US renter, EQUITY RESEARCH 13 januar 2025
Research report prepared by DNB Markets, a division of DNB Bank ASA
Aksjemarkedet i dag
SANKSJONSLØFT FOR OLJEPRIS Portefølje anbefalte aksjer:
& SHIPPING FØR Q4-TALL– BNOR - Aker BP
- Mowi
- Norconsult
Fredagens amerikanske arbeidsmarkedstall styrket ikke eventuelle forventninger om - Protector
raskere rentekutt fremover og med tiårsrenten ytterligere opp i retning av 5%-merket - Salmar
sendte dette indeksene i motsatt retning. Målingene som viste en kombinasjon av lavere - Sats
- Storebrand
forbrukertillit og samtidig høyere langsiktige inflasjonsforventninger bidro heller ikke i - Subsea 7
positiv retning. Etter å ha forsøkt å hente seg noe inn igjen mot slutten av dagen - Veidekke
endte S&P500 fortsatt ned 1.5%. Nasdaq og Dow var ved stengetid begge ned - Vår Energi
1.6%. Tross en inneklemt børsdag kom også volumet aksjer omsatt på de tre - Yara
hovedindeksene likevel inn på 112-116% av gjennomsnittet for de siste tre måneder.
- YTD DNB 0%
VIX-indeksen steg i tillegg på fredag med 8.1% til 19.5 punkter. Renten på tiårige US - YTD OSE 0%
statsobligasjoner endte opp med 11 basispunkter til 4.76%, hvilket var opp 3
basispunkter i forhold til ved stengetid i det norske markedet før helgen. Med markedet I dag
i Japan stengt, og dermed begrenset aktivitet, peker futures på S&P500 i øyeblikket mot Rapporter / nyheter etc Norden
en åpning ned 0.4% ved start av handel i USA i ettermiddag.
BioInvenst, koferanse
I Asia ser så langt ikke dagens oppdatering av den kinesiske handelsbalansen for Cargotec, oppdatering
DFDS, omsetning
desember ut til å ha bedret stemningen. Med både importen og eksporten opp år/år, Elekta, konferanse
begge deler også mer forventet, endte handelsoverskuddet for måneden på USD 105 Genmab, konferanse
mrd. Drevet av utviklingen i USA før helgen har investorene i første omgang likevel Moberg Pharma, konferanse
reagert med å sende de viktigste indeksene i Kina, Sør-Korea og på Taiwan ned med
henholdsvis 0.5%, 1.1% og 2.4%. Det kommer ved innledningen av uken begrenset Nøkkeltall Norden
med ytterligere nøkkeltall fra makrosiden, men på den annen side kan vi nå uansett SE: Boligpriser
vente at mye av den kortsiktige oppmerksomheten vil bli rettet mot den umiddelbart NO: Boligpriser
forstående rapporteringssesongen. Amerikansk finanssektor vil også i denne
runden med kvartalstall være tidlig ute og her får vi oppdateringer fra de største bankene
Rapporter/nøkkeltall Europa/USA
allerede i løpet av onsdag og torsdag denne uken. I tillegg må vi forvente at det som
Japan: Marked stengt
følge av både resultatvarsler og oppdateringer av de kortsiktige forventningene fra Kina: Handelsbalanse
selskapene i de nordiske markedene vil kunne bli bevegelse i enkeltaksjer gjennom US: Inflasjonsforventninger NY
de neste dagene.
I tillegg til de skjerpede sanksjonene mot den såkalte skyggeflåten, hvilket også ga DNB Markets Konferanser
A
aksjene innenfor tanksektoren et ytterligere løft allerede på fredag, har de reduserte
05. mar. Energi- & Shippingkonferanse
amerikanske lagerbeholdningene og kaldt vær i deler av Nord-Amerika fortsatt å gi 03. apr. Nordisk SMB konferanse
oljeprisene oppdrift gjennom helgen. På den annen side har imidlertid de kinesiske
Emisjoner, børsnoteringer o.l.
handelsbalansetallene og USD-kursen så langt ikke bidratt til å fyre ytterligere
oppunder prisløftet. Brent ligger før åpning i dag på USD 80.61 pr fat og er med det - Pågående transaksjoner
opp USD 1.15 pr fat i forhold til ved stengetid i det norske markedet før helgen. Siden - Om aksjehandelsløsning
fredag ettermiddag har også WTI-prisen kommet opp med USD 1.18 pr fat og ligger i Aktuelle podcasts/webinarer:
øyeblikket på USD 78.10 pr fat.
-
Bluenord har annonsert en mindre utsettelse for produksjonsopptrappingen på Tyra-
UTBYTTE er en podcast fra DNB som handler om det
feltet. Selskapet venter nå å være opp på platånivå i produskjonen ved utgangen av
viktigste som skjer i den globale økonomien og
januar. Tidligere kommunikasjon fra selskapet har vær at dette produksjonsnivået skulle finansmarkedene. Hør på iTunes, Spotify og Soundcloud
være på plass i andre halvdel av januar. Nyheten har begrensede implikasjoner for
verdsettelsen og vi venter kun lav effekt på konsensusforventningene for 2025. ANALYST
Utsettelsen innebærer imidlertid at vi ikke kan vente å få en første utbytteannonsering i Ole-Andreas Krohn
Ole-andreas.krohn@dnb.no
forbindelse med Q4-rapporteringen den 12. februar. Vilkårene i selskapets låneavtale
TLF: +47 918 59 722
inkluderer en forutsetning om at produksjonen må ha vært oppe på platånivået i rundt
Please see the last page for important information. This research
en måned før de kan åpne for utbytter. Etter en oppgang på nesten 20% siden starten
report was not produced in the US. Analysts employed by non-
av desember stengte Bluenord fredag på NOK 703 pr aksje. Vi har her før eventuelle US Affiliates are not registered / Qualified research analysts with
endringer en kjøpsanbefaling med et kursmål på NOK 680 pr aksje. FINRA in the United States
DNB Markets | US aksjeindekser og oljepris – før og etter stengetid i oslo
13 januar 2025
US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO
Index rebased
100.0 USD per brl
80
99.5 79
99.0 78
77
98.5 76
98.0 75
74
97.5 73
97.0 72
71
96.5 6 7 8 9 0 1 2 70
1 1 1 1 2 2 2 5 6 7 8 9 0 1 2
1 1 1 1 1 2 2 2
Dow S&P500 Nasdaq Axis Title
WTI Oil Price
INTERNASJONALE BØRSER RENTER VALUTA / RÅVARER
Siste Endr. % Siste I går Endr. Siste I går Endr. %
Dow Jones 41,938 -697 -1.63 USA 10år 4.759 4.69 0.07 EUR/USD 1.021 1.024 -0.29
S&P 500 5,827 -91 -1.54 Tyskl. 10år 2.595 2.55 0.05 USD/JPY 157.5 157.7 0.15
NASDAQ 19,162 -317 -1.63 Norge 10år 3.992 4.00 -0.01 USD/NOK 11.494 11.476 -0.15
Nikkei 225 39,190 -415 -1.05 USA 3m 4.854 4.87 -0.01 EUR/NOK 11.740 11.759 0.17
Euro 500 5,885 -48 -0.81 Euro 3m 2.766 2.78 -0.02 Siste Endr. Endr. %
Danmark-KFX 2,118 3 0.14 Norge 3m 4.620 4.64 -0.02 CRB indeks 306 8.58 2.89
Finland-HEX 9,560 -55 -0.57 Brent sp. ($/bbl) 80.4 3.26 4.22
Norge-OSEBX 1,480 7 0.47 Brent 1m ($/bbl) 81.2 4.28 5.56
Sverige-SAX 959 -10 -1.00 Alum. 3m ($/ton)2,571.5 73.00 2.92
US Nat.gass 4.1 0.37 9.87
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 86.26 2.92 6,774,724 630.02 632.30 -2.28
GN Group 51.54 -5.88 343 125.48 124.95 0.53
AP Møller Maersk 7.48 -0.57 353,911 10,926.34 10,960.00 -33.66
Finland
Nokia 4.52 -0.11 13,624,549 4.43 4.41 0.01
Metso 4.27 -0.34 1,836 8.36 8.75 -0.39
UPM Kymmene 27.56 -0.13 87,344 26.98 26.88 0.10
Norge
BW LPG 12.21 0.82 487,010 140.34 137.70 2.64
Frontline 17.23 1.33 7,811,659 198.03 195.95 2.08
Norsk Hydro 5.55 0.07 164,284 63.79 64.38 -0.59
Yara 13.61 0.19 63,131 312.86 314.10 -1.24
Cool Company 8.54 0.33 292,089 98.16 98.30 -0.14
Golden Ocean 9.33 0.34 2,846,869 107.24 107.15 0.09
Himalaya Shipping 5.16 0.23 155,454 59.31 58.80 0.51
Hafnia 5.92 0.37 3,503,072 68.04 67.50 0.54
Okeanis Eco Tankers 24.27 2.22 496,359 278.95 270.50 8.45
Flex LNG 25.96 1.41 847,124 298.37 294.80 3.57
Equinor 25.27 -0.03 3,162,605 290.44 294.10 -3.66
Subsea 7 17.23 0.11 10,761 198.03 199.00 -0.97
Telenor 11.16 -0.07 48,369 128.27 127.90 0.37
Tomra 13.44 0.00 189 154.47 147.20 7.27
Questerre 0.22 -0.02 101,772 1.75 1.85 -0.10
Orkla 8.78 0.02 27,432 100.86 100.40 0.46
Sverige
AstraZeneca 67.01 0.43 5,671,236 1540.37 1508 32.37
Electrolux 15.93 0.11 724 91.52 89.52 2.00
Ericsson (B) 8.13 -0.18 22,713,613 93.44 92.58 0.86
Hennes & Mauritz 2.52 -0.05 158,128 144.82 144.55 0.27
Atlas Copco 15.76 0.00 300,269 181.14 175.65 5.49
SKF B 18.98 -0.16 25,625 218.15 212 6.15
Telia 5.36 -0.09 123,491 30.80 30.28 0.52
Assa Abloy 14.25 -0.19 208,340 327.57 320 7.57
Sandvik 18.21 -0.22 111,719 209.30 203.7 5.60
2
DNB Markets |
13 januar 2025
US S&P500 – AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)*
Siste år Siden 1995
250 3000
200 2500
2000
150
1500
100
1000
50 500
0 0
S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks
