11.26 13.67 37.6x 29.0x 26.8x 20.2x
Inwido INWI SS Buy SEK 209.4 220.0 13.97 15.45 16.8x 14.4x 9.7x 8.5x
Irisity IRIS SS Not Rated SEK 0.5 -0.83 -0.79 -0.6x -0.8x -3.4x -9.1x
ISS ISS DC Buy DKK 175.6 215.0 19.14 22.47 10.6x 9.2x 7.1x 6.9x
ITAB Shop Concept ITAB SS Not Rated SEK 23.9 2.73 3.34 11.5x 8.7x 6.6x 5.4x
Kilde: DNB Carnegie, FactSet, Bloomberg
17
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
JM JM SS Hold SEK 146.4 145.0 7.16 12.12 44.8x 20.4x 23.1x 14.4x
Job Solution JOBS SS Not Rated SEK 31.2 6.71 7.7x 5.2x 4.7x 5.9x 4.9x
John Mattson JOMA SS Buy SEK 63.0 70.0 2.56 2.64 24.1x 22.4x 26.1x 25.0x
Jyske Bank JYSK DC Hold DKK 633.50 577.0 71.73 77.1x 9.1x 8.7x
Kaldvik KLDVK NO Not Rated NOK 13.9 0.06 0.16 -139.7x 21.6x 10.5x 7.3x
Kalmar KALMAR FH Hold EUR 33.62 27.0 2.72 3.1x 15.4x 12.2x 9.2x 7.3x
Kambi KAMBI SS Buy SEK 124.5 195.0 0.71 0.90 18.9x 12.8x 4.8x 3.7x
Kamux KAMUX FH Hold EUR 2.01 2.2 0.23 0.4x 17.6x 8.8x 5.5x 4.7x
Karnov KAR SS Hold SEK 102.2 95.0 2.67 3.19 24.6x 20.9x 15.8x 13.8x
Karolinska Development KDEV SS Not Rated SEK 0.94
KB Components KBC SS Hold SEK 49.95 49.0 4.13 4.55 13.3x 11.8x 7.0x 6.2x
Kebni KEBNIB SS Not Rated SEK 1.86 0.07 0.1x 40.8x 26.9x 24.1x 17.2x
Kemira KEMIRA FH Buy EUR 19.64 23.0 1.70 1.89 12.4x 11.5x 5.8x 5.6x
Kempower KEMPOWR FH Hold EUR 10.33 10.0 0.12 0.3x -54.7x 86.1x 131.4x 20.3x
Kesko KESKOB FH Buy EUR 20.8 21.5 1.33 1.41 18.1x 15.7x 8.9x 8.3x
K-Fastigheter KFASTB SS Hold SEK 13.08 24.0 0.20 0.2x 24.1x 27.0x 36.9x 35.6x
Kid KID NO Buy NOK 152.4 165.0 10.91 12.18 16.0x 14.0x 6.9x 6.2x
Kinnevik KINVB SS Buy SEK 78.58 100.0
Kitron KIT NO Buy NOK 57.2 60 0.26 0.30 294.0x 222.5x 152.2x 124.9x
Kjell Group KJELL SS Hold SEK 11.00 9 0.67 1.0x 20.3x 11.2x 4.4x 3.9x
Klaveness Combination CKarCriCer NsO Buy NOK 62.3 109 1.12 1.33 13.3x 5.6x 7.7x 5.1x
Kojamo KOJAMO FH Buy EUR 10.86 12 0.52 0.5x 19.4x 17.8x 22.5x 22.9x
Komplett KOMPL NO Hold NOK 11.95 11 0.84 1.47 -6256.5x 14.2x 6.5x 4.3x
Kone KNEBV FH Hold EUR 56.36 55 2.32 2.5x 25.7x 23.3x 16.4x 14.8x
Konecranes KCR FH Buy EUR 69.5 70 5.46 5.89 13.5x 11.9x 7.9x 6.7x
Kongsberg Gruppen KOG NO Sell NOK 385.00 250 9.56 10.7x 49.6x 40.3x 32.4x 25.9x
Lagercrantz LAGRB SS Hold SEK 226.4 230 5.56 6.00 37.1x 34.3x 24.3x 22.8x
Latour LATOB SS Buy SEK 250.40 300
LerĂžy Seafood Group LSG NO Buy NOK 45.1 62 4.77 5.36 13.8x 9.5x 7.0x 5.4x
Lifco LIFCOB SS Buy SEK 395.40 410 9.44 10.5x 37.1x 34.4x 26.0x 24.1x
Lifecare ASA LIFE NO Not Rated NOK 6.2 -4.21 -3.86 -1.4x -1.5x -0.1x -0.3x
Lime LIME SS Buy SEK 415.50 405 10.16 11.7x 47.1x 35.9x 25.0x 21.2x
Lindab LIAB SS Hold SEK 204 195 12.74 15.08 20.3x 16.0x 10.7x 9.1x
Link Mobility LINK NO Buy NOK 26.20 27 1.28 1.6x 14.2x 12.2x 9.9x 8.3x
Logistea LOGIB SS Buy SEK 14.04 20 0.92 0.98 14.1x 12.5x 16.4x 15.0x
Loomis LOOMIS SS Buy SEK 380.40 419 34.27 37.5x 11.5x 10.3x 5.6x 5.2x
Lumi Gruppen LUMI NO Not Rated NOK 13.9 0.67 0.85 28.0x 20.7x 9.8x 8.3x
Lundbeck HLUNB DC Buy DKK 39.86 50 4.14 4.3x 10.6x 9.6x 6.8x 5.9x
Lundbergs LUNDB SS Hold SEK 477.8 535
Lundin Mining LUMI SS Buy SEK 97.35 98 0.63 0.7x 18.9x 16.3x 7.4x 6.8x
