Research report prepared by DNB Carnegie, a division of DNB Bank ASA Aksjemarkedet i dag FOKUS PĂ GEOPOLITISK RISIKO & PortefĂžlje anbefalte aks LĂFT I OLJEPRISEN - TGS & BAKKA - H - M Mens oppdaterte tall for kostnadsvekst og ledighet trakk renter ned og skjĂžv - aksjemarkedet opp i USA i gĂ„r bidro bĂ„de 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 pĂ„ de tre hovedindeksene kom i lĂžpet av - - V dagen opp pĂ„ 70-96% av gjennomsnittet for de siste tre mĂ„neder, mens VIX-indeksen - var opp med 4.4% til 18 punkter. I Asia handles futures pĂ„ S&P500 i Ăžyeblikket ned 1.5%, mens avkastningen pĂ„ US tiĂ„ringen ligger pĂ„ 4.35%. Det betyr at renten er ned 3 - basispunkter i forhold til ved stengetid i det norske markedet i gĂ„r ettermiddag. - Oppmerksomheten i markedene er i morgentimene i dag i all hovedsak rettet mot I dag utviklingen i MidtĂžsten og risikoen for en ytterligere eskalering og eventuelt spredning av konïŹikten mellom Israel og Iran. Fra Japan har vi imidlertid tidligere i dag ogsĂ„ fĂ„tt Rappo nye nĂžkkeltall fra industrien. Oppdateringen reïŹekterer et noe lavere aktivitetsnivĂ„ enn ventet og Nikkei ser ut til Ă„ avslutte uken med en nedgang pĂ„ 1.3%. De viktigste kinesiske indeksene fĂžlger sĂ„ langt i dag ogsĂ„ med ned inntil 1.3%. KPI- NĂžkke 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 nĂ„ vendt mot MidtĂžsten vil ogsĂ„ den fĂžrste amerikanske forbrukertillitsmĂ„lingen for juni i dag muligens kunne pĂ„virke Rapport markedene. Disse tallene offentliggjĂžres kl 16.00 i ettermiddag norsk tid. Ser vi over pĂ„ J agendaen for neste uke har vi igjen et tettere program nĂ„r det gjelder oppdateringer fra makrosiden. I lĂžpet av uken blir det avholdt seks viktige rentemĂžter i Asia, Europa og USA. FĂžr vi kommer sĂ„ 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 Ăžyeblikket altsĂ„ rettet mot risikoen for en videre eskalering og utvidelse av konïŹikten mellom pĂ„ den ene side Iran og pĂ„ den andre siden Israel og USA. FĂžr Ă„pning i dag ligger Brent pĂ„ USD 76.01 pr fat og WTI handles pĂ„ 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 nivĂ„ene ved stengetid i det norske markedet i gĂ„r. PĂ„ tross av utvikling i oljeprisen det siste dĂžgnet ser vi at etterspĂžrselen etter seismikk- kapasitet i Q2 er ned rundt 30% i forhold til samme kvartal i fjor. Denne utviklingen vil kunne legge et press pĂ„ ïŹĂ„teutnyttelsen ogsĂ„ inn i andre halvĂ„r og videre fremover. Vi har tatt ned estimatene for topplinjen i TGS ned for perioden 2025-2027 og redusert kursmĂ„let fra NOK 110 til NOK 85 pr aksje. Anbefalingen er tatt ned fra KjĂžp til Hold. Kursen stengte i gĂ„r pĂ„ NOK 87.75 pr aksje. Kapitalmarkedsdagene i sjĂžmatsektoren fortsetter neste uke med et to-dagers arrangement pĂ„ FĂŠrĂžyene. Mens vi i gĂ„r sĂ„ vĂ„re 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 bĂ„de pĂ„ FĂŠrĂžyene og i Skottland har vĂŠrt noe forsinket i Emis forhold til de opprinnelige planene og dette medfĂžrer etter vĂ„rt syn at det av selskapet tidligere guidete volumet til og med 2028 vil kunne bli justert ned. Ettersom bĂ„de - konsensus og vĂ„re 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 Ă„ oppnĂ„ prispremier i forhold til sine konkurrenter og vi vil viktigst ïŹnansmar i forbindelse med kapitalmarkedsdagen fĂžlge spesielt med pĂ„ hva ledelsen sier om Ă„ ANALYST kunne re-etablere denne differansen fremover. Videre vil vi fokusere pĂ„ Ă„ fĂ„ mer Ole-And visibilitet nĂ„r det gjelder hva som kan deïŹneres som normalisert inntjening for Ole-and virksomhetene innen ïŹskeolje, - mel og fĂŽr. Bakkafrost stengte i gĂ„r pĂ„ NOK 461 pr aksje TLF: og vi har basert pĂ„ en vurdering av de langsiktige utsiktene og estimatet for summen-av- Please s delene en kjĂžpsanbefaling med et kursmĂ„l pĂ„ NOK 590 pr aksje. researc employed b research a DNB Carnegie | 13 juni 2025 US AKSJEINDEKSER OG OLJEPRIS â FĂR OG ETTER STENGETID I OSLO Index rebased US 100.6 7 100.4 6 100.2 6 100.0 6 99.8 6 99.6 6 99.4 6 6 99.2 6 99.0 6 98.8 6 7 8 9 0 1 2 6 1 1 1 1 2 2 2 1 1 1 1 1 2 2 2 Dow S&P500 Nasdaq WTI Oil Price INTERNASJONALE BĂRSER RENTER VALUTA / RĂ VARER Siste Endr. % Siste I gĂ„r Endr. Siste I gĂ„r Endr. % Dow Jones 42,968 102 0.24 USA 10Ă„r 4.342 4.42 -0.08 EUR/USD 1.153 1.158 -0.43 S&P 500 6,045 23 0.38 Tyskl. 10Ă„r 2.478 2.52 -0.05 USD/JPY 143.7 143.5 -0.13 NASDAQ 19,662 47 0.24 Norge 10Ă„r 4.045 4.06 -0.02 USD/NOK 9.972 9.937 -0.36 Nikkei 225 37,666 -507 -1.33 USA 3m 4.854 4.87 -0.01 EUR/NOK 11.501 11.512 0.09 Euro 500 6,468 -20 -0.31 Euro 3m 1.975 1.95 0.02 Siste Endr. Endr. % Danmark-KFX 1,947 2 0.10 Norge 3m 4.600 4.62 -0.02 CRB indeks 3 03 3.42 1.14 Finland-HEX 10,564 -17 -0.16 Brent sp. ($/bbl) 7 0.9 1.19 1.71 Norge-OSEBX 1,616 5 0.33 Brent 1m ($/bbl) 7 5.7 5.96 8.54 Sverige-SAX 945 -9 -0.94 Alum. 3m ($/ton)2 ,517.5 25.00 1.00 US Nat.gass 2 .9 0.12 4.32 NORDISKE AKSJER I USA â SLUTTKURS NORDEN VS SLUTTKURS USA Sluttkurs USA Endr.1 dag Volum USA Sluttkurs USA, Sluttkurs Forskjell sluttkurs Danmark (USD) (USD) hjemlig valuta hjemme USA/hjemlig Novo Nordisk B 81.05 1.72 10,562,504 524.11 519.20 4.91 GN Group 46.09 2.75 12 99.35 99.18 0.17 AP MĂžller Maersk 9.38 0.14 78,959 12,131.15 12,130.00 1.15 Finland Nokia 5.32 -0.03 14,290,803 4.61 4.57 0.04 Metso 6.11 -0.14 69,560 10.59 10.87 -0.28 UPM Kymmene 27.06 -0.06 154,217 23.46 23.49 -0.03 Norge BW LPG 11.58 0.30 330,573 115.47 114.10 1.37 Frontline 18.37 0.82 3,296,194 183.18 180.75 2.43 Norsk Hydro 5.68 0.05 178,433 56.64 56.10 0.54 Yara 18.85 0.38 12,538 375.94 375.60 0.34 Cool Company 7.22 -0.01 87,106 72.00 72.50 -0.50 Golden Ocean 7.90 0.08 1,420,456 78.78 79.00 -0.22 Himalaya Shipping 6.57 0.06 75,052 65.52 65.00 0.52 Hafnia 5.35 0.12 1,504,569 53.35 53.32 0.03 Okeanis Eco Tankers 22.49 0.43 183,363 224.27 222.50 1.77 Flex LNG 24.15 0.43 490,231 240.82 236.00 4.82 Equinor 26.39 0.47 3,131,936 263.16 261.10 2.06 Subsea 7 19.06 0.14 4,510 190.10 189.50 0.60 Telenor 15.47 0.28 9,247 154.27 153.70 0.57 Tomra 15.90 -0.10 100 158.55 159.50 -0.95 Questerre 0.25 -0.01 11,033 1.83 1.96 -0.13 Orkla 11.13 0.11 50,803 110.99 110.30 0.69 Sverige AstraZeneca 75.00 1.26 3,445,758 1425.09 1422 3.09 Electrolux 13.26 0.16 5,020 62.97 62.44 0.53 Ericsson (B) 8.50 0.06 14,267,041 80.76 80.72 0.04 Hennes & Mauritz 2.77 0.00 85,371 131.58 132.7 -1.12 Atlas Copco 16.37 0.09 1,640,415 155.52 155 0.52 SKF B 22.35 0.23 10,043 212.34 211.2 1.14 Telia 7.50 0.16 104,878 35.63 35.53 0.10 Assa Abloy 16.10 0.06 337,676 305.92 305.1 0.82 Sandvik 22.46 0.09 29,213 213.38 211.9 1.48 2 DNB Carnegie | 13 juni 2025 US S&P500 â AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)* Siste Ă„r Siden 1995 250 3000 200 2500 2000 150 1500 100 1000 50 500 0 0 S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks * Verdiindeks = S&P 500 Value Total Return Index * Vekstindeks = S&P 500 Growth Total Return Index * GARP indeks = S&P 500 GARP Index (Growth At a Reasonable Price) Kilde:Bloomberg / DNB Carnegie US indekser I gĂ„r 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 RĂ„varer og shipping Siste I gĂ„r 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 rĂ„vare 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 gĂ„r Endr. 1W 1M 3M YTD 12M 52W H 52W L Norge - Nibor 1m 4.550 4.550 0.000 -0.01 0.01 0.06 -0.06 -0.10 4.67 4.43 Norge - Nibor 3m 4.600 4.600 -0.010 -0.03 0.01 0.10 -0.08 -0.12 4.78 4.45 USA - Libor 3m 4.854 4.855 -0.001 -0.08 -0.42 -0.73 -0.74 -0.80 na na Euro - Euribor 3m 1.975 1.975 0.022 0.02 -0.16 -0.55 -0.74 -1.75 3.72 0.00 Norge 10 Ă„r stat 4.045 4.045 -0.034 -0.04 0.01 -0.07 0.17 0.48 4.23 3.17 USA 10 Ă„r stat 4.342 4.359 -0.018 -0.16 -0.12 0.07 -0.23 0.10 4.81 3.60 Euro 10 Ă„r stat 2.478 2.478 -0.057 -0.10 -0.17 -0.40 0.11 -0.05 2.94 2.01 Tyskland 10 Ă„r stat 2.478 2.478 -0.057 -0.10 -0.17 -0.40 0.11 -0.05 2.94 2.01 Japan 10 Ă„r stat 1.411 1.452 -0.041 -0.04 -0.03 -0.14 0.31 0.44 1.60 0.74 UK 10 Ă„r stat 4.477 4.477 -0.075 -0.14 -0.17 -0.25 -0.09 0.35 4.92 3.73 Valuta EUR/USD 1.153 1.158 -0.005 0.014 0.035 0.068 0.118 0.080 1.163 1.018 USD/JPY 143.7 143.5 0.180 -1.2 -3.8 -4.2 -13.5 -13.4 162.0 139.6 GBP/USD 1.355 1.361 -0.007 0.002 0.024 0.060 0.103 0.079 1.363 1.210 USD/NOK 9.972 9.937 0.035 -0.140 -0.395 -0.708 -1.415 -0.686 11.531 9.909 EUR/NOK 11.501 11.512 -0.011 -0.021 -0.091 -0.085 -0.284 0.067 12.222 11.254 GBP/NOK 13.508 13.525 -0.017 -0.171 -0.284 -0.327 -0.735 -0.084 14.371 13.317 Kilde: Bloomberg, DNB Carnegie 3 DNB Carnegie | 13 juni 2025 US Selskaper - vinnere/tapere DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 Ă„r Topp siste 1 dag 1 mnd 1 Ă„r Topp siste 1 dag 1 mnd 1 Ă„r UnitedHealth Group Inc 318.50 2.6 % 2.3 % -36.0 % Datadog Inc 122.68 3.4 % 4.6 % 2.6 % Oracle Corp 199.86 13.3 % 23.2 % 42.9 % Amgen Inc 297.29 1.9 % 9.9 % -0.4 % Constellation Energy Corp 300.38 2.8 % 3.0 % 36.6 % Newmont Corp 55.92 4.9 % 11.7 % 37.9 % Merck & Co Inc 81.82 1.9 % 6.8 % -36.8 % Gilead Sciences Inc 112.05 2.5 % 10.5 % 76.3 % Cardinal Health Inc 160.52 4.6 % 8.3 % 59.5 % Travelers Cos Inc/The 265.95 1.8 % 0.4 % 28.4 % ON Semiconductor Corp 52.98 2.3 % 15.8 % -29.4 % Vistra Corp 173.87 4.2 % 12.2 % 96.7 % NVIDIA Corp 145.00 1.5 % 11.6 % 11.9 % Marvell Technology Inc 69.64 2.1 % 6.4 % -4.4 % Cencora Inc 295.04 2.9 % 5.7 % 27.0 % Cisco Systems Inc 65.10 1.4 % 5.4 % 43.0 % Dollar Tree Inc 96.09 2.0 % 12.1 % -9.8 % EQT Corp 55.52 2.9 % -1.2 % 37.8 % Microsoft Corp 478.87 1.3 % 6.6 % 8.4 % Amgen Inc 297.29 1.9 % 9.9 % -0.4 % Gen Digital Inc 30.27 2.8 % 4.0 % 23.6 % Johnson & Johnson 156.66 0.9 % 5.5 % 7.7 % PepsiCo Inc 132.30 1.8 % 1.5 % -19.0 % Arch Capital Group Ltd 91.91 2.8 % -1.6 % -2.5 % Home Depot Inc/The 363.16 0.7 % -2.8 % 4.4 % PepsiCo Inc 132.30 1.8 % 1.5 % -19.0 % Constellation Energy Co3r0p0.38 2.8 % 3.0 % 36.6 % Procter & Gamble Co/The 163.18 0.7 % 2.8 % -1.9 % Monster Beverage Corp 63.69 1.8 % 5.7 % 30.7 % Lockheed Martin Corp 469.27 2.8 % 2.1 % 2.3 % McDonald's Corp 303.16 0.5 % -1.8 % 19.5 % Mondelez International Inc 68.12 1.7 % 6.2 % 3.1 % UnitedHealth Group Inc318.50 2.6 % 2.3 % -36.0 % Salesforce Inc 266.91 0.4 % -7.7 % 16.5 % AstraZeneca PLC 75.00 1.7 % 10.8 % -5.7 % Gilead Sciences Inc 112.05 2.5 % 10.5 % 76.3 % Coca-Cola Co/The 72.24 0.2 % 4.8 % 14.7 % Palo Alto Networks Inc 197.67 1.7 % 3.0 % 23.7 % Hershey Co/The 172.12 2.4 % 5.4 % -7.3 % Apple Inc 199.20 0.2 % -6.4 % -7.0 % Vertex Pharmaceuticals Inc460.06 1.7 % 6.5 % -4.0 % ON Semiconductor Corp 52.98 2.3 % 15.8 % -29.4 % Goldman Sachs Group Inc/The 625.11 0.2 % 3.5 % 40.0 % Chevron Corp 144.97 0.1 % 1.8 % -5.1 % Bunn siste 1 dag 1 mnd 1 Ă„r Bunn siste 1 dag 1 mnd 1 Ă„r Honeywell International Inc 226.05 0.1 % 3.6 % 8.3 % Warner Bros Discovery Inc 10.16 -3.3 % 10.7 % 39.4 % Boeing Co/The 203.75 -4.8 % 0.2 % 12.8 % JPMorgan Chase & Co 268.24 0.0 % 2.0 % 38.5 % Sirius XM Holdings Inc 21.91 -3.0 % 0.6 % -13.7 % Albemarle Corp 62.48 -4.0 % 1.0 % -42.3 % Amazon.com Inc 213.24 0.0 % 0.9 % 16.0 % Trade Desk Inc/The 70.57 -2.5 % -9.7 % -26.2 % Warner Bros Discovery In1c0.16 -3.3 % 10.7 % 39.4 % International Business Machine 281.03 -0.2 % 8.7 % 66.2 % Microchip Technology Inc 67.93 -2.4 % 9.0 % -26.8 % Omnicom Group Inc 71.19 -2.9 % -8.1 % -20.4 % Sherwin-Williams Co/The 356.20 -0.3 % 0.0 % 18.6 % Tesla Inc 319.11 -2.2 % -4.5 % 74.9 % Match Group Inc 30.66 -2.8 % 6.5 % -3.0 % American Express Co 297.99 -0.4 % -1.4 % 34.1 % Advanced Micro Devices Inc118.50 -2.2 % 5.4 % -25.9 % Southwest Airlines Co 32.58 -2.7 % 4.1 % 14.7 % NIKE Inc 62.80 -0.5 % 0.7 % -33.3 % Ross Stores Inc 133.47 -2.1 % -10.6 % -8.4 % CarMax Inc 66.11 -2.5 % -5.0 % -5.9 % Visa Inc 371.40 -0.5 % 4.3 % 37.0 % Lululemon Athletica Inc 247.03 -2.1 % -20.5 % -19.7 % Paramount Global 11.94 -2.5 % -0.4 % 15.4 % Caterpillar Inc 360.96 -0.6 % 2.4 % 10.6 % Align Technology Inc 181.69 -2.0 % -4.6 % -33.0 % Microchip Technology Inc67.93 -2.4 % 9.0 % -26.8 % Walt Disney Co/The 118.61 -0.8 % 6.5 % 18.5 % Intuitive Surgical Inc 513.00 -1.8 % -9.0 % 21.3 % Celanese Corp 56.87 -2.3 % 6.4 % -60.5 % Walmart Inc 94.83 -1.0 % -1.1 % 42.2 % GLOBALFOUNDRIES Inc 37.90 -1.7 % -4.5 % -22.0 % General Electric Co 239.99 -2.3 % 8.3 % 54.1 % Verizon Communications Inc 43.16 -1.3 % 1.2 % 8.5 % Moderna Inc 27.35 -1.4 % 7.3 % -81.2 % Tesla Inc 319.11 -2.2 % -4.5 % 74.9 % 3M Co 144.77 -1.6 % -4.0 % 42.6 % Enphase Energy Inc 44.70 -1.3 % -2.0 % -65.5 % Advanced Micro Devices1 I1n8c.50 -2.2 % 5.4 % -25.9 % Synopsys Inc 494.99 -1.1 % -4.0 % -15.6 % Ross Stores Inc 133.47 -2.1 % -10.6 % -8.4 % Kilde: Bloomberg / DNB Carnegie INDEKSUTVIKLING PĂ SEKTORNIVĂ Sektor USA 1 dag 1 mnd. 3 mnd. 1 Ă„r hittil i Ă„r est. P/E Sektor MSCI Europe 1 dag 1 mnd. 3 mnd. 1 Ă„r hittil i Ă„r est. P/E Metall 2.3% 5.3% 10.1% 0.5% 20.4% 16.7 Energi 1.4% 2.1% -2.6% -9.5% 1.2% 9.7 Forsikring 1.5% -1.6% -1.4% 16.4% 4.9% 14.8 Forsyningsselskaper 0.8% 6.3% 12.9% 19.8% 17.8% 13.8 Programvare 1.5% 5.5% 24.8% 16.1% 11.6% 34.9 Legemiddelindustri og bioteknologi 0.7% 7.7% -3.1% -11.7% 0.1% 15.1 Kommunikasjonsutstyr 1.3% 2.7% 9.5% 29.8% 0.4% 20.5 Mat- og apotekhandel 0.4% 1.8% 4.9% 19.5% 6.2% 13.6 Kraft 1.2% 1.5% 5.1% 14.6% 7.5% 18.3 Banker 0.1% 1.0% 6.4% 41.1% 28.4% 9.1 Bioteknologi 1.2% 5.0% -8.0% -0.7% 7.2% 16.7 Drikkevarer, mat og tobakk 0.1% 2.3% 2.0% 1.1% 9.9% 16.6 Papir- og skogprodukter 1.2% -4.2% -3.9% -15.4% -18.7% 15.9 Kapitalvarer -0.3% 1.2% 3.8% 19.2% 16.9% 22.5 Matvarer 1.0% 1.2% -1.9% -6.8% -1.9% 16.3 Husholdningsvarer og personlige produkter -0.3% 0.1% 0.2% -2.8% 0.6% 19.2 Informasjonsteknologi 1.0% 4.3% 16.7% 8.3% 2.6% 30.0 Kommersielle tjenester og leveranser -0.6% -3.1% 3.6% 1.4% 0.8% 24.0 Farmasi 0.9% 7.5% -3.7% -8.6% -0.5% 15.4 Forbruksvarer og klĂŠr -0.6% -8.1% -12.4% -18.6% -12.2% 25.0 Drikkevarer 0.9% 2.3% -1.7% -2.2% 1.6% 19.8 Transport -0.6% 3.3% 5.2% 12.5% 9.1% 16.6 Bygg og anlegg 0.8% 4.4% 43.3% 29.6% 13.5% 33.7 Programvare og tjenester -0.6% -1.0% 7.3% 31.6% 8.0% 35.9 Husholdningsartikler 0.7% 2.8% -3.2% -2.4% -2.4% 22.9 Materialer -0.7% -1.4% -3.1% -4.8% 2.2% 17.7 Elektrisk utstyr 0.7% 4.7% 26.4% 31.1% 11.6% 31.4 Detaljhandel -0.8% -1.6% 8.9% 16.2% 7.9% 19.3 Fritidsutstyr 0.7% 5.6% 17.2% 19.8% 24.3% 16.6 IT utstyr -0.8% -2.3% -3.9% 7.5% 0.1% 18.5 Elektronisk utstyr og instrumenter 0.6% 4.0% 24.0% 20.9% 14.2% 24.1 Helsevern - utstyr og tjenester -1.0% -3.2% -3.3% 2.5% -0.4% 23.3 Eiendom 0.5% 2.3% 3.2% 8.5% 2.9% 19.7 Forsikring -1.1% -0.5% 2.1% 27.9% 15.6% 12.7 Olje og gass 0.5% 0.4% 0.0% -1.5% 1.2% 17.2 Biler og komponenter -1.3% -7.3% -8.0% -17.6% -4.8% 8.8 Datamaskiner og tilbehĂžr 0.2% -5.9% -4.0% -7.8% -19.5% 26.4 Finansieringsselskaper -1.3% -3.2% 0.4% 15.1% 4.9% 16.6 Kjemikalier 0.0% 3.1% 2.8% -0.7% 4.5% 25.0 Telekommunikasjon og tjenester -1.3% 1.8% 0.1% 25.4% 13.3% 16.8 Helseartikler -0.1% -0.8% 3.5% 9.6% 5.7% 25.7 Media -1.4% 4.1% 12.1% 11.8% 17.2% 27.9 Bank -0.3% 0.6% 13.5% 27.3% 5.3% 12.7 Eiendomsselskaper -1.4% 3.6% 7.7% 1.0% 2.9% 14.0 Maskiner -0.4% 0.0% 5.4% 9.5% 1.5% 21.5 Hotell-, underholdnings- og restaurantvirksom-2h.e0t% -3.3% -2.8% 4.4% -8.0% 21.2 Hotell og restaurant -0.4% 1.7% 10.4% 16.8% 2.7% 25.6 Media -0.4% -1.0% 2.8% 2.5% -2.2% 9.7 Industrielle konglomerater -0.5% 0.8% 5.6% 18.4% 4.0% 20.8 Energi og relatert utstyr -0.6% 0.3% -9.4% -12.2% -9.1% 12.1 Bildeler -0.7% 1.3% 13.0% -6.4% 10.5% 10.2 Diversifiserte telekomtjenester -0.8% 4.1% 3.6% 30.7% 15.9% 11.1 Luftfart -1.4% -4.5% 9.5% 15.0% -16.0% 10.1 Kilde: Bloomberg, DNB Carnegie Kilde: Bloomberg, DNB Carnegie GULL ETC (NOK) OSLO VS GULLPRIS SPOT (USD) 2,100 37,000 2,000 35,000 1,900 33,000 1,800 31,000 1,700 1,600 29,000 1,500 27,000 1,400 25,000 COGLD (NOK, venstre) GULLPRIS (SPOT NOK, hĂžyre) 4 DNB Carnegie | 13 juni 2025 12-MĂ NEDERS FORWARD P/E - HISTORISKE MULTIPLER â OBX OG OMX OSLO â OBX INDEKSEN STOCKHOLM â OMX INDEKSEN 35x 30x 30x 25x 25x 20x 20x 15x 15x 10x 10x 5x 5x P/E Median P/E Median 3.0x 3.0x 2.5x 2.5x 2.0x 2.0x 1.5x 1.5x 1.0x 1.0x 0.5x 0.5x 0.0x 0.0x P/B Median P/B Median 16x 25x 14x 20x 12x 10x 15x 8x 6x 10x 4x 5x 2x 0x 0x EV/EBITDA Median EV/EBITDA Median Kilde: Bloomberg / DNB Carnegie 5 DNB Carnegie | 13 juni 2025 RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX S&P500 INDEKSEN OSLO â OBX INDEKSEN 7000 8.0 6 6.0 6000 7.0 5 5.0 5000 6.0 4 4.0 5.0 4000 4.0 3 3.0 3000 3.0 2 2.0 2000 2.0 1 1.0 1000 1.0 0 0.0 0 0.0 7 8 9 0 1 2 3 4 5 6 7 8 9 0 0 2 3 4 5 6 7 8 9 0 1 2 3 4 5 9 9 9 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 NO 10Y Interest (%) US10Y Interest (%) SPX Index US10Y Interest (%) 45x 8.0 1600 160 40x 7.0 1400 140 35x 6.0 1200 120 30x 5.0 1000 100 25x 4.0 800 80 20x 3.0 600 60 15x 10x 2.0 400 40 5x 1.0 200 20 0x 0.0 0 0 Long term hist. PE US10Y Interest (%) OBX Index Brent Oil (USD) 8x 35.0 30x 6.0 7x 30.0 25x 5.0 6x 25.0 20x 4.0 5x 20.0 4x 15x 3.0 15.0 3x 10x 2.0 2x 10.0 5.0 5x 1.0 1x 0x 0.0 0x 0.0 US10Y Interest (%) Best fwd P/E Ratio Best fwd P/E Ratio NO 10Y Interest (%) 6.0 4.0 10.0 10.0 3.5 9.0 9.0 5.0 8.0 8.0 3.0 4.0 7.0 7.0 2.5 6.0 6.0 3.0 2.0 5.0 5.0 1.5 4.0 4.0 2.0 3.0 3.0 1.0 1.0 2.0 2.0 0.5 1.0 1.0 0.0 0.0 0.0 0.0 SPX Index dividend yield SPX Index dividend yield OBX Index dividend yield NO 10Y Interest rate Kilde: Bloomberg /DNB Carnegie 6 DNB Carnegie | 13 juni 2025 ETF / ETP Endring i % Navn Kurs 1 dg 5 dg 1 mnd Valuta Verdi (gjennomsnitt) Aksjer / Indekser (siste 5 dager) Forsyningstjenester XLU 81.89 1.2 % 1.3 % 2.8 % USD 917,200,576 S&P Euro 350 IEV 64.59 1.1 % 1.3 % 5.2 % USD 26,729,014 Teknologi USA XLK 242.57 0.9 % 2.7 % 4.3 % USD 1,301,307,776 Bioteknologi IBB 129.00 0.9 % 3.2 % 7.9 % USD 228,119,648 Japan EWJ 74.21 0.7 % 1.1 % 2.7 % USD 387,426,080 Forbruksvarer XLP 81.96 0.6 % 0.7 % 2.5 % USD 1,163,942,912 S&P 500 SPY 603.75 0.4 % 1.8 % 2.9 % USD 43,898,073,088 Dow Jones Total markeStPTM 73.23 0.4 % 1.8 % 2.6 % USD 60,412,340 Energi XLE 86.59 0.3 % 5.8 % 1.0 % USD 1,476,400,128 Nasdaq 100 QQQ 533.66 0.2 % 1.7 % 3.5 % USD 24,529,135,616 DJIA DIA 430.49 0.2 % 1.5 % 2.1 % USD 1,312,794,240 Pacific ex-Japan EPP 49.77 0.2 % 0.8 % 4.7 % USD 20,065,966 Emerging Markets EEM 47.87 0.2 % 2.4 % 4.2 % USD 1,158,649,984 S&P Midcap 400 MDY 559.19 0.1 % 1.1 % 0.0 % USD 582,271,552 Finansielle tjenester XLF 51.00 0.0 % 0.7 % -0.2 % USD 2,249,523,968 Hong Kong EWH 19.93 -0.2 % 2.3 % 6.7 % USD 62,999,136 CAC-40 CAC 78.20 -0.2 % -0.2 % -0.7 % EUR 4,664,153 Latin-America 40 ILF 26.00 -0.2 % 1.9 % -0.2 % USD 41,643,580 Brasil EWZ 28.15 -0.2 % 2.0 % -0.6 % USD 645,394,816 Industri XLI 143.86 -0.3 % 0.1 % 1.8 % USD 1,397,868,032 Oil Service OIH 243.70 -0.3 % 8.6 % 5.3 % USD 126,086,784 DAX DAXEX 196.96 -0.4 % -1.9 % 0.6 % EUR 2,944,364 Russell 2000 IWM 212.78 -0.4 % 2.0 % 2.0 % USD 6,855,485,440 Russell 2000 Growth IWO 280.53 -0.5 % 1.6 % 2.8 % USD 126,122,720 TecDax TDXPEX 33.99 -0.9 % -2.0 % 1.2 % EUR 69,141 AEX-Nederland IAEX 7906.00 -1.2 % 0.8 % 1.0 % GBp 65,421,330 FTSE 100 ISF 865.70 -1.2 % -0.5 % 2.4 % GBp 2,230,240,000 Olje / Energi WTI-olje CRUD 9.63 2.1 % 6.0 % 6.2 % USD 1,845,726 Fyringsolje HEAT 22.66 1.1 % 4.6 % 4.2 % USD 23,782 WTI-olje CRUDP 8.30 1.0 % 4.6 % 2.3 % EUR 265,891 Naturgass UNG 16.07 0.8 % -3.8 % -11.7 % USD 119,756,088 Bensin UGAS 51.44 0.6 % 3.9 % 1.5 % USD 33,026 WTI-Oil USO 75.05 0.3 % 7.3 % 7.8 % USD 330,063,072 Brent-olje BNO 29.84 0.1 % 6.6 % 5.8 % USD 18,766,356 Metaller Gull GLD 34.33 2.1 % 1.4 % 4.9 % USD 3,646,935,552 SĂžlv SLV 33.06 0.3 % 1.9 % 10.5 % USD 671,872,064 Kobber COPA 43.09 0.2 % -2.8 % 2.6 % USD 2,840,621 Aluminium ALUM 3.27 0.1 % 1.6 % 1.2 % USD 161,281 Nikkel NICK 13.52 -0.2 % -2.5 % -3.8 % USD 43,202 Sink ZINC 8.61 -0.6 % -2.0 % -2.5 % USD 29,390 Andre rĂ„varer Mais CORN 19.61 0.0 % -0.4 % -0.6 % USD 51,197 RĂ„varer DBC 21.97 0.0 % 2.3 % 1.8 % USD 30,844,708 Soyaolje SOYO 6.56 0.0 % 2.6 % -4.6 % USD 12,763 Kveg CATL 8.72 -0.2 % 0.9 % 2.8 % USD 22,130 SvinekjĂžtt HOGS 33.38 -0.3 % 3.3 % 6.2 % USD 37,213 Hvete WEAT 19.35 -0.4 % -2.4 % 3.2 % USD 64,924 SoyabĂžnner SOYB 25.41 -0.5 % 0.2 % -0.8 % USD 14,799 Sukker SUGA 11.32 -0.8 % -1.5 % -9.5 % USD 18,489 RĂ„varekurver Energi AIGE 3.56 1.3 % 3.1 % 1.0 % USD 85,665 Edle metaller AIGP 35.76 1.1 % 0.9 % 5.3 % USD 87,508 RĂ„varer AIGC 11.82 0.4 % 0.7 % 1.0 % USD 35,882 RĂ„varer (ETN) GSG 22.38 0.0 % 2.8 % 2.8 % USD 13,885,657 Industrimetaller AIGI 15.38 0.0 % -1.4 % 0.3 % USD 444,412 Korn AIGG 3.39 -0.3 % -0.9 % 0.3 % USD 14,166 Buskap AIGL 3.28 -0.4 % 1.5 % 3.7 % USD 6,240 Landbruk AIGA 6.01 -0.6 % -0.8 % -2.4 % USD 121,122 Kilde: Bloomberg / DNB Carnegie 7 DNB Carnegie | 13 juni 2025 Rapportkalender Konsensus DNB Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 16-Jun Interoil Exploration and Produ Oslo na na na na None 17-Jun Rusta AB Stockholm 217 -0.49 399 0.57 Irreg 24-Jun Borr Drilling Ltd Oslo 135 0.11 142 0.15 None 26-Jun H & M Hennes & Mauritz AB Stockholm 11,691 2.57 13,345 3.62 Semi-Anl 2-Jul Dustin Group AB Stockholm 160 0.06 na na Irreg 3-Jul FastPartner AB Stockholm 412 1.44 na na Semi-Anl Stolt-Nielsen Ltd Oslo 187 1.26 188 1.11 Semi-Anl FastPartner AB Stockholm na na na na Quarter 4-Jul Platzer Fastigheter Holding AB Stockholm 340 2.39 na na Semi-Anl Dios Fastigheter AB Stockholm 451 1.78 na na Quarter Atrium Ljungberg AB Stockholm 502 na 509 0.52 Semi-Anl Catena AB Stockholm 528 6.40 531 4.50 Semi-Anl 7-Jul Fabege AB Stockholm 610 1.15 624 1.19 Quarter Eastnine AB Stockholm 14 na na na Quarter 8-Jul Kinnevik AB Stockholm na na na na Irreg ABG Sundal Collier Holding ASA Oslo na na na na Annual Industrivarden AB Stockholm 11,034 2.76 na na Annual Kinnevik AB Stockholm na na na na Irreg Industrivarden AB Stockholm 11,034 2.76 na na Annual Brinova Fastigheter AB Stockholm na 1.32 na na Annual 9-Jul Neobo Fastigheter AB Stockholm na na na na None Heba Fastighets AB Stockholm 103 0.40 na na Annual Mangold AB Stockholm na na na na Annual Investment AB Oresund Stockholm na na na na Semi-Anl 10-Jul BLUENORD ASA Oslo 178 1.67 201 1.83 None Bonheur ASA Oslo 706 10.63 930 9.65 Annual Gentian Diagnostics ASA Oslo na na na na Irreg Akastor ASA Oslo na na na na Irreg Europris ASA Oslo 613 1.36 623 1.37 Annual Nyfosa AB Stockholm 566 1.66 572 1.45 Quarter Carasent AB Stockholm 80 0.28 na na None Nivika Fastigheter AB Stockholm na na na na Quarter Nanologica AB Stockholm -10 -0.10 na na None Q-Linea AB Stockholm -39 na na na None John Mattson Fastighetsforetag