US renter, EQUITY RESEARCH                                                                                                                                                                                                                                22 mars 2023 
                
               Research report prepared by DNB Markets, a division of DNB Bank ASA 
                
               Aksjemarkedet i dag 
                
                
               BANKLETTELSE GIR LØFT FØR                                                                                                                                                                             Portefølje anbefalte aksjer: 
                                                                                                                                                                                                                                        
               RENTEMØTE - NOBI, ACR & B2H                                                                                                                                                                                    -        Aker BP 
                                                                                                                                                                                                                              -        Atea 
               Politiske forsikringer om, ved behov, ytterligere støtte til banksektoren ga sammen med                                                                                                                        -        Europris 
                                                                                                                                                                                                                              -        Equinor 
               håp om en sentralbank som i dag vil åpne for mer tilbakeholdenhet med renteøkningene                                                                                                                           -        Mowi 
               fremover oppgang for det amerikanske aksjemarkedet i går. Dow var opp 1%, S&P500                                                                                                                               -        Norske Skog 
               var opp 1.3% og Nasdaq steg 1.6%. Volumet aksjer omsatt på de tre hovedindeksene                                                                                                                               -        Sparebank1 SR-Bank 
                                                                                                                                                                                                                              -        Subsea 7 
               kom inn på 101-126% av gjennomsnittet for de siste tre måneder, mens VIX-indeksen                                                                                                                                        
               samtidig var ned med 11.5% til 21.4 punkter. I Asia ser vi i morgentimene at renten på                                                                                                                         -        YTD DNB   -5.8% 
               tiårige amerikanske statsobligasjoner ligger på 3.59% og at futureskontraktene peker                                                                                                                           -        YTD OSE   -5.1% 
               mot en marginal positiv åpning for indeksene i USA i ettermiddag. Renten er dermed 2                                                                                                                  I dag 
               basispunkter over nivået ved stengetid i det norske markedet i går.                                                                                                                                    
                                                                                                                                                                                                                     Rapporter / nyheter etc Norden 
               I et gjenåpnet japansk marked ser vi at Nikkei kort før stengetid i dag er opp med 2.1%.                                                                                                               
               De viktigste kinesiske indeksene er samtidig opp inntil 1.4%. Markedsbevegelsene det                                                                                                                                    Everfuel 
                                                                                                                                                                                                                                       Kambi, konferanse 
               neste døgnet vil i stor grad bli avgjort av hvilken rentebeslutning den amerikanske                                                                                                                                     Nobia, kapitalmarkedsdag 
               sentralbanken faller ned på og ikke minst hvordan investorene tolker Fed-sjefens                                                                                                                                        Norsk Solar 
                                                                                                                                                                                                                                       Stora Enso, konferanse 
               kommunikasjon vedrørende den økonomiske situasjonen og de videre renteutsikter                                                                                                                                           
               fremover. Usikkerhetene knyttet til om det faktisk blir en renteøkning og rundt hvilke                                                                                                                Nøkkeltall Norden 
                                                                                                                                                                                                                      
               videre signaler sentralbanken vil komme med er større enn de har vært på svært lang                                                                                                                                     NO: Ledighet  
               tid. De er kl 19.00 norsk tid i dag imidlertid ventet å annonsere en renteøkning fra 4.75%                                                                                                                              NO: Laksepriser & -eksport 
               til 5%. Pressekonferansen starter en halv time senere. Allerede før åpning i dag får vi                                                                                                                                  
                                                                                                                                                                                                                     Rapporter / nøkkeltall Europa / USA  
               også KPI- og PPI-tall for UK i februar, samt oppdaterte norske ledighetstall for samme                                                                                                                  
               måned. I tillegg legger SSB i dag frem ukentlige tall for utviklingen i laksepriser og                                                                                                                                  Japan: Maskinordre  
                                                                                                                                                                                                                                       UK: KPI  
               eksportvolum. Kvartalsrapporten fra Nike fikk en avmålt mottagelse i USA sent i går                                                                                                                                     UK: PPI  
               og investorene sendte i første omgang aksjen ned med 2% i handel etter børs.                                                                                                                                            UK: Boligpriser  
                                                                                                                                                                                                                                       US: FOMC Rentemøte 
               USD-kursen har falt noe tilbake det siste halve døgnet, men foreløpige amerikanske                                                                                                                                      US: Boliglånssøknader 
                                                                                                                                                                                                                                       US: Oljelagertall 
               lagertall lagt frem i går trekker samtidig i motsatt retning.  Dette bidrar til at Brent har                                                                                                                            Genel  Energy 
               kommet ned med USD 0.13 pr fat fra i går ettermiddag og i morgentimene ligger på                                                                                                                                        KB Home 
                                                                                                                                                                                                                                       Autodesk, Investordag 
               USD 74.82 pr fat. WTI-prisen har samtidig steget med USD 0.38 pr fat og ligger i                                                                                                                                         
               øyeblikket på USD 69.17 pr fat.                                                                                                                                                                                          
                                                                                                                                                                                                                                        
               Kjøkkenleverandøren Nobia (i Norge bl.a. HTH, Norema og Sigdal) arrangerer i dag                                                                                                                                         
                                                                                                                                                                                                                                        
               kapitalmarkedsdag. Kursen stengte i går på SEK 18.43 pr aksje og er så langt i år ned                                                                                                                                    
               13%. Årlig omsetning ligger på rundt SEK 14 mrd og med utgangspunkt i en EBIT for                                                                                                                                        
               2022 på SEK 497 mill har ledelsen guidet for årlige kostnadsbesparelser på SEK 750                                                                                                                                       
                                                                                                                                                                                                                                        
               mill fra midten av 2024. Konsensus ser så langt ikke ut til å være villige til å legge disse                                                                                                                             
               besparelsene inn i estimatene, mens vi etter en gjennomgang ser 50% oppnåelse som                                                                                                                                        
                                                                                                                                                                                                                                        
               realistisk. Med forventninger om at ledelsen ved dagens kapitalmarkedsdag vil bidra til                                                                                                                                  
               at  konsensusestimatene  i  tiden  fremover  vil  følge  med  oss  oppover  løftet  vi  nylig                                                                                                                            
                                                                                                                                                                                                                                        
               anbefalingen fra Hold til Kjøp og kursmålet fra SEK 20 til SEK 27 pr aksje.                                                                                                                                              
                                                                                                                                                                                                                                        
               Inkassoaktørene Axactor og B2 Holding er blant selskapene som presenterer seg på                                                                                                                      Emisjoner, børsnoteringer o.l. 
               DNBs SMB Konferanse neste onsdag. Begge driver virksomhet i flere europeiske                                                                                                                           
               markeder, men i liten grad i overlappende geografier. Topplinjen for de to selskapene                                                                                                                          -        DNB Markets SMB konferanse 
                                                                                                                                                                                                                              -        Pågående transaksjoner 
               lå i 2022 på henholdsvis EUR 238 mill og NOK 3.5 mrd. Axactor oppnådde en EBIT på                                                                                                                              -        Om aksjehandelsløsning 
               EUR 109 mill, mens tilsvarende for B2 Holding lå på NOK 1 mrd. De løpende marginene                                                                                                                   Aktuelle podcasts/webinarer: 
               er med andre ord gode, men må også sees i lys av bokført verdi på NOK 11-14 mrd for                                                                                                                    
               selskapenes respektive fordringsporteføljer, samt en verdi av estimerte fremtidige brutto                                                                                                                      -        Shippingtoppene om 2023 
               innbetalinger på rundt NOK 25 mrd. På våre estimater for 2023 handles begge aksjene                                                                                                                                      
               med en P/E på rundt 5x. I tillegg til endringer i estimerte forventede innbetalinger på de                                                                                                            UTBYTTE er en podcast fra DNB som handler om det 
               eksisterende porteføljene er  planlagt kapitalallokering  fremover  noe som vil kunne                                                                                                                 viktigste  som  skjer  i  den  globale  økonomien  og 
                                                                                                                                                                                                                     finansmarkedene. Hør på iTunes, Spotify og Soundcloud 
               påvirke verdsettelsen. Prisen på gjeldsporteføljer overtatt fra f.eks. banker endrer seg 
               blant annet med marked, grad av sikkerhet for fordringene og rentenivå. Investeringer i                                                                                                               ANALYST 
               nye porteføljer må altså veies opp mot utbytte og tilbakekjøp av aksjer. Axactor stengte                                                                                                              Ole-Andreas Krohn 
               i går på NOK 6.40 pr aksje og her har vi en kjøpsanbefaling med et kursmål på NOK                                                                                                                     Ole-andreas.krohn@dnb.no 
               7.50 pr aksje. B2Holding stengte samtidig på NOK 7.38 pr aksje og her har vi en                                                                                                                       TLF: +47 918 59 722 
               kjøpsanbefaling med et kursmål på NOK 12.50 pr aksje.                                                                                                                                                 Please see the last page for important information. This research 
                                                                                                                                                                                                                     report was not produced in the US. Analysts employed by non-
                                                                                                                                                                                                                     US Affiliates are not registered / Qualified research analysts with 
                                                                                                                                                                                                                     FINRA in the United States                                                                   
                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                 
                           DNB Markets | US aksjeindekser og oljepris – før og etter stengetid i oslo 
                            
                           22 mars 2023 
                            
                           US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO 
                                   Index rebased
                               102.0                                                                                                                                                                                                                                                            USD per brl
                                                                                                                                                                                                                                                                                             70.0
                               101.5                                                                                                                                                                                                                                                         69.0
                                                                                                                                                                                                                                                                                             68.0
                               101.0                                                                                                                                                                                                                                                         67.0
                                                                                                                                                                                                                                                                                             66.0
                               100.5                                                                                                                                                                                                                                                         65.0
                                                                                                                                                                                                                                                                                             64.0
                               100.0                                                                                                                                                                                                                                                         63.0
                                                                                                                                                                                                                                                                                             62.0
                                                                                                                                                                                                                                                                                             61.0
                                   99.5                                                                                                                                                                                                                                                      60.0
                                                                      15                             16                              17                             18                             19                             20                             21                                                               15                       16                      17                       18                       19                      20                       21                       22
                                                                                                         Dow                                      S&P500                                             Nasdaq                                                                                                                                                                                            Axis Title
                                                                                                                                                                                                                                                                                                                                                                                        WTI Oil Price, rebased
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                           INTERNASJONALE BØRSER   RENTER                         VALUTA / RÅVARER 
                                                                                  Siste                 Endr.                            %                                                           Siste                   I går Endr.                                                                                      Siste                       I går Endr. %
                             Dow Jones                                       32,561                         316                  0.98                          USA 10år                            3.592                      3.48               0.11                 EUR/USD                                                1.077                     1.077                        0.01
                             S&P 500                                             4,003                          51               1.30                          Tyskl. 10år                         2.292                      2.11               0.18                 USD/JPY                                                132.5                     132.5                        0.03
                             NASDAQ                                          11,860                         185                  1.58                          Norge 10år 3.053                                               2.91               0.14                 USD/NOK                                            10.542                    10.549                           0.07
                             Nikkei 225                                      27,516                         572                  2.12                          USA 3m                              4.947                      4.96 -0.02                              EUR/NOK                                            11.352                    11.358                           0.05
                             Euro 500                                                 290                          4             1.31                          Euro 3m                             2.908                      2.75               0.16                                                                         Siste                     Endr. Endr. %
                             Danmark-KFX                                         1,918                          26               1.37                          Norge 3m                            3.530                      3.45               0.08                 CRB indeks                                                258                        3.02                     1.19
                             Finland-HEX                                     10,724                         212                  2.01                                                                                                                                 Brent sp. ($/bbl)        7  4.3                                                      1.20                     1.65
                             Norge-OSEBX                                         1,177                          11               0.96                                                                                                                                 Brent 1m ($/bbl)        7  5.0                                                       1.21                     1.64
                             Sverige-SAX                                              816                       10               1.30                                                                                                                                 Alum. 3m ($/ton)2  ,266.5                                                          -7.50                   -0.33
                                                                                                                                                                                                                                                                      US Nat.gass                                                 1  .9                  -0.48                -19.83  
                            
                           NORDISKE AKSJER I USA – SLUTTKURS NORDEN VS SLUTTKURS USA  
                                                                                                           Sluttkurs USA Endr.1 dag                                                                            Volum USA                                                 Sluttkurs USA,                                                        Sluttkurs Forskjell sluttkurs
                                                                                                                        (USD)                                        (USD)                                                         nnnnn                                  hjemlig valuta                                                         hjemme                                USA/hjemlig
                             Danmark
                             Novo Nordisk B                                                                            147.29                                          7.85                                            1,372,308                                                    1018.50                                                       1,006.80                                          11.70
                             GN Store Nord                                                                               62.40                                        -1.21                                                         1,413                                             143.83                                                            143.20                                       0.63
                             AP Møller Maersk                                                                            11.82                                         0.32                                                  165,117                                               16,346.82                                                  16,310.00                                             36.82
                             Finland
                             Nokia                                                                                         4.65                                        0.13                                        14,708,827                                                             4.32                                                                 4.35                                 -0.03
                             Metso Outotec                                                                                 5.08                                        0.25                                                         2,039                                               18.86                                                                  9.56                                  9.30
                             Telia                                                                                         5.09                                       -0.11                                                      25,647                                                   2.36                                                                 2.39                                 -0.03
                             UPM Kymmene                                                                                 34.71                                         1.20                                                      19,207                                                 32.23                                                              32.17                                     0.06
                             Norge
                             Frontline                                                                                   17.48                                         1.58                                            3,060,270                                                      184.27                                                            183.56                                       0.71
                             Norsk Hydro                                                                                   7.00                                        0.11                                                      41,743                                                 73.79                                                              73.58                                     0.21
                             Yara                                                                                        21.63                                         0.64                                                      12,426                                               456.11                                                            456.30                                      -0.19
                             Golden Ocean                                                                                  9.38                                        0.20                                            1,261,003                                                        98.88                                                              99.08                                    -0.20
                             Flex LNG                                                                                    33.64                                         1.34                                                  453,546                                                  354.62                                                            351.20                                       3.42
                             Equinor                                                                                     27.92                                         0.58                                            5,830,792                                                      294.32                                                            292.70                                       1.62
                             Subsea 7                                                                                    12.27                                         0.14                                                         2,212                                             129.33                                                            129.85                                      -0.52
                             Telenor                                                                                     11.62                                         0.07                                                      27,223                                               122.49                                                            122.20                                       0.29
                             Tomra                                                                                       15.58                                         0.15                                                         4,650                                             164.24                                                            164.46                                      -0.22
                             Questerre                                                                                     0.25                                        0.00                                                      65,576                                                   1.92                                                                 1.82                                  0.10
                             Orkla                                                                                         6.93                                        0.07                                                      35,364                                                 73.05                                                              73.46                                    -0.41
                             Sverige
                             AstraZeneca                                                                                 66.99                                         0.25                                            3,489,599                                                    1412.36                                                             1378.5                                      33.86
                             Electrolux                                                                                  23.54                                         0.71                                                         6,633                                             124.07                                                            121.66                                       2.41
                             Ericsson (B)                                                                                  5.39                                        0.05                                            3,488,294                                                        56.82                                                              56.15                                     0.67
                             Hennes & Mauritz                                                                              2.35                                        0.05                                                      22,723                                               123.86                                                            124.52                                      -0.66
                             Atlas Copco                                                                                 11.95                                         0.08                                                  141,066                                                  125.97                                                            123.82                                       2.15
                             SKF B                                                                                       18.95                                         0.55                                                         4,560                                             199.76                                                               195.3                                     4.46
                             Swedish Match                                                                               10.59                                        -0.01                                                         5,291                                             223.25                                                   #N/A N/A                                       #VALUE!
                             Assa Abloy                                                                                  12.19                                         0.09                                                      43,861                                               257.03                                                               252.6                                     4.43
                             Sandvik                                                                                     20.04                                         0.29                                                      50,810                                               211.25                                                               206.5                                     4.75
                             Kilde: Bloomberg, DNB Markets                                                                                                                                                                                                                                                                                                                                                                                 
                            