* Verdiindeks = S&P 500 Value Total Return Index
* Vekstindeks = S&P 500 Growth Total Return Index
* GARP indeks = S&P 500 GARP Index (Growth At a Reasonable Price)
Kilde:Bloomberg /DNB Markets
US indekser I går Endr. %1D %1W %1M %3M %YTD %12M Est. P/E
Dow Jones Industrial 41,938 -696.8 -1.63 -1.07 -4.31 -2.16 -1.42 11.56 22.54
S&P 500 5,827 -91.2 -1.54 -0.71 -3.70 0.21 -0.93 21.81 24.67
Nasdaq Composite 19,162 -317.3 -1.63 -0.62 -3.84 4.46 -0.77 27.98 36.19
Russel 2000 2,189 -49.7 -2.22 -1.90 -6.72 -2.02 -1.84 12.21 43.45
Amex naturgass (XNG) 660 -1.4 -0.20 1.39 2.60 4.83 2.65 20.21 14.97
Amex Oil Service 74 -0.2 -0.21 -0.84 -1.45 -8.92 1.41 -7.26 na
Philadelphia oljeproduksjon (XOI) 1,843 16.9 0.92 3.18 1.18 -7.09 4.51 -0.32 na
Amex farmasi (DRG) 941 -0.6 -0.07 0.30 -2.07 -13.16 0.72 -1.86 18.08
Nasdaq biotech 4,296 -79.6 -1.82 -0.99 -3.38 -10.02 -0.35 -3.96 na
Philadelphia halvleder (SOX) 5,037 -124.9 -2.42 0.32 -2.18 -5.59 1.16 24.31 41.65
S&P 500 Paper & Forest (PAFO) 460 -8.0 -1.70 -0.68 -9.07 -3.02 -0.35 2.98 14.90
Kilde: Bloomberg, DNB Markets
Råvarer og shipping Siste I går Endr. %1D %1W %1M %3M %YTD %12M 52W H 52W L
CRB indeks 306.0 306.0 5.48 1.82 3 4.1 5.1 3.1 15.7 306.0 263.0
GS råvare indeks 3,816 3,816 93.09 2.50 3 5 3 4 13 3,857 3,307
Olje
Brent Spot 80.35 #N/A N/A 2.32 2.98 4.83 8.92 1.42 8.43 2.14 93.31 70.69
Brent olje 1m 81.20 79.76 1.44 1.81 6.42 9.01 2.73 8.79 3.72 92.18 68.68
Brent olje 3m 78.99 78.06 0.93 1.19 4.98 7.11 1.07 6.92 1.57 90.22 68.01
WTI olje 1m 78.17 76.57 1.60 2.09 6.27 9.65 3.45 8.99 7.55 87.67 65.27
Flybensin 761.75 0.00 23.50 3.18 4.28 8.74 2.80 6.09 -10.59
Naturgass US Henry Hub 4.12 4.12 0.18 4.57 21.18 34.64 82.30 21.18 26.77
Fyringsolje 258.2 250.2 8.00 3.20 9.62 13.7 10.1 11.3 -3.3 297.4 204.3
Metaller
Aluminium 3m 2,572 2,572 33 1.28 3.13 -1.4 -0.6 0.8 15.2 2,799 2,153
Nikkel 15,658 15,658 176 1.14 3.62 -0.4 -10.7 2.2 -4.7 21,750 14,905
Kobber 9,092 9,092 13 0.14 2.42 -1.4 -6.5 3.7 8.6 11,105 8,127
Gull 2,687 2,690 -3 -0.12 1.90 1.4 1.1 2.4 31.1 2,790 1,984
Shipping
WS AG - Japan, 250 dwt 48 48 3 5.56 18.75 12 -21 19 -27 88 38
WS AG - USG, 250 dwt 30 30 3 9.09 9.09 9 -14 9 -29 55 28
Baltic dry index 1,048 1,048 79.0 8.15 -2.24 -0 -42 5 -28 2,419 966
Kilde: Bloomberg, DNB Markets
Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L
Norge - Nibor 1m 4.580 4.580 0.000 -0.03 -0.07 -0.07 -0.03 -0.02 4.67 4.58
Norge - Nibor 3m 4.620 4.620 -0.010 -0.04 -0.05 -0.09 -0.06 -0.09 4.78 4.62
USA - Libor 3m 4.854 4.855 -0.001 -0.08 -0.42 -0.73 -0.74 -0.80 na na
Euro - Euribor 3m 2.766 2.766 -0.023 0.04 -0.11 -0.42 0.05 -1.17 3.97 0.00
Norge 10 år stat 3.992 3.992 0.018 0.12 0.48 0.40 0.11 0.49 4.08 3.17
USA 10 år stat 4.759 4.759 0.070 0.16 0.53 0.70 0.19 0.73 4.79 3.60
Euro 10 år stat 2.595 2.595 0.028 0.17 0.47 0.34 0.23 0.38 2.71 2.01
Tyskland 10 år stat 2.595 2.595 0.028 0.17 0.47 0.34 0.23 0.38 2.71 2.01
Japan 10 år stat 1.203 1.203 0.019 0.10 0.13 0.24 0.10 0.62 1.21 0.56
UK 10 år stat 4.838 4.838 0.027 0.25 0.52 0.63 0.27 1.02 4.92 3.73
Valuta
EUR/USD 1.021 1.024 -0.003 -0.018 -0.029 -0.070 -0.014 -0.074 1.121 1.021
USD/JPY 157.5 157.7 -0.240 -0.1 3.8 7.7 0.3 11.8 162.0 139.6
GBP/USD 1.214 1.221 -0.006 -0.038 -0.048 -0.092 -0.037 -0.058 1.343 1.213
USD/NOK 11.494 11.476 0.018 0.202 0.350 0.695 0.107 1.146 11.512 10.264
EUR/NOK 11.740 11.759 -0.020 0.006 0.035 -0.039 -0.046 0.402 12.134 11.250
GBP/NOK 13.959 14.008 -0.049 -0.181 -0.103 -0.143 -0.284 0.784 14.371 13.097
Kilde: Bloomberg, DNB Markets
3
DNB Markets |
13 januar 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
Chevron Corp 153.14 1.9 % -0.5 % 4.0 % Walgreens Boots Alliance Inc11.76 27.5 % 13.2 % -49.5 % Walgreens Boots Alliance1 I1n.c76 27.5 % 13.2 % -49.5 %
Walmart Inc 93.00 1.3 % -1.3 % 72.9 % Constellation Energy Corp 305.19 25.2 % 27.7 % 170.3 % Constellation Energy Co3rp05.19 25.2 % 27.7 % 170.3 %
Home Depot Inc/The 389.89 0.7 % -6.5 % 9.6 % Diamondback Energy Inc 174.77 2.2 % 7.0 % 13.6 % Delta Air Lines Inc 66.95 9.0 % 8.8 % 74.0 %
Boeing Co/The 172.00 0.1 % 1.4 % -21.0 % Zscaler Inc 189.98 1.4 % -4.3 % -17.7 % VF Corp 22.79 5.8 % 8.1 % 40.6 %
NIKE Inc 71.20 -0.1 % -7.8 % -32.2 % American Electric Power Co I9n3c.51 1.4 % 0.9 % 14.8 % Bunge Global SA 81.22 5.0 % -1.7 % -14.4 %
Johnson & Johnson 142.06 -0.1 % -3.1 % -12.5 % Lucid Group Inc 3.02 1.3 % 17.1 % 0.5 % CVS Health Corp 48.01 4.3 % -2.8 % -37.3 %
Merck & Co Inc 99.25 -0.6 % -2.7 % -16.3 % Dollar Tree Inc 72.90 1.3 % 4.0 % -46.3 % Whirlpool Corp 118.01 4.0 % -3.9 % 3.4 %
UnitedHealth Group Inc 520.69 -0.7 % 0.0 % -0.2 % MercadoLibre Inc 1758.77 1.1 % -3.6 % 6.0 % Vistra Corp 166.73 3.7 % 15.1 % 325.1 %
Amgen Inc 262.23 -0.7 % -3.1 % -14.4 % MercadoLibre Inc 1758.77 1.1 % -3.6 % 6.0 % United Airlines Holdings1 I0n7c.11 3.3 % 12.6 % 169.3 %
Cisco Systems Inc 58.74 -0.8 % 0.2 % 16.7 % Meta Platforms Inc 615.86 0.8 % -0.7 % 64.5 % Zimmer Biomet Holding1s0 In4c.54 3.0 % -2.1 % -15.1 %
Honeywell International Inc 218.19 -0.9 % -4.1 % 8.5 % Gilead Sciences Inc 89.88 0.8 % -2.2 % 4.1 % Alaska Air Group Inc 68.18 2.9 % 9.0 % 93.9 %
Walt Disney Co/The 108.65 -1.0 % -4.1 % 20.3 % Lululemon Athletica Inc 395.47 0.6 % 1.0 % -17.6 % Air Products and Chemic2a9l3s. 0In8c 2.7 % -6.2 % 11.0 %
Coca-Cola Co/The 61.07 -1.0 % -3.2 % 1.1 % AstraZeneca PLC 67.01 0.6 % 0.6 % -3.5 % Leidos Holdings Inc 149.44 2.5 % -2.4 % 35.6 %
Microsoft Corp 418.95 -1.3 % -6.3 % 7.8 % Intuitive Surgical Inc 547.47 0.6 % 1.5 % 50.5 % Archer-Daniels-Midland C5o1.09 2.5 % -2.5 % -26.6 %
JPMorgan Chase & Co 239.87 -1.3 % 0.0 % 41.9 %
Amazon.com Inc 218.94 -1.4 % -3.7 % 41.6 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år
International Business Machine 219.75 -1.5 % -4.8 % 32.5 % ON Semiconductor Corp 53.94 -7.5 % -18.2 % -26.6 % Constellation Brands Inc181.81 -17.1 % -24.1 % -29.6 %
Visa Inc 307.71 -1.6 % -2.2 % 16.5 % PDD Holdings Inc 94.68 -5.6 % -7.4 % -36.3 % PG&E Corp 17.17 -10.8 % -13.1 % -1.9 %
McDonald's Corp 282.31 -1.6 % -4.8 % -3.8 % PayPal Holdings Inc 83.36 -5.2 % -8.4 % 36.7 % ON Semiconductor Corp 53.94 -7.5 % -18.2 % -26.6 %
Procter & Gamble Co/The 158.56 -2.2 % -7.3 % 5.3 % eBay Inc 65.90 -5.0 % 3.2 % 59.9 % Edison International 65.00 -6.5 % -20.6 % -8.9 %
Sherwin-Williams Co/The 330.16 -2.2 % -9.4 % 9.1 % Regeneron Pharmaceutical6s9 In6c.88 -5.0 % -4.7 % -25.3 % Brown-Forman Corp 33.86 -5.9 % -24.7 % -39.3 %
Apple Inc 236.85 -2.4 % -4.5 % 27.4 % Advanced Micro Devices Inc116.04 -4.8 % -8.6 % -20.8 % Molson Coors Beverage C5o2.44 -5.7 % -14.1 % -17.0 %
3M Co 131.21 -2.5 % 1.0 % 45.1 % JD.com Inc 33.10 -4.7 % -11.2 % 34.0 % Allstate Corp/The 180.99 -5.6 % -7.8 % 19.8 %
Salesforce Inc 317.85 -2.8 % -10.3 % 16.9 % Xcel Energy Inc 63.37 -4.5 % -7.0 % 3.4 % Equinix Inc 899.83 -5.4 % -6.8 % 10.4 %
Caterpillar Inc 351.00 -2.8 % -7.8 % 20.9 % Netflix Inc 837.69 -4.3 % -8.8 % 70.2 % Oracle Corp 154.50 -5.3 % -10.9 % 44.9 %
Verizon Communications Inc 37.81 -2.9 % -10.6 % -1.9 % Verisk Analytics Inc 268.63 -4.2 % -5.2 % 13.5 % Blackstone Inc 164.85 -5.2 % -12.5 % 38.1 %
NVIDIA Corp 135.91 -3.0 % 1.2 % 148.4 % Enphase Energy Inc 66.74 -4.2 % -9.6 % -39.4 % PayPal Holdings Inc 83.36 -5.2 % -8.4 % 36.7 %
American Express Co 293.30 -3.2 % -2.9 % 61.1 % Charter Communications In3c34.89 -4.1 % -11.8 % -8.2 % Global Payments Inc 105.71 -5.1 % -7.4 % -18.9 %
Goldman Sachs Group Inc/The 560.00 -3.5 % -4.4 % 48.2 % Kraft Heinz Co/The 28.51 -3.9 % -10.0 % -24.3 % eBay Inc 65.90 -5.0 % 3.2 % 59.9 %
Autodesk Inc 284.96 -3.8 % -6.2 % 17.5 % Regeneron Pharmaceut6ic9a6ls.8 I8nc -5.0 % -4.7 % -25.3 %
Kilde: Bloomberg / DNB Markets
Indeksutvikling på sektornivå
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
Luftfart 5.2% 8.3% 36.9% 71.5% 7.8% 12.4 Biler og komponenter 0.6% -3.3% -2.1% -10.3% -0.2% 7.2
Bygg og anlegg 0.4% -7.1% 1.3% 54.8% -0.8% 35.6 Helsevern - utstyr og tjenester 0.5% 1.0% -1.7% 9.8% 1.2% 24.9
Olje og gass 0.4% -0.3% -5.7% 8.0% 2.9% 15.2 Energi 0.2% 4.6% -2.1% -2.3% 4.8% 7.8
