Aksjemarkedet i dag 
          
          
          
          
         BNP-VEKST, LAKSEPRIS, TEKNO-                                                                                
                                                                                                                     
                                                                                                                     
         TALL & OLJESVIKT – EQNR & XXL                                                                             
                                                                                                                     
                                                                                                                     
         Etter hvert også bekreftede signaler om en reduksjon i de planlagte tollsatsene for                        
         bilindustrien inspirerte forventninger om ytterligere reverseringer også innenfor andre                    
         sektorer  og  bisto  i  går,  tross  både  blandete  selskapsoppdateringer  og  en  svakere               
                                                                                                                     
         forbrukertillitsmåling enn ventet, med ny oppdrift for det amerikanske aksjemarkedet.                      
         Dow ledet an og endte ved stengetid opp 0.8%. Både S&P500 og Nasdaq hadde                                  
         på  samme  tidspunkt  steget  med  0.6%.  Volumet  aksjer  omsatt  på  de  tre                            
         hovedindeksene holdt seg imidlertid nede på 62-91% av gjennomsnittet for de siste tre 
                                                                                                                     
         måneder. VIX-indeksen jobbet seg samtidig videre ned med 3.9% til 24.2 punkter.                            
                                                                                                                     
         Avkastningen på US tiåringen er siden stengetid i det norske markedet i går ned 3                        
         basispunkter  og  ligger  i  morgentimene  på  4.16%.  Futureskontrakten  på  S&P500                      
                                                                                                                     
                                                                                                                     
         indikerer i øyeblikket en vending ned med 0.5% ved start av handel i USA i ettermiddag.                    
         I Sverige er markedet i dag åpent til kl 13.00. I Europa utgjør London og København                      
         unntakene for 1. mai. Begge markeder er i likhet med i USA åpne også i morgen.                            
                                                                                                                     
                                                                                                                     
         Det  kommer  mye  makrotall  i  løpet  dagen  og  vi  ser  allerede  at  tidligere  i  dag                 
         offentliggjorte  kinesiske  innkjøpssjefsindekser  for  april  og  japanske  tall  for                     
                                                                                                                     
         industriproduksjonen i mars bidrar til motvind i Asia hvor oppmerksomheten ellers i                         
         stor grad er rettet mot selskapsrapporteringen. Nikkei er i øyeblikket uendret og de                       
         viktigste kinesiske indeksene ligger i et intervall fra -0.5% til +0.9%. I det norske                       
                                                                                                                     
         markedet får vi i tillegg til den ukentlige oppdateringen av lakseprisene i dag Norges                     
         Banks oppdaterte utlånsundersøkelse for Q1. Både fra Europa og USA kommer det                            
                                                                                                                     
                                                                                                                     
         utover formiddagen flere tall for prisveksten og BNP-utviklingen gjennom Q1. Fra                            
         USA får i ettermiddag også det månedlige anslaget for sysselsettingsveksten i privat                     
                                                                                                                     
         sektor. Meta og Microsoft legger frem kvartalsrapporter etter stengetid i USA i kveld                       
         og mottagelsen av både disse og tilsvarende rapporter fra Apple og Amazon sent i                           
         morgen vil dermed kunne påvirke åpningen i de europeiske markedene igjen på fredag.                      
                                                                                                                     
                                                                                                                     
         Mens vi venter på mer klarhet når det gjelder sanksjonsforhandlingene med Iran og                         
                                                                                                                     
         Russland, samt på eventuelle nye konklusjoner fra mandagens møte i OPEC+, så vi i                        
         går at foreløpige amerikanske lagertall indikerte en økning i råoljebeholdningene                       
                                                                                                                     
         forrige uke. Brent har siden i går ettermiddag reagert med en nedgang på USD 0.98 pr                      
         fat og WTI-prisen er gjennom samme tidsrom svekket med USD 1.15 pr fat. Brent ligger                        
         i morgentimene på USD 62.60 pr fat, mens WTI før åpning ligger på USD 59.55 pr fat.                     
                                                                                                                     
                                                                                                                     
         Med en estimert justert EBIT på USD 8.1 mrd har vi med våre forventninger til dagens                      
         Q1-rapport  fra  Equinor  ligget  lavere  enn  konsensus  i  markedet.  De  tilsvarende                     
                                                                                                                     
         konsensusforventningene har inn mot rapporten ligget på USD 8.5 mrd. Videre har vi                         
         før rapporten en estimert EPS på USD 0.80 mot konsensus på USD 0.87. Vi venter at                        
         oppmerksomheten i dag også vil være rettet mot utviklingen i kontantstrømmen samt                        
                                                                                                                     
         mot de videre utsiktene for og implikasjonene av stansen i havvindprosjektet Empire                         
         Wind utenfor den amerikanske østkysten. Før eventuelle endringer på grunnlag av                          
                                                                                                                     
         dagens oppdatering reflekterer vårt kursmål på NOK 220 pr aksje en samlet distribusjon                   
         på USD 6 mrd til aksjonærene gjennom 2026. Det vil i tilfelle innebære at samlede                        
                                                                                                                     
         utbytter og tilbakekjøp vil være på et nivå som tilsvarer estimert fri kontantstrøm for                
         2026. Tar vi videre som utgangspunkt at investorenes krav til direkteavkastning etter                       
         hvert vil stige til hva vi ser for andre sammenlignbare europeiske aktører vil imidlertid                  
                                                                                                                     
         markedets verdsettelse måtte bevege seg i motsatt retning og vi har inn mot rapporten                      
         en salgsanbefaling på Equinor.  Equinor stengte i går på NOK 238.90 pr aksje.                            
                                                                                                                     
         I XXL kom Q1-resultatet inn lavere enn ventet, men etter vårt syn var det likevel positivt                 
                                                                                                                     
         at  selskapet etter flere påfølgende år med negativ vekst på topplinjen og tross en 
                                                                                                                     
         utfordrende vintersesong kunne melde om en salgsvekst år/år. Inntjening er fortsatt lav 
                                                                                                                     
         og den finansielle risikoen høy, men budet fra Fraser på NOK 10 pr aksje begrenser på 
                                                                                                                     
         helt kort sikt risikoen. Budet løpet til 13. mai. Vi gjenopptar anbefalingen på XXL med 
                                                                                                                     
         en Hold og et kursmål på NOK 11 pr aksje. XXL stengte i går på NOK 10.60 pr aksje.                      
                                                                                                                     
                                                                                                                     
                                                                                                                     
                                                                                                                     
                                                                                                                                               
          DNB Markets | US aksjeindekser og oljepris – før og etter stengetid i oslo 
           
          30 april 2025 
           
          US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO 
             Index rebased
           101.5                                                                                    USD per brl
                                                                                                     70
           101.0                                                                                     69
                                                                                                     68
           100.5                                                                                     67
           100.0                                                                                     66
                                                                                                     65
            99.5                                                                                     64
                                                                                                     63
            99.0                                                                                     62
                                                                                                     61
            98.5         6          7         8          9          0          1          2          60
                         1          1         1          1          2          2          2                     5       6        7        8       9        0       1        2
                                                                                                                1       1        1        1       1        2       2        2
                                     Dow           S&P500           Nasdaq                                                              Axis Title
                                                                                                                                       WTI Oil Price
          INTERNASJONALE BØRSER   RENTER                         VALUTA / R
VARER 
                                Siste   Endr.        %                       Siste     I går Endr.                           Siste       I går Endr. %
          Dow Jones           40,528      300     0.75        USA 10år       4.166     4.21 -0.04      EUR/USD               1.138      1.139     -0.06
          S&P 500              5,561       32     0.58        Tyskl. 10år    2.497     2.47    0.03    USD/JPY               142.4      142.3     -0.04
          NASDAQ              17,461       95     0.55        Norge 10år 3.911         3.90    0.01    USD/NOK              10.379    10.368      -0.11
          Nikkei 225          35,903       63     0.17        USA 3m         4.854     4.87 -0.01      EUR/NOK              11.811    11.807      -0.03
          Euro 500             6,109       25     0.41        Euro 3m        2.176     2.17    0.00                          Siste      Endr. Endr. %
          Danmark-KFX          1,656       24     1.49        Norge 3m       4.590     4.60 -0.01      CRB indeks             294       -4.23     -1.42
          Finland-HEX          9,851       95     0.97                                                 Brent sp. ($/bbl)      64.3      -3.14     -4.65
          Norge-OSEBX          1,472         5    0.33                                                 Brent 1m ($/bbl)       63.7      -2.17     -3.29
          Sverige-SAX            920        -4    -0.43                                                Alum. 3m ($/ton)2,465.5          37.50      1.54
                                                                                                       US Nat.gass             3.2       0.46    16.97  
           
          NORDISKE AKSJER I USA – SLUTTKURS NORDEN VS SLUTTKURS USA  
                                      Sluttkurs USA   Endr.1 dag       Volum USA         Sluttkurs USA,         Sluttkurs  Forskjell sluttkurs
          Danmark                        (USD)         (USD)                             hjemlig valuta          hjemme      USA/hjemlig
          Novo Nordisk B                 65.16          3.08          10,923,695            427.45                424.35         3.10
          GN Group                       44.93          -0.40                 802            98.24                 99.52         -1.28
          AP Møller Maersk               8.46           0.11              211,873          11,099.52           11,130.00        -30.48
          Finland
          Nokia                          4.97           -0.02         16,213,874              4.37                  4.37         0.00
          Metso                          5.34           -0.14              35,585             9.38                  9.45         -0.07
          UPM Kymmene                    26.37          -0.52             133,813            23.17                 23.21         -0.04
          Norge
          BW LPG                         10.04          -0.07             273,933           104.21                104.60         -0.39
          Frontline                      16.73          0.17            1,432,450           173.64                172.40         1.24
          Norsk Hydro                    5.34           -0.06             335,709            55.42                 55.24         0.18
          Yara                           16.92          0.18               17,495           351.23                350.00         1.23
          Cool Company                   6.13           0.27              153,111            63.62                 62.40         1.22
          Golden Ocean                   7.67           0.12            1,979,333            79.61                 79.35         0.26
          Himalaya Shipping              5.30           0.05               95,212            55.01                 55.00         0.01
          Hafnia                         4.60           0.04            1,723,085            47.74                 48.15         -0.41
          Okeanis Eco Tankers            23.47          0.33               74,620           243.60                242.50         1.10
          Flex LNG                       23.96          0.30              231,894           248.68                247.00         1.68
          Equinor                        23.08          0.18            6,226,280           239.55                238.90         0.65
          Subsea 7                       14.95          0.05                6,807           155.17                155.40         -0.23
          Telenor                        14.80          0.14                9,628           153.61                152.70         0.91
          Tomra                          15.05          0.09                  468           156.15                155.90         0.25
          Questerre                      0.25           -0.01              36,558             1.88                  1.92         -0.04
          Orkla                          10.90          0.11              347,435           113.13                112.80         0.33
          Sverige
          AstraZeneca                    71.71          1.78            7,919,098           1382.84               1369.5        13.34
          Electrolux                     12.67          -2.70               6,481            61.06                 60.76         0.30
          Ericsson (B)                   8.30           0.06          29,210,787             80.03                  80.3         -0.27
          Hennes & Mauritz               2.85           -0.03              55,653           137.40                139.05         -1.65
          Atlas Copco                    15.15          -0.98             198,907           146.07                146.65         -0.58
          SKF B                          19.50          0.00               11,582           188.02                186.25         1.77
          Telia                          7.44           0.13               10,722            35.87                 35.54         0.33
          Assa Abloy                     14.94          -0.16             129,926           288.10                 288.2         -0.10
          Sandvik                        20.86          -0.22              30,725           201.13                 202.4         -1.27        
                                                                                                                                                                                       2 
               DNB Markets |  
                
               30 april 2025 
                
                
               US S&P500 – AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)*  
                                                                    Siste år                                                                                                                      Siden 1995
                  250                                                                                                                        3000
                  200                                                                                                                        2500
                                                                                                                                             2000
                  150
                                                                                                                                             1500
                  100
                                                                                                                                             1000
                    50                                                                                                                         500
                     0                                                                                                                             0
                                 S&P Verdiindeks                    S&P Vekstindeks                    S&P GARP Indeks                                         S&P Verdiindeks                      S&P Vekstindeks                       S&P GARP Indeks
                * Verdiindeks = S&P 500 Value Total Return  Index 
                * Vekstindeks = S&P 500 Growth Total Return  Index 
                * GARP indeks = S&P 500 GARP Index (Growth At a Reasonable Price) 
                Kilde:Bloomberg /DNB Markets                                                                                                                                                                                                                                 
                US indekser                                                                        I går       Endr.               %1D            %1W             %1M           %3M              %YTD               %12M                                 Est. P/E
                Dow Jones Industrial                                                           40,528          300.0               0.75             3.42         -3.51          -9.02             -4.74                7.17                                 19.86
                S&P 500                                                                          5,561           32.1              0.58             5.16         -0.91          -7.94             -5.45              10.43                                  21.11
                Nasdaq Composite                                                               17,461            95.2              0.55             7.12          0.94        -11.04              -9.58              11.52                                  25.91
                Russel 2000                                                                      1,977           11.0              0.56             4.56         -1.76        -13.60            -11.37                 0.13                                 26.66
                Amex naturgass (XNG)                                                                669           -1.7            -0.25             2.00         -4.30           0.79              4.05              13.42                                  13.28
                Amex Oil Service                                                                     56            0.2             0.33             1.44       -15.97         -22.45            -22.49              -33.73                                      na
                Philadelphia oljeproduksjon (XOI)                                                1,660            -9.7            -0.58             1.55       -12.88           -8.59             -5.86             -21.61                                      na
                Amex farmasi (DRG)                                                                  963          13.4              1.42             5.30         -2.06          -0.67              3.07               -3.52                                 15.10
                Nasdaq biotech                                                                   4,195           10.4              0.25             3.63         -1.16          -7.45             -2.68                0.79                                     na
                Philadelphia halvleder (SOX)                                                     4,197          -38.9             -0.92             9.52         -1.73        -16.33            -15.73              -10.20                                  21.22
                S&P 500 Paper & Forest (PAFO)                                                       376           -1.8            -0.48             2.34         -7.08        -25.64            -18.56                 2.37                                 13.76
                Kilde: Bloomberg, DNB Markets
                Råvarer og shipping                                             Siste             I går       Endr.               %1D            %1W             %1M            %3M             %YTD                %12M             52W H                52W L
                CRB indeks                                                      294.2            294.2          -3.65             -1.23 -               1          -4.9           -3.5              -0.8                 1.0           316.6                265.5
                GS råvare indeks                                                3,581            3,581        -45.45              -1.25 -               1            -7             -5                -2                  -4           3,918                3,307
                Olje
                Brent Spot                                                      64.35            64.35          -1.51             -2.29            -4.34       -13.56         -17.29            -13.17              -27.51             89.11                62.60
                Brent olje 1m                                                   63.69            64.25          -0.56             -0.87            -3.68       -14.78         -17.03            -14.67              -27.51             88.79                58.40
                Brent olje 3m                                                   62.30            62.91          -0.61             -0.97            -3.52       -15.78         -16.84            -15.67              -27.23             87.03                57.78
                WTI olje 1m                                                     59.86            60.42          -0.56             -0.93            -3.87       -16.26         -17.47            -16.54              -26.94             84.52                55.12
                Flybensin                                                     678.50               0.00         -8.25             -1.20            -0.66         -6.19          -9.56             -5.50             -18.52
                Naturgass US Henry Hub                                            3.17             3.17          0.22              7.46             2.26       -18.51           -6.21             -6.76            104.52
                Fyringsolje                                                    209.6            212.0           -2.49             -1.17            -1.48           -9.4         -15.7               -9.7              -16.6           266.0                193.7
                Metaller
                Aluminium 3m                                                    2,466            2,466             32              1.29             3.59           -3.2           -5.9              -3.4                -4.8           2,799                2,210
                Nikkel                                                        15,550           15,550             -65             -0.42            -0.84           -5.1            0.3               1.4              -18.8           21,750              13,865
                Kobber                                                          9,440            9,440             62              0.66             0.76           -3.6            4.1               7.7                -6.9          11,105                8,105
                Gull                                                            3,309            3,317              -8            -0.25             0.63            5.9          18.2              26.1                44.7            3,500                2,277
                Shipping
                WS AG - Japan, 250 dwt                                              70               70              0             0.00           12.00              22             40                75                 12                 75                  38
                WS AG - USG, 250 dwt                                                40               40              0             0.00           23.08              33             33                45                   0                45                  28
                Baltic dry index                                                1,398            1,398            -5.0            -0.36           10.86             -13             90                40                -17            2,203                  715
                Kilde: Bloomberg, DNB Markets
                Renter og valuta                                                Siste             I går       Endr.                                  1W             1M             3M              YTD                 12M           52W H                52W L
                Norge - Nibor 1m                                                4.510            4.510        -0.010                              -0.03           0.03          -0.05             -0.10              -0.12               4.67                4.43
                Norge - Nibor 3m                                                4.590            4.590         0.000                              -0.01           0.03           0.03             -0.09              -0.13               4.78                4.45
                USA - Libor 3m                                                  4.854            4.855        -0.001                              -0.08          -0.42          -0.73             -0.74              -0.80                  na                  na
                Euro - Euribor 3m                                               2.176            2.176        -0.010                              -0.02          -0.15          -0.44             -0.54              -1.66               3.85                0.00
                Norge 10 år stat                                                3.911            3.911        -0.012                               0.01          -0.19           0.05              0.03                0.10              4.23                3.17
                USA 10 år stat                                                  4.166            4.172        -0.006                              -0.22          -0.08          -0.35             -0.40              -0.51               4.81                3.60
                Euro 10 år stat                                                 2.497            2.497        -0.024                               0.05          -0.23          -0.09              0.13              -0.04               2.94                2.01
                Tyskland 10 år stat                                             2.497            2.497        -0.024                               0.05          -0.23          -0.09              0.13              -0.04               2.94                2.01
                Japan 10 år stat                                                1.320            1.319         0.001                              -0.02          -0.22           0.10              0.22                0.44              1.60                0.74
                UK 10 år stat                                                   4.480            4.480        -0.029                              -0.07          -0.21          -0.14             -0.09                0.19              4.92                3.73
                Valuta
                EUR/USD                                                         1.138            1.139        -0.001                              0.006         0.056          0.102             0.103               0.071             1.157                1.018
                USD/JPY                                                         142.4            142.3         0.060                                -1.1           -7.6         -12.8             -14.8              -15.4             162.0                139.6
                GBP/USD                                                         1.339            1.341        -0.002                              0.014         0.048          0.100             0.088               0.090             1.344                1.210
                USD/NOK                                                       10.379           10.368          0.011                             -0.154        -0.131         -0.965            -1.007              -0.737           11.531               10.192
                EUR/NOK                                                       11.811           11.807          0.004                             -0.111         0.441          0.074             0.025              -0.045           12.222               11.254
                GBP/NOK                                                       13.902           13.906         -0.004                             -0.064         0.324         -0.132            -0.341               0.019           14.371               13.317
                Kilde: Bloomberg, DNB Markets                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                       3 
                 DNB Markets |  
                  