                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2 
                              DNB Markets |  
                               
                              22 mars 2023 
                               
                               
                              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                                                                                                                                       32,561                         316.0                                 0.98                              1.26                      -1.47                        -1.41                              -1.77                                  -6.46                                                                     16.75
                               S&P 500                                                                                                                                                       4,003                          51.3                               1.30                              2.13                        0.30                         4.72                               4.25                             -11.28                                                                        18.22
                               Nasdaq Composite                                                                                                                                           11,860                         184.6                                 1.58                              3.78                        3.07                     13.21                               13.32                               -15.94                                                                        26.26
                               Russel 2000                                                                                                                                                   1,778                          32.8                               1.88                              0.05                      -6.17                          1.35                               0.94                             -14.87                                                                        23.27
                               Amex naturgass (XNG)                                                                                                                                               492                           6.3                            1.31                            -1.06                       -3.61                        -7.56                              -8.27                                  -6.57                                                                         9.80
                               Amex Oil Service                                                                                                                                                       77                        2.6                            3.46                            -2.57                       -7.93                        -3.87                              -8.01                                  -0.53                                                                              na
                               Philadelphia oljeproduksjon (XOI)                                                                                                                             1,674                          48.4                               2.98                            -0.87                       -2.97                        -3.03                              -6.35                                    8.21                                                                             na
                               Amex farmasi (DRG)                                                                                                                                                 814                           2.4                            0.29                              1.24                      -1.35                        -6.29                              -6.20                                  -1.79                                                                     14.84
                               Nasdaq biotech                                                                                                                                                4,016                            -5.9                           -0.15                             -0.58                       -3.29                        -6.24                              -4.68                                  -4.46                                                                              na
                               Philadelphia halvleder (SOX)                                                                                                                                  3,117                              2.2                            0.07                              3.55                        7.76                     23.03                               23.09                                   -9.55                                                                     22.98
                               S&P 500 Paper & Forest (PAFO)                                                                                                                                      285                           4.6                            1.66                              0.35                      -2.60                        -6.29                              -5.55                                    6.33                                                                    10.03
                               Kilde: Bloomberg, DNB Markets
                                Råvarer og shipping                                                                                                         Siste                             I går                     Endr.                                 %1D                          %1W                             %1M                          %3M                             %YTD                                  %12M                              52W H                                   52W L
                               CRB indeks                                                                                                                   257.7                            257.7                          2.51                               0.98 -               3                                         -8.4                      -16.0                              -20.1                                  -41.4                             329.6                                   254.0
                               GS råvare indeks                                                                                                             3,170                            3,170                       28.30                                 0.90                                 46                      -140                         -231                                -326                                  -681                             4,320                                   3,062
                               Olje
                               Brent Spot                                                                                                                   74.34                            74.34                          0.00                               0.00                              0.50                      -5.37                        -6.54                           -10.63                                -40.82                             128.95                                     69.27
                               Brent olje 1m                                                                                                                75.00                            75.32                        -0.32                              -0.42                               1.31                      -5.60                        -5.98                           -10.91                                -40.48                             125.28                                     70.12
                               Brent olje 3m                                                                                                                74.62                            74.91                        -0.29                              -0.39                               1.57                      -5.46                        -6.84                           -10.65                                -33.91                             119.27                                     70.10
                               WTI olje 1m                                                                                                                  69.31                            69.67                        -0.36                              -0.52                               1.70                      -4.64                        -8.18                           -10.95                                -42.45                             123.68                                     64.12
                               Flybensin                                                                                                                812.57                                   0.00                       7.20                               0.89                        -21.37                      -54.47                    -158.81                            -193.29                                -400.17
                               Naturgass US Henry Hub                                                                                                          1.94                              1.94                     -0.23                           -10.76                               -0.70                       -0.18                        -4.06                              -1.58                                  -2.83
                               Fyringsolje                                                                                                                2  68.0                          2   69.0                       -1.03                              -0.38                               7.50 -            3                       -       4  5.2               -           6  8.2                  -           1  18.4                                   5   86.0                                2   50.2
                               Metaller
                               Aluminium 3m                                                                                                                 2,267                            2,267                                 -8                        -0.35                         -86.00                           -201                         -125                                -112                             -1,255                                3,742                                   2,081
                               Nikkel                                                                                                                   22,514                            22,514                            -283                             -1.24                     -526.00                         -4,591                       -7,077                              -7,534                                -8,866                             40,700                                  18,230
                               Kobber                                                                                                                       8,758                            8,758                               60                            0.69                        -76.00                           -443                           364                                 386                            -1,538                             10,580                                     6,955
                               Gull                                                                                                                         1,939                            1,940                                 -1                        -0.06                           20.43                            114                          146                                 115                                       17                         2,010                                   1,615
                               Shipping
                               WS AG - Japan, 250 dwt                                                                                                               98                                98                             0                         0.00                              5.00                             30                           20                                 28                                     58                              130                                         35
                               WS AG - USG, 250 dwt                                                                                                                 65                                65                             3                         4.00                              5.00                             23                           10                                 15                                     45                                  73                                      20
                               Baltic dry index                                                                                                             1,512                            1,512                        -30.0                              -1.95                         -75.00                             838                        -138                                       -3                        -1,034                                3,369                                        530
                               Kilde: Bloomberg, DNB Markets
                                Renter og valuta                                                                                                            Siste                             I går                     Endr.                                                                      1W                           1M                           3M                              YTD                                   12M                          52W H                                   52W L
                               Norge - Nibor 3m                                                                                                            3.530                             3.530                      0.040                                                                   0.27                        0.25                         0.32                                0.27                                  2.12                                3.58                                    1.20
                               USA - Libor 3m                                                                                                              4.947                             4.998                    -0.051                                                                    0.08                        0.04                         0.19                                0.18                                  4.01                                5.15                                    0.95
                               Euro - Euribor 3m                                                                                                           2.908                             2.908                      0.016                                                                0.155                       0.226                        0.806                              0.776                                  3.402                               2.978                                   0.000
                               Norge 10 år stat                                                                                                            3.053                             3.053                      0.085                                                                 -0.05                       -0.37                        -0.05                               -0.18                                   0.65                                3.82                                    2.41
                               USA 10 år stat                                                                                                              3.592                             3.609                    -0.017                                                                    0.14                      -0.32                        -0.09                               -0.28                                   1.21                                4.34                                    2.28
                               Euro 10 år stat                                                                                                             2.292                             2.292                      0.167                                                                 -0.13                       -0.24                        -0.02                               -0.28                                   1.82                                2.77                                    0.45
                               Tyskland 10 år stat                                                                                                         2.292                             2.292                      0.167                                                                 -0.13                       -0.24                        -0.02                               -0.28                                   1.82                                2.77                                    0.45
                               Japan 10 år stat                                                                                                            0.296                             0.250                      0.046                                                                 -0.03                       -0.21                        -0.10                               -0.13                                   0.08                                0.58                                    0.16
                               UK 10 år stat                                                                                                               3.367                             3.367                      0.057                                                                 -0.12                       -0.25                        -0.20                               -0.31                                   1.73                                4.64                                    1.52
                               Valuta
                               EUR/USD                                                                                                                     1.077                             1.077                      0.000                                                                0.019                       0.016                        0.017                              0.006                                -0.026                                1.119                                   0.954
                               USD/JPY                                                                                                                     132.5                             132.5                    -0.040                                                                      -1.0                        -2.4                           0.1                                1.4                                11.7                             152.0                                   120.6
                               GBP/USD                                                                                                                     1.223                             1.222                      0.002                                                                0.018                       0.019                        0.019                              0.015                                -0.103                                1.330                                   1.035
                               USD/NOK                                                                                                                  10.542                           10.549                       -0.007                                                              -0.220                         0.184                        0.665                              0.738                                  1.782                           11.011                                      8.564
                               EUR/NOK                                                                                                                  11.352                           11.358                       -0.006                                                              -0.031                         0.368                        0.886                              0.852                                  1.690                           11.482                                      9.435
                               GBP/NOK                                                                                                                  12.895                           12.885                         0.010                                                             -0.080                         0.417                        1.003                              1.030                                  1.277                           13.132                                  11.114
                               Kilde: Bloomberg, DNB Markets                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                3 
                 DNB Markets |  
                  
                 22 mars 2023 
                  
                  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
                 American Express Co                         164.56          3.7 %         -5.8 %       -14.0 %          Enphase Energy Inc                207.63          7.9 %          2.0 %         9.7 %          First Republic Bank/CA 15.77                29.5 %        -87.2 %        -90.8 %
                 NIKE Inc                                    125.61          3.6 %          4.8 %        -5.6 %          Tesla Inc                         197.58          7.8 %         -1.6 %       -40.4 %          KeyCorp                        12.76          9.3 %       -29.9 %        -47.6 %
                 Chevron Corp                                159.31          3.1 %         -0.6 %        -2.9 %          Zscaler Inc                       113.02          7.2 %       -14.5 %        -51.4 %          Comerica Inc                   48.63          9.1 %       -30.0 %        -49.4 %
                 JPMorgan Chase & Co                         130.55          2.7 %         -5.8 %        -8.5 %          Lucid Group Inc                      8.19         6.4 %       -17.9 %        -69.3 %          Truist Financial Corp          33.70          9.0 %       -28.4 %        -43.6 %
                 Goldman Sachs Group Inc/The                 317.28          2.5 %       -12.1 %         -7.5 %          Warner Bros Discovery Inc          15.09          6.0 %         -2.1 %             na         US Bancorp                     37.52          8.9 %       -21.1 %        -34.2 %
                 Walt Disney Co/The                           96.54          2.5 %         -5.1 %       -31.1 %          Datadog Inc                        69.67          5.2 %       -12.9 %        -53.1 %          SolarEdge Technologies2 9In6c.51              8.9 %         0.3 %         -8.8 %
                 Caterpillar Inc                             224.92          2.1 %         -5.5 %         1.0 %          PayPal Holdings Inc                76.72          4.8 %          1.6 %       -34.9 %          Enphase Energy Inc            207.63          7.9 %         2.0 %          9.7 %
                 Salesforce Inc                              188.68          1.9 %        15.5 %        -13.5 %          Rivian Automotive Inc              13.61          4.5 %       -28.4 %        -71.0 %          Tesla Inc                     197.58          7.8 %         -1.6 %       -40.4 %
                 Travelers Cos Inc/The                       171.75          1.8 %         -7.7 %        -6.0 %          Rivian Automotive Inc              13.61          4.5 %       -28.4 %        -71.0 %          Zions Bancorp NA               32.29          7.0 %       -34.5 %        -53.6 %
                 Visa Inc                                    221.95          1.7 %          0.9 %         1.6 %          Baker Hughes Co                    28.04          4.0 %         -6.7 %       -23.3 %          APA Corp                       35.04          6.6 %         -7.4 %       -13.5 %
                 Dow Inc                                      52.06          1.6 %         -8.7 %       -18.1 %          Diamondback Energy Inc            130.62          4.0 %         -4.9 %        -4.9 %          DISH Network Corp                9.58         6.6 %       -26.8 %        -69.7 %
                 Apple Inc                                   159.28          1.2 %          7.0 %        -5.7 %          Alphabet Inc                      105.84          3.8 %        15.3 %        -24.5 %          Paramount Global               21.25          6.3 %         -8.8 %       -43.2 %
                 Walgreens Boots Alliance Inc                 33.54          1.1 %         -7.0 %       -29.3 %          Zoom Video Communications7 1In.8c5                3.7 %         -2.1 %       -40.0 %          Charles Schwab Corp/Th5e9.47                  6.0 %       -25.7 %        -35.5 %
                 Verizon Communications Inc                   37.74          0.8 %         -3.9 %       -26.0 %          Alphabet Inc                      104.92          3.7 %        14.5 %        -25.0 %          Warner Bros Discovery In1c5.09                6.0 %         -2.1 %             na
                 Honeywell International Inc                 191.16          0.7 %         -2.2 %        -2.0 %
                 UnitedHealth Group Inc                      480.10          0.7 %         -1.8 %        -5.0 %          Bunn                               siste        1 dag         1 mnd             1 år          Bunn                           siste        1 dag         1 mnd             1 år
                 Microsoft Corp                              273.78          0.6 %          8.9 %       -10.0 %          American Electric Power Co I8n8c.90              -3.1 %         -2.1 %        -6.7 %          Atmos Energy Corp             110.21         -4.1 %         -4.7 %        -3.5 %
                 International Business Machine              126.57          0.5 %         -3.4 %        -1.9 %          Applied Materials Inc             120.40         -2.9 %          9.0 %       -11.1 %          Consolidated Edison Inc93.19                 -3.8 %         0.8 %          4.4 %
                 Home Depot Inc/The                          289.43          0.1 %         -2.3 %       -12.2 %          Xcel Energy Inc                    65.50         -2.8 %         -1.8 %        -5.4 %          Digital Realty Trust Inc       97.83         -3.8 %         -8.3 %       -29.3 %
                 Johnson & Johnson                           153.89          0.0 %         -2.5 %       -12.1 %          Exelon Corp                        40.68         -2.7 %         -2.8 %        -6.8 %          Alliant Energy Corp            52.01         -3.3 %         -2.3 %       -13.2 %
                 3M Co                                       104.29          0.0 %         -4.3 %       -30.4 %          Intel Corp                         28.46         -2.4 %        11.7 %        -41.2 %          CMS Energy Corp                59.95         -3.1 %         -1.4 %       -10.5 %
                 Boeing Co/The                               204.70          0.0 %         -0.5 %         7.2 %          Moderna Inc                       152.10         -1.6 %         -3.8 %       -18.5 %          CenterPoint Energy Inc         28.24         -3.1 %         -2.1 %        -4.2 %
                 McDonald's Corp                             270.21         -0.2 %          0.6 %        13.5 %          KLA Corp                          385.06         -1.3 %          1.9 %         6.7 %          American Electric Power C88o. 9In0c          -3.1 %         -2.1 %        -6.7 %
                 Merck & Co Inc                              105.54         -0.3 %         -3.3 %        33.1 %          Lam Research Corp                 507.36         -1.2 %          6.3 %        -7.2 %          NiSource Inc                   26.98         -3.0 %         -2.3 %       -10.7 %
                 Walmart Inc                                 140.42         -0.3 %         -2.6 %        -2.4 %          Broadcom Inc                      636.75         -1.1 %        10.5 %          4.2 %          Applied Materials Inc         120.40         -2.9 %         9.0 %        -11.1 %
                 Coca-Cola Co/The                             60.32         -0.5 %          0.6 %        -0.8 %          Advanced Micro Devices Inc 95.93                 -0.9 %        25.2 %        -16.4 %          Xcel Energy Inc                65.50         -2.8 %         -1.8 %        -5.4 %
                 Cisco Systems Inc                            50.67         -0.5 %          2.8 %        -9.8 %          Amgen Inc                         232.95         -0.8 %         -1.4 %        -1.5 %          WEC Energy Group Inc 91.91                   -2.8 %         0.8 %         -3.6 %
                 Procter & Gamble Co/The                     144.08         -0.7 %          2.5 %        -5.1 %          Monster Beverage Corp             103.79         -0.7 %          1.4 %        27.7 %          Pinnacle West Capital Co7rp7.40              -2.8 %         5.2 %          5.4 %
                 Amgen Inc                                   232.95         -0.8 %         -1.4 %        -1.5 %          Biogen Inc                        266.15         -0.7 %         -2.3 %        26.2 %          Entergy Corp                  103.15         -2.8 %         -4.0 %        -6.0 %
                                                                                                                         ASML Holding NV                   642.13         -0.6 %          2.9 %        -6.8 %          Dominion Energy Inc            54.09         -2.8 %         -6.3 %       -33.8 %  
                 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
                 Energi og relatert utstyr                        4.3%          -8.3%           -7.3%          -2.1%         -11.0%            12.6        Finansieringsselskaper                                     4.6%           -4.7%           4.2%         -12.7%           4.4%             11.0
                 Bank                                             3.6%         -17.0%         -10.2%         -29.8%          -12.2%              8.4       Banker                                                     3.7%           -9.7%           5.7%           5.2%           6.1%              6.7
                 Olje og gass                                     3.4%          -2.6%           -4.4%           7.8%          -7.9%              9.3       Forsikring                                                 2.9%           -4.8%          -0.8%          -1.9%           0.0%              9.7
                 Fritidsutstyr                                    2.8%         -13.7%         -13.8%         -44.2%          -18.5%            11.5        Energi                                                     2.4%           -6.6%          -4.4%         11.1%           -3.1%              5.9
                 Luftfart                                         2.8%          -8.8%            1.2%        -14.4%            3.0%              6.9       Biler og komponenter                                       2.0%           -3.2%         15.9%            5.9%          15.0%              6.1
                 Bygg og anlegg                                   2.8%           8.9%          13.3%          24.6%          13.4%             23.0        Kapitalvarer                                               1.8%           -1.2%         10.4%            0.6%          10.5%             17.8
                 Bildeler                                         2.1%          -4.6%          21.2%            0.3%         18.7%             17.6        Hotell-, underholdnings- og restaurantvirksom1h.e6t%                      -0.7%           9.5%           8.6%          11.0%             22.8
                 Forsikring                                       2.0%          -7.2%           -6.2%          -5.6%          -6.7%            12.5        Media                                                      1.5%           -1.9%           9.3%          -4.9%           9.6%             15.6
                 Elektrisk utstyr                                 1.9%          -1.1%            1.5%          -7.2%           0.4%            21.6        Transport                                                  1.5%            2.1%         16.1%           -5.6%          15.1%             18.1
                 Maskiner                                         1.7%          -3.9%           -0.2%           2.0%          -0.3%            16.3        Mat- og apotekhandel                                       1.3%           -1.3%           6.5%         -12.0%           8.9%             13.5
                 Papir- og skogprodukter                          1.7%          -2.6%           -6.3%        -13.7%           -5.5%            10.2        Programvare og tjenester                                   1.2%            1.9%         12.9%           -4.4%          13.9%             23.0
                 Media                                            1.6%          -4.4%            6.9%        -25.0%            5.6%            10.9        Forbruksvarer og klær                                      1.0%           -1.1%         17.6%          12.4%           17.6%             26.1
                 Helseartikler                                    1.4%           1.5%            2.5%        -13.6%            1.8%            25.3        Legemiddelindustri og bioteknologi                         0.7%           -4.1%          -2.6%          -3.2%          -1.7%             15.7
                 Metall                                           1.2%          -4.9%            3.7%        -22.0%            5.2%            14.5        Detaljhandel                                               0.6%           -4.2%           6.7%           7.6%           5.5%             28.5
                 Datamaskiner og tilbehør                         1.2%           6.5%          20.0%           -6.5%         21.9%             25.9        Helsevern - utstyr og tjenester                            0.6%           -3.8%           3.6%         -20.6%           2.7%             18.3
                 Hotell og restaurant                             1.2%          -1.2%            9.7%           3.5%           9.1%            25.3        IT utstyr                                                  0.6%           -3.0%          -2.1%         -23.3%          -1.6%             13.6
                 Kjemikalier                                      1.2%          -2.6%           -0.9%          -5.0%          -0.5%            17.3        Forsyningsselskaper                                        0.3%           -0.4%           2.7%          -2.4%           3.5%             13.8
                 Industrielle konglomerater                       1.2%           1.5%            3.2%          -1.4%           2.3%            22.1        Husholdningsvarer og personlige produkter 0.3%                            -1.3%           4.4%           7.6%           5.1%             20.9
                 Elektronisk utstyr og instrumenter               1.2%          -1.6%            5.3%          -7.0%           4.2%            19.9        Telekommunikasjon og tjenester                             0.3%           -0.6%         14.5%           -4.5%          15.3%             13.9
                 Programvare                                      1.0%           7.6%          15.6%           -9.8%         14.7%             28.7        Materialer                                                 0.2%           -6.1%           0.1%         -12.3%           0.3%             11.9
                 Informasjonsteknologi                            0.8%           6.4%          16.3%           -8.3%         16.4%             25.4        Kommersielle tjenester og leveranser                       0.1%           -2.1%           5.5%          -6.9%           6.4%             20.6
                 Diversifiserte telekomtjenester                  0.6%          -4.4%           -1.0%        -16.3%           -2.9%              7.9       Drikkevarer, mat og tobakk                                -0.2%           -2.1%           0.1%          -3.9%           1.1%             17.2
                 Kommunikasjonsutstyr                             0.2%           5.1%          10.1%           -4.0%           9.2%            15.6        Eiendomsselskaper                                         -0.9%         -12.0%           -2.8%         -39.9%          -3.5%             11.2
                 Matvarer                                         0.2%          -1.5%           -5.0%           4.2%          -4.7%            17.0
                 Bioteknologi                                     0.0%           0.4%           -6.6%           4.4%          -4.6%            15.9
                 Drikkevarer                                     -0.1%           0.3%           -3.1%           3.8%          -3.1%            23.5
                 Farmasi                                         -0.2%          -2.7%         -10.5%           -3.8%         -10.2%            14.7
                 Eiendom                                         -0.7%          -5.7%           -2.0%        -22.5%           -2.2%            35.5
                 Husholdningsartikler                            -0.7%           1.5%           -5.1%          -3.8%          -4.5%            24.6
                 Kraft                                           -1.9%          -0.3%           -6.5%          -4.8%          -7.0%            17.8                                                                                                                                                        
                 Kilde: Bloomberg, DNB Markets                                                                                                             Kilde: Bloomberg, DNB Markets
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                                                                                                                                                                                                                                                                                                                              4 
         DNB Markets |  
          
