US renter, EQUITY RESEARCH                                                                                                                                       18 april 2024 
           
          Research report prepared by DNB Markets, a division of DNB Bank ASA 
           
          Aksjemarkedet i dag 
           
           
          TVIL I USA, TRO I ASIA & NED I                                                                                                 Portefølje anbefalte aksjer: 
                                                                                                                                                      
          OLJE - NHY, MOWI & PPI                                                                                                               -     Aker BP 
                                                                                                                                               -     BW LPG 
                                                                                                                                               -     DOF Group 
          Med et unntak for tallene fra flybransjen var det var lite i selskapsrapporteringen som                                              -     Höegh Autoliners 
                                                                                                                                               -     Europris  
          ga grunnlag for oppdrift i det amerikanske aksjemarkedet i går. Tross noe mer dempede 
                                                                                                                                               -     Equinor 
          renter inspirerte heller ikke Feds gjennomgang av temperaturen i amerikansk økonomi                                                  -     Mowi 
          til forventninger om raskere rentekutt og kombinert med at investorene leter etter en                                                -     Sparebank1 SR-Bank 
          mer  klar  retning  for  rapporteringssesongen  gjorde  dette  at  indeksene  endte  ned.                                            -     Storebrand 
                                                                                                                                               -     Vår Energi 
          Nasdaq hadde ved stengetid falt med 1.2%, mens S&P500 fulgte ned 0.6% og Dow                                                         -     Yara 
          ned 0.1%. VIX-indeksen fortsatte samtidig ned 1% til 18.2 punkter og volumet aksjer                                                         
          omsatt på de tre hovedindeksene kom helt ned på 84-88% av gjennomsnittet for de                                                      -     YTD DNB     8.2% 
                                                                                                                                               -     YTD OSE     3.6% 
          siste tre måneder. I Asia indikerer futures på S&P500 i morgentimene en åpning opp 
          0.3% ved start av handel i USA i ettermiddag og renten på tiåringen er samtidig nede                                           I dag 
          på 4.57%. Det betyr at renten før åpning i Europa ligger 7 basispunkter under nivået                                           Rapporter / nyheter etc Norden 
          ved stengetid i det norske markedet i går.                                                                                                 ABB           
                                                                                                                                                     ABG Sundal Collier  
                                                                                                                                                     Arjo  
          Målt i NOK steg verdensindeksen med rundt 16% gjennom årets første tre måneder og                                                          Atlantic Sapphire          
          det bør indikere at i hvert fall avkastningen på aksjedelen i oljefondet blir noe å glede                                                  BE Group 
                                                                                                                                                     Elkem          
          seg over når nøkkeltallene for Q1 legges frem i formiddag. I mellomtiden ser vi at det er                                                  Endomines, KMD 
          en fortsatt vending opp for det kinesiske markedet og de viktigste indeksene har i dag                                                     EQT, omsetning             
                                                                                                                                                     FastPartner 
          steget videre med inntil 1.5%. I Japan stiger samtidig Nikkei-indeksen i morgentimene                                                      Hansa Bioph.               
          med ytterligere 0.5%. Oppgangen ser ut til å komme etter at myndighetsrepresentanter                                                       Investor       
                                                                                                                                                     Kinnevik  
          fra USA, Kina, Japan og Sør-Korea alle har vært ute med tilsynelatende koordinerte                                                         Mowi, oppdatering 
          kommentarer om at de er bekymret for volatile svingninger i valutamarkedene. Alcoa                                                         Mycronic      
          la frem Q1-tallene etter stengetid i det amerikanske markedet i går kveld og investorene                                                   Nokia  
                                                                                                                                                     Nordea Bank                
          reagerte i første omgang med å løfte aksjen 3% i handel etter børs. Kursreaksjonen vil                                                     Note  
          kunne påvirke Norsk Hydro ved åpning i dag. Norsk Hydro lå ved stengetid i går på                                                          Olvi           
                                                                                                                                                     Profilgruppen              
          NOK 71.34 pr aksje og vi har her en salgsanbefaling med et kursmål på NOK 50 pr                                                            Tele2  
          aksje. Etter Fed-sjef Powells kommentarer knyttet til renteutsiktene tidligere denne                                                       Vitec Software             
                                                                                                                                                     Vitrolife    
          uken er det i dag ytterligere tre representanter for rentekomiteen i den amerikanske                                            
          sentralbanken som får anledning til å utdype sine syn på økonomien og rentepolitikken                                          Nøkkeltall Norden 
          fremover. I kombinasjon med de i ettermiddag annonserte ukentlige amerikanske                                                              NO: Bedriftstillit  
          ledighetstallene vil dette kunne påvirke markedene i dag.                                                                                  NO: NB Utlånsundersøkelse  
                                                                                                                                                     NO: NBIM Oljefondet Q1  
                                                                                                                                                      
          Mens Israel fremdeles ser ut til å være i tenkeboksen vedrørende en eventuell neste                                            Rapporter / nøkkeltall Europa / USA  
          reaksjon i konflikten med Iran og aktørene i oljemarkedet dermed fortsatt inkluderer en                                                    Japan: Industriindeks  
                                                                                                                                                     US: Philadelphia Fed 
          høyere  risikopremie  i  oljeprisene  så  vi  i  går  også  at  den  indikerte  økningen  i  de                                            US: Førstegangssøkende  
          amerikanske råoljebeholdningene ble bekreftet. Kombinert med mer fokus på den                                                              US: Registrerte ledige  
                                                                                                                                                     US: Ledende indeks  
          styrkede USD-kursen gjør dette at Brent-prisen i morgentimene i dag har kommet ned                                                         US: Salg bruktboliger 
          på USD 87.47 pr fat, mens WTI-prisen ligger på USD 82.26 pr fat. Det innebærer at                                                          Danone, omsetning 
                                                                                                                                                     L’Oreal, omsetning 
          Brent før åpning i dag er ned rundt USD 1.43 pr fat siden stengetid i det norske markedet                                                  Comerica  
          i går, mens WTI i samme tidsrom er ned USD 2.10 pr fat.                                                                                    DR Horton  
                                                                                                                                                     Intuitive Surgical  
          Mowi har i morgentimene sendt ut en foreløpig oppsummering av Q1. Den fullstendige                                                         Lockheed Martin  
                                                                                                                                                     Netflix 
          rapporten presenteres den 8. mai, men i mellomtiden kan vi konstatere at volumet for                                                        
          kvartalet endte på 97k tonn mot vårt estimat på 102k tonn og konsensus på 101k tonn.                                           Konferanser 
          Videre venter selskapet at operasjonell EBIT for perioden endte på EUR 201 mill mot                                                  -       - 
                                                                                                                                          
          vårt estimat på EUR 234 mill og konsensus på EUR 230 mill. En usikkerhet i forkant av                                          Emisjoner, børsnoteringer o.l. 
          oppdateringen har vært i hvilken grad positive effekter av høyere laksepriser har blitt                                              -     Pågående transaksjoner 
                                                                                                                                               -     Om aksjehandelsløsning 
          motvirket av at en større andel av fisken har måttet nedgraderes til lavere prisklasser. 
          Mowi stengte i går på NOK 186.55 pr aksje. Før eventuelle justeringer som følge av                                             Aktuelle podcasts/webinarer: 
          dagens oppdatering har vi en kjøpsanbefaling og et kursmål på NOK 235 pr aksje.                                                      -     - 
          Public Property planlegger en notering på Oslo Børs og selskapet gjennomfører i den                                                       
                                                                                                                                         UTBYTTE er en podcast fra DNB som handler om det 
                                                                                                                                         viktigste  som  skjer  i  den  globale  økonomien  og 
          forbindelse en emisjon av nye aksjer. Tegningsperioden for kjøp av aksjer startet i går                                        finansmarkedene. Hør på iTunes, Spotify og Soundcloud 
          og løper frem til 25. april kl 12.00. Informasjon om tildeling av aksjer er ventet å være 
          tilgjengelig den 26. april og første handelsdag for aksjene er ventet å være 29.  april.                                        ANALYST 
          DNB Markets bistår selskapet med gjennomføringen av denne transaksjonen og mer                                                  Ole-Andreas Krohn 
          informasjon om selskapet og emisjonen finner du her.                                                                            Ole-andreas.krohn@dnb.no 
                                                                                                                                          TLF: +47 918 59 722 
                                                                                                                                          Please see the last page for important informaiton. This research 
                                                                                                                                          report was not produced in the US. Analysts employed by non-
                                                                                                                                          US Aiffliates are not registered / Qualiifed research analysts with 
                                                                                                                                          FINRA in the United States                                  
                                                                                                                                                                              
                           DNB Markets | US aksjeindekser og oljepris – før og etter stengetid i oslo 
                            
                           18 april 2024 
                            
                           US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO 
                                   Index rebased
                               101.0                                                                                                                                                                                                                                                           USD per brl
                                                                                                                                                                                                                                                                                             90.0
                               100.5                                                                                                                                                                                                                                                         89.0
                               100.0                                                                                                                                                                                                                                                         88.0
                                                                                                                                                                                                                                                                                             87.0
                                   99.5                                                                                                                                                                                                                                                      86.0
                                   99.0                                                                                                                                                                                                                                                      85.0
                                                                                                                                                                                                                                                                                             84.0
                                   98.5                                                                                                                                                                                                                                                      83.0
                                   98.0                                                                                                                                                                                                                                                      82.0
                                                                                                                                                                                                                                                                                             81.0
                                   97.5                                                                                                                                                                                                                                                      80.0
                                                                       16                             17                             18                             19                             20                             21                             22                                                               15                      16                       17                       18                      19                       20                       21                      22
                                                                                                         Dow                                     S&P500                                             Nasdaq                                                                                                                                                                                             Axis Title
                                                                                                                                                                                                                                                                                                                                                                                                     WTI Oil Price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                 
                           INTERNASJONALE BØRSER   RENTER                         VALUTA / RÅVARER
                                                                                  Siste                 Endr.                            %                                                          Siste                    I går Endr.                                                                                      Siste                       I går Endr. %
                             Dow Jones                                       37,753                          -46               -0.12                           USA 10år                            4.567                      4.67 -0.10                              EUR/USD                                               1.068                      1.067                       0.06
                             S&P 500                                             5,022                       -29               -0.58                           Tyskl. 10år                         2.465                      2.44              0.03                  USD/JPY                                               154.2                      154.4                       0.10
                             NASDAQ                                          15,683                       -182                 -1.15                           Norge 10år 3.848                                               3.80              0.05                  USD/NOK                                            10.980                    11.001                          0.18
                             Nikkei 225                                      38,108                         176                  0.39                          USA 3m                              5.589                      5.59              0.00                  EUR/NOK                                            11.727                    11.742                          0.13
                             Euro 500                                                 326                        -0            -0.07                           Euro 3m                             3.895                      3.89              0.01                                                                          Siste                     Endr. Endr. %
                             Danmark-KFX                                         2,616                             3             0.10                          Norge 3m                            4.730                      4.73              0.00                  CRB indeks                                                294                     -3.74                    -1.25
                             Finland-HEX                                         9,735                           -7            -0.08                                                                                                                                  Brent sp. ($/bbl)        8  9.7                                                   -0.86                    -0.95
                             Norge-OSEBX                                         1,348                             5             0.34                                                                                                                                 Brent 1m ($/bbl)        8  7.6                                                    -2.42                    -2.69
                             Sverige-SAX                                              941                          3             0.33                                                                                                                                 Alum. 3m ($/ton)2  ,587.0                                                        32.00                       1.25
                                                                                                                                                                                                                                                                      US Nat.gass                                                 1  .5                    0.09                    6.38  
                            
                           NORDISKE AKSJER I USA – SLUTTKURS NORDEN VS SLUTTKURS USA  
                                                                                                              Sluttkurs USA                                 Endr.1 dag                                        Volum USA                                             Sluttkurs USA,                                                      Sluttkurs                     Forskjell sluttkurs
                             Danmark                                                                                 (USD)                                      (USD)                                                                                                hjemlig valuta                                                      hjemme                               USA/hjemlig
                             Novo Nordisk B                                                                         124.53                                        0.63                                          3,075,118                                                    869.99                                                         871.30                                     -1.31
                             GN Store Nord                                                                            73.06                                       0.00                                                       1,953                                           170.14                                                         168.90                                      1.24
                             AP Møller Maersk                                                                           6.79                                     -0.01                                                171,416                                              9,487.26                                                    9,570.00                                       -82.74
                             Finland
                             Nokia                                                                                      3.33                                      0.03                                       21,438,808                                                          3.12                                                              3.16                                -0.04
                             Metso                                                                                      6.03                                     -0.15                                                       3,329                                             22.59                                                            11.33                                  11.26
                             Telia                                                                                      4.69                                      0.06                                                   46,560                                                  2.20                                                              2.21                                -0.01
                             UPM Kymmene                                                                              32.97                                       0.15                                                   24,080                                                30.87                                                            31.04                                  -0.17
                             Norge
                             Borr Drilling                                                                              5.73                                      0.09                                          4,525,044                                                      62.92                                                            64.45                                  -1.53
                             BW LPG                                                                                   13.20                                       0.67                                                       2,489                                           144.94                                                         144.50                                      0.44
                             Frontline                                                                                24.04                                      -0.12                                          1,257,302                                                    263.97                                                         269.50                                     -5.53
                             Norsk Hydro                                                                                6.48                                      0.14                                                166,617                                                  71.15                                                            71.34                                  -0.19
                             Yara                                                                                     14.88                                      -0.24                                                   90,898                                              326.78                                                         328.00                                     -1.22
                             Cool Company                                                                             10.70                                       0.15                                                233,034                                                117.49                                                         117.00                                      0.49
                             Golden Ocean                                                                             13.09                                       0.03                                          1,108,962                                                    143.73                                                         145.85                                     -2.12
                             Himalaya Shipping                                                                          7.81                                      0.02                                                   55,555                                                85.76                                                            86.10                                  -0.34
                             Hafnia                                                                                     7.53                                      0.14                                                108,814                                                  82.68                                                            83.20                                  -0.52
                             Okeanis Eco Tankers                                                                      30.60                                       0.04                                                   19,555                                              336.00                                                         341.00                                     -5.00
                             Flex LNG                                                                                 25.51                                       0.20                                                245,311                                                280.11                                                         283.20                                     -3.09
                             Equinor                                                                                  27.25                                      -0.52                                          3,349,567                                                    299.22                                                         301.75                                     -2.53
                             Subsea 7                                                                                 15.99                                      -0.13                                                       3,945                                           175.58                                                         178.00                                     -2.42
                             Telenor                                                                                  10.96                                      -0.05                                                   38,040                                              120.35                                                         120.40                                     -0.05
                             Tomra                                                                                    13.45                                       0.00                                                                   4                                   147.63                                                         147.20                                      0.43
                             Questerre                                                                                  0.22                                      0.00                                                   17,061                                                  1.76                                                              1.77                                -0.01
                             Orkla                                                                                      7.17                                      0.05                                                   99,537                                                78.73                                                            79.05                                  -0.32
                             Sverige
                             AstraZeneca                                                                              68.53                                       0.27                                          3,710,062                                                  1504.97                                                                1503                                  1.97
                             Electrolux                                                                               16.24                                      -0.24                                                       1,760                                             89.16                                                               89.5                                -0.34
                             Ericsson (B)                                                                               4.93                                      0.05                                       29,383,316                                                        54.13                                                               54.9                                -0.77
                             Hennes & Mauritz                                                                           3.04                                      0.02                                                104,422                                                166.90                                                         169.05                                     -2.15
                             Atlas Copco                                                                              16.69                                      -0.08                                          1,899,950                                                    183.26                                                             183.3                                  -0.04
                             SKF B                                                                                    20.02                                       0.13                                                       7,072                                           219.77                                                             219.3                                   0.47
                             Assa Abloy                                                                               13.95                                      -0.02                                                   72,728                                              306.35                                                             307.3                                  -0.95
                             Sandvik                                                                                  21.82                                       0.08                                                   47,829                                              239.59                                                             239.1                                   0.49
                             Kilde: Bloomberg, DNB Markets                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               2 
                              DNB Markets |  
                               
