US renter, EQUITY RESEARCH 22 mars 2023 Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag BANKLETTELSE GIR LØFT FØR Portefølje anbefalte aksjer: RENTEMØTE - NOBI, ACR & B2H - Aker BP - Atea Politiske forsikringer om, ved behov, ytterligere støtte til banksektoren ga sammen med - Europris - Equinor håp om en sentralbank som i dag vil åpne for mer tilbakeholdenhet med renteøkningene - Mowi fremover oppgang for det amerikanske aksjemarkedet i går. Dow var opp 1%, S&P500 - Norske Skog var opp 1.3% og Nasdaq steg 1.6%. Volumet aksjer omsatt på de tre hovedindeksene - Sparebank1 SR-Bank - Subsea 7 kom inn på 101-126% av gjennomsnittet for de siste tre måneder, mens VIX-indeksen samtidig var ned med 11.5% til 21.4 punkter. I Asia ser vi i morgentimene at renten på - YTD DNB -5.8% tiårige amerikanske statsobligasjoner ligger på 3.59% og at futureskontraktene peker - YTD OSE -5.1% mot en marginal positiv åpning for indeksene i USA i ettermiddag. Renten er dermed 2 I dag basispunkter over nivået ved stengetid i det norske markedet i går. Rapporter / nyheter etc Norden I et gjenåpnet japansk marked ser vi at Nikkei kort før stengetid i dag er opp med 2.1%. De viktigste kinesiske indeksene er samtidig opp inntil 1.4%. Markedsbevegelsene det Everfuel Kambi, konferanse neste døgnet vil i stor grad bli avgjort av hvilken rentebeslutning den amerikanske Nobia, kapitalmarkedsdag sentralbanken faller ned på og ikke minst hvordan investorene tolker Fed-sjefens Norsk Solar Stora Enso, konferanse kommunikasjon vedrørende den økonomiske situasjonen og de videre renteutsikter fremover. Usikkerhetene knyttet til om det faktisk blir en renteøkning og rundt hvilke Nøkkeltall Norden videre signaler sentralbanken vil komme med er større enn de har vært på svært lang NO: Ledighet tid. De er kl 19.00 norsk tid i dag imidlertid ventet å annonsere en renteøkning fra 4.75% NO: Laksepriser & -eksport til 5%. Pressekonferansen starter en halv time senere. Allerede før åpning i dag får vi Rapporter / nøkkeltall Europa / USA også KPI- og PPI-tall for UK i februar, samt oppdaterte norske ledighetstall for samme måned. I tillegg legger SSB i dag frem ukentlige tall for utviklingen i laksepriser og Japan: Maskinordre UK: KPI eksportvolum. Kvartalsrapporten fra Nike fikk en avmålt mottagelse i USA sent i går UK: PPI og investorene sendte i første omgang aksjen ned med 2% i handel etter børs. UK: Boligpriser US: FOMC Rentemøte USD-kursen har falt noe tilbake det siste halve døgnet, men foreløpige amerikanske US: Boliglånssøknader US: Oljelagertall lagertall lagt frem i går trekker samtidig i motsatt retning. Dette bidrar til at Brent har Genel Energy kommet ned med USD 0.13 pr fat fra i går ettermiddag og i morgentimene ligger på KB Home Autodesk, Investordag USD 74.82 pr fat. WTI-prisen har samtidig steget med USD 0.38 pr fat og ligger i øyeblikket på USD 69.17 pr fat. Kjøkkenleverandøren Nobia (i Norge bl.a. HTH, Norema og Sigdal) arrangerer i dag kapitalmarkedsdag. Kursen stengte i går på SEK 18.43 pr aksje og er så langt i år ned 13%. Årlig omsetning ligger på rundt SEK 14 mrd og med utgangspunkt i en EBIT for 2022 på SEK 497 mill har ledelsen guidet for årlige kostnadsbesparelser på SEK 750 mill fra midten av 2024. Konsensus ser så langt ikke ut til å være villige til å legge disse besparelsene inn i estimatene, mens vi etter en gjennomgang ser 50% oppnåelse som realistisk. Med forventninger om at ledelsen ved dagens kapitalmarkedsdag vil bidra til at konsensusestimatene i tiden fremover vil følge med oss oppover løftet vi nylig anbefalingen fra Hold til Kjøp og kursmålet fra SEK 20 til SEK 27 pr aksje. Inkassoaktørene Axactor og B2 Holding er blant selskapene som presenterer seg på Emisjoner, børsnoteringer o.l. DNBs SMB Konferanse neste onsdag. Begge driver virksomhet i flere europeiske markeder, men i liten grad i overlappende geografier. Topplinjen for de to selskapene - DNB Markets SMB konferanse - Pågående transaksjoner lå i 2022 på henholdsvis EUR 238 mill og NOK 3.5 mrd. Axactor oppnådde en EBIT på - Om aksjehandelsløsning EUR 109 mill, mens tilsvarende for B2 Holding lå på NOK 1 mrd. De løpende marginene Aktuelle podcasts/webinarer: er med andre ord gode, men må også sees i lys av bokført verdi på NOK 11-14 mrd for selskapenes respektive fordringsporteføljer, samt en verdi av estimerte fremtidige brutto - Shippingtoppene om 2023 innbetalinger på rundt NOK 25 mrd. På våre estimater for 2023 handles begge aksjene med en P/E på rundt 5x. I tillegg til endringer i estimerte forventede innbetalinger på de UTBYTTE er en podcast fra DNB som handler om det eksisterende porteføljene er planlagt kapitalallokering fremover noe som vil kunne viktigste som skjer i den globale økonomien og finansmarkedene. Hør på iTunes, Spotify og Soundcloud påvirke verdsettelsen. Prisen på gjeldsporteføljer overtatt fra f.eks. banker endrer seg blant annet med marked, grad av sikkerhet for fordringene og rentenivå. Investeringer i ANALYST nye porteføljer må altså veies opp mot utbytte og tilbakekjøp av aksjer. Axactor stengte Ole-Andreas Krohn i går på NOK 6.40 pr aksje og her har vi en kjøpsanbefaling med et kursmål på NOK Ole-andreas.krohn@dnb.no 7.50 pr aksje. B2Holding stengte samtidig på NOK 7.38 pr aksje og her har vi en TLF: +47 918 59 722 kjøpsanbefaling med et kursmål på NOK 12.50 pr aksje. Please see the last page for important information. This research report was not produced in the US. Analysts employed by non- US Affiliates are not registered / Qualified research analysts with FINRA in the United States DNB Markets | US aksjeindekser og oljepris – før og etter stengetid i oslo 22 mars 2023 US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO Index rebased 102.0 USD per brl 70.0 101.5 69.0 68.0 101.0 67.0 66.0 100.5 65.0 64.0 100.0 63.0 62.0 61.0 99.5 60.0 15 16 17 18 19 20 21 15 16 17 18 19 20 21 22 Dow S&P500 Nasdaq Axis Title WTI Oil Price, rebased INTERNASJONALE BØRSER RENTER VALUTA / RÅVARER Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 32,561 316 0.98 USA 10år 3.592 3.48 0.11 EUR/USD 1.077 1.077 0.01 S&P 500 4,003 51 1.30 Tyskl. 10år 2.292 2.11 0.18 USD/JPY 132.5 132.5 0.03 NASDAQ 11,860 185 1.58 Norge 10år 3.053 2.91 0.14 USD/NOK 10.542 10.549 0.07 Nikkei 225 27,516 572 2.12 USA 3m 4.947 4.96 -0.02 EUR/NOK 11.352 11.358 0.05 Euro 500 290 4 1.31 Euro 3m 2.908 2.75 0.16 Siste Endr. Endr. % Danmark-KFX 1,918 26 1.37 Norge 3m 3.530 3.45 0.08 CRB indeks 258 3.02 1.19 Finland-HEX 10,724 212 2.01 Brent sp. ($/bbl) 7 4.3 1.20 1.65 Norge-OSEBX 1,177 11 0.96 Brent 1m ($/bbl) 7 5.0 1.21 1.64 Sverige-SAX 816 10 1.30 Alum. 3m ($/ton)2 ,266.5 -7.50 -0.33 US Nat.gass 1 .9 -0.48 -19.83 NORDISKE AKSJER I USA – SLUTTKURS NORDEN VS SLUTTKURS USA Sluttkurs USA Endr.1 dag Volum USA Sluttkurs USA, Sluttkurs Forskjell sluttkurs (USD) (USD) nnnnn hjemlig valuta hjemme USA/hjemlig Danmark Novo Nordisk B 147.29 7.85 1,372,308 1018.50 1,006.80 11.70 GN Store Nord 62.40 -1.21 1,413 143.83 143.20 0.63 AP Møller Maersk 11.82 0.32 165,117 16,346.82 16,310.00 36.82 Finland Nokia 4.65 0.13 14,708,827 4.32 4.35 -0.03 Metso Outotec 5.08 0.25 2,039 18.86 9.56 9.30 Telia 5.09 -0.11 25,647 2.36 2.39 -0.03 UPM Kymmene 34.71 1.20 19,207 32.23 32.17 0.06 Norge Frontline 17.48 1.58 3,060,270 184.27 183.56 0.71 Norsk Hydro 7.00 0.11 41,743 73.79 73.58 0.21 Yara 21.63 0.64 12,426 456.11 456.30 -0.19 Golden Ocean 9.38 0.20 