         22 mars 2023 
          
          
         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 |  
               
              22 mars 2023 
               
               
               
              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 |  
           
          22 mars 2023 
           
           
          ETF / ETP                                                                            Endring i %
                                  Navn                                       Kurs        1 dg        5 dg      1 mnd     Valuta    Verdi (gjennomsnitt)
          Aksjer / Indekser                                                                                                              (siste 5 dager)
          Oil Service             OIH                                      275.25       3.7 %      -2.9 %      -7.6 %     USD              241,498,368
          Energi                  XLE                                       80.39       3.5 %      -1.7 %      -3.7 %     USD             1,719,772,928
          Finansielle tjenester   XLF                                       31.96       2.5 %      -1.0 %     -10.2 %     USD             1,767,309,184
          AEX-Nederland           IAEX                                   6476.50        2.3 %      -0.1 %      -2.4 %      GBp               13,436,810
          S&P Euro 350            IEV                                       48.41       1.9 %       0.0 %      -1.3 %     USD                24,913,412
          DAX                     DAXEX                                    128.44       1.9 %       0.2 %      -0.9 %     EUR                 2,860,118
          Russell 2000            IWM                                      176.65       1.8 %       0.1 %      -6.0 %     USD             4,802,775,040
          S&P Midcap 400          MDY                                      448.28       1.8 %       0.0 %      -5.7 %     USD              362,099,392
          Russell 2000 Growth IWO                                          223.13       1.8 %       0.3 %      -3.9 %     USD              107,812,776
          FTSE 100                ISF                                      737.20       1.7 %      -1.7 %      -4.8 %      GBp            2,038,173,000
          CAC-40                  CAC                                       70.04       1.4 %      -0.3 %      -2.4 %     EUR                 3,360,889
          Dow Jones Total markeSPTt   M                                     49.19       1.4 %       1.6 %      -0.4 %     USD                29,472,458
          Nasdaq 100              QQQ                                      310.34       1.4 %       4.4 %       5.5 %     USD           16,389,680,128
          S&P 500                 SPY                                      398.91       1.3 %       1.8 %       0.1 %     USD           35,511,345,152
          Latin-America 40        ILF                                       22.89       1.3 %      -1.3 %      -5.6 %     USD                19,136,418
          Industri                XLI                                       98.68       1.2 %      -0.8 %      -1.7 %     USD             1,201,814,016
          DJIA                    DIA                                      325.62       1.0 %       1.1 %      -1.5 %     USD             1,316,072,832
          Emerging Markets        EEM                                       38.09       0.9 %       0.4 %      -2.3 %     USD             1,434,523,008
          Teknologi USA           XLK                                      144.69       0.8 %       3.6 %       6.2 %     USD              980,622,976
          Japan                   EWJ                                       56.87       0.6 %       1.4 %       1.7 %     USD              260,104,640
          TecDax                  TDXPEX                                    28.99       0.5 %      -0.2 %       0.4 %     EUR                   104,949
          Pacific ex-Japan        EPP                                       42.51       0.4 %      -0.8 %      -3.8 %     USD                24,210,996
          Hong Kong               EWH                                       20.00       0.4 %      -2.2 %      -3.8 %     USD                65,486,220
          Brasil                  EWZ                                       26.25       0.2 %      -1.5 %      -6.9 %     USD              668,691,328
          Bioteknologi            IBB                                      126.00       0.1 %      -0.7 %      -2.6 %     USD              206,520,912
          Forbruksvarer           XLP                                       72.70      -0.1 %       0.8 %      -0.8 %     USD              805,987,392
          Forsyningstjenester     XLU                                       65.65      -2.0 %      -0.9 %      -1.9 %     USD              857,550,208
          Olje / Energi
          Naturgass               UNG                                        7.73       3.6 %      -9.8 %       2.0 %     USD              198,067,536
          WTI-olje                CRUD                                       7.97       3.5 %      -6.1 %      -7.8 %     USD                 2,532,967
          WTI-olje                CRUDP                                      7.41       2.8 %      -6.7 %      -8.5 %     EUR                   789,261
          WTI-Oil                 USO                                       61.23       2.4 %      -2.7 %      -5.7 %     USD              223,126,592
          Brent-olje              BNO                                       24.99       2.0 %      -2.8 %      -6.1 %     USD                 8,680,522
          Bensin                  UGAS                                      43.90       0.3 %      -3.1 %      -1.5 %     USD                    55,357
          Fyringsolje             HEAT                                      19.24       0.1 %      -4.9 %      -4.6 %     USD                    86,035
          Metaller
          Bomull                  COTN                                       2.80       1.2 %      -4.5 %      -5.8 %     USD                    30,219
          Kobber                  COPA                                      35.26       0.9 %      -0.6 %      -4.0 %     USD                 1,353,963
          Aluminium               ALUM                                       3.08      -0.4 %      -3.6 %      -6.5 %     USD                   166,489
          Sølv                    SLV                                       20.54      -0.7 %       3.3 %       4.0 %     USD              364,898,464
          Sink                    ZINC                                       9.27      -1.2 %      -1.8 %      -6.2 %     USD                    77,795
          Nikkel                  NICK                                      20.88      -1.4 %      -2.5 %     -14.4 %     USD                   234,861
          Andre råvarer
          Kaffe                   COFF                                       1.12       1.4 %       1.7 %      -7.2 %     USD                    93,882
          Sukker                  SUGA                                      11.35       1.3 %       0.5 %       4.2 %     USD                    34,740
          Råvarer                 DBC                                       22.85       0.4 %      -1.6 %      -3.1 %     USD                41,942,068
          Kveg                    CATL                                       5.72       0.0 %      -1.3 %      -2.1 %     USD                      2,419
          Mais                    CORN                                       1.26      -0.1 %       1.7 %      -6.7 %     USD                    20,675
          Soyabønner              SOYB                                      30.35      -0.4 %      -0.6 %      -3.6 %     USD                    22,336
          Svinekjøtt              HOGS                                       0.35      -1.1 %     -10.3 %     -10.0 %     USD                      4,509
          Hvete                   WEAT                                       0.67      -2.1 %      -2.1 %      -8.7 %     USD                   114,981
          Råvarekurver
          Energi                  AIGE                                       3.49       1.4 %      -6.5 %      -6.2 %     USD                   185,661
          Softs (Sukker, Kakao, BoAIGmSull)                                  4.65       1.4 %       0.2 %      -2.8 %     USD                      3,548
          Råvarer (ETN)           GSG                                       19.21       1.0 %      -1.8 %      -4.0 %     USD                15,354,315
          Råvarer                 AIGC                                      10.67      -0.1 %      -2.8 %      -3.7 %     USD                    51,500
          Industrimetaller        AIGI                                      15.15      -0.2 %      -1.8 %      -6.6 %     USD                   595,108
          Buskap                  AIGL                                       2.27      -0.4 %      -4.4 %      -4.9 %     USD                        837
          Landbruk                AIGA                                       6.57      -0.4 %      -0.4 %      -5.3 %     USD                   357,917
          Korn                    AIGG                                       4.63      -0.7 %       0.1 %      -5.8 %     USD                    18,780
          Kilde: Bloomberg / DNB Markets                                                                                                                  
           