                              18 april 2024 
                               
                              US S&P500 – AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)*  
                                                                                                                                  Siste år                                                                                                                                                                                                                                       Siden 1995
                                  200                                                                                                                                                                                                                                               2500
                                  180
                                  160                                                                                                                                                                                                                                               2000
                                  140
                                  120                                                                                                                                                                                                                                               1500
                                  100
                                      80                                                                                                                                                                                                                                            1000
                                      60
                                      40                                                                                                                                                                                                                                                500
                                      20
                                         0                                                                                                                                                                                                                                                     0
                                                               S&P Verdiindeks                                                      S&P Vekstindeks                                                      S&P GARP Indeks                                                                                               S&P Verdiindeks                                                          S&P Vekstindeks                                                          S&P GARP Indeks
                               * Verdiindeks = S&P 500 Value Total Return  Index 
                               * Vekstindeks = S&P 500 Growth Total Return  Index 
                               * GARP indeks = S&P 500 GARP Index (Growth At a Reasonable Price) 
                               Kilde:Bloomberg /DNB Markets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                US indekser                                                                                                                                                     I går                     Endr.                                %1D                           %1W                            %1M                          %3M                              %YTD                                 %12M                                                                    Est. P/E
                               Dow Jones Industrial                                                                                                                                       37,753                          -45.7                              -0.12                             -1.84                       -2.67                          0.76                               0.17                               11.12                                                                       18.52
                               S&P 500                                                                                                                                                       5,022                        -29.2                              -0.58                             -2.68                       -2.47                          5.05                               5.29                               20.88                                                                       20.79
                               Nasdaq Composite                                                                                                                                           15,683                       -181.9                                -1.15                             -3.01                       -2.61                          4.17                               4.48                               29.05                                                                       27.85
                               Russel 2000                                                                                                                                                   1,948                        -19.5                              -0.99                             -3.97                       -3.79                          1.26                             -3.90                                    8.49                                                                    16.77
                               Amex naturgass (XNG)                                                                                                                                               574                           1.9                            0.33                            -3.23                         1.62                         8.33                               3.93                               10.85                                                                       13.08
                               Amex Oil Service                                                                                                                                                       87                      -1.4                           -1.58                             -7.22                       -0.60                      11.75                                  3.75                                   5.69                                                                             na
                               Philadelphia oljeproduksjon (XOI)                                                                                                                             2,159                        -12.4                              -0.57                             -3.95                         3.57                     21.31                               15.92                                 20.09                                                                                na
                               Amex farmasi (DRG)                                                                                                                                                 970                           2.9                            0.30                            -2.00                       -3.98                          2.46                               6.61                               10.86                                                                       18.13
                               Nasdaq biotech                                                                                                                                                4,097                        -23.8                              -0.58                             -3.88                       -5.55                        -6.43                              -6.27                                  -3.31                                                                              na
                               Philadelphia halvleder (SOX)                                                                                                                                  4,567                     -153.2                                -3.25                             -4.66                       -4.00                          8.58                               9.38                               48.40                                                                       41.03
                               S&P 500 Paper & Forest (PAFO)                                                                                                                                      354                         -0.8                           -0.24                             -4.95                       -3.64                      11.29                                  6.22                                 -1.60                                                                     15.18
                               Kilde: Bloomberg, DNB Markets
                                Råvarer og shipping                                                                                                         Siste                             I går                     Endr.                                 %1D                          %1W                             %1M                          %3M                             %YTD                                  %12M                              52W H                                   52W L
                               CRB indeks                                                                                                                   294.4                            294.4                        -2.40                              -0.81 -               1                                            2.5                       10.9                               11.6                                      5.6                          298.2                                   253.8
                               GS råvare indeks                                                                                                             3,735                            3,735                     -60.93                                -1.61 -               1                                                 1                         10                                 12                                        8                       3,857                                   3,058
                               Olje
                               Brent Spot                                                                                                                   89.65                            89.65                        -1.66                              -1.82                             -3.92                         5.75                     12.94                               15.53                                     3.67                            97.82                                   72.47
                               Brent olje 1m                                                                                                                87.60                            87.29                          0.31                               0.36                            -2.38                         0.82                     10.75                               13.71                                     3.34                            97.69                                   71.28
                               Brent olje 3m                                                                                                                86.21                            85.90                          0.31                               0.36                            -1.97                         0.92                         9.98                            12.27                                     2.68                            93.20                                   71.00
                               WTI olje 1m                                                                                                                  82.92                            82.69                          0.23                               0.28                            -2.47                         0.24                     11.93                               15.73                                     2.55                            95.03                                   63.64
                               Flybensin                                                                                                                860.75                                   0.00                     -9.75                              -1.12                             -3.07                       -1.63                        -3.85                                2.56                                   7.43
                               Naturgass US Henry Hub                                                                                                          1.50                              1.50                       0.11                               7.91                        -20.63                            8.70                   -47.37                              -41.86                                -32.13
                               Fyringsolje                                                                                                                2  58.6                          2   57.5                         1.16                               0.45                            -2.76                          -7.2                         -4.0                                  1.3                                 -0.5                         3   50.9                                2   15.0
                               Metaller
                               Aluminium 3m                                                                                                                 2,587                            2,587                               26                            1.00                              5.33                        13.7                         18.8                                   8.5                                   8.8                          2,728                                   2,109
                               Nikkel                                                                                                                   18,238                            18,238                              512                              2.89                            -0.69                            0.9                       13.4                                   9.8                              -26.2                          25,950                                  15,840
                               Kobber                                                                                                                       9,583                            9,583                            115                              1.21                              2.22                           5.6                       15.9                               12.0                                      6.9                          9,641                                   7,856
                               Gull                                                                                                                         2,375                            2,361                               13                            0.57                              0.08                           9.9                       17.4                               15.1                                   18.4                            2,432                                   1,811
                               Shipping
                               WS AG - Japan, 250 dwt                                                                                                               60                                60                           -3                        -4.00                             -4.00                            -20                          -11                                  14                                   -14                                   88                                      38
                               WS AG - USG, 250 dwt                                                                                                                 40                                40                             0                         0.00                              0.00                           -11                             -6                                14                                   -16                                   55                                      23
                               Baltic dry index                                                                                                             1,844                            1,844                          65.0                               3.65                          16.19                              -24                            36                               -12                                      35                         3,346                                        919
                               Kilde: Bloomberg, DNB Markets
                                Renter og valuta                                                                                                            Siste                             I går                     Endr.                                                                      1W                           1M                           3M                              YTD                                   12M                          52W H                                   52W L
                               Norge - Nibor 1m                                                                                                            4.620                             4.620                    -0.010                                                                    0.00                        0.01                         0.01                                0.03                                  1.25                                4.67                                    3.34
                               Norge - Nibor 3m                                                                                                            4.730                             4.730                      0.000                                                                   0.00                        0.03                         0.03                                0.00                                  1.06                                4.79                                    3.66
                               USA - Libor 3m                                                                                                              5.589                             5.579                      0.010                                                                   0.02                      -0.00                          0.03                              -0.00                                   0.33                                5.69                                    5.25
                               Euro - Euribor 3m                                                                                                           3.895                             3.895                    -0.009                                                                  -0.02                       -0.03                        -0.01                               -0.01                                   0.68                                4.00                                    0.00
                               Norge 10 år stat                                                                                                            3.848                             3.848                    -0.039                                                                    0.11                        0.18                         0.14                                0.56                                  0.57                                4.25                                    3.11
                               USA 10 år stat                                                                                                              4.567                             4.587                    -0.021                                                                  -0.02                         0.24                         0.42                                0.69                                  0.99                                5.02                                    3.29
                               Euro 10 år stat                                                                                                             2.465                             2.465                    -0.021                                                                    0.03                        0.02                         0.15                                0.44                                -0.01                                 3.03                                    1.89
                               Tyskland 10 år stat                                                                                                         2.465                             2.465                    -0.021                                                                    0.03                        0.02                         0.15                                0.44                                -0.01                                 3.03                                    1.89
                               Japan 10 år stat                                                                                                            0.887                             0.883                      0.004                                                                   0.02                        0.12                         0.24                                0.27                                  0.41                                0.97                                    0.36
                               UK 10 år stat                                                                                                               4.261                             4.261                    -0.038                                                                    0.11                        0.16                         0.28                                0.72                                  0.57                                4.75                                    3.43
                               Valuta
                               EUR/USD                                                                                                                     1.068                             1.067                      0.001                                                             -0.005                       -0.019                       -0.020                             -0.036                                 -0.029                                1.128                                   1.045
                               USD/JPY                                                                                                                     154.2                             154.4                    -0.150                                                                        1.0                         5.1                          6.1                             13.2                                  20.1                             154.8                                   133.0
                               GBP/USD                                                                                                                     1.247                             1.245                      0.002                                                             -0.008                       -0.026                       -0.024                             -0.026                                   0.005                               1.314                                   1.204
                               USD/NOK                                                                                                                  10.980                           11.001                       -0.020                                                                 0.150                       0.324                        0.451                              0.808                                  0.521                           11.299                                      9.925
                               EUR/NOK                                                                                                                  11.727                           11.742                       -0.016                                                                 0.114                       0.143                        0.275                              0.503                                  0.242                           12.082                                  11.096
                               GBP/NOK                                                                                                                  13.693                           13.699                       -0.007                                                                 0.102                       0.129                        0.312                              0.740                                  0.689                           13.958                                  12.677
                               Kilde: Bloomberg, DNB Markets                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                3 
              DNB Markets |  
               
              18 april 2024 
               
               US Selskaper - vinnere/tapere
               DOW 30                                 Kurs                Endring                       NASDAQ                         Kurs                Endring                        S&P500                    Kurs                 Endring
               Alle                                  siste       1 dag       1 mnd          1 år        Topp                           siste      1 dag       1 mnd           1 år        Topp                      siste      1 dag       1 mnd           1 år
               UnitedHealth Group Inc                478.99        2.2 %      -1.7 %       -5.1 %       American Electric Power Co I8n1c.24         2.2 %       -1.1 %     -12.1 %        United Airlines Holdings I4n8c.74     17.4 %       11.9 %      13.2 %
               Goldman Sachs Group Inc/The           403.91        1.8 %       5.1 %      21.0 %        Exelon Corp                    36.42        1.9 %       -0.5 %     -15.0 %        American Airlines Group I1n3c.89       6.6 %       -1.6 %        4.5 %
               McDonald's Corp                       269.95        1.7 %      -3.1 %       -7.2 %       Lululemon Athletica Inc       344.86        1.7 %     -25.0 %       -7.4 %        Globe Life Inc             63.23       5.4 %      -45.8 %     -42.4 %
               NIKE Inc                               94.84        1.6 %      -3.9 %      -24.9 %       Keurig Dr Pepper Inc           30.88        1.4 %       4.6 %      -12.7 %        Alaska Air Group Inc       42.72       4.7 %       11.8 %        0.4 %
               Coca-Cola Co/The                       58.51        0.8 %      -2.7 %       -7.9 %       Enphase Energy Inc            112.05        1.4 %       0.8 %      -50.8 %        Dayforce Inc               61.34       4.7 %       -9.2 %     -10.7 %
               Procter & Gamble Co/The               156.96        0.6 %      -2.6 %        3.8 %       Xcel Energy Inc                53.19        1.3 %       2.2 %      -23.8 %        Paramount Global           10.81       3.6 %       -3.5 %     -50.5 %
               Visa Inc                              272.69        0.5 %      -4.3 %      16.7 %        PepsiCo Inc                   169.48        1.2 %       -1.0 %      -8.3 %        NextEra Energy Inc         63.79       3.4 %        6.0 %     -18.5 %
               Merck & Co Inc                        125.37        0.2 %       3.2 %        9.2 %       Warner Bros Discovery Inc       8.23        1.1 %       -2.9 %     -42.3 %        Consolidated Edison Inc90.33           3.3 %        1.5 %       -7.4 %
               Johnson & Johnson                     144.77        0.2 %      -7.6 %      -10.1 %       Warner Bros Discovery Inc       8.23        1.1 %       -2.9 %     -42.3 %        Norwegian Cruise Line H1o8ld.0in2gs    3.1 %       -8.3 %      37.5 %
               Chevron Corp                          156.40        0.1 %       0.6 %       -8.3 %       Starbucks Corp                 86.21        0.9 %       -5.3 %     -20.1 %        Dominion Energy Inc        48.32       3.1 %       -0.4 %     -15.8 %
               Verizon Communications Inc             39.78        0.0 %      -0.4 %        2.2 %       Kraft Heinz Co/The             36.90        0.8 %       5.7 %       -6.5 %        Southern Co/The            69.80       3.0 %        0.5 %       -3.8 %
               Dow Inc                                56.82       -0.1 %       0.1 %        0.1 %       Palo Alto Networks Inc        277.33        0.8 %       -2.8 %      38.7 %        Delta Air Lines Inc        47.88       2.9 %       10.2 %      35.4 %
               3M Co                                  90.96       -0.1 %       3.8 %        2.4 %       Lucid Group Inc                 2.42        0.8 %     -12.0 %      -69.1 %        First Solar Inc          178.01        2.8 %       19.1 %     -18.9 %
               Honeywell International Inc           190.36       -0.2 %      -3.3 %       -3.3 %       Mondelez International Inc     66.51        0.8 %       -6.7 %      -5.7 %        Southwest Airlines Co      28.78       2.6 %        2.7 %     -10.2 %
               Boeing Co/The                         170.21       -0.2 %      -5.4 %      -18.3 %
               Cisco Systems Inc                      47.79       -0.3 %      -3.0 %       -5.0 %       Bunn                           siste      1 dag       1 mnd           1 år        Bunn                      siste      1 dag       1 mnd           1 år
               American Express Co                   217.67       -0.3 %      -1.5 %      32.4 %        ASML Holding NV               907.61       -7.1 %       -3.6 %      41.1 %        JB Hunt Transport Service16s8 .I1n3c   -8.1 %     -12.1 %       -3.9 %
               Walmart Inc                            59.65       -0.3 %      -2.0 %      19.4 %        Autodesk Inc                  214.92       -5.8 %     -15.8 %        8.8 %        Travelers Cos Inc/The 206.58           -7.4 %      -6.9 %      20.1 %
               International Business Machine        183.10       -0.4 %      -4.5 %      43.3 %        Advanced Micro Devices Inc154.02           -5.8 %     -19.2 %       71.6 %        Prologis Inc             106.49        -7.2 %     -16.9 %     -13.9 %
               Salesforce Inc                        276.32       -0.4 %      -8.0 %      39.2 %        Lam Research Corp             912.26       -5.3 %       -1.4 %      84.2 %        ResMed Inc               173.83        -6.0 %      -9.0 %     -22.0 %
               JPMorgan Chase & Co                   180.08       -0.4 %      -6.5 %      27.4 %        KLA Corp                      658.98       -5.0 %       -4.6 %      77.5 %        Autodesk Inc             214.92        -5.8 %     -15.8 %        8.8 %
               Caterpillar Inc                       358.32       -0.4 %       1.8 %      59.1 %        Applied Materials Inc         199.89       -4.6 %       -0.4 %      79.6 %        Advanced Micro Devices1 I5n4c.02       -5.8 %     -19.2 %      71.6 %
               Amgen Inc                             264.07       -0.6 %      -2.5 %        7.3 %       Micron Technology Inc         116.33       -4.5 %      24.0 %       87.8 %        Lam Research Corp        912.26        -5.3 %      -1.4 %      84.2 %
               Home Depot Inc/The                    332.83       -0.6 %     -10.5 %      11.3 %        Old Dominion Freight Line In2c10.81        -4.4 %       0.7 %       22.8 %        KLA Corp                 658.98        -5.0 %      -4.6 %      77.5 %
               Microsoft Corp                        411.84       -0.7 %      -1.3 %      42.8 %        NVIDIA Corp                   840.35       -3.9 %       -5.0 %    203.7 %         Applied Materials Inc    199.89        -4.6 %      -0.4 %      79.6 %
               Apple Inc                             168.00       -0.8 %      -3.3 %        0.9 %       Broadcom Inc                1282.63        -3.5 %       3.7 %     102.8 %         Micron Technology Inc 116.33           -4.5 %      24.0 %      87.8 %
               Walt Disney Co/The                    112.94       -0.8 %      -0.8 %      11.9 %        Marriott International Inc/MD238.46        -2.9 %       -4.0 %      37.3 %        Old Dominion Freight Lin2e1 0In.8c1    -4.4 %       0.7 %      22.8 %
               Amazon.com Inc                        181.28       -1.1 %       3.9 %      77.2 %        Datadog Inc                   123.55       -2.7 %       2.2 %       76.5 %        NVIDIA Corp              840.35        -3.9 %      -5.0 %     203.7 %
               Intel Corp                             35.68       -1.6 %     -16.5 %      12.1 %        Marvell Technology Inc         66.48       -2.6 %       -1.1 %      57.4 %        Insulet Corp             166.26        -3.7 %      -3.2 %     -48.3 %
                                                                                                        QUALCOMM Inc                  164.32       -2.5 %       -1.6 %      38.8 %        US Bancorp                 39.52       -3.6 %      -6.9 %      12.3 %  
               Kilde: Bloomberg / DNB Markets
               Indeksutvikling på sektornivå
               Sektor USA                               1 dag       1 mnd.       3 mnd.           1 år    hittil i år  est. P/E       Sektor MSCI Europe                                1 dag       1 mnd.       3 mnd.           1 år    hittil i år  est. P/E
               Eiendom                                     n.a.         n.a.         n.a.         n.a.          n.a.         n.a.     Forbruksvarer og klær                              2.7%         -5.4%       16.4%         -5.7%         8.3%          27.6
               Luftfart                                  6.2%         7.1%        13.2%        11.8%        11.3%            7.4      Banker                                             1.2%         2.6%        13.6%        20.2%        10.7%            7.2
               Kraft                                     2.0%         2.2%          7.1%        -4.6%         3.2%          16.1      Drikkevarer, mat og tobakk                         1.0%         -2.3%        -3.9%      -15.0%         -4.9%          15.0
               Drikkevarer                               0.8%         -2.4%        -1.1%        -6.4%        -0.9%          20.4      Telekommunikasjon og tjenester                     0.6%         -2.0%        -5.0%      -12.9%         -3.0%          13.5
               Metall                                    0.6%         7.6%        20.7%          9.1%         8.8%          19.0      Materialer                                         0.6%         2.4%          9.4%         5.5%         2.6%          16.4
               Husholdningsartikler                      0.6%         -2.2%         5.6%         3.9%         6.9%          24.1      Energi                                             0.4%         8.0%        14.9%        10.4%          8.9%           9.4
               Matvarer                                  0.6%         -2.0%        -3.1%      -15.5%         -4.1%          15.4      Mat- og apotekhandel                               0.4%         -2.3%        -4.0%      -11.0%         -6.8%          12.7
               Bank                                      0.4%         -3.6%         9.3%       21.8%          5.3%          10.9      Finansieringsselskaper                             0.3%         -2.8%         4.2%       14.1%          1.1%          15.4
               Kjemikalier                               0.3%         -4.2%         4.6%         5.0%         1.3%          21.6      Forsikring                                         0.3%         -4.9%         3.7%         9.4%         3.7%          10.6
               Bioteknologi                              0.2%         -6.3%        -7.7%        -0.9%        -3.1%          16.3      Forsyningsselskaper                                0.2%         -0.7%        -5.3%        -7.5%        -8.1%          11.9
               Farmasi                                   0.1%         -3.5%         2.8%       10.2%          6.8%          20.7      Media                                              0.2%         0.0%          5.2%       13.3%          6.3%          16.9
               Diversifiserte telekomtjenester           0.1%         -3.1%         0.5%        -7.5%         1.4%           8.1      Husholdningsvarer og personlige produkter 0.1%                  -3.6%        -4.2%      -10.5%         -5.8%          18.8
               Hotell og restaurant                      0.1%         -2.2%        -0.2%       10.3%         -0.8%          22.5      Kapitalvarer                                       0.0%         -1.8%       10.7%        21.4%          8.5%          19.2
               Media                                     0.0%         -8.3%        -9.6%        -5.1%       -12.5%           9.5      Detaljhandel                                       0.0%         2.6%        11.3%          5.4%         5.9%          14.9
               Industrielle konglomerater               -0.2%         -2.4%       10.0%        22.9%          7.7%          15.6      Kommersielle tjenester og leveranser               0.0%         -2.9%         1.9%       10.3%          3.9%          21.3
               Papir- og skogprodukter                  -0.2%         -3.6%       11.3%        21.0%          6.2%          15.1      Transport                                         -0.1%         1.3%       -12.9%       -12.4%        -11.7%          20.7
               Olje og gass                             -0.3%         3.9%        19.0%          8.7%       13.8%           12.7      Biler og komponenter                              -0.2%         -0.8%       18.8%        13.8%        14.0%            6.4
               Fritidsutstyr                            -0.4%         2.9%        15.0%          3.9%         7.4%          16.8      Legemiddelindustri og bioteknologi                -0.3%         -1.8%         1.7%         1.8%         4.6%          16.9
               Kommunikasjonsutstyr                     -0.4%         -4.0%        -2.5%         8.2%         0.6%          16.6      Hotell-, underholdnings- og restaurantvirksom-0h.e3t%           -4.1%        -1.6%        -0.3%         0.7%          22.2
               Maskiner                                 -0.6%         -0.6%       13.6%        29.6%        10.2%           18.7      Eiendomsselskaper                                 -0.4%         -0.4%        -1.7%       11.3%         -8.1%          13.7
               Forsikring                               -0.6%         -4.5%         5.1%       20.3%          9.0%          13.0      IT utstyr                                         -0.6%         -4.5%        -4.8%        -5.2%        -6.7%          14.9
               Programvare                              -0.7%         -2.8%         1.7%       38.6%          5.6%          33.9      Helsevern - utstyr og tjenester                   -1.1%         -4.0%         2.3%         3.4%         1.2%          22.5
               Elektrisk utstyr                         -0.8%         1.1%        17.1%        44.4%        14.7%           26.3      Programvare og tjenester                          -1.1%         -3.8%         6.8%       33.6%        12.1%           30.1
               Datamaskiner og tilbehør                 -0.8%         -3.1%      -10.3%          1.5%       -12.2%          25.2
               Energi og relatert utstyr                -0.9%         -2.7%         6.6%         3.2%        -1.6%          11.7
               Elektronisk utstyr og instrumenter       -0.9%         -0.8%         7.0%       12.2%          2.9%          22.2
               Bygg og anlegg                           -1.1%         0.9%        21.8%        46.6%        14.0%           29.5
               Helseartikler                            -1.4%         -4.8%        -0.2%         4.5%         2.5%          24.9
               Informasjonsteknologi                    -1.7%         -3.6%         4.6%       39.1%          7.3%          28.9
               Bildeler                                 -3.1%         -8.3%        -9.8%      -32.3%        -19.8%          10.7                                                                                                                                  
               Kilde: Bloomberg, DNB Markets                                                                                          Kilde: Bloomberg, DNB Markets
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
                                                                                                                                                                                                                                                                                   4 
         DNB Markets |  
          