Farmasi 0.3% -0.7% -10.9% 0.9% 0.9% 20.2 Programvare og tjenester 0.1% 1.3% 12.9% 39.1% 3.2% 42.7
Fritidsutstyr -0.1% -7.6% -20.9% 17.3% 2.0% 14.6 Telekommunikasjon og tjenester -0.1% -3.0% -2.0% 10.5% -0.2% 13.8
Kraft -0.2% -1.8% -6.2% 20.1% -0.2% 18.7 Kommersielle tjenester og leveranser -0.2% -0.9% 0.3% 12.3% 1.2% 24.1
Energi og relatert utstyr -0.4% -2.2% -5.2% -8.3% 2.0% 12.4 Legemiddelindustri og bioteknologi -0.4% -0.5% -8.3% -0.2% 2.8% 16.8
Metall -0.8% -5.0% -22.9% -8.2% 2.9% 15.9 Transport -0.5% -3.6% -3.9% -9.8% -1.8% 14.3
Helseartikler -0.9% 0.0% 0.4% 8.4% 2.2% 26.3 Forbruksvarer og klær -0.5% 0.6% 1.3% 4.1% 0.6% 26.8
Kjemikalier -0.9% -6.6% -13.5% -1.4% -1.6% 22.2 Banker -0.6% 1.1% 5.5% 26.9% 1.1% 7.2
Kommunikasjonsutstyr -1.0% 0.0% 6.5% 33.2% 0.3% 22.4 IT utstyr -0.7% 1.8% 8.8% 15.9% 1.9% 21.4
Elektrisk utstyr -1.1% -2.6% 7.8% 45.4% 2.2% 32.3 Hotell-, underholdnings- og restaurantvirksom-0h.e7t% -2.0% 4.4% 15.9% -0.9% 23.6
Industrielle konglomerater -1.4% -2.5% -0.2% 34.3% -1.8% 20.4 Materialer -0.9% -3.1% -8.4% -1.1% -0.2% 16.2
Bioteknologi -1.4% -2.6% -13.8% -7.4% -0.8% 20.1 Eiendomsselskaper -1.1% -5.7% -13.2% -5.5% -3.6% 13.3
Hotell og restaurant -1.6% -6.7% -0.1% 12.4% -3.2% 25.4 Kapitalvarer -1.1% -0.8% 1.2% 17.0% 1.1% 22.1
Maskiner -1.7% -7.3% -6.2% 15.0% -1.9% 18.8 Husholdningsvarer og personlige produkter -1.2% -2.8% -6.7% -1.1% -1.8% 19.5
Papir- og skogprodukter -1.7% -9.1% -3.0% 42.2% -0.3% 14.9 Finansieringsselskaper -1.3% 1.3% 5.5% 19.3% 2.7% 16.3
Elektronisk utstyr og instrumenter -1.7% -2.7% 1.8% 22.4% 0.7% 24.6 Mat- og apotekhandel -1.5% -4.3% -0.8% 7.4% -2.2% 12.3
Programvare -1.7% -7.3% 0.7% 10.1% -2.1% 35.0 Forsikring -1.6% -2.7% -0.4% 17.1% -0.6% 12.2
Husholdningsartikler -2.0% -6.9% -8.2% 5.2% -5.1% 22.3 Media -1.6% -4.0% -2.2% 5.0% 0.0% 24.4
Bank -2.0% -1.8% 7.1% 36.7% 0.2% 12.8 Forsyningsselskaper -2.0% -2.7% -7.4% -5.3% -1.9% 11.5
Bildeler -2.1% -1.4% -15.2% -21.3% -2.0% 8.2 Drikkevarer, mat og tobakk -2.1% -3.9% -7.9% -12.2% -1.9% 14.1
Informasjonsteknologi -2.2% -3.7% 0.9% 32.5% -1.7% 33.5 Detaljhandel -2.1% -8.6% -10.4% 21.0% -5.3% 17.3
Matvarer -2.3% -9.3% -15.0% -15.3% -5.2% 13.7
Datamaskiner og tilbehør -2.4% -4.5% 3.3% 25.2% -5.1% 31.1
Eiendom -2.4% -7.9% -10.0% -1.5% -3.7% 18.5
Media -2.4% -8.5% -8.0% -9.8% -2.8% 9.4
Forsikring -2.4% -4.3% -6.3% 18.0% -2.8% 14.4
Diversifiserte telekomtjenester -2.6% -9.4% -5.9% 12.2% -5.1% 9.3
Drikkevarer -3.0% -8.0% -15.1% -9.6% -5.1% 18.3
Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets
GULL ETC (NOK) OSLO VS GULLPRIS SPOT (USD)
2,000 3,000
1,950 2,950
1,900 2,900
1,850 2,850
1,800 2,800
1,750 2,750
1,700 2,700
1,650 2,650
1,600 2,600
1,550 2,550
1,500 2,500
Okt Nov Des
COGLD (NOK, venstre) GULLPRIS (SPOT USD, høyre)
4
DNB Markets |
13 januar 2025
12-MÅNEDERS 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 20x
14x 18x
12x 16x
10x 14x
12x
8x 10x
6x 8x
4x 6x
2x 4x
2x
0x 0x
EV/EBITDA Median EV/EBITDA Median
Kilde: Bloomberg /DNB Markets
5
DNB Markets |
13 januar 2025
RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX
S&P500 INDEKSEN OSLO – OBX INDEKSEN
7000 8.0 6 8.0
6000 7.0 7.0
5
6.0 6.0
5000
4
5.0 5.0
4000
4.0 3 4.0
3000
3.0 3.0
2
2000 2.0 2.0
1
1000 1.0 1.0
0 0.0 0 0.0
SPX Index US10Y Interest (%) NO 10Y Interest (%) 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)
35x 8.0 30x 6.0
30x 7.0
25x 5.0
25x 6.0
20x 4.0
5.0
20x
4.0 15x 3.0
15x
3.0 10x 2.0
10x 2.0
5x 5x 1.0
1.0
0x 0.0 0x 0.0
Best fwd P/E Ratio US10Y Interest (%) Best fwd P/E Ratio NO 10Y Interest (%)
6.0 6.0 10.0 10.0
9.0 9.0
5.0 5.0 8.0 8.0
4.0 4.0 7.0 7.0
6.0 6.0
3.0 3.0 5.0 5.0
4.0 4.0
2.0 2.0 3.0 3.0
1.0 1.0 2.0 2.0
1.0 1.0
0.0 0.0 0.0 0.0
SPX Index dividend yield US10Y Interest (%) OBX Index dividend yield NO 10Y Interest rate
Kilde: Bloomberg /DNB Markets
6
DNB Markets |
13 januar 2025
ETF / ETP Endring i %
Navn Kurs 1 dg 5 dg 1 mnd Valuta Verdi (gjennomsnitt)
Aksjer / Indekser (siste 5 dager)
Energi XLE 88.39 0.4 % 2.0 % -0.9 % USD 1,130,216,192
TecDax TDXPEX 30.95 0.2 % 2.5 % -0.6 % EUR 121,066
Oil Service OIH 278.95 -0.3 % 1.0 % -1.7 % USD 152,987,840
AEX-Nederland IAEX 7450.50 -0.3 % 1.8 % 0.6 % GBp 72,138,960
DAX DAXEX 168.56 -0.4 % 1.7 % -0.8 % EUR 2,630,090
Forsyningstjenester XLU 75.58 -0.6 % -0.9 % -2.7 % USD 786,593,920
Brasil EWZ 22.69 -0.8 % -0.1 % -10.1 % USD 562,500,928
CAC-40 CAC 73.20 -0.8 % 2.1 % 0.4 % EUR 3,327,143
S&P Euro 350 IEV 52.28 -0.8 % 0.8 % -3.6 % USD 12,118,571
FTSE 100 ISF 801.90 -0.8 % 0.3 % -0.4 % GBp 2,558,159,000
Latin-America 40 ILF 21.14 -0.8 % 0.1 % -8.9 % USD 26,337,146
Industri XLI 131.33 -1.1 % 0.0 % -4.4 % USD 1,044,071,744
Forbruksvarer XLP 76.34 -1.3 % -2.6 % -6.9 % USD 728,246,336
S&P Midcap 400 MDY 565.61 -1.4 % -0.5 % -5.7 % USD 515,277,728
Dow Jones Total markeStPTM 70.78 -1.5 % -0.7 % -4.1 % USD 32,551,432
S&P 500 SPY 580.49 -1.5 % -0.7 % -3.9 % USD 27,504,723,968
Bioteknologi IBB 132.73 -1.6 % -0.1 % -2.8 % USD 188,995,984
Nasdaq 100 QQQ 507.19 -1.6 % -0.6 % -4.4 % USD 15,060,381,696
DJIA DIA 419.33 -1.6 % -1.1 % -4.6 % USD 1,402,348,928
Hong Kong EWH 15.83 -1.7 % -3.5 % -8.7 % USD 44,255,640
Emerging Markets EEM 41.09 -1.7 % -1.6 % -6.7 % USD 1,091,818,752
Teknologi USA XLK 228.78 -2.2 % -1.4 % -4.3 % USD 990,320,832
Russell 2000 Growth IWO 284.84 -2.2 % -1.4 % -6.0 % USD 112,419,560
Russell 2000 IWM 216.83 -2.2 % -1.9 % -7.0 % USD 6,099,441,152
Pacific ex-Japan EPP 43.24 -2.4 % -1.3 % -6.1 % USD 12,751,767
Finansielle tjenester XLF 47.32 -2.4 % -1.8 % -4.5 % USD 1,998,712,576
Japan EWJ 65.24 -2.8 % -2.6 % -6.2 % USD 286,695,040
Olje / Energi
Naturgass UNG 18.42 7.7 % 8.3 % 29.4 % USD 140,511,248
Brent-olje BNO 32.22 4.6 % 5.2 % 8.0 % USD 12,544,284
WTI-Oil USO 80.64 4.3 % 4.8 % 8.7 % USD 219,420,416
Fyringsolje HEAT 23.10 2.9 % 4.8 % 8.1 % USD 23,026
WTI-olje CRUDP 10.15 2.3 % 3.0 % 9.2 % EUR 173,097
WTI-olje CRUD 10.38 1.7 % 2.4 % 6.5 % USD 1,310,358
Bensin UGAS 53.82 1.4 % 0.4 % 3.3 % USD 9,964
Metaller
Aluminium ALUM 3.35 1.7 % 3.6 % -0.5 % USD 140,133
Gull GLD 27.60 1.1 % 2.5 % 1.8 % USD 1,594,546,688
Nikkel NICK 14.12 1.1 % 3.7 % -1.4 % USD 79,899
Sink ZINC 9.43 1.0 % -0.6 % -7.0 % USD 42,395
Sølv SLV 27.61 0.8 % 2.5 % -0.5 % USD 562,807,616
Bomull COTN 2.49 0.1 % 1.1 % -1.2 % USD 8,279
Andre råvarer
Soyaolje SOYO 6.14 6.4 % 12.1 % 4.7 % USD 17,970
Råvarer DBC 22.16 2.7 % 2.6 % 4.4 % USD 17,736,146
Kaffe COFF 55.01 1.9 % 0.5 % 1.4 % USD 184,065
Svinekjøtt HOGS 31.28 1.2 % 2.8 % -2.1 % USD 16,738
Soyabønner SOYB 24.63 1.2 % 1.5 % 1.3 % USD 11,964
Kveg CATL 7.56 0.9 % 1.2 % 3.6 % USD 5,162
Mais CORN 21.11 0.7 % 1.6 % 3.9 % USD 32,929
Sukker SUGA 11.92 0.2 % -2.1 % -7.0 % USD 93,388
Råvarekurver
Råvarer (ETN) GSG 22.71 3.3 % 3.3 % 5.3 % USD 6,233,697
Energi AIGE 3.74 2.1 % 4.5 % 8.7 % USD 21,391
Råvarer AIGC 11.46 1.4 % 2.9 % 3.0 % USD 31,827
Edle metaller AIGP 29.44 1.2 % 2.6 % 2.0 % USD 80,133
Landbruk AIGA 6.05 1.2 % 1.2 % 0.2 % USD 80,996
Buskap AIGL 2.92 0.9 % 1.5 % 1.7 % USD 559
Industrimetaller AIGI 15.13 0.8 % 3.3 % -0.9 % USD 235,441
Softs (Sukker, Kakao, BAoIGmSull) 6.70 0.8 % -0.5 % -2.2 % USD 5,438
Kilde: Bloomberg / DNB Markets
7
DNB Markets |
13 januar 2025
Rapportkalender
Konsensus DNB
Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte
21-Jan Avanza Bank Holding AB Stockholm 704 3.44 na 3.44 Annual
22-Jan Flerie AB Stockholm na na na na None
23-Jan Tryg A/S Copenhagen na 1.95 na 0.00 Quarter
Investor AB Stockholm 3,745 na na na Semi-Anl
Essity AB Stockholm 6,964 4.97 na na Annual
EQT AB Stockholm 721 0.51 na na Semi-Anl
Sandvik AB Stockholm 7,403 3.48 7,079 3.21 Annual
24-Jan Telefonaktiebolaget LM Ericsso Stockholm 12,690 2.21 14,449 2.69 Semi-Anl
Pareto Bank ASA Oslo na 2.02 na 2.02 Annual
Gjensidige Forsikring ASA Oslo na 2.35 na 1.77 Annual
Kone Oyj Helsinki 446 0.55 443 0.55 Annual
Telefonaktiebolaget LM Ericsso Stockholm 12,690 2.21 14,449 2.69 Semi-Anl
Alleima AB Stockholm 847 1.70 783 na Irreg
Investment AB Oresund Stockholm na na na na Semi-Anl
27-Jan Note AB Stockholm 131 2.54 na na Irreg