                 30 april 2025 
                  
                  US Selskaper - vinnere/tapere
                 DOW 30                                       Kurs                    Endring                           NASDAQ                             Kurs                    Endring                            S&P500                         Kurs                    Endring
                 Alle                                        siste        1 dag         1 mnd             1 år          Topp                               siste        1 dag         1 mnd             1 år          Topp                           siste        1 dag        1 mnd              1 år
                 Honeywell International Inc                 211.49          5.4 %        -0.1 %          9.7 %         Cadence Design Systems In3c02.22                  5.8 %        18.8 %          9.6 %          SBA Communications C2o3rp8.50                 6.8 %         8.4 %        28.1 %
                 Sherwin-Williams Co/The                     348.13          4.8 %        -0.3 %        16.2 %          Honeywell International Inc 211.49                5.4 %         -0.1 %         9.7 %          Cadence Design System3s0 2In.2c2              5.8 %        18.8 %          9.6 %
                 Amgen Inc                                   288.56          1.9 %        -7.4 %          5.3 %         Synopsys Inc                      460.77          3.8 %          7.4 %       -13.2 %          Honeywell International 2In1c1.49             5.4 %        -0.1 %          9.7 %
                 Merck & Co Inc                               84.71          1.8 %        -5.6 %       -34.4 %          MercadoLibre Inc                 2280.86          3.3 %        16.9 %         56.4 %          Zebra Technologies Cor2p56.05                 5.2 %        -9.4 %       -18.6 %
                 International Business Machine              239.39          1.4 %        -3.7 %        44.0 %          Palo Alto Networks Inc            186.65          2.8 %          9.4 %        28.3 %          Sherwin-Williams Co/Th3e48.13                 4.8 %        -0.3 %        16.2 %
                 Verizon Communications Inc                   42.95          1.3 %        -5.3 %          8.8 %         Enphase Energy Inc                  47.71         2.7 %       -23.1 %        -56.1 %          American Tower Corp 221.33                    4.7 %         1.7 %        29.0 %
                 Visa Inc                                    341.52          1.2 %        -2.6 %        27.1 %          AstraZeneca PLC                     71.71         2.5 %         -2.4 %         -5.5 %         Labcorp Holdings Inc          240.42          4.7 %         3.3 %        19.4 %
                 Walt Disney Co/The                           91.17          1.1 %        -7.6 %       -17.9 %          Charter Communications In3c86.33                  2.5 %          4.8 %        50.9 %          Fiserv Inc                    185.29          4.1 %       -16.1 %        21.4 %
                 Travelers Cos Inc/The                       264.05          0.9 %        -0.2 %        24.5 %          Charter Communications In3c86.33                  2.5 %          4.8 %        50.9 %          Synopsys Inc                  460.77          3.8 %         7.4 %       -13.2 %
                 Cisco Systems Inc                            57.34          0.9 %        -7.1 %        22.1 %          Tesla Inc                         292.03          2.2 %        12.7 %         59.3 %          Ball Corp                      52.39          3.7 %         0.6 %       -24.7 %
                 Walmart Inc                                  96.04          0.9 %         9.4 %        61.8 %          PayPal Holdings Inc                 66.32         2.1 %          1.6 %         -2.4 %         A O Smith Corp                 67.02          3.5 %         2.5 %       -19.1 %
                 Salesforce Inc                              267.76          0.8 %        -0.2 %         -0.4 %         O'Reilly Automotive Inc          1399.23          2.1 %         -2.3 %        38.1 %          Ecolab Inc                    246.91          3.3 %        -2.6 %          9.2 %
                 American Express Co                         267.02          0.8 %        -0.8 %        14.1 %          T-Mobile US Inc                   241.59          2.0 %         -9.4 %        47.2 %          Pfizer Inc                     23.79          3.2 %        -6.1 %         -7.1 %
                 Coca-Cola Co/The                             72.35          0.8 %         1.0 %        17.1 %          Amgen Inc                         288.56          1.9 %         -7.4 %         5.3 %          Global Payments Inc            76.63          3.1 %       -21.7 %       -37.6 %
                 Microsoft Corp                              394.04          0.7 %         5.0 %          1.2 %
                 Home Depot Inc/The                          359.00          0.6 %        -2.0 %          7.4 %         Bunn                               siste        1 dag         1 mnd             1 år          Bunn                           siste        1 dag        1 mnd              1 år
                 JPMorgan Chase & Co                         244.62          0.6 %        -0.3 %        27.6 %          NXP Semiconductors NV 182.62                     -6.9 %         -3.9 %       -28.7 %          NXP Semiconductors NV182.62                  -6.9 %        -3.9 %       -28.7 %
                 Apple Inc                                   211.21          0.5 %        -4.9 %        24.0 %          Regeneron Pharmaceutical5s6 In8c.91              -6.9 %       -10.3 %        -36.1 %          Regeneron Pharmaceut5ic6a8ls.9 I1nc          -6.9 %       -10.3 %       -36.1 %
                 Goldman Sachs Group Inc/The                 548.92          0.5 %         0.5 %        28.6 %          ON Semiconductor Corp               38.86        -2.9 %         -4.5 %       -44.6 %          Brown & Brown Inc             107.99         -6.0 %       -13.2 %        32.4 %
                 NIKE Inc                                     57.54          0.4 %        -9.4 %       -37.6 %          Microchip Technology Inc            45.92        -2.3 %         -5.1 %       -50.1 %          Alexandria Real Estate Eq7u2i.t5ie7          -5.7 %       -21.6 %       -37.4 %
                 Johnson & Johnson                           155.91          0.4 %        -6.0 %          7.8 %         Micron Technology Inc               76.88        -2.1 %       -11.5 %        -31.9 %          Insulet Corp                  251.27         -3.2 %        -4.3 %        46.1 %
                 3M Co                                       138.38          0.3 %        -5.8 %        43.4 %          Gilead Sciences Inc               104.21         -2.0 %         -7.0 %        59.8 %          Amcor PLC                        9.33        -3.1 %        -3.8 %          4.4 %
                 NVIDIA Corp                                 109.02          0.3 %         0.6 %        26.2 %          PACCAR Inc                          90.29        -1.9 %         -7.3 %       -12.5 %          ON Semiconductor Corp 38.86                  -2.9 %        -4.5 %       -44.6 %
                 Procter & Gamble Co/The                     162.26          0.3 %        -4.8 %         -0.6 %         Align Technology Inc              177.75         -1.8 %        11.9 %        -37.1 %          UnitedHealth Group Inc409.23                 -2.6 %       -21.9 %       -15.4 %
                 Caterpillar Inc                             307.40          0.1 %        -6.8 %         -8.1 %         GLOBALFOUNDRIES Inc                 34.65        -1.6 %         -6.1 %       -29.1 %          Teradyne Inc                   74.89         -2.5 %        -9.3 %       -35.6 %
                 Boeing Co/The                               182.00         -0.2 %         6.7 %          8.4 %         Texas Instruments Inc             160.77         -1.0 %       -10.5 %          -8.9 %         First Solar Inc               137.24         -2.5 %         8.6 %       -22.2 %
                 Amazon.com Inc                              187.39         -0.2 %        -1.5 %          7.1 %         ASML Holding NV                   666.11         -1.0 %          0.5 %       -23.7 %          Microchip Technology Inc45.92                -2.3 %        -5.1 %       -50.1 %
                 Chevron Corp                                139.30         -0.6 %       -16.7 %       -13.6 %          Lam Research Corp                   70.90        -0.9 %         -2.5 %       -20.7 %          Micron Technology Inc          76.88         -2.1 %       -11.5 %       -31.9 %
                 McDonald's Corp                             314.50         -0.7 %         0.7 %        15.2 %          Diamondback Energy Inc            136.65         -0.8 %       -14.5 %        -32.1 %          Arthur J Gallagher & Co317.14                -2.1 %        -8.1 %        35.1 %
                                                                                                                        KLA Corp                          687.95         -0.8 %          1.2 %         -0.2 %         Newmont Corp                   52.96         -2.1 %         9.7 %        30.3 %
                 Kilde: Bloomberg / DNB Markets                                                                                                                                                                                                                                                           
                  Indeksutvikling på sektornivå
                 Sektor USA                                      1 dag        1 mnd.         3 mnd.              1 år     hittil i år    est. P/E         Sektor MSCI Europe                                         1 dag        1 mnd.         3 mnd.              1 år     hittil i år    est. P/E
                 Industrielle konglomerater                       3.5%          -2.2%          -6.8%          19.8%           -2.0%            19.6       Programvare og tjenester                                    2.4%           2.7%          -7.5%          30.0%           4.7%             33.7
                 Bildeler                                         2.4%          -3.1%         -10.6%         -19.1%           -8.6%             8.7       Legemiddelindustri og bioteknologi                          1.4%          -4.5%        -10.5%          -12.0%          -5.2%             14.2
                 Kjemikalier                                      1.5%          -4.4%          -7.3%           -4.3%          -1.2%            23.7       Forsyningsselskaper                                         1.1%           3.8%         12.1%           17.2%          14.0%             13.5
                 Kommunikasjonsutstyr                             1.3%          -3.4%         -11.9%          24.1%           -9.3%            18.9       Banker                                                      1.0%          -0.2%         10.5%           30.9%          20.9%              8.7
                 Farmasi                                          1.1%          -1.7%          -0.9%           -0.4%           2.6%            15.8       Mat- og apotekhandel                                        0.7%           6.0%           2.8%          17.1%           4.1%             13.0
                 Programvare                                      1.0%           6.2%          -5.1%           8.2%           -5.2%            30.2       Husholdningsvarer og personlige produkter 0.6%                             1.4%          -1.1%           2.1%           1.0%             19.1
                 Bank                                             0.9%          -2.4%         -11.9%          16.9%           -3.6%            11.6       Kommersielle tjenester og leveranser                        0.6%           0.6%          -7.0%          10.1%           0.5%             23.5
                 Elektronisk utstyr og instrumenter               0.9%           3.6%          -8.1%           8.5%           -2.1%            20.8       Forsikring                                                  0.6%           0.6%         10.4%           31.8%          16.5%             12.6
                 Media                                            0.8%          -5.8%           0.4%           0.1%           -4.8%             9.5       Telekommunikasjon og tjenester                              0.5%          -2.6%           5.0%          27.7%          12.0%             16.0
                 Kraft                                            0.8%           0.3%           1.7%          17.5%            4.5%            17.9       Finansieringsselskaper                                      0.3%          -1.4%          -6.5%          19.1%           2.4%             17.1
                 Forsikring                                       0.8%          -5.9%           2.5%          18.6%            4.7%            14.9       Materialer                                                  0.2%          -0.4%          -4.5%          -8.2%          -0.4%             16.8
                 Eiendom                                          0.7%          -1.9%          -0.6%          13.9%            0.6%            19.2       IT utstyr                                                   0.2%          -6.6%        -13.3%           14.5%          -5.3%             16.8
                 Luftfart                                         0.7%          -6.7%         -31.5%           -0.1%        -27.4%              8.7       Transport                                                   0.2%          -3.5%          -1.4%           4.1%          -3.2%             16.5
                 Diversifiserte telekomtjenester                  0.7%          -4.4%          12.1%          31.0%          13.6%             10.8       Hotell-, underholdnings- og restaurantvirksom0h.e1t%                      -1.8%        -12.0%            1.8%          -9.9%             21.3
                 Drikkevarer                                      0.7%          -3.0%           4.1%           -4.0%           2.7%            20.0       Eiendomsselskaper                                           0.1%           5.1%          -3.2%          -1.9%           0.3%             13.4
                 Matvarer                                         0.7%          -3.8%           2.6%         -11.8%           -1.0%            16.2       Helsevern - utstyr og tjenester                             0.1%          -3.5%          -8.9%           7.0%           0.2%             22.9
                 Elektrisk utstyr                                 0.6%           6.2%         -10.1%          12.5%           -7.1%            26.4       Biler og komponenter                                        0.0%          -0.3%          -8.8%         -22.5%          -4.6%              8.0
                 Bygg og anlegg                                   0.6%         15.0%           -5.0%          13.1%           -7.5%            28.0       Drikkevarer, mat og tobakk                                 -0.1%          -0.1%           5.7%           1.2%           8.1%             16.0
                 Helseartikler                                    0.6%          -1.1%          -5.6%           9.3%            3.7%            24.8       Kapitalvarer                                               -0.4%          -1.8%          -0.3%          11.7%           6.7%             20.4
                 Informasjonsteknologi                            0.5%           1.2%          -9.1%          12.6%         -11.8%             30.4       Energi                                                     -0.9%        -14.7%         -10.6%          -21.3%          -5.5%              9.0
                 Datamaskiner og tilbehør                         0.5%          -4.7%         -10.7%          21.0%         -15.6%             30.0       Detaljhandel                                               -1.0%           1.1%           0.7%          17.4%           2.6%             18.6
                 Husholdningsartikler                             0.4%          -4.9%          -1.4%           -1.3%          -2.8%            22.7       Media                                                      -1.4%           0.2%          -6.9%           1.1%           3.5%             24.2
                 Fritidsutstyr                                    0.4%           0.1%           6.4%           0.4%          10.1%             15.2       Forbruksvarer og klær                                      -1.5%          -7.1%        -22.2%          -18.7%         -11.8%             24.6
                 Hotell og restaurant                             0.3%           0.1%          -6.1%           8.7%           -3.9%            23.8
                 Maskiner                                         0.2%          -4.4%         -12.9%           -1.6%          -7.5%            19.1
                 Bioteknologi                                     0.0%          -6.1%           2.1%           8.3%            7.3%            16.6
                 Olje og gass                                    -0.4%        -10.9%           -3.9%         -10.3%           -2.3%            15.9
                 Energi og relatert utstyr                       -0.4%        -18.5%          -18.9%         -23.1%         -14.2%             11.1
                 Metall                                          -0.4%           2.9%           7.7%           -9.2%         13.7%             15.5
                 Papir- og skogprodukter                         -0.5%          -7.1%         -25.6%           1.8%         -18.6%             13.8
                 Kilde: Bloomberg, DNB Markets                                                                                                            Kilde: Bloomberg, DNB Markets                                                                                                                   
                  
