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
18
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
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
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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
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DNB Markets |
30 april 2025
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DNB Markets | DISCLAIMER
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