Stockholm 113 1.89 na na None Bulten AB Stockholm na na na na Annual 11-Jul Dedicare AB Stockholm na na na na Annual Alligator Bioscience AB Stockholm na na na na None JM AB Stockholm 129 1.05 118 1.07 Annual Public Property Invest AS Oslo 185 0.40 164 0.30 Quarter Norwegian Air Shuttle ASA Oslo 2,232 0.64 2,253 na Irreg Bravida Holding AB Stockholm 557 1.43 588 1.48 Annual Storebrand ASA Oslo na 2.23 na 2.44 Annual DNB Bank ASA Oslo na 7.04 na 7.05 Annual Intea Fastigheter AB Stockholm 298 0.80 na na Irreg Aker Solutions ASA Oslo 1,229 1.46 1,221 1.51 Annual Elkem ASA Oslo 981 0.05 1,154 0.47 Annual Aker BioMarine ASA Oslo 9 0.02 10 0.01 Irreg StrongPoint ASA Oslo -8 -0.38 na na Annual Gjensidige Forsikring ASA Oslo na 3.09 na 3.33 Annual Lime Technologies AB Stockholm 59 2.07 60 2.24 Semi-Anl Axfood AB Stockholm 1,985 2.82 1,663 2.79 Semi-Anl Kitron ASA Oslo 19 0.05 20 0.05 Annual Protector Forsikring ASA Oslo na 4.49 na 6.17 Irreg Corem Property Group AB Stockholm 582 0.05 579 0.05 Quarter Corem Property Group AB Stockholm na na na na Quarter 8 DNB Carnegie | 13 juni 2025 UTBYTTEOVERSIKT â ESTIMERT EKS. & UTBETALINGSDATO 2025 Forventet Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling Seabird 0.40 NOK Irreg 11-Feb 17-Feb Odfjell SE 8.74 NOK Semi-annual 12-Feb 20-Feb Equinor ASA (Q3) 0.70 USD Quarter 13-Feb 28-Feb AMSC ASA 3.93 NOK Quarter 17-Feb 25-Feb BW Offshore Ltd 0.14 USD Quarter 3-Mar 11-Mar Holand og Setskog Sparebank 9.00 NOK Annual 20-Mar 2-Apr Gjensidige Forsikring ASA 10.00 NOK Annual 21-Mar 28-Mar Haugesund Sparebank 12.50 NOK Annual 21-Mar 1-Apr Treasure ASA 0.70 NOK Annual 21-Mar 12-May SpareBank 1 SMN 12.50 NOK Annual 21-Mar 28-Mar Nidaros Sparebank 5.87 NOK Annual 21-Mar 3-Apr Melhus Sparebank 13.50 NOK Annual 21-Mar 3-Apr TietoEVRY Oyj (1) 0.75 EUR Semi-Anl 26-Mar 3-Apr Aurskog Sparebank 15.00 NOK Annual 27-Mar 9-Apr Romerike Sparebank 10.50 NOK Annual 27-Mar 4-Apr Sparebank 1 Ăstfold Akershus 20.10 NOK Annual 27-Mar 3-Apr Skue Sparebank 32.52 NOK Annual 27-Mar 8-Apr Romsdal Sparebank 9.00 NOK Annual 27-Mar 8-Apr SpareBank 1 Ringerike Hadeland 30.00 NOK Annual 28-Mar 10-Apr Sparebanken SĂžr 12.21 NOK Annual 28-Mar 8-Apr Bien Sparebank 5.35 NOK Annual 28-Mar 10-Apr Sparebank 1 Ăstlandet 10.30 NOK Annual 28-Mar 4-Apr Sparebanken Vest 8.50 NOK Annual 28-Mar 7-Apr Sparebank 68 Nord 12.00 NOK Annual 28-Mar 7-Apr TrĂžnderlag Sparebank 4.80 NOK Annual 28-Mar 10-Apr Sparebanken Ăst 6.40 NOK Annual 28-Mar 8-Apr Sunndal Sparebank 7.00 NOK Annual 28-Mar 9-Apr Rogaland Sparebank 9.50 NOK Annual 1-Apr 9-Apr Flekkefjord Sparebank 4.60 NOK Annual 1-Apr 9-Apr Awilco Drilling 2.06 USD Irreg 1-Apr 11-Apr AKVA Group ASA 1.00 NOK Semi-Anl 8-Apr 15-Apr SpareBank 1 NordmĂžre 8.50 NOK Annual 9-Apr 16-Apr SpareBank 1 Nord Norge 8.75 NOK Annual 9-Apr 16-Apr Sparebanken MĂžre 6.25 NOK Annual 10-Apr 23-Apr Sogn Sparebank 20.00 NOK Annual 10-Apr 25-Apr Grong Sparebank 10.50 NOK Annual 10-Apr 24-Apr Storebrand ASA 4.70 NOK Annual 10-Apr 24-Apr Multiconsult ASA 10.00 NOK Annual 11-Apr 24-Apr Borregaard ASA 4.25 NOK Annual 11-Apr 23-Apr JĂŠren Sparebank 20.00 NOK Annual 11-Apr 24-Apr Morrow Bank 0.40 NOK Annual 11-Apr 24-Apr Instabank 0.08 NOK Annual 11-Apr 24-Apr Stolt-Nielsen Ltd 1.25 USD Semi-Anl 23-Apr 7-May Avance Gas Holding Ltd 0.74 USD Irreg 24-Apr 7-May SpareBank 1 SĂžr-Norge 8.50 NOK Annual 25-Apr 5-May Selvaag Bolig ASA 1.25 NOK Semi-Anl 25-Apr 8-May Europris ASA 3.50 NOK Annual 25-Apr 6-May ABG Sundal Collier Holding ASA 0.50 NOK Annual 25-Apr 6-May Kitron ASA 0.35 NOK Semi-Anl 25-Apr 15-May Orkla ASA 10.00 NOK Annual 25-Apr 6-May Pexip Holding ASA 2.50 NOK Annual 28-Apr 7-May River Tech 3.00 NOK Irreg 28-Apr 12-May Aker Carbon Capture (2) 0.98 NOK Irreg 28-Apr 7-May Aker Solutions ASA 3.30 NOK Annual 29-Apr 8-May Magnora ASA 0.19 NOK Quarter 29-Apr 5-May DNB ASA 16.75 NOK Annual 30-Apr 9-May Protector Forsikring ASA 3.00 NOK Irreg 30-Apr 9-May Bakkafrost P/F 8.44 DKK Annual 2-May 21-May Aker ASA 26.50 NOK Annual 2-May 13-May Elkem ASA 0.30 NOK Irreg 2-May 12-May Elmera Group 3.00 NOK Annual 2-May 12-May Hoegh Autoliners ASA 0.83 USD Quarter 5-May 14-May Norconsult ASA 1.70 NOK Annual 6-May 0-Jan TOMRA Systems ASA 2.15 NOK Annual 7-May 20-May Norbit ASA 3.00 NOK Annual 7-May 16-May Gentian Diagnostics 0.40 NOK Annual 7-May 16-May Schibsted B-aksje 2.25 NOK Irreg 8-May 16-May Schibsted A-aksje 2.25 NOK Irreg 8-May 16-May Bouvet ASA 3.00 NOK Quarter 8-May 20-May Veidekke ASA 9.00 NOK Annual 8-May 21-May Kongsberg Gruppen ASA (1) 10.00 NOK Semi-Anl 8-May 27-May Medistim ASA 6.00 NOK Annual 9-May 19-May Stainless Tankers 0.50 USD Quarter 12-May 2-Jun Aker BP ASA 0.63 USD Quarter 12-May 21-May Norsk Hydro ASA 2.25 NOK Annual 12-May 20-May Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie 9 DNB Carnegie | 13 juni 2025 UTBYTTEOVERSIKT â ESTIMERT EKS. & UTBETALINGSDATO 2025 Forventet Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling Kid ASA 5.00 NOK Semi-Anl 13-May 27-May Klaveness Combination Carriers 0.04 USD Quarter 13-May 28-May Polaris Media ASA 20.40 NOK Annual 14-May 21-May Subsea 7 SA (1) 6.50 NOK Semi-Anl 14-May 22-May Olav Thon Eiendomsselskap ASA 7.25 NOK Annual 15-May 28-May Equinor ASA (Q4) 0.37 USD Quarter 15-May 28-May Elopak (1) 0.08 EUR Sem-Annual 15-May 26-May TGS NOPEC Geophysical Co ASA 0.16 USD Quarter 16-May 2-Jun AF Gruppen ASA 5.00 NOK Semi-Anl 16-May 21-May Rana Gruber 1.27 NOK Quarter 16-May 28-May Webstep AS 2.30 NOK Annual 19-May 30-May Archer Ltd 0.63 na Quarter 19-May 28-May Arendals Fossekompani A/S 1.00 NOK Quarter 20-May 30-May Moreld 0.42 NOK Quarter 21-May 26-May Hafnia Ltd 0.10 USD Quarter 22-May 4-Jun DNO ASA 0.31 NOK Quarter 22-May 2-Jun Telenor ASA (1) 5.00 NOK Semi-Anl 22-May 3-Jun PetroNor 2.20 NOK Irreg 23-May 30-May Baltic Sea Properties 2.00 NOK Annual 23-May 28-May B2Impact ASA 1.50 NOK Annual 23-May 2-Jun Bonheur ASA 6.75 NOK Annual 23-May 3-Jun Mowi ASA 1.70 NOK Quarter 23-May 3-Jun Odfjell Technology 1.52 NOK Quarter 26-May 4-Jun Nykode Therapeutics 1.00 NOK Irreg 27-May 12-Jun Leroy Seafood Group ASA 2.50 NOK Annual 28-May 5-Jun BW LPG 0.28 USD Quarter 28-May 12-Jun Yara International ASA 5.00 NOK Annual 30-May 11-Jun Jinhui Shipping & Transportati 0.03 USD Semi-Anl 30-May 25-Jun Reach Subsea ASA 0.42 NOK Annual 30-May 11-Jun Borgestad ASA 0.80 NOK Annual 30-May 5-Jun Austevoll Seafood ASA 6.50 NOK Annual 30-May 12-Jun ABL Group 0.45 NOK Semi-Anl 30-May 16-Jun Okeanis Eco Tankers 0.32 USD Quarter 2-Jun 12-Jun Panoro Energy ASA 0.68 NOK Quarter 2-Jun 10-Jun Odfjell Drilling Ltd 0.16 USD Quarter 3-Jun 12-Jun Paratus Energy 0.22 USD Quarter 3-Jun 11-Jun Golden Ocean Group Ltd 0.05 USD Quarter 4-Jun 17-Jun Flex LNG 0.75 USD Quarter 6-Jun 20-Jun Philly Shipyard 0.86 USD Irreg 10-Jun 20-Jun Aker Carbon Capture 2.86 NOK Irreg 10-Jun 20-Jun Deep Value Driller 0.25 NOK Monthly 11-Jun 17-Jun Frontline 0.18 USD Quarter 11-Jun 24-Jun Horisont Energi AS 0.50 NOK Irreg 12-Jun 25-Jun Vend Marketplaces ASA 2.22 NOK Irreg 16-Jun 24-Jun Noram Drilling 0.04 USD Monthly 16-Jun 25-Jun 2020 Bulkers 0.11 USD Monthly 17-Jun 25-Jun Himalaya Shipping 0.03 USD Monthly 17-Jun 3-Jul Gyldendal ASA 3.50 NOK Annual 18-Jun 27-Jun Salmar ASA 22.00 NOK Annual 19-Jun 2-Jul MPC Container Ships AS 0.08 USD Quarter 20-Jun 27-Jun Pioneer Property 2.50 NOK Quarter 30-Jun 11-Jul Public Property Invest (1) 0.10 NOK Quarter 1-Jul 9-Jul Equinor ASA (Q1 25) 