                 GULL ETC (NOK) OSLO VS GULLPRIS SPOT (USD) 
                  2,100                                                                                                                                                          37,000
                  2,000                                                                                                                                                          35,000
                  1,900                                                                                                                                                          33,000
                  1,800
                                                                                                                                                                                 31,000
                  1,700
                  1,600                                                                                                                                                          29,000
                  1,500                                                                                                                                                          27,000
                  1,400                                                                                                                                                          25,000
                                          COGLD (NOK, venstre)                                                GULLPRIS (SPOT NOK, høyre)                                                         
                                                                                                                                                                                                                                                                                                                             4 
         DNB Markets |  
          
         30 april 2025 
          
          
         12-M
NEDERS FORWARD P/E - HISTORISKE MULTIPLER – OBX OG OMX 
          
          OSLO – OBX INDEKSEN                                                                   STOCKHOLM – OMX INDEKSEN 
          35x                                                                          30x
          30x                                                                          25x
          25x                                                                          20x
          20x
          15x                                                                          15x
          10x                                                                          10x
           5x                                                                           5x
                                         P/E     Median                                                              P/E      Median
          3.0x                                                                         3.0x
          2.5x                                                                         2.5x
          2.0x                                                                         2.0x
          1.5x                                                                         1.5x
          1.0x                                                                         1.0x
          0.5x                                                                         0.5x
          0.0x                                                                         0.0x
                                         P/B     Median                                                              P/B      Median
          16x                                                                          25x
          14x                                                                          20x
          12x
          10x                                                                          15x
           8x
           6x                                                                          10x
           4x                                                                           5x
           2x
           0x                                                                           0x
                                      EV/EBITDA      Median                                                       EV/EBITDA      Median
                                                                                                                                                                 
         Kilde: Bloomberg /DNB Markets 
          
          
          
          
          
          
          
          
          
          
          
          
          
                                                                                                                                                                           5 
              DNB Markets |  
               
              30 april 2025 
               
               
              RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX 
               
              S&P500 INDEKSEN                                                                                                        OSLO – OBX INDEKSEN 
              7000                                                                                                   8.0           6                                                                                                     6.0
              6000                                                                                                   7.0           5                                                                                                     5.0
              5000                                                                                                   6.0
                                                                                                                                   4                                                                                                     4.0
                                                                                                                     5.0
              4000
                                                                                                                     4.0           3                                                                                                     3.0
              3000
                                                                                                                     3.0           2                                                                                                     2.0
              2000                                                                                                   2.0
                                                                                                                                   1                                                                                                     1.0
              1000                                                                                                   1.0
                  0                                                                                                  0.0           0                                                                                                     0.0
                                                     SPX Index         US10Y Interest (%)                                                                         NO 10Y Interest (%)          US10Y Interest (%)
               45x                                                                                                     8.0        1600                                                                                                    160
               40x                                                                                                     7.0        1400                                                                                                    140
               35x                                                                                                     6.0        1200                                                                                                    120
               30x
                                                                                                                       5.0        1000                                                                                                    100
               25x
                                                                                                                       4.0         800                                                                                                    80
               20x
                                                                                                                       3.0         600                                                                                                    60
               15x
               10x                                                                                                     2.0         400                                                                                                    40
                5x                                                                                                     1.0         200                                                                                                    20
                0x                                                                                                     0.0           0                                                                                                    0
                                                 Long term hist. PE          US10Y Interest (%)                                                                         OBX Index               Brent Oil (USD)
               8x                                                                                                     35.0         30x                                                                                                     6.0
               7x                                                                                                     30.0
                                                                                                                                   25x                                                                                                     5.0
               6x                                                                                                     25.0
                                                                                                                                   20x                                                                                                     4.0
               5x
                                                                                                                      20.0
               4x                                                                                                                  15x                                                                                                     3.0
                                                                                                                      15.0
               3x                                                                                                                  10x                                                                                                     2.0
               2x                                                                                                     10.0
                                                                                                                      5.0           5x                                                                                                     1.0
               1x
               0x                                                                                                     0.0           0x                                                                                                     0.0
                                                US10Y Interest (%)            Best fwd P/E Ratio                                                                    Best fwd P/E Ratio          NO 10Y Interest (%)
               6.0                                                                                                     4.0      10.0                                                                                                    10.0
                                                                                                                       3.5       9.0                                                                                                    9.0
               5.0                                                                                                               8.0                                                                                                    8.0
                                                                                                                       3.0
               4.0                                                                                                               7.0                                                                                                    7.0
                                                                                                                       2.5       6.0                                                                                                    6.0
               3.0                                                                                                     2.0       5.0                                                                                                    5.0
                                                                                                                       1.5       4.0                                                                                                    4.0
               2.0                                                                                                               3.0                                                                                                    3.0
                                                                                                                       1.0
               1.0                                                                                                               2.0                                                                                                    2.0
                                                                                                                       0.5       1.0                                                                                                    1.0
               0.0                                                                                                     0.0       0.0                                                                                                    0.0
                                            SPX Index dividend yield       SPX Index dividend yield                                                            OBX Index dividend yield         NO 10Y Interest rate                               
              Kilde: Bloomberg /DNB Markets 
                                                                                                                                                                                                                                                                   6 
          DNB Markets |  
           
          30 april 2025 
           
           
          ETF / ETP                                                                            Endring i %
                                  Navn                                       Kurs        1 dg        5 dg      1 mnd     Valuta    Verdi (gjennomsnitt)
          Aksjer / Indekser                                                                                                              (siste 5 dager)
          Finansielle tjenester   XLF                                       48.67       1.0 %       3.2 %      -2.3 %     USD            2,720,919,296
          Forbruksvarer           XLP                                       81.24       0.8 %      -1.2 %      -0.5 %     USD            1,220,265,984
          Forsyningstjenester     XLU                                       79.30       0.8 %       1.7 %       0.6 %     USD              855,286,976
          DAX                     DAXEX                                    187.14       0.8 %       4.9 %       0.9 %     EUR                 3,499,415
          DJIA                    DIA                                      405.21       0.7 %       3.4 %      -3.5 %     USD            1,379,792,512
          Russell 2000 Growth IWO                                          255.04       0.7 %       5.8 %      -0.2 %     USD              130,161,112
          Nasdaq 100              QQQ                                      475.53       0.7 %       7.0 %       1.4 %     USD           22,450,708,480
          Industri                XLI                                      130.28       0.6 %       4.5 %      -0.6 %     USD            1,440,029,184
          S&P 500                 SPY                                      554.32       0.6 %       5.1 %      -0.9 %     USD           41,031,614,464
          Dow Jones Total markeStPTM                                        67.29       0.6 %       5.0 %      -1.1 %     USD                62,728,908
          Russell 2000            IWM                                      196.09       0.6 %       4.6 %      -1.7 %     USD            6,966,115,840
          FTSE 100                ISF                                      831.60       0.6 %       1.6 %      -0.8 %     GBp            2,247,428,000
          Brasil                  EWZ                                       27.36       0.6 %       5.8 %       5.8 %     USD              633,666,304
          TecDax                  TDXPEX                                    31.89       0.5 %       5.0 %      -0.2 %     EUR                    93,071
          S&P Midcap 400          MDY                                      521.88       0.5 %       3.8 %      -2.2 %     USD              668,393,408
          Teknologi USA           XLK                                      209.10       0.5 %       8.6 %       1.3 %     USD            1,230,625,536
          Japan                   EWJ                                       72.02       0.4 %       4.0 %       5.0 %     USD              369,313,248
          AEX-Nederland           IAEX                                   7447.00        0.4 %       1.6 %      -0.6 %     GBp                82,328,050
          Oil Service             OIH                                      215.43       0.3 %       0.8 %     -17.8 %     USD              141,197,920
          S&P Euro 350            IEV                                       60.33       0.3 %       2.9 %       3.7 %     USD                27,517,028
          Emerging Markets        EEM                                       43.65       0.3 %       2.6 %      -0.1 %     USD            1,252,845,184
          Hong Kong               EWH                                       17.16       0.2 %       1.8 %      -2.0 %     USD                73,782,880
          Bioteknologi            IBB                                      124.75       0.1 %       3.6 %      -2.5 %     USD              191,230,880
          Latin-America 40        ILF                                       25.10       0.0 %       4.3 %       6.6 %     USD                37,147,376
          Pacific ex-Japan        EPP                                       45.39      -0.1 %       2.0 %       2.9 %     USD                20,754,470
          CAC-40                  CAC                                       74.91      -0.2 %       3.4 %      -2.3 %     EUR                 3,769,091
          Energi                  XLE                                       82.73      -0.3 %       1.6 %     -11.5 %     USD            1,618,264,448
          Olje / Energi
          Naturgass               UNG                                       16.88       1.6 %       7.0 %     -21.9 %     USD              144,973,040
          WTI-olje                CRUDP                                      7.64      -1.1 %      -3.2 %     -18.0 %     EUR                   167,649
          Bensin                  UGAS                                      48.69      -1.1 %      -1.6 %      -9.2 %     USD                    19,451
          Fyringsolje             HEAT                                      21.09      -1.1 %      -1.7 %      -7.4 %     USD                    15,784
          WTI-olje                CRUD                                       8.69      -1.2 %      -4.1 %     -13.8 %     USD                 1,469,118
          Brent-olje              BNO                                       26.76      -2.3 %      -4.7 %     -14.0 %     USD                16,505,653
          WTI-Oil                 USO                                       65.85      -2.8 %      -5.1 %     -14.8 %     USD              253,751,968
          Metaller
          Aluminium               ALUM                                       3.20       1.2 %       3.6 %      -3.2 %     USD                   211,926
          Sink                    ZINC                                       8.67       0.6 %       2.0 %      -6.7 %     USD                    16,969
          Kobber                  COPA                                      43.44       0.4 %       0.1 %      -3.6 %     USD                 2,756,723
          Nikkel                  NICK                                      13.93      -0.4 %      -0.6 %      -2.4 %     USD                    77,299
          Gull                    GLD                                       33.42      -0.5 %      -2.8 %       5.7 %     USD            3,290,441,216
          Sølv                    SLV                                       29.83      -1.2 %       1.1 %      -3.7 %     USD              690,882,304
          Andre råvarer
          Kveg                    CATL                                       8.20       0.3 %       1.7 %       3.3 %     USD                     9,388
          Svinekjøtt              HOGS                                      31.70      -0.7 %       0.5 %       4.5 %     USD                    70,790
          Soyabønner              SOYB                                      25.23      -0.8 %       0.2 %       0.9 %     USD                    41,383
          Hvete                   WEAT                                      19.05      -0.9 %      -4.4 %      -2.6 %     USD                    88,363
          Råvarer                 DBC                                       20.96      -1.3 %      -1.6 %      -6.8 %     USD                35,414,352
          Sukker                  SUGA                                      12.04      -1.9 %      -2.2 %      -6.9 %     USD                    32,372
          Kaffe                   COFF                                      70.66      -2.0 %       8.3 %       5.3 %     USD                   338,010
          Soyaolje                SOYO                                       6.69      -2.1 %       2.4 %       8.0 %     USD                    23,708
          Råvarekurver
          Industrimetaller        AIGI                                      15.40       0.4 %       1.1 %      -3.7 %     USD                   380,841
          Buskap                  AIGL                                       3.11       0.3 %       1.7 %       4.2 %     USD                    11,669
          Energi                  AIGE                                       3.36       0.1 %      -0.4 %     -13.8 %     USD                   100,682
          Råvarer                 AIGC                                      11.64      -0.3 %      -0.5 %      -3.5 %     USD                    26,651
          Edle metaller           AIGP                                      34.49      -0.4 %      -1.8 %       3.1 %     USD                    99,521
          Råvarer (ETN)           GSG                                       21.18      -1.5 %      -1.8 %      -7.0 %     USD                15,572,616
          Landbruk                AIGA                                       6.23      -1.6 %      -0.2 %       0.9 %     USD                   271,890
          Korn                    AIGG                                       3.45      -1.9 %      -2.5 %       0.1 %     USD                    23,766
          Kilde: Bloomberg / DNB Markets                                                                                                                  
           
                                                                                                                                                                                       7 
        DNB Markets |  
         
        30 april 2025 
         
         Rapportkalender
                                                                                Konsensus                         DNB
              Dato     Selskap                              Marked           EBITDAe        EPSe       EBITDAe       EPSe     Utbytte
            30-Apr     Karolinska Development AB            Stockholm              na          na            na         na    None
                       Eltel AB                             Stockholm               4       -0.03            na         na    Irreg
                       DSV A/S                              Copenhagen          5,274       11.23         5,246       0.00    Annual
                       SRV Group Oyj                        Helsinki                3        0.01            na         na    Irreg
                       Aker Solutions ASA                   Oslo                1,147        1.33         1,300       1.66    Annual
                       Sea1 offshore Inc                    Oslo                   33        0.07            30       0.06    Irreg
                       poLight ASA                          Oslo                   na          na            na         na    None
                       NEL ASA                              Oslo                  -78       -0.06           -83       -0.06   None
                       Borregaard ASA                       Oslo                  483        2.26          471        2.27    Annual
                       Pareto Bank ASA                      Oslo                   na        2.03            na       2.03    Annual
                       Subsea 7 SA                          Oslo                  227        0.09          197        0.03    Semi-Anl
                       Komplett ASA                         Oslo                   90       -0.27            49       -0.32   None
                       Navamedic ASA                        Oslo                    8          na            na         na    Irreg
                       Elkem ASA                            Oslo                  859        0.07          983        0.18    Annual
                       Equinor ASA                          Oslo               10,505        0.82        10,000       0.80    Quarter
                       Akastor ASA                          Oslo                   na          na            na         na    Irreg
                       Aker BioMarine ASA                   Oslo                   11       -0.02             8       -0.02   Irreg
                       Kone Oyj                             Helsinki              342        0.42          348        0.41    Annual
                       Hiab Oyj                             Helsinki               64        0.61            64       0.59    Annual
                       Evolution AB                         Stockholm             364        1.36          367        1.37    Annual
                       Egetis Therapeutics AB               Stockholm              na       -0.24           -77       -0.23   None
                       Hexagon AB                           Stockholm             490        0.11          508        0.11    Annual
                       Qliro AB                             Stockholm              na       -0.17            na         na    na
                       K-fast Holding AB                    Stockholm              na        0.12            na         na    None
             2-May     KMC Properties ASA                   Oslo                   na          na            na         na    Annual
                       Danske Bank A/S                      Copenhagen             na        6.40            na       0.00    Semi-Anl
             5-May     Intea Fastigheter AB                 Stockholm             265        0.60            na         na    Irreg
                       Fenix Outdoor International AG       Cboe DXE               na          na            na         na    Annual
                       Genova Property Group AB             Stockholm              na        2.70            na         na    Quarter
                       Novotek AB                           Stockholm              na          na            na         na    Annual
                       Elon AB                              Stockholm             155      237.00            na         na    Annual
                       Acrinova AB                          Stockholm              na          na            na         na    Semi-Anl
                       Acrinova AB                          Stockholm              na          na            na         na    Semi-Anl
                       BW Energy Ltd                        Oslo                  165        0.26          169        0.26    na
                       Ratos AB                             Stockholm             868        0.30            na         na    Annual
                       Ratos AB                             Stockholm             868        0.30            na         na    Annual
                       Nyfosa AB                            Stockholm           1,133        1.72          514        1.22    Quarter
                       Intea Fastigheter AB                 Stockholm              na          na            na         na    Quarter
             6-May     Hanza AB                             Stockholm             136        1.28            na         na    Annual
                       Nolato AB                            Stockholm             404        0.66          407        0.67    Annual
                       Orron Energy ab                      Stockholm               3          na            na         na    Irreg
                       Bravida Holding AB                   Stockholm             499        1.16          523        1.23    Annual
                       NoHo Partners Oyj                    Helsinki               23        0.09            na         na    3x a yr
                       Hexagon Purus ASA                    Oslo                 -153       -0.72          -137       -0.67   None
                       Ambea AB                             Stockholm             627        1.39          619        1.30    Annual
                       Vestas Wind Systems A/S              Copenhagen            248       -0.02          320        0.00    Annual
                       Coloplast A/S                        Copenhagen          2,244        5.59         2,195       0.00    Semi-Anl
                       Telenor ASA                          Oslo                8,728        1.84         8,485       1.67    Semi-Anl
                       Castellum AB                         Stockholm           1,596        2.15         1,590       2.12    Quarter
                       Ctek AB                              Stockholm              34        0.09            na         na    None
                       Prevas AB                            Stockholm              59          na            na         na    Annual
                       International Petroleum Corp         Stockholm              61        0.14            na         na    na
                       Peab AB                              Stockholm              46       -0.98            45       -1.02   Semi-Anl
                       INVISIO AB                           Stockholm              86        1.15            na         na    Annual
                       Lindab International AB              Stockholm             352        1.62          331        1.10    Semi-Anl
                       Nordisk Bergteknik AB                Stockholm             103        0.14            na         na    Annual     
         