28-Jan Nordnet AB publ Stockholm 904 2.58 na 2.85 Annual
Atlas Copco AB Stockholm 11,988 1.53 12,007 1.51 Semi-Anl
HMS Networks AB Stockholm 168 1.42 179 1.10 Annual
Hexpol AB Stockholm 891 1.58 844 1.55 Annual
Atlas Copco AB Stockholm 11,988 1.53 12,007 1.51 Semi-Anl
BE Group AB Stockholm na na na na Semi-Anl
Micro Systemation AB Stockholm 31 2.33 na na Semi-Anl
Platzer Fastigheter Holding AB Stockholm 307 1.40 na na Semi-Anl
Getinge AB Stockholm 2,086 3.69 1,962 4.36 Annual
Elanders AB Stockholm 670 3.26 na na Annual
29-Jan Europris ASA Oslo 844 2.38 866 na Annual
Borregaard ASA Oslo 363 1.48 345 1.35 Annual
BHG Group AB Stockholm 290 0.10 na na na
Skandinaviska Enskilda Banken Stockholm na 3.83 na 3.77 Annual
Dometic Group AB Stockholm -282 0.06 -826 0.86 Annual
Mangold AB Stockholm na na na na Annual
Skandinaviska Enskilda Banken Stockholm na 3.83 na 3.77 Annual
30-Jan Evolution AB Stockholm 373 1.36 367 1.38 Annual
Nordic Paper Holding AB Stockholm 206 1.85 202 1.86 Annual
Protector Forsikring ASA Oslo na 3.77 na 2.34 na
ABB Ltd Stockholm 1,572 0.63 na na Annual
Stolt-Nielsen Ltd Oslo 193 1.41 203 1.79 Semi-Anl
Nokia Oyj Helsinki 1,145 0.13 1,207 0.14 Quarter
Nordea Bank Abp Helsinki na 0.32 na 0.34 Annual
Epiroc AB Stockholm 4,044 1.99 4,122 1.39 Semi-Anl
Granges AB Stockholm 516 1.59 na na Semi-Anl
Electrolux AB Stockholm 2,901 2.03 2,861 1.80 Irreg
OKEA ASA Oslo 1,469 1.65 1,576 1.91 Quarter
H & M Hennes & Mauritz AB Stockholm 10,244 1.94 9,881 1.87 Semi-Anl
Epiroc AB Stockholm 4,044 1.99 4,122 1.39 Semi-Anl
Rvrc Holding AB Stockholm 152 1.09 na na Annual
Axfood AB Stockholm 1,564 2.35 1,354 3.26 Semi-Anl
Enea AB Stockholm 95 2.02 na na Irreg
Nordea Bank Abp Stockholm na 0.32 na 0.34 Annual
Nokia Oyj Stockholm 1,145 0.13 1,207 0.14 Quarter
Indutrade AB Stockholm 1,416 2.03 1,448 1.98 Annual
Electrolux AB Stockholm 2,901 2.03 2,861 1.80 Irreg
Arjo AB Stockholm 561 0.68 491 0.65 Annual
NAXS AB Stockholm na na na na Annual
Green Landscaping Group AB Stockholm 266 1.74 259 na None
31-Jan Autoliv Inc Stockholm 438 2.82 na na Quarter
8
DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2024
13 januar 2025
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2024
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Pioneer Property 2.50 NOK Quarter 30-Dec 13-Jan
Noram Drilling 0.04 USD Monthly 14-Jan 21-Jan
2020 Bulkers 0.05 USD Monthly 16-Jan 24-Jan
PetroNor 2.00 NOK Irreg 27-Jan 31-Jan
Equinor ASA (Q3) 0.35 USD Quarter 13-Feb 28-Feb
Polaris Media ASA 20.40 NOK Annual 14-May 21-May
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets
9
DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2024
13 januar 2025
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2024
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets
10
DNB Markets |
13 januar 2025
DNB ANBEFALINGER OG ESTIMATER
DNB KJØPSANBEFALINGER OG OPPSIDE TIL KURSMÅL ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSMÅL
Vicore Pharma -44.9 % BerGenBio
Shelf Drilling -35.7 % Elmera Group
Agilyx 187.9 % -32.1 % Tomra
Vestas Wind Systems 130.0 % -32.0 % Equinor
Benchmark Holdings Plc 89.5 % -29.2 % Nel
Ventura Offshore 88.3 % -26.2 % Crayon
Evolution 86.3 %
-22.3 % AF Gruppen
Stillfront Group 85.3 %
GN Group 84.1 % -18.4 % YIT
Kambi 81.7 % -17.1 % Selvaag Bolig
Klaveness Combination Carriers 80.8 % -14.6 % Norsk Hydro
Western Bulk Chartering 76.7 % -14.2 % Schibsted
Egetis Therapeutics 74.6 % -13.9 % Aker Solutions
Sinch 74.4 % -11.7 % Husqvarna
Carlsberg 71.3 % -10.0 % Autostore
Netel Group Holding 70.3 % -8.5 % Golden Ocean
Stolt-Nielsen 69.9 % -5.9 % MPC Container Ships
Scorpio Tankers 69.6 % -5.8 % 2020 Bulkers
BioArctic 69.2 % -3.6 % TietoEVRY
Odfjell SE 68.3 % -2.3 % Telenor
VEF 68.2 %
0.0 %
Odfjell Drilling 64.7 %
Novo Nordisk 64.5 % 0.0 %
Teekay Tankers 63.1 % 0.0 %
Instalco 62.4 % 0.0 %
Oncopeptides 60.5 % 0.0 %
Gentian Diagnostics 60.3 % 0.0 %
Borr Drilling 60.3 % 0.0 %
Yubico 59.6 % 0.0 %
Archer 59.0 % 0.0 %
0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% -100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0%
ESTIMERT UTBYTTE – DIREKTEAVKASTNING 2025E SELSKAP ANBEFALING
90% Benchmark Holdings Plc BUY
80% BlueNord BUY
70% Höegh Autoliners ASA BUY
Paratus Energy BUY
60% Western Bulk Chartering BUY
50% Equinor SELL
40% Wallenius Wilhelmsen ASA BUY
30% Frontline BUY
20% Odfjell SE BUY
DHT Holdings BUY
10% Sea1 Offshore BUY
0% Norion Bank BUY
MPC Container Ships SELL
Hafnia BUY
Odfjell Technology BUY
Kilde: DNB Markets, FactSet, Bloomberg
11
DNB Markets |
13 januar 2025
UKESPORTEFØLJE ANBEFALTE AKSJER
Selskap Dato inn Kurs inn Utbytte Kurs %Uke Avkast. % % YTD Anbefaling Kursmål
Norconsult 6. jan. 42.7 44 4.0 4.0 Kjøp 43
Protector 6. jan. 289.8 294 1.5 1.5 Kjøp 350
Aker BP 6. jan. 238.3 252 5.8 5.8 Kjøp 280
Vår Energi 6. jan. 37.8 39 2.7 2.7 Kjøp 39
Mowi 6. jan. 196.2 195 -0.5 -0.5 Kjøp 235
Yara 6. jan. 308.6 314 1.8 1.8 Kjøp 425
Storebrand 6. jan. 121.5 123 1.1 1.1 Kjøp 140
Salmar 6. jan. 547.0 538 -1.7 -1.7 Kjøp 160
Subsea 7 6. jan. 192.0 199 3.6 3.6 Kjøp 260
Veidekke 6. jan. 140.5 140 -0.2 -0.2 Kjøp 155
Sats 6. jan. 26.0 26 -1.8 -1.8 Kjøp 29
Endring portefølje 1.5 1.5
Endring OSEBX Indeks 6. jan. 1456.81 1479.81 1.6 1.6
*Endringer i ukesporteføljen gjøres hver mandag og offenliggjøres før børsen åpner. Ved bytte av aksjer benyttes gjennomsnittlige kurser for de
første timene av ukens handel. Vår ukentlige rapport "Anbefalte Aksjer", med gjennomgang av porteføljen, sendes ut mandag etter at kursene
er fastsatt. Avkastningen i tabellen over er basert på sluttkurser fra dagen før og er således en midlertidig beregning.
FORETRUKNE AKSJER, ENKELTSEKTORER – 2025
Sektor Selskap Dato inn Kurs anb. Utbytte Kurs Avkastn. % Anbefaling Kursmål
Sjømat Salmar 8. jan. 529.6 538.0 1.6 Kjøp 690
Mowi 8. jan. 195.3 195.2 0.0 Kjøp 235
Salmon Evolution 8. jan. 6.6 6.5 -0.3 Kjøp 9.9
na
IT / Teknologi HMS Networks 10. jan. 411.8 409.4 -0.6 Kjøp 600
Nokia 10. jan. 4.4 4.4 0.3 Kjøp 5.2
Truecaller 10. jan. 51.7 51.1 -1.2 Kjøp 60
na
Energi / Shipping Subsea 7 8. jan. 169.9 199.0 17.1 Kjøp 260
Odfjell Drilling 8. jan. 56.8 60.7 6.8 Kjøp 100
Vår Energi 10. jan. 38.3 38.8 1.2 Kjøp 39
na
Finans Nordea 8. jan. 125.8 125.0 -0.6 Kjøp 167
Storebrand 8. jan. 123.5 122.8 -0.6 Kjøp 140
Protector 10. jan. 294.7 294.0 -0.2 Kjøp 350
Sparebank1 SMN 10. jan. 172.4 172.8 0.2 Kjøp 182
Forbruker Scandic Hotels 8. jan. 66.5 66.4 -0.1 Kjøp 80
Sats 10. jan. 25.1 25.5 1.5 Kjøp 29
Essity 10. jan. 295.3 292.1 -1.1 Kjøp 350
Kesko 10. jan. 17.7 17.7 -0.2 Kjøp 23
Entrepenør / RådgivningNorconsult 8. jan. 43.1 44.4 2.9 Kjøp 43
Skanska 10. jan. 231.1 228.3 -1.2 Kjøp 260
Eiendom Castellum 10. jan. 113.5 112.9 -0.5 Kjøp 150
Helse Embla 8. jan. 36.4 35.4 -2.8 Kjøp 39
ChemoMetec 10. jan. 544.5 549.0 0.8 Kjøp 540
na
Industri Securitas 8. jan. 134.5 133.6 -0.7 Kjøp 175
Alfa Laval 10. jan. 470.5 465.0 -1.2 Kjøp 590
na
Råvarer Yara 8. jan. 306.6 314.1 2.5 Kjøp 425
Borregaard 10. jan. 184.1 184.6 0.3 Kjøp 230
na
Kilde: DNB Markets, Infront, Bloomberg
12
DNB Markets | aksjekurser og relevante markedspriser (I NOK), siste 2 år
13 januar 2025
AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2 ÅR
90 40,000 700 7,000
80 35,000 600 6,000
70 30,000
60 500 5,000
25,000
50 400 4,000
K 20,000 K
O 40 O 300 3,000
N 30 15,000 N
20 10,000 200 2,000
10 5,000 100 1,000
0 0 0 0
jan mar mai jul sep nov jan mar mai jul sep nov jan jan mar mai jul sep nov jan mar mai jul sep nov jan
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 400 N 150 400
100 100
50 200 50 200
0 0 0 0
jan mar mai jul sep nov jan mar mai jul sep nov jan jan mar mai jul sep nov jan mar mai jul sep nov jan
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
K 25,000 K 3,000
O 80 20,000 O 200
N 60 N 2,000
15,000 150
40 10,000 100 1,000
20 5,000 50
0 0 0 0
jan mar mai jul sep nov jan mar mai jul sep nov jan jan mar mai jul sep nov jan mar mai jul sep nov jan
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 1,200