         18 april 2024 
          
          
         12-MÅNEDERS FORWARD P/E - HISTORISKE MULTIPLER – OBX OG OMX 
          
          OSLO – OBX INDEKSEN                                                                  STOCKHOLM – OMX INDEKSEN 
          35x                                                                         30x
          30x                                                                         25x
          25x                                                                         20x
          20x
          15x                                                                         15x
          10x                                                                         10x
           5x                                                                          5x
                                        P/E      Median                                                              P/E     Median
          3.0x                                                                        3.0x
          2.5x                                                                        2.5x
          2.0x                                                                        2.0x
          1.5x                                                                        1.5x
          1.0x                                                                        1.0x
          0.5x                                                                        0.5x
          0.0x                                                                        0.0x
                                         P/B     Median                                                              P/B     Median
          16x                                                                         25x
          14x                                                                         20x
          12x
          10x                                                                         15x
           8x
           6x                                                                         10x
           4x                                                                          5x
           2x
           0x                                                                          0x
                                     EV/EBITDA       Median                                                       EV/EBITDA      Median
                                                                                                                                                                
         Kilde: Bloomberg /DNB Markets 
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
                                                                                                                                                                          5 
              DNB Markets |  
               
              18 april 2024 
               
               
               
              RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX 
               
              S&P500 INDEKSEN                                                                                                            OSLO – OBX INDEKSEN 
               6000                                                                                                      8.0         1400                                                                                                        6.0
                                                                                                                         7.0         1200                                                                                                        5.0
               5000
                                                                                                                         6.0         1000
               4000                                                                                                                                                                                                                              4.0
                                                                                                                         5.0
                                                                                                                                      800
               3000                                                                                                      4.0                                                                                                                     3.0
                                                                                                                                      600
                                                                                                                         3.0                                                                                                                     2.0
               2000                                                                                                                   400
                                                                                                                         2.0
               1000                                                                                                                   200                                                                                                        1.0
                                                                                                                         1.0
                  0                                                                                                      0.0            0                                                                                                        0.0
                                                       SPX Index          US10Y Interest (%)                                                                               OBX Index              NO 10Y Interest (%)
               45x                                                                                                         8.0         1400                                                                                                        160
               40x                                                                                                         7.0         1200                                                                                                        140
               35x                                                                                                         6.0                                                                                                                     120
                                                                                                                                       1000
               30x
                                                                                                                           5.0                                                                                                                     100
               25x                                                                                                                      800
                                                                                                                           4.0                                                                                                                     80
               20x                                                                                                                      600
                                                                                                                           3.0                                                                                                                     60
               15x
                                                                                                                           2.0          400                                                                                                        40
               10x
                5x                                                                                                         1.0          200                                                                                                        20
                0x                                                                                                         0.0            0                                                                                                        0
                                                   Long term hist. PE           US10Y Interest (%)                                                                            OBX Index                 Brent Oil (USD)
                35x                                                                                                         8.0         30x                                                                                                         6.0
                30x                                                                                                         7.0
                                                                                                                                        25x                                                                                                         5.0
                25x                                                                                                         6.0
                                                                                                                                        20x                                                                                                         4.0
                                                                                                                            5.0
                20x
                                                                                                                            4.0         15x                                                                                                         3.0
                15x
                                                                                                                            3.0         10x                                                                                                         2.0
                10x                                                                                                         2.0
                 5x                                                                                                                      5x                                                                                                         1.0
                                                                                                                            1.0
                 0x                                                                                                         0.0          0x                                                                                                         0.0
                                                  Best fwd P/E Ratio            US10Y Interest (%)                                                                         Best fwd P/E Ratio           NO 10Y Interest (%)
                6.0                                                                                                        6.0       10.0                                                                                                       10.0
                                                                                                                                      9.0                                                                                                       9.0
                5.0                                                                                                        5.0        8.0                                                                                                       8.0
                4.0                                                                                                        4.0        7.0                                                                                                       7.0
                                                                                                                                      6.0                                                                                                       6.0
                3.0                                                                                                        3.0        5.0                                                                                                       5.0
                                                                                                                                      4.0                                                                                                       4.0
                2.0                                                                                                        2.0        3.0                                                                                                       3.0
                1.0                                                                                                        1.0        2.0                                                                                                       2.0
                                                                                                                                      1.0                                                                                                       1.0
                0.0                                                                                                        0.0        0.0                                                                                                       0.0
                                               SPX Index dividend yield          US10Y Interest (%)                                                                  OBX Index dividend yield          NO 10Y Interest rate                                 
              Kilde: Bloomberg /DNB Markets 
                                                                                                                                                                                                                                                                            6 
          DNB Markets |  
           
          18 april 2024 
           
           
          ETF / ETP                                                                            Endring i %
                                  Navn                                       Kurs        1 dg        5 dg      1 mnd     Valuta    Verdi (gjennomsnitt)
          Aksjer / Indekser                                                                                                              (siste 5 dager)
          Forsyningstjenester     XLU                                       64.08       2.1 %      -1.1 %       1.3 %     USD             1,018,577,472
          Pacific ex-Japan        EPP                                       40.92       0.9 %      -3.5 %      -3.8 %     USD                14,734,711
          CAC-40                  CAC                                       78.67       0.8 %      -0.7 %      -2.0 %     EUR                 3,293,136
          FTSE 100                ISF                                      768.00       0.4 %      -1.2 %       2.0 %      GBp            1,658,303,000
          Latin-America 40        ILF                                       26.81       0.4 %      -5.1 %      -4.0 %     USD                33,800,780
          S&P Euro 350            IEV                                       53.54       0.4 %      -2.1 %      -2.5 %     USD                17,049,312
          Forbruksvarer           XLP                                       73.38       0.4 %      -1.3 %      -2.8 %     USD              952,615,616
          Brasil                  EWZ                                       30.17       0.3 %      -6.0 %      -5.7 %     USD              722,006,976
          Finansielle tjenester   XLF                                       39.69       0.3 %      -2.9 %      -2.9 %     USD             1,899,387,392
          DAX                     DAXEX                                    148.58       0.0 %      -1.8 %      -0.9 %     EUR                 2,081,802
          Emerging Markets        EEM                                       39.71      -0.1 %      -3.7 %      -2.8 %     USD             1,203,168,896
          Hong Kong               EWH                                       14.65      -0.1 %      -6.0 %      -9.3 %     USD                46,042,540
          DJIA                    DIA                                      377.45      -0.1 %      -1.8 %      -2.7 %     USD             1,419,854,464
          Energi                  XLE                                       94.13      -0.3 %      -3.7 %       3.3 %     USD             1,477,747,584
          Industri                XLI                                      121.11      -0.5 %      -2.4 %      -0.6 %     USD             1,131,669,376
          Dow Jones Total markeSPTt   M                                     61.28      -0.5 %      -2.7 %      -2.4 %     USD                29,128,972
          S&P 500                 SPY                                      500.55      -0.6 %      -2.6 %      -2.4 %     USD           37,115,682,816
          S&P Midcap 400          MDY                                      517.25      -0.8 %      -3.8 %      -2.9 %     USD              492,074,752
          Bioteknologi            IBB                                      125.89      -0.9 %      -4.5 %      -6.9 %     USD              241,715,488
          AEX-Nederland           IAEX                                   7381.00       -0.9 %      -2.4 %       1.5 %      GBp                4,667,590
          TecDax                  TDXPEX                                    28.93      -1.0 %      -3.8 %      -3.8 %     EUR                   156,736
          Russell 2000            IWM                                      193.00      -1.1 %      -3.9 %      -4.1 %     USD             7,607,791,104
          Japan                   EWJ                                       67.09      -1.1 %      -3.3 %      -5.0 %     USD              622,385,472
          Oil Service             OIH                                      321.34      -1.2 %      -7.1 %      -0.9 %     USD              126,638,392
          Nasdaq 100              QQQ                                      425.84      -1.2 %      -2.9 %      -2.7 %     USD           19,867,062,272
          Russell 2000 Growth IWO                                          248.02      -1.3 %      -4.2 %      -4.8 %     USD              147,779,184
          Teknologi USA           XLK                                      198.85      -1.4 %      -2.9 %      -3.6 %     USD             1,383,378,560
          Olje / Energi
          Naturgass               UNG                                       14.38      -0.7 %      -8.2 %      -6.3 %     USD              118,365,088
          Fyringsolje             HEAT                                      25.02      -1.1 %      -1.3 %      -2.8 %     USD                    61,489
          Bensin                  UGAS                                      59.25      -1.2 %      -0.2 %       0.8 %     USD                    61,252
          WTI-olje                CRUDP                                     10.02      -1.4 %       0.5 %       6.1 %     EUR                   523,721
          WTI-olje                CRUD                                      10.64      -1.6 %      -0.6 %       3.8 %     USD                 2,721,275
          Brent-olje              BNO                                       32.16      -2.9 %      -3.5 %       1.6 %     USD                17,839,720
          WTI-Oil                 USO                                       78.91      -3.0 %      -3.9 %       1.2 %     USD              333,315,424
          Metaller
          Sink                    ZINC                                       9.36       2.7 %       3.9 %      12.2 %     USD                    29,287
          Nikkel                  NICK                                      16.67       2.6 %      -1.2 %       2.1 %     USD                   128,829
          Kobber                  COPA                                      39.11       1.3 %       2.4 %       6.1 %     USD                 3,784,149
          Aluminium               ALUM                                       3.41       0.8 %       5.2 %      13.4 %     USD                   133,409
          Gull                    GLD                                       24.62       0.3 %       2.0 %      10.4 %     USD             1,642,054,912
          Sølv                    SLV                                       25.85       0.2 %       1.6 %      12.8 %     USD              568,423,488
          Andre råvarer
          Kaffe                   COFF                                      38.92       4.6 %      13.3 %      33.1 %     USD                   103,442
          Soyaolje                SOYO                                       6.22       0.5 %      -3.7 %      -6.4 %     USD                      4,653
          Soyabønner              SOYB                                      27.82       0.2 %      -0.9 %      -2.6 %     USD                    12,567
          Mais                    CORN                                      21.59       0.0 %      -0.7 %      -1.2 %     USD                    12,197
          Hvete                   WEAT                                      22.75      -0.2 %      -2.6 %       1.7 %     USD                    72,558
          Kveg                    CATL                                       6.54      -0.3 %       0.3 %      -5.0 %     USD                    14,961
          Svinekjøtt              HOGS                                      28.90      -1.0 %      -2.4 %       0.6 %     USD                    11,750
          Sukker                  SUGA                                      11.94      -1.1 %      -8.4 %     -10.2 %     USD                    41,858
          Råvarekurver
          Industrimetaller        AIGI                                      15.77       1.5 %       2.6 %       7.9 %     USD                   226,068
          Softs (Sukker, Kakao, BoAIGmSull)                                  5.75       1.5 %       1.5 %       5.2 %     USD                    16,605
          Landbruk                AIGA                                       6.09       0.6 %      -0.5 %       0.2 %     USD                   212,680
          Edle metaller           AIGP                                      26.51       0.5 %       2.0 %      11.2 %     USD                    70,373
          Råvarer                 AIGC                                      11.27       0.2 %       0.3 %       3.7 %     USD                    40,830
          Korn                    AIGG                                       3.79       0.0 %      -1.3 %      -1.0 %     USD                    24,279
          Buskap                  AIGL                                       2.59      -0.3 %      -0.5 %      -2.9 %     USD                      1,095
          Energi                  AIGE                                       3.81      -1.0 %      -1.3 %       1.1 %     USD                    43,545
          Kilde: Bloomberg / DNB Markets                                                                                                                  
           
           
                                                                                                                                                                                       7 
        DNB Markets |  
         
        18 april 2024 
         
         Rapportkalender
                                                                                Konsensus                         DNB
              Dato     Selskap                              Marked            EBITDAe       EPSe       EBITDAe       EPSe     Utbytte
            18-Apr     Hansa Biopharma AB                   Stockholm              na       -3.46            na         na    None
                       AQ Group AB                          Stockholm              na        8.80            na         na    Annual
                       Nokia Oyj                            Helsinki              739        0.08           768       0.08    Quarter
                       ABG Sundal Collier Holding ASA       Oslo                   na          na            na         na    na
                       Elkem ASA                            Oslo                  629       -0.15           734       -0.06   Annual
                       FastPartner AB                       Stockholm              na          na            na         na    Quarter
                       ABB Ltd                              Stockholm           1,454        0.54         1,387       0.52    Annual
                       Kinnevik AB                          Stockholm            -403          na            na         na    Irreg
                       Arjo AB                              Stockholm             515        0.48           513       0.50    Annual
                       BE Group AB                          Stockholm             286        9.20            na         na    Semi-Anl
                       Investor AB                          Stockholm           3,387          na            na         na    Semi-Anl
                       Investor AB                          Stockholm           3,387          na            na         na    Semi-Anl
                       FastPartner AB                       Stockholm             388        0.73            na         na    Semi-Anl
                       Mycronic AB                          Stockholm             618        4.31            na         na    Annual
                       Olvi Oyj                             Helsinki               18        0.40            na         na    Semi-Anl
                       Nordea Bank Abp                      Helsinki               na        0.33            na       0.36    Annual
                       Nordea Bank Abp                      Stockholm              na        0.33            na       0.36    Annual
                       Profilgruppen AB                     Stockholm              na          na            na         na    Annual
                       Kinnevik AB                          Stockholm            -403          na            na         na    Irreg
                       Nokia Oyj                            Stockholm             739        0.08           768       0.08    Quarter
                       Note AB                              Stockholm             123          na            na         na    Irreg
            19-Apr     Gofore Oyj                           Helsinki                7        0.23            na         na    Annual
                       Norske Skog ASA                      Oslo                   58       -1.01            93         na    Irreg
                       Elisa Oyj                            Helsinki              186        0.57           187       0.58    Semi-Anl
                       Avanza Bank Holding AB               Stockholm             602        3.39            na       3.65    Annual
                       Dometic Group AB                     Stockholm             990        1.10           939       0.90    Annual
                       Elanders AB                          Stockholm             495        0.66            na         na    Annual
                       Ovzon AB                             Stockholm              -24      -0.45            na         na    None
                       Alma Media Oyj                       Helsinki               20        0.14            na         na    Annual
            22-Apr     HAKI Safety AB                       Stockholm             171        2.20            na         na    Semi-Anl
                       HAKI Safety AB                       Stockholm              na          na            na         na    Semi-Anl
                       Getinge AB                           Stockholm           1,245        1.53         1,160       1.26    Annual
                       Nyfosa AB                            Stockholm             525        1.09           527       0.97    Quarter
                       Linc AB                              Stockholm              na          na            na         na    None
                       Sandvik AB                           Stockholm           5,633        2.86         4,753       2.96    Annual
            23-Apr     Probi AB                             Stockholm              36        1.61            na         na    Annual
                       Inwido AB                            Stockholm             161        0.28            na         na    Annual
                       Atria Oyj                            Helsinki               19       -0.01            na         na    Annual
                       Corem Property Group AB              Stockholm              na          na            na         na    Quarter
                       Corem Property Group AB              Stockholm             645        0.11           650       0.09    Quarter
                       Finnair Oyj                          Helsinki               71       -0.09            na         na    Irreg
                       Enento Group Oyj                     Helsinki               12        0.13            na         na    Irreg
                       Entra ASA                            Oslo                  764        1.70           763       1.72    Semi-Anl
                       Hemnet Group AB                      Stockholm             127        0.78            na         na    Annual
                       eQ Oyj                               Helsinki                9        0.18            na         na    Semi-Anl
                       AFRY AB                              Stockholm             791        3.32           829       3.48    Annual
                       Beijer Ref AB                        Stockholm             911        0.82           957       0.92    Semi-Anl
                       Boliden AB                           Stockholm           3,133        3.89         3,218       3.68    Annual
                       DNB Bank ASA                         Oslo                   na        6.15            na       6.16    Annual
                       Epiroc AB                            Stockholm           3,639        1.83         3,481       1.79    Semi-Anl
                       Alleima AB                           Stockholm             440        1.34            na         na    Irreg
                       Epiroc AB                            Stockholm           3,639        1.83         3,481       1.79    Semi-Anl
                       Byggmax Group AB                     Stockholm              23       -2.06            na         na    Annual
                       Corem Property Group AB              Stockholm              na          na           670       0.03    Quarter
                       Heba Fastighets AB                   Stockholm              80        0.40            na         na    Annual
                       JM AB                                Stockholm             133        2.42           128       1.49    Annual     
         