         
         
         
                                                                                                                                                         8 
           DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2025 
            
           30 april 2025 
            
           UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2025 
                                                                                                                  Forventet
           Selskap                                      Utbytte                Valuta     Utbyttefrekvens     Eks. dato Utbetaling
           Stainless Tankers                              0.28                  USD       Quarter                7-Feb     14-Feb
           Seabird                                        0.40                  NOK       Irreg                 11-Feb     17-Feb
           Odfjell SE                                     8.74                  NOK       Semi-annual           12-Feb     20-Feb
           DNO ASA                                        0.31                  NOK       Quarter               13-Feb     21-Feb
           Equinor ASA (Q3)                               0.70                  USD       Quarter               13-Feb     28-Feb
           AMSC ASA                                       3.93                  NOK       Quarter               17-Feb     25-Feb
           Aker BP ASA                                    0.63                  USD       Quarter               17-Feb     25-Feb
           Rana Gruber                                    1.80                  NOK       Quarter               17-Feb     27-Feb
           Arendals Fossekompani A/S                      1.00                  NOK       Quarter               18-Feb     28-Feb
           Flex LNG                                       0.75                  USD       Quarter               19-Feb     10-Mar
           Klaveness Combination Carriers                 0.10                  USD       Quarter               19-Feb       6-Mar
           Philly Shipyard                                6.08                  USD       Irreg                 20-Feb     28-Feb
           Mowi ASA                                       2.00                  NOK       Quarter               21-Feb       3-Mar
           Odfjell Technology                             1.52                  NOK       Quarter               25-Feb     12-Mar
           TGS NOPEC Geophysical Co ASA                   0.16                  USD       Quarter               27-Feb     13-Mar
           Odfjell Drilling Ltd                           0.13                  USD       Quarter               28-Feb     13-Mar
           Okeanis Eco Tankers                            0.35                  USD       Quarter               28-Feb     17-Mar
           BW Offshore Ltd                                0.14                  USD       Quarter                3-Mar     11-Mar
           Panoro Energy ASA                              0.68                  NOK       Quarter                5-Mar     12-Mar
           Hafnia Ltd                                     0.03                  USD       Quarter                6-Mar     18-Mar
           BW LPG                                         0.42                  USD       Quarter                7-Mar     24-Mar
           Aker Carbon Capture (1)                        4.82                  NOK       Irreg                 10-Mar     19-Mar
           Golden Ocean Group Ltd                         0.15                  USD       Quarter               10-Mar     21-Mar
           Paratus Energy                                 0.22                  USD       Quarter               11-Mar     21-Mar
           Frontline                                      0.20                  USD       Quarter               13-Mar     31-Mar
           Holand og Setskog Sparebank                    9.00                  NOK       Annual                20-Mar       2-Apr
           MPC Container Ships AS                         0.09                  USD       Quarter               20-Mar     27-Mar
           Gjensidige Forsikring ASA                     10.00                  NOK       Annual                21-Mar     28-Mar
           Haugesund Sparebank                           12.50                  NOK       Annual                21-Mar       1-Apr
           Nidaros Sparebank                              5.87                  NOK       Annual                21-Mar       3-Apr
           Melhus Sparebank                              13.50                  NOK       Annual                21-Mar       3-Apr
           Treasure ASA                                   0.70                  NOK       Annual                21-Mar     12-May
           SpareBank 1 SMN                               12.50                  NOK       Annual                21-Mar     28-Mar
           Aasen Sparebank                                9.00                  NOK       Annual                21-Mar       3-Apr
           Wallenius Wilhelmsen ASA                       1.24                  USD       Semi-Anl              26-Mar      28-Apr
           TietoEVRY Oyj (1)                              0.75                  EUR       Semi-Anl              26-Mar       3-Apr
           Aurskog Sparebank                             15.00                  NOK       Annual                27-Mar       9-Apr
           Romerike Sparebank                            10.50                  NOK       Annual                27-Mar       4-Apr
           Skue Sparebank                                32.52                  NOK       Annual                27-Mar       8-Apr
           Romsdal  Sparebank                             9.00                  NOK       Annual                27-Mar       8-Apr
           Sparebanken Øst                                6.40                  NOK       Annual                28-Mar       8-Apr
           SpareBank 1 Ringerike Hadeland                30.00                  NOK       Annual                28-Mar      10-Apr
           Sparebanken Vest                               8.50                  NOK       Annual                28-Mar       7-Apr
           Sparebanken Sør                               12.21                  NOK       Annual                28-Mar       8-Apr
           Bien Sparebank                                 5.35                  NOK       Annual                28-Mar      10-Apr
           Sparebank 1 Østlandet                         10.30                  NOK       Annual                28-Mar       4-Apr
           Sparebank 68 Nord                             12.00                  NOK       Annual                28-Mar       7-Apr
           Trønderlag Sparebank                           4.80                  NOK       Annual                28-Mar      10-Apr
           Sunndal  Sparebank                             7.00                  NOK       Annual                28-Mar       9-Apr
           Pioneer Property                               2.50                  NOK       Quarter               31-Mar      11-Apr
           Rogaland Sparebank                             9.50                  NOK       Annual                 1-Apr       9-Apr
           Flekkefjord Sparebank                          4.60                  NOK       Annual                 1-Apr       9-Apr
           Awilco Drilling                                2.06                  USD       Irreg                  1-Apr      11-Apr
           AKVA Group ASA                                 1.00                  NOK       Semi-Anl               8-Apr      15-Apr
           SpareBank 1 Nordmøre                           8.50                  NOK       Annual                 9-Apr      16-Apr
           SpareBank 1 Nord Norge                         8.75                  NOK       Annual                 9-Apr      16-Apr
           Sparebanken Møre                               6.25                  NOK       Annual                10-Apr      23-Apr
           Sogn Sparebank                                20.00                  NOK       Annual                10-Apr      25-Apr
           Grong Sparebank                               10.50                  NOK       Annual                10-Apr      24-Apr
           Storebrand ASA                                 4.70                  NOK       Annual                10-Apr      24-Apr
           Morrow Bank                                    0.40                  NOK       Annual                11-Apr      24-Apr
           Multiconsult ASA                              10.00                  NOK       Annual                11-Apr      24-Apr
           Borregaard ASA                                 4.25                  NOK       Annual                11-Apr      23-Apr
           Jæren Sparebank                               20.00                  NOK       Annual                11-Apr      24-Apr
           Instabank                                      0.08                  NOK       Annual                11-Apr      24-Apr
           Himalaya Shipping                              0.04                  USD       Monthly               14-Apr      8-May
           2020 Bulkers                                   0.06                  USD       Monthly               15-Apr      28-Apr
           Noram Drilling                                 0.04                  USD       Monthly               15-Apr      24-Apr
           Deep Value Driller                             0.25                  NOK       Irreg                 16-Apr      24-Apr
           Stolt-Nielsen Ltd                              1.25                  USD       Semi-Anl              23-Apr      7-May
           Avance Gas Holding Ltd*                        0.74                  USD       Irreg                 24-Apr      7-May
           Orkla ASA                                     10.00                  NOK       Annual                25-Apr      6-May
           SpareBank 1 Sør-Norge                          8.50                  NOK       Annual                25-Apr      5-May
           Selvaag Bolig ASA                              1.25                  NOK       Semi-Anl              25-Apr      8-May
           Kitron ASA                                     0.35                  NOK       Semi-Anl              25-Apr     15-May 
           Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets                  
                                                                                                                                                                                                       9 
          DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2025 
           
          30 april 2025 
           
          UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2025 
                                                                                                                 Forventet
           Selskap                                      Utbytte               Valuta     Utbyttefrekvens     Eks. dato Utbetaling
           Europris ASA                                  3.50                  NOK       Annual                25-Apr      6-May
           ABG Sundal Collier Holding ASA                0.50                  NOK       Annual                25-Apr      6-May
           Pexip  Holding ASA                            2.50                  NOK       Annual                28-Apr      7-May
           River Tech                                    3.00                  NOK       Irreg                 28-Apr     12-May
           Aker Carbon Capture (2)                       0.98                  NOK       Irreg                 28-Apr      7-May
           Vår Energi                                    1.25                  NOK       Quarter               29-Apr      8-May
           Magnora ASA                                   0.19                  NOK       Quarter               29-Apr      5-May
           Aker Solutions ASA                            3.30                  NOK       Annual                29-Apr      8-May
           DNB ASA                                       16.75                 NOK       Annual                30-Apr      9-May
           Protector Forsikring ASA                      3.00                  NOK       Irreg                 30-Apr      9-May
           Aker ASA                                      26.50                 NOK       Annual                 2-May     13-May
           Bakkafrost P/F                                8.44                  DKK       Annual                 2-May     21-May
           Elkem ASA                                     0.30                  NOK       Irreg                  2-May     12-May
           Elmera Group                                  3.00                  NOK       Annual                 2-May     12-May
           Wilh Wilhelmsen Holding ASA                   12.00                 NOK       Semi-Anl               2-May     15-May
           Hoegh Autoliners  ASA                         0.83                  USD       Quarter                5-May     14-May
           Norconsult ASA                                1.70                  NOK       Annual                 6-May      0-Jan
           TOMRA Systems ASA                             2.15                  NOK       Annual                 7-May     20-May
           Norbit ASA                                    3.00                  NOK       Annual                 7-May     16-May
           Gentian Diagnostics                           0.40                  NOK       Annual                 7-May     16-May
           Schibsted B-aksje                             2.25                  NOK       Irreg                  8-May     16-May
           Schibsted A-aksje                             2.25                  NOK       Irreg                  8-May     16-May
           Bouvet ASA                                    3.00                  NOK       Quarter                8-May     20-May
           Kongsberg Gruppen ASA (1)                     10.00                 NOK       Semi-Anl               8-May     27-May
           Veidekke ASA                                  9.00                  NOK       Annual                 8-May     21-May
           Smartoptics                                   0.60                  NOK       Annual                 9-May     20-May
           Medistim ASA                                  6.00                  NOK       Annual                 9-May     19-May
           Norsk Hydro ASA                               2.25                  NOK       Annual                12-May     20-May
           Kid ASA                                       5.00                  NOK       Semi-Anl              13-May     27-May
           Polaris Media ASA                             20.40                 NOK       Annual                14-May     21-May
           Subsea 7 SA (1)                               6.50                  NOK       Semi-Anl              14-May     22-May
           Olav Thon Eiendomsselskap ASA                 7.25                  NOK       Annual                15-May     28-May
           Equinor ASA (Q4)                              0.37                  USD       Quarter               15-May     28-May
           Elopak (1)                                    0.08                  EUR       Sem-Annual            15-May     26-May
           AF Gruppen ASA                                5.00                  NOK       Semi-Anl              16-May     21-May
           Webstep AS                                    2.30                  NOK       Annual                19-May     30-May
           Moreld                                        0.42                  NOK       Quarter               21-May     26-May
           Telenor ASA (1)                               5.00                  NOK       Semi-Anl              22-May      3-Jun
           PetroNor                                      2.20                  NOK       Irreg                 23-May     30-May
           B2Impact ASA                                  1.50                  NOK       Annual                23-May      2-Jun
           Bonheur ASA                                   6.75                  NOK       Annual                23-May      3-Jun
           Nykode Therapeutics                           1.00                  NOK       Irreg                 27-May     12-Jun
           Yara International ASA                        5.00                  NOK       Annual                30-May     11-Jun
           Reach Subsea ASA                              0.42                  NOK       Annual                30-May     11-Jun
           Jinhui Shipping & Transportati                0.03                  USD       Semi-Anl              30-May     25-Jun
           Borgestad ASA                                 0.80                  NOK       Annual                30-May      5-Jun
           ABL Group                                     0.45                  NOK       Semi-Anl              30-May     16-Jun
           Vistin Pharma ASA                             1.25                  NOK       Semi-Anl               4-Jun     12-Jun
           Salmar ASA                                    22.00                 NOK       Annual                19-Jun       2-Jul
           Public Property Invest (1)                    0.10                  NOK       Quarter                 1-Jul      9-Jul
           TietoEVRY Oyj (2)                             0.75                  EUR       Semi-Anl              22-Sep      20-Oct
           Public Property Invest (2)                    0.10                  NOK       Quarter                1-Oct       9-Oct
           Kongsberg Gruppen ASA (2)                     12.00                 NOK       Irreg                  9-Oct      23-Oct
           Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets                                                            
           
           
           
           
           
           
           
           
           
                                                                                                                                                                                             10 
                 DNB Markets |  
                  
                 30 april 2025 
                  
                  
                  
                  
                 DNB ANBEFALINGER OG ESTIMATER 
                  DNB KJØPSANBEFALINGER OG OPPSIDE TIL KURSM
L                                                                                                                            ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSM
L
                                                                                                                                                                                                                                                                                                  
                                   Vicore Pharma                                                                                                                                                                    -35.5 %                                        Nel
                                     Shelf Drilling                                                                                                                                                                  -34.2 %                                       Elmera Group
                              Egetis Therapeutics                                                                                        191.8 %                                                                                 -23.0 %                           Tomra
                                 Ventura Offshore                                                                                    181.7 %                                                                                      -21.5 %                          Lyko Group
                                 Zealand Pharma                                                                          153.8 %                                                                                                   -20.6 %                         YIT
                                   Stillfront Group                                                                  144.9 %                                                                                                           -16.6 %                     AF Gruppen
                            Vestas Wind Systems                                                           121.0 %
                                                                                                                                                                                                                                                -9.3 %             Schibsted
                         Benchmark Holdings Plc                                                           120.3 %
                                          Airthings                                                     115.4 %                                                                                                                                 -9.2 %             Volvo
                                           Seadrill                                                     114.3 %                                                                                                                                  -8.3 %            Telenor
                                     Novo Nordisk                                                      112.1 %                                                                                                                                   -8.2 %            Lime Technologies
                                            Archer                                                    111.8 %                                                                                                                                    -7.9 %            Equinor
                                      Borr Drilling                                                   109.9 %                                                                                                                                    -7.8 %            Selvaag Bolig
                                            Gubra                                                  104.5 %                                                                                                                                          -4.9 %         Wallenstam
                                     Stolt-Nielsen                                                 102.6 %                                                                                                                                            -3.0 %       A. P. Møller Mærsk
                                        GN Group                                                  101.0 %                                                                                                                                                -0.4 %    Norsk Hydro
                                      Thule Group                                                 100.9 %                                                                                                                                                          0.0 %
                                 Scorpio Tankers                                                96.8 %                                                                                                                                                             0.0 %
                                   Cool Company                                               92.3 %                                                                                                                                                               0.0 %
                            Hexagon Composites                                               89.1 %                                                                                                                                                                0.0 %
                                    Odfjell Drilling                                        88.0 %
                                                                                                                                                                                                                                                                   0.0 %
                                        Odfjell SE                                          87.1 %
                                        Lundbeck                                           84.7 %                                                                                                                                                                  0.0 %
                 Klaveness Combination Carriers                                            84.5 %                                                                                                                                                                  0.0 %
                                          Instalco                                         84.4 %                                                                                                                                                                  0.0 %
                                              TGS                                          84.2 %                                                                                                                                                                  0.0 %
                                          Dometic                                         82.0 %                                                                                                                                                                   0.0 %
                                          BW LPG                                          81.6 %                                                                                                                                                                   0.0 %
                           Navigator Holdings Ltd                                        81.0 %                                                                                                                                                                    0.0 %
                                         BioArctic                                       79.7 %                                                                                                                                                                    0.0 %
                                                   0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%                                                    -100%      -90%      -80%      -70%       -60%      -50%      -40%      -30%       -20%      -10%       0%                          
                 ESTIMERT UTBYTTE – DIREKTEAVKASTNING 2025E      SELSKAP     ANBEFALING 
                                                          90%                                                                                                                                              Benchmark Holdings Plc                          BUY
                                                          80%                                                                                                                                              BlueNord                                     HOLD
                                                          70%                                                                                                                                              Höegh Autoliners ASA                            BUY
                                                                                                                                                                                                           Smartoptics                                     BUY
                                                          60%                                                                                                                                              Sea1 Offshore                                   BUY
                                                          50%                                                                                                                                              Wallenius Wilhelmsen ASA                        BUY
                                                          40%                                                                                                                                              Paratus Energy                                  BUY
                                                          30%                                                                                                                                              MPC Container Ships                          HOLD
                                                          20%                                                                                                                                              Vår Energi                                   HOLD
                                                                                                                                                                                                           Odfjell Technology                              BUY
                                                          10%                                                                                                                                              Frontline                                       BUY
                                                            0%                                                                                                                                             Dorian LPG                                      BUY
                                                                                                                                                                                                           Odfjell SE                                      BUY
                                                                                                                                                                                                           SFL Corporation Ltd                          HOLD
                                                                                                                                                                                                           Panoro Energy                                   BUY
                                                                                                                                                                                                                                                                                      
                 Kilde: DNB Markets, FactSet, Bloomberg 
                  
                  
                  
                  
                  
                                                                                                                                                                                                                                                                                                                                11 
         DNB Markets |  
          
         30 april 2025 
          
          
          
         UKESPORTEFØLJE ANBEFALTE AKSJER  
          Selskap                          Dato inn     Kurs inn    Utbytte       Kurs     %Uke     Avkast. %       % YTD        Anbefaling  Kursmål
          Protector                          6. jan.      290.0         4.0        362       -0.6      26.2                        Kjøp         380
          Aker BP                            6. jan.      238.3         7.1        222       -0.3      -3.8                        Kjøp         280
          Yara                               6. jan.      308.5                    350        2.2      13.4                        Kjøp         425
          Orkla                              7. apr.      109.6         10         113        1.6      12.1                        Hold         110
          Mowi                              14. apr.      188.0                    189        2.0       0.5                        Kjøp         230
          Subsea 7                           6. jan.      192.1                    155       -0.8      -19.1                       Kjøp         205
          Veidekke                           6. jan.      140.4                    154        1.5       9.6                        Hold         160
          Sats                               6. jan.        26.0                     36       0.3      40.3                        Kjøp         34
          Endring portefølje                                                                  0.7                    8.0
          Endring OSEBX Indeks               6. jan.     1,457.0               1472.35        0.7                    1.0
          *Endringer i ukesporteføljen gjøres hver mandag og offenliggjøres før børsen åpner. Ved bytte av aksjer benyttes gjennomsnittlige kurser for de
          første timene av ukens handel. Vår ukentlige rapport "Anbefalte Aksjer", med gjennomgang av porteføljen, sendes ut mandag etter at kursene 
          er fastsatt. Avkastningen i tabellen over er basert på sluttkurser fra dagen før og er således en midlertidig beregning.                      
          