0.37 NOK Quarter 18-Aug 29-Aug Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Carnegie 10 DNB Carnegie | 13 juni 2025 DNB CARNEGIE ANBEFALINGER OG ESTIMATER DNB CARNEGIE KJĂPSANBEFALINGER OG OPPSIDE TIL KURSMĂ L ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSMĂ L VNV Global -38.9 % NEL VEF -35.1 % Kongsberg Gruppen Cinclus Pharma -31.1 % Equinor Ventura Offshore 180.1 % -30.5 % Elmera Group BICO 139.1 % -22.5 % A.P. MĂžller - MĂŠrsk Vicore Pharma 120.1 % -22.4 % AF Gruppen Egetis Therapeutics 104.9 % -19.9 % Vend Detection Technology 104.3 % Instalco 103.4 % -18.5 % Tomra Zealand Pharma 100.3 % -11.7 % Fabege Netel Group Holding 95.7 % -10.8 % Wallenstam Benchmark Holdings Plc 94.4 % -9.7 % Volvo Archer 92.7 % -9.3 % Orkla BrainCool 92.6 % -8.3 % Vitec AutoStore 84.8 % -7.6 % Telenor Stolt-Nielsen 79.4 % -2.0 % Norsk Hydro Andfjord Salmon 76.5 % 0.0 % Cyviz 75.8 % 0.0 % Klaveness Combination Carriers 75.0 % 0.0 % Hemnet 74.9 % 0.0 % Novo Nordisk 73.3 % Paratus Energy 71.3 % 0.0 % Scorpio Tankers 69.4 % 0.0 % CTEK 68.8 % 0.0 % Vitrolife 67.6 % 0.0 % Hexagon Composites 66.3 % 0.0 % Sinch 65.3 % 0.0 % Cadeler 65.0 % 0.0 % Bonesupport 64.4 % 0.0 % Evolution 62.5 % 0.0 % 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% -100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0% ESTIMERT UTBYTTE â DIREKTEAVKASTNING 2025E SELSKAP ANBEFALING 30% NorAm Drilling Hold Paratus Energy Buy 25% Sea1 Offshore Buy Wallenius Wilhelmsen ASA Buy 20% VĂ„r Energi Hold 15% Okeanis Eco Tankers Buy Dorian LPG Buy 10% Frontline Buy Flex LNG Buy 5% SFL Corporation Ltd Hold MPC Container Ships ASA Hold 0% Odfjell Technology Buy B2 Impact Buy DOF Buy Panoro Energy Buy Kilde: DNB Carnegie, FactSet, Bloomberg 11 DNB Carnegie | 13 juni 2025 UKESPORTEFĂLJE ANBEFALTE AKSJER Selskap Dato inn Kurs inn Utbytte Kurs %Uke Avkast. % % YTD Anbefaling KursmĂ„l Protector 6. jan. 290.0 4.0 406 -0.2 41.2 KjĂžp 380 Hafnia 5. mai. 50.3 1.0 53 1.6 8.1 KjĂžp 74 Yara 6. jan. 308.5 5 376 1.5 23.4 KjĂžp 425 Storebrand 12. mai. 127.9 134 7.6 4.7 KjĂžp 149 Mowi 14. apr. 188.0 1.7 190 -1.3 2.2 KjĂžp 230 Subsea 7 6. jan. 192.1 6.5 190 2.7 2.0 KjĂžp 205 Veidekke 6. jan. 140.4 157 2.2 12.0 Hold 150 Sats 26. mai. 36.2 35 0.5 -3.7 Hold 37 Norwegian 2. jun. 14.3 13 -2.6 -7.0 KjĂžp 17 Endring portefĂžlje 1.3 16.8 Endring OSEBX Indeks 6. jan. 1,457.0 1616.14 1.2 10.8 *Endringer i ukesportefĂžljen gjĂžres hver mandag og offenliggjĂžres fĂžr bĂžrsen Ă„pner. Ved bytte av aksjer benyttes gjennomsnittlige kurser for de fĂžrste timene av ukens handel. VĂ„r ukentlige rapport "Anbefalte Aksjer", med gjennomgang av portefĂžljen, sendes ut mandag etter at kursene er fastsatt. Avkastningen i tabellen over er basert pĂ„ sluttkurser fra dagen fĂžr og er sĂ„ledes en midlertidig beregning. FORETRUKNE AKSJER, ENKELTSEKTORER - 2025 Sektor Selskap Dato inn Kurs anb. Utbytte Kurs Avkastn. % Anbefaling KursmĂ„l SjĂžmat Salmar 8. jan. 529.6 460.6 -13.0 KjĂžp 580 Mowi 8. jan. 195.3 3.7 190.4 -0.6 KjĂžp 230 Salmon Evolution 8. jan. 6.6 6.1 -7.3 KjĂžp 9.1 IT / Teknologi HMS Networks 10. jan. 411.8 408.0 -0.9 KjĂžp 615 Nokia 10. jan. 4.4 0.1 4.6 5.5 Hold 4 Truecaller 10. jan. 51.7 1.7 66.9 32.5 KjĂžp 100 Yubico 13. jan. 219.6 138.5 -36.9 Hold 193 Energi / Shipping Subsea 7 8. jan. 169.9 6.5 189.5 15.4 KjĂžp 205 Odfjell Drilling 8. jan. 56.8 2.9 68.1 25.0 KjĂžp 100 VĂ„r Energi 10. jan. 38.3 2.5 32.5 -8.9 Hold 29 Finans Nordea 8. jan. 125.8 10.3 138.1 18.0 KjĂžp 155 Storebrand 8. jan. 123.5 4.7 133.9 12.2 KjĂžp 149 Protector 10. jan. 294.7 7.0 405.5 40.0 KjĂžp 380 Sparebank1 SMN 10. jan. 172.4 12.5 191.6 18.4 KjĂžp 202 Svenska Handelsbanken 17. jan. 121.6 15.0 127.0 16.8 KjĂžp 140 Forbruker Scandic Hotels 8. jan. 66.5 1.3 76.4 16.8 KjĂžp 115 Sats 10. jan. 25.1 34.9 38.7 Hold 37 Essity 10. jan. 295.3 8.25 270.0 -5.8 Hold 300 Kesko 10. jan. 17.7 0.48 20.8 20.0 KjĂžp 21.5 EntrepenĂžr / RĂ„dgivningNorconsult 8. jan. 43.1 1.7 45.6 9.6 Hold 48 Skanska 10. jan. 231.1 8.0 232.0 3.8 Hold 230 Eiendom Castellum 10. jan. 113.5 0.6 119.6 5.9 Hold 110 Helse Embla 8. jan. 36.4 33.5 -8.0 KjĂžp 35.5 ChemoMetec 10. jan. 544.5 540.0 -0.8 KjĂžp 640 Industri Securitas 8. jan. 134.5 2.3 139.8 5.6 KjĂžp 158 Alfa Laval 10. jan. 470.5 8.5 404.2 -12.3 KjĂžp 500 Huhtamaki 17. jan. 34.2 0.6 31.7 -5.7 KjĂžp 40 RĂ„varer Yara 8. jan. 306.6 5.0 375.6 24.1 KjĂžp 425 Borregaard 10. jan. 184.1 4.3 191.4 6.3 KjĂžp 230 Kilde: DNB Carnegie, Infront, Bloomberg 12 DNB Carnegie | 13 juni 2025 AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2 Ă R 80 40,000 700 5,000 70 35,000 600 4,500 60 30,000 4,000 500 3,500 50 25,000 3,000 400 K 40 20,000 K 2,500 O O 300 2,000 N 30 15,000 N 20 10,000 200 1,500 1,000 10 5,000 100 500 0 0 0 0 jun aug okt des feb apr jun aug okt des feb apr jun jun aug okt des feb apr jun aug okt des feb apr jun NHY ALUM LME (NOK) YAR CAN (NOK) 350 1,200 400 1,200 300 1,000 350 1,000 250 300 800 250 800 200 K 600 K 200 600 O 150 O N N 150 100 400 400 100 50 200 50 200 0 0 0 0 jun aug okt des feb apr jun aug okt des feb apr jun jun aug okt des feb apr jun aug okt des feb apr jun Aker BP BRENT (NOK) EQNR BRENT (NOK) 180 50,000 450 160 45,000 400 5,000 140 40,000 350 35,000 4,000 120 300 100 30,000 250 25,000 3,000 K 80 K 200 O 20,000 O N N 2,000 60 15,000 150 40 10,000 100 1,000 20 5,000 50 0 0 0 0 jun aug okt des feb apr jun aug okt des feb apr jun jun aug okt des feb apr jun aug okt des feb apr jun GOGL Baltic Dry Index (NOK) EQNR Naturgass (NOK) 400 160.0 100 2,400 350 140.0 90 2,200 300 120.0 2,000 80 1,800 250 100.0 70 1,600 K 200 80.0 K 1,400 O O 60 N 150 60.0 N 50 1,200 100 40.0 1,000 50 20.0 40 800 0 0.0 30 600 jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr jun aug okt des feb apr MOWI Laksepriser RANA Iron ore (NOK) 13 DNB Carnegie | 13 juni 2025 DNB CARNEGIE - ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs KursmĂ„l 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 KursmĂ„l 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 KursmĂ„l 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 KursmĂ„l 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 GrĂ€nges 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 IndustrivĂ€rden 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 KursmĂ„l 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 MetsĂ€ Board METSB FH Hold EUR 3.17 4 0.20 0.3x 22.8x 15.7x 8.2x 7.1x MilDef Group MILDEF SS Not Rated SEK 196.6 6.07 7.51 37.1x 26.7x 25.1x 18.2x Millicom TIGO US Buy USD 36.86 40 2.68 2.9x 8.9x 8.2x 4.3x 4.3x Mips MIPS SS Buy SEK 455 480 8.86 10.66 90.4x 51.3x 64.0x 37.2x Modern Times Group MTGB SS Buy SEK 110.10 130 10.18 10.7x 10.9x 8.5x 6.4x 5.0x Modus Therapeutics HoldiMngODTX SS Not Rated SEK 1.375 -0.86 0.29 -1.9x -1.6x -1.6x -1.4x Momentum Group MMGRB SS Hold SEK 162.40 175 4.73 5.1x 37.9x 34.4x 18.7x 17.2x Mowi MOWI NO Buy NOK 190.4 230 1.40 1.60 15.5x 12.0x 10.8x 8.0x MPC Container Ships ASAMPCC NO Hold NOK 16.49 15 0.21 0.0x 4.1x 8.0x 2.7x 3.2x Multiconsult MULTI NO Buy NOK 200 220 13.83 16.33 14.8x 14.2x 8.4x 8.1x Munters MTRS SS Hold SEK 135.10 125 5.83 6.3x 25.1x 21.5x 12.4x 11.3x Mycronic MYCR SS Buy SEK 181.3 213 8.67 8.91 21.1x 20.3x 14.4x 13.2x MĂ„sĂžval MAS NO Buy NOK 21.50 26 1.94 2.7x -122.3x 11.1x 14.7x 6.3x Kilde: DNB Carnegie, FactSet, Bloomberg 18 DNB Carnegie | 13 juni 2025 DNB CARNEGIE - ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs KursmĂ„l 