Lyko LYKOA SS Hold SEK 116.2 129 5.84 7.19 45.5x 19.7x 9.0x 7.3x
Mandatum MANTA FH Hold EUR 5.66 5 0.33 11.9x 12.2x
Marimekko MEKKO FH Hold EUR 12.98 15 0.74 0.83 19.6x 17.6x 11.8x 10.7x
Matas Group MATAS DC Buy DKK 137.80 175 9.86 14.3x 17.4x 12.9x 7.4x 6.6x
Maven Wireless MAVEN SS Not Rated SEK 7.64 0.16 0.36 -233.2x 48.5x 34.8x 18.7x
MedHelp Care MEDHLP SS Not Rated SEK 3.58 0.32 0.4x 16.0x 11.1x 5.6x 4.5x
Medicover MCOVB SS Buy SEK 241.5 285 0.60 0.75 41.0x 31.9x 13.0x 11.2x
Medistim MEDI NO Hold NOK 196.00 200 7.66 8.3x 28.2x 25.6x 18.6x 17.4x
Medivir MVIRB SS Not Rated SEK 1.646 -1.35 -1.49 -1.6x -1.2x -0.9x -0.5x
Mentice MNTC SS Not Rated SEK 16.70 0.21 0.7x 2047.1x 42.2x 14.6x 11.5x
Metso METSO FH Buy EUR 10.87 12 0.77 0.92 14.9x 12.8x 10.4x 8.8x
MetsÀ Board METSB FH Hold EUR 3.17 4 0.20 0.3x 22.8x 15.7x 8.2x 7.1x
MilDef Group MILDEF SS Not Rated SEK 196.6 6.07 7.51 37.1x 26.7x 25.1x 18.2x
Millicom TIGO US Buy USD 36.86 40 2.68 2.9x 8.9x 8.2x 4.3x 4.3x
Mips MIPS SS Buy SEK 455 480 8.86 10.66 90.4x 51.3x 64.0x 37.2x
Modern Times Group MTGB SS Buy SEK 110.10 130 10.18 10.7x 10.9x 8.5x 6.4x 5.0x
Modus Therapeutics HoldiMngODTX SS Not Rated SEK 1.375 -0.86 0.29 -1.9x -1.6x -1.6x -1.4x
Momentum Group MMGRB SS Hold SEK 162.40 175 4.73 5.1x 37.9x 34.4x 18.7x 17.2x
Mowi MOWI NO Buy NOK 190.4 230 1.40 1.60 15.5x 12.0x 10.8x 8.0x
MPC Container Ships ASAMPCC NO Hold NOK 16.49 15 0.21 0.0x 4.1x 8.0x 2.7x 3.2x
Multiconsult MULTI NO Buy NOK 200 220 13.83 16.33 14.8x 14.2x 8.4x 8.1x
Munters MTRS SS Hold SEK 135.10 125 5.83 6.3x 25.1x 21.5x 12.4x 11.3x
Mycronic MYCR SS Buy SEK 181.3 213 8.67 8.91 21.1x 20.3x 14.4x 13.2x
MĂ„sĂžval MAS NO Buy NOK 21.50 26 1.94 2.7x -122.3x 11.1x 14.7x 6.3x
Kilde: DNB Carnegie, FactSet, Bloomberg
18
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Navigator Holdings Ltd NVGS US Buy USD 14.4 18.0 1.78 1.88 9.1x 8.1x 4.7x 4.1x
NCAB NCAB SS Hold SEK 47.1 45.0 1.60 1.8x 28.3x 24.4x 19.3x 17.0x
NCC NCCB SS Buy SEK 191.9 210.0 15.59 16.92 14.4x 12.3x 6.6x 5.6x
NEL NEL NO Sell NOK 2.46 1.5 -0.14 -0.1x -7.1x -17.8x -6.4x -30.0x
Neste NESTE FH Buy EUR 10.715 10.5 0.49 0.69 87.1x 21.8x 11.0x 8.7x
Net Insight NETIB SS Not Rated SEK 3.57 0.19 0.3x -50.5x 19.1x 15.8x 6.1x
Netcompany NETC DC Buy DKK 299.6 350.0 19.10 24.01 19.5x 15.1x 13.4x 11.3x
Netel Group Holding NETEL SS Buy SEK 9.20 18.0 2.28 2.8x 5.0x 4.0x 4.3x 3.9x
New Wave Group NEWAB SS Buy SEK 123 138.0 9.61 11.58 15.2x 12.8x 10.1x 8.6x
Nibe NIBEB SS Buy SEK 39.34 51.0 1.60 1.8x 31.3x 24.5x 15.5x 13.2x
Nilfisk NLFSK DC Buy DKK 95.30 115.0 1.76 1.99 11.3x 7.3x 5.2x 4.5x
Nimbus Group BOAT SS Not Rated SEK 16.70 3.84 7.2x 4.3x 3.5x 1.9x
Niutech Group NIUTEC SS Not Rated SEK 0.502 0.05 0.06 -0.5x 10.2x -4.8x 4.1x
Nivika Fastigheter NIVIB SS Not Rated SEK 39.30 2.79 3.0x 15.0x 13.9x 18.8x 18.1x
NKT NKT DC Hold DKK 538 600.0 3.82 5.33 20.6x 18.9x 9.0x 8.4x
NNIT NNIT DC Hold DKK 72.40 70.0 5.88 7.2x 21.9x 13.5x 13.7x 8.9x
Nobia NOBI SS Hold SEK 4.334 3.3 0.49 0.67 -137.7x 8.9x 7.6x 5.6x
Noble Corporation NE US Buy USD 29.09 30.0 0.99 1.1x 16.7x 29.5x 5.6x 6.5x
NoHo Partners NOHO FH Buy EUR 9.24 12 0.89 0.94 12.1x 10.4x 5.4x 5.4x