1,261,003 98.88 99.08 -0.20 Flex LNG 33.64 1.34 453,546 354.62 351.20 3.42 Equinor 27.92 0.58 5,830,792 294.32 292.70 1.62 Subsea 7 12.27 0.14 2,212 129.33 129.85 -0.52 Telenor 11.62 0.07 27,223 122.49 122.20 0.29 Tomra 15.58 0.15 4,650 164.24 164.46 -0.22 Questerre 0.25 0.00 65,576 1.92 1.82 0.10 Orkla 6.93 0.07 35,364 73.05 73.46 -0.41 Sverige AstraZeneca 66.99 0.25 3,489,599 1412.36 1378.5 33.86 Electrolux 23.54 0.71 6,633 124.07 121.66 2.41 Ericsson (B) 5.39 0.05 3,488,294 56.82 56.15 0.67 Hennes & Mauritz 2.35 0.05 22,723 123.86 124.52 -0.66 Atlas Copco 11.95 0.08 141,066 125.97 123.82 2.15 SKF B 18.95 0.55 4,560 199.76 195.3 4.46 Swedish Match 10.59 -0.01 5,291 223.25 #N/A N/A #VALUE! Assa Abloy 12.19 0.09 43,861 257.03 252.6 4.43 Sandvik 20.04 0.29 50,810 211.25 206.5 4.75 Kilde: Bloomberg, DNB Markets 2 DNB Markets | 22 mars 2023 US S&P500 – AVKASTNING: VERDI VS VEKST VS VEKST&PRIS (REBASERT)* Siste år Siden 1995 200 2500 180 160 2000 140 120 1500 100 80 1000 60 40 500 20 0 0 S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks S&P Verdiindeks S&P Vekstindeks S&P GARP Indeks * Verdiindeks = S&P 500 Value Total Return Index * Vekstindeks = S&P 500 Growth Total Return Index * GARP indeks = S&P 500 GARP Index (Growth At a Reasonable Price) Kilde:Bloomberg /DNB Markets US indekser I går Endr. %1D %1W %1M %3M %YTD %12M Est. P/E Dow Jones Industrial 32,561 316.0 0.98 1.26 -1.47 -1.41 -1.77 -6.46 16.75 S&P 500 4,003 51.3 1.30 2.13 0.30 4.72 4.25 -11.28 18.22 Nasdaq Composite 11,860 184.6 1.58 3.78 3.07 13.21 13.32 -15.94 26.26 Russel 2000 1,778 32.8 1.88 0.05 -6.17 1.35 0.94 -14.87 23.27 Amex naturgass (XNG) 492 6.3 1.31 -1.06 -3.61 -7.56 -8.27 -6.57 9.80 Amex Oil Service 77 2.6 3.46 -2.57 -7.93 -3.87 -8.01 -0.53 na Philadelphia oljeproduksjon (XOI) 1,674 48.4 2.98 -0.87 -2.97 -3.03 -6.35 8.21 na Amex farmasi (DRG) 814 2.4 0.29 1.24 -1.35 -6.29 -6.20 -1.79 14.84 Nasdaq biotech 4,016 -5.9 -0.15 -0.58 -3.29 -6.24 -4.68 -4.46 na Philadelphia halvleder (SOX) 3,117 2.2 0.07 3.55 7.76 23.03 23.09 -9.55 22.98 S&P 500 Paper & Forest (PAFO) 285 4.6 1.66 0.35 -2.60 -6.29 -5.55 6.33 10.03 Kilde: Bloomberg, DNB Markets Råvarer og shipping Siste I går Endr. %1D %1W %1M %3M %YTD %12M 52W H 52W L CRB indeks 257.7 257.7 2.51 0.98 - 3 -8.4 -16.0 -20.1 -41.4 329.6 254.0 GS råvare indeks 3,170 3,170 28.30 0.90 46 -140 -231 -326 -681 4,320 3,062 Olje Brent Spot 74.34 74.34 0.00 0.00 0.50 -5.37 -6.54 -10.63 -40.82 128.95 69.27 Brent olje 1m 75.00 75.32 -0.32 -0.42 1.31 -5.60 -5.98 -10.91 -40.48 125.28 70.12 Brent olje 3m 74.62 74.91 -0.29 -0.39 1.57 -5.46 -6.84 -10.65 -33.91 119.27 70.10 WTI olje 1m 69.31 69.67 -0.36 -0.52 1.70 -4.64 -8.18 -10.95 -42.45 123.68 64.12 Flybensin 812.57 0.00 7.20 0.89 -21.37 -54.47 -158.81 -193.29 -400.17 Naturgass US Henry Hub 1.94 1.94 -0.23 -10.76 -0.70 -0.18 -4.06 -1.58 -2.83 Fyringsolje 2 68.0 2 69.0 -1.03 -0.38 7.50 - 3 - 4 5.2 - 6 8.2 - 1 18.4 5 86.0 2 50.2 Metaller Aluminium 3m 2,267 2,267 -8 -0.35 -86.00 -201 -125 -112 -1,255 3,742 2,081 Nikkel 22,514 22,514 -283 -1.24 -526.00 -4,591 -7,077 -7,534 -8,866 40,700 18,230 Kobber 8,758 8,758 60 0.69 -76.00 -443 364 386 -1,538 10,580 6,955 Gull 1,939 1,940 -1 -0.06 20.43 114 146 115 17 2,010 1,615 Shipping WS AG - Japan, 250 dwt 98 98 0 0.00 5.00 30 20 28 58 130 35 WS AG - USG, 250 dwt 65 65 3 4.00 5.00 23 10 15 45 73 20 Baltic dry index 1,512 1,512 -30.0 -1.95 -75.00 838 -138 -3 -1,034 3,369 530 Kilde: Bloomberg, DNB Markets Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L Norge - Nibor 3m 3.530 3.530 0.040 0.27 0.25 0.32 0.27 2.12 3.58 1.20 USA - Libor 3m 4.947 4.998 -0.051 0.08 0.04 0.19 0.18 4.01 5.15 0.95 Euro - Euribor 3m 2.908 2.908 0.016 0.155 0.226 0.806 0.776 3.402 2.978 0.000 Norge 10 år stat 3.053 3.053 0.085 -0.05 -0.37 -0.05 -0.18 0.65 3.82 2.41 USA 10 år stat 3.592 3.609 -0.017 0.14 -0.32 -0.09 -0.28 1.21 4.34 2.28 Euro 10 år stat 2.292 2.292 0.167 -0.13 -0.24 -0.02 -0.28 1.82 2.77 0.45 Tyskland 10 år stat 2.292 2.292 0.167 -0.13 -0.24 -0.02 -0.28 1.82 2.77 0.45 Japan 10 år stat 0.296 0.250 0.046 -0.03 -0.21 -0.10 -0.13 0.08 0.58 0.16 UK 10 år stat 3.367 3.367 0.057 -0.12 -0.25 -0.20 -0.31 1.73 4.64 1.52 Valuta EUR/USD 1.077 1.077 0.000 0.019 0.016 0.017 0.006 -0.026 1.119 0.954 USD/JPY 132.5 132.5 -0.040 -1.0 -2.4 0.1 1.4 11.7 152.0 120.6 GBP/USD 1.223 1.222 0.002 0.018 0.019 0.019 0.015 -0.103 1.330 1.035 USD/NOK 10.542 10.549 -0.007 -0.220 0.184 0.665 0.738 1.782 11.011 8.564 EUR/NOK 11.352 11.358 -0.006 -0.031 0.368 0.886 0.852 1.690 11.482 9.435 GBP/NOK 12.895 12.885 0.010 -0.080 0.417 1.003 1.030 1.277 13.132 11.114 Kilde: Bloomberg, DNB Markets 3 DNB Markets | 22 mars 2023 US Selskaper - vinnere/tapere DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år American Express Co 164.56 3.7 % -5.8 % -14.0 % Enphase Energy Inc 207.63 7.9 % 2.0 % 9.7 % First Republic Bank/CA 15.77 29.5 % -87.2 % -90.8 % NIKE Inc 125.61 3.6 % 4.8 % -5.6 % Tesla Inc 197.58 7.8 % -1.6 % -40.4 % KeyCorp 12.76 9.3 % -29.9 % -47.6 % Chevron Corp 159.31 3.1 % -0.6 % -2.9 % Zscaler Inc 113.02 7.2 % -14.5 % -51.4 % Comerica Inc 48.63 9.1 % -30.0 % -49.4 % JPMorgan Chase & Co 130.55 2.7 % -5.8 % -8.5 % Lucid Group Inc 8.19 6.4 % -17.9 % -69.3 % Truist Financial Corp 33.70 9.0 % -28.4 % -43.6 % Goldman Sachs Group Inc/The 317.28 2.5 % -12.1 % -7.5 % Warner Bros Discovery Inc 15.09 6.0 % -2.1 % na US Bancorp 37.52 8.9 % -21.1 % -34.2 % Walt Disney Co/The 96.54 2.5 % -5.1 % -31.1 % Datadog Inc 69.67 5.2 % -12.9 % -53.1 % SolarEdge Technologies2 9In6c.51 8.9 % 0.3 % -8.8 % Caterpillar Inc 224.92 2.1 % -5.5 % 1.0 % PayPal Holdings Inc 76.72 4.8 % 1.6 % -34.9 % Enphase Energy Inc 207.63 7.9 % 2.0 % 9.7 % Salesforce Inc 188.68 1.9 % 15.5 % -13.5 % Rivian Automotive Inc 13.61 4.5 % -28.4 % -71.0 % Tesla Inc 197.58 7.8 % -1.6 % -40.4 % Travelers Cos Inc/The 171.75 1.8 % -7.7 % -6.0 % Rivian Automotive Inc 13.61 4.5 % -28.4 % -71.0 % Zions Bancorp NA 32.29 7.0 % -34.5 % -53.6 % Visa Inc 221.95 1.7 % 0.9 % 1.6 % Baker Hughes Co 28.04 4.0 % -6.7 % -23.3 % APA Corp 35.04 6.6 % -7.4 % -13.5 % Dow Inc 52.06 1.6 % -8.7 % -18.1 % Diamondback Energy Inc 130.62 4.0 % -4.9 % -4.9 % DISH Network Corp 9.58 6.6 % -26.8 % -69.7 % Apple Inc 159.28 1.2 % 7.0 % -5.7 % Alphabet Inc 105.84 3.8 % 15.3 % -24.5 % Paramount Global 21.25 6.3 % -8.8 % -43.2 % Walgreens Boots Alliance Inc 33.54 1.1 % -7.0 % -29.3 % Zoom Video Communications7 1In.8c5 3.7 % -2.1 % -40.0 % Charles Schwab Corp/Th5e9.47 6.0 % -25.7 % -35.5 % Verizon Communications Inc 37.74 0.8 % -3.9 % -26.0 % Alphabet Inc 104.92 3.7 % 14.5 % -25.0 % Warner Bros Discovery In1c5.09 6.0 % -2.1 % na Honeywell International Inc 191.16 0.7 % -2.2 % -2.0 % UnitedHealth Group Inc 480.10 0.7 % -1.8 % -5.0 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Microsoft Corp 273.78 0.6 % 8.9 % -10.0 % American Electric Power Co I8n8c.90 -3.1 % -2.1 % -6.7 % Atmos Energy Corp 110.21 -4.1 % -4.7 % -3.5 % International Business Machine 126.57 0.5 % -3.4 % -1.9 % Applied Materials Inc 120.40 -2.9 % 9.0 % -11.1 % Consolidated Edison Inc93.19 -3.8 % 0.8 % 4.4 % Home Depot Inc/The 289.43 0.1 % -2.3 % -12.2 % Xcel Energy Inc 65.50 -2.8 % -1.8 % -5.4 % Digital Realty Trust Inc 97.83 -3.8 % -8.3 % -29.3 % Johnson & Johnson 153.89 0.0 % -2.5 % -12.1 % Exelon Corp 40.68 -2.7 % -2.8 % -6.8 % Alliant Energy Corp 52.01 -3.3 % -2.3 % -13.2 % 3M Co 104.29 0.0 % -4.3 % -30.4 % Intel Corp 28.46 -2.4 % 11.7 % -41.2 % CMS Energy Corp 59.95 -3.1 % -1.4 % -10.5 % Boeing Co/The 204.70 0.0 % -0.5 % 7.2 % Moderna Inc 152.10 -1.6 % -3.8 % -18.5 % CenterPoint Energy Inc 28.24 -3.1 % -2.1 % -4.2 % McDonald's Corp 270.21 -0.2 % 0.6 % 13.5 % KLA Corp 385.06 -1.3 % 1.9 % 6.7 % American Electric Power C88o. 9In0c -3.1 % -2.1 % -6.7 % Merck & Co Inc 105.54 -0.3 % -3.3 % 33.1 % Lam Research Corp 507.36 -1.2 % 6.3 % -7.2 % NiSource Inc 26.98 -3.0 % -2.3 % -10.7 % Walmart Inc 140.42 -0.3 % -2.6 % -2.4 % Broadcom Inc 636.75 -1.1 % 10.5 % 4.2 % Applied Materials Inc 120.40 -2.9 % 9.0 % -11.1 % Coca-Cola Co/The 60.32 -0.5 % 0.6 % -0.8 % Advanced Micro Devices Inc 95.93 -0.9 % 25.2 % -16.4 % Xcel Energy Inc 65.50 -2.8 % -1.8 % -5.4 % Cisco Systems Inc 50.67 -0.5 % 2.8 % -9.8 % Amgen Inc 232.95 -0.8 % -1.4 % -1.5 % WEC Energy Group Inc 91.91 -2.8 % 0.8 % -3.6 % Procter & Gamble Co/The 144.08 -0.7 % 2.5 % -5.1 % Monster Beverage Corp 103.79 -0.7 % 1.4 % 27.7 % Pinnacle West Capital Co7rp7.40 -2.8 % 5.2 % 5.4 % Amgen Inc 232.95 -0.8 % -1.4 % -1.5 % Biogen Inc 266.15 -0.7 % -2.3 % 26.2 % Entergy Corp 103.15 -2.8 % -4.0 % -6.0 % ASML Holding NV 642.13 -0.6 % 2.9 % -6.8 % Dominion Energy Inc 54.09 -2.8 % -6.3 % -33.8 % Kilde: Bloomberg / DNB Markets Indeksutvikling på sektornivå Sektor USA 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor MSCI Europe 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Energi og relatert utstyr 4.3% -8.3% -7.3% -2.1% -11.0% 12.6 Finansieringsselskaper 4.6% -4.7% 4.2% -12.7% 4.4% 11.0 Bank 3.6% -17.0% -10.2% -29.8% -12.2% 8.4 Banker 3.7% -9.7% 5.7% 5.2% 6.1% 6.7 Olje og gass 3.4% -2.6% -4.4% 7.8% -7.9% 9.3 Forsikring 2.9% -4.8% -0.8% -1.9% 0.0% 9.7 Fritidsutstyr 2.8% -13.7% -13.8% -44.2% -18.5% 11.5 Energi 2.4% -6.6% -4.4% 11.1% -3.1% 5.9 Luftfart 2.8% -8.8% 1.2% -14.4% 3.0% 6.9 Biler og komponenter 2.0% -3.2% 15.9% 5.9% 15.0% 6.1 Bygg og anlegg 2.8% 8.9% 13.3% 24.6% 13.4% 23.0 Kapitalvarer 1.8% -1.2% 10.4% 0.6% 10.5% 17.8 Bildeler 2.1% -4.6% 21.2% 0.3% 18.7% 17.6 Hotell-, underholdnings- og restaurantvirksom1h.e6t% -0.7% 9.5% 8.6% 11.0% 22.8 Forsikring 2.0% -7.2% -6.2% -5.6% -6.7% 12.5 Media 1.5% -1.9% 9.3% -4.9% 9.6% 15.6 Elektrisk utstyr 1.9% -1.1% 1.5% -7.2% 0.4% 21.6 Transport 1.5% 2.1% 16.1% -5.6% 15.1% 18.1 Maskiner 1.7% -3.9% -0.2% 2.0% -0.3% 16.3 Mat- og apotekhandel 1.3% -1.3% 6.5% -12.0% 8.9% 13.5 Papir- og skogprodukter 1.7% -2.6% -6.3% -13.7% -5.5% 10.2 Programvare og tjenester 1.2% 1.9% 12.9% -4.4% 13.9% 23.0 Media 1.6% -4.4% 6.9% -25.0% 5.6% 10.9 Forbruksvarer og klær 1.0% -1.1% 17.6% 12.4% 17.6% 26.1 Helseartikler 1.4% 1.5% 2.5% -13.6% 1.8% 25.3 Legemiddelindustri og bioteknologi 0.7% -4.1% -2.6% -3.2% -1.7% 15.7 Metall 1.2% -4.9% 3.7% -22.0% 5.2% 14.5 Detaljhandel 0.6% -4.2% 6.7% 7.6% 5.5% 28.5 Datamaskiner og tilbehør 1.2% 6.5% 20.0% -6.5% 21.9% 25.9 Helsevern - utstyr og tjenester 0.6% -3.8% 3.6% -20.6% 2.7% 18.3 Hotell og restaurant 1.2% -1.2% 9.7% 3.5% 9.1% 25.3 IT utstyr 0.6% -3.0% -2.1% -23.3% -1.6% 13.6 Kjemikalier 1.2% -2.6% -0.9% -5.0% -0.5% 17.3 Forsyningsselskaper 0.3% -0.4% 2.7% -2.4% 3.5% 13.8 Industrielle konglomerater 1.2% 1.5% 3.2% -1.4% 2.3% 22.1 Husholdningsvarer og personlige produkter 0.3% -1.3% 4.4% 7.6% 5.1% 20.9 Elektronisk utstyr og instrumenter 1.2% -1.6% 5.3% -7.0% 4.2% 19.9 Telekommunikasjon og tjenester 0.3% -0.6% 14.5% -4.5% 15.3% 13.9 Programvare 1.0% 7.6% 15.6% -9.8% 14.7% 28.7 Materialer 0.2% -6.1% 0.1% -12.3% 0.3% 11.9 Informasjonsteknologi 0.8% 6.4% 16.3% -8.3% 16.4% 25.4 Kommersielle tjenester og leveranser 0.1% -2.1% 5.5% -6.9% 6.4% 20.6 Diversifiserte telekomtjenester 0.6% -4.4% -1.0% -16.3% -2.9% 7.9 Drikkevarer, mat og tobakk -0.2% -2.1% 0.1% -3.9% 1.1% 17.2 Kommunikasjonsutstyr 0.2% 5.1% 10.1% -4.0% 9.2% 15.6 Eiendomsselskaper -0.9% -12.0% -2.8% -39.9% -3.5% 11.2 Matvarer 0.2% -1.5% -5.0% 4.2% -4.7% 17.0 Bioteknologi 0.0% 0.4% -6.6% 4.4% -4.6% 15.9 Drikkevarer -0.1% 0.3% -3.1% 3.8% -3.1% 23.5 Farmasi -0.2% -2.7% -10.5% -3.8% -10.2% 14.7 Eiendom -0.7% -5.7% -2.0% -22.5% -2.2% 35.5 Husholdningsartikler -0.7% 1.5% -5.1% -3.8% -4.5% 24.6 Kraft -1.9% -0.3% -6.5% -4.8% -7.0% 17.8 Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets 4 DNB Markets | 22 mars 2023 12-MÅNEDERS FORWARD P/E - HISTORISKE MULTIPLER – OBX OG OMX OSLO – OBX INDEKSEN STOCKHOLM – OMX INDEKSEN 35x 30x 30x 25x 25x 20x 20x 15x 15x 10x 10x 5x 5x P/E Median P/E Median 3.0x 3.0x 2.5x 2.5x 2.0x 2.0x 1.5x 1.5x 1.0x 1.0x 0.5x 0.5x 0.0x 0.0x P/B Median P/B Median 16x 25x 14x 20x 12x 10x 15x 8x 6x 10x 4x 5x 2x 0x 0x EV/EBITDA Median EV/EBITDA Median Kilde: Bloomberg /DNB Markets 5 DNB Markets | 22 mars 2023 RENTER, P/E OG OLJEPRIS VS S&P500 OG OBX S&P500 INDEKSEN OSLO – OBX INDEKSEN 6000 8.0 1400 6.0 7.0 1200 5.0 5000 6.0 1000 4000 4.0 5.0 800 3000 4.0 3.0 600 3.0 2.0 2000 400 2.0 1000 200 1.0 1.0 0 0.0 0 0.0 SPX Index US10Y Interest (%) OBX Index NO 10Y Interest (%) 45x 8.0 1400 160 40x 7.0 1200 140 35x 6.0 120 1000 30x 5.0 100 25x 800 4.0 80 20x 600 3.0 60 15x 2.0 400 40 10x 5x 1.0 200 20 0x 0.0 0 0 Long term hist. PE US10Y Interest (%) OBX Index Brent Oil (USD) 35x 8.0 30x 6.0 30x 7.0 25x 5.0 25x 6.0 20x 4.0 5.0 20x 4.0 15x 3.0 15x 3.0 10x 2.0 10x 2.0 5x 5x 1.0 1.0 0x 0.0 0x 0.0 Best fwd P/E Ratio US10Y Interest (%) Best fwd P/E Ratio NO 10Y Interest (%) 6.0 6.0 10.0 10.0 9.0 9.0 5.0 5.0 8.0 8.0 4.0 4.0 7.0 7.0 6.0 6.0 3.0 3.0 5.0 5.0 4.0 4.0 2.0 2.0 3.0 3.0 1.0 1.0 2.0 2.0 1.0 1.0 0.0 0.0 0.0 0.0 SPX Index dividend yield US10Y Interest (%) OBX Index dividend yield NO 10Y Interest rate Kilde: Bloomberg /DNB Markets 6 DNB Markets | 22 mars 2023 ETF / ETP Endring i % Navn Kurs 1 dg 5 dg 1 mnd Valuta Verdi (gjennomsnitt) Aksjer / Indekser (siste 5 dager) Oil Service OIH 275.25 3.7 % -2.9 % -7.6 % USD 241,498,368 Energi XLE 80.39 3.5 % -1.7 % -3.7 % USD 1,719,772,928 Finansielle tjenester XLF 31.96 2.5 % -1.0 % -10.2 % USD 1,767,309,184 AEX-Nederland IAEX 6476.50 2.3 % -0.1 % -2.4 % GBp 13,436,810 S&P Euro 350 IEV 48.41 1.9 % 0.0 % -1.3 % USD 24,913,412 DAX DAXEX 128.44 1.9 % 0.2 % -0.9 % EUR 2,860,118 Russell 2000 IWM 176.65 1.8 % 0.1 % -6.0 % USD 4,802,775,040 S&P Midcap 400 MDY 448.28 1.8 % 0.0 % -5.7 % USD 362,099,392 Russell 2000 Growth IWO 223.13 1.8 % 0.3 % -3.9 % USD 107,812,776 FTSE 100 ISF 737.20 1.7 % -1.7 % -4.8 % GBp 2,038,173,000 CAC-40 CAC 70.04 1.4 % -0.3 % -2.4 % EUR 3,360,889 Dow Jones Total markeSPTt M 49.19 1.4 % 1.6 % -0.4 % USD 29,472,458 Nasdaq 100 QQQ 310.34 1.4 % 4.4 % 5.5 % USD 16,389,680,128 S&P 500 SPY 398.91 1.3 % 1.8 % 0.1 % USD 35,511,345,152 Latin-America 40 ILF 22.89 1.3 % -1.3 % -5.6 % USD 19,136,418 Industri XLI 98.68 1.2 % -0.8 % -1.7 % USD 1,201,814,016 DJIA DIA 325.62 1.0 % 1.1 % -1.5 % USD 1,316,072,832 Emerging Markets EEM 38.09 0.9 % 0.4 % -2.3 % USD 1,434,523,008 Teknologi USA XLK 144.69 0.8 % 3.6 % 6.2 % USD 980,622,976 Japan EWJ 56.87 0.6 % 1.4 % 1.7 % USD 260,104,640 TecDax TDXPEX 28.99 0.5 % -0.2 % 0.4 % EUR 104,949 Pacific ex-Japan EPP 42.51 0.4 % -0.8 % -3.8 % USD 24,210,996 Hong Kong EWH 20.00 0.4 % -2.2 % -3.8 % USD 65,486,220 Brasil EWZ 26.25 0.2 % -1.5 % -6.9 % USD 668,691,328 Bioteknologi IBB 126.00 0.1 % -0.7 % -2.6 % USD 206,520,912 Forbruksvarer XLP 72.70 -0.1 % 0.8 % -0.8 % USD 805,987,392 Forsyningstjenester XLU 65.65 -2.0 % -0.9 % -1.9 % USD 857,550,208 Olje / Energi Naturgass UNG 7.73 3.6 % -9.8 % 2.0 % USD 198,067,536 WTI-olje CRUD 7.97 3.5 % -6.1 % -7.8 % USD 2,532,967 WTI-olje CRUDP 