         
         
         
                                                                                                                                                         8 
          DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2023 
           
          18 april 2024 
           
          UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2023 
                                                                                                                  Forventet
           Selskap                                      Utbytte                Valuta     Utbyttefrekvens     Eks. dato Utbetaling
           Protector Forsikring ASA                       5.00                  NOK       Irreg                  7-Feb     14-Feb
           Gram Car Carriers                             10.33                  NOK       Quarter               12-Feb     14-Feb
           Aker BP ASA                                    0.60                  USD       Quarter               13-Feb     21-Feb
           Arendals Fossekompani A/S                      1.00                  NOK       Semi-Anl              13-Feb     21-Feb
           Odfjell SE                                     0.63                  USD       Semi-annual           13-Feb     21-Feb
           DNO ASA                                        0.25                  NOK       Quarter               15-Feb     26-Feb
           Rana Gruber                                    4.27                  NOK       Quarter               19-Feb     29-Feb
           Vår Energi                                     1.14                  NOK       Quarter               19-Feb     27-Feb
           Avance Gas Holding Ltd                         0.65                  USD       Quarter               20-Feb     29-Feb
           Klaveness Combination Carriers                 0.35                  USD       Quarter               21-Feb       7-Mar
           Belships ASA                                   0.60                  NOK       Irreg                 22-Feb       1-Mar
           Flex LNG                                       0.75                  USD       Quarter               22-Feb       5-Mar
           Stainless Tankers                              0.23                  USD       None                  22-Feb       1-Mar
           Odfjell Technology                             0.63                  NOK       Quarter               23-Feb       6-Mar
           Mowi ASA                                       1.90                  NOK       Quarter               23-Feb       4-Mar
           Standard Supply                                2.75                  NOK       Irreg                 23-Feb       4-Mar
           Odfjell Drilling Ltd                           0.06                  USD       Irreg                  1-Mar      14-Mar
           Borr Drilling Ltd                              0.05                  USD       Quarter                1-Mar      18-Mar
           BW LPG                                         9.48                  NOK       Quarter                5-Mar      22-Mar
           AMSC ASA                                       0.05                  USD       Quarter                6-Mar      15-Mar
           Cool Company Ltd                               0.41                  USD       Quarter                8-Mar      18-Mar
           Okeanis Eco Tankers                            0.66                  USD       Quarter                8-Mar      22-Mar
           Panoro Energy ASA                              0.43                  NOK       Quarter                8-Mar      21-Mar
           Treasure ASA                                   0.75                  NOK       Annual                 8-Mar     10-May
           Golden Ocean Group Ltd                         0.30                  USD       Quarter               12-Mar      25-Mar
           TietoEVRY Oyj                                  0.75                  EUR       Semi-Anl              14-Mar       3-Apr
           Frontline                                      0.37                  USD       Quarter               14-Mar      27-Mar
           Holand og Setskog Sparebank                    7.00                  NOK       Annual                15-Mar      27-Mar
           SpareBank 1 Nord Norge                         7.00                  NOK       Semi-Anl              15-Mar       4-Apr
           Awilco LNG                                     1.00                  NOK       Quarter               18-Mar       3-Apr
           MPC Container Ships AS                         0.13                  USD       Quarter               19-Mar      26-Mar
           Gjensidige Forsikring ASA                      8.75                  NOK       Annual                21-Mar       5-Apr
           Aurskog Sparebank                             15.00                  NOK       Annual                21-Mar       3-Apr
           Drangedal Sparebank                            7.00                  NOK       Annual                21-Mar       5-Apr
           Scana ASA                                      0.05                  NOK       Annual                21-Mar       3-Apr
           Romsdal  Sparebank                             7.63                  NOK       Annual                21-Mar       4-Apr
           Sparebank1 Helgeland                          10.77                  NOK       Annual                21-Mar       5-Apr
           SpareBank 1 Ringerike Hadeland                20.00                  NOK       Annual                21-Mar       2-Apr
           Skue Sparebank                                17.00                  NOK       Annual                21-Mar       2-Apr
           Romerike Sparebank                             9.50                  NOK       Annual                21-Mar       3-Apr
           Sparebanken Sør                               10.00                  NOK       Annual                22-Mar       4-Apr
           Sparebanken Vest                               7.50                  NOK       Annual                22-Mar       4-Apr
           Sparebank 1 Østfold Akershus                  21.50                  NOK       Annual                22-Mar       2-Apr
           Melhus Sparebank                              12.50                  NOK       Annual                22-Mar       3-Apr
           Nidaros Sparebank                              5.67                  NOK       Annual                22-Mar       5-Apr
           SpareBank 1 SMN                               12.00                  NOK       Annual                22-Mar       3-Apr
           Bien Sparebank                                 4.92                  NOK       Annual                22-Mar       4-Apr
           Ecit                                           0.06                  NOK       Annual                22-Mar       8-Apr
           Sparebank 68 Nord                             12.00                  NOK       Annual                22-Mar       9-Apr
           Sparebank 1 Østlandet                          7.80                  NOK       Annual                22-Mar       3-Apr
           Sparebanken Øst                                5.40                  NOK       Annual                22-Mar       5-Apr
           Sunndal  Sparebank                             7.50                  NOK       Annual                22-Mar       9-Apr
           Aasen Sparebank                                9.00                  NOK       Annual                22-Mar       4-Apr
           Pioneer Property                               2.50                  NOK       Quarter               27-Mar      12-Apr
           Sparebanken Møre                               7.50                  NOK       Annual                  4-Apr     12-Apr
           Grong Sparebank                               10.00                  NOK       Annual                  4-Apr     12-Apr
           SpareBank 1 Nordmøre                           7.00                  NOK       Annual                  4-Apr     11-Apr
           Pareto Bank ASA                                3.90                  NOK       Annual                  5-Apr     15-Apr
           Jæren Sparebank                               16.00                  NOK       Annual                  5-Apr     18-Apr
           Storebrand ASA                                 4.10                  NOK       Annual                  5-Apr     16-Apr
           River Tech                                     2.50                  NOK       Irreg                 11-Apr      23-Apr
           North Energy                                   0.10                  NOK       Annual                11-Apr      17-Apr
           Sandnes Sparebank                              7.50                  NOK       Annual                11-Apr      19-Apr
           Multiconsult ASA                               8.00                  NOK       Annual                12-Apr      22-Apr
           Borregaard ASA                                 3.75                  NOK       Annual                12-Apr      22-Apr
           Pexip  Holding ASA                             1.10                  NOK       Annual                15-Apr      23-Apr
           2020 Bulkers                                   1.79                  USD       Monthly               16-Apr      24-Apr
           Eqva                                           0.20                  NOK       Irreg                 16-Apr      23-Apr
           Noram Drilling                                 0.04                  USD       Monthly               16-Apr      22-Apr
           Sogn Sparebank                                15.00                  NOK       Annual                18-Apr      30-Apr
           Himalaya Shipping                              0.03                  USD       Monthly               18-Apr       3-May
           Aker ASA                                      15.50                  NOK       Annual                18-Apr      29-Apr
           Lea Bank                                       0.55                  NOK       Annual                18-Apr      29-Apr
           Orkla ASA                                      6.00                  NOK       Annual                19-Apr       3-May
           SpareBank 1 SR-Bank ASA                        7.50                  NOK       Annual                19-Apr      18-Apr  
          Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets                  
                                                                                                                                                                                                    9 
          DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2023 
           
          18 april 2024 
           
          UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2023 
           
                                                                                                                  Forventet
           Selskap                                      Utbytte               Valuta      Utbyttefrekvens    Eks. dato Utbetaling
           Sparebank1 Sørøst-Norge                       3.88                  NOK        Annual                19-Apr     26-Apr
           ABG Sundal Collier Holding ASA                0.50                  NOK        Annual                19-Apr     29-Apr
           Stolt-Nielsen Ltd                             1.50                  USD        Semi-Anl              24-Apr      8-May
           Medistim ASA                                  4.50                  NOK        Annual                25-Apr      6-May
           Elmera Group                                  2.30                  NOK        Annual                25-Apr      6-May
           Selvaag Bolig ASA                             1.00                  NOK        Semi-Anl              26-Apr      8-May
           TOMRA Systems ASA                             1.95                  NOK        Annual                26-Apr     10-May
           Kitron ASA                                    0.75                  NOK        Semi-Anl              26-Apr     16-May
           Schibsted ASA                                 2.00                  NOK        Annual                29-Apr      8-May
           Omda                                          0.48                  NOK        Annual                29-Apr     10-May
           DNB ASA                                       16.00                 NOK        Annual                30-Apr      8-May
           Europris ASA                                  3.25                  NOK        Annual                 2-May     13-May
           Bakkafrost P/F                                8.70                  DKK        Annual                 2-May     21-May
           Cambi  ASA                                    1.00                  NOK        Annual                 3-May     16-May
           Wilh Wilhelmsen Holding ASA                   10.00                 NOK        Semi-Anl               3-May     31-May
           Subsea 7 SA                                   3.00                  NOK        Semi-Anl               6-May     14-May
           Norbit ASA                                    2.55                  NOK        Annual                 7-May     16-May
           Polaris Media ASA                             1.00                  NOK        Annual                 8-May     16-May
           Telenor ASA                                   5.00                  NOK        Semi-Anl               8-May     22-May
           Norsk Hydro ASA                               2.50                  NOK        Annual                 8-May     21-May
           Kongsberg Gruppen ASA                         7.00                  NOK        Semi-Anl               8-May     29-May
           Veidekke ASA                                  7.90                  NOK        Annual                 8-May     22-May
           Equinor ASA                                   0.35                  USD        Quarter              15-May      28-May
           Elopak                                        1.46                  NOK        Annual               15-May      28-May
           Deep Value Driller                            3.00                  NOK        Irreg                15-May      31-May
           Olav Thon Eiendomsselskap ASA                 7.00                  NOK        Annual               16-May      29-May
           AF Gruppen ASA                                3.50                  NOK        Semi-Anl             16-May      27-May
           Webstep AS                                    1.00                  NOK        Annual               21-May      30-May
           Kid ASA                                       3.50                  NOK        Semi-Anl             21-May      31-May
           Atea ASA                                      3.50                  NOK        Semi-Anl             22-May      28-May
           Wallenius Wilhelmsen ASA                      0.68                  USD        Semi-Anl             22-May      29-May
           Bouvet ASA                                    2.60                  NOK        Quarter              23-May       7-Jun
           Bonheur ASA                                   6.00                  NOK        Annual               24-May       4-Jun
           B2Impact ASA                                  0.70                  NOK        Annual               24-May       3-Jun
           Yara International ASA                        5.00                  NOK        Irreg                29-May       6-Jun
           Reach Subsea ASA                              0.36                  NOK        Annual                 3-Jun     11-Jun
           Vistin Pharma ASA                             0.50                  NOK        Semi-Anl               5-Jun     18-Jun
           Salmar ASA                                    35.00                 NOK        Annual                 7-Jun     20-Jun
           Grieg Seafood ASA                             1.75                  NOK        Annual                20-Jun     27-Jun
           Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets                                                             
           
           
           
           
           
           
           
           
           
           
                                                                                                                                                                                              10 
                 DNB Markets |  
                  
                 18 april 2024 
                  
                  
                 DNB ANBEFALINGER OG ESTIMATER 
                  DNB KJØPSANBEFALINGER OG OPPSIDE TIL KURSMÅL                                                                                                                            ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSMÅL
                                                                                                                                                                                                                                                                                                  
                               Circio Holding                                                                                                                                     -69.2 %                                                                           BerGenBio
                              Vicore Pharma                                                                                                                                                      -54.3 %                                                            Ultimovacs
                       Nykode Therapeutics                                                                        141.6 %                                                                             -49.0 %                                                       Tomra
                                         Vow                                                                   134.4 %                                                                                              -35.6 %                                         Elmera Group
                                   Carasent                                                                  131.5 %                                                                                                     -31.1 %                                    Selvaag Bolig
                                       Sinch                                                        111.0 %                                                                                                               -29.9 %                                   Norsk Hydro
                                       Kambi                                                     104.9 %
                        Netel Group Holding                                                     103.6 %                                                                                                                        -24.7 %                              Nel
                                Shelf Drilling                                                 101.5 %                                                                                                                         -24.6 %                              AF Gruppen
                              Stillfront Group                                                97.9 %                                                                                                                            -23.9 %                             Husqvarna
                             Hexagon Purus                                                 92.3 %                                                                                                                                  -21.1 %                          Autostore
                                         OX2                                          80.0 %                                                                                                                                        -19.9 %                         YIT
                     Shelf Drilling North Sea                                        79.3 %                                                                                                                                          -19.1 %                        Jm Ab
                                    BioArctic                                        77.7 %                                                                                                                                                 -12.1 %                 Sagax
                               ChemoMetec                                           76.4 %                                                                                                                                                   -11.5 %                Wallenstam
                                         VEF                                     68.7 %                                                                                                                                                       -10.6 %               Electrolux
                                    Alvotech                                  64.1 %                                                                                                                                                          -10.4 %               Holmen
                                       SSAB                                   62.3 %                                                                                                                                                          -10.1 %               Lundbergs
                 Wallenius Wilhelmsen ASA                                     62.0 %                                                                                                                                                             -8.6 %             Telenor
                                  PhotoCure                                  61.7 %                                                                                                                                                                -6.6 %           Citycon
                                 Storskogen                                  60.6 %
                                                                                                                                                                                                                                                      -3.5 %        Peab
                            Surgical Science                                59.5 %
                            Embracer Group                                 55.9 %                                                                                                                                                                      -2.2 %       Hufvudstaden
                      Höegh Autoliners ASA                                 55.7 %                                                                                                                                                                        -0.7 %     A. P. Møller Mærsk
                                  Edda Wind                               54.2 %                                                                                                                                                                                   0.0 %
                  Wilh. Wilhelmsen Holding                               52.1 %                                                                                                                                                                                    0.0 %
                                Norske Skog                              51.3 %                                                                                                                                                                                    0.0 %
                                      Loomis                             51.1 %                                                                                                                                                                                    0.0 %
                        Gentian Diagnostics                             50.0 %                                                                                                                                                                                     0.0 %
                                      Yubico                            49.3 %                                                                                                                                                                                     0.0 %
                                              0%      20%      40%      60%      80% 100% 120% 140% 160% 180% 200%                                     -100%      -90%      -80%       -70%      -60%      -50%      -40%       -30%      -20%      -10%        0%                         
                 ESTIMERT UTBYTTE – DIREKTEAVKASTNING 2023E                     SELSKAP     ANBEFALING 
                                            35%                                                                                                                                                             Höegh Autoliners ASA                           BUY
                                            30%                                                                                                                                                             Avance Gas                                     BUY
                                                                                                                                                                                                            MPC Container Ships                         HOLD
                                            25%                                                                                                                                                             BlueNord                                       BUY
                                            20%                                                                                                                                                             Wallenius Wilhelmsen ASA                       BUY
                                            15%                                                                                                                                                             BW LPG                                         BUY
                                                                                                                                                                                                            Panoro Energy                                  BUY
                                            10%                                                                                                                                                             Cool Company                                   BUY
                                              5%                                                                                                                                                            Hafnia                                         BUY
                                                                                                                                                                                                            Dorian LPG                                  HOLD
                                              0%                                                                                                                                                            Western Bulk Chartering                        BUY
                                                                                                                                                                                                            Vår Energi                                     BUY
                                                                                                                                                                                                            Klaveness Combination CarrieBUrsY
                                                                                                                                                                                                            DHT Holdings                                   BUY
                                                                                                                                                                                                            Flex LNG                                       BUY
                                                                                                                                                                                                                                                                                      
                 Kilde: DNB Markets, FactSet, Bloomberg 
                  
                  
                  
                  
                  
                  
                  
                  
                  
                                                                                                                                                                                                                                                                                                                                 11 
         DNB Markets | UKESPortefølje anbefalte aksjer  
          
         18 april 2024 
          
         UKESPORTEFØLJE ANBEFALTE AKSJER  
          Selskap                          Dato inn     Kurs inn    Utbytte       Kurs      %Uke     Avkast. %      % YTD        Anbefaling   Kursmål
          Aker BP                            2. jan.      299.5         6.3         287      -4.3      -2.2                         Kjøp        325
          Europris                         25. mar.         75.1                     79      -3.4       4.7                         Kjøp        85
          BW LPG                            12. feb.      131.8         9.5         145       4.2      16.8                         Kjøp        196
          Vår Energi                       25. mar.         35.6                     37      -4.0       5.3                         Kjøp        40
          DOF Group                         12. feb.        60.4                     75      -0.7      24.5                         Kjøp        85
          Mowi                               2. jan.      184.3         1.9         187      -2.1       2.3                         Kjøp        235
          Storebrand                         2. jan.        90.6        4.1          95       0.4       9.4                         Kjøp        120
          Sparebank1 SR-Bank                 2. jan.      128.5                     135      -0.4       5.2                         Kjøp        158
          Equinor                          18. mar.       280.4                     302      -1.8       7.6                         Hold        280
          Höegh Autoliners                   8. apr.        99.8                     97       1.0      -2.8                         Kjøp        151
          Yara                             18. mar.       335.7                     328      -1.4      -2.3                         Kjøp        425
          Endring portefølje                                                                 -1.1                    7.1
          Endring OSEBX Indeks               2. jan.     1315.4                1347.78       -1.1                    2.5
          *Endringer i ukesporteføljen gjøres hver mandag og offenliggjøres før børsen åpner. Ved bytte av aksjer benyttes gjennomsnittlige kurser for de
          første timene av ukens handel. Vår ukentlige rapport "Anbefalte Aksjer", med gjennomgang av porteføljen, sendes ut mandag etter at kursene 
          er fastsatt. Avkastningen i tabellen over er basert på sluttkurser fra dagen før og er således en midlertidig beregning.                      
          