Nokia NOKIA FH Hold EUR 4.57 4 0.30 0.4x 15.9x 14.2x 7.2x 6.6x
Nokian Tyres TYRES FH Hold EUR 6.38 7 0.64 0.99 84.7x 9.9x 8.8x 5.7x
Nolato NOLAB SS Buy SEK 58.40 68 3.06 3.5x 20.3x 18.2x 10.7x 9.5x
NorAm Drilling NORAM NO Hold NOK 22.85 37 0.23 10.0x 9.8x 3.0x 3.0x
Norconsult NORCO NO Hold NOK 45.60 48 2.40 2.9x 19.0x 19.0x 9.2x 8.9x
Nordea NDA SS Buy SEK 138.1 155 1.37 1.46 9.1x 9.2x
Nordhealth NORDH NO Buy NOK 36.40 45 -0.02 0.1x -582.9x 53.8x 58.5x 24.6x
Nordic LEVEL Group LEVEL SS Not Rated SEK 0.455 0.09 0.11 11.9x 5.2x 5.2x 3.6x
Nordic Semiconductor NOD NO Buy NOK 137.60 160 0.36 0.6x 101.9x 38.8x 32.6x 18.4x
Nordisk Bergteknik NORBB SS Hold SEK 10.8 10 1.62 2.06 10.2x 6.7x 4.2x 3.6x
Nordnet SAVE SS Buy SEK 249.20 270 11.31 12.8x 22.1x 21.9x
Norion Bank NORION SS Buy SEK 48.55 49 7.47 8.70 7.9x 6.5x
Norsk Hydro NHY NO Sell NOK 56.10 55 5.19 5.9x 11.3x 10.8x 4.8x 5.4x
Norsk Titanium NTI NO Not Rated NOK 1.38 0.04 0.04 -11.6x 3.5x -14.4x 2.5x
Norske Skog NSKOG NO Buy NOK 20.40 30 5.77 10.5x 3.5x 3.6x 2.2x
Norwegian Air Shuttle ASANAS NO Buy NOK 13.28 17 2.48 3.18 6.7x 5.3x 2.4x 1.9x
Novo Nordisk NOVOB DC Buy DKK 519.20 900 31.83 38.4x 19.8x 16.2x 14.3x 11.2x
Novonesis NSISB DC Buy DKK 486.9 490 1.79 2.09 31.8x 27.9x 19.9x 17.8x
NP3 NP3 SS Buy SEK 251.50 290 13.92 14.8x 17.4x 16.6x 17.4x 17.1x
NRC Group NRC NO Hold NOK 6.01 5 0.63 0.80 16.5x 8.8x 5.3x 3.9x
NTG NTG DC Hold DKK 199.60 240 18.13 20.3x 12.5x 11.0x 7.6x 6.3x
Nyfosa NYF SS Buy SEK 85.2 115 6.16 6.54 12.7x 11.5x 14.9x 14.4x
Nykode Therapeutics NYKD NO Not Rated NOK 1.93 -0.06 0.0x -2.1x -3.1x -0.5x -1.8x
Odfjell Drilling ODL NO Buy NOK 68.1 100 1.06 0.95 10.0x 6.5x 5.1x 4.2x
Odfjell SE ODF NO Buy NOK 110.60 170 3.23 3.5x 4.7x 3.4x 3.5x 3.0x
Odfjell Technology OTL NO Buy NOK 51.1 70 7.16 7.32 8.3x 7.1x 3.6x 3.3x
OKEA OKEA NO Hold NOK 18.02 18 0.29 0.4x 3.7x 6.2x 0.3x 0.7x
Okeanis Eco Tankers OET NO Buy NOK 222.5 340 5.28 5.26 6.5x 4.2x 6.5x 4.9x
Olav Thon EiendomsselskOapLT NO Buy NOK 277.00 300 19.53 20.6x 13.9x 13.1x 14.4x 14.0x
Olvi OLVAS FH Hold EUR 33.7 35 3.53 3.71 10.2x 9.6x 5.5x 5.0x
Omda OMDA NO Buy NOK 50.40 57 0.64 1.3x 22.8x 18.9x 12.5x 9.6x
Oncoinvent ONCIN NO Buy NOK 2.025 3 -1.19 -1.26 -1.6x -1.7x -0.5x -0.4x
Oncopeptides ONCO SS Hold SEK 1.52 2 -0.45 -0.2x -1.6x -3.4x -0.8x -2.9x
OptiCept Technologies OPTI SS Not Rated SEK 3.755 -0.24 -0.06 -6.5x -16.5x -6.9x -18.0x
Optomed OPTOMED FH Buy EUR 3.97 5 -0.15 0.0x -15.1x -25.9x -30.7x 172.1x
Orexo ORX SS Not Rated SEK 20.55 -1.87 -2.08 -17.0x -11.0x 26.2x 59.9x
Oriola ORIOLA FH Hold EUR 1.08 1 0.06 0.1x 16.3x 11.3x 4.4x 3.8x
Orion ORNBV FH Buy EUR 64 63 3.96 3.52 26.1x 16.1x 18.6x 11.7x
Orkla ORK NO Sell NOK 110.30 100 6.56 7.1x 17.9x 16.8x 12.5x 11.6x
Orthex ORTHEX FH Buy EUR 4.75 6 0.43 0.48 13.4x 11.0x 7.7x 6.6x
OssDsign OSSD SS Not Rated SEK 13.04 -0.38 -0.2x -39.6x -35.7x -41.0x -34.0x
Otovo OTOVO NO Not Rated NOK 1.84
Outokumpu OUT1V FH Hold EUR 3.38 3 0.34 0.4x 43.6x 11.0x 6.1x 4.1x
Ovzon OVZON SS Buy SEK 42.15 45 2.01 2.83 63.0x 21.0x 18.0x 10.8x
Pandora PNDORA DC Buy DKK 1,178.00 1,585 81.64 101.9x 16.8x 14.4x 11.3x 10.3x
