Research report prepared by DNB Carnegie, a division of DNB Bank ASA 
         
        Aksjemarkedet i dag 
         
                                                                                                                     
                                                                                                
        FOKUS PĂ
 GEOPOLITISK RISIKO &                                                                       PortefĂžlje anbefalte aks
        LØFT 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 konïŹ‚ikten mellom Israel og Iran. Fra Japan har vi imidlertid tidligere i dag ogsĂ„ fĂ„tt           Rappo
                                                                                                            
        nye nĂžkkeltall fra industrien. Oppdateringen reïŹ‚ekterer 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 konïŹ‚ikten 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„ ïŹ‚Ă„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
                                                                                                           ïŹnansmar
        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  deïŹneres  som  normalisert  inntjening  for         Ole-and
        virksomhetene innen ïŹskeolje, - 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 – FØR 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 BØRSER   RENTER                                 VALUTA / RĂ
VARER 
                                     Siste     Endr.          %                           Siste      I gÄr   Endr.                                Siste       I gÄr   Endr. %
            Dow Jones             42,968        102       0.24          USA 10Är         4.342       4.42 -0.08        EUR/USD                  1.153       1.158        -0.43
            S&P 500                 6,045         23      0.38          Tyskl. 10Är      2.478       2.52 -0.05        USD/JPY                  143.7       143.5        -0.13
            NASDAQ                19,662          47      0.24          Norge 10Är 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 – 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 – AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)*  
                                                                      Siste Är                                                                                                                   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 Är stat                                                  4.045            4.045         -0.034                                -0.04           0.01          -0.07               0.17                 0.48               4.23                 3.17
                 USA 10 Är stat                                                    4.342            4.359         -0.018                                -0.16          -0.12           0.07              -0.23                 0.10               4.81                 3.60
                 Euro 10 Är stat                                                   2.478            2.478         -0.057                                -0.10          -0.17          -0.40               0.11                -0.05               2.94                 2.01
                 Tyskland 10 Är stat                                               2.478            2.478         -0.057                                -0.10          -0.17          -0.40               0.11                -0.05               2.94                 2.01
                 Japan 10 Är stat                                                  1.411            1.452         -0.041                                -0.04          -0.03          -0.14               0.31                 0.44               1.60                 0.74
                 UK 10 Är 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 Är       Topp                        siste     1 dag      1 mnd          1 Är       Topp                    siste     1 dag      1 mnd          1 Är
              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 Är       Bunn                    siste     1 dag      1 mnd          1 Är
              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 Är    hittil i Är est. P/E     Sektor MSCI Europe                            1 dag      1 mnd.      3 mnd.          1 Är   hittil i Är  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 – OBX OG OMX 
          
          OSLO – OBX INDEKSEN                                                                   STOCKHOLM – OMX INDEKSEN 
          35x                                                                          30x
          30x                                                                          25x
          25x                                                                          20x
          20x
          15x                                                                          15x
          10x                                                                          10x
           5x                                                                           5x
                                         P/E     Median                                                              P/E      Median
          3.0x                                                                         3.0x
          2.5x                                                                         2.5x
          2.0x                                                                         2.0x
          1.5x                                                                         1.5x
          1.0x                                                                         1.0x
          0.5x                                                                         0.5x
          0.0x                                                                         0.0x
                                         P/B     Median                                                              P/B      Median
          16x                                                                          25x
          14x                                                                          20x
          12x
          10x                                                                          15x
           8x
           6x                                                                          10x
           4x                                                                           5x
           2x
           0x                                                                           0x
                                      EV/EBITDA      Median                                                       EV/EBITDA      Median
                                                                                                                                                                 
         Kilde: Bloomberg / DNB Carnegie 
          
          
          
          
          
          
          
          
          
          
          
          
          