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 KursmĂ„l 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 KursmĂ„l Estimert EPS Estimert P/E Estimert EV/EBITDA 2025 2026 2025 2026 2025 2026 SFL Corporation Ltd SFL US Hold USD 8.6 9.0 0.67 0.74 35.0x 11.8x 8.2x 7.2x ShaMaran Petroleum SNM SS Buy SEK 1.3 1.6 0.02 0.0x 13.6x 8.2x 4.5x 3.8x Shelf Drilling SHLF NO Buy NOK 8.3 8.0 0.06 0.08 2.4x 2.2x 4.0x 3.9x Sileon SILEON SS Not Rated SEK 3.99 -13.52 -6.5x -0.3x -0.3x -2.1x -3.5x Sinch SINCH SS Buy SEK 24.81 41.0 0.86 1.01 7.7x 7.6x 7.3x 6.3x Sitowise SITOWS FH Hold EUR 2.46 2.0 0.02 0.1x 27.5x 16.5x 8.6x 7.3x Sivers Semiconductors SIVE SS Not Rated SEK 4.466 -0.12 -0.04 -12.3x -38.5x 110.4x 20.5x Skanska SKAB SS Hold SEK 232.00 230.0 16.26 17.6x 15.5x 14.3x 7.5x 6.7x SKF SKFB SS Buy SEK 211.2 235.0 18.28 19.91 13.0x 11.3x 6.6x 5.7x SkiStar SKISB SS Buy SEK 159.70 193.0 9.49 9.3x 22.9x 16.8x 12.0x 10.0x Sleep Cycle SLEEP SS Not Rated SEK 32.95 3.13 4.18 11.2x 10.5x 6.2x 5.1x SLP SLPB SS Buy SEK 39.35 42.0 1.85 2.0x 18.1x 17.0x 21.4x 19.7x Smart Eye SEYE SS Buy SEK 66.3 103.0 7.43 10.12 -166.3x 6.3x 122.6x 5.1x SmartCraft SMCRT NO Buy NOK 25.50 31.0 0.98 1.2x 31.4x 26.0x 17.6x 14.4x Smartoptics SMOP NO Buy NOK 16.9 27.0 0.08 0.11 40.6x 22.1x 38.6x 25.6x Sobi SOBI SS Buy SEK 293.20 381.0 19.49 25.6x 12.1x 9.6x 10.6x 8.0x Solar SOLARB DC Hold DKK 312.5 315.0 23.43 29.12 19.8x 13.3x 6.5x 5.4x Solar Foods SFOODS FH Not Rated EUR 5.74 -0.27 -0.3x -18.5x -20.9x -117.7x -159.7x Solstad Offshore SOFF NO Not Rated NOK 40.75 Sonova SOON SW Hold CHF 257.40 280 10.40 11.5x 23.8x 23.6x 16.6x 16.5x SP Group SPG DC Buy DKK 309.5 400 29.91 33.57 11.9x 10.3x 6.6x 5.8x Spago Nanomedical SPAGO SS Not Rated SEK 0.21 -0.11 -0.1x -2.4x -1.9x -1.3x -1.1x Spar Nord Bank SPNO DC Not Rated DKK 210 18.34 19.63 12.3x 11.4x SpareBank 1 Helgeland HELG NO Hold NOK 175.60 167 14.15 14.6x 11.9x 12.4x Sparebank 1 Nord-Norge NONG NO Hold NOK 149.16 150 12.67 13.22 11.3x 11.8x Sparebank 1 SMN MING NO Buy NOK 191.58 202 17.85 18.7x 10.8x 10.7x SpareBank 1 SĂžr-Norge SB1NO NO Hold NOK 181.2 180 15.92 16.72 10.4x 10.4x Sparebank 1 Ăstlandet SPOL NO Hold NOK 185.00 168 14.60 15.7x 11.7x 12.3x Sparebanken MĂžre MORG NO Hold NOK 104.9 95 8.27 8.60 12.1x 12.7x Sparebanken Norge SVEG NO Buy NOK 158.88 157 13.13 13.6x 10.8x 12.1x Sparebanken SĂžr SOR NO Buy NOK 203 226 Sparebanken Ăst SPOG NO Hold NOK 74.20 76 5.75 6.0x 11.2x 12.9x Spinnova SPINN FH Hold EUR 0.502 2 -0.01 -0.14 -7.7x -43.1x -5.3x SSAB SSABA SS Buy SEK 58.82 70 7.02 7.9x 9.4x 8.4x 3.9x 4.4x Star Bulk SBLK US Hold USD 17.01 16 3.94 4.10 11.4x 4.3x 6.3x 3.4x Stillfront Group SF SS Not Rated SEK 7.65 0.77 0.8x 4.2x 3.8x 3.9x 3.5x Stockwik STWK SS Not Rated SEK 24 4.42 5.21 6.9x 4.6x 5.0x 4.5x Stolt-Nielsen SNI NO Buy NOK 262.00 470 6.29 6.8x 5.0x 4.2x 4.1x 3.7x Stora Enso STERV FH Buy EUR 8.492 13 0.69 0.88 21.8x 12.3x 8.6x 6.7x Storebrand STB NO Buy NOK 133.90 149 10.44 11.6x 13.1x 11.9x Storskogen STORB SS Buy SEK 11.355 18 0.97 1.15 9.7x 8.8x 7.0x 6.3x Storytel STORYB SS Hold SEK 89.55 83 4.83 5.9x 25.5x 16.7x 10.1x 7.9x Subsea 7 SUBC NO Buy NOK 189.5 205 1.97 2.09 15.5x 9.7x 4.4x 3.8x Surgical Science Sweden SUS SS Buy SEK 152.70 185 5.13 6.3x 32.6x 25.4x 24.8x 16.8x Sveafastigheter SVEAF SS Hold SEK 35.64 36 1.68 1.80 20.4x 18.4x 26.0x 23.5x Svedbergs Group SVEDB SS Not Rated SEK 54.50 4.17 4.6x 13.7x 12.2x 8.7x 7.8x Sweco SWECB SS Not Rated SEK 162.5 7.52 8.33 23.8x 21.1x 13.2x 11.8x Swedbank SWEDA SS Hold SEK 250.10 240 23.36 24.1x 10.0x 10.7x Synsam SYNSAM SS Buy SEK 54.1 62 4.04 4.83 19.5x 13.9x 6.6x 5.5x Systemair SYSR SS Buy SEK 85.30 101 4.17 4.6x 24.2x 19.8x 11.8x 10.9x SAAB SAABB SS Hold SEK 447.4 425 12.21 14.83 42.9x 36.7x 23.8x 20.0x Talenom TNOM FH Buy EUR 3.90 4 0.18 0.2x 33.0x 22.0x 7.3x 6.8x TCM Group TCM DC Buy DKK 76 95 8.44 10.75 11.6x 8.6x 7.6x 6.0x Teekay Tankers TNK US Buy USD 45.86 63 9.59 10.1x 6.2x 4.8x 2.3x 1.2x Tele2 TEL2B SS Buy SEK 141.5 150 7.29 7.93 15.7x 14.4x 9.9x 9.3x Telenor TEL NO Sell NOK 153.70 142 10.29 10.9x 17.5x 14.2x 8.3x 8.1x Telia Company TELIA SS Hold SEK 35.53 35 1.74 1.78 17.7x 18.5x 6.4x 6.4x Terveystalo TTALO FH Buy EUR 12.00 13 0.97 1.1x 13.6x 12.3x 7.4x 6.9x TF Bank TFBANK SS Buy SEK 375.5 520 41.92 51.37 12.1x 9.2x TGS TGS NO Hold NOK 87.75 85 0.62 0.9x 19.1x 14.2x 2.3x 2.4x Thule Group THULE SS Hold SEK 269.4 290 13.23 14.36 23.6x 20.4x 16.0x 14.1x Tidewater Inc. TDW US Buy USD 48.22 55 4.26 5.2x 12.8x 10.6x 4.5x 3.9x TietoEVRY TIETO FH Hold EUR 16.22 17 1.29 1.37 14.5x 9.7x 9.8x 7.9x Tobii TOBII SS Not Rated SEK 4.15 0.19 0.4x -93.2x 22.2x 3.3x 2.7x Kilde: DNB Carnegie, FactSet, Bloomberg 21 DNB Carnegie | 13 juni 2025 DNB CARNEGIE - ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs KursmĂ„l Estimert EPS Estimert P/E Estimert EV/EBITDA 2025 2026 2025 2026 2025 2026 Tokmanni TOKMAN FH Hold EUR 10.8 12.0 1.16 1.30 11.1x 9.2x 6.3x 5.8x Tomra TOM NO Sell NOK 159.5 130.0 0.58 0.6x 34.2x 23.8x 15.3x 11.8x Transocean RIG US Buy USD 3.2 3.0 0.06 -0.11 -35.2x 50.1x 6.6x 6.1x Transtema TRANS SS Not Rated SEK 14.98 1.71 2.3x 13.2x 8.7x 3.7x 2.7x Trelleborg TRELB SS Hold SEK 350.2 350.0 19.29 22.19 20.9x 17.3x 11.0x 10.2x Trianon TRIANB SS Hold SEK 18.62 21.0 0.95 1.0x 16.9x 15.4x 20.8x 21.2x Trifork TRIFOR DC Buy DKK 98.5 110.0 0.60 0.70 22.9x 18.8x 9.1x 7.6x Troax TROAX SS Buy SEK 151.00 190.0 0.65 0.7x 24.3x 19.5x 14.6x 12.3x Truecaller TRUEB SS Buy SEK 66.85 100.0 2.59 3.09 31.2x 23.8x 21.7x 16.9x Tryg TRYG DC Buy DKK 165.70 185.0 17.66 18.7x 9.7x 9.4x UPM UPM FH Hold EUR 23.49 26.0 1.91 2.05 15.0x 12.3x 8.0x 7.1x Vaisala VAIAS FH Buy EUR 49.75 59.0 2.48 2.6x 27.1x 20.1x 15.2x 12.0x Valaris VAL US Buy USD 45.46 40.0 3.59 5.22 24.4x 12.7x 6.5x 6.4x Valmet VALMT FH Buy EUR 27.05 33.0 2.32 2.8x 11.8x 9.6x 8.5x 7.2x VEF VEFAB SS Buy SEK 1.84 23.6 Veidekke VEI NO Hold NOK 157.20 150.0 11.37 11.3x 14.6x 13.8x 6.1x 5.8x Ventura Offshore VTURA NO Buy NOK 17.85 50.0 -0.04 1.10 8.7x -48.7x 3.3x 5.6x Verkkokauppa.com VERK FH Buy EUR 2.57 2.7 0.15 0.2x 22.5x 17.3x 7.7x 6.6x Vertiseit VERT SS Not Rated SEK 61 2.79 3.40 34.0x 21.9x 15.9x 11.4x Verve VER SS Hold SEK 31.10 39 0.37 0.4x 7.9x 6.2x 5.6x 4.9x Vestas VWS DC Buy DKK 110.6 160 0.94 1.16 19.3x 15.7x 7.5x 6.6x Vestum VESTUM SS Buy SEK 10.32 13 0.21 0.3x 13.5x 10.3x 7.9x 6.6x Viaplay Group VPLAYB SS Hold SEK 0.6748 1 -0.03 0.03 -4.1x -24.7x -38.0x 13.0x Vicore Pharma VICO SS Buy SEK 8.84 19 -1.44 -1.7x -7.2x -6.2x -3.8x -4.4x Vimian VIMIAN SS Buy SEK 41.64 50 0.12 0.15 29.0x 24.6x 17.6x 15.5x Vitec VITB SS Sell SEK 457.00 419 12.53 14.1x 41.2x 36.5x 14.7x 13.0x Vitrolife VITR SS Buy SEK 146.2 245 5.51 6.11 24.0x 19.7x 17.0x 14.2x Vivesto VIVE SS Not Rated SEK 0.23 -0.08 -0.1x -3.3x -2.7x -3.5x -2.6x VNV Global VNV SS Buy SEK 17.4 227 VO2 Cap Holding VO2 SS Not Rated SEK 1.95 0.16 0.2x 18.3x 11.9x 4.6x 3.1x Volati VOLO SS Buy SEK 121.6 139 6.13 6.63 19.6x 15.9x 11.1x 9.5x Volvo VOLVB SS Sell SEK 265.90 240 21.68 23.5x 13.6x 12.3x 6.4x 5.9x Volvo Cars VOLCARB SS Hold SEK 16.92 18 2.87 1.97 6.7x 5.9x 1.2x 0.7x VĂ„r Energi VAR NO Hold NOK 32.45 29 0.37 0.4x 7.6x 8.9x 2.3x 2.0x W5 Solutions W5 SS Not Rated SEK 63.7 1.37 2.39 247.1x 46.5x 38.2x 20.6x Wallenius Wilhelmsen ASAWAWI NO Buy NOK 84.45 87 2.57 2.5x 3.6x 3.3x 2.5x 2.0x Wallenstam WALLB SS Sell SEK 44.86 40 1.52 1.54 22.0x 21.6x 32.1x 31.1x Waystream WAYS SS Not Rated SEK 33.00 2.14 2.5x 14.4x 15.4x 9.5x 8.7x Western