           
                                                                                                                                                                                       7 
        DNB Markets |  
         
        22 mars 2023 
         
        Rapportkalender
                                                                           Konsensus                       DNB
             Dato     Selskap                           Marked           EBITDAe      EPSe       EBITDAe      EPSe    Utbytte
           23-Mar     NTS ASA                           Oslo                  na         na           na         na   Annual
                      Norway Royal Salmon ASA           Oslo                 169       1.98          314         na   Annual
           28-Mar     Rizzo Group AB                    Stockholm             na         na           na         na   Irreg
           29-Mar     Dustin Group AB                   Stockholm            260       0.79           na         na   Annual
           30-Mar     Stolt-Nielsen Ltd                 Oslo                 202       2.01           na         na   Semi-Anl
                      H & M Hennes & Mauritz AB         Stockholm          4,323       -0.58       3,932       -0.65  Semi-Anl
                      Puuilo Oyj                        Helsinki              13       0.09           na         na   Irreg
           31-Mar     RAK Petroleum PLC                 Oslo                  na         na           na         na   None
                      Atlantic Petroleum P/F            Oslo                  na         na           na         na   na
             5-Apr    EnQuest PLC                       Stockholm             na       0.05           na         na   None
                      Industrivarden AB                 Stockholm          8,219      29.49           na         na   Annual
                      Industrivarden AB                 Stockholm          8,219      29.49           na         na   Annual
                      Seadrill Ltd                      Oslo                 227       -0.32          na         na   None
            13-Apr    Chr Hansen Holding A/S            Copenhagen           115       0.48          107       0.00   Annual
                      Oceanteam ASA                     Oslo                  na         na           na         na   None
            14-Apr    Atrium Ljungberg AB               Stockholm            440       2.10          433       1.80   Irreg
            18-Apr    Nilorngruppen AB                  Stockholm             30         na           na         na   Annual
                      Profilgruppen AB                  Stockholm             na         na           na         na   Annual
                      HMS Networks AB                   Stockholm            173       2.48          187       2.67   Annual
                      Investment AB Oresund             Stockholm             na         na           na         na   Semi-Anl
                      Telefonaktiebolaget LM Ericsso    Stockholm          6,391       0.72        6,506       0.82   Semi-Anl
                      Telefonaktiebolaget LM Ericsso    Stockholm          6,391       0.72        6,506       0.82   Semi-Anl
            19-Apr    Note AB                           Stockholm            121       2.60           na         na   Irreg
                      Platzer Fastigheter Holding AB    Stockholm            257       0.47           na         na   Semi-Anl
                      Mangold AB                        Stockholm             na         na           na         na   Annual
            20-Apr    Dedicare AB                       Stockholm             40       2.58           na         na   Annual
                      AQ Group AB                       Stockholm             na         na           na         na   Annual
                      Bufab AB                          Stockholm             na       5.00          293       4.17   Irreg
                      FastPartner AB                    Stockholm             na         na           na         na   Quarter
                      Olvi Oyj                          Helsinki              11       0.11           na         na   Semi-Anl
                      Linc AB                           Stockholm             na         na           na         na   None
                      Nordic Semiconductor ASA          Oslo                  21       0.04           47       0.15   Irreg
                      Kinnevik AB                       Stockholm          1,471       5.19           na         na   Irreg
                      Rejlers AB                        Stockholm            123         na           na         na   Annual
                      Hansa Biopharma AB                Stockholm             na       -3.31          na         na   None
                      Kinnevik AB                       Stockholm          1,471       5.19           na         na   Irreg
                      Husqvarna AB                      Stockholm          1,849       2.22           na       2.22   Semi-Anl
                      Husqvarna AB                      Stockholm          1,849       2.22           na       2.22   Semi-Anl
                      Elisa Oyj                         Helsinki             180       0.56           na       0.55   Annual
                      Nokia Oyj                         Helsinki             712       0.07          924       0.11   Quarter
                      Tryg A/S                          Copenhagen            na       1.75           na       0.00   Quarter
                      BE Group AB                       Stockholm            295       9.79           na         na   Semi-Anl
                      Nokia Oyj                         Stockholm            712       0.07          924       0.11   Quarter
                      Arjo AB                           Stockholm            431       0.32          434       0.31   Annual
                      Awilco Drilling PLC               Oslo                  na         na           na         na   Quarter
            21-Apr    Alma Media Oyj                    Helsinki              21       0.18           na         na   Annual
                      Duni AB                           Stockholm             na         na           na         na   Irreg
                      Fenix Outdoor International AG    Cboe DXE              na         na           na         na   Annual
                      Munters Group AB                  Stockholm            396       1.00           na         na   Annual
                      Castellum AB                      Stockholm          1,424       2.79        1,462       2.82   Quarter
                      Autoliv Inc                       Stockholm            224       0.86          219       0.75   Quarter
                      Elanders AB                       Stockholm            462       2.26           na         na   Annual
                      Investor AB                       Stockholm         40,840      14.24           na         na   Semi-Anl
                      Sandvik AB                        Stockholm          7,048       3.13        7,565       3.16   Annual
            24-Apr    Nederman Holding AB               Stockholm            208       2.81           na         na   Annual
                      Enento Group Oyj                  Helsinki              14       0.22           na         na   Irreg     
         
         
         
         
                                                                                                                                                8 
          DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2023 
           
          22 mars 2023 
           
          UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2023 
                                                                                                                  Forventet
           Selskap                                      Utbytte                Valuta     Utbyttefrekvens     Eks. dato Utbetaling
           Hunter Group                                   0.51                  NOK       Irreg                 23-Jan      26-Jan
           Hunter Group (2)                               1.80                  NOK       Irreg                 30-Jan       7-Feb
           Protector Forsikring ASA                       6.00                  NOK       Annual                 8-Feb     15-Feb
           Odfjell SE                                     0.61                  USD       Semi-annual           13-Feb     21-Feb
           DNO ASA                                        0.25                  NOK       Semi-Anl              14-Feb     22-Feb
           Arendals Fossekompani A/S                      0.95                  NOK       Semi-Anl              14-Feb     22-Feb
           Western Bulk Chartering                        3.00                  NOK       Annual                14-Feb     22-Feb
           Hoegh Autoliners  ASA                          0.23                  USD       Quarter               15-Feb      23-Mar
           Aker BP ASA                                    0.55                  USD       Quarter               15-Feb     23-Feb
           Rana Gruber                                    3.00                  NOK       Quarter               17-Feb       1-Mar
           Klaveness Combination Carriers                 0.30                  USD       Quarter               21-Feb       6-Mar
           FLEX LNG Ltd                                   1.00                  USD       Quarter               22-Feb       7-Mar
           Awilco LNG                                     0.50                  NOK       Irreg                 23-Feb       9-Mar
           Vår Energi                                     1.23                  NOK       Quarter               24-Feb       3-Mar
           Golden Ocean Group Ltd                         0.20                  USD       Quarter               27-Feb     27-Feb
           Standard Supply                                0.10                  NOK       Irreg                 28-Feb       3-Mar
           Belships ASA                                   0.75                  NOK       Irreg                 28-Feb      14-Mar
           OKEA ASA                                       1.00                  NOK       Quarter                2-Mar      15-Mar
           BW Epic                                        0.04                  USD       Semi-Anl               2-Mar      13-Mar
           Cool Company Ltd                               0.40                  USD       Irreg                  2-Mar      10-Mar
           Gram Car Carriers                              0.17                  USD       Quarter                3-Mar       9-Mar
           BW LPG Ltd                                     5.40                  NOK       Quarter                3-Mar      17-Mar
           AMSC ASA                                       0.12                  USD       Quarter                6-Mar      15-Mar
           Mintra Holding                                 1.75                  NOK       Annual                 7-Mar      14-Mar
           Panoro Energy ASA                              0.26                  NOK       Irreg                  8-Mar      16-Mar
           Avance Gas Holding Ltd                         0.50                  USD       Quarter                8-Mar      16-Mar
           Aurskog Sparebank                             10.00                  NOK       Annual                 9-Mar      22-Mar
           Noram Drilling                                 1.10                  NOK       Monthly               10-Mar      17-Mar
           Holand og Setskog Sparebank                    7.00                  NOK       Annual                10-Mar      24-Mar
           Okeanis Eco Tankers                            1.25                  USD       Quarter               10-Mar      17-Mar
           Frontline Ltd/Bermuda                          1.07                  USD       Quarter               15-Mar      31-Mar
           Treasure ASA                                   0.60                  NOK       Annual                17-Mar     11-May
           Melhus Sparebank                              11.00                  NOK       Annual                17-Mar      29-Mar
           Aasen Sparebank                                6.50                  NOK       Annual                17-Mar      24-Mar
           2020 Bulkers                                   0.01                  USD       Monthly               21-Mar      30-Mar
           MPC Container Ships AS                         0.15                  USD       Quarter               23-Mar      30-Mar
           Sparebanken Vest                               5.50                  NOK       Annual                23-Mar      31-Mar
           SpareBank 1 Søre Sunnmøre                      6.07                  NOK       Annual                23-Mar      30-Mar
           Gjensidige Forsikring ASA                      8.25                  NOK       Annual                24-Mar      31-Mar
           Skue Sparebank                                12.50                  NOK       Annual                24-Mar       5-Apr
           Sparebanken Øst                                3.80                  NOK       Annual                24-Mar       4-Apr
           TietoEVRY Oyj                                  0.73                  EUR       Semi-Anl              24-Mar       5-Apr
           SpareBank 1 Ringerike Hadeland                13.10                  NOK       Annual                28-Mar       5-Apr
           Sandnes Sparebank                              6.05                  NOK       Annual                29-Mar      13-Apr
           SpareBank 1 SMN                                6.50                  NOK       Annual                29-Mar      11-Apr
           Ecit                                           0.04                  NOK       Annual                29-Mar      13-Apr
           Sparebank1 Helgeland                          10.26                  NOK       Annual                30-Mar      17-Apr
           Romerike Sparebank                             6.70                  NOK       Annual                30-Mar      12-Apr
           Romsdal  Sparebank                             8.65                  NOK       Annual                30-Mar      12-Apr
           Sparebanken Møre                               4.00                  NOK       Annual                30-Mar      12-Apr
           Pareto Bank ASA                                3.86                  NOK       Annual                31-Mar      12-Apr
           Jæren Sparebank                               12.50                  NOK       Annual                31-Mar      13-Apr
           Pioneer Property                               2.50                  NOK       Quarter               31-Mar      12-Apr
           SpareBank 1 Nord Norge                         8.20                  NOK       Semi-Anl              31-Mar      17-Apr
           Sparebank1 Sørøst-Norge                        2.60                  NOK       Annual                31-Mar      13-Apr
           Sparebank 1 Østfold Akershus                  17.80                  NOK       Annual                31-Mar      12-Apr
           Sparebank 1 Østlandet                          6.80                  NOK       Annual                31-Mar      12-Apr
           Sparebanken Sør                                6.00                  NOK       Annual                31-Mar      13-Apr
           Totens Sparebank                              11.00                  NOK       Annual                31-Mar      14-Apr
           SpareBank 1 SR-Bank ASA                        7.00                  NOK       Annual                14-Apr      21-Apr
           Multiconsult ASA                               9.00                  NOK       Annual                14-Apr      24-Apr
           Storebrand ASA                                 3.70                  NOK       Annual                14-Apr      25-Apr
           Orkla ASA                                      3.00                  NOK       Annual                14-Apr      27-Apr
           Borregaard ASA                                 3.25                  NOK       Annual                19-Apr      27-Apr
           Scatec ASA                                     1.94                  NOK       Annual                19-Apr     15-May
           Europris ASA                                   3.75                  NOK       Annual                21-Apr       2-May
           Sogn Sparebank                                10.00                  NOK       Annual                21-Apr       2-May
           Bouvet ASA                                     2.50                  NOK       Quarter               24-Apr       8-Jun
           DNB ASA                                       12.50                  NOK       Annual                26-Apr       5-May
           Entra ASA                                      2.50                  NOK       Semi-Anl              26-Apr       4-May
           ABG Sundal Collier Holding ASA                 0.50                  NOK       Annual                27-Apr       8-May
           Wallenius Wilhelmsen ASA                       0.51                  USD       Irreg                 27-Apr     10-May
           Selvaag Bolig ASA                              2.00                  NOK       Semi-Anl              27-Apr       9-May
           StrongPoint ASA                                0.90                  NOK       Annual                28-Apr     11-May
           Wilh Wilhelmsen Holding ASA                    6.00                  NOK       Semi-Anl              28-Apr     16-May 
          Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets                  
                                                                                                                                                                                                    9 
          DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2023 
           
          22 mars 2023 
           
          UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2023 
           
           Selskap                                      Utbytte               Valuta      Utbyttefrekvens    Eks. dato Utbetaling
           TOMRA Systems ASA                             1.80                  NOK        Annual                28-Apr      9-May
           Bakkafrost P/F                                10.00                 DKK        Annual                 2-May     22-May
           Elkem ASA                                     6.00                  NOK        Irreg                  2-May     10-May
           Schibsted ASA                                 2.00                  NOK        Annual                 2-May     10-May
           Elektroimportøren                             0.50                  NOK        Semi-Annual            3-May     28-Sep
           Norbit ASA                                    0.70                  NOK        Annual                 5-May     16-May
           Polaris Media ASA                             1.50                  NOK        Annual                 5-May     22-May
           Webstep AS                                    1.70                  NOK        Annual                 5-May     16-May
           Equinor ASA                                   0.90                  USD        Quarter              11-May      25-May
           Telenor ASA                                   5.00                  NOK        Semi-Anl             11-May      23-May
           Veidekke ASA                                  7.75                  NOK        Annual               11-May      24-May
           Norsk Hydro ASA                               5.65                  NOK        Annual               11-May      23-May
           Cambi  ASA                                    0.15                  NOK        Annual               11-May      22-May
           Kongsberg Gruppen ASA                         12.00                 NOK        Annual               12-May      30-May
           Kid ASA                                       3.00                  NOK        Semi-Anl             12-May      26-May
           Elopak                                        0.86                  NOK        Annual               12-May      19-May
           AF Gruppen ASA                                6.50                  NOK        Semi-Anl             15-May      25-May
           Olav Thon Eiendomsselskap ASA                 6.50                  NOK        Annual               25-May       6-Jun
           Jinhui Shipping & Transportati                0.04                  USD        Semi-Anl             25-May      16-Jun
           B2Holding ASA                                 0.20                  NOK        Annual               26-May       5-Jun
           Yara International ASA                        55.00                 NOK        Irreg                 13-Jun     22-Jun
           Måsøval                                       0.50                  NOK        Annual                15-Jun     23-Jun
           Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets                                                             
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
                                                                                                                                                                                              10 
         DNB Markets |  
          
         22 mars 2023 
          
          
          
          
         DNB ANBEFALINGER OG ESTIMATER 
          DNB KJØPSANBEFALINGER OG OPPSIDE TIL KURSMÅL                                                ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSMÅL
                                                                                                                                                             
                    Sinch                                                                     -90.9 %                                                           SAS
                  Meltwater                                                                                  -67.7 %                                            Awilco Drilling
                 Seaway 7                                                                                                      -40.2 %                          Nel
          Nykode Therapeutics                                                                                                      -33.7 %                      PGS
                   Storytel                                                                                                               -23.2 %               AF Gruppen
                  Targovax                                                                                                                       -12.7 %        Tomra
                 Ultimovacs
                    Boozt                                                                                                                            -8.0 %     Archer
                  Alvotech                                                                                                                            -5.3 %    Norsk Hydro
              Vicore Pharma                                                       196.6 %                                                                -1.9 % Hufvudstaden
                 GN Group                                                      182.7 %                                                                   -1.6 % Scatec
                Lyko Group                                                     182.3 %                                                                          0.0 %
             Atlantic Sapphire                                                178.6 %                                                                           0.0 %
               GreenMobility                                               168.5 %                                                                              0.0 %
                   Vitrolife                                             162.1 %                                                                                0.0 %
                   Vimian                                               159.5 %                                                                                 0.0 %
             Embracer Group                                             157.7 %                                                                                 0.0 %
                   Crayon                                              154.0 %                                                                                  0.0 %
                  Carasent                                            151.4 %                                                                                   0.0 %
                 Physitrack                                          147.9 %                                                                                    0.0 %
               Oncopeptides                                          146.7 %
                                                                                                                                                                0.0 %
               Grieg Seafood                                         146.2 %
          Nordic Semiconductor                                      143.0 %                                                                                     0.0 %
               Viaplay Group                                       140.7 %                                                                                      0.0 %
         The Kingfish Company                                     138.5 %                                                                                       0.0 %
                  Securitas                                       136.4 %                                                                                       0.0 %
             Byggfakta Group                                      136.0 %                                                                                       0.0 %
           Gentian Diagnostics                                   135.0 %                                                                                        0.0 %
                Safe Bulkers                                     134.7 %                                                                                        0.0 %
                   Millicom                                      133.3 %                                                                                        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 
                90%                                                                                           Hunter Group              HOLD
                80%                                                                                           MPC Container Ships         BUY
                70%                                                                                           A. P. Møller Mærsk        HOLD
                60%                                                                                           Western Bulk Chartering   HOLD
                50%                                                                                           Star Bulk                   BUY
                40%                                                                                           2020 Bulkers                BUY
                30%                                                                                           Genco Shipping & Trading    BUY
                20%                                                                                           Golden Ocean                BUY
                10%                                                                                           Elmera Group              HOLD
                                                                                                              Yara                        BUY
                 0%                                                                                           Elkem                       BUY
                                                                                                              Rana Gruber                 BUY
                                                                                                              Eagle Bulk Shipping         BUY
                                                                                                              Klaveness Combination CarrieBUrsY
                                                                                                              SSAB                        BUY
                                                                                                                                                           