         FORETRUKNE AKSJER, ENKELTSEKTORER - 2024 
          Sektor                Selskap                           Dato inn   Kurs anb.     Utbytte       Kurs                Avkastn. %                Anbefaling   Kursmål
          Sjømat                Austevoll Seafood                   5. jan.       75.7                    81.4                7.5                         Kjøp        108
                                Mowi                                5. jan.      185.6                  186.6                 0.5                         Kjøp        235
                                Arctic Fish                         5. jan.       61.5                    55.0               -10.6                        Kjøp         80
                                Salmon Evolution                    5. jan.         7.2                    7.0                -3.5                        Kjøp         9.9
          IT / Teknologi        Ericsson                            5. jan.       62.9                    54.9               -12.7                        Kjøp         70
                                Fortnox                             5. jan.       55.0                    63.6                15.6                        Kjøp         85
                                Atea                                5. jan.      128.0                  131.4                 2.7                         Kjøp        180
                                Truecaller                          5. jan.       33.6                    32.3                -3.9                        Kjøp         40
                                Byggfakta                           5. jan.       35.3                    51.7                46.5                        Hold         52
          Energi / Shipping     Panoro                              5. jan.       26.9                    28.5                5.8                         Kjøp         41
                                Shelf Drilling                      5. jan.       30.8                    19.9               -35.6                        Kjøp         40
                                Vår Energi                          5. jan.       33.3                    37.5                12.5                        Kjøp         40
                                Archer                              5. jan.         0.8                    1.1                29.9                        Kjøp         1.6
                                Odfjell                             5. jan.      119.5                  167.0                 39.7                        Kjøp        185
                                Wilh.  Wilhelmsen                   5. jan.      360.0                  365.0                 1.4                         Kjøp        555
          Finans                Sparebank1 SR-Bank                  5. jan.      127.3                  135.2                 6.2                         Kjøp        158
                                Storebrand                          5. jan.       91.0                    95.0                4.4                         Kjøp        120
                                Swedbank                            5. jan.      207.3                  211.4                 2.0                         Kjøp        276
          Forbruker             Essity                              5. jan.      254.7                  251.5                 -1.3                        Kjøp        325
EMBRACB SS Equity               Embracer                            5. jan.       26.3                    24.4                -7.2                        Kjøp         38
                                Scandic Hotels                      5. jan.       45.0                    57.5                27.9                        Kjøp         71
          Entrepenør / RådgivningNRC Group                          5. jan.       11.4                    12.2                7.0                         Kjøp         15
                                Norconsult                          5. jan.       23.3                    26.0                11.6                        Kjøp        31.5
          Helse                 Ultimovacs                          5. jan.      129.0                     8.8               -93.2                        Selg         4
                                Ossur                               5. jan.       27.9                    30.4                9.2                         Kjøp         39
                                Nykode Therapeutics                 5. jan.       19.6                    12.8               -34.5                        Kjøp         31
          Industri              ISS                                 5. jan.      125.7                  125.7                 0.0                         Kjøp        171
                                Loomis                              5. jan.      270.8                  281.2                 3.8                         Kjøp        425
                                Kemira                              5. jan.       16.6                    17.4                5.1                         Kjøp         21
                                Epiroc                              5. jan.      194.1                  212.8                 9.7                         Kjøp        235
                                Securitas                           5. jan.       96.4                  109.3                 13.4                        Kjøp        158
          Råvarer               Yara                                5. jan.      364.3                  328.0                -10.0                        Kjøp        425
                                Norske Skog                         5. jan.       40.2                    35.7               -11.2                        Kjøp         54
                                UPM                                 5. jan.       34.1                    31.0                -8.9                        Kjøp         44
                                Kilde: DNB Markets, Infront, Bloomberg                                                                                                         
          
          
          
          
          
          
                                                                                                                                                                       12 
         DNB Markets | aksjekurser og relevante markedspriser (I NOK), siste 2 år 
          
         18 april 2024 
          
         AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2 ÅR 
                           100                                                    40,000                 700                                                    10,000
                            90                                                    35,000                                                                        9,000
                            80                                                                           600
                                                                                  30,000                                                                        8,000
                            70                                                                           500                                                    7,000
                            60                                                    25,000                                                                        6,000
                                                                                                         400
                        K   50                                                    20,000             K                                                          5,000
                        ON  40                                                                       O   300                                                    4,000
                                                                                  15,000             N
                            30                                                    10,000                 200                                                    3,000
                            20                                                                                                                                  2,000
                            10                                                    5,000                  100                                                    1,000
                             0                                                    0                        0                                                    0
                               apr jun aug okt des feb apr jun aug okt des feb apr                          apr jun aug okt des feb apr jun aug okt des feb apr
                                             NHY         ALUM LME (NOK)                                                      YAR         CAN (NOK)
                          450                                                     1,200                  450                                                     1,200
                          400                                                                            400
                                                                                  1,000                                                                          1,000
                          350                                                                            350
                          300                                                     800                    300                                                     800
                          250                                                                            250
                                                                                  600                 K                                                          600
                      OK  200                                                                         O  200
                      N                                                                               N
                          150                                                     400                    150                                                     400
                          100                                                                            100
                                                                                  200                                                                            200
                           50                                                                             50
                            0                                                     0                        0                                                     0
                             apr jun aug okt des feb apr jun aug okt des feb apr                            apr jun aug okt des feb apr jun aug okt des feb apr
                                           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
                       KO   80                                                                        OK 200
                       N                                                          20,000              N                                                          2,000
                            60                                                    15,000                 150
                            40                                                    10,000                 100                                                     1,000
                            20                                                    5,000                   50
                             0                                                    0                        0                                                     0
                              apr jun aug okt des feb apr jun aug okt des feb apr                            apr jun aug okt des feb apr jun aug okt des feb apr
                                          GOGL          Baltic Dry Index (NOK)                                             EQNR          Naturgass (NOK)
                          400                                                     120.0                  100                                                     2,400
                          350                                                                             90                                                     2,200
                                                                                  100.0                                                                          2,000
                          300                                                                             80
                          250                                                     80.0                                                                           1,800
                                                                                                          70                                                     1,600
                       K  200                                                     60.0                K                                                          1,400
                       O                                                                              NO  60
                       N  150                                                                                                                                    1,200
                                                                                  40.0                    50
                          100                                                                                                                                    1,000
                           50                                                     20.0                    40                                                     800
                            0                                                     0.0                     30                                                     600
                              apr jun aug okt des feb apr jun aug okt des feb                               apr jun aug okt des feb apr jun aug okt des feb
                                              MOWI          Laksepriser                                                    RANA          Iron ore (NOK)
                                                                                                                                                                                  
          
          
                                                                                                                                                                              13 
           DNB Markets | DNB anbefalingER og estimater  
            
           18 april 2024 
            
           DNB ANBEFALINGER OG ESTIMATER  
            Selskap                      Ticker             Anbefaling      Valuta            Kurs    Kursmål            Estimert EPS                   Estimert P/E           Estimert EV/EBITDA
                                                                                                                        2024         2025         2024           2025         2024          2025
            2020 Bulkers                 2020 NO               HOLD          NOK               152       150.0          1.37         1.25        10.0x          11.1x         8.9x          9.4x
            A. P. Møller Mærsk           MAERSKB DC            SELL          DKK             9,570       9,500      -136.79      -242.17        -10.0x          -5.6x         4.3x          8.2x
            ABB                          ABB SS                HOLD          SEK             501.8       520.0          2.01         2.34        20.5x          18.4x        13.4x         11.9x
            AcadeMedia AB                ACAD SS                BUY          SEK              48.1        63.0          6.24         7.74         6.6x           5.5x        10.0x          8.6x
            Addnode                      ANODB SS             NO REC         SEK             115.7                      3.41         4.14        33.9x          27.9x        15.7x         14.0x
            Adevinta                     ADE NO                HOLD          NOK             113.6       115.0          0.21         0.29        49.0x          35.9x        17.7x         14.6x
            AF Gruppen                   AFG NO                SELL          NOK             132.6       100.0          7.33         7.90        18.1x          16.8x         8.0x          7.0x
            AFRY                         AFRY SS                BUY          SEK             165.5       205.0        12.67        15.28         13.1x          10.8x         7.0x          5.9x
            Agilyx                       AGLX NO                BUY          NOK              29.0        40.0         -0.12        -0.04       -22.4x         -72.8x                            
            Airthings                    AIRXME NO              BUY          NOK                3.0         4.0        -0.01         0.01       -31.1x          34.3x      -245.6x          9.4x
            Aker ASA                     AKER NO                BUY          NOK             627.0       870.0                                                                                   
            Aker Biomarine               AKBM NO                BUY          NOK              67.2        75.0         -0.17         0.01       -36.2x        591.1x         11.2x          9.5x
            Aker BP                      AKRBP NO               BUY          NOK             286.5       325.0          2.92         2.95         8.9x           8.8x         1.7x          1.6x
            Aker Horizons                AKH NO               NO REC         NOK                3.3                                                                                              
            Aker Solutions               AKSO NO               HOLD          NOK              38.7        40.0          5.41         5.02         7.2x           7.7x         4.1x          3.6x
            AKVA group                   AKVA NO               HOLD          NOK              69.2        60.0          1.27         2.94        54.7x          23.6x        10.8x          8.5x
            Alfa Laval                   ALFA SS                BUY          SEK             422.9       495.0        19.10        22.31         22.1x          19.0x        12.9x         11.4x
            Alimak                       ALIG SS               HOLD          SEK              94.2       100.0          4.59         6.52        18.9x          14.9x         9.5x          8.1x
            ALK-Abello                   ALKB DC                BUY          DKK             126.2       140.0          3.90         5.01        32.4x          23.0x        22.0x         15.3x
            Alligator Bioscience         ATORX SS               BUY          SEK                1.0         1.5        -0.33        -0.32         -3.2x         -3.3x         -3.4x        -3.5x
            Alligo                       ALLIGOB SS             BUY          SEK             135.0       180.0        10.76        12.52         11.4x           9.9x         6.4x          5.5x
            Alvotech                     ALVO US                BUY          USD              12.8        21.0         -0.21         0.53       -75.8x          24.3x       127.6x         18.9x
            Ambea                        AMBEA SS               BUY          SEK              64.6        76.0          5.71         6.98         9.5x           8.0x         6.5x          6.0x
            Ambu                         AMBUB DC               BUY          DKK             110.6       130.0          1.55         2.53        71.3x          43.8x        29.8x         20.8x
            AMSC ASA                     AMSC NO               HOLD          NOK              30.2        23.3          0.05         0.07        59.4x          39.8x         7.7x          7.6x
            Archer                       ARCH NO                BUY          NOK                1.1         1.6         0.01         0.02         7.8x           4.5x         3.8x          3.1x
            Arctic Bioscience            ABS NO                HOLD          NOK              10.4        10.0         -1.20        -1.99                                     -5.8x        -4.1x
            Arctic Fish                  AFISH NO               BUY          NOK              55.0        80.0          0.16         0.40        29.4x          11.7x        10.9x          7.8x
            Arise AB                     ARISE SS             NO REC         SEK              38.0                      2.53         7.93        15.0x                        8.1x          2.6x
            Arjo                         ARJOB SS               BUY          SEK              52.5        60.0          2.64         3.32        19.1x          15.4x         8.1x          7.0x
            Aros Bostad                  AROS SS               HOLD          SEK              27.3        28.0         -0.83         1.23       -33.1x          22.1x        58.4x         23.3x
            Assa Abloy                   ASSAB SS               BUY          SEK             307.3       345.0        14.31        15.73         21.5x          19.5x        12.7x         11.5x
            Atea                         ATEA NO                BUY          NOK             131.4       180.0          9.62       11.33         13.7x          11.6x         6.0x          5.0x
            Atlantic Sapphire            ASA NO               NO REC         NOK                0.9                    -0.05         0.00         -1.8x       101.4x          -4.2x         9.8x
            Atlas Copco                  ATCOA SS              HOLD          SEK             183.3       185.0          6.16         6.33        29.6x          28.8x        18.6x         18.0x
            Atrium Ljungberg             ATRLJB SS             HOLD          SEK             183.2       200.0          9.76         8.36        16.6x          17.5x        23.9x         23.4x
            Aurora Eiendom               AURA NO                BUY          NOK              86.0       110.0          6.98         7.87        10.9x           9.6x        14.0x         13.3x
            Austevoll Seafood            AUSS NO                BUY          NOK              81.4       108.0          9.64       11.69          8.4x           7.0x         6.9x          5.9x
            Autoliv                      ALIV SS                BUY          SEK           1271.6      1435.0         10.23        12.67         11.3x           9.1x         6.8x          5.9x
            Autostore                    AUTO NO               SELL          NOK              17.7        14.0          0.05         0.06        28.6x          23.5x        19.7x         16.2x
            Avance Gas                   AGAS NO                BUY          NOK             146.2       168.0          3.71         1.16         6.2x          11.4x         5.3x          8.5x
            Avanza Bank                  AZA SS                HOLD          SEK             226.8       257.0        14.68        13.73         15.5x          16.5x                            
            Axactor                      ACR NO                 BUY          NOK                5.0         6.8         0.09         0.10         4.8x           4.2x                            
            Axfood                       AXFO SS                BUY          SEK             293.5       330.0        13.16        14.00         22.4x          21.1x         9.6x          8.5x
            B2Impact                     B2I NO                 BUY          NOK                8.4       10.5          1.10         1.11         7.7x           7.6x                            
            Bakkafrost                   BAKKA NO              HOLD          NOK             661.0       590.0        21.61        24.57         19.5x          17.1x        10.2x          9.2x
            Balder                       BALDB SS              HOLD          SEK              65.5        67.0          4.35         4.63        13.2x          12.0x        25.3x         24.0x
            Beijer Ref                   BEIJB SS              HOLD          SEK             141.1       152.0          4.59         5.18        30.7x          27.2x        17.6x         15.7x
            Benchmark Holdings Plc BMK NO                       BUY          NOK                6.8         7.0        -1.52         1.10       111.4x          21.0x        12.1x          8.2x
            BerGenBio                    BGBIO NO              SELL          NOK                0.2         0.1        -0.07        -0.08         -2.4x         -2.0x         -1.9x        -1.9x
            Bergman & Beving             BERGB SS               BUY          SEK             211.5       200.0          7.68         9.41        20.8x          17.8x        11.2x          9.9x
            Betsson                      BETSB SS               BUY          SEK             110.3       155.0          1.28         1.45         7.4x           6.5x         4.1x          3.4x
            Better Collective            BETCO SS             NO REC         SEK             280.5                      0.90         1.34        26.8x          17.9x        11.8x          9.0x
            Bilia AB                     BILIA SS               BUY          SEK             123.5       145.0        11.55        14.04         10.7x           8.8x         5.7x          4.7x
            Billerud                     BILL SS                BUY          SEK              98.5       128.0          7.14       10.89         13.8x           9.0x         5.5x          4.3x
            BioArctic                    BIOAB SS               BUY          SEK             197.0       350.0          0.35         8.55       559.2x          23.0x       544.2x         16.9x
            BlueNord                     BNOR NO                BUY          NOK             589.0       630.0          6.12         9.45         8.7x           5.7x                            
            Boliden                      BOL SS                 BUY          SEK             348.0       380.0        24.75        30.71         14.1x          11.3x         6.9x          5.8x
            Bonava                       BONAVB SS             HOLD          SEK              10.4          8.5        -0.04        -0.68      -283.1x         -15.4x        29.6x       -182.6x
            Bonesupport                  BONEX SS             NO REC         SEK             238.2                      2.46         4.76        96.7x          50.0x        88.6x         39.0x
            Bonheur                      BONHR NO               BUY          NOK             233.0       275.0          9.96       22.36         23.4x          10.4x         3.8x          2.6x
            Boozt                        BOOZT SS              HOLD          SEK             128.7       140.0          4.54         5.34        28.8x          24.4x        12.3x         10.7x
            Borr Drilling                BORR NO                BUY          NOK              64.5        95.0          0.53         0.73        11.0x           8.0x         6.4x          5.2x
            Borregaard                   BRG NO                 BUY          NOK             191.4       200.0          9.42       10.33         20.3x          18.5x        10.7x         10.0x
            Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                    
            
            
            
            
            
            
            