Kilde: DNB Carnegie, FactSet, Bloomberg
19
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Pandox PNDXB SS Buy SEK 159.6 200.0 8.63 9.29 15.4x 14.2x 17.9x 17.2x
Panoro Energy PEN NO Buy NOK 25.5 32.0 0.26 0.3x 10.6x 9.8x 2.8x 2.6x
Paradox Interactive PDX SS Buy SEK 188.2 215.0 7.75 10.21 25.6x 22.8x 10.0x 9.1x
Paratus Energy PLSV NO Buy NOK 35.02 60.0 0.52 0.6x 7.0x 6.1x 5.5x 5.0x
Pareto Bank PARB NO Buy NOK 81.4 84.0 9.16 9.58 9.3x 8.9x
Peab PEABB SS Hold SEK 81.40 80.0 6.23 7.0x 15.3x 13.1x 7.5x 6.6x
Per Aarsleff PAALB DC Buy DKK 639 760.0 52.55 57.22 13.7x 12.2x 5.9x 5.2x
Pexip PEXIP NO Buy NOK 60.90 50.0 2.24 2.9x 29.8x 23.8x 17.2x 13.6x
PhotoCure PHO NO Buy NOK 52.1 80.0 1.21 2.70 -1009.3x 43.2x 24.4x 12.4x
Pihlajalinna PIHLIS FH Buy EUR 14.35 15.8 1.41 1.7x 9.7x 10.2x 5.6x 5.7x
Ponsse PON1V FH Buy EUR 27.80 30.6 1.79 2.26 19.9x 15.5x 8.2x 6.8x
PowerCell PCELL SS Not Rated SEK 25.18 0.14 0.5x -44.8x 176.9x -115.9x 40.8x
Pricer PRICB SS Not Rated SEK 5.88 1.14 1.22 7.0x 5.2x 3.7x 2.9x
Profoto PRFO SS Hold SEK 24.10 35.0 2.87 3.2x 12.1x 8.4x 5.8x 4.2x
Prosafe PRS NO Not Rated NOK 7.21 0.60 -1.7x 1.2x 8.0x 3.0x
Protector Forsikring PROT NO Buy NOK 405.50 380.0 28.04 29.3x 14.9x 14.5x
Public Property Invest PUBLI NO Buy NOK 21 24.0 1.17 1.22 15.8x 13.9x 16.8x 15.9x
Puuilo PUUILO FH Buy EUR 13.28 14.5 0.77 0.8x 18.6x 16.8x 12.5x 11.4x
Q-linea QLINEA SS Not Rated SEK 0.0467 -0.09 0.02 -0.3x -0.5x -0.4x -2.0x
Qliro QLIRO SS Hold SEK 19.70 21 0.89 2.2x -14.0x 22.2x
Qt Group QTCOM FH Buy EUR 57.5 85 2.81 3.61 26.7x 20.5x 16.3x 12.2x
Raisio RAIVV FH Buy EUR 2.52 3 0.16 0.2x 16.9x 15.9x 8.5x 8.1x
Raketech RAKE SS Not Rated SEK 2.855 0.09 0.18 5.7x 2.9x 1.9x 0.9x
Rana Gruber RANA NO Buy NOK 73.10 90 12.23 12.0x 5.4x 6.0x 3.2x 3.1x
RaySearch RAYB SS Buy SEK 317.5 350 8.80 11.46 55.4x 39.0x 18.7x 15.9x
Rejlers REJLB SS Buy SEK 198.60 205 12.51 14.1x 18.3x 15.9x 8.8x 7.8x
Relais Group RELAIS FH Not Rated EUR 14.65 1.22 1.35 11.4x 10.4x 7.6x 6.9x
Remedy Entertainment REMEDY FH Buy EUR 18.14 19 0.93 1.0x 40.6x 19.4x 10.8x 7.3x
Resurs Holding RESURS SS Not Rated SEK 26.25 4.17 4.50 7.1x 6.3x
Revenio REG1V FH Buy EUR 27.90 30 0.91 1.1x 34.6x 30.6x 21.2x 18.8x
RevolutionRace RVRC SS Buy SEK 43.42 51 2.86 3.00 15.2x 14.8x 11.2x 10.4x
Rockwool ROCKB DC Buy DKK 311.00 340 2.65 2.8x 15.4x 15.3x 8.4x 8.2x
Rogaland Sparebank ROGS NO Hold NOK 144.98 137 11.23 11.75 11.2x 12.9x
Royal Unibrew RBREW DC Buy DKK 557.00 645 35.14 40.3x 18.2x 15.9x 11.4x 10.5x
RugVista RUG SS Buy SEK 67.4 70 3.98 4.62 19.7x 16.9x 11.4x 9.8x
Rusta RUSTA SS Hold SEK 71.75 75 4.63 5.1x 18.3x 15.5x 8.1x 7.3x
Röko ROKOB SS Hold SEK 2225 2050 57.03 61.55 33.6x 31.5x 24.6x 22.9x
Safe Bulkers SB US Buy USD 3.85 5 1.13 1.2x 7.1x 3.4x 4.9x 3.3x
Sagax SAGAB SS Buy SEK 205.4 240 10.61 11.05 17.7x 16.8x 19.2x 18.0x
SalMar SALM NO Buy NOK 460.60 580 39.18 44.7x 21.2x 11.8x 11.6x 7.4x
Salmon Evolution SALME NO Buy NOK 6.08 9 0.09 0.51 -41.9x 67.5x 82.1x 21.5x
Salmones Camanchaca SALMOCAM CI Hold CLP 3,000.00 2,950 0.34 0.4x 14.1x 9.4x 5.9x 5.1x
Sampo SAMPO FH Not Rated EUR 9.18 0.57 16.1x 15.4x