          
                                                                                                                                                                           5 
              DNB Carnegie | 13 juni 2025 
               
              RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX 
               
              S&P500 INDEKSEN                                                                                                        OSLO – OBX INDEKSEN 
              7000                                                                                                   8.0           6                                                                                                     6.0
              6000                                                                                                   7.0
                                                                                                                                   5                                                                                                     5.0
              5000                                                                                                   6.0
                                                                                                                                   4                                                                                                     4.0
                                                                                                                     5.0
              4000
                                                                                                                     4.0           3                                                                                                     3.0
              3000
                                                                                                                     3.0           2                                                                                                     2.0
              2000                                                                                                   2.0
                                                                                                                                   1                                                                                                     1.0
              1000                                                                                                   1.0
                  0                                                                                                  0.0           0                                                                                                     0.0
                     7   8  9  0   1  2  3   4  5  6   7  8  9   0  0  2   3  4   5  6  7   8  9  0   1  2   3  4  5
                     9   9  9  0   0  0  0   0  0  0   0  0  0   1  1  1   1  1   1  1  1   1  1  2   2  2   2  2  2
                     9   9  9  0   0  0  0   0  0  0   0  0  0   0  0  0   0  0   0  0  0   0  0  0   0  0   0  0  0
                     1   1  1  2   2  2  2   2  2  2   2  2  2   2  2  2   2  2   2  2  2   2  2  2   2  2   2  2  2                                              NO 10Y Interest (%)           US10Y Interest (%)
                                                     SPX Index         US10Y Interest (%)
               45x                                                                                                     8.0        1600                                                                                                     160
               40x                                                                                                     7.0        1400                                                                                                     140
               35x                                                                                                     6.0        1200                                                                                                     120
               30x
                                                                                                                       5.0        1000                                                                                                     100
               25x
                                                                                                                       4.0          800                                                                                                    80
               20x
                                                                                                                       3.0          600                                                                                                    60
               15x
               10x                                                                                                     2.0          400                                                                                                    40
                5x                                                                                                     1.0          200                                                                                                    20
                0x                                                                                                     0.0            0                                                                                                    0
                                                 Long term hist. PE          US10Y Interest (%)                                                                         OBX Index                Brent Oil (USD)
               8x                                                                                                     35.0         30x                                                                                                      6.0
               7x                                                                                                     30.0
                                                                                                                                   25x                                                                                                      5.0
               6x                                                                                                     25.0
                                                                                                                                   20x                                                                                                      4.0
               5x
                                                                                                                      20.0
               4x                                                                                                                  15x                                                                                                      3.0
                                                                                                                      15.0
               3x                                                                                                                  10x                                                                                                      2.0
               2x                                                                                                     10.0
                                                                                                                      5.0            5x                                                                                                     1.0
               1x
               0x                                                                                                     0.0            0x                                                                                                     0.0
                                                US10Y Interest (%)            Best fwd P/E Ratio                                                                     Best fwd P/E Ratio          NO 10Y Interest (%)
               6.0                                                                                                     4.0       10.0                                                                                                   10.0
                                                                                                                       3.5        9.0                                                                                                   9.0
               5.0                                                                                                                8.0                                                                                                   8.0
                                                                                                                       3.0
               4.0                                                                                                                7.0                                                                                                   7.0
                                                                                                                       2.5        6.0                                                                                                   6.0
               3.0                                                                                                     2.0        5.0                                                                                                   5.0
                                                                                                                       1.5        4.0                                                                                                   4.0
               2.0                                                                                                                3.0                                                                                                   3.0
                                                                                                                       1.0
               1.0                                                                                                                2.0                                                                                                   2.0
                                                                                                                       0.5        1.0                                                                                                   1.0
               0.0                                                                                                     0.0        0.0                                                                                                   0.0
                                            SPX Index dividend yield       SPX Index dividend yield                                                             OBX Index dividend yield        NO 10Y Interest rate                                
              Kilde: Bloomberg /DNB Carnegie 
               
                                                                                                                                                                                                                                                                    6 
          DNB Carnegie | 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
          RÄvarer                 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
          RÄvarekurver
          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
          RÄvarer                 AIGC                                      11.82       0.4 %       0.7 %       1.0 %     USD                    35,882
          RÄvarer (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 – 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 Østfold Akershus                 20.10                 NOK       Annual               27-Mar       3-Apr
           Skue Sparebank                               32.52                 NOK       Annual               27-Mar       8-Apr
           Romsdal  Sparebank                           9.00                  NOK       Annual               27-Mar       8-Apr
           SpareBank 1 Ringerike Hadeland               30.00                 NOK       Annual               28-Mar      10-Apr
           Sparebanken SĂžr                              12.21                 NOK       Annual               28-Mar       8-Apr
           Bien Sparebank                               5.35                  NOK       Annual               28-Mar      10-Apr
           Sparebank 1 Østlandet                        10.30                 NOK       Annual               28-Mar       4-Apr
           Sparebanken Vest                             8.50                  NOK       Annual               28-Mar       7-Apr
           Sparebank 68 Nord                            12.00                 NOK       Annual               28-Mar       7-Apr
           TrĂžnderlag Sparebank                         4.80                  NOK       Annual               28-Mar      10-Apr
           Sparebanken Øst                              6.40                  NOK       Annual               28-Mar       8-Apr
           Sunndal  Sparebank                           7.00                  NOK       Annual               28-Mar       9-Apr
           Rogaland Sparebank                           9.50                  NOK       Annual                 1-Apr      9-Apr
           Flekkefjord Sparebank                        4.60                  NOK       Annual                 1-Apr      9-Apr
           Awilco Drilling                              2.06                  USD       Irreg                  1-Apr     11-Apr
           AKVA Group ASA                               1.00                  NOK       Semi-Anl               8-Apr     15-Apr
           SpareBank 1 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 – 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 KJØPSANBEFALINGER 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 – DIREKTEAVKASTNING 2025E                SELSKAP     ANBEFALING 
                               30%                                                                                                  NorAm Drilling                Hold
                                                                                                                                    Paratus Energy                 Buy
                               25%                                                                                                  Sea1 Offshore                  Buy
                                                                                                                                    Wallenius Wilhelmsen ASA       Buy
                               20%                                                                                                  VÄr 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 
          
         UKESPORTEFØLJE 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 ukesportefÞljen gjÞres hver mandag og offenliggjÞres fÞr bÞrsen Äpner. Ved bytte av aksjer benyttes gjennomsnittlige kurser for de
         fÞrste timene av ukens handel. VÄr ukentlige rapport "Anbefalte Aksjer", med gjennomgang av portefÞljen, 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
                                VÄr 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
         EntrepenÞr / RÄdgivningNorconsult                         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
         RÄvarer                Yara                               8. jan.      306.6        5.0       375.6                24.1                        KjÞp        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
             MÄsÞval                          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 Østlandet            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 Øst                  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
             VÄr 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
             Ørsted                          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                                                                                                                                                                                              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
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     DNB Carnegie | 13 juni 2025 
      
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     DNB Carnegie | 13 juni 2025 
      
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