100 40.0 50
1,000
50 20.0 40 800
0 0.0 30 600
jan mar mai jul sep nov jan mar mai jul sep nov jan mar mai jul sep nov jan mar mai jul sep nov jan
MOWI Laksepriser RANA Iron ore (NOK)
13
DNB Markets | DNB anbefalingER og estimater
13 januar 2025
DNB 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 SELL NOK 135 127.0 0.99 2.06 11.8x 5.7x 9.7x 5.7x
A. P. Møller Mærsk MAERSKB DC HOLD DKK 10,960 11,700 -61.48 -224.12 -24.5x -6.7x 4.2x 9.1x
ABB ABB SS HOLD SEK 602.6 660.0 2.29 2.57 22.5x 20.2x 14.5x 12.9x
AcadeMedia AB ACAD SS BUY SEK 67.6 92.0 7.60 8.78 7.7x 6.8x 4.1x 3.2x
Addnode ANODB SS NO REC SEK 97.2 4.20 4.82 23.1x 20.2x 12.4x 11.2x
Addtech ADDTB SS BUY SEK 287.8 365.0 7.01 7.82 39.7x 35.5x 22.3x 20.6x
AF Gruppen AFG NO SELL NOK 148.0 115.0 8.12 8.90 18.2x 16.6x 7.3x 6.4x
AFRY AFRY SS BUY SEK 155.8 200.0 13.66 17.03 11.4x 9.1x 6.9x 6.0x
Agilyx QBEN SS BUY NOK 13.2 38.0 -0.11 0.06 -10.5x 19.9x
Airthings AIRXME NO BUY NOK 2.3 2.8 0.00 0.00 -97.3x 186.5x -36.6x 12.9x
Aker Biomarine AKBM NO BUY NOK 65.0 70.0 0.07 0.21 82.0x 27.0x 6.0x 4.3x
Aker BP AKRBP NO BUY NOK 252.2 280.0 2.59 2.39 8.5x 9.2x 1.6x 1.7x
Aker Horizons AKH NO NO REC NOK 1.8
Aker Solutions AKSO NO SELL NOK 32.5 28.0 3.42 1.94 9.5x 16.7x 1.5x 1.6x
AKVA group AKVA NO BUY NOK 67.8 85.0 4.03 4.94 16.8x 13.7x 8.0x 7.0x
Alfa Laval ALFA SS BUY SEK 465.0 590.0 23.89 26.02 19.5x 17.9x 12.0x 10.9x
Alimak ALIG SS HOLD SEK 111.6 130.0 7.04 7.78 15.8x 14.3x 8.8x 8.0x
ALK-Abello ALKB DC BUY DKK 153.0 190.0 5.49 6.47 27.7x 23.8x 17.9x 15.3x
Alleima ALLEI SS BUY SEK 76.2 100.0 6.50 7.67 11.7x 9.9x 5.8x 4.9x
Alligo ALLIGOB SS BUY SEK 125.8 175.0 10.60 13.34 10.6x 8.6x 5.8x 4.7x
Alm. Brand ALMB DC BUY DKK 14.0 16.5 0.73 0.89 15.5x 13.0x
Alvotech ALVO US BUY USD 13.5 21.0 0.39 1.03 34.3x 13.1x 22.0x 10.8x
Ambea AMBEA SS BUY SEK 93.2 120.0 8.26 9.27 9.9x 8.9x 6.6x 6.1x
Ambu AMBUB DC BUY DKK 136.1 140.0 2.58 3.29 52.8x 41.4x 28.6x 22.5x
Archer ARCH NO BUY NOK 28.3 45.0 0.37 0.52 6.7x 4.7x 3.4x 2.8x
Arctic Bioscience ABS NO NO REC NOK 2.3 -2.32 -2.1x
Arctic Fish AFISH NO BUY NOK 70.5 80.0 0.43 0.73 13.9x 8.2x 8.6x 6.4x
Arise AB ARISE SS NO REC SEK 37.7 7.07 7.07 5.3x 5.3x 2.9x 1.2x
Arjo ARJOB SS HOLD SEK 36.9 37.0 2.46 3.04 14.5x 11.9x 6.4x 5.6x
Assa Abloy ASSAB SS BUY SEK 320.0 395.0 16.18 17.98 19.8x 17.8x 12.3x 11.2x
Atea ATEA NO HOLD NOK 139.6 150.0 9.95 10.88 14.0x 12.8x 6.2x 5.4x
Atlantic Sapphire ASA NO NO REC NOK 0.1 0.00 0.09 6.4x 0.1x 7.0x 2.1x
Atlas Copco ATCOA SS HOLD SEK 175.7 195.0 6.20 6.51 28.1x 26.8x 17.5x 16.5x
Atrium Ljungberg ATRLJB SS HOLD SEK 188.4 200.0 8.41 8.39 18.1x 17.9x 24.0x 22.8x
Aurora Eiendom AURA NO BUY NOK 85.0 110.0 7.04 8.50 10.7x 8.8x 14.0x 13.4x
Austevoll Seafood AUSS NO BUY NOK 96.5 124.0 10.37 13.04 9.3x 7.4x 5.8x 5.1x
Autoliv ALIV SS BUY SEK 1055.6 1360.0 10.11 12.28 9.3x 7.7x 5.7x 4.9x
Autostore AUTO NO SELL NOK 10.6 9.5 0.04 0.04 19.9x 19.1x 12.7x 11.6x
Avance Gas AGAS NO HOLD NOK 91.1 111.0 0.45 0.00 1380.2x 1633.7x -512.6x
Avanza Bank AZA SS BUY SEK 270.6 330.0 14.78 15.94 18.3x 17.0x
Axactor ACR NO HOLD NOK 3.8 3.8 0.09 0.09 3.7x 3.6x
Axfood AXFO SS BUY SEK 230.2 300.0 12.39 14.49 18.7x 16.0x 7.7x 6.5x
B2Impact B2I NO BUY NOK 9.9 11.0 1.21 1.37 8.2x 7.2x
Bakkafrost BAKKA NO HOLD NOK 615.0 665.0 22.70 30.93 17.2x 12.6x 8.3x 6.5x
Balder BALDB SS BUY SEK 70.0 90.0 5.02 5.50 11.9x 11.2x 23.8x 22.6x
Beijer Ref BEIJB SS HOLD SEK 151.0 172.0 5.35 5.91 28.2x 25.5x 16.3x 14.7x
Benchmark Holdings Plc BMK NO BUY NOK 3.8 7.2 9.14 1.56 18.4x 15.5x 3.2x 2.2x
BerGenBio BGBIO NO SELL NOK 9.1 5.0 -6.16 -1.5x -1.4x
Bergman & Beving BERGB SS HOLD SEK 288.0 330.0 8.87 10.55 24.3x 21.1x 13.2x 11.8x
Besqab BESQAB SS HOLD SEK 23.8 27.0 -1.92 0.11 -12.4x 209.7x -136.4x 53.1x
Betsson BETSB SS BUY SEK 140.6 180.0 1.68 1.83 7.3x 6.7x 4.3x 3.6x
Better Collective BETCO SS NO REC SEK 110.4 1.32 1.76 7.3x 5.5x 3.9x 2.5x
Bilia AB BILIA SS BUY SEK 114.0 145.0 11.64 12.72 9.8x 9.0x 4.8x 4.2x
Billerud BILL SS BUY SEK 104.8 152.0 9.92 11.22 10.6x 9.3x 5.0x 4.5x
BioArctic BIOAB SS BUY SEK 206.8 350.0 3.96 8.52 52.2x 24.3x 41.6x 18.1x
BlueNord BNOR NO BUY NOK 703.0 680.0 9.18 7.91 6.7x 7.8x
Boliden BOL SS BUY SEK 322.6 460.0 33.64 44.00 9.6x 7.3x 5.5x 4.3x
Bonava BONAVB SS HOLD SEK 8.0 9.0 -0.16 -1.04 -50.3x -7.7x 35.5x -658.0x
Bonesupport BONEX SS NO REC SEK 378.2 5.87 8.60 64.5x 44.0x 53.6x 33.2x
Bonheur BONHR NO BUY NOK 258.0 310.0 16.27 19.03 15.9x 13.6x 3.7x 3.2x
Boozt BOOZT SS HOLD SEK 114.4 120.0 5.44 5.82 22.2x 20.8x 9.4x 8.9x
Borr Drilling BORR NO BUY NOK 40.6 65.0 0.64 0.49 5.5x 7.2x 4.6x 4.7x
Borregaard BRG NO BUY NOK 184.6 230.0 10.50 12.43 17.6x 14.9x 9.7x 8.4x
Bravida BRAV SS BUY SEK 81.2 112.0 6.96 7.63 11.7x 10.6x 6.2x 5.2x
Kilde: DNB Markets, FactSet, Bloomberg
14
DNB Markets |
13 januar 2025
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Bufab BUFAB SS HOLD SEK 416 425.0 18.26 21.11 22.8x 19.7x 15.1x 13.5x
BW Energy BWE NO BUY NOK 25.8 33.0 0.31 1.06 7.2x 2.1x 2.6x 1.7x
BW LPG BWLPG NO BUY NOK 137.7 200.0 1.87 1.84 6.8x 6.5x 4.2x 3.9x
BW Offshore BWO NO BUY NOK 31.15 40.0 0.12 0.07 22.8x 38.7x 3.8x 3.0x
Cadeler CADLR NO BUY NOK 62.2 90.0 0.40 0.88 13.2x 6.0x 5.5x 4.3x
Cambi CAMBI NO BUY NOK 15.1 23.0 1.00 1.30 15.2x 11.6x 8.0x 5.9x
Camurus CAMX SS BUY SEK 601 725.0 15.34 22.44 39.2x 26.8x 32.3x 22.3x
Carasent CARA NO BUY NOK 21.1 27.0 0.43 0.69 41.2x 27.4x 13.5x 10.2x
Cargotec CGCBV FH BUY EUR 51.26 60.0 3.37 3.91 14.7x 13.1x 8.5x 7.5x
Carlsberg CARLB DC BUY DKK 677.2 1160.0 61.42 72.95 10.8x 9.1x 7.8x 6.4x
Castellum CAST SS BUY SEK 112.9 150.0 8.39 8.88 11.8x 11.1x 18.1x 17.1x
Catella CATB SS BUY SEK 27.1 34.0 4.09 5.18 9.5x 5.4x
Catena CATE SS HOLD SEK 446.5 550.0 20.90 22.99 17.7x 16.0x 19.5x 17.9x
ChemoMetec CHEMM DC BUY DKK 549.00 540.0 10.22 12.14 53.7x 45.2x 36.6x 30.1x
Circio Holding CRNA NO NO REC NOK 0.706 0.64 -2.9x
Citycon CTY1S FH HOLD EUR 3.2 3.8 0.33 0.34 7.2x 7.1x 16.8x 16.1x
Clas Ohlson CLASB SS BUY SEK 210.6 220.0 12.96 13.41 16.3x 15.7x 7.5x 6.9x
Cloudberry CLOUD NO BUY NOK 12.06 13.0 0.16 0.07 77.5x 161.7x
CMB.TECH CMBT US HOLD USD 11.06 14.1 1.63 2.38 7.4x 4.6x 6.3x 5.1x
Coloplast COLOB DC HOLD DKK 796.8 930.0 24.80 30.49 31.6x 26.1x 20.9x 18.0x
Cool Company CLCO NO BUY NOK 98.3 133.0 1.23 1.02 7.0x 8.4x 6.8x 6.8x
Coor Service ManagementCOOR SS BUY SEK 37.48 54.0 4.09 4.70 7.6x 6.8x 5.5x 5.0x
Corem COREB SS HOLD SEK 6.02 8.2 0.19 0.24 14.1x 12.4x 20.1x 19.4x
Crayon CRAYN NO SELL NOK 122 90.0 6.67 8.69 15.5x 12.3x 8.5x 7.0x
Danske Bank DANSKE DC BUY DKK 208.9 233.0 26.30 26.94 7.9x 7.8x
Demant DEMANT DC BUY DKK 287.0 330.0 14.73 17.68 19.2x 16.0x 12.6x 11.4x
DHT Holdings DHT US BUY USD 10.7 14.3 1.82 1.90 5.9x 5.6x 4.6x 4.6x
DNB DNB NO NO REC NOK 229 25.32 25.48 9.1x 9.0x
DNO DNO NO BUY NOK 11.8 15.0 0.07 0.11 13.9x 9.1x 1.4x 1.0x
DOF Group DOFG NO BUY NOK 94.5 140.0 1.64 2.04 5.0x 4.0x 3.7x 2.7x
Dolphin Drilling DDRIL NO HOLD NOK 3.59 3.0 0.01 0.00 37.5x -105.9x 5.4x 6.1x
Dometic DOM SS BUY SEK 48.2 70.0 3.40 5.92 14.2x 8.1x 7.0x 4.9x
Dorian LPG LPG US BUY USD 25.97 40.0 2.87 3.12 8.0x 8.1x 5.9x 5.5x
DSV DSV DC BUY DKK 1515 1850.0 61.29 72.47 24.2x 18.8x 15.7x 10.8x
Edda Wind EWIND NO BUY NOK 18.9 30.0 0.21 0.40 7.6x 4.1x 9.4x 6.1x
Egetis Therapeutics EGTX SS BUY SEK 6.3 11.0 -0.74 0.96 -8.5x 6.6x -9.4x 4.7x
Electrolux ELUXB SS HOLD SEK 89.5 92.0 8.83 12.08 10.1x 7.4x 4.7x 4.0x
Electrolux Professional EPROB SS HOLD SEK 65.8 75.0 3.55 4.12 18.5x 16.0x 10.1x 8.6x
Elekta EKTAB SS HOLD SEK 62.75 70.0 4.44 5.39 14.1x 11.6x 6.7x 5.7x
Elektroimportøren ELIMP NO BUY NOK 12.7 14.5 0.79 1.35 16.0x 9.4x 5.3x 4.1x
Elisa ELISA FH HOLD EUR 41.26 48.0 2.54 2.69 16.1x 15.2x 9.8x 9.5x
Elkem ELK NO HOLD NOK 17.11 20.0 1.94 2.52 8.8x 6.8x 4.4x 4.4x
Elmera Group ELMRA NO SELL NOK 37.35 24.0 2.26 2.63 13.2x 13.1x 7.2x 6.3x
Elopak ELO NO HOLD NOK 43.9 45.0 0.27 0.31 14.0x 12.1x 6.6x 5.6x
Embla Medical EMBLA DC BUY DKK 35.4 39.0 0.24 0.27 20.2x 18.0x 11.8x 10.5x
Embracer Group EMBRACB SS BUY SEK 29.85 40.0 2.12 2.79 7.9x 7.3x