         Kilde: DNB Markets, FactSet, Bloomberg 
          
          
          
                                                                                                                                                                             11 
         DNB Markets |  
          
         22 mars 2023 
          
          
          
         UKESPORTEFØLJE ANBEFALTE AKSJER  
         Selskap                         Dato inn    Kurs inn    Utbytte       Kurs     %Uke     Avkast. %     % YTD        Anbefaling  Kursmål
         Aker BP                           2. jan.      309.4                   253       5.2      -18.2                      Kjøp        370
         Subsea 7                          2. jan.      113.6                   130       6.6      14.3                       Kjøp        180
         Equinor                           2. jan.      353.4        8.9        293       2.6      -14.7                      Kjøp        370
         Atea                            20. mar.       115.6                   119       2.9       2.9                       Kjøp        150
         Mowi                              2. jan.      167.1        1.7        178       4.2       7.2                       Kjøp        210
         Europris                          2. jan.       67.6                    72       4.7       6.9                       Kjøp         85
         Sparebank1 SR-Bank               13. feb.      122.2                   117       6.1      -4.0                       Kjøp        149
         Norske Skog                       6. feb.       72.8                    60       5.3      -17.7                      Kjøp        117
         Endring portefølje                                                               4.7                   -1.1
         Endring OSEBX Indeks              2. jan.     1200.2                1176.5       3.3                   -1.8
         *Endringer i ukesporteføljen gjøres hver manAdag 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.  
         Kilde: DNB Markets, Infront, Bloomberg                                                                                                   
          
         FORETRUKNE AKSJER, ENKELTSEKTORER 
          
          
         Sektor                Selskap                       Dato anb.   Kurs anb.   Utbytte       Kurs              Avkastn. %               Anbefaling  Kursmål
         Sjømat                Salmar                           3. jan.     388.6                 420.0                8.1                       Kjøp       525
                               Austevoll Seafood              29. des.       88.5                  85.7               -3.2                       Kjøp       114
                               Mowi                           29. des.      166.2                 177.5                6.8                       Kjøp       210
                               Icelandic Salmon                 2. jan.     150.0                 146.0               -2.7                       Kjøp       190
         IT / Teknologi        Nokia                          23. des.         4.4                  4.4               -0.3                       Hold        5
                               Evolution                      30. des.     1018.4                1291.2               26.8                       Kjøp       1700
                               Nordic Semiconductor           30. des.      164.4                 160.0               -2.6                       Kjøp       230
                               Sinch                          30. des.       41.6                  28.8               -30.8                      Kjøp        70
                               Fortnox                        30. des.       41.6                  63.2               51.9                       Kjøp        78
         Energi / Shipping     Panoro                           2. jan.      28.6                  26.0               -9.3                       Kjøp        41
                               Noble                          30. des.       37.7                  39.8                5.4                       Kjøp        50
                               Genco Shipping                 30. des.       15.4                  15.6                1.6                       Kjøp       27.4
         Finans                Sparebank1 SMN                 15. des.      116.1                 126.0                8.6                       Kjøp       155
                               Storebrand                     30. des.       85.5                  77.6               -9.3                       Kjøp       109
                               Svenska Handelsbanken            2. jan.     106.2                  97.6               -8.0                       Kjøp       145
         Forbruker             Essity                         19. des.      272.9                 289.7                6.2                       Kjøp       310
                               Otovo                          30. des.       20.0                  11.8               -40.7                      Kjøp        21
                               Dometic                        30. des.       67.9                  55.3               -18.6                      Kjøp        85
                               Pandora                          2. jan.     500.4                 608.0               21.5                       Kjøp       775
         Entrepenør / Eiendom Veidekke                        30. des.       96.8                 113.0               16.7                       Kjøp       130
                               Catena                           2. jan.     402.8                 389.8               -3.2                       Kjøp       450
         Helse                 Ultimovacs                     30. des.      109.4                 105.4               -3.7                       Kjøp       200
                               BioArctic                      30. des.      284.0                 241.8               -14.9                      Kjøp       430
                               Novo Nordisk                   30. des.      942.1                1006.8                6.9                       Kjøp       1130
         Industri              Cargotec                       15. des.       40.8                  44.5                9.0                       Kjøp        57
                               Assa Abloy                     16. des.      229.0                 252.6               10.3                       Kjøp       315
                               Autoliv                        20. des.      786.6                 923.8               17.4                       Kjøp       1070
                               Alfa Laval                       2. jan.     302.6                 348.4               15.1                       Hold       370
                               Bufab                            2. jan.     239.0                 263.0               10.0                       Kjøp       340
                               Securitas                        2. jan.      89.1                  84.8               -4.9                       Kjøp       150
         Råvarer               Yara                           16. des.      429.1                 456.3                6.3                       Kjøp       525
                               Norske Skog                    30. des.       67.3                  59.9               -10.9                      Kjøp       117
                               UPM                            16. des.       34.9                  32.2               -7.7                       Kjøp        48
                               Kilde: DNB Markets, Infront, Bloomberg                                                                                               
          
                                                                                                                                                                 12 
     DNB Markets | aksjekurser og relevante markedspriser (I NOK), siste 2 år 
      
     22 mars 2023 
      
     AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2 ÅR 
                100                           40,000       700                            10,000
                90                            35,000       600                            9,000
                80                            30,000                                      8,000
                70                                         500                            7,000
                60                            25,000                                      6,000
                                                           400
                50                            20,000                                      5,000
              KO40                                       K 300
              N                               15,000     NO                               4,000
                30                            10,000       200                            3,000
                20                                                                        2,000
                10                            5,000        100                            1,000
                 0                            0             0                             0
                         NHY    ALUM LME (NOK)                         YAR   CAN (NOK)
               450                            1,200        450                             1,200
               400                            1,000        400                             1,000
               350                                         350
               300                            800          300                             800
               250                            600          250                             600
             OK200                                       OK200
             N 150                            400        N 150                             400
               100                            200          100                             200
               50                                           50
                0                             0             0                              0
                         Aker BP BRENT (NOK)                          EQNR   BRENT (NOK)
               180                            50,000       450
               160                            45,000       400                             5,000
               140                            40,000       350
               120                            35,000                                       4,000
                                                           300
               100                            30,000       250
                                              25,000                                       3,000
             KO 80                            20,000      OK200
             N  60                                        N150                             2,000
                                              15,000
                40                            10,000       100                             1,000
                20                            5,000         50
                0                             0              0                             0
                        GOGL    Baltic Dry Index (NOK)               EQNR    Naturgass (NOK)
               400                             120.0       100                             2,400
               350                                          90                             2,200
                                               100.0                                       2,000
               300                                          80
                                               80.0                                        1,800
               250                                          70                             1,600
             K 200                             60.0      K  60                             1,400
             O                                           NO
             N 150                                                                         1,200
                                               40.0         50
               100                                                                         1,000
                                               20.0         40                             800
                50
                                                            30                             600
                0                              0.0
                 mar mai jul sep nov jan mar mai jul sep nov jan
                          MOWI    Laksepriser                         RANA   Iron ore (NOK)
                                                                                                     
      
      
                                                                                                  13 
           DNB Markets | DNB anbefalingER og estimater   
            
           22 mars 2023 
            
           DNB ANBEFALINGER OG ESTIMATER   
            Selskap                      Ticker             Anbefaling      Valuta            Kurs    Kursmål            Estimert EPS                   Estimert P/E           Estimert EV/EBITDA
                                                                                                                        2023         2024         2023           2024         2023          2024
            2020 Bulkers                 2020 NO                BUY          NOK               101       161.0          2.12         2.23         4.5x           4.3x         5.8x          5.6x
            A. P. Møller Mærsk           MAERSKB DC            HOLD          DKK           16,310      16,300        178.44      -156.81         13.2x         -15.0x         3.8x         10.9x
            ABB                          ABB SS                HOLD          SEK             344.4       370.0          1.58         1.68        19.1x          18.8x        11.9x         11.4x
            AcadeMedia AB                ACAD SS                BUY          SEK              47.8        61.0          5.20         6.71         7.7x           6.3x        11.6x          9.4x
            Addnode                      ANODB SS             NO REC         SEK             121.3                      3.25         3.96        37.3x          30.7x        18.5x         15.9x
            Adevinta                     ADE NO                 BUY          NOK              77.5       100.0          0.13         0.21        51.8x          33.6x        16.4x         13.2x
            Advanced Soltech             ASAB SS               HOLD          SEK              14.5        18.0         -0.77         0.44                                     9.6x          9.4x
            AF Gruppen                   AFG NO                SELL          NOK             146.4       105.0          9.09         9.64        16.1x          15.2x         7.9x          7.0x
            Airthings                    AIRXME NO              BUY          NOK                3.0         8.0        -0.03        -0.01         -9.7x        -29.4x         -7.9x      721.2x
            Aker ASA                     AKER NO                BUY          NOK             673.5       870.0        33.93                      19.8x                                           
            Aker Biomarine               AKBM NO               HOLD          NOK              38.1        36.0         -0.11         0.06       -33.2x          65.3x        10.7x          8.5x
            Aker BP                      AKRBP NO               BUY          NOK             253.1       370.0          4.82         3.86         5.0x           6.2x         1.0x          1.0x
            Aker Horizons                AKH NO               NO REC         NOK                9.3                                                                                              
            Aker Solutions               AKSO NO                BUY          NOK              39.7        45.0          4.01         5.14         9.9x           7.7x         5.0x          3.9x
            Alfa Laval                   ALFA SS               HOLD          SEK             348.4       370.0        15.42        16.48         22.5x          21.1x        13.0x         12.4x
            Alimak                       ALIG SS               HOLD          SEK              65.4       105.0          6.28         7.05        10.1x           9.3x         6.9x          6.0x
            ALK-Abello                   ALKB DC                BUY          DKK              99.5       140.0          2.58         4.12        38.8x          24.3x        22.6x         16.0x
            Alligator Bioscience         ATORX SS               BUY          SEK                1.4         4.0        -1.01        -0.21         -1.4x         -6.7x         -1.5x        -9.3x
            Alligo                       ALLIGOB SS             BUY          SEK             109.4       145.0        10.92        12.34          9.0x           8.1x         6.0x          5.1x
            Alvotech                     ALVO US                BUY          USD              13.5        19.0         -0.49         0.04       -27.4x        384.7x        -37.7x         93.6x
            Ambea                        AMBEA SS               BUY          SEK              34.3        48.5          3.58         4.75         6.9x           5.6x         6.4x          5.8x
            Ambu                         AMBUB DC               BUY          DKK             101.2       140.0          1.16         1.86        87.3x          54.4x        40.2x         27.1x
            AMSC ASA                     AMSC NO                BUY          NOK              41.3        58.0          0.46         0.49         8.6x           8.0x         6.9x          6.6x
            Archer                       ARCH NO              NO REC         NOK                1.0                                                                                              
            Arctic Bioscience            ABS NO                HOLD          NOK              11.0        15.0         -2.21        -1.85                                     -2.8x        -5.1x
            Arctic Fish                  AFISH NO               BUY          NOK              92.0       125.0          6.25         7.78        14.7x          11.8x        10.4x          8.3x
            Arjo                         ARJOB SS               BUY          SEK              39.8        60.0          1.88         2.68        20.0x          14.7x         7.6x          6.4x
            Aros Bostad                  AROS SS               HOLD          SEK              37.2        40.0          2.07         1.26        17.9x          29.5x        14.3x         25.0x
            Assa Abloy                   ASSAB SS               BUY          SEK             252.6       315.0        11.95        13.48         19.8x          18.7x        12.3x         11.5x
            Atea                         ATEA NO                BUY          NOK             119.0       150.0          8.80       10.09         13.5x          11.8x         5.8x          5.2x
            Atlantic Sapphire            ASA NO               NO REC         NOK                5.4                    -0.21        -0.02         -2.5x        -20.6x         -4.2x        15.8x
            Atlas Copco                  ATCOA SS              HOLD          SEK             123.8       125.0          4.92         5.02        25.2x          24.7x        15.4x         14.8x
            Atrium Ljungberg             ATRLJB SS             HOLD          SEK             168.7       197.0          7.71         8.55        22.1x          20.9x        25.3x         22.8x
            Aurora Eiendom               AURA NO                BUY          NOK              90.8       125.0          6.70         7.35        14.2x          13.0x        15.0x         14.2x
            Austevoll Seafood            AUSS NO                BUY          NOK              85.7       114.0          9.95       11.58          8.6x           7.4x         6.7x          6.1x
            Autoliv                      ALIV SS                BUY          SEK             923.8     1070.0           6.66       10.29         13.4x           8.7x         6.8x          5.2x
            Autostore                    AUTO NO               SELL          NOK              21.5        18.0          0.05         0.06        31.0x          28.2x        21.4x         19.3x
            Avance Gas                   AGAS NO                BUY          NOK              74.3        95.0          1.25         0.73         5.6x           9.7x         5.6x          7.1x
            Avanza Bank                  AZA SS                HOLD          SEK             256.1       230.0        12.56        12.84         20.4x          20.0x                            
            Axactor                      ACR NO                 BUY          NOK                6.4         7.5         0.12         0.12         4.7x           4.8x                            
            Axfood                       AXFO SS                BUY          SEK             252.0       280.0        10.40        12.10         24.3x          20.9x        10.2x          8.7x
            B2Holding                    B2H NO                 BUY          NOK                7.4       12.5          1.45         1.64         5.1x           4.5x                            
            Bakkafrost                   BAKKA NO              HOLD          NOK             656.5       630.0        25.47        28.75         16.9x          15.0x        10.3x          9.0x
            Balder                       BALDB SS              HOLD          SEK              44.0        60.0          4.37         4.52        11.1x          10.4x        24.6x         23.0x
            Beijer Ref                   BEIJB SS              HOLD          SEK             176.1       175.0          4.95         5.60        35.6x          31.5x        20.9x         18.9x
            BerGenBio                    BGBIO NO              HOLD          NOK                4.8         9.0        -3.61        -3.35         -1.3x         -1.4x         -0.1x        -1.1x
            Bergman & Beving             BERGB SS               BUY          SEK             128.0       152.0          8.05         8.40        13.2x          12.5x         9.3x          8.3x
            Betsson                      BETSB SS               BUY          SEK              99.0       115.0          0.97         1.06         9.2x           8.4x         5.5x          4.6x
            Better Collective            BETCO SS             NO REC         SEK             185.8                      0.97         1.23        17.2x          13.6x        10.7x          8.5x
            BillerudKorsnäs              BILL SS               HOLD          SEK             109.9       130.0        12.81        12.92          9.4x           8.5x         4.9x          4.6x
            BioArctic                    BIOAB SS               BUY          SEK             241.8       430.0          3.44       16.62         70.3x          14.6x        52.4x         10.0x
            Boliden                      BOL SS                 BUY          SEK             398.7       560.0        47.77        51.13          8.3x           7.8x         5.0x          4.6x
            Bonava                       BONAVB SS             HOLD          SEK              21.3        30.0          5.51         0.62         3.9x          34.2x         5.9x         25.0x
            Boozt                        BOOZT SS              HOLD          SEK             113.5       130.0          3.36         4.30        34.2x          26.7x        12.1x         10.0x
            Borr Drilling                BORR NO                BUY          NOK              78.9        90.0          0.41         0.96        18.4x           7.8x         9.2x          6.3x
            Borregaard                   BRG NO                 BUY          NOK             171.4       200.0        10.19        10.68         16.8x          16.1x         9.9x          9.2x
            Bravida                      BRAV SS                BUY          SEK             114.3       135.0          6.87         6.94        16.5x          16.3x        10.1x          9.4x
            Bredband2                    BRE2 SS              NO REC         SEK                1.3                     0.08         0.09        17.4x          14.7x                            
            Bufab                        BUFAB SS               BUY          SEK             263.0       340.0        16.01        17.83         21.8x          18.9x        12.2x         11.2x
            BW Energy                    BWE NO                 BUY          NOK              26.5        36.0          1.01         2.10         2.5x           1.2x         1.3x          0.5x
            BW LPG                       BWLPG NO               BUY          NOK              86.8       141.0          1.68         0.48         4.9x          17.2x         3.3x          5.5x
            BW Offshore                  BWO NO                 BUY          NOK              29.3        40.0          0.89         0.70         3.1x           4.0x         4.6x          5.3x
            Byggfakta Group              BFG SS                 BUY          SEK              32.8        50.0          0.63         1.24        52.2x          26.4x        10.5x          8.7x
            Cadeler                      CADLR NO               BUY          NOK              43.0        55.0          0.05        -0.01        70.6x       -591.1x          9.2x          8.6x
            Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                    
            