Bulk Chartering WEST NO Hold NOK 14.5 15 0.09 0.09 2146.4x 16.5x 23.8x 4.5x Wihlborgs WIHL SS Buy SEK 94.70 120 5.33 5.5x 15.3x 14.2x 20.3x 19.1x Wilh. Wilhelmsen Holding WASAWI NO Buy NOK 443 525 12.35 12.37 3.5x 3.6x 0.3x -2.0x WithSecure WITH FH Not Rated EUR 1.02 -0.01 -70.5x -128.4x 24.6x 16.8x WĂ€rtsilĂ€ WRT1V FH Hold EUR 19.475 15 1.07 1.12 18.9x 17.9x 11.1x 10.6x Xbrane Biopharma XBRANE SS SEK 0.25 Xvivo XVIVO SS Hold SEK 301.8 400 7.83 10.20 104.7x 37.8x 38.9x 22.0x XXL XXL NO Not Rated NOK 9.89 0.24 3.3x -15.7x 41.9x 6.9x 2.5x Yara YAR NO Buy NOK 375.6 425 5.08 4.95 7.3x 7.0x 4.5x 4.1x YIT YIT FH Buy EUR 2.56 3 0.06 0.2x -47.4x 39.0x 17.4x 9.7x Yubico YUBICO SS Hold SEK 138.5 193 5.64 6.75 32.2x 24.6x 23.8x 17.4x Zealand Pharma ZEAL DC Buy DKK 474.40 950 3.61 -12.1x 4.6x 131.5x 2.0x -76.8x Zelluna ZLNA NO Not Rated NOK 14 -7.80 -0.3x -0.2x 0.1x 0.7x Ărsted ORSTED DC Hold DKK 277.00 300 32.02 31.9x 11.4x 10.9x 7.1x 6.3x AAK AAK SS Buy SEK 265.6 331 14.47 15.60 18.8x 17.5x 12.4x 11.0x Kilde: DNB Carnegie, FactSet, Bloomberg 22 DNB Carnegie | 13 juni 2025 AFTER-HOURS / AFTER-SKI Aksjer Kursutvikling 12 mnd Market cap Selskap Ticker Kurs Endring Volum (x1000) Valuta Siste uke siste mnd YTD 12 mnd lav hĂžy NOK mrd AFC Ajax AJAX 9.78 -0.4 % 2 EUR -0.4 % -2.0 % 2.3 % -4.6 % 9.50 10.50 2.1 AIK Fotboll AIKB 1.70 6.6 % 19 SEK 0.9 % 3.0 % 0.9 % 11.8 % 1.00 1.80 0.0 SC Braga SCB 14.60 0.0 % na EUR 5.0 % 7.4 % 0.0 % 12.3 % 13.00 17.00 0.2 Besiktas Futbol BJKAS 1.87 -2.6 % 73,766 TRY 10.7 % -6.5 % -46.3 % -64.3 % 1.68 14,950.00 2.1 Borussia Dortmund BVB 3.75 -0.5 % 84 EUR -0.4 % 0.5 % 19.4 % 4.3 % 2.78 4.20 4.8 BrĂžndby IF BIFB 0.34 1.2 % 270 DKK -1.7 % -3.7 % -16.9 % -35.6 % 0.30 0.56 4.5 Celtic FC CCP 160.00 1.6 % na GBp 5.3 % 9.6 % -4.5 % 16.4 % 137.50 205.00 2.1 CF Intercity CITY 0.23 -3.0 % na EUR -2.2 % -20.2 % 18.4 % -63.7 % 0.09 1.35 0.0 Birmingham Sports 2309 2.39 -0.8 % na HKD -7.0 % -11.8 % 0.8 % -27.4 % 1.80 3.62 2.8 FC KĂžbenhavn PARKEN 149.00 -1.3 % 2 DKK -2.3 % 5.7 % 16.9 % 34.8 % 106.50 155.00 10.8 FC Porto FCP 1.09 -0.9 % na EUR 11.2 % 14.1 % -0.9 % -9.2 % 0.90 1.30 0.3 Galatasaray Sportif GSRAY 1.72 1.2 % 194,742 TRY 5.5 % -18.5 % -14.4 % -34.2 % 1.56 3.04 2.3 Juventus Football JUVE 3.11 -2.2 % 804 EUR -4.3 % 5.4 % 2.8 % 53.0 % 1.99 3.56 13.5 Manchester United MANU 17.27 2.2 % 387 USD 25.1 % 19.8 % -0.5 % 4.4 % 12.05 18.42 29.2 Olympique Lyonnais EFG 1.83 0.3 % 0 EUR 1.7 % 24.5 % -9.0 % -14.5 % 1.42 2.33 3.7 SL Benfica SLBEN 4.95 1.0 % 5 EUR -4.4 % 12.8 % 52.3 % 47.8 % 3.02 6.46 1.3 Sporting Club SCP 1.02 -1.0 % 0 EUR 3.0 % 2.0 % 12.1 % 12.1 % 0.87 1.10 2.4 SS Lazio SSL 0.79 -0.8 % 22 EUR -6.1 % -4.6 % -23.7 % 10.3 % 0.68 1.14 0.6 Trabzonspor Sportif TSPOR 0.82 1.2 % 236,534 TRY 12.3 % -9.9 % -18.0 % -59.2 % 0.72 2.75 1.6 Skistar SKISB 159.70 -0.5 % 41 SEK -2.0 % -8.1 % -2.4 % 4.5 % 142.00 182.90 13.1 Vail Resorts MTN 153.61 1.1 % 728 USD -0.8 % 2.9 % -18.1 % -15.3 % 129.85 199.45 57 Cie des Alpes CDA 18.40 -0.5 % 31 EUR 1.1 % 6.1 % 21.4 % 26.5 % 12.32 18.68 10.7 Amer Sports AS 37.41 -0.9 % 2,107 USD 0.1 % 19.9 % 33.8 % 161.1 % 10.11 39.17 206.6 Heineken HEIA 80.18 0.1 % 594 EUR 1.1 % 2.8 % 16.7 % -15.2 % 63.58 95.64 531 Carlsberg CARLB 935.00 0.1 % 236 DKK -0.6 % 2.5 % 35.5 % -1.3 % 662.60 958.80 194 Anheuser-Busch ABI 61.78 0.1 % 1,510 EUR -0.9 % 5.0 % 28.0 % 10.1 % 44.89 63.04 1,435 Molson Coors TAP 51.52 -0.5 % 1,816 USD -0.7 % -6.6 % -10.1 % 2.4 % 49.19 64.66 104 Royal Unibrew RBREW 557.00 -0.3 % 77 DKK 2.5 % 7.3 % 10.2 % -2.0 % 466.00 591.50 43 Kilde: Bloomberg, DNB Carnegie 23 DNB Carnegie | 13 juni 2025 DISCLAIMER This note must be read in conjunction with published research notes and/or DNB Carnegie Analyst Communication. This note must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) and associated rules, implemented in the relevant jurisdiction. DNB Carnegie is a Business Area in the DNB Group comprising: 1) the investment services division of DNB Bank ASA; 2) DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA); 3) DNB Markets, Inc. (a wholly owned subsidiary of DNB Bank ASA) and 4) Carnegie, Inc. (a wholly owned subsidiary of DNB Carnegie Investment Bank AB). DNB Carnegie is a leading, Nordic provider of investment banking services. Any material produced by research in DNB Carnegie is produced in the investment services division of DNB Bank ASA and DNB Carnegie Investment Bank AB, thus âDNB Carnegieâ should be read as meaning these two entities throughout the disclaimer text, unless otherwise expressively stated. This note has been prepared by DNB Carnegie and is based on information obtained from various public sources that DNB Carnegie believes to be reliable but has not independently veriïŹed, and DNB Carnegie makes no guarantee, representation or warranty as to its accuracy or completeness. Any opinions expressed herein reïŹect DNB Carnegieâs judgement at the time this note was prepared and are subject to change without notice. This note is made for information purposes only, and does not constitute and should not in any way be considered as an offer to buy or sell any securities or other ïŹnancial instruments or to participate in any investment strategy. This note has been prepared as general information and is therefore not intended as a personal recommendation of particular ïŹnancial instruments or strategies, and does not constitute personal investment advice. Investors should therefore make their own assessments of whether any of the trading ideas described herein are a suitable investment based on the investorâs knowledge and experience, ïŹnancial situation, and investment objectives. Any use of non-DNB logos in this note is solely for the purpose of assisting in identifying the relevant issuer. DNB Carnegie is not afïŹliated with any such issuer. This note is for clients only, and not for publication, and has been prepared for information purposes only by DNB Carnegie. This note is the property of DNB Carnegie. DNB Carnegie retains all intellectual property rights (including, but not limited to, copyright) relat but not limited to, reproduction and redistribution) of this note contents, either partially or in full, without DNB Carnegieâs explicit and prior written consent. However, buy-side investment ïŹrms may use this note when making investment decisions, and may also base investment advice given to clients on this note. Such use is dependent on the buy-side investment ïŹrm citing DNB Carnegie as the source. DNB Bank ASA, its afïŹliates and subsidiaries, their directors, ofïŹcers, shareholders, employees or agents, are not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of this note, and shall in no event be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost proïŹts and opportunity costs) in connection with any use of this note. DNB Carnegie and the rest of DNB Group have implemented a set of rules handling conïŹicts of interest. This includes conïŹdentiality rules restricting the exchange of information between various parts of DNB Carnegie and the rest of DNB group. In order to restrict ïŹows of sensitive information, appropriate information barriers have been established between the Investment Banking Division and other business departments in DNB Carnegie, and between DNB Carnegie and other business areas in the DNB Group. People outside an information barrier may gain access to sensitive information only