Entra ENTRA NO BUY NOK 110.8 140.0 6.15 6.33 13.3x 12.9x 19.4x 18.4x
Epiroc EPIA SS HOLD SEK 191.8 215.0 8.08 8.94 23.7x 21.5x 14.3x 13.1x
Equinor EQNR NO SELL NOK 294.1 200.0 3.32 2.98 7.4x 7.4x
Ericsson ERICB SS BUY SEK 92.58 100.0 8.80 6.49 11.9x 12.3x 6.2x 5.8x
Essity ESSITYB SS BUY SEK 292.1 350.0 20.99 22.32 13.9x 13.1x 7.4x 6.7x
Europris EPR NO BUY NOK 74.05 85.0 5.69 6.73 13.0x 11.0x 5.6x 4.4x
Evolution EVO SS BUY SEK 842.8 1570.0 6.15 6.89 11.5x 10.3x 8.6x 7.2x
Fabege FABG SS HOLD SEK 78.7 87.0 3.83 3.88 16.0x 15.7x 22.9x 21.6x
Flerie FLERIE SS BUY SEK 46.3 68.0
Flex LNG FLNG NO BUY NOK 294.8 335.0 2.29 2.76 11.2x 9.3x 9.9x 9.0x
FLSmidth FLS DC BUY DKK 350.6 430.0 23.90 29.00 13.7x 12.1x 7.2x 6.8x
Fortnox FNOX SS BUY SEK 69.1 82.0 1.57 2.06 43.9x 33.5x 29.0x 22.1x
Frontline FRO NO BUY NOK 196.0 310.0 3.09 3.60 5.5x 4.7x 5.4x 4.8x
Genco Shipping & TradingGNK US HOLD USD 14.49 17.6 0.69 2.42 20.9x 6.0x 6.1x 3.1x
Genmab GMAB DC BUY DKK 1607.5 2500.0 87.59 125.64 18.5x 12.9x 10.9x 6.7x
Gentian Diagnostics GENT NO BUY NOK 41.8 67.0 1.50 27.9x 16.2x
Getinge GETIB SS BUY SEK 188.6 245.0 10.42 12.54 17.0x 14.7x 8.4x 7.2x
Gjensidige Forsikring GJF NO HOLD NOK 205.2 206.0 11.65 13.20 17.6x 15.6x
GN Group GN DC BUY DKK 124.95 230.0 10.88 13.48 11.5x 9.3x 7.7x 6.6x
Golar LNG GLNG US BUY USD 41.38 42.0 1.39 0.75 31.4x 57.2x 13.8x 16.5x
Golden Ocean GOGL NO SELL NOK 107.2 98.0 0.28 1.39 33.7x 6.7x 9.8x 5.7x
Green Landscaping GroupGREEN SS BUY SEK 69.6 102.0 5.34 6.55 13.0x 10.6x 6.4x 5.5x
Grieg Seafood GSF NO BUY NOK 61.75 71.0 4.63 7.18 13.2x 8.5x 6.7x 5.0x
Kilde: DNB Markets, FactSet, Bloomberg
15
DNB Markets |
13 januar 2025
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Hafnia HAFNI NO BUY NOK 68 96.0 1.00 1.07 5.9x 5.5x 5.4x 5.0x
Hanza HANZA SS NO REC SEK 75.3 4.77 5.60 16.7x 14.1x 5.9x 5.4x
Harvia HARVIA FH BUY EUR 42 53.0 1.80 2.12 22.8x 19.7x 14.9x 12.9x
Hennes & Mauritz HMB SS BUY SEK 144.55 190.0 10.48 11.39 13.8x 12.7x 5.8x 5.2x
Hexagon HEXAB SS BUY SEK 106.40 137.0 0.44 0.50 18.6x 16.7x 12.6x 11.2x
Hexagon Composites HEX NO BUY NOK 43.65 54.0 1.12 2.77 39.0x 15.8x 10.1x 7.3x
Hexagon Purus HPUR NO BUY NOK 5 7.5 -1.55 -0.55 -3.1x -8.9x -18.3x 13.4x
Hexatronic AB HTRO SS NO REC SEK 34.24 3.69 4.95 9.3x 6.9x 5.3x 4.0x
Hexpol HPOLB SS HOLD SEK 100.8 112.0 7.34 7.69 13.7x 13.1x 8.5x 7.9x
Himalaya Shipping HSHP NO SELL NOK 58.8 64.0 0.38 1.54 13.6x 3.3x 2.7x 1.8x
HMS Networks HMS SS BUY SEK 409.4 600.0 11.46 15.44 35.7x 26.5x 21.0x 17.3x
Holmen HOLMB SS HOLD SEK 411.8 460.0 21.91 25.62 18.8x 16.1x 12.0x 10.7x
Hufvudstaden HUFVA SS HOLD SEK 117.1 132.0 4.90 5.27 20.4x 19.0x 21.9x 20.0x
Huhtamaki HUH1V FH BUY EUR 33.5 47.0 2.59 2.89 11.9x 10.9x 7.0x 6.5x
Humana HUM SS BUY SEK 36.6 53.0 5.74 7.06 6.3x 5.1x 5.1x 4.6x
Husqvarna HUSQB SS SELL SEK 56.6 50.0 4.27 5.45 13.3x 10.4x 8.1x 6.7x
Höegh Autoliners ASA HAUTO NO BUY NOK 114.5 152.0 2.84 1.89 3.7x 5.3x 3.3x 4.3x
IAR Systems IARB SS SEK 125 6.82 8.05 16.2x 14.0x 7.2x 6.1x
Icelandic Salmon ISLAX NO HOLD NOK 120.0 135.0 0.48 1.12 21.1x 9.1x 10.0x 5.7x
Industrivärden INDUC SS HOLD SEK 363.40 375.0
Indutrade INDT SS HOLD SEK 278.8 290.0 8.45 9.53 33.0x 29.3x 17.8x 16.2x
Instalco INSTAL SS BUY SEK 30.8 50.0 2.20 2.86 14.5x 11.1x 8.1x 6.9x
Investor INVEB SS BUY SEK 299.4 330.0
Invisio IVSO SS NO REC SEK 272.0 6.70 8.60 40.6x 31.6x 25.7x 20.1x
ISS ISS DC BUY DKK 129.0 171.0 18.27 19.53 7.1x 6.6x 5.4x 4.9x
Itab Shop Concept ITAB SS SEK 19.9 1.64 1.90 11.4x 10.5x 4.8x 4.0x
Jm Ab JM SS HOLD SEK 162.6 170.0 7.68 13.09 21.2x 12.4x 40.6x 27.8x
Kaldvik KLDVK NO BUY NOK 26.8 32.0 0.16 0.23 14.3x 9.9x 8.4x 6.4x
Kalmar KALMAR FH BUY EUR 31.01 35.0 2.49 2.87 12.2x 10.8x 7.3x 6.7x
Kambi KAMBI SS BUY SEK 115.6 210.0 0.65 0.84 12.1x 9.8x 3.5x 2.9x
Kemira KEMIRA FH BUY EUR 19.9 27.0 1.75 1.83 11.3x 10.8x 5.6x 5.3x
Kesko KESKOB FH BUY EUR 17.7 23.0 1.24 1.40 14.2x 12.7x 7.7x 7.3x
KID KID NO BUY NOK 150 175.0 10.27 11.73 6.4x 5.5x
Kinnevik KINVB SS BUY SEK 76.99 105.0
Kitron KIT NO BUY NOK 35.7 37.0 0.21 0.25 13.7x 11.7x 8.3x 7.0x
Klaveness Combination CKarCriCer NsO BUY NOK 78 141.0 0.91 1.23 7.4x 5.5x 5.8x 5.1x
Kojamo KOJAMO FH BUY EUR 8.93 10.5 0.50 0.51 14.8x 14.6x 21.2x 20.7x
Komplett KOMPL NO HOLD NOK 8.1 8.0 0.20 0.80 41.2x 10.1x 4.1x 2.8x
Kone KNEBV FH HOLD EUR 45.9 50.0 2.05 2.31 22.1x 19.9x 13.6x 12.2x
Konecranes KCR FH BUY EUR 62.5 75.0 4.83 5.08 12.9x 12.3x 7.9x 7.5x
Kongsberg Gruppen KOG NO HOLD NOK 1,247.0 1100.0 34.82 40.12 35.8x 31.1x 23.1x 20.3x
Lagercrantz LAGRB SS NO REC SEK 203.2 5.84 34.9x 19.9x
Latour LATOB SS BUY SEK 275.0 335.0
Lerøy Seafood LSG NO BUY NOK 49.26 60.0 4.79 6.07 10.3x 8.1x 5.3x 4.1x
Lime Technologies LIME SS HOLD SEK 362 340.0 9.45 11.77 38.3x 30.8x 20.1x 17.4x
Lindab International LIAB SS HOLD SEK 206 252.0 10.97 12.69 18.8x 16.3x 8.0x 7.3x
Logistea LOGIB SS BUY SEK 15.3 18.0 0.77 0.89 15.8x 13.9x 16.5x 15.4x
Loomis LOOMIS SS BUY SEK 328.6 450.0 33.50 37.91 9.8x 8.7x 4.2x 3.8x
Lundbeck HLUNB DC BUY DKK 40.6 56.0 3.89 4.28 10.4x 9.5x 7.0x 6.0x
Lundbergs LUNDB SS HOLD SEK 502.0 540.0
Lyko Group LYKOA SS SELL SEK 91.1 95.0 2.23 6.21 40.9x 14.7x 9.2x 7.1x
Medistim MEDI NO HOLD NOK 153.0 172.0 6.00 6.24 25.5x 24.5x
Metsa Board METSB FH BUY EUR 4.19 5.8 0.71 0.88 5.9x 4.8x 4.4x 3.6x
Metso METSO FH BUY EUR 8.8 11.0 0.68 0.77 12.8x 11.4x 8.0x 6.9x
Millicom TIGO SS BUY SEK 267.8 350.0 3.49 5.03 5.7x 4.2x 3.8x 3.4x
Momentum Group MMGRB SS HOLD SEK 181.6 180.0 4.41 4.75 34.2x 32.1x 19.8x 18.4x
Mowi MOWI NO BUY NOK 195.2 235.0 1.39 1.62 11.9x 10.2x 6.2x 5.2x
MPC Container Ships MPCC NO SELL NOK 19.8 18.6 0.37 0.17 4.7x 10.2x 3.1x 4.3x
MTG MTGB SS BUY SEK 99.0 120.0 6.50 6.88 10.5x 10.2x 4.9x 4.2x
Multiconsult MULTI NO BUY NOK 198.5 220.0 14.15 14.57 13.8x 13.4x 7.0x 6.4x
Måsøval MAS NO BUY NOK 27.1 39.0 2.37 3.74 11.4x 7.2x 5.1x 3.6x
Navigator Holdings Ltd NVGS US BUY USD 17.1 22.0 1.53 1.73 11.2x 9.9x 5.5x 4.8x
NCAB NCAB SS BUY SEK 64.5 75.0 2.06 2.46 31.3x 26.2x 19.1x 16.3x
Ncc NCCB SS BUY SEK 155.3 190.0 13.58 13.96 11.4x 11.1x 5.0x 4.6x
Kilde: DNB Markets, FactSet, Bloomberg
16
DNB Markets |
13 januar 2025
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Nel NEL NO SELL NOK 2.8 2.0 -0.23 -0.1x -12.3x -29.2x -15.9x 115.6x
Netel Group Holding NETEL SS BUY SEK 14.7 25.0 2.56 3.2x 5.4x 4.4x 4.2x 3.4x
New Wave Group NEWAB SS BUY SEK 96.8 126.0 8.58 10.0x 11.3x 9.7x 7.3x 6.0x
Nibe Industrier NIBEB SS HOLD SEK 38.5 50.0 1.51 1.8x 25.5x 21.1x 12.9x 11.5x
Noble NE US BUY USD 32.6 46.0 2.37 3.5x 13.8x 9.4x 5.2x 4.4x
Nokia NOKIA FH BUY EUR 4.4 5.2 0.25 0.30 13.2x 12.0x 5.4x 5.2x
Nokian Tyres TYRES FH HOLD EUR 7.5 8.8 0.57 0.85 10.6x 7.6x 5.6x 4.7x
Nolato NOLAB SS BUY SEK 52.5 66.0 3.03 3.54 17.3x 14.8x 8.7x 7.6x
Norconsult NORCO NO BUY NOK 44.4 43.0 2.48 2.46 17.5x 17.6x 8.1x 7.6x
Nordea NDA SS BUY SEK 125.0 167.0 1.38 1.39 7.9x 7.8x
Nordic Paper Holding NPAPER SS HOLD SEK 48.9 50.0 7.76 7.9x 6.3x 6.2x 5.0x 4.7x
Nordic Semiconductor NOD NO BUY NOK 109.0 145.0 0.06 0.2x 151.6x 40.6x 27.4x 14.8x
Nordnet SAVE SS BUY SEK 237.6 270.0 10.77 12.1x 22.5x 20.0x
Norion Bank NORION SS BUY SEK 37.2 52.0 6.27 8.1x 5.9x 4.6x
Norsk Hydro NHY NO SELL NOK 64.4 55.0 5.52 5.4x 11.7x 11.8x 5.5x 5.7x
Norske Skog NSKOG NO BUY NOK 20.7 32.0 -2.46 4.49 -8.4x 4.6x 7.6x 3.0x
Norva24 NORVA SS BUY SEK 26.0 37.0 1.46 1.71 15.0x 13.1x 7.2x 6.4x
Norwegian Air Shuttle NAS NO BUY NOK 10.585 14.0 1.90 1.94 5.6x 5.4x 1.2x 0.7x
Novo Nordisk NOVOB DC BUY DKK 632.3 1040.0 27.77 34.60 22.8x 18.3x 16.7x 13.3x
Novonesis NSISB DC BUY DKK 403 500.0 1.55 1.83 31.4x 27.6x 16.5x 14.5x
NRC Group NRC NO HOLD NOK 4.1 5.0 0.22 0.6x 14.9x 6.4x 3.5x 2.6x
NTG NTG DC BUY DKK 245.0 385.0 17.82 20.38 13.4x 12.0x 7.5x 6.9x
Nyfosa NYF SS BUY SEK 99.4 125.0 5.60 6.3x 14.4x 13.1x 17.8x 17.0x
Nykode Therapeutics NYKD NO BUY NOK 2.8 4.0 -0.08 -2.8x
Odfjell Drilling ODL NO BUY NOK 60.7 100.0 0.66 1.0x 8.0x 5.5x 3.8x 2.6x
Odfjell SE ODF NO BUY NOK 124.8 210.0 3.88 3.92 2.8x 2.8x 2.7x 2.3x
Odfjell Technology OTL NO BUY NOK 46.1 70.0 6.41 7.2x 7.2x 6.4x 2.5x 1.9x