            
            
            
            
            
            
                                                                                                                                                                                                              14 
            DNB Markets | DNB anbefalingER og estimater 
             
            22 mars 2023 
             
            DNB ANBEFALINGER OG ESTIMATER 
             Selskap                          Ticker                Anbefaling        Valuta             Kurs     Kursmål                  Estimert EPS                     Estimert P/E             Estimert EV/EBITDA
                                                                                                                                      2023           2024           2023            2024           2023            2024
             Cambi                            CAMBI NO                  BUY           NOK                    8           9.0          0.38           0.62          21.8x           13.4x          12.7x            7.7x
             Camurus                          CAMX SS                   BUY            SEK              215.0         320.0           7.23           8.12          29.7x           26.5x          22.8x           20.1x
             Carasent                         CARA NO                   BUY           NOK                 14.5         35.0          -0.07           0.11      -3957.4x            84.2x          12.1x            7.9x
             Cargotec                         CGCBV FH                  BUY           EUR               44.46          57.0           4.43           4.83          10.0x             9.2x           6.0x           5.3x
             Carlsberg                        CARLB DC                  BUY           DKK                1010       1150.0           52.89         53.00           17.3x           17.1x          10.1x            8.9x
             Castellum                        CAST SS                NO REC            SEK              115.5                        10.74         10.94           11.5x           11.2x          20.2x           18.8x
             Catena                           CATE SS                   BUY            SEK              389.8         450.0          15.05         14.97           25.9x           25.8x          22.3x           20.7x
             Chr. Hansen                      CHR DC                    BUY           DKK               499.9         571.0           1.86           2.29          36.2x           29.3x          20.9x           18.5x
             Citycon                          CTY1S FH                 HOLD           EUR                  6.4           7.1          0.45           0.48          14.3x           13.2x          19.4x           18.3x
             Collector Bank                   COLL SS                  HOLD            SEK            38.855           42.0           5.52           5.26           7.0x             7.4x                                
             Coloplast                        COLOB DC                 HOLD           DKK               834.6         860.0          25.51         29.96           32.5x           27.9x          22.1x           19.5x
             Cool Company                     COOL NO                   BUY           NOK               129.2         180.0           3.58           1.87           3.4x             6.5x           4.2x           5.7x
             Coor Service ManagementCOOR SS                             BUY            SEK                66.0        100.0           4.30           5.39          12.1x           11.0x            8.6x           7.7x
             Corem                            COREB SS                 HOLD            SEK                7.60           9.5          0.28           0.31          23.6x           16.8x          20.0x           18.5x
             Crayon                           CRAYN NO                 HOLD           NOK                   77        110.0           4.14           5.84          14.8x           11.2x            7.2x           5.5x
             CSAM Health                      CSAM NO                   BUY           NOK                 35.0         45.0          -2.46          -0.84       -120.9x            26.2x          16.1x            9.3x
             Danske Bank                      DANSKE DC                 BUY           DKK               145.3         190.0          20.59         22.50            7.1x             6.5x                                
             Demant                           DEMANT DC                 BUY           DKK               223.3         275.0          10.22         13.87           21.8x           16.1x          12.2x           10.4x
             DHT Holdings                     DHT US                    BUY           USD               11.29          11.7           0.80           1.56          14.1x             7.2x           7.5x           4.8x
             Diamond Offshore                 DO US                     BUY           USD                 9.81         10.0           0.30           0.61          33.2x           16.0x            7.6x           6.2x
             DNB                              DNB NO                 NO REC           NOK             188.25                         22.67         22.57            8.3x             8.3x                                
             DNO                              DNO NO                    BUY           NOK               11.09          16.0           0.25           0.15           4.3x             7.2x           0.1x          -0.4x
             DOF                              DOF NO                 NO REC           NOK               0.676                                                                                                            
             Dolphin Drilling                 DDRIL NO                  BUY           NOK             12.974           20.0          -0.04           0.27         -32.3x             4.5x         12.6x            2.3x
             Dometic                          DOM SS                    BUY            SEK                55.3         85.0           2.75           6.35          17.9x             8.5x           9.1x           5.5x
             Dorian LPG                       LPG US                    BUY           USD                 19.5         25.5           4.77           2.43           4.2x             8.0x           4.5x           6.4x
             DSV                              DSV DC                    BUY           DKK             1266.0        1450.0           59.93         63.81           21.1x           19.8x          13.0x           12.3x
             Eagle Bulk Shipping              EGLE US                   BUY           USD                   45         63.0           6.56           8.99           6.9x             5.0x           4.4x           3.2x
             Edda Wind                        EWIND NO                  BUY           NOK                 24.3         40.0           0.10           0.32          22.4x             6.6x         14.2x            8.1x
             Electrolux                       ELUXB SS                 HOLD            SEK            121.66          140.0           4.18         14.33           33.0x             8.5x           6.5x           4.2x
             Electrolux Professional          EPROB SS                 HOLD            SEK                51.2         50.0           2.32           3.00          22.0x           17.1x          11.4x            9.5x
             Elekta                           EKTAB SS                 HOLD            SEK              79.24          85.0           3.78           4.83          21.0x           16.4x          10.1x            8.8x
             Elektroimportøren                ELIMP NO                 HOLD           NOK                 39.1         45.0           3.24           3.61          12.1x           10.8x            7.3x           6.7x
             Elisa                            ELISA FH                 SELL           EUR               55.16          46.0           2.34           2.44          23.3x           22.4x          13.4x           12.8x
             Elkem                            ELK NO                   HOLD           NOK               34.32          37.0           4.34           4.05           7.9x             8.5x           4.1x           4.5x
             Elmera Group                     ELMRA NO                 SELL           NOK               15.19          10.0          -0.77          -0.37         -99.4x          103.9x            3.2x           2.9x
             Elopak                           ELO NO                   HOLD           NOK                 23.5         24.0           0.17           0.19          12.2x           10.6x            6.4x           5.6x
             Embracer Group                   EMBRACB SS                BUY            SEK            49.215          100.0           3.23           4.44           7.7x             7.1x                                
             Enea                             ENEA SS                  HOLD            SEK                95.5         90.0           3.09           3.79          26.8x           22.3x            7.3x           6.6x
             Eneti Inc                        NETI US                   BUY           USD                  8.9         13.0          -0.49           0.17         -18.1x           52.7x          23.8x           12.4x
             Entra                            ENTRA NO                 HOLD           NOK               98.95         115.0           5.19           5.73          20.2x           18.2x          20.9x           19.8x
             Epiroc                           EPIA SS                  HOLD            SEK              192.5         220.0           7.84           7.88          24.6x           24.9x          15.1x           14.9x
             Episurf Medical                  EPISB SS               NO REC            SEK                 2.1                       -0.28          -0.19          -7.4x          -11.1x           -9.4x         -15.7x
             Equinor                          EQNR NO                   BUY           NOK               292.7         370.0           4.95           5.58           5.3x             4.8x                                
             Ericsson                         ERICB SS                 HOLD            SEK                56.2         63.0           4.38           7.40          12.1x             7.3x           4.9x           3.2x
             Essity                           ESSITYB SS                BUY            SEK              289.7         310.0          12.98         18.19           22.3x           15.9x          10.4x            8.2x
             Euronav                          EURN US                   BUY           USD               17.77          20.5           1.47           3.08          12.1x             5.8x           7.5x           4.2x
             Europris                         EPR NO                    BUY           NOK                 72.3         85.0           5.68           6.10          12.7x           11.9x            6.6x           5.6x
             Evolution                        EVO SS                    BUY            SEK            1291.2        1700.0            4.98           5.87          22.7x           19.4x          18.6x           14.7x
             Fabege                           FABG SS                  HOLD            SEK              82.44         100.0           3.34           3.70          22.9x           20.9x          25.9x           24.4x
             Fjord1                           FJORD NO               NO REC           NOK                 51.8                                                                                                           
             Flex LNG                         FLNG NO                  HOLD           NOK               351.2         370.0           2.69           2.89          12.4x           11.5x          10.5x           10.0x
             FLSmidth                         FLS DC                   HOLD           DKK               247.8         300.0           7.47         20.33           14.4x           12.2x            5.5x           5.4x
             Fortnox                          FNOX SS                   BUY            SEK                63.2         78.0           0.87           1.19          72.7x           53.3x          46.1x           34.3x
             Freja eID Group                  FREJA SS               NO REC            SEK                 6.6                       -0.93          -0.38          -8.6x          -23.5x        -208.8x           10.1x
             Frontline                        FRO NO                    BUY           NOK               183.6         226.0           2.05           2.38           8.7x             7.3x           7.5x           6.6x
             GARO                             GARO SS                  HOLD            SEK                80.0        100.0           2.15           3.51          37.3x           22.8x          21.0x           14.1x
             Genco Shipping & TradingGNK US                             BUY           USD                 15.1         27.4           3.27           4.09           4.6x             4.0x           3.1x           2.4x
             Genmab                           GMAB DC                  SELL           DKK             2547.0        2650.0           56.51         63.87           46.2x           40.9x          28.7x           21.6x
             Gentian Diagnostics              GENT NO                   BUY           NOK                   39         52.0          -0.86          -0.54         -45.4x          -71.6x         -32.2x          -44.7x
             Getinge                          GETIB SS                 HOLD            SEK              228.2         245.0          10.78         12.49           20.0x           17.9x            9.7x           8.4x
             Gjensidige Forsikring            GJF NO                    BUY           NOK               179.6         210.0          11.35         12.19           15.8x           14.7x                                 
             GN Group                         GN DC                     BUY           DKK               143.2         250.0           5.92         11.45           24.2x           12.5x          13.1x            9.2x
             Golar LNG                        GLNG US                   BUY           USD                 21.2         35.0           2.37           2.75           9.0x             7.7x           6.4x           3.9x
             Golden Ocean                     GOGL NO                   BUY           NOK               99.08         149.0           1.49           2.00           6.4x             4.7x           6.2x           4.8x
             Grieg Seafood                    GSF NO                    BUY           NOK                 72.1         87.0           5.53           8.08          12.9x             8.8x           6.9x           5.3x
             Hafnia                           HAFNI NO                  BUY           NOK                 61.7         80.0           0.88           0.99           6.7x             5.9x           5.7x           5.2x
             Hennes & Mauritz                 HMB SS                   HOLD            SEK            124.52          135.0           5.53           7.17          22.5x           17.4x            7.5x           6.5x
             Hexagon AB                       HEXAB SS                  BUY            SEK                114         135.0           0.38           0.44          23.6x           21.0x          14.7x           12.7x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                           
             
             
             
             
                                                                                                                                                                                                                                        15 
            DNB Markets |  
             
            22 mars 2023 
             
             
             