Sandvik SAND SS Buy SEK 211.90 260 15.39 16.5x 17.0x 13.8x 9.4x 8.0x
Sanoma SANOMA FH Buy EUR 9.74 11 0.71 0.85 14.9x 11.3x 6.0x 5.4x
Sats SATS NO Hold NOK 34.85 37 2.78 3.1x 14.2x 12.5x 5.6x 5.2x
SBB SBBB SS Not Rated SEK 5.828 0.93 0.84 11.0x 13.8x 20.4x 19.6x
SCA SCAB SS Buy SEK 125.10 160 6.85 7.6x 22.1x 18.3x 13.0x 11.5x
Scandic Hotels Group SHOT SS Buy SEK 76.35 115 7.08 7.78 12.2x 10.6x 6.1x 5.4x
Scandinavian Tobacco GroSuTpG DC Hold DKK 87.90 90 11.43 11.8x 7.3x 6.9x 6.3x 6.1x
Scanfil SCANFL FH Not Rated EUR 8.93 0.72 0.77 13.6x 12.5x 7.2x 6.4x
Scatec SCATC NO Buy NOK 88.00 95 4.83 0.6x 8.6x 18.2x 8.5x 10.0x
Vend SCHA NO Sell NOK 362.2 290 4.79 7.27 -63.8x 75.7x 44.1x 38.8x
Schouw & Co SCHO DC Buy DKK 590.00 730 51.60 57.2x 10.9x 10.1x 6.4x 5.9x
Scorpio Tankers STNG US Buy USD 41.925 71 8.02 8.89 7.9x 5.2x 4.6x 2.9x
Sdiptech SDIPB SS Buy SEK 221.40 335 14.63 16.4x 13.8x 11.9x 9.9x 9.2x
Sea1 Offshore SEA1 NO Buy NOK 25.75 30 0.36 0.36 6.5x 7.2x 4.6x 5.1x
Seadrill SDRL US Buy USD 28.52 35 1.62 3.2x 17.4x 17.6x 4.8x 4.6x
SEB SEBA SS Hold SEK 164.9 149 14.73 15.88 11.4x 11.2x
Sectra SECTB SS Hold SEK 319.80 300 3.84 4.8x 112.6x 83.3x 74.1x 56.0x
Securitas SECUB SS Buy SEK 139.8 158 11.09 12.10 11.9x 11.1x 7.9x 7.5x
Selvaag Bolig SBO NO Hold NOK 34.00 35 3.11 3.4x 21.8x 10.9x 17.3x 8.1x
Sensys Gatso Group SGG SS Not Rated SEK 42 3.57 5.90 26.1x 11.8x 7.4x 6.0x
Senzime SEZI SS Not Rated SEK 5.07 -0.22 0.5x -8.3x -27.2x -11.3x -79.8x
Kilde: DNB Carnegie, FactSet, Bloomberg
20
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
SFL Corporation Ltd SFL US Hold USD 8.6 9.0 0.67 0.74 35.0x 11.8x 8.2x 7.2x
ShaMaran Petroleum SNM SS Buy SEK 1.3 1.6 0.02 0.0x 13.6x 8.2x 4.5x 3.8x
Shelf Drilling SHLF NO Buy NOK 8.3 8.0 0.06 0.08 2.4x 2.2x 4.0x 3.9x
Sileon SILEON SS Not Rated SEK 3.99 -13.52 -6.5x -0.3x -0.3x -2.1x -3.5x
Sinch SINCH SS Buy SEK 24.81 41.0 0.86 1.01 7.7x 7.6x 7.3x 6.3x
Sitowise SITOWS FH Hold EUR 2.46 2.0 0.02 0.1x 27.5x 16.5x 8.6x 7.3x
Sivers Semiconductors SIVE SS Not Rated SEK 4.466 -0.12 -0.04 -12.3x -38.5x 110.4x 20.5x
Skanska SKAB SS Hold SEK 232.00 230.0 16.26 17.6x 15.5x 14.3x 7.5x 6.7x
SKF SKFB SS Buy SEK 211.2 235.0 18.28 19.91 13.0x 11.3x 6.6x 5.7x
SkiStar SKISB SS Buy SEK 159.70 193.0 9.49 9.3x 22.9x 16.8x 12.0x 10.0x
Sleep Cycle SLEEP SS Not Rated SEK 32.95 3.13 4.18 11.2x 10.5x 6.2x 5.1x
SLP SLPB SS Buy SEK 39.35 42.0 1.85 2.0x 18.1x 17.0x 21.4x 19.7x
Smart Eye SEYE SS Buy SEK 66.3 103.0 7.43 10.12 -166.3x 6.3x 122.6x 5.1x
SmartCraft SMCRT NO Buy NOK 25.50 31.0 0.98 1.2x 31.4x 26.0x 17.6x 14.4x
Smartoptics SMOP NO Buy NOK 16.9 27.0 0.08 0.11 40.6x 22.1x 38.6x 25.6x
Sobi SOBI SS Buy SEK 293.20 381.0 19.49 25.6x 12.1x 9.6x 10.6x 8.0x
Solar SOLARB DC Hold DKK 312.5 315.0 23.43 29.12 19.8x 13.3x 6.5x 5.4x
Solar Foods SFOODS FH Not Rated EUR 5.74 -0.27 -0.3x -18.5x -20.9x -117.7x -159.7x
Solstad Offshore SOFF NO Not Rated NOK 40.75
Sonova SOON SW Hold CHF 257.40 280 10.40 11.5x 23.8x 23.6x 16.6x 16.5x
SP Group SPG DC Buy DKK 309.5 400 29.91 33.57 11.9x 10.3x 6.6x 5.8x
Spago Nanomedical SPAGO SS Not Rated SEK 0.21 -0.11 -0.1x -2.4x -1.9x -1.3x -1.1x