OKEA OKEA NO BUY NOK 23.3 27.0 6.95 5.02 3.4x 4.6x
Olav Thon OLT NO BUY NOK 224.0 265.0 17.54 18.9x 12.0x 11.0x 13.1x 12.3x
OMDA OMDA NO BUY NOK 34.0 35.0 -0.57 0.26 44.8x 21.4x 12.4x 9.8x
Oncopeptides ONCO SS BUY SEK 1.6 2.5 -0.48 -0.1x -3.2x -14.6x -2.3x -8.2x
Orkla ORK NO HOLD NOK 100.4 105.0 6.55 7.36 15.3x 13.6x 10.6x 9.6x
Otovo OTOVO NO NO REC NOK 0.9 -1.29 -1.2x -0.7x -0.8x -1.4x -5.0x
Pacific Drilling PACD US NO REC USD
Pandora PNDORA DC BUY DKK 1332.0 1350.0 74.41 90.3x 17.9x 14.7x 10.1x 8.8x
Pandox PNDXB SS HOLD SEK 181.2 215.0 9.51 9.88 15.5x 14.8x 16.5x 16.0x
Panoro Energy PEN NO BUY NOK 30.0 38.0 0.68 0.7x 3.8x 3.7x 1.1x 0.6x
Paradox Interactive PDX SS BUY SEK 214.2 240.0 7.47 8.94 28.7x 24.0x 12.2x 10.4x
Paratus Energy PLSV NO BUY NOK 45.6 70.0 0.69 0.7x 5.7x 5.7x 3.8x 3.2x
Pareto Bank PARB NO BUY NOK 67.5 73.0 8.57 9.02 7.9x 7.5x
Peab PEABB SS HOLD SEK 75.7 80.0 4.86 6.0x 15.6x 12.6x 9.3x 8.2x
PhotoCure PHO NO BUY NOK 58.1 84.0 0.37 2.14 158.4x 27.2x 22.2x 10.8x
Prosafe PRS NO NO REC NOK 10.1
Protector PROT NO BUY NOK 294.0 350.0 20.36 21.16
Public Property Invest PUBLI NO BUY NOK 17.5 22.0 1.28 1.2x 12.6x 12.9x 14.4x 14.0x
Rana Gruber RANA NO BUY NOK 71.5 90.0 11.86 12.69 6.0x 5.6x 3.6x 3.2x
Rockwool ROCKB DC BUY DKK 2442.0 3200.0 24.00 25.1x 13.6x 13.1x 6.8x 6.1x
Rogaland Sparebank ROGS NO HOLD NOK 124.3 125.0 11.63 10.65 10.7x 11.7x
Royal Unibrew RBREW DC BUY DKK 489.0 675.0 28.69 31.5x 17.0x 15.5x 10.4x 9.5x
Rusta RUSTA SS BUY SEK 70.7 88.0 3.80 4.76 18.5x 14.8x 8.3x 7.1x
Safe Bulkers SB US HOLD USD 3.5 4.8 0.51 1.2x 7.0x 3.0x 5.7x 3.7x
Sagax SAGAB SS HOLD SEK 215.2 260.0 10.54 11.16 18.0x 16.9x 25.6x 24.1x
SalMar SALM NO BUY NOK 538.0 690.0 37.69 48.8x 14.3x 11.0x 7.6x 5.7x
Salmon Evolution SALME NO BUY NOK 6.54 9.9 0.09 0.22 76.1x 29.1x 26.5x 16.2x
Salmones Camanchaca SALMOCAM CI HOLD CLP 2434.9 2350.0 0.21 0.37 11.5x 6.4x 5.6x 3.9x
Sampo Oyj SAMPO FH BUY EUR 39 48.0 2.47 2.67
Sandvik SAND SS BUY SEK 203.7 265.0 13.61 14.84 15.0x 13.7x 8.8x 7.9x
Sats SATS NO BUY NOK 25.5 29.0 2.05 2.22 12.4x 11.5x 5.4x 5.1x
SBB Norden SBBB SS NO REC SEK 4.7
SCA SCAB SS BUY SEK 140.4 185.0 8.35 9.17 16.8x 15.3x 10.7x 9.5x
Scandic Hotels SHOT SS BUY SEK 66.4 80.0 6.01 6.58 11.1x 10.1x 4.9x 4.0x
Scatec SCATC NO HOLD NOK 78.2 86.0 7.83 3.48 10.0x 22.5x
Schibsted SCHA NO SELL NOK 349.6 300.0 5.17 6.09 67.7x 57.5x 35.1x 31.0x
Scorpio Tankers STNG US BUY USD 54.85 93.0 8.02 8.89 7.5x 6.8x 4.4x 3.5x
Sdiptech SDIPB SS NO REC SEK 221.0 14.98 16.56 14.8x 13.3x 9.1x 8.4x
Kilde: DNB Markets, FactSet, Bloomberg
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DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Sea1 Offshore SEA1 NO BUY NOK 30.6 42.0 0.38 0.47 7.0x 5.6x 4.3x 3.5x
Seadrill SDRL US BUY USD 36.6 54.0 2.97 4.0x 12.3x 9.2x 4.8x 3.8x
SEB SEBA SS BUY SEK 155.2 180.0 15.46 16.28 10.0x 9.5x
Securitas SECUB SS BUY SEK 133.60 175.0 13.00 14.7x 9.5x 8.5x 6.4x 5.6x
Sedana Medical SEDANA SS NO REC SEK 16.5 -0.28 0.06 -59.1x 303.5x -126.8x 29.6x
Selvaag Bolig SBO NO SELL NOK 36.20 30.0 1.91 2.4x 18.9x 15.4x 23.0x 19.8x
SFL Corporation Ltd SFL US HOLD USD 10.81 10.8 0.56 0.68 17.4x 14.5x 8.0x 7.7x
Shelf Drilling SHLF NO BUY NOK 9.96 35.0 0.29 0.4x 3.0x 2.1x 3.2x 2.8x
Sinch SINCH SS BUY SEK 18.92 33.0 0.24 0.66 7.0x 6.2x 5.6x 4.5x
Sivers Semiconductors SIVE SS NO REC SEK 3.45 -0.19 -0.2x -18.7x -14.6x 24.6x 8.2x
Skanska SKAB SS BUY SEK 228.30 260.0 15.24 17.35 14.8x 13.0x 10.6x 8.8x
SKF SKFB SS BUY SEK 212.00 256.0 19.43 18.5x 11.9x 10.9x 5.9x 5.4x
Skistar SKISB SS BUY SEK 159 185.0 7.06 9.11 22.5x 17.5x 10.2x 8.5x
Smart Eye SEYE SS NO REC SEK 59.00 -1.52 8.3x -38.7x 7.0x 22.6x 4.0x
Smartoptics SMOP NO BUY NOK 18.1 21.0 0.06 0.08 28.2x 19.6x 15.4x 11.1x
Solstad Offshore SOFF NO BUY NOK 41.60 60.0 14.35 18.2x 2.9x 2.3x 3.1x 2.1x
SpareBank 1 Helgeland HELG NO HOLD NOK 146 144.0 14.22 13.75 10.3x 10.6x
Sparebank 1 SMN MING NO BUY NOK 172.82 182.0 17.46 17.5x 9.9x 9.8x
SpareBank 1 Sør-Norge SB1NO NO BUY NOK 148.6 160 14.92 14.85 10.0x 10.0x
SpareBank 1 Østlandet SPOL NO HOLD NOK 158.64 150 15.07 14.5x 10.5x 10.9x
SpareBank1 Nord-Norge NONG NO HOLD NOK 125.78 123 12.22 11.93 10.3x 10.5x
Sparebanken Møre MORG NO HOLD NOK 95.70 92 8.62 8.2x 11.1x 11.6x
Sparebanken Sør SOR NO BUY NOK 201 224 16.92 15.59 11.9x 12.9x
Sparebanken Vest SVEG NO BUY NOK 143.36 156 14.32 13.1x 10.0x 11.0x
Sparebanken Øst SPOG NO BUY NOK 71.3 72 6.19 5.99 11.5x 11.9x
SSAB SSABA SS HOLD SEK 43.49 54 7.70 10.2x 5.6x 4.3x 2.1x 2.1x
Star Bulk SBLK US HOLD USD 15.25 20 1.59 3.93 9.6x 3.9x 5.6x 3.0x
Stillfront Group SF SS BUY SEK 7.56 14 1.09 1.3x 3.0x 2.7x 2.8x 2.4x
Stolt-Nielsen SNI NO BUY NOK 312 530 6.42 6.52 4.2x 4.2x 3.7x 3.5x
Stora Enso STERV FH BUY EUR 9.61 14 0.70 1.2x 13.7x 7.8x 7.1x 5.0x
Storebrand STB NO BUY NOK 122.8 140 9.50 10.68 12.0x 10.7x
Storskogen STORB SS BUY SEK 10.80 12 0.72 0.8x 9.0x 8.5x 6.0x 5.4x
Storytel STORYb SS BUY SEK 65.55 80 3.42 4.90 17.1x 12.2x 7.2x 5.4x
Subsea 7 SUBC NO BUY NOK 199.00 260 1.32 1.9x 4.2x 3.2x
Surgical Science SUS SS BUY SEK 157.3 225 5.48 7.36 28.7x 21.4x 19.6x 15.4x
Sveafastigheter SVEAF SS BUY SEK 33.96 47 1.83 2.3x 15.9x 12.9x 22.6x 19.4x
Svenska Handelsbanken SHBA SS BUY SEK 118.05 145 12.38 12.53 9.5x 9.4x
Sweco SWECB SS BUY SEK 165.10 216 7.70 9.3x 21.4x 17.8x 14.5x 12.2x
Swedbank SWEDA SS BUY SEK 225.2 257 25.02 23.52 9.0x 9.6x
Swedish Orphan BiovitrumSOBI SS BUY SEK 313.20 355 15.40 20.8x 20.3x 15.1x 9.9x 8.6x
Systemair SYSR SS HOLD SEK 85.5 105 4.39 4.86 19.5x 17.6x 9.6x 8.6x
Teekay Tankers TNK US BUY USD 45.36 74 11.92 11.4x 3.9x 4.0x 1.6x 0.9x
Tele2 TEL2b SS BUY SEK 106.75 120 6.22 6.61 13.3x 11.8x 9.0x 8.7x
Telenor TEL NO SELL NOK 127.90 125 7.43 8.7x 16.4x 14.1x 6.2x 5.7x
Telia Company TELIA SS BUY SEK 30.28 38 2.27 2.48 12.8x 11.2x 6.1x 5.7x
TF Bank TFBANK SS BUY SEK 382.00 440 33.49 44.0x 11.4x 8.7x
TGS TGS NO BUY NOK 119.6 145 1.17 1.28 9.0x 8.2x 2.0x 1.6x
The Kingfish Company KING NO HOLD NOK 5.60 6 -0.08 0.0x -6.2x -20.5x 13.6x 9.7x
Thule Group THULE SS BUY SEK 324.6 445 16.90 19.58 19.2x 16.6x
Tidewater TDW US BUY USD 55.46 70 5.58 7.7x 9.4x 6.9x 4.2x 3.0x
TietoEVRY TIETO FH SELL EUR 17.63 17 1.41 1.47 9.0x 8.8x 5.6x 5.1x
Tobii Dynavox TDVOX SS NO REC SEK 62.60 2.76 3.6x 22.8x 17.5x
Tokmanni TOKMAN FH HOLD EUR 11.86 13 1.27 1.41 9.5x 8.5x 5.3x 4.9x
Tomra TOM NO SELL NOK 147.20 100 0.44 0.6x 28.3x 22.5x 13.5x 11.5x
Transocean RIG US BUY USD 4.03 6 0.10 0.20 39.8x 20.5x 6.6x 6.0x
Transtema TRANS SS NO REC SEK 14.34 1.79 2.0x 8.0x 7.0x 2.7x 2.1x
Trelleborg TRELB SS HOLD SEK 389 425 18.74 20.69 19.9x 18.1x 11.7x 10.5x
Truecaller TRUEB SS BUY SEK 51.10 60 2.25 3.6x 22.8x 14.4x 15.5x 9.7x
Tryg TRYG DC BUY DKK 151.3 185 8.11 8.83 16.2x 15.0x
Ultimovacs ULTI NO NO REC NOK 2.17 -1.86 -1.2x 0.5x
UPM UPM FH BUY EUR 26.88 40 2.75 3.76 9.8x 7.2x 6.7x 4.9x
Valaris VAL US BUY USD 45.53 70 3.50 7.3x 13.0x 6.2x 7.0x 4.2x
Valmet VALMT FH BUY EUR 24.27 32 2.15 2.61 11.0x 9.3x 6.6x 5.9x
VEF VEFAB SS BUY SEK 2.14 4
Kilde: DNB Markets, FactSet, Bloomberg
18
DNB Markets |
13 januar 2025
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2025 2026 2025 2026 2025 2026
Veidekke VEI NO BUY NOK 140.2 155.0 9.92 10.43 14.1x 13.4x 5.6x 5.0x
Ventura Offshore VTURA NO BUY NOK 26.6 50.0 0.34 0.2x 6.8x 15.1x 3.4x 4.7x
Verve Group VER SS NO REC SEK 31.6 0.31 0.39 7.3x 6.1x 5.2x 4.3x
Vestas Wind Systems VWS DC BUY DKK 93.48 215.0 0.95 1.4x 13.2x 9.1x 5.3x 3.9x
Viaplay Group VPLAYB SS SELL SEK 0.6078 1.0 0.07 0.09 8.7x 6.7x 5.4x 5.0x
Vicore Pharma VICO SS BUY SEK 9.53 38.0 -1.81 -1.9x -5.3x -5.1x -3.8x -4.7x
Vimian VIMIAN SS BUY SEK 37.05 55.0 0.10 0.15 27.2x 20.7x 14.2x 11.3x
Vitec VITB SS NO REC SEK 516.50 22.50 26.5x 36.2x 30.8x 14.1x 12.3x
Vitrolife VITR SS BUY SEK 208 270.0 4.74 5.90 43.9x 35.3x 21.2x 18.2x
Volvo VOLVB SS HOLD SEK 279.20 285.0 22.56 25.3x 12.5x 11.1x 6.1x 5.6x
Volvo Cars VOLCARB SS HOLD SEK 23.50 25.0 4.78 4.29 4.7x 5.2x 1.1x 0.7x
Vow VOW NO BUY NOK 1.86 10.7 0.61 1.5x 3.1x 1.2x 2.5x -0.5x