            DNB ANBEFALINGER OG ESTIMATER 
             Selskap                          Ticker               Anbefaling        Valuta              Kurs     Kursmål                  Estimert EPS                    Estimert P/E              Estimert EV/EBITDA
                                                                                                                                      2023           2024          2023             2024           2023           2024
             Hexagon Composites               HEX NO                    BUY           NOK                   35         40.0          -2.72          -3.29        -12.8x           -10.6x       -294.1x         -321.6x
             Hexagon Purus                    HPUR NO                   BUY           NOK                26.5          32.0          -2.38          -3.77        -11.1x            -7.0x         -16.1x           -9.8x
             Hexatronic AB                    HTRO SS                NO REC           SEK                 126                         5.57           7.09         22.5x            17.7x          15.6x          12.4x
             Hexpol                           HPOLB SS                HOLD            SEK               120.9        120.0            7.41           8.10         16.3x            14.9x          11.2x          10.0x
             Himalaya Shipping                HSHIP NO               NO REC           NOK               59.00                                                                                                           
             HMS Networks                     HMS SS                  HOLD            SEK               398.4        405.0          11.16          12.00          35.7x            33.2x          23.7x          21.6x
             Holmen                           HOLMB SS                  BUY           SEK                 407        490.0          25.78          26.04          15.8x            15.6x          10.1x          10.0x
             Hufvudstaden                     HUFVA SS                 SELL           SEK               145.3        125.0            4.93           5.08         29.5x            28.6x          33.8x          31.7x
             Humana                           HUM SS                  HOLD            SEK               12.96          17.0           2.54           3.73           5.0x            3.4x           6.3x            5.7x
             Hunter Group                     HUNT NO                 HOLD            NOK               0.159            1.9          0.00           0.00          -8.2x          -11.1x          -6.3x         -13.1x
             Husqvarna                        HUSQB SS                 SELL           SEK                85.4          82.0           4.04           6.37         20.0x            13.4x           9.7x            7.7x
             Höegh Autoliners ASA             HAUTO NO                  BUY           NOK                57.0          94.0           2.08           1.91           2.6x            2.8x           2.0x            2.0x
             IAR Systems                      IARB SS                                 SEK               124.2                         6.22           7.99         20.0x            15.5x           8.6x            6.9x
             Ice Fish Farm                    IFISH NO               NO REC           NOK                31.0                         0.34           1.94         90.5x            16.0x          30.2x          10.5x
             Icelandic Salmon                 ISLAX NO                  BUY           NOK                 146        190.0            0.84           1.19         15.3x            10.8x           9.2x            6.9x
             Industrivärden                   INDUC SS                HOLD            SEK               268.4        305.0                                                                                              
             Instalco AB                      INSTAL SS                 BUY           SEK                47.6          60.0           2.02           2.40         22.7x            19.1x          12.1x          10.5x
             Investor                         INVEB SS                  BUY           SEK             198.82         225.0                                                                                              
             Isofol Medical                   ISOFOL SS                               SEK                  0.6                       -0.52          -0.05          -1.2x          -11.9x                                
             Jm Ab                            JM SS                    SELL           SEK             185.10         160.0          17.15          13.49          10.8x            13.7x          19.3x          22.9x
             Kahoot                           KAHOT NO                HOLD            NOK                21.2          16.5           0.04           0.09         48.7x            22.7x          17.4x          10.2x
             Kesko                            KESKOB FH                 BUY           EUR                19.4          25.0           1.37           1.40         14.2x            13.8x           7.7x            7.2x
             Kindred Group                    KINDSDB SS                BUY           SEK               112.5        135.0          56.07          76.57          14.6x            10.9x           9.7x            7.3x
             Kinnevik                         KINVB SS                 SELL           SEK               145.7        145.0                                                                                              
             Klaveness Combination CKCarriCers NO                       BUY           NOK                71.6        128.0            1.44           1.09           4.7x            6.2x           4.1x            4.3x
             KMC Properties                   KMCP NO                   BUY           NOK                  6.2           8.5          0.35           0.44         17.5x            14.2x          15.0x          14.0x
             Kojamo                           KOJAMO FH               HOLD            EUR               11.27          13.0           0.52           0.46         21.1x            23.1x          25.7x          24.9x
             Komplett                         KOMPL NO                  BUY           NOK                17.2          17.0           0.46           1.23         37.0x            13.9x           6.0x            4.1x
             Kone                             KNEBV FH                HOLD            EUR               48.12          54.0           1.73           2.10         25.4x            22.6x          15.6x          13.8x
             Konecranes                       KCR FH                    BUY           EUR                30.2          35.0           2.69           2.94         10.2x             9.4x           6.9x            6.5x
             Kongsberg Gruppen                KOG NO                 NO REC           NOK               423.2                       18.64          20.68          22.7x            20.5x          13.4x          12.3x
             Latour                           LATOB SS                  BUY           SEK               202.9        260.0                                                                                              
             Lerøy Seafood                    LSG NO                    BUY           NOK               49.72          64.0           4.18           5.09         11.9x             9.8x           6.1x            5.2x
             Lime Technologies                LIME SS                   BUY           SEK               243.4        300.0            5.97           7.37         40.8x            33.0x          19.0x          15.8x
             Lindab International             LIAB SS                   BUY           SEK               151.6        212.0            8.27         11.90          18.3x            12.7x           9.1x            6.8x
             Loomis                           LOOMIS SS                 BUY           SEK               342.4        425.0          31.30          34.66          10.9x             9.9x           5.3x            4.6x
             Lundbeck                         HLUNB DC                  BUY           DKK                31.4          39.0           2.33           3.11         13.5x            10.1x           5.7x            4.1x
             Lundbergs                        LUNDB SS                HOLD            SEK               460.2        505.0                                                                                              
             Lyko Group                       LYKOA SS                HOLD            SEK               149.6        200.0            2.53           4.50         59.1x            33.2x          14.1x          11.2x
             Maersk Drilling                  DRLCO DC               NO REC           DKK               372.0                         3.02                        17.8x                            7.0x                 
             Medistim                         MEDI NO                   BUY           NOK               264.0        290.0            6.82           7.85         38.7x            33.6x                                
             Meltwater                        MWTR NO                   BUY           NOK                17.5          45.0          -0.06           0.03         98.0x            50.6x          12.0x            8.8x
             Metsa Board                      METSB FH                  BUY           EUR                  8.0         12.0           0.96           1.04           8.4x            7.7x           5.8x            5.4x
             Metso Outotec                    MOCORP FH                 BUY           EUR               9.562          12.5           0.64           0.74         14.7x            13.0x           9.2x            8.4x
             Millicom                         TIGO SS                   BUY           SEK               189.6        265.0            0.93           2.62         10.8x             5.3x           4.2x            3.6x
             Momentum Group                   MMGRB SS                HOLD            SEK                   80         79.0           3.03           3.16         23.7x            22.8x          14.2x          13.3x
             Mowi                             MOWI NO                   BUY           NOK               177.5        210.0            1.38           1.43         11.3x            10.9x           6.1x            5.7x
             MPC Container Ships              MPCC NO                 HOLD            NOK                19.2          18.7           0.77           0.56           2.3x            3.3x           1.9x            2.3x
             MTG                              MTGB SS                 HOLD            SEK                69.1          95.0           3.04           3.48         11.9x            11.0x           4.4x            3.6x
             Måsøval                          MAS NO                    BUY           NOK                30.7          40.0           2.64           3.06         11.6x            10.0x           6.7x            5.8x
             Ncc                              NCCB SS                   BUY           SEK                92.2        125.0          12.07          13.22            7.6x            7.0x           3.9x            3.5x
             Nel                              NEL NO                   SELL           NOK                14.6            7.0         -0.53          -0.37        -27.8x           -39.3x         -32.2x         -62.1x
             Netel Group Holding              NETEL SS                  BUY           SEK                29.5          50.0           3.66           4.33           7.9x            6.7x           5.8x            4.6x
             New Wave Group                   NEWAB SS                  BUY           SEK               174.2        255.0          17.94          19.26            9.7x            9.0x           6.7x            5.9x
             Nexam Chemical                   NEXAM SS               NO REC           SEK                  4.4         18.0          -0.04           0.16       -107.3x            27.1x          28.7x            9.7x
             Nibe Industrier                  NIBEB SS                HOLD            SEK               109.4        125.0            2.75           3.04         39.8x            36.0x          24.8x          22.2x
             Nobia                            NOBI SS                   BUY           SEK                18.4          27.0           0.07           2.50         13.3x             7.4x           5.6x            4.5x
             Noble                            NE US                     BUY           USD                35.4          50.0           3.13           6.24         11.3x             5.7x           5.5x            3.1x
             Nokia                            NOKIA FH                HOLD            EUR                  4.4           5.0          0.41           0.41           8.9x            9.3x           4.8x            4.5x
             Nokian Tyres                     TYRES FH                HOLD            EUR                  7.9         10.5           0.48           0.65         15.3x            11.8x           4.9x            3.9x
             Nolato                           NOLAB SS                HOLD            SEK                48.1          56.0           2.31           2.98         20.9x            16.2x           9.7x            7.8x
             Nordea                           NDA SS                    BUY           SEK               118.8        152.0            1.32           1.38           8.1x            7.7x                                
             Nordic Paper Holding             NPAPER SS                 BUY           SEK                43.8          54.0           5.62           5.01           7.8x            8.7x           6.0x            6.4x
             Nordic Semiconductor             NOD NO                    BUY           NOK               160.0        230.0            0.64           0.96         23.7x            15.8x          12.0x            8.1x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                           
             
             
             
             
             
                                                                                                                                                                                                                                    16 
            DNB Markets |  
             
            22 mars 2023 
             
             
             
            DNB ANBEFALINGER OG ESTIMATER  
             
             Selskap                          Ticker                Anbefaling        Valuta             Kurs     Kursmål                  Estimert EPS                     Estimert P/E             Estimert EV/EBITDA
                                                                                                                                      2023           2024           2023            2024           2023            2024
             Nordnet                          SAVE SS                   BUY            SEK              169.5         188.0           9.83           9.9x          17.6x           17.6x                   
             Norsk Hydro                      NHY NO                   SELL           NOK                 73.6         55.0           7.75           5.6x           9.5x           13.0x            4.8x           6.1x
             Norske Skog                      NSKOG NO                  BUY           NOK                 59.9        117.0          13.71          11.7x           4.4x             5.1x           2.7x           2.6x
             Northern Drilling                NODL NO                NO REC           NOK                 33.2                                                                                             
             Norva24                          NORVA SS                  BUY            SEK                29.0         42.0           1.23           1.4x          20.1x           17.5x            9.5x           8.3x
             Norwegian Air Shuttle            NAS NO                    BUY           NOK                 10.7         16.0           1.06           1.40          10.1x             7.7x           4.0x           3.0x
             Novo Nordisk                     NOVOB DC                  BUY           DKK             1006.8        1130.0           31.80         35.86           31.7x           28.1x          24.0x           20.3x
             Novozymes                        NZYMB DC                 HOLD           DKK               340.8         372.0          12.69         13.67           27.2x           25.2x          15.7x           14.1x
             NRC Group                        NRC NO                    BUY           NOK                 12.1         30.0           2.68           2.59           4.5x             4.5x           3.2x           2.9x
             Nyfosa                           NYF SS                   HOLD            SEK                75.8         90.0           5.41           5.92          13.0x           12.1x          17.9x           16.5x
             Nykode Therapeutics              NYKD NO                   BUY           NOK                 21.5        102.0          -0.21           -0.2x        -10.0x          -10.4x                   
             Odfjell Drilling                 ODL NO                    BUY           NOK                 25.2         40.0           0.37           0.5x           6.4x             5.2x           3.6x           3.1x
             Odfjell SE                       ODF NO                    BUY           NOK                 94.8        138.0           3.12           3.0x           2.9x             3.0x           3.0x           2.6x
             Odfjell Technology               OTL NO                    BUY           NOK                 52.5         80.0           6.21           7.0x           8.4x             7.5x           3.5x           2.9x
             Olav Thon                        OLT NO                    BUY           NOK               174.5         240.0          16.88          18.0x          11.1x           10.5x          12.8x           11.8x
             Oncopeptides                     ONCO SS                   BUY            SEK                 9.6         22.0          -2.98          -0.99          -3.2x            -9.6x          -2.4x          -7.2x
             Orkla                            ORK NO                   HOLD           NOK                 73.5         70.0           5.25           5.55          14.0x           13.2x            9.9x           9.5x
             Ossur                            OSSR DC                   BUY           DKK                 31.2         39.0           0.19           0.24          24.2x           19.1x          15.1x           13.2x
             Otovo                            OTOVO NO                  BUY           NOK               11.84          21.0          -3.82          -3.68          -3.1x            -3.2x          -5.0x         -11.1x
             Pacific Drilling                 PACD US                NO REC           USD                    0                                                                                                           
             Pandora                          PNDORA DC                 BUY           DKK               608.0         775.0          62.08          69.5x           9.8x             8.8x           6.7x           5.8x
             Pandox                           PNDXB SS                  BUY            SEK              131.3         170.0           9.71           9.25          13.5x           14.2x          14.8x           14.9x
             Panoro Energy                    PEN NO                    BUY           NOK                 26.0         41.0           0.95           1.7x           2.6x             1.4x           1.2x           0.2x
             Paradox Interactive AB           PDX SS                   HOLD            SEK              258.0         220.0           7.24           7.76          35.7x           33.2x          17.8x           16.2x
             Pareto Bank                      PARB NO                   BUY           NOK                 55.0         62.0           7.64           7.9x           7.2x             7.0x                  
             PatientSky Group                 PSKY NO                   BUY           NOK                  2.3           3.0         -0.41          -0.27         -17.8x          143.0x          15.6x            9.6x
             Peab                             PEABB SS                  BUY            SEK                51.4         70.0           6.63           6.1x           7.9x             8.6x           7.5x           6.6x
             PGS                              PGS NO                   SELL           NOK                  9.3           3.5          0.00           0.06        252.9x            14.2x            3.4x           3.1x
             PhotoCure                        PHO NO                    BUY           NOK                 61.8        120.0          -0.90           1.4x         -68.4x           43.6x         600.7x           18.8x
             Physitrack                       PTRK SS                   BUY            SEK                13.4         40.0           0.02           0.13          25.4x             9.5x           5.1x           3.5x
             Prosafe                          PRS NO                 NO REC           NOK               153.0                                                                                              
             Protector                        PROT NO                   BUY           NOK               142.8         190.0          18.47         14.73                                                                 
             Rana Gruber                      RANA NO                   BUY           NOK                 58.1         70.0          12.86          12.4x           4.5x             4.7x           2.5x           2.2x
             Resurs Holding                   RESURS SS                HOLD            SEK              22.51          25.0           3.76           3.77           6.2x             6.1x                                
             Rockwool                         ROCKB DC                  BUY           DKK             1657.0        1875.0           13.72          15.9x          16.2x           14.0x            7.3x           6.5x
             Royal Unibrew                    RBREW DC                  BUY           DKK               560.0         575.0          28.32         32.37           19.8x           17.3x         212.3x            9.0x
             Safe Bulkers                     SB US                     BUY           USD                  3.3           6.6          1.15           1.4x           3.0x             2.4x           3.8x           2.9x
             SalMar                           SALM NO                   BUY           NOK               420.0         525.0          24.46         31.55           17.2x           13.3x          10.4x            8.8x
             Salmon Evolution                 SALME NO                  BUY           NOK                  7.7         11.5          -0.23           0.0x         -33.2x          336.2x        -411.5x           27.4x
             Salmones Camanchaca SACAM NO                               BUY           NOK                 48.0         65.0           0.69           0.63           6.6x             7.2x           4.8x           4.7x
             Sampo Oyj                        SAMPO FH                  BUY           EUR                 43.3         53.0           2.57           2.9x          16.9x           15.2x                   
             Sandvik                          SAND SS                   BUY            SEK              206.5         260.0          12.82         13.47           15.4x           15.3x            9.2x           8.7x
             SAS                              SAS SS                   SELL            SEK                 0.4           0.1         -0.44           -0.4x         -1.0x            -1.0x         10.4x            9.1x
             Sats                             SATS NO                  HOLD           NOK                  7.5           8.0         -0.46           0.01         -16.2x          877.7x            6.4x           5.8x
             SBB Norden                       SBBB SS                NO REC            SEK                13.9                        0.87           0.9x          15.9x           16.3x          30.2x           28.7x
             SCA                              SCAB SS                   BUY            SEK              137.4         208.0           7.05         10.17           19.5x           13.5x          13.1x            9.4x
             Scandic Hotels                   SHOT SS                   BUY            SEK                33.3         65.0           5.77           6.2x           5.8x             5.3x           3.4x           2.8x
             Scatec                           SCATC NO                 SELL           NOK               65.02          56.0           5.00           4.16                                                                
             Schibsted                        SCHA NO                   BUY           NOK               211.6         340.0           4.94           8.2x          42.9x           25.9x          20.3x           16.8x
             Scorpio Tankers                  STNG US                   BUY           USD                 54.0         68.7           7.71           7.40           7.0x             7.3x           5.4x           5.0x
             Sdiptech                         SDIPB SS               NO REC            SEK              229.6                        11.99          13.6x          19.1x           16.9x          12.8x           11.7x
             Seadrill                         SDRL NO                   BUY           NOK               396.2         500.0           2.61           4.24          14.4x             8.9x           5.7x           4.7x
             Seaway 7                         SEAW7 NO                  BUY           NOK                  5.7         35.0          -0.08           0.5x          -6.4x             1.1x           7.7x           2.7x
             SEB                              SEBA SS                   BUY            SEK            114.95          145.0          14.89         14.87            7.7x             7.7x                                
             Securitas                        SECUB SS                  BUY            SEK                84.8        150.0           8.30         10.85            7.8x             6.8x           6.3x           5.5x
             Sedana Medical                   SEDANA SS              NO REC            SEK                  19                       -0.86          -0.20         -21.6x          -93.3x         -24.9x        -804.5x
             Self Storage Group ASA           SSG NO                   HOLD           NOK                 26.5         25.0           1.04           1.17          25.5x           22.7x          15.1x           14.5x
             Selvaag Bolig                    SBO NO                   SELL           NOK                 35.4         25.0           4.22           2.65           8.4x           13.4x            8.3x          11.5x
             SFL Corporation Ltd              SFL US                   HOLD           USD                  9.1         11.2           1.18           1.72           8.0x             5.3x           7.6x           6.2x
             Shelf Drilling                   SHLF NO                   BUY           NOK                 25.9         40.0          -0.10           0.50         -24.1x             4.9x           6.2x           3.9x
             Shelf Drilling North Sea         SDNS NO                   BUY           NOK                 28.3         45.0          -0.23           0.12         -11.5x           22.2x          16.0x            7.3x
             Sinch                            SINCH SS                  BUY            SEK              28.78          70.0          -0.02           0.74           9.5x             7.8x           7.7x           6.0x
             Sivers Semiconductors            SIVE SS                NO REC            SEK                 9.2                       -0.48           0.79         -21.5x           13.0x         -25.2x           20.5x
             Skanska                          SKAB SS                   BUY            SEK            175.65          215.0          15.00         12.66           11.7x           13.9x            7.5x           8.3x
             SKF                              SKFB SS                  HOLD            SEK              195.3         215.0          14.42         15.62           12.1x           11.8x            6.7x           6.4x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                           
             
             
             