         FORETRUKNE AKSJER, ENKELTSEKTORER - 2025 
         Sektor                 Selskap                          Dato inn    Kurs anb.    Utbytte       Kurs                Avkastn. %                Anbefaling   Kursmål
         Sjømat                 Salmar                             8. jan.       529.6                  512.5                -3.2                        Kjøp        650
                                Mowi                               8. jan.       195.3                  189.0                -3.2                        Kjøp        230
                                Salmon Evolution                   8. jan.         6.6                    6.1                -6.6                        Kjøp        9.1
         IT / Teknologi         HMS Networks                      10. jan.       411.8                  425.2                3.3                         Kjøp        615
                                Nokia                             10. jan.         4.4                    4.4                -0.8                        Kjøp        5.1
                                Truecaller                        10. jan.        51.7                   71.2                37.6                        Kjøp         95
                                Yubico                            13. jan.       219.6                  187.9                -14.5                       Kjøp        275
         Energi / Shipping      Subsea 7                           8. jan.       169.9                  155.4                -8.5                        Kjøp        205
                                Odfjell Drilling                   8. jan.        56.8                   53.2                -6.4                        Kjøp        100
                                Vår Energi                        10. jan.        38.3                   28.8                -24.8                       Hold         35
         Finans                 Nordea                             8. jan.       125.8                  132.1                5.0                         Kjøp        155
                                Storebrand                         8. jan.       123.5                  122.7                -0.6                        Kjøp        149
                                Protector                         10. jan.       294.7                  362.0                22.8                        Kjøp        380
                                Sparebank1 SMN                    10. jan.       172.4                  184.2                6.8                         Kjøp        202
                                Svenska Handelsbanken             17. jan.       121.6                  118.1                -2.9                        Kjøp        125
         Forbruker              Scandic Hotels                     8. jan.        66.5                   72.8                9.5                         Kjøp        115
                                Sats                              10. jan.        25.1                   36.5                45.0                        Kjøp         34
                                Essity                            10. jan.       295.3                  272.1                -7.8                        Kjøp        340
                                Kesko                             10. jan.        17.7                   20.1                13.2                        Kjøp        21.5
         Entrepenør / RådgivningNorconsult                         8. jan.        43.1                   46.6                7.9                         Hold         48
                                Skanska                           10. jan.       231.1                  217.6                -5.8                        Kjøp        270
         Eiendom                Castellum                         10. jan.       113.5                  115.6                1.9                         Kjøp        135
         Helse                  Embla                              8. jan.        36.4                   28.1                -22.8                       Kjøp         34
                                ChemoMetec                        10. jan.       544.5                  474.4                -12.9                       Kjøp        675
         Industri               Securitas                          8. jan.       134.5                  149.9                11.4                        Kjøp        192
                                Alfa Laval                        10. jan.       470.5                  397.1                -15.6                       Kjøp        515
                                Huhtamaki                         17. jan.        34.2                   32.2                -5.7                        Kjøp         42
         Råvarer                Yara                               8. jan.       306.6                  350.0                14.2                        Kjøp        425
                                Borregaard                        10. jan.       184.1                  173.8                -5.6                        Kjøp        230
                                Kilde: DNB Markets, Infront, Bloomberg                                                                                                        
          
          
                                                                                                                                                                       12 
         DNB Markets | aksjekurser og relevante markedspriser (I NOK), siste 2 år 
          
         30 april 2025 
          
         AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2 
R 
                           90                                                   40,000                700                                                   5,000
                           80                                                   35,000                600                                                   4,500
                           70                                                   30,000                                                                      4,000
                           60                                                                         500                                                   3,500
                                                                                25,000                                                                      3,000
                           50                                                                         400
                       K                                                        20,000            K                                                         2,500
                       O   40                                                                     O   300
                       N                                                        15,000            N                                                         2,000
                           30                                                                                                                               1,500
                           20                                                   10,000                200
                                                                                                                                                            1,000
                           10                                                   5,000                 100                                                   500
                            0                                                   0                       0                                                   0
                             mai jul sep nov jan mar mai jul sep nov jan mar                             mai jul sep nov jan mar mai jul sep nov jan mar
                                            NHY         ALUM LME (NOK)                                                    YAR        CAN (NOK)
                         350                                                   1,200                  400                                                    1,200
                         300                                                   1,000                  350                                                    1,000
                         250                                                                          300
                                                                               800                    250                                                    800
                         200
                      K                                                        600                 K  200                                                    600
                      O  150                                                                       O
                      N                                                        400                 N  150                                                    400
                         100                                                                          100
                          50                                                   200                     50                                                    200
                           0                                                   0                        0                                                    0
                            mai jul sep nov jan mar mai jul sep nov jan mar                              mai jul sep nov jan mar mai jul sep nov jan mar
                                          Aker BP        BRENT (NOK)                                                    EQNR         BRENT (NOK)
                          180                                                  50,000                 450
                          160                                                  45,000                 400                                                    5,000
                          140                                                  40,000                 350
                                                                               35,000                                                                        4,000
                          120                                                                         300
                          100                                                  30,000                 250
                       K                                                       25,000              K                                                         3,000
                       O   80                                                  20,000              O  200
                       N   60                                                                      N                                                         2,000
                                                                               15,000                 150
                           40                                                  10,000                 100                                                    1,000
                           20                                                  5,000                   50
                            0                                                  0                        0                                                    0
                             mai jul sep nov jan mar mai jul sep nov jan mar                              mai jul sep nov jan mar mai jul sep nov jan mar
                                        GOGL          Baltic Dry Index (NOK)                                           EQNR          Naturgass (NOK)
                          400                                                   160.0                 100                                                   2,400
                          350                                                   140.0                  90                                                   2,200
                          300                                                   120.0                                                                       2,000
                                                                                                       80                                                   1,800
                          250                                                   100.0                  70
                                                                                                                                                            1,600
                      K   200                                                   80.0               K                                                        1,400
                      O                                                                            O   60
                      N   150                                                   60.0               N                                                        1,200
                          100                                                   40.0                   50
                                                                                                                                                            1,000
                           50                                                   20.0                   40                                                   800
                            0                                                   0.0                    30                                                   600
                             mai jul sep nov jan mar mai jul sep nov jan mar                             mai jul sep nov jan mar mai jul sep nov jan mar
                                             MOWI         Laksepriser                                                   RANA         Iron ore (NOK)
                                                                                                                                                                             
          
          
                                                                                                                                                                         13 
           DNB Markets | DNB anbefalingER og estimater 
            
           30 april 2025 
            
           DNB ANBEFALINGER OG ESTIMATER  
           Selskap                      Ticker             Anbefaling     Valuta           Kurs    Kursmål            Estimert EPS                  Estimert P/E          Estimert EV/EBITDA
                                                                                                                    2025         2026         2025          2026         2025          2026
           2020 Bulkers                 2020 NO              HOLD          NOK              112       125.0         0.89         1.99        12.0x           5.4x         9.4x         5.4x
           A. P. Møller Mærsk           MAERSKB DC            SELL         DKK           11,130     10,800         -8.37     -237.73       -202.8x          -7.1x         4.3x        10.2x
           ABB                          ABB SS                BUY          SEK            497.9       585.0         2.46         2.65        19.9x         18.6x        13.4x         12.2x
           AcadeMedia AB                ACAD SS               BUY          SEK             76.5        92.0         8.18         9.02         8.1x           7.4x         4.6x         3.7x
           Addnode                      ANODB SS            NO REC         SEK             82.6                     4.17         4.79        19.8x         17.2x        10.7x          9.7x
           Addtech                      ADDTB SS             HOLD          SEK            316.0       295.0         6.86         7.63        41.5x         40.0x        23.2x         23.1x
           AF Gruppen                   AFG NO                SELL         NOK            143.8       120.0         8.18         8.96        17.6x         16.0x          7.1x         6.2x
           AFRY                         AFRY SS               BUY          SEK            164.2       240.0        13.76        17.79        11.9x           9.2x         7.0x         5.9x
           Agilyx                       AGLX NO               BUY          NOK             26.5        37.0        -0.10         0.05       -26.6x         49.0x
           Airthings                    AIRXME NO             BUY          NOK               1.3         2.8        0.00         0.00        64.5x         46.5x        10.4x          3.6x
           Aker Biomarine               AKBM NO               BUY          NOK             50.0        65.0        -0.01         0.17      -952.5x         29.1x        14.1x         10.2x
           Aker BP                      AKRBP NO              BUY          NOK            222.3       280.0         2.73         2.33         7.8x           9.2x         1.6x         1.7x
           Aker Horizons                AKH NO              NO REC         NOK               1.3
           Aker Solutions               AKSO NO              HOLD          NOK             27.9        30.0         6.21         3.10         4.5x           9.0x         2.8x         3.9x
           AKVA group                   AKVA NO               BUY          NOK             62.2        90.0         4.23         4.68        14.7x         13.3x          6.8x         5.9x
           Alfa Laval                   ALFA SS               BUY          SEK            397.1       515.0        21.71        23.38        18.3x         17.0x        10.9x         10.0x
           Alimak                       ALIG SS              HOLD          SEK            117.2       125.0         6.57         7.14        18.4x         16.4x        10.0x          9.1x
           ALK-Abello                   ALKB DC               BUY          DKK            147.0       190.0         5.54         6.48        26.3x         22.8x        17.2x         14.8x
           Alleima                      ALLEI SS              BUY          SEK             75.9       110.0         5.39         6.65        14.1x         11.4x          6.2x         5.5x
           Alligo                       ALLIGOB SS            BUY          SEK            108.0       160.0         9.12        11.76        10.2x           8.2x         5.9x         4.8x
           Alm. Brand                   ALMB DC               BUY          DKK             15.4        17.0         0.87         0.92        14.7x         14.0x
           Alvotech                     ALVO US             NO REC         USD               7.9                    0.37         0.68        21.5x         11.5x        15.2x          9.0x
           Ambea                        AMBEA SS              BUY          SEK            114.0       130.0         7.81         8.95        11.7x         10.7x          7.6x         7.0x
           Ambu                         AMBUB DC              BUY          DKK            116.8       165.0         3.00         3.74        39.0x         31.3x        22.4x         17.1x
           Archer                       ARCH NO               BUY          NOK             21.3        45.0         0.37         0.52         5.6x           3.9x         3.2x         2.6x
           Arctic Bioscience            ABS NO              NO REC         NOK               3.9                   -2.39                                                 -3.5x
           Arctic Fish                  AFISH NO             HOLD          NOK             52.5        60.0        -0.22         0.10       -20.1x         45.9x        18.5x          9.7x
           Arjo                         ARJOB SS             HOLD          SEK             32.4        42.0         2.32         2.91        13.1x         11.0x          5.9x         5.1x
           Asmodee                      ASMDEE SS             BUY          SEK            105.7       120.0         0.39         0.45        14.2x         13.1x        10.8x          9.5x
           Assa Abloy                   ASSAB SS             HOLD          SEK            288.2       290.0        13.00        15.60        20.6x         18.5x        12.6x         11.4x
           Atea                         ATEA NO               BUY          NOK            142.8       160.0         8.69        10.18        16.4x         14.0x          7.2x         6.1x
           Atlantic Sapphire            ASA NO              NO REC         NOK               6.7                    0.23        18.03         2.8x           0.0x         6.8x         2.0x
           Atlas Copco                  ATCOA SS              BUY          SEK            146.7       170.0         5.67         5.98        25.5x         24.4x        15.7x         14.8x
           Atrium Ljungberg             ATRLJB SS            HOLD          SEK             33.7        32.0         1.96         1.65        16.5x         16.4x        23.9x         23.1x
           Aurora Eiendom               AURA NO               BUY          NOK             90.5       115.0         7.07         8.53        11.3x           9.4x       14.4x         13.7x
           Austevoll Seafood            AUSS NO               BUY          NOK             96.4       124.0         6.61        11.61        14.6x           8.3x         7.5x         6.1x
           Autoliv                      ALIV SS               BUY          SEK            889.0     1050.0          8.91        11.57        10.3x           8.0x         6.1x         5.0x
           Autostore                    AUTO NO               SELL         NOK               4.9         6.7        0.03         0.04        11.6x           9.3x         7.5x         6.0x
           Avance Gas                   AGAS NO             NO REC         NOK               3.3                    0.50         0.00         -3.6x    29308.4x        -30.7x
           Avanza Bank                  AZA SS                BUY          SEK            313.5       370.0        16.08        16.80        19.5x         18.7x
           Axactor                      ACR NO               HOLD          NOK               4.6         4.3        0.08         0.06         4.9x           6.6x
           Axfood                       AXFO SS               BUY          SEK            265.0       300.0        11.78        14.01        22.6x         19.0x          9.5x         8.1x
           B2Impact                     B2I NO                BUY          NOK             11.3        12.0         1.25         1.40         9.0x           8.1x
           Bakkafrost                   BAKKA NO              BUY          NOK            519.0       590.0        17.69        24.78        18.5x         13.2x          8.8x         6.7x
           Balder                       BALDB SS              BUY          SEK             67.8        90.0         4.75         5.24        12.1x         11.2x        23.9x         22.8x
           Beijer Ref                   BEIJB SS              BUY          SEK            144.3       168.0         4.55         5.08        31.7x         28.4x        17.6x         16.0x
           Benchmark Holdings Plc BMK NO                      BUY          NOK               2.9         6.3        4.62         1.01      -179.0x         16.6x          6.0x         1.7x
           BerGenBio                    BGBIO NO            NO REC         NOK               1.8                   -3.00        -6.27         -0.6x         -0.3x        -0.4x        -0.3x
           Bergman & Beving             BERGB SS             HOLD          SEK            293.0       330.0         7.73        10.07        26.7x         21.9x        13.9x         12.2x
           Besqab                       BESQAB SS            HOLD          SEK             22.4        27.0        -0.63         0.34       -35.7x         66.4x        67.2x         37.5x
           Betsson                      BETSB SS              BUY          SEK            163.0       190.0         1.52         1.78         9.8x           8.4x         5.4x         4.4x
           Bilia AB                     BILIA SS              BUY          SEK            120.3       160.0        11.33        12.52        10.7x           9.6x         5.4x         4.7x
           Billerud                     BILL SS               BUY          SEK            100.1       130.0         7.87         8.75        12.7x         11.4x          5.2x         4.9x
           BioArctic                    BIOAB SS              BUY          SEK            194.8       350.0        10.56         7.33        18.4x         26.6x        13.7x         19.4x
           BlueNord                     BNOR NO              HOLD          NOK            607.0       660.0         7.32         7.89         8.0x           7.4x
           Boliden                      BOL SS                BUY          SEK            299.1       480.0        27.05        33.78        11.1x           8.9x         5.6x         4.7x
           Bonava                       BONAVB SS            HOLD          SEK             12.7        10.0        -0.19        -0.61       -68.6x        -20.9x        23.1x         68.4x
           Bonesupport                  BONEX SS            NO REC         SEK            299.0                     5.87         8.60        51.0x         34.8x        42.2x         26.0x
           Bonheur                      BONHR NO              BUY          NOK            237.5       310.0        19.02        20.91        12.5x         11.4x          3.5x         3.0x
           Boozt                        BOOZT SS             HOLD          SEK             81.7       130.0         5.40         5.69        16.0x         15.2x          6.5x         6.2x
           Borr Drilling                BORR US               BUY          USD               1.8         3.8        0.33         0.03         5.6x         56.2x          4.5x         5.3x
           Borregaard                   BRG NO                BUY          NOK            173.8       230.0        10.89        12.94        16.0x         13.4x          8.9x         7.4x
           BrainCool                    BRAIN SS              BUY          SEK               1.8         3.0       -0.09        -0.01                                  -26.1x       116.8x
           Bravida                      BRAV SS               BUY          SEK             94.4       112.0         7.01         7.50        13.5x         12.6x          7.6x         6.6x
           Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                
            