7.41 2.8 % -6.7 % -8.5 % EUR 789,261 WTI-Oil USO 61.23 2.4 % -2.7 % -5.7 % USD 223,126,592 Brent-olje BNO 24.99 2.0 % -2.8 % -6.1 % USD 8,680,522 Bensin UGAS 43.90 0.3 % -3.1 % -1.5 % USD 55,357 Fyringsolje HEAT 19.24 0.1 % -4.9 % -4.6 % USD 86,035 Metaller Bomull COTN 2.80 1.2 % -4.5 % -5.8 % USD 30,219 Kobber COPA 35.26 0.9 % -0.6 % -4.0 % USD 1,353,963 Aluminium ALUM 3.08 -0.4 % -3.6 % -6.5 % USD 166,489 Sølv SLV 20.54 -0.7 % 3.3 % 4.0 % USD 364,898,464 Sink ZINC 9.27 -1.2 % -1.8 % -6.2 % USD 77,795 Nikkel NICK 20.88 -1.4 % -2.5 % -14.4 % USD 234,861 Andre råvarer Kaffe COFF 1.12 1.4 % 1.7 % -7.2 % USD 93,882 Sukker SUGA 11.35 1.3 % 0.5 % 4.2 % USD 34,740 Råvarer DBC 22.85 0.4 % -1.6 % -3.1 % USD 41,942,068 Kveg CATL 5.72 0.0 % -1.3 % -2.1 % USD 2,419 Mais CORN 1.26 -0.1 % 1.7 % -6.7 % USD 20,675 Soyabønner SOYB 30.35 -0.4 % -0.6 % -3.6 % USD 22,336 Svinekjøtt HOGS 0.35 -1.1 % -10.3 % -10.0 % USD 4,509 Hvete WEAT 0.67 -2.1 % -2.1 % -8.7 % USD 114,981 Råvarekurver Energi AIGE 3.49 1.4 % -6.5 % -6.2 % USD 185,661 Softs (Sukker, Kakao, BoAIGmSull) 4.65 1.4 % 0.2 % -2.8 % USD 3,548 Råvarer (ETN) GSG 19.21 1.0 % -1.8 % -4.0 % USD 15,354,315 Råvarer AIGC 10.67 -0.1 % -2.8 % -3.7 % USD 51,500 Industrimetaller AIGI 15.15 -0.2 % -1.8 % -6.6 % USD 595,108 Buskap AIGL 2.27 -0.4 % -4.4 % -4.9 % USD 837 Landbruk AIGA 6.57 -0.4 % -0.4 % -5.3 % USD 357,917 Korn AIGG 4.63 -0.7 % 0.1 % -5.8 % USD 18,780 Kilde: Bloomberg / DNB Markets 7 DNB Markets | 22 mars 2023 Rapportkalender Konsensus DNB Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 23-Mar NTS ASA Oslo na na na na Annual Norway Royal Salmon ASA Oslo 169 1.98 314 na Annual 28-Mar Rizzo Group AB Stockholm na na na na Irreg 29-Mar Dustin Group AB Stockholm 260 0.79 na na Annual 30-Mar Stolt-Nielsen Ltd Oslo 202 2.01 na na Semi-Anl H & M Hennes & Mauritz AB Stockholm 4,323 -0.58 3,932 -0.65 Semi-Anl Puuilo Oyj Helsinki 13 0.09 na na Irreg 31-Mar RAK Petroleum PLC Oslo na na na na None Atlantic Petroleum P/F Oslo na na na na na 5-Apr EnQuest PLC Stockholm na 0.05 na na None Industrivarden AB Stockholm 8,219 29.49 na na Annual Industrivarden AB Stockholm 8,219 29.49 na na Annual Seadrill Ltd Oslo 227 -0.32 na na None 13-Apr Chr Hansen Holding A/S Copenhagen 115 0.48 107 0.00 Annual Oceanteam ASA Oslo na na na na None 14-Apr Atrium Ljungberg AB Stockholm 440 2.10 433 1.80 Irreg 18-Apr Nilorngruppen AB Stockholm 30 na na na Annual Profilgruppen AB Stockholm na na na na Annual HMS Networks AB Stockholm 173 2.48 187 2.67 Annual Investment AB Oresund Stockholm na na na na Semi-Anl Telefonaktiebolaget LM Ericsso Stockholm 6,391 0.72 6,506 0.82 Semi-Anl Telefonaktiebolaget LM Ericsso Stockholm 6,391 0.72 6,506 0.82 Semi-Anl 19-Apr Note AB Stockholm 121 2.60 na na Irreg Platzer Fastigheter Holding AB Stockholm 257 0.47 na na Semi-Anl Mangold AB Stockholm na na na na Annual 20-Apr Dedicare AB Stockholm 40 2.58 na na Annual AQ Group AB Stockholm na na na na Annual Bufab AB Stockholm na 5.00 293 4.17 Irreg FastPartner AB Stockholm na na na na Quarter Olvi Oyj Helsinki 11 0.11 na na Semi-Anl Linc AB Stockholm na na na na None Nordic Semiconductor ASA Oslo 21 0.04 47 0.15 Irreg Kinnevik AB Stockholm 1,471 5.19 na na Irreg Rejlers AB Stockholm 123 na na na Annual Hansa Biopharma AB Stockholm na -3.31 na na None Kinnevik AB Stockholm 1,471 5.19 na na Irreg Husqvarna AB Stockholm 1,849 2.22 na 2.22 Semi-Anl Husqvarna AB Stockholm 1,849 2.22 na 2.22 Semi-Anl Elisa Oyj Helsinki 180 0.56 na 0.55 Annual Nokia Oyj Helsinki 712 0.07 924 0.11 Quarter Tryg A/S Copenhagen na 1.75 na 0.00 Quarter BE Group AB Stockholm 295 9.79 na na Semi-Anl Nokia Oyj Stockholm 712 0.07 924 0.11 Quarter Arjo AB Stockholm 431 0.32 434 0.31 Annual Awilco Drilling PLC Oslo na na na na Quarter 21-Apr Alma Media Oyj Helsinki 21 0.18 na na Annual Duni AB Stockholm na na na na Irreg Fenix Outdoor International AG Cboe DXE na na na na Annual Munters Group AB Stockholm 396 1.00 na na Annual Castellum AB Stockholm 1,424 2.79 1,462 2.82 Quarter Autoliv Inc Stockholm 224 0.86 219 0.75 Quarter Elanders AB Stockholm 462 2.26 na na Annual Investor AB Stockholm 40,840 14.24 na na Semi-Anl Sandvik AB Stockholm 7,048 3.13 7,565 3.16 Annual 24-Apr Nederman Holding AB Stockholm 208 2.81 na na Annual Enento Group Oyj Helsinki 14 0.22 na na Irreg 8 DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2023 22 mars 2023 UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2023 Forventet Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling Hunter Group 0.51 NOK Irreg 23-Jan 26-Jan Hunter Group (2) 1.80 NOK Irreg 30-Jan 7-Feb Protector Forsikring ASA 6.00 NOK Annual 8-Feb 15-Feb Odfjell SE 0.61 USD Semi-annual 13-Feb 21-Feb DNO ASA 0.25 NOK Semi-Anl 14-Feb 22-Feb Arendals Fossekompani A/S 0.95 NOK Semi-Anl 14-Feb 22-Feb Western Bulk Chartering 3.00 NOK Annual 14-Feb 22-Feb Hoegh Autoliners ASA 0.23 USD Quarter 15-Feb 23-Mar Aker BP ASA 0.55 USD Quarter 15-Feb 23-Feb Rana Gruber 3.00 NOK Quarter 17-Feb 1-Mar Klaveness Combination Carriers 0.30 USD Quarter 21-Feb 6-Mar FLEX LNG Ltd 1.00 USD Quarter 22-Feb 7-Mar Awilco LNG 0.50 NOK Irreg 23-Feb 9-Mar Vår Energi 1.23 NOK Quarter 24-Feb 3-Mar Golden Ocean Group Ltd 0.20 USD Quarter 27-Feb 27-Feb Standard Supply 0.10 NOK Irreg 28-Feb 3-Mar Belships ASA 0.75 NOK Irreg 28-Feb 14-Mar OKEA ASA 1.00 NOK Quarter 2-Mar 15-Mar BW Epic 0.04 USD Semi-Anl 2-Mar 13-Mar Cool Company Ltd 0.40 USD Irreg 2-Mar 10-Mar Gram Car Carriers 0.17 USD Quarter 3-Mar 9-Mar BW LPG Ltd 5.40 NOK Quarter 3-Mar 17-Mar AMSC ASA 0.12 USD Quarter 6-Mar 15-Mar Mintra Holding 1.75 NOK Annual 7-Mar 14-Mar Panoro Energy ASA 0.26 NOK Irreg 8-Mar 16-Mar Avance Gas Holding Ltd 0.50 USD Quarter 8-Mar 16-Mar Aurskog Sparebank 10.00 NOK Annual 9-Mar 22-Mar Noram Drilling 1.10 NOK Monthly 10-Mar 17-Mar Holand og Setskog Sparebank 7.00 NOK Annual 10-Mar 24-Mar Okeanis Eco Tankers 1.25 USD Quarter 10-Mar 17-Mar Frontline Ltd/Bermuda 1.07 USD Quarter 15-Mar 31-Mar Treasure ASA 0.60 NOK Annual 17-Mar 11-May Melhus Sparebank 11.00 NOK Annual 17-Mar 29-Mar Aasen Sparebank 6.50 NOK Annual 17-Mar 24-Mar 2020 Bulkers 0.01 USD Monthly 21-Mar 30-Mar MPC Container Ships AS 0.15 USD Quarter 23-Mar 30-Mar Sparebanken Vest 5.50 NOK Annual 23-Mar 31-Mar SpareBank 1 Søre Sunnmøre 6.07 NOK Annual 23-Mar 30-Mar Gjensidige Forsikring ASA 8.25 NOK Annual 24-Mar 31-Mar Skue Sparebank 12.50 NOK Annual 24-Mar 5-Apr Sparebanken Øst 3.80 NOK Annual 24-Mar 4-Apr TietoEVRY Oyj 0.73 EUR Semi-Anl 24-Mar 5-Apr SpareBank 1 Ringerike Hadeland 13.10 NOK Annual 28-Mar 5-Apr Sandnes Sparebank 6.05 NOK Annual 29-Mar 13-Apr SpareBank 1 SMN 6.50 NOK Annual 29-Mar 11-Apr Ecit 0.04 NOK Annual 29-Mar 13-Apr Sparebank1 Helgeland 10.26 NOK Annual 30-Mar 17-Apr Romerike Sparebank 6.70 NOK Annual 30-Mar 12-Apr Romsdal Sparebank 8.65 NOK Annual 30-Mar 12-Apr Sparebanken Møre 4.00 NOK Annual 30-Mar 12-Apr Pareto Bank ASA 3.86 NOK Annual 31-Mar 12-Apr Jæren Sparebank 12.50 NOK Annual 31-Mar 13-Apr Pioneer Property 2.50 NOK Quarter 31-Mar 12-Apr SpareBank 1 Nord Norge 8.20 NOK Semi-Anl 31-Mar 17-Apr Sparebank1 Sørøst-Norge 2.60 NOK Annual 31-Mar 13-Apr Sparebank 1 Østfold Akershus 17.80 NOK Annual 31-Mar 12-Apr Sparebank 1 Østlandet 6.80 NOK Annual 31-Mar 12-Apr Sparebanken Sør 6.00 NOK Annual 31-Mar 13-Apr Totens Sparebank 11.00 NOK Annual 31-Mar 14-Apr SpareBank 1 SR-Bank ASA 7.00 NOK Annual 14-Apr 21-Apr Multiconsult ASA 9.00 NOK