Vår Energi VAR NO BUY NOK 38.81 39.0 0.49 0.49 6.9x 6.8x
Wallenius Wilhelmsen ASAWAWI NO BUY NOK 97.05 147.0 2.95 2.8x 2.9x 3.0x 1.9x 1.7x
Wallenstam WALLb SS SELL SEK 45.04 48.0 1.50 1.58 23.4x 22.1x 31.9x 30.4x
Western Bulk Chartering WEST NO BUY NOK 14.15 25.0 0.33 0.3x 3.7x 3.7x 0.6x 0.4x
Wihlborgs WIHL SS BUY SEK 102.4 125.0 4.79 5.22 16.9x 15.6x 20.4x 18.7x
Wilh. Wilhelmsen HoldingWWI NO BUY NOK 433.00 650.0 12.97 12.7x 2.9x 3.0x 8.4x 6.9x
Wärtsilä WRT1V FH BUY EUR 18.02 22 0.95 1.10 18.9x 16.4x 11.0x 9.6x
XVIVO Perfusion XVIVO SS BUY SEK 490.00 584 6.54 12.0x 74.9x 40.8x 39.2x 22.1x
XXL ASA XXL NO NO REC NOK 20.04 -13.52 4.34 -1.5x 4.6x 4.9x 1.6x
Yara YAR NO BUY NOK 314.10 425 3.65 3.9x 7.5x 7.1x 3.9x 3.7x
YIT YIT FH SELL EUR 2.45 2 0.03 0.05 94.2x 52.1x 14.0x 13.7x
Yubico YUBICO SS BUY SEK 213.00 340 6.49 8.6x 33.9x 25.5x 22.8x 16.6x
Zealand Pharma ZEAL DC BUY DKK 735 1010 54.21 -3.14 13.6x -234.1x 8.4x -104.0x
Ørsted ORSTED DC HOLD DKK 297.90 390 20.34 23.2x 14.6x 12.8x
AAK AAK SS BUY SEK 301.4 370 14.52 14.73 20.8x 20.5x 12.4x 11.7x
Kilde: DNB Markets, FactSet, Bloomberg
19
DNB Markets |
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AFTER-HOURS / AFTER-SKI
Aksjer Kursutvikling 12 mnd Market cap
Selskap Ticker Kurs Endring Volum (x1000) Valuta Siste uke siste mnd YTD 12 mnd lav høy NOK mrd
AFC Ajax AJAX 9.78 0.2 % 0 EUR -0.4 % -2.2 % 2.3 % -2.7 % 9.50 10.55 2.1
AIK Fotboll AIKB 1.63 -2.7 % 1 SEK -4.1 % -4.1 % -3.3 % 3.2 % 1.00 1.84 0.0
SC Braga SCB 14.60 0.0 % na EUR 0.0 % 0.0 % 0.0 % 5.8 % 13.00 17.80 0.2
Besiktas Futbol BJKAS 4.95 -2.2 % 19,138 TRY -8.5 % 14.3 % 5.3 % -48.5 % 4.10 20.09 1.9
Borussia Dortmund BVB 3.14 -0.3 % 139 EUR -0.6 % -4.0 % -0.2 % -13.2 % 3.07 4.36 4.1
Brøndby IF BIFB 0.42 -15.0 % 4,136 DKK -16.2 % -17.2 % -12.7 % -23.3 % 0.38 0.95 2.8
Celtic FC CCP 165.00 0.0 % na GBp -1.5 % -1.5 % -1.5 % 37.5 % 120.00 205.00 2.2
CF Intercity CITY 0.23 8.7 % na EUR 10.2 % -46.4 % 18.9 % -89.3 % 0.18 2.90 0.0
Birmingham Sports 2309 2.26 -1.7 % na HKD -10.7 % -17.8 % -4.6 % -10.3 % 1.85 4.56 2.7
FC København PARKEN 133.50 -0.7 % 2 DKK -5.7 % 2.7 % 4.7 % -5.3 % 106.50 141.50 10.5
FC Porto FCP 1.10 0.0 % na EUR 0.0 % -0.9 % 0.0 % -8.3 % 1.09 1.70 0.3
Galatasaray Sportif GSRAY 2.11 -0.5 % 213,202 TRY -2.8 % -1.3 % 5.0 % 2.8 % 1.96 3.56 3.7
Juventus Football JUVE 2.71 -0.9 % 849 EUR -9.4 % -12.9 % -10.3 % 26.7 % 1.67 3.34 12.1
Manchester United MANU 16.18 -2.5 % 219 USD -4.7 % -6.6 % -6.7 % -23.8 % 13.50 22.00 31.5
Olympique Lyonnais EFG 2.01 0.5 % 1 EUR -0.5 % 3.1 % 0.0 % 1.0 % 1.87 2.33 4.1
SL Benfica SLBEN 3.28 1.5 % 2 EUR 2.2 % 0.3 % 0.9 % 7.5 % 2.62 4.12 0.9
Sporting Club SCP 0.91 -3.2 % 1 EUR 0.0 % -5.2 % 0.0 % -9.0 % 0.85 1.06 2.2
SS Lazio SSL 1.05 0.0 % 27 EUR 0.0 % -2.8 % 1.0 % 30.6 % 0.60 1.14 0.8
Trabzonspor Sportif TSPOR 1.14 -1.7 % 283,802 TRY -5.8 % 26.7 % 14.0 % -33.4 % 0.88 3.60 2.8
Skistar SKISB 159.00 0.0 % 43 SEK -4.1 % -7.7 % -2.8 % 18.4 % 122.20 176.00 12.7
Vail Resorts MTN 179.41 -0.4 % 495 USD 2.4 % -5.8 % -4.3 % -17.1 % 165.00 236.92 77
Cie des Alpes CDA 15.08 -0.8 % 31 EUR -2.3 % 0.1 % -0.5 % 1.9 % 12.32 16.28 9.0
Amer Sports AS 30.89 1.2 % 3,050 USD 7.1 % 11.7 % 10.5 % na 10.11 31.32 194.0
Heineken HEIA 64.98 -3.4 % 1,273 EUR -4.1 % -7.7 % -5.4 % -30.2 % 64.98 97.50 439
Carlsberg CARLB 677.20 -2.1 % 188 DKK -2.1 % -6.3 % -1.9 % -25.4 % 675.00 992.20 152
Anheuser-Busch ABI 45.65 -4.1 % 2,490 EUR -3.7 % -10.9 % -5.4 % -23.3 % 45.65 62.16 1,082
Molson Coors TAP 52.44 -5.7 % 2,682 USD -8.3 % -14.1 % -8.5 % -17.0 % 49.19 69.18 124
Royal Unibrew RBREW 489.00 -1.9 % 68 DKK -3.9 % -6.9 % -3.3 % 10.5 % 403.13 579.18 39
Kilde: Bloomberg, DNB Markets
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PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE NOTE’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE NOTE WILL OPERATE WITH
ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or
consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Note, even if
advised of the possibility of such damages.
Confidentiality rules and internal rules restrict the exchange of information between different parts of the Bank and this may prevent employees of DNB Markets who are preparing the Note
from utilizing or being aware of information available in DNB Markets/the Bank that may be relevant to the recipients of the Note. Please see DNB Markets' website (dnb.no/disclaimer/MAR)
for information in accordance with Market Abuse Regulation (MAR). This website contains information about our published investment recommendations and potential conflicts of interest.
Please contact DNB Markets at 08940 (+47 915 08940) for further information and inquiries regarding this Note.
The Note is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. Distribution of material like the Note is in certain jurisdictions
restricted by law. Persons in possession of the Note should seek further guidance regarding such restrictions before distributing the Note.
The Note has been prepared by DNB Markets, a division of DNB Bank ASA, a Norwegian bank organized under the laws of the Kingdom of Norway and under supervision by the Norwegian
Financial Supervisory Authority, The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the
Financial Supervisory Authority of Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request. Information about DNB Markets
can be found at www.dnb.no/markets.
Additional information for clients in Singapore
The Note has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment objectives, financial
situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in the Note, taking into account your
specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product.
You have received a copy of the Note because you have been classified either as an accredited investor, an expert investor or as an institutional investor, as these terms have been defined
under Singapore’s Financial Advisers Act (Cap. 110) (“FAA”) and/or the Financial Advisers Regulations (“FAR”). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from
licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor or as an expert investor, the Singapore
Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR,
including without limitation, sections 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products
which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to
you as the client. Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes recommendations concerning securities, a
statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities.
Please contact the Singapore Branch of DNB Bank ASA at +65 6212 6144 in respect of any matters arising from, or in connection with, the Note.
The Note is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an accredited investor,
an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 6144.
We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in various roles including as distributor, holder of principal
positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB
group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Note.
Additional Information, including for Recipients in the United States:
The Note does not constitute an offer to sell or buy any financial instrument and does not provide opinions, or recommendations with respect to securities of an issuer or an analysis of a
security or an issuer. This Note is intended solely for Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S.
Institutional Investors as DNB Markets, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Markets, Inc., a separately incorporated subsidiary
of DNB Bank that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Any U.S. recipient
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DNB Markets | DISCLAIMER
13 januar 2025
of this Note seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact DNB Markets, Inc.,
30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800.
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