            
            
            
            
            
                                                                                                                                                                                                         14 
            DNB Markets |  
             
            30 april 2025 
             
             
            DNB ANBEFALINGER OG ESTIMATER
                                                                                                  
            Selskap                         Ticker               Anbefaling       Valuta             Kurs    Kursmål                  Estimert EPS                   Estimert P/E            Estimert EV/EBITDA
                                                                                                                                 2025          2026          2025            2026          2025           2026
            Bravida                         BRAV SS                  BUY           SEK                 94        112.0           7.01          7.50         13.5x           12.6x           7.6x           6.6x
            Bufab                           BUFAB SS                HOLD           SEK              389.6        420.0         16.98         20.65          23.2x           18.9x         16.8x          14.1x
            BW Energy                       BWE NO                   BUY           NOK               27.4         33.0           0.52          0.86           5.1x           3.1x           2.2x           2.1x
            BW LPG                          BWLPG NO                 BUY           NOK              104.6        190.0           1.76          1.89           6.1x           5.3x           3.9x           3.5x
            BW Offshore                     BWO NO                   BUY           NOK               28.3         40.0           0.12          0.07         22.9x           38.8x           3.8x           3.0x
            Cadeler                         CADLR NO                 BUY           NOK               54.9         90.0           0.29          0.62         16.0x            7.6x           6.7x           5.3x
            Cambi                           CAMBI NO                 BUY           NOK               17.5         24.0           1.14          1.32         15.4x           13.3x           9.1x           7.7x
            Camurus                         CAMX SS                  BUY           SEK                590        725.0         15.17         23.55          38.9x           25.1x         32.3x          20.7x
            Carasent                        CARA SS                  BUY           SEK              23.75         25.1           0.27          0.52         66.3x           38.7x         19.7x          14.5x
            Cargotec                        CGCBV FH                 BUY           EUR              38.62         53.0           2.42          2.61         16.0x           14.8x           9.1x           8.4x
            Carlsberg                       CARLB DC                 BUY           DKK              880.6      1075.0          55.85         65.41          15.2x           13.3x           9.5x           8.4x
            Castellum                       CAST SS                  BUY           SEK              115.6        135.0           8.02          8.57         12.5x           11.8x         18.6x          17.7x
            Catella                         CATB SS                  BUY           SEK               29.3         35.0           3.70          5.02         12.1x            6.1x
            Catena                          CATE SS                 HOLD           SEK            445.80         480.0         22.24         22.62          18.1x           16.3x         20.4x          18.4x
            ChemoMetec                      CHEMM DC                 BUY           DKK              474.4        675.0         11.64         13.99          40.7x           33.9x         28.8x          23.2x
            Circio Holding                  CRNA NO               NO REC           NOK                 0.8                       0.64                                                      -2.8x
            Citycon                         CTY1S FH                HOLD           EUR                 3.4          3.5          0.31          0.33           8.3x           7.7x         15.9x          15.3x
            Clas Ohlson                     CLASB SS                 BUY           SEK                271        270.0         13.83         14.04          19.6x           19.3x           9.4x           8.7x
            Cloudberry                      CLOUD NO                 BUY           NOK              12.42         13.5           0.19          0.15         66.3x           82.1x
            CMB.TECH                        CMBT US               NO REC           USD                 9.3                       0.71          1.71         19.9x            5.4x           9.3x           6.5x
            Coloplast                       COLOB DC                HOLD           DKK              732.4        770.0         19.01         28.56          29.2x           25.6x         19.8x          17.6x
            Constellation Oil Services COSH NO                                     NOK                 4.5
            Cool Company                    CLCO NO                  BUY           NOK               62.4        120.0           1.12          1.15           5.7x           5.2x           6.8x           6.2x
            Coor Service ManagementCOOR SS                           BUY           SEK              38.54         54.0           3.16          4.42           9.2x           7.5x           6.3x           5.4x
            Corem                           COREB SS                HOLD           SEK                 4.7          4.8         -0.11          0.02         15.8x           19.8x         20.0x          20.3x
            Crayon                          CRAYN NO                HOLD           NOK              121.0        112.0           6.29          8.52         15.6x           12.1x           7.5x           5.8x
            Danske Bank                     DANSKE DC                BUY           DKK              227.8        260.0         26.50         26.84            8.6x           8.5x
            Demant                          DEMANT DC                BUY           DKK                235        300.0         13.64         16.79          16.9x           13.7x         10.8x            9.8x
            DHT Holdings                    DHT US                   BUY           USD               10.7         13.7           1.38          1.55         10.2x            6.9x           6.3x           5.2x
            DNB                             DNB NO                NO REC           NOK              269.9                      27.11         26.62          10.0x           10.1x
            DNO                             DNO NO                  HOLD           NOK            12.128          15.0           0.07          0.09         15.9x           12.7x           2.2x           2.1x
            DOF Group                       DOFG NO                  BUY           NOK              82.15        135.0           1.42          1.76           5.6x           4.5x           4.0x           3.0x
            Dolphin Drilling                DDRIL NO                HOLD           NOK               2.28           3.5          0.01          0.00         24.8x          -69.7x           4.4x           4.9x
            Dometic                         DOM SS                   BUY           SEK              32.96         60.0           2.58          5.13         12.8x            6.4x           6.5x           4.3x
            Dorian LPG                      LPG US                   BUY           USD              21.66         35.0           2.50          3.24           7.9x           6.5x           5.9x           4.8x
            DSV                             DSV DC                   BUY           DKK            1288.5       1700.0          56.64         63.83          22.8x           18.1x         13.6x          10.2x
            Edda Wind                       EWIND NO              NO REC           NOK               23.0
            Egetis Therapeutics             EGTX SS                  BUY           SEK               3.77         11.0          -0.93          0.79          -4.1x           4.7x          -4.9x           3.7x
            Electrolux                      ELUXB SS                HOLD           SEK              60.76        102.0           9.52        13.65            6.4x           4.5x           3.6x           2.9x
            Electrolux Professional         EPROB SS                HOLD           SEK               56.0         78.0           3.73          4.23         15.0x           13.2x           9.3x           8.5x
            Elekta                          EKTAB SS                HOLD           SEK               48.9         65.0           3.93          4.95         12.1x            9.9x           5.6x           4.8x
            Elektroimportøren               ELIMP NO                 BUY           NOK                 12         15.0           0.80          1.29         15.0x            9.3x           4.9x           3.6x
            Elisa                           ELISA FH                HOLD           EUR              45.88         47.0           2.41          2.62         18.5x           17.3x         10.8x          10.4x
            Elkem                           ELK NO                   BUY           NOK               19.7         30.0           1.71          2.35         11.5x            8.4x           4.9x           4.7x
            Elmera Group                    ELMRA NO                SELL           NOK               36.5         24.0           2.13          2.44         13.5x           13.8x           7.4x           6.5x
            Elopak                          ELO NO                  HOLD           NOK               42.1         40.0           0.25          0.29         14.2x           12.2x           6.8x           5.7x
            Embla Medical                   EMBLA DC                 BUY           DKK            28.125          34.0           0.18          0.20         24.0x           21.2x         12.5x          11.3x
            Embracer Group                  EMBRACB SS               BUY           SEK              117.4        165.0           7.37        10.79            9.1x           8.2x
            Entra                           ENTRA NO                 BUY           NOK              118.6        130.0           4.95          5.44         17.0x           16.2x         20.4x          20.2x
            Epiroc                          EPIA SS                 HOLD           SEK              206.4        220.0           7.28          8.05         28.3x           25.6x         16.5x          15.1x
            Equinor                         EQNR NO                 SELL           NOK              238.9        220.0           3.24          3.40           6.9x           6.5x
            Ericsson                        ERICB SS                HOLD           SEK               80.3         84.0           7.93          5.31         12.1x           12.7x           5.9x           5.6x
            Essity                          ESSITYB SS               BUY           SEK              272.1        340.0         19.32         20.83          14.1x           13.1x           7.5x           6.8x
            Europris                        EPR NO                   BUY           NOK               76.0         90.0           5.06          6.43         15.0x           11.8x           6.8x           5.6x
            Evolution                       EVO SS                   BUY           SEK              835.6      1440.0            5.70          6.44         12.9x           11.4x           9.5x           7.9x
            Fabege                          FABG SS                 HOLD           SEK               81.0         85.0           2.41          3.80         17.5x           16.5x         24.0x          22.3x
            Flerie                          FLERIE SS                BUY           SEK               40.7         57.0
            Flex LNG                        FLNG NO                  BUY           NOK              247.0        320.0           2.18          2.69         10.9x            8.8x           9.9x           8.9x
            FLSmidth                        FLS DC                   BUY           DKK              303.4        330.0         21.91         25.96          11.5x           11.7x           6.0x           6.2x
            Fortnox                         FNOX SS               NO REC           SEK                 87                        1.57          2.07         55.4x           41.9x         37.0x          28.1x
            Frontline                       FRO NO                   BUY           NOK              172.4        280.0           2.38          3.55           7.0x           4.7x           6.2x           4.8x
            Genco Shipping & TradingGNK US                          HOLD           USD              12.74         15.4           0.35          2.24         36.2x            5.7x           6.2x           2.9x
            Genmab                          GMAB DC                  BUY           DKK            1374.5       2360.0          13.91         16.96          15.2x           12.4x           8.8x           6.6x
            Gentian Diagnostics             GENT NO                  BUY           NOK               50.0         67.0           1.78          2.55         28.0x           19.6x         17.4x          12.1x
            Getinge                         GETIB SS                 BUY           SEK            185.05         250.0           9.03        11.98          16.7x           15.1x           8.3x           7.6x
            Gjensidige Forsikring           GJF NO                  HOLD           NOK                238        235.0         12.29         13.91          19.4x           17.1x
            GN Group                        GN DC                    BUY           DKK               99.5        200.0           8.30        12.73          12.0x            7.8x           8.3x           6.3x
            Golar LNG                       GLNG US                  BUY           USD               41.5         48.0           1.21          0.51         34.3x           82.1x         17.6x          21.4x
            Golden Ocean                    GOGL NO               NO REC           NOK              79.35                        0.31          1.67         24.7x            4.6x           9.3x           4.1x
            Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                   
             
             
                                                                                                                                                                                                                              15 
            DNB Markets |  
             
            30 april 2025 
             
             
            DNB ANBEFALINGER OG ESTIMATER 
            Selskap                         Ticker               Anbefaling       Valuta             Kurs    Kursmål                  Estimert EPS                   Estimert P/E            Estimert EV/EBITDA
                                                                                                                                 2025          2026          2025            2026          2025           2026
            Green Landscaping GroupGREEN SS                          BUY           SEK                 60         93.0           4.44          6.10         13.6x             9.9x          6.2x           5.5x
            Grieg Seafood                   GSF NO                   BUY           NOK               65.0         64.0          -0.14          3.28       -464.8x           19.6x           8.9x           5.7x
            Gubra                           GUBRA DC                 BUY           DKK                367        750.0         29.21           2.55         12.5x         141.1x            8.8x        115.4x
            Hafnia                          HAFNI NO                 BUY           NOK              48.15         77.0           0.70          0.95           6.6x            4.9x          5.4x           4.4x
            Hanza                           HANZA SS              NO REC           SEK              70.10                        4.77          5.60         15.6x           13.2x           5.6x           5.1x
            Harvia                          HARVIA FH                BUY           EUR              40.05         46.0           1.59          1.88         24.6x           21.2x         15.4x          13.7x
            Hennes & Mauritz                HMB SS                   BUY           SEK                139        180.0           9.84        10.50          14.1x           13.2x           6.3x           5.8x
            Hexagon                         HEXAB SS                 BUY           SEK              91.74        137.0           0.45          0.51         16.5x           14.8x         11.4x          10.2x
            Hexagon Composites              HEX NO                   BUY           NOK               20.1         38.0          -0.42          1.66        -47.8x           12.1x           7.6x           4.0x
            Hexagon Purus                   HPUR NO               NO REC           NOK              2.001                       -2.20         -1.50          -0.9x           -1.3x         -5.9x        -14.7x
            Hexatronic AB                   HTRO SS               NO REC           SEK               26.7                        3.69          4.95           7.2x            5.4x          4.3x           3.2x
            Hexpol                          HPOLB SS                 BUY           SEK               83.8         96.0           6.58          7.06         12.7x           11.9x           8.5x           7.9x
            Hiab                            HIAB FH                  BUY           EUR               38.6         50.0           2.35          2.53         16.4x           15.3x           9.1x           8.2x
            Himalaya Shipping               HSHP NO                 HOLD           NOK               55.0         63.0           0.37          1.49         14.5x             3.6x          9.6x           5.9x
            HMS Networks                    HMS SS                   BUY           SEK              425.2        615.0         11.52         15.81          36.9x           26.9x         21.4x          17.2x
            Holmen                          HOLMB SS                HOLD           SEK              378.0        440.0         21.16         26.14          17.9x           14.5x         11.4x            9.7x
            Hufvudstaden                    HUFVA SS                HOLD           SEK              116.2        132.0           4.82          5.08         20.6x           19.6x         22.4x          20.6x
            Huhtamaki                       HUH1V FH                 BUY           EUR              32.22         42.0           2.33          2.71         12.4x           11.3x           7.2x           6.5x
            Humana                          HUM SS                   BUY           SEK               39.7         52.0           5.88          6.80           7.5x            5.7x          5.3x           4.7x
            Husqvarna                       HUSQB SS                SELL           SEK              44.67         48.0           4.06          4.92         11.0x             9.1x          7.3x           6.4x
            Höegh Autoliners ASA            HAUTO NO                 BUY           NOK               83.6         90.0           2.48          2.29           3.6x            3.5x          3.6x           3.6x
            IAR Systems                     IARB SS                                SEK              111.6                        4.09          3.84         21.1x           21.6x           9.0x           8.5x
            Icelandic Salmon                ISLAX NO                HOLD           NOK              108.0        105.0          -0.20          0.53        -45.1x           17.4x         25.8x            8.1x
            Industrivärden                  INDUC SS                HOLD           SEK              332.9        345.0
            Indutrade                       INDT SS                 HOLD           SEK              253.6        295.0           7.48          8.94         33.6x           28.4x         17.4x          15.2x
            Instalco                        INSTAL SS                BUY           SEK               24.4         45.0           1.78          2.58         13.9x             9.8x          7.9x           6.0x
            Investor                        INVEB SS                 BUY           SEK            281.35         320.0
            Invisio                         IVSO SS               NO REC           SEK              381.5                        6.72          8.70         56.8x           43.9x         36.2x          28.3x
            ISS                             ISS DC                   BUY           DKK              163.1        207.0         17.35         19.03            9.4x            8.6x          6.9x           6.0x
            Itab Shop Concept               ITAB SS                                SEK               24.4                        1.50          2.75         11.0x             8.9x          6.6x           5.3x
            Jm Ab                           JM SS                    BUY           SEK              148.0        170.0           3.44        12.06          28.7x           12.3x         41.4x          23.7x
            Kaldvik                         KLDVK NO                HOLD           NOK               18.0         19.0          -0.01          0.06       -138.3x           26.9x         11.9x            8.2x
            Kalmar                          KALMAR FH               HOLD           EUR               27.4         29.0           2.33          2.57         11.8x           10.6x           7.1x           6.5x
            Kambi                           KAMBI SS                 BUY           SEK              117.9        195.0           0.43          0.77         15.5x           11.4x           4.3x           3.5x
            Kemira                          KEMIRA FH                BUY           EUR              17.92         23.0           1.58          1.70         11.3x           10.5x           5.4x           5.2x
            Kesko                           KESKOB FH                BUY           EUR              20.08         21.5           1.14          1.33         17.4x           15.1x           8.9x           8.3x
            KID                             KID NO                   BUY           NOK              144.8        175.0         10.51         12.01                                          6.5x           5.6x
            Kinnevik                        KINVB SS                 BUY           SEK               77.2        100.0
            Kitron                          KIT NO                   BUY           NOK               49.6         60.0           0.21          0.27         19.4x           15.2x         11.9x            9.7x
            Klaveness Combination CKarCriCer NsO                     BUY           NOK               60.7        112.0           0.58          1.14         10.2x             5.1x          6.7x           4.7x
            Kojamo                          KOJAMO FH                BUY           EUR               10.1         10.5           0.47          0.50         17.8x           16.8x         22.3x          21.8x
            Komplett                        KOMPL NO                HOLD           NOK               11.6           8.0         -0.16          0.46        -72.5x           25.3x           6.6x           4.7x
            Kone                            KNEBV FH                HOLD           EUR               50.8         52.0           2.08          2.31         24.4x           22.0x         15.1x          13.5x
            Konecranes                      KCR FH                   BUY           EUR               57.5         75.0           4.72          5.08         12.2x           11.3x           7.2x           6.8x
            Kongsberg Gruppen               KOG NO                  HOLD           NOK              1600       1450.0          37.24         44.89          43.0x           35.6x         28.3x          24.0x
            Lagercrantz                     LAGRB SS              NO REC           SEK                215                        5.84                       37.0x                         21.0x
            Latour                          LATOB SS                 BUY           SEK              262.9        300.0
            Lerøy Seafood                   LSG NO                   BUY           NOK               44.9         62.0           3.69          5.06         12.2x             8.9x          6.1x           4.5x
            Lime Technologies               LIME SS                 SELL           SEK              386.5        355.0           9.23        11.49          41.3x           33.6x         21.5x          18.4x
            Lindab International            LIAB SS                 HOLD           SEK              197.8        225.0           7.83        11.54          25.2x           17.1x         10.5x            8.7x
            Logistea                        LOGIB SS                 BUY           SEK               14.4         18.0           0.75          0.86         15.3x           13.6x         16.4x          15.2x
            Loomis                          LOOMIS SS                BUY           SEK              391.0        520.0         34.55         39.74          11.3x             9.8x          4.9x           4.3x
            Lundbeck                        HLUNB DC                 BUY           DKK              30.32         56.0           3.63          4.26           8.4x            7.1x          5.6x           4.6x
            Lundbergs                       LUNDB SS                HOLD           SEK              496.8        555.0
            Lyko Group                      LYKOA SS                SELL           SEK              121.0         95.0           2.23          6.21         54.4x           19.5x         10.6x            8.2x
            Medistim                        MEDI NO                 HOLD           NOK              162.0        172.0           5.73          6.14         28.3x           26.4x
            Metsa Board                     METSB FH                 BUY           EUR                 3.3          5.0          0.23          0.49         14.5x             6.8x          7.3x           4.7x
            Metso                           METSO FH                 BUY           EUR                 9.5        11.0           0.65          0.76         14.5x           12.5x           8.9x           8.0x
            Millicom                        TIGO US                  BUY           USD               34.0         39.0           3.20          4.20           8.7x            7.0x          4.6x           4.3x
            Momentum Group                  MMGRB SS                HOLD           SEK              160.0        175.0           4.30          4.73         30.4x           28.0x         18.2x          16.5x
            Mowi                            MOWI NO                  BUY           NOK              189.0        230.0           1.11          1.41         14.4x           11.3x           7.9x           6.0x
            MPC Container Ships             MPCC NO                 HOLD           NOK               15.0         14.9           0.46          0.21           3.7x            6.7x          2.4x           3.0x
            MTG                             MTGB SS                  BUY           SEK              106.1        140.0           9.85        11.54            8.3x            7.4x          5.0x           4.4x
            Multiconsult                    MULTI NO                HOLD           NOK              186.0        190.0         13.55         14.27          13.5x           12.8x           6.7x           5.9x
            Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                    
             