Annual 14-Apr 24-Apr Storebrand ASA 3.70 NOK Annual 14-Apr 25-Apr Orkla ASA 3.00 NOK Annual 14-Apr 27-Apr Borregaard ASA 3.25 NOK Annual 19-Apr 27-Apr Scatec ASA 1.94 NOK Annual 19-Apr 15-May Europris ASA 3.75 NOK Annual 21-Apr 2-May Sogn Sparebank 10.00 NOK Annual 21-Apr 2-May Bouvet ASA 2.50 NOK Quarter 24-Apr 8-Jun DNB ASA 12.50 NOK Annual 26-Apr 5-May Entra ASA 2.50 NOK Semi-Anl 26-Apr 4-May ABG Sundal Collier Holding ASA 0.50 NOK Annual 27-Apr 8-May Wallenius Wilhelmsen ASA 0.51 USD Irreg 27-Apr 10-May Selvaag Bolig ASA 2.00 NOK Semi-Anl 27-Apr 9-May StrongPoint ASA 0.90 NOK Annual 28-Apr 11-May Wilh Wilhelmsen Holding ASA 6.00 NOK Semi-Anl 28-Apr 16-May Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets 9 DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2023 22 mars 2023 UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2023 Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling TOMRA Systems ASA 1.80 NOK Annual 28-Apr 9-May Bakkafrost P/F 10.00 DKK Annual 2-May 22-May Elkem ASA 6.00 NOK Irreg 2-May 10-May Schibsted ASA 2.00 NOK Annual 2-May 10-May Elektroimportøren 0.50 NOK Semi-Annual 3-May 28-Sep Norbit ASA 0.70 NOK Annual 5-May 16-May Polaris Media ASA 1.50 NOK Annual 5-May 22-May Webstep AS 1.70 NOK Annual 5-May 16-May Equinor ASA 0.90 USD Quarter 11-May 25-May Telenor ASA 5.00 NOK Semi-Anl 11-May 23-May Veidekke ASA 7.75 NOK Annual 11-May 24-May Norsk Hydro ASA 5.65 NOK Annual 11-May 23-May Cambi ASA 0.15 NOK Annual 11-May 22-May Kongsberg Gruppen ASA 12.00 NOK Annual 12-May 30-May Kid ASA 3.00 NOK Semi-Anl 12-May 26-May Elopak 0.86 NOK Annual 12-May 19-May AF Gruppen ASA 6.50 NOK Semi-Anl 15-May 25-May Olav Thon Eiendomsselskap ASA 6.50 NOK Annual 25-May 6-Jun Jinhui Shipping & Transportati 0.04 USD Semi-Anl 25-May 16-Jun B2Holding ASA 0.20 NOK Annual 26-May 5-Jun Yara International ASA 55.00 NOK Irreg 13-Jun 22-Jun Måsøval 0.50 NOK Annual 15-Jun 23-Jun Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets 10 DNB Markets | 22 mars 2023 DNB ANBEFALINGER OG ESTIMATER DNB KJØPSANBEFALINGER OG OPPSIDE TIL KURSMÅL ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSMÅL Sinch -90.9 % SAS Meltwater -67.7 % Awilco Drilling Seaway 7 -40.2 % Nel Nykode Therapeutics -33.7 % PGS Storytel -23.2 % AF Gruppen Targovax -12.7 % Tomra Ultimovacs Boozt -8.0 % Archer Alvotech -5.3 % Norsk Hydro Vicore Pharma 196.6 % -1.9 % Hufvudstaden GN Group 182.7 % -1.6 % Scatec Lyko Group 182.3 % 0.0 % Atlantic Sapphire 178.6 % 0.0 % GreenMobility 168.5 % 0.0 % Vitrolife 162.1 % 0.0 % Vimian 159.5 % 0.0 % Embracer Group 157.7 % 0.0 % Crayon 154.0 % 0.0 % Carasent 151.4 % 0.0 % Physitrack 147.9 % 0.0 % Oncopeptides 146.7 % 0.0 % Grieg Seafood 146.2 % Nordic Semiconductor 143.0 % 0.0 % Viaplay Group 140.7 % 0.0 % The Kingfish Company 138.5 % 0.0 % Securitas 136.4 % 0.0 % Byggfakta Group 136.0 % 0.0 % Gentian Diagnostics 135.0 % 0.0 % Safe Bulkers 134.7 % 0.0 % Millicom 133.3 % 0.0 % 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% -100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0% ESTIMERT UTBYTTE – DIREKTEAVKASTNING 2023E SELSKAP ANBEFALING 90% Hunter Group HOLD 80% MPC Container Ships BUY 70% A. P. Møller Mærsk HOLD 60% Western Bulk Chartering HOLD 50% Star Bulk BUY 40% 2020 Bulkers BUY 30% Genco Shipping & Trading BUY 20% Golden Ocean BUY 10% Elmera Group HOLD Yara BUY 0% Elkem BUY Rana Gruber BUY Eagle Bulk Shipping BUY Klaveness Combination CarrieBUrsY SSAB BUY Kilde: DNB Markets, FactSet, Bloomberg 11 DNB Markets | 22 mars 2023 UKESPORTEFØLJE ANBEFALTE AKSJER Selskap Dato inn Kurs inn Utbytte Kurs %Uke Avkast. % % YTD Anbefaling Kursmål Aker BP 2. jan. 309.4 253 5.2 -18.2 Kjøp 370 Subsea 7 2. jan. 113.6 130 6.6 14.3 Kjøp 180 Equinor 2. jan. 353.4 8.9 293 2.6 -14.7 Kjøp 370 Atea 20. mar. 115.6 119 2.9 2.9 Kjøp 150 Mowi 2. jan. 167.1 1.7 178 4.2 7.2 Kjøp 210 Europris 2. jan. 67.6 72 4.7 6.9 Kjøp 85 Sparebank1 SR-Bank 13. feb. 122.2 117 6.1 -4.0 Kjøp 149 Norske Skog 6. feb. 72.8 60 5.3 -17.7 Kjøp 117 Endring portefølje 4.7 -1.1 Endring OSEBX Indeks 2. jan. 1200.2 1176.5 3.3 -1.8 *Endringer i ukesporteføljen gjøres hver manAdag og offenliggjøres før børsen åpner. Ved bytte av aksjer benyttes gjennomsnittlige kurser for de første timene av ukens handel. Vår ukentlige rapport "Anbefalte Aksjer", med gjennomgang av porteføljen, sendes ut mandag etter at kursene er fastsatt. Avkastningen i tabellen over er basert på sluttkurser fra dagen før og er således en midlertidig beregning. Kilde: DNB Markets, Infront, Bloomberg FORETRUKNE AKSJER, ENKELTSEKTORER Sektor Selskap Dato anb. Kurs anb. Utbytte Kurs Avkastn. % Anbefaling Kursmål Sjømat Salmar 3. jan. 388.6 420.0 8.1 Kjøp 525 Austevoll Seafood 29. des. 88.5 85.7 -3.2 Kjøp 114 Mowi 29. des. 166.2 177.5 6.8 Kjøp 210 Icelandic Salmon 2. jan. 150.0 146.0 -2.7 Kjøp 190 IT / Teknologi Nokia 23. des. 4.4 4.4 -0.3 Hold 5 Evolution 30. des. 1018.4 1291.2 26.8 Kjøp 1700 Nordic Semiconductor 30. des. 164.4 160.0 -2.6 Kjøp 230 Sinch 30. des. 41.6 28.8 -30.8 Kjøp 70 Fortnox 30. des. 41.6 63.2 51.9 Kjøp 78 Energi / Shipping Panoro 2. jan. 28.6 26.0 -9.3 Kjøp 41 Noble 30. des. 37.7 39.8 5.4 Kjøp 50 Genco Shipping 30. des. 15.4 15.6 1.6 Kjøp 27.4 Finans Sparebank1 SMN 15. des. 116.1 126.0 8.6 Kjøp 155 Storebrand 30. des. 85.5 77.6 -9.3 Kjøp 109 Svenska Handelsbanken 2. jan. 106.2 97.6 -8.0 Kjøp 145 Forbruker Essity 19. des. 272.9 289.7 6.2 Kjøp 310 Otovo 30. des. 20.0 11.8 -40.7 Kjøp 21 Dometic 30. des. 67.9 55.3 -18.6 Kjøp 85 Pandora 2. jan. 500.4 608.0 21.5 Kjøp 775 Entrepenør / Eiendom Veidekke 30. des. 96.8 113.0 16.7 Kjøp 130 Catena 2. jan. 402.8 389.8 -3.2 Kjøp 450 Helse Ultimovacs 30. des. 109.4 105.4 -3.7 Kjøp 200 BioArctic 30. des. 284.0 241.8 -14.9 Kjøp 430 Novo Nordisk 30. des. 942.1 1006.8 6.9 Kjøp 1130 Industri Cargotec 15. des. 40.8 44.5 9.0 Kjøp 57 Assa Abloy 16. des. 229.0 252.6 10.3 Kjøp 315 Autoliv 20. des. 786.6 923.8 17.4 Kjøp 1070 Alfa Laval 2. jan. 302.6 348.4 15.1 Hold 370 Bufab 2. jan. 239.0 263.0 10.0 Kjøp 340 Securitas 2. jan. 89.1 84.8 -4.9 Kjøp 150 Råvarer Yara 16. des. 429.1 456.3 6.3 Kjøp 525 Norske Skog 30. des. 67.3 59.9 -10.9 Kjøp 117 UPM 16. des. 34.9 32.2 -7.7 Kjøp 48 Kilde: DNB Markets, Infront, Bloomberg 12 DNB Markets | aksjekurser og relevante markedspriser (I NOK), siste 2 år 22 mars 2023 AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2 ÅR 100 40,000 700 10,000 90 35,000 600 9,000 80 30,000 8,000 70 500 7,000 60 25,000 6,000 400 50 20,000 5,000 KO40 K 300 N 15,000 NO 4,000 30 10,000 200 3,000 20 2,000 10 5,000 100 1,000 0 0 0 0 NHY ALUM LME (NOK) YAR CAN (NOK) 450 1,200 450 1,200 400 1,000 400 1,000 350 350 300 800 300 800 250 600 250 600 OK200 OK200 N 150 400 N 150 400 100 200 100 200 50 50 0 0 0 0 Aker BP BRENT (NOK) EQNR BRENT (NOK) 180 50,000 450 160 45,000 400 5,000 140 40,000 350 120 35,000 4,000 300 100 30,000 250 25,000 3,000 KO 80 20,000 OK200 N 60 N150 2,000 15,000 40 10,000 100 1,000 20 5,000 50 0 0 0 0 GOGL Baltic Dry Index (NOK) EQNR Naturgass (NOK) 400 120.0 100 2,400 350 90 2,200 100.0 2,000 300 80 80.0 1,800 250 70 1,600 K 200 60.0 K 60 1,400 O NO N 150 1,200 40.0 50 100 1,000 20.0 40 800 50 30 600 0 0.0 mar mai jul sep nov jan mar mai jul sep nov jan MOWI Laksepriser RANA Iron ore (NOK) 13 DNB Markets | DNB anbefalingER og estimater 22 mars 2023 DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2023 2024 2023 2024 2023 2024 2020 Bulkers 2020 NO BUY