                                                                                                                                                                                                              14 
            DNB Markets | DNB anbefalingER og estimater 
             
            18 april 2024 
             
            DNB ANBEFALINGER OG ESTIMATER 
             Selskap                          Ticker                Anbefaling        Valuta             Kurs     Kursmål                  Estimert EPS                     Estimert P/E             Estimert EV/EBITDA
                                                                                                                                      2024           2025           2024            2025           2024            2025
             Bravida                          BRAV SS                   BUY            SEK                  70         97.0           6.12           7.00          11.4x           10.0x            6.3x           5.1x
             Bredband2                        BRE2 SS                NO REC            SEK                 1.9                        0.10           0.12          18.4x           15.7x                                 
             Bufab                            BUFAB SS                 HOLD            SEK              387.8         410.0          16.71         20.10           23.2x           19.3x          16.6x           14.3x
             BW Energy                        BWE NO                    BUY           NOK                 28.1         31.0           1.07           1.06           2.4x             2.4x           1.4x           1.5x
             BW LPG                           BWLPG NO                  BUY           NOK               144.5         196.0           2.20           1.20           6.4x           10.9x            3.7x           4.6x
             BW Offshore                      BWO NO                    BUY           NOK               27.85          40.0           2.85           0.43           0.9x             5.9x           2.6x           4.3x
             Byggfakta Group                  BFG SS                   HOLD            SEK                51.7         52.0           0.93           1.74          55.4x           29.6x          14.0x           11.7x
             Cadeler                          CADLR NO                  BUY           NOK                 50.4         72.0           0.04           0.45        118.7x              9.6x           9.0x           4.2x
             Calliditas TherapeuticsCALTX SS                         NO REC            SEK              100.9                        19.84         63.02            5.6x             1.8x           3.8x           0.5x
             Cambi                            CAMBI NO                  BUY           NOK                 14.3         20.0           1.00           1.04          14.3x           13.8x            6.8x           5.8x
             Camurus                          CAMX SS                   BUY            SEK              497.8         550.0           6.04         14.08           82.5x           35.4x          72.5x           29.4x
             Carasent                         CARA NO                   BUY           NOK                 10.8         25.0          -0.02           0.19        186.0x            39.9x          12.0x            7.3x
             Cargotec                         CGCBV FH                  BUY           EUR                 62.2         77.0           4.09           5.23          12.8x           11.4x            7.3x           6.5x
             Carlsberg                        CARLB DC                  BUY           DKK             894.80        1110.0           54.25         61.26           16.5x           14.6x            8.8x           7.8x
             Castellum                        CAST SS                   BUY            SEK            126.45          136.0           8.17           8.37          13.5x           13.1x          20.0x           18.8x
             Catella                          CATB SS                   BUY            SEK                30.4         35.0           2.32           3.62          26.0x             8.9x                                
             Catena                           CATE SS                   BUY            SEK              491.0         500.0          17.71         19.50           22.8x           20.7x          23.3x           21.4x
             ChemoMetec                       CHEMM DC                  BUY           DKK               297.6         525.0           8.80         10.77           33.8x           27.6x          22.0x           17.4x
             Circio Holding                   CRNA NO                   BUY           NOK                 2.85        120.0          11.95          -3.73                                           5.2x         -17.9x
             Citycon                          CTY1S FH                 SELL           EUR               3.748            3.5          0.31           0.30           9.2x             9.1x         18.9x           17.7x
             Cloudberry                       CLOUD NO                 HOLD           NOK                 8.85         10.0           0.79           1.04          11.3x             8.5x                                
             Coloplast                        COLOB DC                  BUY           DKK               900.4       1050.0           24.34         29.09           36.7x           31.0x          24.3x           20.7x
             Cool Company                     CLCO NO                   BUY           NOK                 117         155.0           2.21           1.67           5.2x             6.3x           6.7x           6.5x
             Coor Service ManagementCOOR SS                             BUY            SEK                47.2         57.5           3.98           4.63           9.7x             8.6x           6.8x           6.1x
             Corem                            COREB SS                 HOLD            SEK                 8.9           9.5          0.33           0.36          14.3x           13.3x          18.7x           18.0x
             Crayon                           CRAYN NO                 SELL           NOK                 73.1         75.0           5.01           7.06          12.5x             9.2x           6.5x           5.0x
             Danske Bank                      DANSKE DC                 BUY           DKK               202.1         237.0          26.46         29.70            7.5x             6.8x                                
             Demant                           DEMANT DC                 BUY           DKK                 314         400.0          14.25         17.27           22.0x           18.2x          12.9x           11.1x
             DHT Holdings                     DHT US                    BUY           USD                 11.3         12.7           1.32           1.99           8.5x             5.7x           5.6x           4.1x
             Diamond Offshore                 DO US                     BUY           USD               13.54          16.0           0.21           1.93          65.6x             7.0x           9.4x           4.6x
             DNB                              DNB NO                 NO REC           NOK               212.3                        24.79         24.44            8.6x             8.7x                                
             DNO                              DNO NO                    BUY           NOK               10.68          12.0           0.08           0.09          11.6x           11.2x            1.0x           0.7x
             DOF Group                        DOFG NO                   BUY           NOK                 75.2         85.0           1.17           1.63           5.8x             4.2x           4.6x           3.4x
             Dolphin Drilling                 DDRIL NO               NO REC           NOK                 6.29                                                                                                           
             Dometic                          DOM SS                    BUY            SEK              84.75         105.0           4.48           6.82          18.7x           12.4x            8.8x           6.9x
             Dorian LPG                       LPG US                   HOLD           USD               39.09          41.8           8.22           4.45           4.6x             8.6x           4.3x           6.6x
             DSV                              DSV DC                    BUY           DKK             1095.0        1465.0           57.73         67.76           19.0x           16.2x          11.7x           10.7x
             Eagle Bulk Shipping              EGLE US                  HOLD           USD                 62.6         58.0           1.06          -0.02          59.3x       -3951.5x           10.0x           12.2x
             Edda Wind                        EWIND NO                  BUY           NOK                 22.7         35.0           0.00           0.26      -6583.2x              7.3x         16.8x            8.5x
             Electrolux                       ELUXB SS                 SELL            SEK                89.5         80.0           0.25           8.48        351.7x            10.6x            8.2x           5.4x
             Electrolux Professional          EPROB SS                 HOLD            SEK                65.7         71.0           2.83           3.33          22.9x           19.2x          12.5x           10.7x
             Elekta                           EKTAB SS                 HOLD            SEK              75.85          82.0           4.63           5.33          16.4x           14.2x            8.7x           7.9x
             Elektroimportøren                ELIMP NO                 HOLD           NOK                 8.74         10.0           0.14           0.80          63.5x           11.0x            5.1x           3.7x
             Elisa                            ELISA FH                 HOLD           EUR                 40.4         45.0           2.35           2.46          16.8x           16.3x          10.1x            9.8x
             Elkem                            ELK NO                   HOLD           NOK                 20.8         22.0           1.59           2.14          13.1x             9.7x           5.0x           4.6x
             Elmera Group                     ELMRA NO                 SELL           NOK                 32.6         21.0           1.50           1.86          14.3x           13.3x            5.2x           4.9x
             Elopak                           ELO NO                   HOLD           NOK                 33.8         29.0           0.22           0.24          13.3x           11.8x            6.2x           5.4x
             Embla Medical                    EMBLA DC                  BUY           DKK                 30.4         39.0           0.23           0.24          18.9x           18.0x          12.8x           10.8x
             Embracer Group                   EMBRACB SS                BUY            SEK              24.38          38.0           1.81           2.48           5.5x             5.2x                                
             Enea                             ENEA SS                NO REC            SEK              48.75                         3.41           4.20          14.3x           11.6x            3.0x           2.3x
             Entra                            ENTRA NO                 HOLD           NOK               106.0         115.0           6.01           6.90          14.5x           12.6x          18.3x           18.1x
             Epiroc                           EPIA SS                   BUY            SEK              212.8         235.0           7.90           9.25          26.6x           23.0x          16.3x           14.0x
             Episurf Medical                  EPISB SS               NO REC            SEK                 0.7                       -0.13          -0.09          -5.4x            -7.8x          -8.8x         -12.1x
             Equinor                          EQNR NO                  HOLD           NOK               301.8         280.0           3.40           3.89           8.7x             7.2x                                
             Ericsson                         ERICB SS                  BUY            SEK                54.9         70.0           4.68           6.21           8.9x             7.3x           4.2x           3.4x
             Essity                           ESSITYB SS                BUY            SEK              251.5         325.0          18.84         19.29           13.7x           13.0x            7.4x           6.7x
             Euronav                          EURN US                  HOLD           USD                 16.5         17.9           3.38           1.86          12.2x             8.9x           4.4x           3.2x
             Europris                         EPR NO                    BUY           NOK                 78.7         85.0           5.68           6.52          13.9x           12.1x            6.9x           5.7x
             Evolution                        EVO SS                    BUY            SEK            1304.0        1700.0            5.51           6.47          19.7x           16.8x          15.3x           12.6x
             Fabege                           FABG SS                  HOLD            SEK              85.75         100.0           3.31           3.86          19.7x           17.1x          25.3x           23.3x
             Flex LNG                         FLNG NO                   BUY           NOK               283.2         340.0           2.75           2.65           9.4x             9.7x           9.1x           9.3x
             FLSmidth                         FLS DC                    BUY           DKK               355.8         370.0          15.60         26.81           17.0x           13.3x            7.9x           7.0x
             Fortnox                          FNOX SS                   BUY            SEK                63.6         85.0           1.34           1.70          47.5x           37.5x          32.8x           24.8x
             Frontline                        FRO NO                    BUY           NOK               269.5         278.0           3.12           3.63           8.9x             6.7x           7.0x           5.9x
             GARO                             GARO SS                  HOLD            SEK              32.45          30.0           1.08           2.55          30.0x           12.7x          14.3x            7.7x
             Genco Shipping & TradingGNK US                             BUY           USD               20.39          22.5           1.66           0.97          12.3x           20.9x            6.5x           8.0x
             Genmab                           GMAB DC                   BUY           DKK             2007.0        2630.0           66.03         81.95           30.4x           24.5x          18.2x           13.8x
             Gentian Diagnostics              GENT NO                   BUY           NOK                   36         54.0          -0.75          -0.43         -48.1x          -84.6x         304.2x           62.2x
             Getinge                          GETIB SS                 HOLD            SEK              213.6         210.0           9.05         11.97           22.0x           17.4x            9.3x           7.6x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                           
             
             
             
             
                                                                                                                                                                                                                                        15 
            DNB Markets |  
             
            18 april 2024 
             
             
             
            DNB ANBEFALINGER OG ESTIMATER 
             Selskap                          Ticker               Anbefaling        Valuta              Kurs     Kursmål                  Estimert EPS                    Estimert P/E              Estimert EV/EBITDA
                                                                                                                                      2024           2025          2024             2025           2024           2025
             Gjensidige Forsikring            GJF NO                    BUY           NOK                 162        190.0          11.14          12.51          14.6x            13.0x                                
             GN Group                         GN DC                     BUY           DKK               168.9        215.0            8.29         10.53          20.4x            16.0x          11.4x            9.2x
             Golar LNG                        GLNG US                   BUY           USD                   25         31.0           1.90           2.00         14.1x            12.8x           7.9x            6.6x
             Golden Ocean                     GOGL NO                 HOLD            NOK             145.85         142.0            0.84           0.27         15.9x            49.4x           9.2x          12.2x
             Grieg Seafood                    GSF NO                    BUY           NOK               64.95          80.0           4.34           7.06         14.8x             9.1x           8.1x            6.4x
             Hafnia                           HAFNI NO                  BUY           NOK                83.2          92.0           1.51           1.09           5.0x            6.9x           4.7x            6.1x
             Hennes & Mauritz                 HMB SS                    BUY           SEK                 169        200.0            8.78         10.77          19.3x            15.7x           7.5x            6.5x
             Hexagon                          HEXAB SS                  BUY           SEK               121.7        140.0            0.42           0.48         22.0x            19.4x          13.3x          11.9x
             Hexagon Composites               HEX NO                 NO REC           NOK               17.28                                                                                                           
             Hexagon Purus                    HPUR NO                   BUY           NOK                5.72          11.0          -2.76          -1.53          -2.1x           -3.7x          -8.5x         128.8x
             Hexatronic AB                    HTRO SS                NO REC           SEK                30.6                         2.32           3.27         13.2x             9.4x           6.8x            5.3x
             Hexpol                           HPOLB SS                HOLD            SEK               131.3        140.0            7.41           7.70         17.7x            17.1x          11.2x          10.4x
             Himalaya Shipping                HSHP NO                   BUY           NOK                86.1          88.0           0.64           0.73         12.2x            10.7x           3.8x            3.4x
             HMS Networks                     HMS SS                    BUY           SEK               404.8        540.0            8.91         13.38          45.4x            30.3x          27.4x          19.6x
             Holmen                           HOLMB SS                 SELL           SEK                 413        370.0          18.20          23.80          22.7x            17.4x          13.5x          11.1x
             Hufvudstaden                     HUFVA SS                 SELL           SEK               122.7        120.0            4.71           4.94         22.3x            21.2x          22.9x          22.1x
             Huhtamaki                        HUH1V FH                  BUY           EUR                35.7          47.0           2.41           2.64         13.4x            12.3x           8.0x            7.5x
             Humana                           HUM SS                  HOLD            SEK               26.15          27.0           4.74           5.95           5.4x            4.3x           5.7x            5.2x
             Husqvarna                        HUSQB SS                 SELL           SEK                82.8          63.0           4.76           6.22         17.0x            13.3x           8.1x            7.1x
             Höegh Autoliners ASA             HAUTO NO                  BUY           NOK               97.00        151.0            2.85           2.81           3.1x            3.1x           2.8x            2.9x
             IAR Systems                      IARB SS                                 SEK               136.0                         6.56           7.39         19.0x            17.0x           8.5x            7.3x
             Ice Fish Farm                    IFISH NO                  BUY           NOK                27.0          32.0           1.49           2.86         18.2x             9.4x          10.0x            7.0x
             Icelandic Salmon                 ISLAX NO                  BUY           NOK               140.0        185.0            0.51           1.28         23.6x             9.4x          10.5x            5.7x
             Industrivärden                   INDUC SS                HOLD            SEK               356.1        380.0                                                                                              
             Instalco AB                      INSTAL SS                 BUY           SEK                35.0          52.0           2.18           2.75         16.7x            13.2x           8.2x            7.1x
             Investor                         INVEB SS                  BUY           SEK               262.3        260.0                                                                                              
             Invisio                          IVSO SS                NO REC           SEK               250.5                         4.91           6.55         51.0x            38.3x          31.2x          23.9x
             ISS                              ISS DC                    BUY           DKK               125.7        171.0          15.64          19.33            8.5x            7.0x           5.7x            5.0x
             Itab Shop Concept                ITAB SS                                 SEK                18.6                         1.43           1.59         13.0x            11.7x           5.8x            5.1x
             Jm Ab                            JM SS                    SELL           SEK               191.5        155.0            7.14         10.62          26.8x            18.0x          44.5x          31.6x
             Kahoot                           KAHOT NO                 SELL           NOK                34.7          35.0           0.07           0.09         44.9x            34.2x          19.7x          13.7x
             Kambi                            KAMBI SS                  BUY           SEK                87.9        180.0            0.44           0.65         12.2x             9.1x           3.0x            2.4x
             Kemira                           KEMIRA FH                 BUY           EUR               17.43          21.0           1.45           1.54         12.1x            11.3x           5.7x            5.6x
             Kesko                            KESKOB FH               HOLD            EUR               16.66          18.0           1.18           1.26         14.1x            13.2x           7.8x            7.6x
             Kindred Group                    KINDSDB SS                BUY           SEK               124.1        145.0          70.47          89.13          12.0x             9.6x           8.2x            6.6x
             Kinnevik                         KINVB SS                  BUY           SEK               118.2        140.0                                                                                              
             Kitron                           KIT NO                    BUY           NOK               30.62          42.0           0.23           0.29         10.9x             8.9x           7.1x            5.8x
             Klaveness Combination CKCarriCers NO                       BUY           NOK               100.8        124.0            1.41           0.86           6.5x           10.7x           5.4x            6.9x
             KMC Properties                   KMCP NO                   BUY           NOK                  7.6           7.5          0.36           0.40         17.8x            16.2x          15.5x          14.8x
             Kojamo                           KOJAMO FH               HOLD            EUR                  9.6         11.0           0.55           0.54         14.8x            15.0x          22.2x          21.4x
             Komplett                         KOMPL NO                HOLD            NOK                10.9          12.0           0.54           1.33         20.4x             8.2x           4.6x            3.1x
             Kone                             KNEBV FH                HOLD            EUR                43.2          46.0           2.01           2.17         21.2x            19.9x          13.1x          12.2x
             Konecranes                       KCR FH                    BUY           EUR                48.4          55.0           3.68           4.03         12.2x            12.0x           7.4x            7.0x
             Kongsberg Gruppen                KOG NO                    BUY           NOK               764.5        680.0          24.36          28.41          31.4x            26.9x          19.8x          17.2x
             Lagercrantz                      LAGRB SS               NO REC           SEK               159.7                         5.13           5.70         31.2x            28.1x          17.6x          16.2x
             Latour                           LATOB SS                HOLD            SEK                 277        280.0                                                                                              
             Lerøy Seafood                    LSG NO                    BUY           NOK                45.4          52.0           4.08           4.71         11.1x             9.6x           6.0x            5.1x
             Lime Technologies                LIME SS                 HOLD            SEK               321.0        345.0            7.54           9.51         42.6x            33.7x          20.3x          17.0x
             Lindab International             LIAB SS                   BUY           SEK               217.2        250.0          11.64          13.96          18.7x            15.6x           9.8x            7.5x
             Loomis                           LOOMIS SS                 BUY           SEK               281.2        425.0          27.24          31.83          10.1x             8.8x           4.5x            4.0x
             Lundbeck                         HLUNB DC                  BUY           DKK                32.8          44.0           3.33           3.81           9.9x            8.6x           4.4x            3.3x
             Lundbergs                        LUNDB SS                 SELL           SEK               539.5        485.0                                                                                              
             Lyko Group                       LYKOA SS                HOLD            SEK                 131        128.0            2.34           3.67         56.0x            35.6x          11.7x          10.4x
             Media & Games Invest             M8G SS                 NO REC           SEK                18.7                         0.10           0.28         11.0x             5.2x           4.7x            3.5x
             Medistim                         MEDI NO                 HOLD            NOK               185.5        210.0            6.11           6.78         30.4x            27.4x                                
             Metsa Board                      METSB FH                HOLD            EUR                  7.0           7.7          0.52           0.71         13.5x             9.9x           8.2x            6.5x
             Metso                            METSO FH                  BUY           EUR                11.3          13.0           0.69           0.77         16.5x            14.7x          10.0x            8.7x
             Millicom                         TIGO SS                   BUY           SEK               214.8        275.0            2.01           3.61           6.9x            4.5x           3.9x            3.4x
             Momentum Group                   MMGRB SS                HOLD            SEK               125.4        135.0            3.83           4.16         27.2x            25.2x          16.4x          15.5x
             Mowi                             MOWI NO                   BUY           NOK               186.6        235.0            1.26           1.49         12.6x            10.7x           6.6x            5.6x
             MPC Container Ships              MPCC NO                 HOLD            NOK                13.4          14.6           0.43           0.04           2.8x           28.8x           2.2x            4.9x
             MTG                              MTGB SS                   BUY           SEK                89.9        110.0            5.76           6.11         10.4x            10.2x           5.3x            4.6x
             Multiconsult                     MULTI NO                  BUY           NOK               139.5        160.0            9.71         10.58          13.9x            12.8x           5.4x            4.8x
             Måsøval                          MAS NO                    BUY           NOK                31.0          39.0           2.92           3.29         10.6x             9.4x           6.0x            4.7x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                           
             