Spar Nord Bank SPNO DC Not Rated DKK 210 18.34 19.63 12.3x 11.4x
SpareBank 1 Helgeland HELG NO Hold NOK 175.60 167 14.15 14.6x 11.9x 12.4x
Sparebank 1 Nord-Norge NONG NO Hold NOK 149.16 150 12.67 13.22 11.3x 11.8x
Sparebank 1 SMN MING NO Buy NOK 191.58 202 17.85 18.7x 10.8x 10.7x
SpareBank 1 SĂžr-Norge SB1NO NO Hold NOK 181.2 180 15.92 16.72 10.4x 10.4x
Sparebank 1 Ăstlandet SPOL NO Hold NOK 185.00 168 14.60 15.7x 11.7x 12.3x
Sparebanken MĂžre MORG NO Hold NOK 104.9 95 8.27 8.60 12.1x 12.7x
Sparebanken Norge SVEG NO Buy NOK 158.88 157 13.13 13.6x 10.8x 12.1x
Sparebanken SĂžr SOR NO Buy NOK 203 226
Sparebanken Ăst SPOG NO Hold NOK 74.20 76 5.75 6.0x 11.2x 12.9x
Spinnova SPINN FH Hold EUR 0.502 2 -0.01 -0.14 -7.7x -43.1x -5.3x
SSAB SSABA SS Buy SEK 58.82 70 7.02 7.9x 9.4x 8.4x 3.9x 4.4x
Star Bulk SBLK US Hold USD 17.01 16 3.94 4.10 11.4x 4.3x 6.3x 3.4x
Stillfront Group SF SS Not Rated SEK 7.65 0.77 0.8x 4.2x 3.8x 3.9x 3.5x
Stockwik STWK SS Not Rated SEK 24 4.42 5.21 6.9x 4.6x 5.0x 4.5x
Stolt-Nielsen SNI NO Buy NOK 262.00 470 6.29 6.8x 5.0x 4.2x 4.1x 3.7x
Stora Enso STERV FH Buy EUR 8.492 13 0.69 0.88 21.8x 12.3x 8.6x 6.7x
Storebrand STB NO Buy NOK 133.90 149 10.44 11.6x 13.1x 11.9x
Storskogen STORB SS Buy SEK 11.355 18 0.97 1.15 9.7x 8.8x 7.0x 6.3x
Storytel STORYB SS Hold SEK 89.55 83 4.83 5.9x 25.5x 16.7x 10.1x 7.9x
Subsea 7 SUBC NO Buy NOK 189.5 205 1.97 2.09 15.5x 9.7x 4.4x 3.8x
Surgical Science Sweden SUS SS Buy SEK 152.70 185 5.13 6.3x 32.6x 25.4x 24.8x 16.8x
Sveafastigheter SVEAF SS Hold SEK 35.64 36 1.68 1.80 20.4x 18.4x 26.0x 23.5x
Svedbergs Group SVEDB SS Not Rated SEK 54.50 4.17 4.6x 13.7x 12.2x 8.7x 7.8x
Sweco SWECB SS Not Rated SEK 162.5 7.52 8.33 23.8x 21.1x 13.2x 11.8x
Swedbank SWEDA SS Hold SEK 250.10 240 23.36 24.1x 10.0x 10.7x
Synsam SYNSAM SS Buy SEK 54.1 62 4.04 4.83 19.5x 13.9x 6.6x 5.5x
Systemair SYSR SS Buy SEK 85.30 101 4.17 4.6x 24.2x 19.8x 11.8x 10.9x
SAAB SAABB SS Hold SEK 447.4 425 12.21 14.83 42.9x 36.7x 23.8x 20.0x
Talenom TNOM FH Buy EUR 3.90 4 0.18 0.2x 33.0x 22.0x 7.3x 6.8x
TCM Group TCM DC Buy DKK 76 95 8.44 10.75 11.6x 8.6x 7.6x 6.0x
Teekay Tankers TNK US Buy USD 45.86 63 9.59 10.1x 6.2x 4.8x 2.3x 1.2x
Tele2 TEL2B SS Buy SEK 141.5 150 7.29 7.93 15.7x 14.4x 9.9x 9.3x
Telenor TEL NO Sell NOK 153.70 142 10.29 10.9x 17.5x 14.2x 8.3x 8.1x
Telia Company TELIA SS Hold SEK 35.53 35 1.74 1.78 17.7x 18.5x 6.4x 6.4x
Terveystalo TTALO FH Buy EUR 12.00 13 0.97 1.1x 13.6x 12.3x 7.4x 6.9x
TF Bank TFBANK SS Buy SEK 375.5 520 41.92 51.37 12.1x 9.2x
TGS TGS NO Hold NOK 87.75 85 0.62 0.9x 19.1x 14.2x 2.3x 2.4x
Thule Group THULE SS Hold SEK 269.4 290 13.23 14.36 23.6x 20.4x 16.0x 14.1x
Tidewater Inc. TDW US Buy USD 48.22 55 4.26 5.2x 12.8x 10.6x 4.5x 3.9x
TietoEVRY TIETO FH Hold EUR 16.22 17 1.29 1.37 14.5x 9.7x 9.8x 7.9x
Tobii TOBII SS Not Rated SEK 4.15 0.19 0.4x -93.2x 22.2x 3.3x 2.7x
Kilde: DNB Carnegie, FactSet, Bloomberg
21
DNB Carnegie | 13 juni 2025
DNB CARNEGIE - ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs KursmÄl Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Tokmanni TOKMAN FH Hold EUR 10.8 12.0 1.16 1.30 11.1x 9.2x 6.3x 5.8x