NOK 101 161.0 2.12 2.23 4.5x 4.3x 5.8x 5.6x A. P. Møller Mærsk MAERSKB DC HOLD DKK 16,310 16,300 178.44 -156.81 13.2x -15.0x 3.8x 10.9x ABB ABB SS HOLD SEK 344.4 370.0 1.58 1.68 19.1x 18.8x 11.9x 11.4x AcadeMedia AB ACAD SS BUY SEK 47.8 61.0 5.20 6.71 7.7x 6.3x 11.6x 9.4x Addnode ANODB SS NO REC SEK 121.3 3.25 3.96 37.3x 30.7x 18.5x 15.9x Adevinta ADE NO BUY NOK 77.5 100.0 0.13 0.21 51.8x 33.6x 16.4x 13.2x Advanced Soltech ASAB SS HOLD SEK 14.5 18.0 -0.77 0.44 9.6x 9.4x AF Gruppen AFG NO SELL NOK 146.4 105.0 9.09 9.64 16.1x 15.2x 7.9x 7.0x Airthings AIRXME NO BUY NOK 3.0 8.0 -0.03 -0.01 -9.7x -29.4x -7.9x 721.2x Aker ASA AKER NO BUY NOK 673.5 870.0 33.93 19.8x Aker Biomarine AKBM NO HOLD NOK 38.1 36.0 -0.11 0.06 -33.2x 65.3x 10.7x 8.5x Aker BP AKRBP NO BUY NOK 253.1 370.0 4.82 3.86 5.0x 6.2x 1.0x 1.0x Aker Horizons AKH NO NO REC NOK 9.3 Aker Solutions AKSO NO BUY NOK 39.7 45.0 4.01 5.14 9.9x 7.7x 5.0x 3.9x Alfa Laval ALFA SS HOLD SEK 348.4 370.0 15.42 16.48 22.5x 21.1x 13.0x 12.4x Alimak ALIG SS HOLD SEK 65.4 105.0 6.28 7.05 10.1x 9.3x 6.9x 6.0x ALK-Abello ALKB DC BUY DKK 99.5 140.0 2.58 4.12 38.8x 24.3x 22.6x 16.0x Alligator Bioscience ATORX SS BUY SEK 1.4 4.0 -1.01 -0.21 -1.4x -6.7x -1.5x -9.3x Alligo ALLIGOB SS BUY SEK 109.4 145.0 10.92 12.34 9.0x 8.1x 6.0x 5.1x Alvotech ALVO US BUY USD 13.5 19.0 -0.49 0.04 -27.4x 384.7x -37.7x 93.6x Ambea AMBEA SS BUY SEK 34.3 48.5 3.58 4.75 6.9x 5.6x 6.4x 5.8x Ambu AMBUB DC BUY DKK 101.2 140.0 1.16 1.86 87.3x 54.4x 40.2x 27.1x AMSC ASA AMSC NO BUY NOK 41.3 58.0 0.46 0.49 8.6x 8.0x 6.9x 6.6x Archer ARCH NO NO REC NOK 1.0 Arctic Bioscience ABS NO HOLD NOK 11.0 15.0 -2.21 -1.85 -2.8x -5.1x Arctic Fish AFISH NO BUY NOK 92.0 125.0 6.25 7.78 14.7x 11.8x 10.4x 8.3x Arjo ARJOB SS BUY SEK 39.8 60.0 1.88 2.68 20.0x 14.7x 7.6x 6.4x Aros Bostad AROS SS HOLD SEK 37.2 40.0 2.07 1.26 17.9x 29.5x 14.3x 25.0x Assa Abloy ASSAB SS BUY SEK 252.6 315.0 11.95 13.48 19.8x 18.7x 12.3x 11.5x Atea ATEA NO BUY NOK 119.0 150.0 8.80 10.09 13.5x 11.8x 5.8x 5.2x Atlantic Sapphire ASA NO NO REC NOK 5.4 -0.21 -0.02 -2.5x -20.6x -4.2x 15.8x Atlas Copco ATCOA SS HOLD SEK 123.8 125.0 4.92 5.02 25.2x 24.7x 15.4x 14.8x Atrium Ljungberg ATRLJB SS HOLD SEK 168.7 197.0 7.71 8.55 22.1x 20.9x 25.3x 22.8x Aurora Eiendom AURA NO BUY NOK 90.8 125.0 6.70 7.35 14.2x 13.0x 15.0x 14.2x Austevoll Seafood AUSS NO BUY NOK 85.7 114.0 9.95 11.58 8.6x 7.4x 6.7x 6.1x Autoliv ALIV SS BUY SEK 923.8 1070.0 6.66 10.29 13.4x 8.7x 6.8x 5.2x Autostore AUTO NO SELL NOK 21.5 18.0 0.05 0.06 31.0x 28.2x 21.4x 19.3x Avance Gas AGAS NO BUY NOK 74.3 95.0 1.25 0.73 5.6x 9.7x 5.6x 7.1x Avanza Bank AZA SS HOLD SEK 256.1 230.0 12.56 12.84 20.4x 20.0x Axactor ACR NO BUY NOK 6.4 7.5 0.12 0.12 4.7x 4.8x Axfood AXFO SS BUY SEK 252.0 280.0 10.40 12.10 24.3x 20.9x 10.2x 8.7x B2Holding B2H NO BUY NOK 7.4 12.5 1.45 1.64 5.1x 4.5x Bakkafrost BAKKA NO HOLD NOK 656.5 630.0 25.47 28.75 16.9x 15.0x 10.3x 9.0x Balder BALDB SS HOLD SEK 44.0 60.0 4.37 4.52 11.1x 10.4x 24.6x 23.0x Beijer Ref BEIJB SS HOLD SEK 176.1 175.0 4.95 5.60 35.6x 31.5x 20.9x 18.9x BerGenBio BGBIO NO HOLD NOK 4.8 9.0 -3.61 -3.35 -1.3x -1.4x -0.1x -1.1x Bergman & Beving BERGB SS BUY SEK 128.0 152.0 8.05 8.40 13.2x 12.5x 9.3x 8.3x Betsson BETSB SS BUY SEK 99.0 115.0 0.97 1.06 9.2x 8.4x 5.5x 4.6x Better Collective BETCO SS NO REC SEK 185.8 0.97 1.23 17.2x 13.6x 10.7x 8.5x BillerudKorsnäs BILL SS HOLD SEK 109.9 130.0 12.81 12.92 9.4x 8.5x 4.9x 4.6x BioArctic BIOAB SS BUY SEK 241.8 430.0 3.44 16.62 70.3x 14.6x 52.4x 10.0x Boliden BOL SS BUY SEK 398.7 560.0 47.77 51.13 8.3x 7.8x 5.0x 4.6x Bonava BONAVB SS HOLD SEK 21.3 30.0 5.51 0.62 3.9x 34.2x 5.9x 25.0x Boozt BOOZT SS HOLD SEK 113.5 130.0 3.36 4.30 34.2x 26.7x 12.1x 10.0x Borr Drilling BORR NO BUY NOK 78.9 90.0 0.41 0.96 18.4x 7.8x 9.2x 6.3x Borregaard BRG NO BUY NOK 171.4 200.0 10.19 10.68 16.8x 16.1x 9.9x 9.2x Bravida BRAV SS BUY SEK 114.3 135.0 6.87 6.94 16.5x 16.3x 10.1x 9.4x Bredband2 BRE2 SS NO REC SEK 1.3 0.08 0.09 17.4x 14.7x Bufab BUFAB SS BUY SEK 263.0 340.0 16.01 17.83 21.8x 18.9x 12.2x 11.2x BW Energy BWE NO BUY NOK 26.5 36.0 1.01 2.10 2.5x 1.2x 1.3x 0.5x BW LPG BWLPG NO BUY NOK 86.8 141.0 1.68 0.48 4.9x 17.2x 3.3x 5.5x BW Offshore BWO NO BUY NOK 29.3 40.0 0.89 0.70 3.1x 4.0x 4.6x 5.3x Byggfakta Group BFG SS BUY SEK 32.8 50.0 0.63 1.24 52.2x 26.4x 10.5x 8.7x Cadeler CADLR NO BUY NOK 43.0 55.0 0.05 -0.01 70.6x -591.1x 9.2x 8.6x Kilde: DNB Markets, FactSet, Bloomberg 14 DNB Markets | DNB anbefalingER og estimater 22 mars 2023 DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2023 2024 2023 2024 2023 2024 Cambi CAMBI NO BUY NOK 8 9.0 0.38 0.62 21.8x 13.4x 12.7x 7.7x Camurus CAMX SS BUY SEK 215.0 320.0 7.23 8.12 29.7x 26.5x 22.8x 20.1x Carasent CARA NO BUY NOK 14.5 35.0 -0.07 0.11 -3957.4x 84.2x 12.1x 7.9x Cargotec CGCBV FH BUY EUR 44.46 57.0 4.43 4.83 10.0x 9.2x 6.0x 5.3x Carlsberg CARLB DC BUY DKK 1010 1150.0 52.89 53.00 17.3x 17.1x 10.1x 8.9x Castellum CAST SS NO REC SEK 115.5 10.74 10.94 11.5x 11.2x 20.2x 18.8x Catena CATE SS BUY SEK 389.8 450.0 15.05 14.97 25.9x 25.8x 22.3x 20.7x Chr. Hansen CHR DC BUY DKK 499.9 571.0 1.86 2.29 36.2x 29.3x 20.9x 18.5x Citycon CTY1S FH HOLD EUR 6.4 7.1 0.45 0.48 14.3x 13.2x 19.4x 18.3x Collector Bank COLL SS HOLD SEK 38.855 42.0 5.52 5.26 7.0x 7.4x Coloplast COLOB DC HOLD DKK 834.6 860.0 25.51 29.96 32.5x 27.9x 22.1x 19.5x Cool Company COOL NO BUY NOK 129.2 180.0 3.58 1.87 3.4x 6.5x 4.2x 5.7x Coor Service ManagementCOOR SS BUY SEK 66.0 100.0 4.30 5.39 12.1x 11.0x 8.6x 7.7x Corem COREB SS HOLD SEK 7.60 9.5 0.28 0.31 23.6x 16.8x 20.0x 18.5x Crayon CRAYN NO HOLD NOK 77 110.0 4.14 5.84 14.8x 11.2x 7.2x 5.5x CSAM Health CSAM NO BUY NOK 35.0 45.0 -2.46 -0.84 -120.9x 26.2x 16.1x 9.3x Danske Bank DANSKE DC BUY DKK 145.3 190.0 20.59 22.50 7.1x 6.5x Demant DEMANT DC BUY DKK 223.3 275.0 10.22 13.87 21.8x 16.1x 12.2x 10.4x DHT Holdings DHT US BUY USD 11.29 11.7 0.80 1.56 14.1x 7.2x 7.5x 4.8x Diamond Offshore DO US BUY USD 9.81 10.0 0.30 0.61 33.2x 16.0x 7.6x 6.2x DNB DNB NO NO REC NOK 188.25 22.67 22.57 8.3x 8.3x DNO DNO NO BUY NOK 11.09 16.0 0.25 0.15 4.3x 7.2x 0.1x -0.4x DOF DOF NO NO REC NOK 0.676 Dolphin Drilling DDRIL NO BUY NOK 12.974 20.0 -0.04 0.27 -32.3x 4.5x 12.6x 2.3x Dometic DOM SS BUY SEK 55.3 85.0 2.75 6.35 17.9x 8.5x 9.1x 5.5x Dorian LPG LPG US BUY USD 19.5 25.5 4.77 2.43 4.2x 8.0x 4.5x 6.4x DSV DSV DC BUY DKK 1266.0 1450.0 59.93 63.81 21.1x 19.8x 13.0x 12.3x Eagle Bulk Shipping EGLE US BUY USD 45 63.0 6.56 8.99 6.9x 5.0x 4.4x 3.2x Edda Wind EWIND NO BUY NOK 24.3 40.0 0.10 0.32 22.4x 6.6x 14.2x 8.1x Electrolux ELUXB SS HOLD SEK 121.66 140.0 4.18 14.33 33.0x 8.5x 6.5x 4.2x Electrolux Professional EPROB SS HOLD SEK 51.2 50.0 2.32 3.00 22.0x 17.1x 11.4x 9.5x Elekta EKTAB SS HOLD SEK 79.24 85.0 3.78 4.83 21.0x 16.4x 10.1x 8.8x Elektroimportøren ELIMP NO HOLD NOK 39.1 45.0 3.24 3.61 12.1x 10.8x 7.3x 6.7x Elisa ELISA FH SELL EUR 55.16 46.0 2.34 2.44 23.3x 22.4x 13.4x 12.8x Elkem ELK NO HOLD NOK 34.32 37.0 4.34 4.05 7.9x 8.5x 4.1x 4.5x Elmera Group ELMRA NO SELL NOK 15.19 10.0 -0.77 -0.37 -99.4x 103.9x 3.2x 2.9x Elopak ELO NO HOLD NOK 23.5 24.0 0.17 0.19 12.2x 10.6x 6.4x 5.6x Embracer Group EMBRACB SS BUY SEK 49.215 100.0 3.23 4.44 7.7x 7.1x Enea ENEA SS HOLD SEK 95.5 90.0 3.09 3.79 26.8x 22.3x 7.3x 6.6x Eneti Inc NETI US BUY USD 8.9 13.0 -0.49 0.17 -18.1x 52.7x 23.8x 12.4x Entra ENTRA NO HOLD NOK 98.95 115.0 5.19 5.73 20.2x 18.2x 20.9x 19.8x Epiroc EPIA