             
             
             
             
                                                                                                                                                                                                                                    16 
            DNB Markets |  
             
            18 april 2024 
             
             
             
            DNB ANBEFALINGER OG ESTIMATER  
             
             Selskap                          Ticker                Anbefaling        Valuta             Kurs     Kursmål                  Estimert EPS                     Estimert P/E             Estimert EV/EBITDA
                                                                                                                                      2024           2025           2024            2025           2024            2025
             NCAB                             NCAB SS                  HOLD            SEK                62.2         70.0           2.13           2.4x          29.1x           25.5x          18.8x           17.0x
             Ncc                              NCCB SS                   BUY            SEK              127.4         150.0          13.99          13.0x           9.1x             9.8x           5.8x           5.2x
             Nel                              NEL NO                   SELL           NOK                  4.7           3.5         -0.30           -0.1x        -15.6x          -92.9x         -17.1x          -49.8x
             Netel Group Holding              NETEL SS                  BUY            SEK                12.3         25.0           2.52           3.2x           4.7x             3.7x           3.7x           2.8x
             New Wave Group                   NEWAB SS                  BUY            SEK              108.7         125.0           8.90          10.0x          12.2x           10.9x            8.3x           7.2x
             Nibe Industrier                  NIBEB SS                 HOLD            SEK                49.4         50.0           0.81           1.54          42.9x           32.0x          19.4x           16.4x
             Nobia                            NOBI SS                  HOLD            SEK                 4.9           3.6         -0.34           0.12         -37.6x           39.9x            8.1x           5.1x
             Noble                            NE US                     BUY           USD                 47.1         60.0           3.44           5.54          13.7x             8.5x           6.9x           4.6x
             Nokia                            NOKIA FH                 HOLD           EUR                  3.2           3.6          0.24           0.25           9.6x             9.4x           3.6x           3.5x
             Nokian Tyres                     TYRES FH                 HOLD           EUR                  9.0           9.5          0.31           0.60          16.6x           12.6x            6.8x           5.9x
             Nolato                           NOLAB SS                  BUY            SEK                51.2         57.0           2.46           3.0x          20.8x           16.8x            9.8x           8.3x
             Norconsult                       NORCO NO                  BUY           NOK                 26.0         31.5           1.15           2.1x          13.1x           12.2x            5.6x           4.8x
             Nordea                           NDA SS                    BUY            SEK              124.0         166.0           1.45           1.4x           7.3x             7.6x                  
             Nordic Paper Holding             NPAPER SS                 BUY            SEK                52.8         60.0           6.16           6.4x           8.6x             8.3x           6.4x           6.4x
             Nordic Semiconductor             NOD NO                   HOLD           NOK                 91.2        113.0           0.05           0.3x        173.7x            30.9x          22.7x           10.6x
             Nordnet                          SAVE SS                   BUY            SEK              174.5         212.0          10.96         10.07           16.4x           17.8x                                 
             Norion Bank                      NORION SS                 BUY            SEK                41.0         52.0           5.60           5.96           7.3x             6.9x                                
             Norsk Hydro                      NHY NO                   SELL           NOK               71.34          50.0           4.97           4.73          14.4x           15.1x            6.7x           7.0x
             Norske Skog                      NSKOG NO                  BUY           NOK                 35.7         54.0          -1.50           5.38         -22.6x             6.6x           8.8x           4.1x
             Norva24                          NORVA SS                  BUY            SEK                  25         34.0           1.19           1.43          17.0x           14.6x            7.8x           6.9x
             Norwegian Air Shuttle            NAS NO                    BUY           NOK                 16.6         23.0           2.33           2.4x           7.1x             7.0x           2.3x           1.7x
             Novo Nordisk                     NOVOB DC                  BUY           DKK               871.3       1100.0           23.84         28.92           36.6x           30.2x          27.5x           22.8x
             Novonesis                        NSISB DC                 HOLD           DKK               384.9         440.0           1.24           1.7x          35.2x           28.6x          18.9x           16.8x
             NRC Group                        NRC NO                    BUY           NOK                 12.2         15.0           0.72           1.39          14.4x             8.1x           4.7x           3.7x
             NTG                              NTG DC                    BUY           DKK               274.5         355.0          17.19          19.3x          16.0x           14.3x            8.8x           8.0x
             Nyfosa                           NYF SS                    BUY            SEK                95.8         91.0           4.88           5.60          17.5x           15.7x          18.0x           17.2x
             Nykode Therapeutics              NYKD NO                   BUY           NOK                 12.8         31.0          -0.15           -0.2x         -7.8x            -6.8x                  
             Odfjell Drilling                 ODL NO                    BUY           NOK                 52.5         65.0           0.29           0.76          16.2x             6.2x           4.9x           3.2x
             Odfjell SE                       ODF NO                    BUY           NOK               167.0         185.0           3.38           3.4x           4.5x             4.4x           3.7x           3.3x
             Odfjell Technology               OTL NO                    BUY           NOK                 61.7         80.0           7.79           8.99           7.9x             6.9x           3.3x           2.6x
             OKEA                             OKEA NO                  HOLD           NOK                 27.6         26.0          10.08           8.7x           2.7x             3.2x                  
             Olav Thon                        OLT NO                    BUY           NOK               218.0         250.0          17.41         18.40           11.8x           11.1x          13.1x           12.4x
             OMDA                             OMDA NO                   BUY           NOK                 33.0         40.0           0.78           1.7x          18.5x           12.7x            8.5x           7.1x
             Oncopeptides                     ONCO SS                NO REC            SEK                4.47                       -0.80          -0.49          -5.6x            -9.1x          -3.0x          -5.6x
             Orkla                            ORK NO                   HOLD           NOK                 79.1         81.0           5.99           6.6x          13.2x           12.0x            9.9x           9.1x
             Otovo                            OTOVO NO                 HOLD           NOK                  1.4           2.6         -1.25          -1.03          -1.1x            -1.4x          -2.8x          -6.3x
             OX2                              OX2 SS                    BUY            SEK                41.7         75.0           3.74           6.3x          11.1x             6.6x           7.3x           3.5x
             Pacific Drilling                 PACD US                NO REC           USD                  0.0                                                                                                           
             Pagero                           PAGERO SS              NO REC            SEK                49.0                       -1.28           0.0x         -38.2x       -1937.2x          251.9x           33.6x
             Pandora                          PNDORA DC                 BUY           DKK             1078.5        1400.0           66.61         80.34           16.2x           13.4x            9.2x           7.9x
             Pandox                           PNDXB SS                  BUY            SEK              166.8         175.0           7.39           8.0x          17.6x           16.4x          17.7x           16.8x
             Panoro Energy                    PEN NO                    BUY           NOK                 28.5         41.0           0.84           0.94           3.1x             2.7x           1.3x           0.6x
             Paradox Interactive              PDX SS                    BUY            SEK              177.8         270.0           8.08           9.7x          22.0x           18.3x            9.3x           7.9x
             Pareto Bank                      PARB NO                   BUY           NOK                 55.4         63.0           7.88           8.59           7.0x             6.4x                                
             Peab                             PEABB SS                 SELL            SEK                60.1         58.0           3.54           3.9x          17.0x           15.2x            8.3x           8.3x
             PGS                              PGS NO                   HOLD           NOK                  8.8           8.8          0.04           0.07          18.9x           12.1x            2.6x           2.6x
             PhotoCure                        PHO NO                    BUY           NOK                 53.8         87.0           0.66           2.9x          80.9x           18.4x          27.3x            9.3x
             Physitrack                       PTRK SS                NO REC            SEK              14.75                         0.08           0.20          16.7x             6.2x           4.7x           3.0x
             Prosafe                          PRS NO                 NO REC           NOK                 41.0                                                                                             
             Protector                        PROT NO                   BUY           NOK               219.0         264.0          20.16         18.59                                                                 
             Rana Gruber                      RANA NO                   BUY           NOK                 81.0         90.0          11.40          12.4x           7.1x             6.6x           3.8x           3.6x
             Resurs Holding                   RESURS SS                HOLD            SEK              15.01          15.0           1.69           3.96           9.9x             4.0x                                
             Rockwool                         ROCKB DC                  BUY           DKK             2204.0        2500.0           18.45          20.6x          15.6x           14.3x            7.8x           7.0x
             Royal Unibrew                    RBREW DC                  BUY           DKK                 434         600.0          24.58         27.87           17.7x           15.6x          10.6x            9.4x
             Rusta                            RUSTA SS                  BUY            SEK                79.7         83.0                                                                                              
             Safe Bulkers                     SB US                     BUY           USD                    5           5.7          0.66           0.49           7.2x             9.6x           5.8x           6.3x
             Sagax                            SAGAB SS                 SELL            SEK              261.6         230.0           9.85         10.37           23.2x           22.0x          33.2x           31.3x
             SalMar                           SALM NO                  HOLD           NOK               658.5         690.0          31.20         43.34           21.1x           15.2x          11.1x            8.1x
             Salmon Evolution                 SALME NO                  BUY           NOK                  7.0           9.9          0.06           0.22        123.9x            31.2x          26.6x           18.4x
             Salmones Camanchaca SACAM NO                              HOLD           NOK                   24         30.0           0.29           0.31           7.4x             7.0x           4.9x           4.2x
             Sampo Oyj                        SAMPO FH                  BUY           EUR                 39.6         47.0           2.39           2.58                                                                
             Sandnes Sparebank                SADG NO                  HOLD           NOK                   95        104.0          10.09         10.70            9.4x             8.9x                                
             Sandvik                          SAND SS                  HOLD            SEK              239.1         245.0          11.25         13.64           18.8x           17.5x          10.9x           10.0x
             Sats                             SATS NO                   BUY           NOK                   18         21.0           1.46           1.93          12.3x             9.3x           5.0x           4.6x
             SBB Norden                       SBBB SS                NO REC            SEK                 4.0                        0.62           0.55           5.7x             6.2x         36.7x           35.0x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                           
             
             
             
             
                                                                                                                                                                                                                                        17 
            DNB Markets | DNB anbefalingER og estimater 
            18 april 2024 
             
            DNB ANBEFALINGER OG ESTIMATER 
             Selskap                          Ticker                Anbefaling        Valuta             Kurs     Kursmål                  Estimert EPS                     Estimert P/E             Estimert EV/EBITDA
                                                                                                                                      2024           2025           2024            2025           2024            2025
             SCA                              SCAB SS                   BUY            SEK              151.9         185.0           6.63           9.01          22.9x           16.9x          14.2x           11.2x
             Scandic Hotels                   SHOT SS                   BUY            SEK                57.5         71.0           5.64           6.3x          10.2x             9.2x           4.7x           4.2x
             Scatec                           SCATC NO                 HOLD            NOK                70.7         72.0           4.29           4.14          16.5x           17.1x                                 
             Schibsted                        SCHA NO                  HOLD            NOK            311.40          320.0           6.18           9.5x          50.4x           32.9x          28.0x           23.0x
             Scorpio Tankers                  STNG US                   BUY            USD              70.95          83.0         12.31            8.34           5.8x             8.5x           4.4x           5.3x
             Sdiptech                         SDIPB SS               NO REC            SEK            242.80                        12.37           16.4x          19.6x           14.8x          10.4x            8.7x
             Seadrill                         SDRL NO                   BUY            NOK                568         600.0           2.39           5.24          21.5x             9.8x           9.8x           5.8x
             SEB                              SEBA SS                   BUY            SEK            143.80          190.0         16.49           16.1x           8.6x             8.9x                  
             Securitas                        SECUB SS                  BUY            SEK              109.3         158.0         10.08          12.66            9.2x             8.0x           6.4x           5.6x
             Sedana Medical                   SEDANA SS              NO REC            SEK              14.66                        -0.88           -0.3x        -16.7x          -54.1x         -19.8x        -124.0x
             Selvaag Bolig                    SBO NO                   SELL            NOK              36.30          25.0           2.34           1.72          15.5x           21.1x          20.9x           27.5x
             SFL Corporation Ltd              SFL US                   HOLD            USD              12.64          12.0           1.05           0.9x          11.4x           12.7x            7.5x           7.3x
             Shelf Drilling                   SHLF NO                   BUY            NOK              19.85          40.0           0.10           0.60          18.7x             3.0x           4.5x           3.1x
             Shelf Drilling North Sea         SDNS NO                   BUY            NOK              25.10          45.0          -0.33           0.3x          -7.0x             6.7x         24.5x            5.1x
             Sinch                            SINCH SS                  BUY            SEK              24.65          52.0           0.22           1.33           7.8x             6.4x           6.4x           5.0x
             Sivers Semiconductors            SIVE SS                NO REC            SEK                5.56                       -0.63           0.0x          -8.8x          225.1x         -59.1x           17.5x
             Skanska                          SKAB SS                   BUY            SEK            188.95          225.0         13.51          13.78           13.8x           13.5x          10.0x            9.3x
             SKF                              SKFB SS                  HOLD            SEK            219.30          240.0         15.22           16.8x          14.0x           12.7x            6.8x           6.3x
             Skistar                          SKISB SS                  BUY            SEK              146.2           160           7.18           6.96          20.4x           21.0x            9.6x           9.3x
             Smart Eye                        SEYE SS                NO REC            SEK              78.20                        -5.65           -1.4x        -13.7x          -54.5x         -56.3x           28.9x
             Smartoptics                      SMOP NO                   BUY            NOK                20.8            21          0.09           0.12          20.2x           15.4x          12.8x           10.1x
             SpareBank 1 Helgeland            HELG NO                  HOLD            NOK            127.78            139         15.46           14.6x           8.3x             8.7x                  
             Sparebank 1 SMN                  MING NO                   BUY            NOK            140.94            161         16.23          15.97            8.7x             8.8x                                
             SpareBank 1 Sørøst-NorgeSOON NO                           HOLD            NOK              68.81             69          5.82           5.7x          11.8x           12.1x                   
             SpareBank 1 Østlandet            SPOL NO                   BUY            NOK              128.5           140         14.31          14.77            9.0x             8.7x                                
             SpareBank1 Nord-Norge NONG NO                              BUY            NOK              97.43           115         12.47           11.8x           7.8x             8.2x                  
             SpareBank1 SR-Bank               SRBNK NO                  BUY            NOK              135.2           158         12.74          14.64           10.6x             9.2x                                
             Sparebanken Møre                 MORG NO                  HOLD            NOK              83.00             95        10.01            9.2x           8.3x             9.0x                  
             Sparebanken Sør                  SOR NO                    BUY            NOK            142.12            162         17.91          16.95            7.9x             8.4x                                
             Sparebanken Vest                 SVEG NO                   BUY            NOK            118.18            139         14.54           13.8x           8.1x             8.6x                  
             Sparebanken Øst                  SPOG NO                  HOLD            NOK              51.99             53          6.07           5.52           8.6x             9.4x                                
             SSAB                             SSABA SS                  BUY            SEK              64.70           105           9.76          11.1x           6.6x             5.8x           2.7x           2.4x
             Star Bulk                        SBLK US                   BUY            USD              23.02             25          2.18           1.73          10.6x           13.3x            6.8x           7.3x
             Stillfront Group                 SF SS                     BUY            SEK              11.62             23          0.99           1.4x           4.0x             3.5x           3.6x           3.0x
             Stolt-Nielsen                    SNI NO                    BUY            NOK                485           555           7.23           6.55           6.2x             6.7x           4.9x           4.7x
             Stora Enso                       STERV FH                  BUY            EUR              12.39             16          0.58           1.0x          21.4x           12.5x            9.4x           7.2x
             Storebrand                       STB NO                    BUY            NOK                  95          120           9.72           8.67           9.1x           10.1x                                 
             Storskogen                       STORB SS                  BUY            SEK                5.42             9          0.45           0.6x           5.6x             4.8x           4.8x           3.9x
             Storytel                         STORYb SS                 BUY            SEK              51.05             75          0.50           2.65        101.8x            19.3x            8.9x           6.6x
             Subsea 7                         SUBC NO                   BUY            NOK            178.00            200           0.67           1.4x                                           5.5x           3.8x
             Surgical Science                 SUS SS                    BUY            SEK              147.3           235           4.30           6.15          34.3x           23.9x          24.0x           16.7x
             Svenska Handelsbanken SHBA SS                              BUY            SEK            108.20            147         13.70           12.4x           7.9x             8.8x                  
             Sweco                            SWECB SS                  BUY            SEK              116.4           137           6.08           6.92          19.1x           16.8x          12.4x           11.1x
             Swedbank                         SWEDA SS                  BUY            SEK            211.40            276         19.07           25.1x           7.6x             8.4x                  
             Swedish Orphan BiovitrumSOBI SS                            BUY            SEK              255.8           320           9.29         15.19           27.5x           16.8x          10.8x            8.4x
             Systemair                        SYSR SS                  HOLD            SEK              71.40             78          3.42           3.7x          20.9x           19.5x          10.5x            9.5x
             Teekay Tankers                   TNK US                    BUY            USD              57.38             74        12.95          11.43            4.5x             5.0x           2.8x           2.4x
             Tele2                            TEL2b SS                  BUY            SEK              92.60           106           5.23           5.6x          13.0x           12.3x            8.4x           8.2x
             Telenor                          TEL NO                   SELL            NOK              120.4           110           8.22           9.06          14.0x           12.8x            6.5x           5.9x
             Telia Company                    TELIA SS                  BUY            SEK              25.83             35          1.44           2.1x          15.5x           11.2x            5.9x           5.4x
             TF Bank                          TFBANK SS                 BUY            SEK                199           224         21.79          30.20            9.1x             6.6x                                
             TGS                              TGS NO                   HOLD            NOK            132.70            130           1.18           1.3x          10.3x             9.5x           2.0x           1.6x
             The Kingfish Company             KING NO                  HOLD            NOK                6.95             9         -0.13          -0.02          -4.6x          -24.3x         -80.5x           11.8x
             TietoEVRY                        TIETO FH                 SELL            EUR              18.67             19          1.66           1.8x           8.7x             8.1x           5.1x           4.4x
             Tobii Dynavox                    TDVOX SS               NO REC            SEK                62.1                        1.73           2.65          36.1x           23.5x                                 
             Tokmanni                         TOKMAN FH                 BUY            EUR              15.45             17          1.19           1.5x          12.7x           10.0x            6.6x           5.9x
             Tomra                            TOM NO                   SELL            NOK              147.2             75          4.51           5.30          32.6x           27.8x          14.4x           13.0x
             Topdanmark                       TOP DC                   HOLD            DKK            310.80            320         14.58           16.3x                                                  
             Transocean                       RIG US                   HOLD            USD                5.91             6         -0.16           0.32         -38.0x           18.4x            9.2x           6.7x
             Transtema                        TRANS SS               NO REC            SEK              13.06                         1.57           1.8x           8.3x             7.2x           2.6x           2.1x
             Trelleborg                       TRELB SS                 HOLD            SEK              381.6           380         18.05          18.90           20.3x           19.4x          12.9x           11.4x
             Truecaller                       TRUEB SS                  BUY            SEK              32.30             40          1.63           2.4x          19.9x           13.4x          12.5x            8.5x
             Tryg                             TRYG DC                   BUY            DKK              138.9           185           8.12           8.92          14.9x           13.7x                                 
             Ultimovacs                       ULTI NO                  SELL            NOK                8.75             4         -6.18           -4.1x         -1.4x            -2.1x           0.3x          -0.6x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                           
             