Tomra TOM NO Sell NOK 159.5 130.0 0.58 0.6x 34.2x 23.8x 15.3x 11.8x
Transocean RIG US Buy USD 3.2 3.0 0.06 -0.11 -35.2x 50.1x 6.6x 6.1x
Transtema TRANS SS Not Rated SEK 14.98 1.71 2.3x 13.2x 8.7x 3.7x 2.7x
Trelleborg TRELB SS Hold SEK 350.2 350.0 19.29 22.19 20.9x 17.3x 11.0x 10.2x
Trianon TRIANB SS Hold SEK 18.62 21.0 0.95 1.0x 16.9x 15.4x 20.8x 21.2x
Trifork TRIFOR DC Buy DKK 98.5 110.0 0.60 0.70 22.9x 18.8x 9.1x 7.6x
Troax TROAX SS Buy SEK 151.00 190.0 0.65 0.7x 24.3x 19.5x 14.6x 12.3x
Truecaller TRUEB SS Buy SEK 66.85 100.0 2.59 3.09 31.2x 23.8x 21.7x 16.9x
Tryg TRYG DC Buy DKK 165.70 185.0 17.66 18.7x 9.7x 9.4x
UPM UPM FH Hold EUR 23.49 26.0 1.91 2.05 15.0x 12.3x 8.0x 7.1x
Vaisala VAIAS FH Buy EUR 49.75 59.0 2.48 2.6x 27.1x 20.1x 15.2x 12.0x
Valaris VAL US Buy USD 45.46 40.0 3.59 5.22 24.4x 12.7x 6.5x 6.4x
Valmet VALMT FH Buy EUR 27.05 33.0 2.32 2.8x 11.8x 9.6x 8.5x 7.2x
VEF VEFAB SS Buy SEK 1.84 23.6
Veidekke VEI NO Hold NOK 157.20 150.0 11.37 11.3x 14.6x 13.8x 6.1x 5.8x
Ventura Offshore VTURA NO Buy NOK 17.85 50.0 -0.04 1.10 8.7x -48.7x 3.3x 5.6x
Verkkokauppa.com VERK FH Buy EUR 2.57 2.7 0.15 0.2x 22.5x 17.3x 7.7x 6.6x
Vertiseit VERT SS Not Rated SEK 61 2.79 3.40 34.0x 21.9x 15.9x 11.4x
Verve VER SS Hold SEK 31.10 39 0.37 0.4x 7.9x 6.2x 5.6x 4.9x
Vestas VWS DC Buy DKK 110.6 160 0.94 1.16 19.3x 15.7x 7.5x 6.6x
Vestum VESTUM SS Buy SEK 10.32 13 0.21 0.3x 13.5x 10.3x 7.9x 6.6x
Viaplay Group VPLAYB SS Hold SEK 0.6748 1 -0.03 0.03 -4.1x -24.7x -38.0x 13.0x
Vicore Pharma VICO SS Buy SEK 8.84 19 -1.44 -1.7x -7.2x -6.2x -3.8x -4.4x
Vimian VIMIAN SS Buy SEK 41.64 50 0.12 0.15 29.0x 24.6x 17.6x 15.5x
Vitec VITB SS Sell SEK 457.00 419 12.53 14.1x 41.2x 36.5x 14.7x 13.0x
Vitrolife VITR SS Buy SEK 146.2 245 5.51 6.11 24.0x 19.7x 17.0x 14.2x
Vivesto VIVE SS Not Rated SEK 0.23 -0.08 -0.1x -3.3x -2.7x -3.5x -2.6x
VNV Global VNV SS Buy SEK 17.4 227
VO2 Cap Holding VO2 SS Not Rated SEK 1.95 0.16 0.2x 18.3x 11.9x 4.6x 3.1x
Volati VOLO SS Buy SEK 121.6 139 6.13 6.63 19.6x 15.9x 11.1x 9.5x
Volvo VOLVB SS Sell SEK 265.90 240 21.68 23.5x 13.6x 12.3x 6.4x 5.9x
Volvo Cars VOLCARB SS Hold SEK 16.92 18 2.87 1.97 6.7x 5.9x 1.2x 0.7x
VĂ„r Energi VAR NO Hold NOK 32.45 29 0.37 0.4x 7.6x 8.9x 2.3x 2.0x
W5 Solutions W5 SS Not Rated SEK 63.7 1.37 2.39 247.1x 46.5x 38.2x 20.6x
Wallenius Wilhelmsen ASAWAWI NO Buy NOK 84.45 87 2.57 2.5x 3.6x 3.3x 2.5x 2.0x
Wallenstam WALLB SS Sell SEK 44.86 40 1.52 1.54 22.0x 21.6x 32.1x 31.1x
Waystream WAYS SS Not Rated SEK 33.00 2.14 2.5x 14.4x 15.4x 9.5x 8.7x
Western Bulk Chartering WEST NO Hold NOK 14.5 15 0.09 0.09 2146.4x 16.5x 23.8x 4.5x
Wihlborgs WIHL SS Buy SEK 94.70 120 5.33 5.5x 15.3x 14.2x 20.3x 19.1x
Wilh. Wilhelmsen Holding WASAWI NO Buy NOK 443 525 12.35 12.37 3.5x 3.6x 0.3x -2.0x
WithSecure WITH FH Not Rated EUR 1.02 -0.01 -70.5x -128.4x 24.6x 16.8x
WÀrtsilÀ WRT1V FH Hold EUR 19.475 15 1.07 1.12 18.9x 17.9x 11.1x 10.6x
Xbrane Biopharma XBRANE SS SEK 0.25
Xvivo XVIVO SS Hold SEK 301.8 400 7.83 10.20 104.7x 37.8x 38.9x 22.0x
XXL XXL NO Not Rated NOK 9.89 0.24 3.3x -15.7x 41.9x 6.9x 2.5x
Yara YAR NO Buy NOK 375.6 425 5.08 4.95 7.3x 7.0x 4.5x 4.1x