SS HOLD SEK 192.5 220.0 7.84 7.88 24.6x 24.9x 15.1x 14.9x Episurf Medical EPISB SS NO REC SEK 2.1 -0.28 -0.19 -7.4x -11.1x -9.4x -15.7x Equinor EQNR NO BUY NOK 292.7 370.0 4.95 5.58 5.3x 4.8x Ericsson ERICB SS HOLD SEK 56.2 63.0 4.38 7.40 12.1x 7.3x 4.9x 3.2x Essity ESSITYB SS BUY SEK 289.7 310.0 12.98 18.19 22.3x 15.9x 10.4x 8.2x Euronav EURN US BUY USD 17.77 20.5 1.47 3.08 12.1x 5.8x 7.5x 4.2x Europris EPR NO BUY NOK 72.3 85.0 5.68 6.10 12.7x 11.9x 6.6x 5.6x Evolution EVO SS BUY SEK 1291.2 1700.0 4.98 5.87 22.7x 19.4x 18.6x 14.7x Fabege FABG SS HOLD SEK 82.44 100.0 3.34 3.70 22.9x 20.9x 25.9x 24.4x Fjord1 FJORD NO NO REC NOK 51.8 Flex LNG FLNG NO HOLD NOK 351.2 370.0 2.69 2.89 12.4x 11.5x 10.5x 10.0x FLSmidth FLS DC HOLD DKK 247.8 300.0 7.47 20.33 14.4x 12.2x 5.5x 5.4x Fortnox FNOX SS BUY SEK 63.2 78.0 0.87 1.19 72.7x 53.3x 46.1x 34.3x Freja eID Group FREJA SS NO REC SEK 6.6 -0.93 -0.38 -8.6x -23.5x -208.8x 10.1x Frontline FRO NO BUY NOK 183.6 226.0 2.05 2.38 8.7x 7.3x 7.5x 6.6x GARO GARO SS HOLD SEK 80.0 100.0 2.15 3.51 37.3x 22.8x 21.0x 14.1x Genco Shipping & TradingGNK US BUY USD 15.1 27.4 3.27 4.09 4.6x 4.0x 3.1x 2.4x Genmab GMAB DC SELL DKK 2547.0 2650.0 56.51 63.87 46.2x 40.9x 28.7x 21.6x Gentian Diagnostics GENT NO BUY NOK 39 52.0 -0.86 -0.54 -45.4x -71.6x -32.2x -44.7x Getinge GETIB SS HOLD SEK 228.2 245.0 10.78 12.49 20.0x 17.9x 9.7x 8.4x Gjensidige Forsikring GJF NO BUY NOK 179.6 210.0 11.35 12.19 15.8x 14.7x GN Group GN DC BUY DKK 143.2 250.0 5.92 11.45 24.2x 12.5x 13.1x 9.2x Golar LNG GLNG US BUY USD 21.2 35.0 2.37 2.75 9.0x 7.7x 6.4x 3.9x Golden Ocean GOGL NO BUY NOK 99.08 149.0 1.49 2.00 6.4x 4.7x 6.2x 4.8x Grieg Seafood GSF NO BUY NOK 72.1 87.0 5.53 8.08 12.9x 8.8x 6.9x 5.3x Hafnia HAFNI NO BUY NOK 61.7 80.0 0.88 0.99 6.7x 5.9x 5.7x 5.2x Hennes & Mauritz HMB SS HOLD SEK 124.52 135.0 5.53 7.17 22.5x 17.4x 7.5x 6.5x Hexagon AB HEXAB SS BUY SEK 114 135.0 0.38 0.44 23.6x 21.0x 14.7x 12.7x Kilde: DNB Markets, FactSet, Bloomberg 15 DNB Markets | 22 mars 2023 DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2023 2024 2023 2024 2023 2024 Hexagon Composites HEX NO BUY NOK 35 40.0 -2.72 -3.29 -12.8x -10.6x -294.1x -321.6x Hexagon Purus HPUR NO BUY NOK 26.5 32.0 -2.38 -3.77 -11.1x -7.0x -16.1x -9.8x Hexatronic AB HTRO SS NO REC SEK 126 5.57 7.09 22.5x 17.7x 15.6x 12.4x Hexpol HPOLB SS HOLD SEK 120.9 120.0 7.41 8.10 16.3x 14.9x 11.2x 10.0x Himalaya Shipping HSHIP NO NO REC NOK 59.00 HMS Networks HMS SS HOLD SEK 398.4 405.0 11.16 12.00 35.7x 33.2x 23.7x 21.6x Holmen HOLMB SS BUY SEK 407 490.0 25.78 26.04 15.8x 15.6x 10.1x 10.0x Hufvudstaden HUFVA SS SELL SEK 145.3 125.0 4.93 5.08 29.5x 28.6x 33.8x 31.7x Humana HUM SS HOLD SEK 12.96 17.0 2.54 3.73 5.0x 3.4x 6.3x 5.7x Hunter Group HUNT NO HOLD NOK 0.159 1.9 0.00 0.00 -8.2x -11.1x -6.3x -13.1x Husqvarna HUSQB SS SELL SEK 85.4 82.0 4.04 6.37 20.0x 13.4x 9.7x 7.7x Höegh Autoliners ASA HAUTO NO BUY NOK 57.0 94.0 2.08 1.91 2.6x 2.8x 2.0x 2.0x IAR Systems IARB SS SEK 124.2 6.22 7.99 20.0x 15.5x 8.6x 6.9x Ice Fish Farm IFISH NO NO REC NOK 31.0 0.34 1.94 90.5x 16.0x 30.2x 10.5x Icelandic Salmon ISLAX NO BUY NOK 146 190.0 0.84 1.19 15.3x 10.8x 9.2x 6.9x Industrivärden INDUC SS HOLD SEK 268.4 305.0 Instalco AB INSTAL SS BUY SEK 47.6 60.0 2.02 2.40 22.7x 19.1x 12.1x 10.5x Investor INVEB SS BUY SEK 198.82 225.0 Isofol Medical ISOFOL SS SEK 0.6 -0.52 -0.05 -1.2x -11.9x Jm Ab JM SS SELL SEK 185.10 160.0 17.15 13.49 10.8x 13.7x 19.3x 22.9x Kahoot KAHOT NO HOLD NOK 21.2 16.5 0.04 0.09 48.7x 22.7x 17.4x 10.2x Kesko KESKOB FH BUY EUR 19.4 25.0 1.37 1.40 14.2x 13.8x 7.7x 7.2x Kindred Group KINDSDB SS BUY SEK 112.5 135.0 56.07 76.57 14.6x 10.9x 9.7x 7.3x Kinnevik KINVB SS SELL SEK 145.7 145.0 Klaveness Combination CKCarriCers NO BUY NOK 71.6 128.0 1.44 1.09 4.7x 6.2x 4.1x 4.3x KMC Properties KMCP NO BUY NOK 6.2 8.5 0.35 0.44 17.5x 14.2x 15.0x 14.0x Kojamo KOJAMO FH HOLD EUR 11.27 13.0 0.52 0.46 21.1x 23.1x 25.7x 24.9x Komplett KOMPL NO BUY NOK 17.2 17.0 0.46 1.23 37.0x 13.9x 6.0x 4.1x Kone KNEBV FH HOLD EUR 48.12 54.0 1.73 2.10 25.4x 22.6x 15.6x 13.8x Konecranes KCR FH BUY EUR 30.2 35.0 2.69 2.94 10.2x 9.4x 6.9x 6.5x Kongsberg Gruppen KOG NO NO REC NOK 423.2 18.64 20.68 22.7x 20.5x 13.4x 12.3x Latour LATOB SS BUY SEK 202.9 260.0 Lerøy Seafood LSG NO BUY NOK 49.72 64.0 4.18 5.09 11.9x 9.8x 6.1x 5.2x Lime Technologies LIME SS BUY SEK 243.4 300.0 5.97 7.37 40.8x 33.0x 19.0x 15.8x Lindab International LIAB SS BUY SEK 151.6 212.0 8.27 11.90 18.3x 12.7x 9.1x 6.8x Loomis LOOMIS SS BUY SEK 342.4 425.0 31.30 34.66 10.9x 9.9x 5.3x 4.6x Lundbeck HLUNB DC BUY DKK 31.4 39.0 2.33 3.11 13.5x 10.1x 5.7x 4.1x Lundbergs LUNDB SS HOLD SEK 460.2 505.0 Lyko Group LYKOA SS HOLD SEK 149.6 200.0 2.53 4.50 59.1x 33.2x 14.1x 11.2x Maersk Drilling DRLCO DC NO REC DKK 372.0 3.02 17.8x 7.0x Medistim MEDI NO BUY NOK 264.0 290.0 6.82 7.85 38.7x 33.6x Meltwater MWTR NO BUY NOK 17.5 45.0 -0.06 0.03 98.0x 50.6x 12.0x 8.8x Metsa Board METSB FH BUY EUR 8.0 12.0 0.96 1.04 8.4x 7.7x 5.8x 5.4x Metso Outotec MOCORP FH BUY EUR 9.562 12.5 0.64 0.74 14.7x 13.0x 9.2x 8.4x Millicom TIGO SS BUY SEK 189.6 265.0 0.93 2.62 10.8x 5.3x 4.2x 3.6x Momentum Group MMGRB SS HOLD SEK 80 79.0 3.03 3.16 23.7x 22.8x 14.2x 13.3x Mowi MOWI NO BUY NOK 177.5 210.0 1.38 1.43 11.3x 10.9x 6.1x 5.7x MPC Container Ships MPCC NO HOLD NOK 19.2 18.7 0.77 0.56 2.3x 3.3x 1.9x 2.3x MTG MTGB SS HOLD SEK 69.1 95.0 3.04 3.48 11.9x 11.0x 4.4x 3.6x Måsøval MAS NO BUY NOK 30.7 40.0 2.64 3.06 11.6x 10.0x 6.7x 5.8x Ncc NCCB SS BUY SEK 92.2 125.0 12.07 13.22 7.6x 7.0x 3.9x 3.5x Nel NEL NO SELL NOK 14.6 7.0 -0.53 -0.37 -27.8x -39.3x -32.2x -62.1x Netel Group Holding NETEL SS BUY SEK 29.5 50.0 3.66 4.33 7.9x 6.7x 5.8x 4.6x New Wave Group NEWAB SS BUY SEK 174.2 255.0 17.94 19.26 9.7x 9.0x 6.7x 5.9x Nexam Chemical NEXAM SS NO REC SEK 4.4 18.0 -0.04 0.16 -107.3x 27.1x 28.7x 9.7x Nibe Industrier NIBEB SS HOLD SEK 109.4 125.0 2.75 3.04 39.8x 36.0x 24.8x 22.2x Nobia NOBI SS BUY SEK 18.4 27.0 0.07 2.50 13.3x 7.4x 5.6x 4.5x Noble NE US BUY USD 35.4 50.0 3.13 6.24 11.3x 5.7x 5.5x 3.1x Nokia NOKIA FH HOLD EUR 4.4 5.0 0.41 0.41 8.9x 9.3x 4.8x 4.5x Nokian Tyres TYRES FH HOLD EUR 7.9 10.5 0.48 0.65 15.3x 11.8x 4.9x 3.9x Nolato NOLAB SS HOLD SEK 48.1 56.0 2.31 2.98 20.9x 16.2x 9.7x 7.8x Nordea NDA SS BUY SEK 118.8 152.0 1.32 1.38 8.1x 7.7x Nordic Paper Holding NPAPER SS BUY SEK 43.8 54.0 5.62 5.01 7.8x 8.7x 6.0x 6.4x Nordic Semiconductor NOD NO BUY NOK 160.0 230.0 0.64 0.96 23.7x 15.8x 12.0x 8.1x Kilde: DNB Markets, FactSet, Bloomberg 16 DNB Markets | 22 mars 2023 DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2023 2024 2023 2024 2023 2024 Nordnet SAVE SS BUY SEK 169.5 188.0 9.83 9.9x 17.6x 17.6x Norsk Hydro NHY NO SELL NOK 73.6 55.0 7.75 5.6x 9.5x 13.0x 4.8x 6.1x Norske Skog NSKOG NO BUY NOK 59.9 117.0 13.71 11.7x 4.4x 5.1x 2.7x 2.6x Northern Drilling NODL NO NO REC NOK 33.2 Norva24 NORVA SS BUY SEK 29.0 42.0 1.23 1.4x 20.1x 17.5x 9.5x 8.3x Norwegian Air Shuttle NAS NO BUY NOK 10.7 16.0 1.06 1.40 10.1x 7.7x 4.0x 3.0x Novo Nordisk NOVOB DC BUY DKK 1006.8 1130.0 31.80 35.86 31.7x 28.1x 24.0x 20.3x Novozymes NZYMB DC HOLD DKK 340.8 372.0 12.69 13.67 27.2x 25.2x 15.7x 14.1x NRC Group NRC NO BUY NOK 12.1 30.0 2.68 2.59 4.5x 4.5x 3.2x 2.9x Nyfosa NYF SS HOLD SEK 75.8 90.0 5.41 5.92 13.0x 12.1x 17.9x 16.5x Nykode Therapeutics NYKD NO BUY NOK 21.5 102.0 -0.21 -0.2x -10.0x -10.4x Odfjell Drilling ODL NO BUY NOK 25.2 40.0 0.37 