after having observed applicable wall-crossing procedures. This means that employees of DNB Carnegie who are preparing this note are prevented from using or being aware of information available in other parts of DNB Carnegie or DNB Group that may be relevant to the recipientsâ decisions. Please see DNB Carnegie's website (www.dnb.no/disclaimer/MAR) for information in accordance with Market Abuse Regulation (MAR). This website contains information about our published investment recommendations and potential conïŹicts of interest. Please contact the DNB Carnegie analyst(s) on the front page for further information and inquiries regarding this note. Distribution of material like this note is in certain jurisdictions restricted by law. Persons in possession of this note should seek further guidance regarding such restrictions before distributing this note. DNB Bank ASA is a bank incorporated in Norway and is authorised and regulated by the Norwegian Financial Supervisory Authority. DNB Bank ASA is established in Singapore and in the UK via its Singapore and UK branches, which are authorised and regulated by the Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK respectively. DNB Bank ASA is established in Sweden via its Sweden branch which are subject to supervision by the Financial Supervisory Authority of Sweden. DNB Carnegie Investment Bank AB is a bank incorporated in Sweden with limited liability and is authorised and regulated by the Swedish Financial Supervisory Authority. DNB Carnegie Investment Bank AB is established in the UK via its UK branch which is authorised and regulated by the UK Financial Conduct Authority (FCA). DNB Carnegie Investment Bank AB is established in Finland and Denmark via its Finland and Denmark branches which are subject to limited supervision by the respective national Supervisory Authorities. Further details about the extent of regulation by local authorities outside Norway and Sweden are available on request. Additional information for clients in Australia This note has been prepared and issued outside Australia. DNB Bank ASA ARBN 675 447 702 is exempt from the requirement to hold an Australian ïŹnancial services licence under the Corporations Act 2001 (Cth) (âCorporations Actâ) in respect of ïŹnancial services it provides to âwholesale clientsâ within the meaning of the Corporations Act (âWholesale Clientsâ). DNB Bank ASA accordingly does not hold an Australian ïŹnancial services licence. DNB Bank ASA is regulated by Finanstilsynet (the Financial Supervisory Authority of Norway) under the laws of Norway, which differ from Australian laws. This note is provided only to authorised recipients who are both Wholesale Clients and âprofessional investorsâ within the meaning of the Corporations Act. In no circumstances may this note be provided to any other person. No member of the DNB Group, including DNB Bank ASA and DNB Carnegie Investment Bank AB, is an authorised deposit-taking institution (âADIâ) under the Banking Act 1959 (Cth). Accordingly, neither DNB Bank ASA nor DNB Carnegie Investment Bank AB is supervised by the Australian Prudential Regulation Authority as an ADI. DNB Bank ASA is a limited liability company incorporated in Norway. Nothing in this note excludes, restricts or modiïŹes a statutory warranty or liability to the extent such an exclusion, restriction or modiïŹcation would be prohibited under Australian law. 24 DNB Carnegie | 13 juni 2025 Additional information for clients in Canada This note and the information included herein is general investment advice that is not tailored to the needs of any recipient and, accordingly, is distributed to Canadian residents in reliance on section 8.25 of the Canadian Securities Administratorsâ National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. For disclosures regarding any ïŹnancial or other interest that DNB Bank ASA, DNB Carnegie Investment Bank AB and their afïŹliates may have in the issuer or issuers that are the subject of this note please see DNB Carnegie's website (www.dnb.no/disclaimer/MAR). Additional information for clients in Singapore This note is distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the speciïŹc investment objectives, ïŹnancial situation or particular needs of any particular person. Please seek advice from a ïŹnancial adviser regarding the suitability of any product referred to in this note, taking into account your speciïŹc ïŹnancial objectives, ïŹnancial situation or particular needs before making a commitment to purchase any such product or security. You have received a copy of this note because you have been classiïŹed as an accredited investor, an expert investor, or as an institutional investor, as these terms have been deïŹned under Singapore's Financial Advisers Act (Cap. 110) ("FAA") and/or the Financial Advisers Regulations ("FAR"). The Singapore Branch of DNB Bank ASA is a ïŹnancial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor, institutional investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, with respect to certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 34, 36 and 45 of the FAA. Section 34 of the FAA requires a ïŹnancial adviser to disclose material information concerning designated investment products that are recommended by the ïŹnancial adviser to you as the client. Section 36 of the FAA requires a ïŹnancial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 45 of the FAA requires a ïŹnancial adviser to include, within any circular or written communications in which they make recommendations concerning securities, a statement of the nature of any interest which the ïŹnancial adviser (and any person connected or associated with the ïŹnancial adviser) might have in the securities. Please contact the Singapore branch of DNB Bank ASA at +65 6260 0111 with respect to any matters arising from, or in connection with, this note. This note is intended for and is to be circulated only to people who are classiïŹed as an accredited investor, an expert investor, or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6260 0111. DNB Bank ASA, its afïŹliates and subsidiaries, our associates, ofïŹcers and/or employees may have interests in any products referred to in this note by acting in various roles including as distributor, holder of principal positions, adviser or lender. DNB Bank ASA, its afïŹliates, subsidiaries, our associates, ofïŹcers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, DNB Bank ASA, its afïŹliates and subsidiaries, our associates, ofïŹcers and/or employees may buy or sell products as principal or agent and may effect transactions that are not consistent with the information set out in this note. Additional information for clients in the United States This note is being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Markets, Inc. or Carnegie, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Markets, Inc. or Carnegie, Inc., separately incorporated subsidiaries of DNB Bank ASA that are U.S. broker-dealers and members of the Financial Industry Regulatory Authority (âFINRAâ) and the Securities Investor Protection Corporation (âSIPCâ). Any U.S. recipient of this note seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact DNB Markets, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800, or Carnegie Inc, 20 West 55th St., New York, NY 10019, telephone number +1 212-262-5800. 25