             
                                                                                                                                                                                                                                        17 
            DNB Markets | DNB anbefalingER og estimater 
            22 mars 2023 
             
            DNB ANBEFALINGER OG ESTIMATER 
             Selskap                          Ticker                Anbefaling        Valuta             Kurs     Kursmål                  Estimert EPS                     Estimert P/E             Estimert EV/EBITDA
                                                                                                                                      2023           2024           2023            2024           2023            2024
             Skistar                          SKISB SS                  BUY            SEK              109.2         140.0           6.26           6.81          17.4x           16.0x          10.2x            9.3x
             Smart Eye                        SEYE SS                NO REC            SEK                47.7                       -6.34           -1.1x         -7.5x          -44.9x         -27.1x           12.1x
             Smartoptics                      SMOP NO                   BUY            NOK                28.8         35.0           0.13           0.17          20.1x           15.7x          14.2x           10.3x
             SpareBank 1 Helgeland            HELG NO                   BUY            NOK            135.00          142.0         14.65           14.9x           9.2x             9.1x                  
             Sparebank 1 SMN                  MING NO                   BUY            NOK                126         155.0         14.78          15.47            8.5x             8.1x                                
             SpareBank 1 Sørøst-NorgeSOON NO                            BUY            NOK              53.60          61.0           5.61           5.9x           9.6x             9.1x                  
             SpareBank 1 Østlandet            SPOL NO                   BUY            NOK              120.2         135.0         13.22          13.57            9.1x             8.9x                                
             SpareBank1 Nord-Norge NONG NO                              BUY            NOK              94.00         105.0         10.15           10.3x           9.3x             9.1x                  
             SpareBank1 SR-Bank               SRBNK NO                  BUY            NOK              117.3         149.0         14.01          14.43            8.4x             8.1x                                
             Sparebanken Møre                 MORG NO                   BUY            NOK              81.54          93.0           9.01           9.2x           9.0x             8.9x                  
             Sparebanken Sør                  SOR NO                    BUY            NOK            129.00          147.0         16.03          16.22            8.0x             8.0x                                
             Sparebanken Øst                  SPOG NO                  HOLD            NOK              49.00          52.0           5.03           5.1x           9.7x             9.5x                  
             SSAB                             SSABA SS                  BUY            SEK                71.1        110.0           9.49           9.17           7.5x             7.8x           3.4x           3.2x
             Star Bulk                        SBLK US                   BUY            USD              20.46          31.0           4.67           5.6x           4.4x             3.7x           3.9x           3.3x
             Stillfront Group                 SF SS                     BUY            SEK            18.205           35.0           1.40           1.80           5.3x             4.9x           4.7x           4.1x
             Stolt-Nielsen                    SNI NO                    BUY            NOK            313.50          385.0           5.93           5.6x           5.0x             5.3x           4.3x           4.1x
             Stora Enso                       STERV FH                  BUY            EUR              11.62          18.0           1.31           1.45           8.9x             8.0x           5.4x           4.3x
             Storebrand                       STB NO                    BUY            NOK              77.56         109.0           6.00           7.2x          10.5x             9.0x                  
             Storskogen                       STORB SS                  BUY            SEK              8.124             15          0.64           0.77           6.9x             6.1x           5.9x           5.0x
             Storytel                         STORYb SS                 BUY            SEK              33.86           102          -1.44           0.5x         -23.5x           73.1x          10.5x            6.9x
             Subsea 7                         SUBC NO                   BUY            NOK            129.85            180           0.31           0.92                                           6.5x           4.4x
             Svenska Handelsbanken SHBA SS                              BUY            SEK              97.62           145         13.11           12.8x           7.4x             7.6x                  
             Swedbank                         SWEDA SS                  BUY            SEK              182.3           265         20.31          26.45            6.7x             6.9x                                
             Swedish Orphan BiovitrumSOBI SS                            BUY            SEK            239.30            285         10.68           13.2x          22.4x           18.1x          10.2x            9.5x
             Systemair                        SYSR SS                   BUY            SEK                83.4            98          4.28           4.51          19.5x           18.5x          10.8x            9.9x
             Targovax                         TRVX NO                   BUY            NOK                0.64             4         -0.69           0.4x                                          -1.9x          -0.3x
             Teekay Tankers                   TNK US                    BUY            USD              40.94             53          8.28           8.23           4.9x             5.0x           3.8x           3.3x
             Tele2                            TEL2b SS                  BUY            SEK              98.64           110           4.93           5.2x          12.6x           12.6x            9.1x           8.9x
             Telenor                          TEL NO                    BUY            NOK              122.2           155           6.02           8.09          16.9x           14.0x            6.2x           5.8x
             Telia Company                    TELIA SS                  BUY            SEK              26.58             34          1.94           2.6x          12.1x             9.5x           6.4x           5.7x
             TGS                              TGS NO                   HOLD            NOK              181.4           150           1.12           1.36          15.3x           12.7x            3.3x           2.7x
             The Kingfish Company             KING NO                  HOLD            NOK                9.68            12         -0.07           0.0x         -12.1x           64.5x       -201.7x            14.8x
             TietoEVRY                        TIETO FH                  BUY            EUR              28.52             34          2.39           2.70          10.6x             9.5x           6.2x           5.2x
             Tomra                            TOM NO                   SELL            NOK            164.46            140           4.48           5.6x          36.7x           29.6x          18.0x           15.3x
             Topdanmark                       TOP DC                   HOLD            DKK                373           380         16.60          17.58           22.5x           21.2x                                 
             Transocean                       RIG US                   HOLD            USD                5.63             4         -0.11           0.2x         -52.0x           31.7x            9.3x           7.5x
             Transtema                        TRANS SS               NO REC            SEK              32.14                         3.23           3.41          10.0x             9.4x           4.8x           4.0x
             Trelleborg                       TRELB SS                  BUY            SEK            260.50            304         37.51           15.2x          12.5x           16.3x          10.0x            9.6x
             Truecaller                       TRUEB SS                  BUY            SEK                30.2            48          1.77           2.59          17.0x           11.7x          10.8x            7.3x
             Tryg                             TRYG DC                   BUY            DKK            149.55            194           7.95           8.9x          15.6x           14.7x                   
             Ultimovacs                       ULTI NO                   BUY            NOK              105.4           200          -0.73          -6.21       -144.4x           -17.0x       -131.4x           -15.1x
             UPM                              UPM FH                    BUY            EUR              32.17             48          3.93           4.8x           8.2x             6.7x           6.1x           4.7x
             Valaris                          VAL US                    BUY            USD              59.74             90          1.02           6.44          58.3x             9.3x         14.5x            5.6x
             Valmet                           VALMT FH                  BUY            EUR              30.28             36          2.13           2.4x          14.0x           12.4x            8.5x           8.1x
             VEF                              VEFAB SS               NO REC            SEK              1.798                                                                                                            
             Veidekke                         VEI NO                    BUY            NOK            113.00            130           8.74           9.0x          12.9x           12.6x            5.1x           4.5x
             Viaplay Group                    VPLAYB SS                 BUY            SEK              279.1           390           2.84         17.18           82.1x           16.2x          28.5x           10.5x
             Vicore Pharma                    VICO SS                   BUY            SEK              14.32             70         -3.64           -4.7x         -3.9x            -3.0x          -3.0x          -2.5x
             Vimian                           VIMIAN SS                 BUY            SEK                  27            43          0.08           0.14          31.1x           17.3x          14.0x           10.0x
             Vitec                            VITB SS                NO REC            SEK            500.50                        12.46           15.3x          57.6x           47.2x          21.9x           18.6x
             Vitrolife                        VITR SS                   BUY            SEK              211.2           340           4.19           5.65          50.4x           37.4x          24.0x           19.4x
             Volvo                            VOLVB SS                 HOLD            SEK            203.55            205         16.84           16.9x          12.1x           12.1x            5.2x           5.1x
             Volvo Cars                       VOLCARB SS               HOLD            SEK              44.07             53          3.26           4.69          12.7x             9.1x           2.8x           2.5x
             Vow                              VOW NO                   HOLD            NOK              14.84             21          0.64           1.2x          23.1x           12.7x          14.1x            9.1x
             Vår Energi                       VAR NO                    BUY            NOK            25.745              38          0.52           0.55           4.7x             4.5x                                
             Wallenius Wilhelmsen ASAWAWI NO                            BUY            NOK              77.75           128           2.10           2.0x           3.5x             3.7x           2.9x           2.6x
             Wallenstam                       WALLb SS                 SELL            SEK              39.38             40          1.30           1.43          29.2x           26.5x          31.9x           29.6x
             Western Bulk Chartering WEST NO                           HOLD            NOK              40.40             45          0.45           0.5x           8.5x             7.2x           5.3x           4.3x
             Wihlborgs                        WIHL SS                   BUY            SEK              77.85           100           4.63           4.95          16.7x           15.6x          19.4x           18.0x
             Wilh. Wilhelmsen HoldingWWI NO                             BUY            NOK            249.00            455           9.03           8.9x           2.6x             2.7x           9.3x           7.9x
             Wärtsilä                         WRT1V FH                  BUY            EUR              8.446             10          0.50           0.66          15.5x           12.8x            8.1x           7.0x
             Xbrane Pharma                    XBRANE SS              NO REC            SEK              80.20                         2.94          17.4x          27.2x             4.6x         18.1x            2.3x
             XXL                              XXL NO                 NO REC            NOK              2.974                        -0.56           0.32          -4.5x             9.3x           5.3x           2.3x
             Yara                             YAR NO                    BUY            NOK            456.30            525           5.21           4.1x           8.3x           10.5x            5.0x           5.7x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                           
             
             
             
             
             
             
             
             
            DNB ANBEFALINGER OG ESTIMATER 
                                                                                                                                                                                                                                          18 
            DNB Markets |  
             
            22 mars 2023 
             
             Selskap                          Ticker                Anbefaling        Valuta             Kurs     Kursmål                  Estimert EPS                     Estimert P/E           Estimert EV/EBITDA
                                                                                                                                      2023           2024           2023            2024           2023            2024
             YIT                              YIT FH                   HOLD           EUR                  2.4           2.6          0.25           0.25           9.8x             9.8x           9.4x           9.7x
             Ørsted                           ORSTED DC                SELL           DKK               564.5         470.0          16.36          21.7x                                                  
             AAK                              AAK SS                    BUY            SEK              176.7         200.0           8.40           8.80          21.0x           20.1x          11.9x           11.0x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                       
             
             
             
             
             
             
                                                                                                                                                                                                                                        19 
             DNB Markets |  
              
             22 mars 2023 
              
              
             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                 11.05         1.4 %           0              EUR            -2.6 %         -6.0 %         1.4 %       -15.3 %       10.05          14.60            2.3
             AIK Fotboll                  AIKB                  1.60         0.0 %           66             SEK            -3.6 %          1.9 %      -19.6 %        -17.5 %        1.14          2.30             0.0
             SC Braga                     SCB                  22.00         0.0 %           0              EUR             0.0 %         -8.3 %       10.0 %       144.4 %         6.05          24.00            0.3
             Besiktas Futbol              BJKAS                 8.36        -3.7 %         5,917            TRY            -1.1 %          6.6 %       40.7 %       133.5 %         3.42          9.08             1.1
             Borussia Dortmund            BVB                   4.00         3.9 %          165             EUR             3.3 %         -6.8 %         8.0 %        -1.2 %        2.98          4.50             5.0
             Brøndby IF                   BIFB                  0.45        -2.3 %          126             DKK            -3.3 %       -12.7 %       -16.0 %        -10.5 %        0.43          0.65             2.9
             Celtic FC                    CCP                111.50          0.0 %           na             GBp             0.0 %         -3.0 %         0.0 %         8.3 %       99.00         140.00            1.4
             CF Intercity                 CITY                  0.20         4.8 %           na             EUR             2.9 %          1.0 %      -53.3 %        -76.8 %        0.09          0.89             0.0
             Birmingham Sports            2309                  0.95         6.7 %           94             HKD           -10.4 %       -18.8 %       -19.1 %        -61.6 %        0.88          2.85             1.0
             FC København                 PARKEN               96.40         0.6 %           1              DKK             1.5 %        17.0 %        32.4 %         14.2 %       63.00         100.00            7.3
             FC Porto                     FCP                   1.10         0.9 %           1              EUR            -4.3 %          8.9 %       25.0 %         18.3 %        0.77          1.20             0.3
             Galatasaray Sportif          GSRAY                 8.53         2.5 %        30,718            TRY            -9.1 %          3.1 %         7.8 %      181.5 %         3.01          10.56            2.5
             Juventus Football            JUVE                  0.33         3.0 %         6,078            EUR             2.5 %          9.0 %         5.0 %         1.0 %        0.24          0.41             9.5
             Manchester United            MANU                 24.02         2.0 %         2,596            USD            16.7 %          6.5 %         3.0 %        73.9 %       10.41          27.34           41.7
             Olympique Lyonnais OLG                             2.96         0.0 %           21             EUR            -0.3 %         -0.3 %        -0.3 %        48.0 %        1.94          3.26             2.9
             SL Benfica                   SLBEN                 3.90         0.5 %           3              EUR             2.4 %          0.8 %        -0.8 %        13.0 %        3.00          4.14             1.0
             Sporting Club                SCP                   0.77        -3.8 %           0              EUR             0.0 %         -1.3 %        -2.5 %        -8.3 %        0.75          0.93             0.6
             SS Lazio                     SSL                   1.04         0.0 %           25             EUR             0.5 %         -0.5 %         1.0 %         6.5 %        0.96          1.17             0.8
             Trabzonspor Sportif          TSPOR                 3.59        -1.6 %        11,776            TRY            -6.3 %         -3.8 %      -25.1 %        -35.7 %        3.26          6.98             1.0
             Skistar                      SKISB              109.20         -4.7 %          332             SEK            -7.6 %         -4.1 %        -1.6 %       -35.6 %       93.80         194.20            8.7
             Vail Resorts                 MTN                223.79          1.1 %          516             USD             3.5 %         -6.8 %        -6.1 %       -15.1 %      201.91         270.29             95
             Cie des Alpes                CDA                  13.18         3.3 %           34             EUR             0.6 %         -6.4 %        -8.3 %        -0.8 %       11.56          18.88            7.5
             Canopy Holding               CAN                   0.40         0.0 %           96             NOK            -4.8 %         -2.7 %      -14.9 %        -75.0 %        0.25          1.80             0.0
             Heineken                     HEIA                 96.58         1.6 %          583             EUR            -0.1 %         -1.8 %         9.9 %        13.1 %       78.28          99.40            632
             Carlsberg                    CARLB            1010.00          -0.8 %          155             DKK             2.4 %          2.2 %         9.4 %        24.6 %      781.00        1,034.50           229
             Anheuser-Busch               ABI                  57.03         1.1 %         1,311            EUR             0.5 %          0.7 %         1.4 %         4.8 %       45.55          58.21           1,307
             Molson Coors                 TAP                  50.91         0.1 %         1,517            USD            -1.8 %         -3.9 %        -1.2 %        -3.7 %       46.69          60.12            117
             Royal Unibrew                RBREW              560.00         -1.2 %          102             DKK             1.2 %        13.2 %        13.1 %        -13.5 %      390.20         694.80             43
             Kilde: Bloomberg, DNB Markets                                                                                                                                                                                     
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
                                                                                                                                                                                                                                                  20 
     DNB Markets | DISCLAIMER 
      
     22 mars 2023 
      
     DISCLAIMER 
     This note (the “Note”) must be read in conjunction with published research notes and/or DNB Analyst Communication of DNB Markets. The Note must be seen as marketing material and not 
     as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) and associated rules, implemented in the relevant 
     jurisdiction. 
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     Additional Information, including for Recipients in the United States:   
     The Note does not constitute an offer to sell or buy any financial instrument and does not provide opinions, or recommendations with respect to securities of an issuer or an analysis of a 
     security or an issuer. This Note is intended solely for Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. 
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     30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800. 
                                                                                                   21