             
             
             
             
                                                                                                                                                                                                                           16 
            DNB Markets |  
             
            30 april 2025 
             
             
             
            DNB ANBEFALINGER OG ESTIMATER  
             
            Selskap                         Ticker               Anbefaling       Valuta             Kurs    Kursmål                  Estimert EPS                   Estimert P/E            Estimert EV/EBITDA
                                                                                                                                 2025          2026          2025            2026          2025           2026
            Mycronic                        MYCR SS                  BUY           SEK              375.8        500.0         17.08          18.6x         21.3x           19.8x         14.2x          12.9x
            Måsøval                         MAS NO                   BUY           NOK               23.7         28.0           0.95          2.0x         24.9x           11.7x           8.8x           5.9x
            Navigator Holdings Ltd          NVGS US                  BUY           USD               12.7         23.0           1.49          1.8x           8.5x           7.0x           5.1x           4.3x
            NCAB                            NCAB SS                  BUY           SEK               40.6         62.0           1.55          2.0x         26.3x           20.4x         15.5x          12.1x
            Ncc                             NCCB SS                  BUY           SEK              180.5        210.0         14.15          14.2x         12.8x           12.7x           6.3x           6.0x
            Nel                             NEL NO                  SELL           NOK                 2.3          1.5         -0.33         -0.12          -7.0x         -19.1x          -5.1x        -40.5x
            Netel Group Holding             NETEL SS                 BUY           SEK               10.4         18.0           1.74          2.28           4.9x           4.3x           4.5x           4.0x
            New Wave Group                  NEWAB SS                 BUY           SEK              116.8        138.0           8.08          9.61         14.5x           12.2x           9.3x           7.7x
            Nibe Industrier                 NIBEB SS                HOLD           SEK               39.9         45.0           1.48          1.82         26.9x           21.9x         13.9x          12.3x
            Noble                           NE US                    BUY           USD               21.0         30.0           1.61          1.41         13.1x           14.9x           4.2x           4.4x
            Nokia                           NOKIA FH                 BUY           EUR                 4.4          5.1          0.18          0.3x         15.5x           12.2x           7.0x           6.2x
            Nokian Tyres                    TYRES FH                HOLD           EUR                 6.9          6.3          0.20          0.6x         17.1x            9.7x           6.7x           5.3x
            Nolato                          NOLAB SS                 BUY           SEK               52.5         64.0           2.71          3.2x         19.4x           16.6x           9.2x           8.0x
            Norconsult                      NORCO NO                HOLD           NOK               46.6         48.0           2.32          2.4x         19.5x           18.8x           8.7x           8.0x
            Nordea                          NDA SS                   BUY           SEK              132.1        155.0           1.38          1.4x           8.8x           8.8x
            Nordic Paper Holding            NPAPER SS             NO REC           SEK               48.5                        7.76          7.88           6.2x           6.2x           4.9x           4.7x
            Nordic Semiconductor            NOD NO                   BUY           NOK              106.9        174.0           0.20          0.36         52.5x           28.3x         20.7x          13.0x
            Nordnet                         SAVE SS                  BUY           SEK              255.8        293.0         12.14         12.96          21.4x           20.0x
            Norion Bank                     NORION SS                BUY           SEK              39.15         49.0           6.18          7.53           6.1x           5.2x
            Norsk Hydro                     NHY NO                  SELL           NOK                 55         55.0           6.10          5.19         10.5x           10.6x           4.6x           5.1x
            Norske Skog                     NSKOG NO                 BUY           NOK               18.2         30.0           0.16         -2.6x       113.1x             -7.0x        25.8x            8.3x
            Norva24                         NORVA SS                HOLD           SEK               36.4         36.5           1.40          1.71         23.0x           19.4x         10.1x            9.1x
            Norwegian Air Shuttle           NAS NO                   BUY           NOK               13.6         15.0           2.18          2.1x           7.6x           6.6x           2.1x           1.8x
            Novo Nordisk                    NOVOB DC                 BUY           DKK              424.4        900.0         26.04         32.20          16.3x           13.2x         11.3x            9.1x
            Novonesis                       NSISB DC                 BUY           DKK              417.3        500.0           1.62          1.8x         32.7x           28.6x         17.8x          15.0x
            NRC Group                       NRC NO                  HOLD           NOK                 5.0          4.5          0.21          0.69         18.9x            6.8x           4.2x           3.1x
            NTG                             NTG DC                   BUY           DKK              248.5        385.0         17.46          21.2x         13.4x           11.7x           7.5x           6.5x
            Nyfosa                          NYF SS                   BUY           SEK               89.8        115.0           5.48          5.88         13.3x           12.5x         17.5x          16.8x
            Nykode Therapeutics             NYKD NO               NO REC           NOK                 2.5                      -0.09         -0.1x          -2.6x           -3.8x
            Odfjell Drilling                ODL NO                   BUY           NOK               53.2        100.0           0.71          1.05           7.2x           4.9x           3.7x           2.5x
            Odfjell SE                      ODF NO                   BUY           NOK               96.2        180.0           2.54          3.3x           3.6x           2.8x           3.8x           3.3x
            Odfjell Technology              OTL NO                   BUY           NOK               41.5         70.0           6.17          7.16           6.7x           5.8x           2.9x           2.3x
            OKEA                            OKEA NO                  BUY           NOK               16.8         23.0           0.67          0.5x           2.4x           3.2x
            Olav Thon                       OLT NO                   BUY           NOK                256        300.0         17.22         18.94          13.8x           12.6x         14.4x          13.6x
            OMDA                            OMDA NO                  BUY           NOK               41.1         35.0          -0.57          0.3x         54.2x           25.9x         14.0x          11.0x
            Oncoinvent                      ONCIN NO                 BUY           NOK                 2.8          2.7         -1.23         -1.18          -2.3x           -2.4x
            Oncopeptides                    ONCO SS                  BUY           SEK                 1.9          2.0         -0.42         -0.2x          -4.6x         -10.4x          -3.3x          -7.4x
            Orkla                           ORK NO                  HOLD           NOK              112.8        110.0           6.53          7.07         17.3x           16.0x         12.3x          11.4x
            Otovo                           OTOVO NO              NO REC           NOK                 1.7                      -1.29         -1.2x          -1.3x           -1.5x         -2.3x          -6.1x
            Pandora                         PNDORA DC                BUY           DKK              976.6      1400.0          70.58         84.94          13.8x           11.5x           7.9x           7.0x
            Pandox                          PNDXB SS                HOLD           SEK              153.6        215.0           8.91          9.6x         13.6x           12.6x         15.9x          15.0x
            Panoro Energy                   PEN NO                   BUY           NOK               23.3         38.0           0.60          0.56           3.8x           4.0x           1.3x           0.9x
            Paradox Interactive             PDX SS                   BUY           SEK              186.6        240.0           5.82          8.3x         32.0x           22.6x         12.0x          10.0x
            Paratus Energy                  PLSV NO                  BUY           NOK               36.7         65.0           0.69          0.64           5.2x           5.5x           3.5x           3.0x
            Pareto Bank                     PARB NO                  BUY           NOK               72.4         84.0           8.66          9.2x           8.4x           7.9x
            Peab                            PEABB SS                HOLD           SEK               77.9         85.0           4.97          6.03         15.7x           12.9x           8.5x           7.5x
            PhotoCure                       PHO NO                   BUY           NOK               54.1         80.0           0.10          1.3x       528.1x            42.5x         23.5x          13.1x
            Prosafe                         PRS NO                NO REC           NOK               7.22
            Protector                       PROT NO                  BUY           NOK              362.0        380.0         25.65          22.8x
            Public Property Invest          PUBLI NO                 BUY           NOK               18.7         22.0           1.21          1.23         14.3x           14.1x         15.0x          14.7x
            Rana Gruber                     RANA NO                  BUY           NOK               73.7         90.0         12.61          12.2x           5.8x           6.0x           3.6x           3.4x
            Rockwool                        ROCKB DC                 BUY           DKK                294        320.0           2.34          2.51         16.5x           15.7x           0.6x           0.3x
            Rogaland Sparebank              ROGS NO                 HOLD           NOK              129.8        130.0         11.76          10.6x         11.0x           12.3x
            Royal Unibrew                   RBREW DC                 BUY           DKK              543.5        670.0         29.28         32.01          18.6x           17.0x         11.4x          10.3x
            Rusta                           RUSTA SS                 BUY           SEK               77.0         88.0           3.53          4.71         21.9x           16.3x           9.0x           7.7x
            Safe Bulkers                    SB US                    BUY           USD                   3          4.2          0.46          1.19           7.4x           2.8x           5.7x           3.6x
            Sagax                           SAGAB SS                HOLD           SEK              215.2        235.0         10.73         11.28          17.8x           16.8x         26.2x          24.7x
            SalMar                          SALM NO                  BUY           NOK              512.5        650.0         27.89         40.56          18.4x           12.6x           9.8x           6.8x
            Salmon Evolution                SALME NO                 BUY           NOK                 6.1          9.1         -0.02          0.10       -360.1x           59.6x         40.5x          20.6x
            Salmones Camanchaca SALMOCAM CI                         HOLD           CLP            2810.2       2950.0            0.18          0.33         16.9x            8.8x           6.0x           4.9x
            Sampo Oyj                       SAMPO FH                 BUY           EUR                 8.7          9.8
            Sandvik                         SAND SS                 HOLD           SEK              202.4        200.0         11.78         12.65          17.1x           16.0x         10.0x            9.1x
            Sats                            SATS NO                  BUY           NOK               36.5         34.0           2.38          2.64         15.3x           13.8x           6.3x           5.8x
            SBB Norden                      SBBB SS               NO REC           SEK              3.848
            SCA                             SCAB SS                  BUY           SEK              124.4        160.0           5.79          7.86         21.5x           15.8x         12.9x          10.3x
            Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                   
             
             
                                                                                                                                                                                                                              17 
            DNB Markets |  
             
            30 april 2025 
             
             
             