YIT YIT FH Buy EUR 2.56 3 0.06 0.2x -47.4x 39.0x 17.4x 9.7x
Yubico YUBICO SS Hold SEK 138.5 193 5.64 6.75 32.2x 24.6x 23.8x 17.4x
Zealand Pharma ZEAL DC Buy DKK 474.40 950 3.61 -12.1x 4.6x 131.5x 2.0x -76.8x
Zelluna ZLNA NO Not Rated NOK 14 -7.80 -0.3x -0.2x 0.1x 0.7x
Ărsted ORSTED DC Hold DKK 277.00 300 32.02 31.9x 11.4x 10.9x 7.1x 6.3x
AAK AAK SS Buy SEK 265.6 331 14.47 15.60 18.8x 17.5x 12.4x 11.0x
Kilde: DNB Carnegie, FactSet, Bloomberg
22
DNB Carnegie | 13 juni 2025
AFTER-HOURS / AFTER-SKI
Aksjer Kursutvikling 12 mnd Market cap
Selskap Ticker Kurs Endring Volum (x1000) Valuta Siste uke siste mnd YTD 12 mnd lav hĂžy NOK mrd
AFC Ajax AJAX 9.78 -0.4 % 2 EUR -0.4 % -2.0 % 2.3 % -4.6 % 9.50 10.50 2.1
AIK Fotboll AIKB 1.70 6.6 % 19 SEK 0.9 % 3.0 % 0.9 % 11.8 % 1.00 1.80 0.0
SC Braga SCB 14.60 0.0 % na EUR 5.0 % 7.4 % 0.0 % 12.3 % 13.00 17.00 0.2
Besiktas Futbol BJKAS 1.87 -2.6 % 73,766 TRY 10.7 % -6.5 % -46.3 % -64.3 % 1.68 14,950.00 2.1
Borussia Dortmund BVB 3.75 -0.5 % 84 EUR -0.4 % 0.5 % 19.4 % 4.3 % 2.78 4.20 4.8
BrĂžndby IF BIFB 0.34 1.2 % 270 DKK -1.7 % -3.7 % -16.9 % -35.6 % 0.30 0.56 4.5
Celtic FC CCP 160.00 1.6 % na GBp 5.3 % 9.6 % -4.5 % 16.4 % 137.50 205.00 2.1
CF Intercity CITY 0.23 -3.0 % na EUR -2.2 % -20.2 % 18.4 % -63.7 % 0.09 1.35 0.0
Birmingham Sports 2309 2.39 -0.8 % na HKD -7.0 % -11.8 % 0.8 % -27.4 % 1.80 3.62 2.8
FC KĂžbenhavn PARKEN 149.00 -1.3 % 2 DKK -2.3 % 5.7 % 16.9 % 34.8 % 106.50 155.00 10.8
FC Porto FCP 1.09 -0.9 % na EUR 11.2 % 14.1 % -0.9 % -9.2 % 0.90 1.30 0.3
Galatasaray Sportif GSRAY 1.72 1.2 % 194,742 TRY 5.5 % -18.5 % -14.4 % -34.2 % 1.56 3.04 2.3
Juventus Football JUVE 3.11 -2.2 % 804 EUR -4.3 % 5.4 % 2.8 % 53.0 % 1.99 3.56 13.5
Manchester United MANU 17.27 2.2 % 387 USD 25.1 % 19.8 % -0.5 % 4.4 % 12.05 18.42 29.2
Olympique Lyonnais EFG 1.83 0.3 % 0 EUR 1.7 % 24.5 % -9.0 % -14.5 % 1.42 2.33 3.7
SL Benfica SLBEN 4.95 1.0 % 5 EUR -4.4 % 12.8 % 52.3 % 47.8 % 3.02 6.46 1.3
Sporting Club SCP 1.02 -1.0 % 0 EUR 3.0 % 2.0 % 12.1 % 12.1 % 0.87 1.10 2.4
SS Lazio SSL 0.79 -0.8 % 22 EUR -6.1 % -4.6 % -23.7 % 10.3 % 0.68 1.14 0.6
Trabzonspor Sportif TSPOR 0.82 1.2 % 236,534 TRY 12.3 % -9.9 % -18.0 % -59.2 % 0.72 2.75 1.6
Skistar SKISB 159.70 -0.5 % 41 SEK -2.0 % -8.1 % -2.4 % 4.5 % 142.00 182.90 13.1
Vail Resorts MTN 153.61 1.1 % 728 USD -0.8 % 2.9 % -18.1 % -15.3 % 129.85 199.45 57
Cie des Alpes CDA 18.40 -0.5 % 31 EUR 1.1 % 6.1 % 21.4 % 26.5 % 12.32 18.68 10.7
Amer Sports AS 37.41 -0.9 % 2,107 USD 0.1 % 19.9 % 33.8 % 161.1 % 10.11 39.17 206.6
Heineken HEIA 80.18 0.1 % 594 EUR 1.1 % 2.8 % 16.7 % -15.2 % 63.58 95.64 531
Carlsberg CARLB 935.00 0.1 % 236 DKK -0.6 % 2.5 % 35.5 % -1.3 % 662.60 958.80 194
Anheuser-Busch ABI 61.78 0.1 % 1,510 EUR -0.9 % 5.0 % 28.0 % 10.1 % 44.89 63.04 1,435
Molson Coors TAP 51.52 -0.5 % 1,816 USD -0.7 % -6.6 % -10.1 % 2.4 % 49.19 64.66 104
Royal Unibrew RBREW 557.00 -0.3 % 77 DKK 2.5 % 7.3 % 10.2 % -2.0 % 466.00 591.50 43
Kilde: Bloomberg, DNB Carnegie
23
DNB Carnegie | 13 juni 2025
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DNB Carnegie | 13 juni 2025
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