             
             
             
             
             
             
             
             
                                                                                                                                                                                                                                          18 
            DNB Markets | DNB anbefalingER og estimater 
            18 april 2024 
             
            DNB ANBEFALINGER OG ESTIMATER 
             Selskap                          Ticker                Anbefaling       Valuta              Kurs     Kursmål                  Estimert EPS                     Estimert P/E           Estimert EV/EBITDA
                                                                                                                                      2024           2025           2024            2025           2024            2025
             UPM                              UPM FH                    BUY           EUR                31.0          44.0           2.45           3.44          12.7x             9.0x           8.1x           6.1x
             Valaris                          VAL US                    BUY           USD                69.3         100.0           2.72           8.2x          25.5x             8.4x         10.7x            5.6x
             Valmet                           VALMT FH                  BUY           EUR                25.0          30.0           1.94           2.23          12.2x           10.9x            7.7x           7.1x
             VEF                              VEFAB SS                  BUY            SEK               2.08            3.5                                                                               
             Veidekke                         VEI NO                   HOLD           NOK               111.6         120.0           8.46           8.98          13.2x           12.4x            5.2x           4.6x
             Vestas Wind Systems              VWS DC                    BUY           DKK             176.30          242.0           0.57           1.2x          41.1x           20.5x          14.3x            9.4x
             Viaplay Group                    VPLAYB SS                SELL            SEK            0.6954             1.0         -0.07           0.07          -9.9x           10.0x          31.8x            5.8x
             Vicore Pharma                    VICO SS                   BUY            SEK              16.12          70.0          -0.89          -2.5x         -18.0x            -6.5x        -15.3x           -5.6x
             Vimian                           VIMIAN SS              NO REC            SEK               31.8                         0.09           0.16          27.8x           16.0x          12.8x            8.9x
             Vitec                            VITB SS                NO REC            SEK            534.50                        19.10           22.6x          44.8x           38.3x          17.3x           15.1x
             Vitrolife                        VITR SS                   BUY            SEK            182.30          230.0           4.42           5.24          41.2x           34.8x          20.3x           18.0x
             Volvo                            VOLVB SS                  BUY            SEK            288.10          340.0         26.34           27.9x          10.9x           10.4x            5.5x           5.1x
             Volvo Cars                       VOLCARB SS               HOLD            SEK              40.51          42.0           5.72           5.84           6.9x             6.7x           2.3x           1.8x
             Vow                              VOW NO                    BUY           NOK                6.40          15.0           0.77           0.9x           8.3x             7.5x           6.4x           5.6x
             Vår Energi                       VAR NO                    BUY           NOK               37.48          40.0           0.40           0.57           8.6x             6.0x                                
             Wallenius Wilhelmsen ASAWAWI NO                            BUY           NOK               98.15         159.0           2.33           2.7x           3.8x             3.2x           2.9x           2.2x
             Wallenstam                       WALLb SS                 SELL            SEK               45.2          40.0           1.28           1.53          26.6x           22.9x          31.8x           30.2x
             Western Bulk Chartering WEST NO                            BUY           NOK               24.90          32.0           0.39           0.4x           5.7x             5.8x           3.0x           2.8x
             Wihlborgs                        WIHL SS                   BUY            SEK               91.4           100           4.46           4.78          19.8x           18.5x          19.7x           18.5x
             Wilh. Wilhelmsen HoldingWWI NO                             BUY           NOK             365.00            555         10.17           11.8x           3.3x             2.8x           9.5x           8.0x
             Wärtsilä                         WRT1V FH                  BUY           EUR               15.33            18           0.79           0.92          19.3x           16.6x          11.0x            9.7x
             Xbrane Pharma                    XBRANE SS              NO REC            SEK               0.34                                                                                       2.8x          -1.7x
             XVIVO Perfusion                  XVIVO SS                  BUY            SEK                328           439           1.72           4.42        191.0x            74.3x          71.5x           33.9x
             XXL ASA                          XXL NO                 NO REC           NOK                0.82                        -0.12           0.1x          -6.6x             7.9x           4.7x           2.2x
             Yara                             YAR NO                    BUY           NOK                 328           425           3.33           3.37           8.9x             8.8x           4.3x           4.2x
             YIT                              YIT FH                   SELL           EUR                1.75              1         -0.04           0.0x         -17.9x          223.8x          15.8x           12.5x
             Yubico                           YUBICO SS                 BUY            SEK              184.2           275           4.49           5.96          41.0x           30.9x          29.4x           21.7x
             Ørsted                           ORSTED DC                HOLD           DKK             375.90            405         16.83           19.7x          22.3x           19.1x                   
             AAK                              AAK SS                    BUY            SEK              255.6           270         11.88          12.55           21.5x           20.4x          12.8x           11.8x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                       
             
             
             
             
             
             
                                                                                                                                                                                                                                      19 
             DNB Markets |  
              
             18 april 2024 
              
              
             AFTER-HOURS / AFTER-SKI 
                                                                                          Aksjer                                           Kursutvikling                                  12 mnd                Market cap
             Selskap                      Ticker                Kurs     Endring      Volum (x1000)        Valuta      Siste uke siste mnd              YTD         12 mnd           lav           høy          NOK mrd
             AFC Ajax                     AJAX                 10.40        -0.5 %           8              EUR             0.5 %          1.0 %         4.2 %        -5.9 %        9.10          11.95            2.2
             AIK Fotboll                  AIKB                  1.59        -1.6 %           4              SEK            -1.2 %         -8.6 %        -0.9 %        -6.5 %        1.40          1.95             0.0
             SC Braga                     SCB                  14.10         0.0 %      #VALUE!             EUR             0.0 %          1.4 %       11.9 %        -41.3 %       12.50          24.00            0.2
             Besiktas Futbol              BJKAS                81.70         0.2 %         4,452            TRY            26.5 %        11.6 %        90.6 %       667.9 %         9.61          84.20            6.6
             Borussia Dortmund            BVB                   3.64         1.0 %          976             EUR             7.4 %          4.4 %         1.1 %       -10.6 %        3.32          5.93             4.7
             Brøndby IF                   BIFB                  0.72         2.9 %          191             DKK            -1.9 %          6.8 %       32.4 %         59.6 %        0.42          0.76             4.8
             Celtic FC                    CCP                129.50          0.0 %           na             GBp             0.0 %          0.4 %         9.3 %        14.6 %      113.00         135.00            1.7
             CF Intercity                 CITY                  0.05        -3.6 %           na             EUR           -17.5 %       -37.0 %       -57.1 %        -73.6 %        0.05          0.31             0.0
             Birmingham Sports            2309                  3.51         2.9 %           na             HKD            -1.4 %        27.2 %        58.1 %       338.8 %         0.33          4.56             4.0
             FC København                 PARKEN             119.00         -0.8 %           7              DKK            -2.5 %         -3.6 %      -11.2 %          6.7 %       93.80         161.00            9.4
             FC Porto                     FCP                   1.15         0.0 %      #VALUE!             EUR             0.9 %          0.9 %        -1.7 %         9.5 %        1.00          1.30             0.3
             Galatasaray Sportif          GSRAY                 8.12         6.6 %       122,091            TRY            23.2 %        19.2 %        28.9 %         60.6 %        3.89        2,810.00           3.0
             Juventus Football            JUVE                  1.76        -0.5 %         2,014            EUR            -9.9 %       -24.5 %       -19.8 %        -41.5 %        1.74          3.24             7.8
             Manchester United            MANU                 14.79         1.9 %          805             USD            -0.6 %          4.8 %      -27.4 %        -28.1 %       13.50          26.64           26.5
             Olympique Lyonnais EFG                             2.06         0.5 %           3              EUR            -1.9 %         -3.7 %         3.5 %       -29.5 %        1.77          3.01             4.2
             SL Benfica                   SLBEN                 2.93         4.3 %           4              EUR             4.6 %          5.8 %         1.7 %       -21.9 %        2.62          3.99             0.8
             Sporting Club                SCP                   0.99         0.0 %           0              EUR             4.8 %          7.1 %         0.0 %        29.6 %        0.65          1.03             0.8
             SS Lazio                     SSL                   0.62         0.6 %           27             EUR            -2.5 %         -7.4 %      -20.6 %        -41.7 %        0.60          1.14             0.5
             Trabzonspor Sportif          TSPOR                 1.65         2.5 %       171,300            TRY            13.8 %        10.0 %          2.4 %        17.4 %        1.23          3.60             1.4
             Skistar                      SKISB              146.20         -2.9 %           79             SEK            -1.9 %          2.5 %       22.1 %          9.3 %       98.10         161.90           11.5
             Vail Resorts                 MTN                219.51         -1.8 %          392             USD            -5.4 %         -1.7 %         2.8 %       -12.5 %      204.88         258.13             92
             Cie des Alpes                CDA                  12.72        -0.2 %           39             EUR            -3.9 %         -8.1 %        -9.9 %        -7.7 %       11.80          15.50            7.5
             Spotlio                      SPOT                  0.24         0.0 %           3              NOK           -41.2 %       -14.3 %         -4.8 %       -20.0 %        0.18          0.47             0.0
             Heineken                     HEIA                 87.16         0.3 %          619             EUR            -0.9 %          3.4 %        -5.2 %       -12.8 %       81.54         106.30            589
             Carlsberg                    CARLB              894.80         -0.7 %          111             DKK            -2.3 %         -2.7 %         5.7 %       -17.5 %      809.00        1,148.00           200
             Anheuser-Busch               ABI                  53.86         0.0 %         1,237            EUR            -2.6 %         -2.4 %        -7.8 %        -8.4 %       49.17          61.25           1,275
             Molson Coors                 TAP                  63.54         0.4 %         1,817            USD            -5.8 %         -5.8 %         3.8 %        10.9 %       55.67          70.90            148
             Royal Unibrew                RBREW              434.00          1.8 %           79             DKK            -0.9 %         -1.2 %        -3.8 %       -30.4 %      413.80         649.80             34
             Kilde: Bloomberg, DNB Markets                                                                                                                                                                                     
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
                                                                                                                                                                                                                                                  20 
     DNB Markets | DISCLAIMER 
      
     18 april 2024 
      
     DISCLAIMER 
     This note (the “Note”) must be read in conjunciton with published research notes and/or DNB Analyst Communicaiton of DNB Markets. The Note must be seen as markeitng material and not 
     as an investment recommendaiton within the meaning of Regulaiton (EU) NO 596/2014 on market abuse (Market Abuse Regulaiton) and associated rules, implemented in the relevant 
     jurisdiciton. 
     The Note has been prepared by DNB Markets, a division of DNB Bank ASA. DNB Bank ASA is a part of the DNB Group. The Note is based on informaiton obtained from public sources that DNB 
     Markets believes to be reliable but which DNB Markets has not independently veriifed, and DNB Markets makes no guarantee, representaiton or warranty as to its accuracy or completeness. 
     Any opinions expressed herein relfect DNB Markets’ judgement at the itme the Note was prepared and are subject to change without noitce. The Note should not be relied on and is not a 
     subsittute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. No DNB Party is 
     acitng as ifduciary or investment advisor in conneciton with the disseminaiton of the Note. 
     Any use of non-DNB logos in this Note is solely for the purpose of assisitng in idenitfying the relevant issuer. DNB is not aiffliated with any such issuer. 
     The Note is for clients only, and not for publicaiton, and has been prepared for informaiton purposes only by DNB Markets. 
     The Note is the property of DNB Markets. DNB Markets retains all intellectual property rights (including, but not limited to, copyright) relaitng to the Note Sell-side investment ifrms are not 
     allowed any commercial use (including, but not limited to, reproduciton and redistribuiton) of the Note contents, either paritally or in full, without DNB Markets’ explicit and prior written 
     consent. However, buy-side investment ifrms may use the Note when making investment decisions, and may also base investment advice given to clients on the Note. Such use is dependent 
     on the buy-side investment ifrm ciitng DNB Markets as the source. 
     The Note shall not be used for any unlawful or unauthorized purposes. The Bank, its aiffliates, and any third-party providers, as well as their directors, oiffcers, shareholders, employees or 
     agents (individually, each a “DNB Party”; collecitvely, “DNB Parites”) do not guarantee the accuracy, completeness, itmeliness or availability of the Note. DNB Parites are not responsible for 
     any errors or omissions, regardless of the cause, nor for the results obtained from the use of the Note, nor for the security or maintenance of any data input by the user. The Note is provided 
     on an “as is” basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A 
     PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE NOTE’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE NOTE WILL OPERATE WITH 
     ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parites be liable to any party for any direct, indirect, incidental, exemplary, compensatory, puniitve, special or 
     consequenital damages, costs, expenses, legal fees, or losses (including, without limitaiton, lost income or lost proifts and opportunity costs) in conneciton with any use of the Note, even if 
     advised of the possibility of such damages. 
     Conifdenitality rules and internal rules restrict the exchange of informaiton between different parts of the Bank and this may prevent employees of DNB Markets who are preparing the Note 
     from uitlizing or being aware of informaiton available in DNB Markets/the Bank that may be relevant to the recipients of the Note. Please see DNB Markets' website (dnb.no/disclaimer/MAR) 
     for informaiton in accordance with Market Abuse Regulaiton (MAR). This website contains informaiton about our published investment recommendaitons and potenital conlficts of interest. 
     Please contact DNB Markets at 08940 (+47 915 08940) for further informaiton and inquiries regarding this Note. 
     The Note is not an offer to buy or sell any security or other ifnancial instrument or to paritcipate in any investment strategy. Distribuiton of material like the Note is in certain jurisdicitons 
     restricted by law. Persons in possession of the Note should seek further guidance regarding such restricitons before distribuitng the Note. 
     The Note has been prepared by DNB Markets, a division of DNB Bank ASA, a Norwegian bank organized under the laws of the Kingdom of Norway and under supervision by the Norwegian 
     Financial Supervisory Authority, The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudenital Regulaiton Authority of the UK, and the 
     Financial Supervisory Authority of Sweden. Details about the extent of our regulaiton by local authoriites outside Norway are available from us on request. Informaiton about DNB Markets 
     can be found at www.dnb.no/markets. 
     Addiitonal informaiton for clients in Singapore 
     The Note has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulaiton and does not take into account the speciifc investment objecitves, ifnancial 
     situaiton or paritcular needs of any paritcular person. You should seek advice from a ifnancial adviser regarding the suitability of any product referred to in the Note, taking into account your 
     speciifc ifnancial objecitves, ifnancial situaiton or paritcular needs before making a commitment to purchase any such product. 
     You have received a copy of the Note because you have been classiifed either as an accredited investor, an expert investor or as an insittuitonal investor, as these terms have been deifned 
     under Singapore’s Financial Advisers Act (Cap. 110) (“FAA”) and/or the Financial Advisers Regulaitons (“FAR”). The Singapore Branch of DNB Bank ASA is a ifnancial adviser exempt from 
     licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor or as an expert investor, the Singapore 
     Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, 
     including without limitaiton, secitons 25, 27 and 36 of the FAA. Seciton 25 of the FAA requires a ifnancial adviser to disclose material informaiton concerning designated investment products 
     which are recommended by the ifnancial adviser to you as the client. Seciton 27 of the FAA requires a ifnancial adviser to have a reasonable basis for making investment recommendaitons to 
     you as the client. Seciton 36 of the FAA requires a ifnancial adviser to include, within any circular or written communicaitons in which he makes recommendaitons concerning securiites, a 
     statement of the nature of any interest which the ifnancial adviser (and any person connected or associated with the ifnancial adviser) might have in the securiites. 
     Please contact the Singapore Branch of DNB Bank ASA at +65 6212 6144 in respect of any matters arising from, or in conneciton with, the Note. 
     The Note is intended for and is to be circulated only to persons who are classiifed as an accredited investor, an expert investor or an insittuitonal investor. If you are not an accredited investor, 
     an expert investor or an insittuitonal investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 6144. 
     We, the DNB group, our associates, oiffcers and/or employees may have interests in any products referred to in the Note by acitng in various roles including as distributor, holder of principal 
     posiitons, adviser or lender. We, the DNB group, our associates, oiffcers and/or employees may receive fees, brokerage or commissions for acitng in those capaciites. In addiiton, we, the DNB 
     group, our associates, oiffcers and/or employees may buy or sell products as principal or agent and may effect transacitons which are not consistent with the informaiton set out in the Note. 
     Addiitonal Informaiton, including for Recipients in the United States:   
     The Note does not consittute an offer to sell or buy any ifnancial instrument and does not provide opinions, or recommendaitons with respect to securiites of an issuer or an analysis of a 
     security or an issuer. This Note is intended solely for Major U.S. Insittuitonal Investors within the meaning of Rule 15a-6 under the U.S. Securiites Exchange Act of 1934 and to such other U.S. 
     Insittuitonal Investors as DNB Markets, Inc. may determine. Distribuiton to non-Major U.S. Insittuitonal Investors will be made only by DNB Markets, Inc., a separately incorporated subsidiary 
     of DNB Bank that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securiites Investor Proteciton Corporaiton (“SIPC”). Any U.S. recipient 
     of this Note seeking to obtain addiitonal informaiton or to effect any transaciton in any security discussed herein or any related instrument or investment should contact DNB Markets, Inc., 
     30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800. 
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