            DNB ANBEFALINGER OG ESTIMATER
                                                                                                   
             Selskap                        Ticker               Anbefaling       Valuta             Kurs    Kursmål                  Estimert EPS                   Estimert P/E            Estimert EV/EBITDA
                                                                                                                                 2025          2026          2025            2026          2025           2026
             Scandic Hotels                 SHOT SS                  BUY           SEK               72.8        115.0           6.18          7.19         11.8x           10.1x           5.7x           4.7x
             Scatec                         SCATC NO                 BUY           NOK               79.8         92.0           6.75          5.3x         11.8x           15.1x
             Schibsted                      SCHA NO                 SELL           NOK              308.8        280.0           3.88          4.81         79.5x           64.1x         37.2x          32.2x
             Scorpio Tankers                STNG US                  BUY           USD              36.58         72.0           5.36          8.2x           7.2x           4.7x           4.0x           2.4x
             Sdiptech                       SDIPB SS              NO REC           SEK              205.6                      14.98         16.56          13.7x           12.4x           8.7x           8.0x
             Sea1 Offshore                  SEA1 NO                  BUY           NOK              18.40         30.0           0.56          0.3x           5.9x           5.3x           4.3x           4.3x
             Seadrill                       SDRL US                  BUY           USD                 21         45.0           1.46          3.02         14.4x            6.9x           3.6x           2.5x
             SEB                            SEBA SS                 HOLD           SEK            148.90         149.0         14.68          14.9x         10.1x           10.0x
             Securitas                      SECUB SS                 BUY           SEK            149.85         192.0         11.73         13.95          11.2x           10.0x           7.6x           6.7x
             Sedana Medical                 SEDANA SS             NO REC           SEK               9.96                       -0.28          0.1x        -35.7x         183.2x         -69.9x          16.0x
             Selvaag Bolig                  SBO NO                  SELL           NOK              34.70         32.0           1.47          3.30         23.6x           10.5x         29.6x          13.2x
             SFL Corporation Ltd            SFL US                  HOLD           USD               8.09         10.8           0.21          0.6x         32.9x           12.9x           7.9x           7.0x
             Shelf Drilling                 SHLF NO                  BUY           NOK               4.73         20.0           0.09          0.12           5.2x           3.8x           3.5x           3.4x
             Sinch                          SINCH SS                 BUY           SEK              22.40         31.0           0.17          0.6x           8.4x           7.7x           6.5x           5.7x
             Skanska                        SKAB SS                  BUY           SEK              217.6        270.0         16.55         18.55          13.0x           11.6x           9.7x           8.2x
             SKF                            SKFB SS                  BUY           SEK            186.25         240.0         14.10          15.7x         12.2x           11.0x           5.6x           5.0x
             Skistar                        SKISB SS                 BUY           SEK                165        193.0           7.28          9.37         22.7x           17.6x         10.4x            8.6x
             Smartoptics                    SMOP NO                  BUY           NOK              18.00         30.0           0.05          0.1x         32.9x           20.7x         18.2x          12.3x
             Solstad Offshore               SOFF NO                  BUY           NOK              37.85            60        17.24         21.95            2.2x           1.7x           2.6x           1.7x
             SpareBank 1 Helgeland HELG NO                          HOLD           NOK            164.00           167         14.77          14.3x         11.1x           11.5x
             Sparebank 1 SMN                MING NO                  BUY           NOK              184.2          202         17.92         18.11          10.3x           10.2x
             SpareBank 1 Sør-Norge SB1NO NO                         HOLD           NOK            161.60           170         15.15          15.5x         10.7x           10.4x
             SpareBank 1 Østlandet          SPOL NO                 HOLD           NOK              168.5          168         15.98         15.26          10.5x           11.0x
             SpareBank1 Nord-Norge NONG NO                          HOLD           NOK            137.22           140         12.68          12.4x         10.8x           11.0x
             Sparebanken Møre               MORG NO                 HOLD           NOK              101.9          100           9.23          8.71         11.0x           11.7x
             Sparebanken Sør                SOR NO                   BUY           NOK            195.28           226         17.40          15.8x         11.2x           12.3x
             Sparebanken Vest               SVEG NO                  BUY           NOK            136.98           157         14.81         13.44            9.3x          10.2x
             Sparebanken Øst                SPOG NO                 HOLD           NOK              73.50            76          6.92          5.9x         10.6x           12.5x
             SSAB                           SSABA SS                 BUY           SEK              63.18            82          7.31          9.83           8.6x           6.4x           3.6x           3.6x
             Star Bulk                      SBLK US                 HOLD           USD              14.64            16          1.21          4.1x         12.1x            3.6x           6.4x           3.0x
             Stillfront Group               SF SS                    BUY           SEK                 4.9           12          0.85          1.24           2.2x           1.8x           2.5x           2.1x
             Stolt-Nielsen                  SNI NO                   BUY           NOK            232.00           470           6.79          6.3x           4.2x           3.6x           4.3x           3.9x
             Stora Enso                     STERV FH                 BUY           EUR              8.262            12          0.52          1.03         16.0x            8.1x           7.7x           5.3x
             Storebrand                     STB NO                   BUY           NOK            122.70           149           9.08         10.4x         12.4x           10.8x
             Storskogen                     STORB SS                 BUY           SEK              12.48            16          0.75          0.89         10.2x            9.2x           6.6x           5.8x
             Storytel                       STORYb SS               HOLD           SEK              83.60            83          2.92          4.8x         23.8x           15.6x           9.3x           7.3x
             Subsea 7                       SUBC NO                  BUY           NOK              155.4          205           1.29          1.92                                         3.7x           3.2x
             Surgical Science               SUS SS                   BUY           SEK            134.10           205           3.31          4.9x         40.5x           27.6x         23.3x          16.0x
             Sveafastigheter                SVEAF SS                 BUY           SEK              32.34            43          1.60          2.12         16.9x           13.0x         22.5x          19.4x
             Svenska Handelsbanken SHBA SS                           BUY           SEK            118.05           125         11.48          11.5x         10.3x           10.3x
             Sweco                          SWECB SS                 BUY           SEK              163.7          221           7.82          9.41         20.9x           17.4x         13.9x          11.7x
             Swedbank                       SWEDA SS                HOLD           SEK            234.40           220         23.76          22.7x           9.9x          10.3x
             Swedish Orphan BiovitrumSOBI SS                         BUY           SEK              292.2          365         13.51         18.70          21.6x           15.6x           9.8x           8.6x
             Systemair                      SYSR SS                 HOLD           SEK              79.20            90          3.97          4.4x         20.0x           18.1x           9.9x           8.8x
             Teekay Tankers                 TNK US                   BUY           USD              42.24            63          9.45        10.07            5.3x           4.2x           2.0x           1.0x
             Tele2                          TEL2b SS                HOLD           SEK            140.40           140           6.01          7.4x         16.8x           14.3x         10.8x          10.1x
             Telenor                        TEL NO                  SELL           NOK              152.7          140           8.17        10.22          17.0x           14.1x           7.4x           6.8x
             Telia Company                  TELIA SS                 BUY           SEK              35.54            39          1.88          2.5x         14.0x           13.5x           7.3x           7.2x
             TF Bank                        TFBANK SS                BUY           SEK              351.5          520         30.91         41.92          11.3x            8.6x
             TGS                            TGS NO                   BUY           NOK              76.00          140           0.90          1.2x           8.2x           6.1x           1.6x           1.2x
             The Kingfish Company           KING NO               NO REC           NOK                 7.4                      -0.15         -0.07          -4.2x           -9.0x       961.7x          20.1x
             Thule Group                    THULE SS                 BUY           SEK            224.00           450         17.16          19.8x         13.1x           11.3x
             Tidewater                      TDW US                   BUY           USD              36.58            62          3.81          5.21           8.9x           6.6x           3.5x           2.5x
             TietoEVRY                      TIETO FH                SELL           EUR              15.74            16          1.40          1.4x           8.1x           8.1x           5.5x           5.0x
             Tobii Dynavox                  TDVOX SS              NO REC           SEK               62.6                        2.76          3.60         22.8x           17.5x
             Tokmanni                       TOKMAN FH                BUY           EUR              13.52            14          1.13          1.3x         11.8x           10.5x           6.1x           5.7x
             Tomra                          TOM NO                  SELL           NOK              155.9          120           0.44          0.57         30.3x           23.2x         13.9x          10.9x
             Transocean                     RIG US                   BUY           USD               2.31             3         -0.07          0.0x        -31.4x           91.1x           6.0x           5.6x
             Trelleborg                     TRELB SS                HOLD           SEK              328.8          360         16.19         17.91          19.2x           17.6x         11.6x          10.4x
             Truecaller                     TRUEB SS                 BUY           SEK              71.20            95          2.34          3.9x         30.5x           18.4x         20.9x          12.6x
             Tryg                           TRYG DC                  BUY           DKK              153.8          185           8.49          8.81         15.8x           15.3x
             UPM                            UPM FH                   BUY           EUR              23.21            36          1.95          3.2x         11.9x            7.2x           7.5x           5.2x
             Valaris                        VAL US                   BUY           USD              32.65            52          2.75          5.36         11.9x            6.1x           6.1x           4.0x
             Valmet                         VALMT FH                 BUY           EUR              26.30            32          1.86          2.4x         12.8x           11.0x           7.7x           6.8x
             Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                  
             
             
             
             
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            30 april 2025 
             
             
            DNB ANBEFALINGER OG ESTIMATER
                                                                                                 
            Selskap                         Ticker               Anbefaling       Valuta             Kurs     Kursmål                 Estimert EPS                    Estimert P/E          Estimert EV/EBITDA
                                                                                                                                 2025          2026          2025            2026           2025           2026
            VEF                             VEFAB SS                 BUY           SEK                 2.0          2.5
            Veidekke                        VEI NO                  HOLD           NOK              153.8        160.0         10.07          10.6x         15.3x           14.5x           6.6x           5.9x
            Ventura Offshore                VTURA NO                 BUY           NOK               17.8          50.0          0.34          0.00           5.0x        -396.3x           2.7x           5.4x
            Verve Group                     VER SS                NO REC           SEK              35.80                        0.31           0.4x          8.7x            7.2x          5.7x           4.9x
            Vestas Wind Systems             VWS DC                   BUY           DKK              85.96        190.0           0.73          1.10         15.9x           10.5x           5.4x           3.9x
            Viaplay Group                   VPLAYB SS               SELL           SEK               0.56           1.0          0.07           0.1x          8.0x            6.1x          5.1x           4.8x
            Vicore Pharma                   VICO SS                  BUY           SEK               8.29          38.0         -1.44         -1.70          -5.8x           -4.9x         -3.3x          -3.8x
            Vimian                          VIMIAN SS                BUY           SEK              37.48          55.0          0.09           0.2x        29.0x           21.6x         15.6x          12.0x
            Vitec                           VITB SS               NO REC           SEK              440.8                      22.50          26.54         30.9x           26.2x         12.2x          10.7x
            Vitrolife                       VITR SS                  BUY           SEK            150.40         230.0           4.09           5.1x        36.7x           29.3x         17.1x          14.7x
            Volvo                           VOLVB SS                SELL           SEK            264.40         240.0         19.49          21.68         13.7x           12.3x           6.6x           6.1x
            Volvo Cars                      VOLCARB SS              HOLD           SEK              16.34          17.6          2.52           2.9x          6.9x            6.0x          1.0x           0.6x
            Vow                             VOW NO                   BUY           NOK               1.35          10.7          0.61          1.54           2.2x            0.9x          2.2x          -0.7x
            Vår Energi                      VAR NO                  HOLD           NOK              28.84          35.0          0.43           0.5x          6.4x            5.6x
            Wallenius Wilhelmsen ASAWAWI NO                          BUY           NOK               75.3          91.0          3.13          2.47           2.7x            2.9x          2.1x           1.8x
            Wallenstam                      WALLb SS                SELL           SEK              47.32          45.0          1.38           1.5x        26.4x           24.6x         33.5x          31.9x
            Western Bulk Chartering WEST NO                         HOLD           NOK              14.55          15.3          0.00          0.09      2064.7x            15.8x         20.3x            3.9x
            Wihlborgs                       WIHL SS                 HOLD           SEK              99.70        105.0           5.14           5.3x        16.1x           14.8x         20.9x          19.1x
            Wilh. Wilhelmsen HoldingWWI NO                           BUY           NOK                386          605         14.69          12.13           2.5x            3.1x          8.5x           6.9x
            Wärtsilä                        WRT1V FH                 BUY           EUR              15.81            20          0.95           1.1x        16.6x           14.8x           9.2x           8.6x
            XVIVO Perfusion                 XVIVO SS                 BUY           SEK              308.6          520           4.33          9.50         71.4x           32.5x         34.4x          21.5x
            XXL ASA                         XXL NO                  HOLD           NOK              10.60            11         -6.06           0.2x         -1.8x          70.1x           8.4x           3.2x
            Yara                            YAR NO                   BUY           NOK                350          425           4.35          4.14           8.6x            8.2x          4.3x           4.0x
            YIT                             YIT FH                  SELL           EUR               2.52             2         -0.06           0.0x       -42.3x         -114.5x         20.2x          17.5x
            Yubico                          YUBICO SS                BUY           SEK            187.85           275           5.14          7.30         37.8x           27.9x         25.2x          17.2x
            Zealand Pharma                  ZEAL DC                  BUY           DKK            453.10         1,150         93.30            0.0x          4.9x     -15170.1x            2.0x         -50.1x
            Zelluna                         ZLNA NO               NO REC           NOK               15.6                       -5.15         -7.36          -3.0x           -2.1x        -28.5x         -19.8x
            Ørsted                          ORSTED DC               HOLD           DKK            257.80           310         21.13          21.6x         12.2x           11.9x
            AAK                             AAK SS                   BUY           SEK              246.6          370         14.48          14.64         17.0x           16.8x         10.4x            9.8x
            Kilde: DNB Markets, FactSet, Bloomberg                                                                                                                                                                
             
             
             
                                                                                                                                                                                                                             19 
             DNB Markets |  
              
             30 april 2025 
              
              
             AFTER-HOURS / AFTER-SKI 
                                                                                          Aksjer                                          Kursutvikling                                  12 mnd                Market cap
             Selskap                      Ticker               Kurs      Endring      Volum (x1000)        Valuta      Siste uke siste mnd             YTD          12 mnd           lav           høy          NOK mrd
             AFC Ajax                     AJAX                 10.00         0.4 %           2              EUR             1.4 %         0.0 %          4.6 %        -3.4 %        9.50          10.50            2.2
             AIK Fotboll                  AIKB                  1.66         3.4 %          27              SEK             0.6 %         -0.6 %        -1.8 %        -1.2 %        1.00          1.84             0.0
             SC Braga                     SCB                  14.00         0.0 %          na              EUR             0.0 %         -4.1 %        -4.1 %        -0.7 %       13.00          17.00            0.2
             Besiktas Futbol              BJKAS                 2.01         1.5 %        49,956            TRY             0.0 %       -19.7 %       -42.3 %        -74.5 %        1.94          14.81            3.2
             Borussia Dortmund            BVB                   3.25        -0.6 %          61              EUR             4.2 %         7.6 %          3.3 %       -11.6 %        2.78          4.36             4.2
             Brøndby IF                   BIFB                  0.38        -2.3 %          146             DKK             1.3 %        13.9 %         -6.7 %       -40.6 %        0.30          0.81             5.2
             Celtic FC                    CCP                144.00          0.0 %          na              GBp             0.0 %       -10.8 %       -14.0 %          8.7 %      132.50         205.00            1.9
             CF Intercity                 CITY                  0.30        -3.9 %          na              EUR             4.9 %       -36.3 %        56.8 %        -56.7 %        0.09          1.35             0.0
             Birmingham Sports            2309                  2.48        -0.4 %          na              HKD             1.2 %         2.1 %          4.6 %       -22.5 %        1.80          3.65             2.7
             FC København                 PARKEN             132.50         -0.4 %           4              DKK            -1.9 %         -3.3 %         3.9 %        12.8 %      106.50         142.50            9.8
             FC Porto                     FCP                   1.00        -2.0 %          na              EUR            -2.0 %         0.0 %         -9.1 %       -25.9 %        1.00          1.70             0.3
             Galatasaray Sportif          GSRAY                 2.02        -3.8 %       170,444            TRY            -1.5 %         2.0 %          0.5 %       -29.9 %        1.72          3.18             2.9
             Juventus Football            JUVE                  3.03        -0.4 %          605             EUR            -1.0 %         4.0 %          0.2 %        71.4 %        1.75          3.55            13.6
             Manchester United            MANU                 13.86         0.0 %          203             USD            -1.9 %         5.9 %       -20.1 %        -14.4 %       12.05          18.42           24.4
             Olympique Lyonnais EFG                             1.83        -0.5 %           0              EUR             0.5 %         -5.7 %        -9.0 %       -13.7 %        1.74          2.33             3.8
             SL Benfica                   SLBEN                 3.95         0.3 %           1              EUR             6.2 %        19.7 %        21.5 %         37.6 %        2.83          4.12             1.1
             Sporting Club                SCP                   0.95        -9.5 %           0              EUR            -0.5 %         -1.0 %         4.4 %        -6.9 %        0.85          1.06             2.3
             SS Lazio                     SSL                   0.85        -3.4 %          102             EUR             4.7 %         3.7 %       -18.3 %         28.4 %        0.64          1.14             0.7
             Trabzonspor Sportif          TSPOR                 0.87        -2.2 %       182,178            TRY            -1.1 %       -13.0 %       -13.0 %        -58.4 %        0.87          2.75             1.8
             Skistar                      SKISB              165.00         -1.5 %          44              SEK            -0.8 %         1.3 %          0.9 %         7.1 %      142.00         182.90           13.9
             Vail Resorts                 MTN                142.00          0.9 %          505             USD             4.6 %       -11.3 %       -24.2 %        -25.0 %      129.85         206.38            55
             Cie des Alpes                CDA                  16.82         0.7 %          37              EUR             3.4 %        14.3 %        10.9 %         23.5 %       12.32          17.20           10.1
             Amer Sports                  AS                   24.24        -0.1 %        2,002             USD             8.9 %         -9.3 %      -13.3 %         69.7 %       10.11          34.00          139.3
             Heineken                     HEIA                 77.54         0.0 %          514             EUR            -1.6 %         2.9 %        12.9 %        -15.1 %       63.58          97.50            528
             Carlsberg                    CARLB              880.60         -2.2 %          272             DKK            -1.3 %         0.4 %        27.6 %         -6.6 %      662.60         992.20            192
             Anheuser-Busch               ABI                  56.78        -0.9 %        2,071             EUR            -2.8 %         -0.2 %       17.7 %          1.1 %       44.89          62.16          1,354
             Molson Coors                 TAP                  57.06         0.6 %        1,735             USD            -3.3 %         -6.3 %        -0.5 %        -0.3 %       49.19          64.66            122
             Royal Unibrew                RBREW              543.50         -3.9 %          200             DKK            -6.1 %         -1.3 %         7.5 %         5.7 %      466.00         591.50            43
             Kilde: Bloomberg, DNB Markets                                                                                                                                                                                     
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
                                                                                                                                                                                                                                                  20 
      DNB Markets |  
       
      30 april 2025 
       
       
      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 
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                                                                                                   21 
     DNB Markets | DISCLAIMER 
      
     30 april 2025 
      
     of this Note seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact DNB Markets, Inc., 
     30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800. 
                                                                                22