0.5x 6.4x 5.2x 3.6x 3.1x Odfjell SE ODF NO BUY NOK 94.8 138.0 3.12 3.0x 2.9x 3.0x 3.0x 2.6x Odfjell Technology OTL NO BUY NOK 52.5 80.0 6.21 7.0x 8.4x 7.5x 3.5x 2.9x Olav Thon OLT NO BUY NOK 174.5 240.0 16.88 18.0x 11.1x 10.5x 12.8x 11.8x Oncopeptides ONCO SS BUY SEK 9.6 22.0 -2.98 -0.99 -3.2x -9.6x -2.4x -7.2x Orkla ORK NO HOLD NOK 73.5 70.0 5.25 5.55 14.0x 13.2x 9.9x 9.5x Ossur OSSR DC BUY DKK 31.2 39.0 0.19 0.24 24.2x 19.1x 15.1x 13.2x Otovo OTOVO NO BUY NOK 11.84 21.0 -3.82 -3.68 -3.1x -3.2x -5.0x -11.1x Pacific Drilling PACD US NO REC USD 0 Pandora PNDORA DC BUY DKK 608.0 775.0 62.08 69.5x 9.8x 8.8x 6.7x 5.8x Pandox PNDXB SS BUY SEK 131.3 170.0 9.71 9.25 13.5x 14.2x 14.8x 14.9x Panoro Energy PEN NO BUY NOK 26.0 41.0 0.95 1.7x 2.6x 1.4x 1.2x 0.2x Paradox Interactive AB PDX SS HOLD SEK 258.0 220.0 7.24 7.76 35.7x 33.2x 17.8x 16.2x Pareto Bank PARB NO BUY NOK 55.0 62.0 7.64 7.9x 7.2x 7.0x PatientSky Group PSKY NO BUY NOK 2.3 3.0 -0.41 -0.27 -17.8x 143.0x 15.6x 9.6x Peab PEABB SS BUY SEK 51.4 70.0 6.63 6.1x 7.9x 8.6x 7.5x 6.6x PGS PGS NO SELL NOK 9.3 3.5 0.00 0.06 252.9x 14.2x 3.4x 3.1x PhotoCure PHO NO BUY NOK 61.8 120.0 -0.90 1.4x -68.4x 43.6x 600.7x 18.8x Physitrack PTRK SS BUY SEK 13.4 40.0 0.02 0.13 25.4x 9.5x 5.1x 3.5x Prosafe PRS NO NO REC NOK 153.0 Protector PROT NO BUY NOK 142.8 190.0 18.47 14.73 Rana Gruber RANA NO BUY NOK 58.1 70.0 12.86 12.4x 4.5x 4.7x 2.5x 2.2x Resurs Holding RESURS SS HOLD SEK 22.51 25.0 3.76 3.77 6.2x 6.1x Rockwool ROCKB DC BUY DKK 1657.0 1875.0 13.72 15.9x 16.2x 14.0x 7.3x 6.5x Royal Unibrew RBREW DC BUY DKK 560.0 575.0 28.32 32.37 19.8x 17.3x 212.3x 9.0x Safe Bulkers SB US BUY USD 3.3 6.6 1.15 1.4x 3.0x 2.4x 3.8x 2.9x SalMar SALM NO BUY NOK 420.0 525.0 24.46 31.55 17.2x 13.3x 10.4x 8.8x Salmon Evolution SALME NO BUY NOK 7.7 11.5 -0.23 0.0x -33.2x 336.2x -411.5x 27.4x Salmones Camanchaca SACAM NO BUY NOK 48.0 65.0 0.69 0.63 6.6x 7.2x 4.8x 4.7x Sampo Oyj SAMPO FH BUY EUR 43.3 53.0 2.57 2.9x 16.9x 15.2x Sandvik SAND SS BUY SEK 206.5 260.0 12.82 13.47 15.4x 15.3x 9.2x 8.7x SAS SAS SS SELL SEK 0.4 0.1 -0.44 -0.4x -1.0x -1.0x 10.4x 9.1x Sats SATS NO HOLD NOK 7.5 8.0 -0.46 0.01 -16.2x 877.7x 6.4x 5.8x SBB Norden SBBB SS NO REC SEK 13.9 0.87 0.9x 15.9x 16.3x 30.2x 28.7x SCA SCAB SS BUY SEK 137.4 208.0 7.05 10.17 19.5x 13.5x 13.1x 9.4x Scandic Hotels SHOT SS BUY SEK 33.3 65.0 5.77 6.2x 5.8x 5.3x 3.4x 2.8x Scatec SCATC NO SELL NOK 65.02 56.0 5.00 4.16 Schibsted SCHA NO BUY NOK 211.6 340.0 4.94 8.2x 42.9x 25.9x 20.3x 16.8x Scorpio Tankers STNG US BUY USD 54.0 68.7 7.71 7.40 7.0x 7.3x 5.4x 5.0x Sdiptech SDIPB SS NO REC SEK 229.6 11.99 13.6x 19.1x 16.9x 12.8x 11.7x Seadrill SDRL NO BUY NOK 396.2 500.0 2.61 4.24 14.4x 8.9x 5.7x 4.7x Seaway 7 SEAW7 NO BUY NOK 5.7 35.0 -0.08 0.5x -6.4x 1.1x 7.7x 2.7x SEB SEBA SS BUY SEK 114.95 145.0 14.89 14.87 7.7x 7.7x Securitas SECUB SS BUY SEK 84.8 150.0 8.30 10.85 7.8x 6.8x 6.3x 5.5x Sedana Medical SEDANA SS NO REC SEK 19 -0.86 -0.20 -21.6x -93.3x -24.9x -804.5x Self Storage Group ASA SSG NO HOLD NOK 26.5 25.0 1.04 1.17 25.5x 22.7x 15.1x 14.5x Selvaag Bolig SBO NO SELL NOK 35.4 25.0 4.22 2.65 8.4x 13.4x 8.3x 11.5x SFL Corporation Ltd SFL US HOLD USD 9.1 11.2 1.18 1.72 8.0x 5.3x 7.6x 6.2x Shelf Drilling SHLF NO BUY NOK 25.9 40.0 -0.10 0.50 -24.1x 4.9x 6.2x 3.9x Shelf Drilling North Sea SDNS NO BUY NOK 28.3 45.0 -0.23 0.12 -11.5x 22.2x 16.0x 7.3x Sinch SINCH SS BUY SEK 28.78 70.0 -0.02 0.74 9.5x 7.8x 7.7x 6.0x Sivers Semiconductors SIVE SS NO REC SEK 9.2 -0.48 0.79 -21.5x 13.0x -25.2x 20.5x Skanska SKAB SS BUY SEK 175.65 215.0 15.00 12.66 11.7x 13.9x 7.5x 8.3x SKF SKFB SS HOLD SEK 195.3 215.0 14.42 15.62 12.1x 11.8x 6.7x 6.4x Kilde: DNB Markets, FactSet, Bloomberg 17 DNB Markets | DNB anbefalingER og estimater 22 mars 2023 DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2023 2024 2023 2024 2023 2024 Skistar SKISB SS BUY SEK 109.2 140.0 6.26 6.81 17.4x 16.0x 10.2x 9.3x Smart Eye SEYE SS NO REC SEK 47.7 -6.34 -1.1x -7.5x -44.9x -27.1x 12.1x Smartoptics SMOP NO BUY NOK 28.8 35.0 0.13 0.17 20.1x 15.7x 14.2x 10.3x SpareBank 1 Helgeland HELG NO BUY NOK 135.00 142.0 14.65 14.9x 9.2x 9.1x Sparebank 1 SMN MING NO BUY NOK 126 155.0 14.78 15.47 8.5x 8.1x SpareBank 1 Sørøst-NorgeSOON NO BUY NOK 53.60 61.0 5.61 5.9x 9.6x 9.1x SpareBank 1 Østlandet SPOL NO BUY NOK 120.2 135.0 13.22 13.57 9.1x 8.9x SpareBank1 Nord-Norge NONG NO BUY NOK 94.00 105.0 10.15 10.3x 9.3x 9.1x SpareBank1 SR-Bank SRBNK NO BUY NOK 117.3 149.0 14.01 14.43 8.4x 8.1x Sparebanken Møre MORG NO BUY NOK 81.54 93.0 9.01 9.2x 9.0x 8.9x Sparebanken Sør SOR NO BUY NOK 129.00 147.0 16.03 16.22 8.0x 8.0x Sparebanken Øst SPOG NO HOLD NOK 49.00 52.0 5.03 5.1x 9.7x 9.5x SSAB SSABA SS BUY SEK 71.1 110.0 9.49 9.17 7.5x 7.8x 3.4x 3.2x Star Bulk SBLK US BUY USD 20.46 31.0 4.67 5.6x 4.4x 3.7x 3.9x 3.3x Stillfront Group SF SS BUY SEK 18.205 35.0 1.40 1.80 5.3x 4.9x 4.7x 4.1x Stolt-Nielsen SNI NO BUY NOK 313.50 385.0 5.93 5.6x 5.0x 5.3x 4.3x 4.1x Stora Enso STERV FH BUY EUR 11.62 18.0 1.31 1.45 8.9x 8.0x 5.4x 4.3x Storebrand STB NO BUY NOK 77.56 109.0 6.00 7.2x 10.5x 9.0x Storskogen STORB SS BUY SEK 8.124 15 0.64 0.77 6.9x 6.1x 5.9x 5.0x Storytel STORYb SS BUY SEK 33.86 102 -1.44 0.5x -23.5x 73.1x 10.5x 6.9x Subsea 7 SUBC NO BUY NOK 129.85 180 0.31 0.92 6.5x 4.4x Svenska Handelsbanken SHBA SS BUY SEK 97.62 145 13.11 12.8x 7.4x 7.6x Swedbank SWEDA SS BUY SEK 182.3 265 20.31 26.45 6.7x 6.9x Swedish Orphan BiovitrumSOBI SS BUY SEK 239.30 285 10.68 13.2x 22.4x 18.1x 10.2x 9.5x Systemair SYSR SS BUY SEK 83.4 98 4.28 4.51 19.5x 18.5x 10.8x 9.9x Targovax TRVX NO BUY NOK 0.64 4 -0.69 0.4x -1.9x -0.3x Teekay Tankers TNK US BUY USD 40.94 53 8.28 8.23 4.9x 5.0x 3.8x 3.3x Tele2 TEL2b SS BUY SEK 98.64 110 4.93 5.2x 12.6x 12.6x 9.1x 8.9x Telenor TEL NO BUY NOK 122.2 155 6.02 8.09 16.9x 14.0x 6.2x 5.8x Telia Company TELIA SS BUY SEK 26.58 34 1.94 2.6x 12.1x 9.5x 6.4x 5.7x TGS TGS NO HOLD NOK 181.4 150 1.12 1.36 15.3x 12.7x 3.3x 2.7x The Kingfish Company KING NO HOLD NOK 9.68 12 -0.07 0.0x -12.1x 64.5x -201.7x 14.8x TietoEVRY TIETO FH BUY EUR 28.52 34 2.39 2.70 10.6x 9.5x 6.2x 5.2x Tomra TOM NO SELL NOK 164.46 140 4.48 5.6x 36.7x 29.6x 18.0x 15.3x Topdanmark TOP DC HOLD DKK 373 380 16.60 17.58 22.5x 21.2x Transocean RIG US HOLD USD 5.63 4 -0.11 0.2x -52.0x 31.7x 9.3x 7.5x Transtema TRANS SS NO REC SEK 32.14 3.23 3.41 10.0x 9.4x 4.8x 4.0x Trelleborg TRELB SS BUY SEK 260.50 304 37.51 15.2x 12.5x 16.3x 10.0x 9.6x Truecaller TRUEB SS BUY SEK 30.2 48 1.77 2.59 17.0x 11.7x 10.8x 7.3x Tryg TRYG DC BUY DKK 149.55 194 7.95 8.9x 15.6x 14.7x Ultimovacs ULTI NO BUY NOK 105.4 200 -0.73 -6.21 -144.4x -17.0x -131.4x -15.1x UPM UPM FH BUY EUR 32.17 48 3.93 4.8x 8.2x 6.7x 6.1x 4.7x Valaris VAL US BUY USD 59.74 90 1.02 6.44 58.3x 9.3x 14.5x 5.6x Valmet VALMT FH BUY EUR 30.28 36 2.13 2.4x 14.0x 12.4x 8.5x 8.1x VEF VEFAB SS NO REC SEK 1.798 Veidekke VEI NO BUY NOK 113.00 130 8.74 9.0x 12.9x 12.6x 5.1x 4.5x Viaplay Group VPLAYB SS BUY SEK 279.1 390 2.84 17.18 82.1x 16.2x 28.5x 10.5x Vicore Pharma VICO SS BUY SEK 14.32 70 -3.64 -4.7x -3.9x -3.0x -3.0x -2.5x Vimian VIMIAN SS BUY SEK 27 43 0.08 0.14 31.1x 17.3x 14.0x 10.0x Vitec VITB SS NO REC SEK 500.50 12.46 15.3x 57.6x 47.2x 21.9x 18.6x Vitrolife VITR SS BUY SEK 211.2 340 4.19 5.65 50.4x 37.4x 24.0x 19.4x Volvo VOLVB SS HOLD SEK 203.55 205 16.84 16.9x 12.1x 12.1x 5.2x 5.1x Volvo Cars VOLCARB SS HOLD SEK 44.07 53 3.26 4.69 12.7x 9.1x 2.8x 2.5x Vow VOW NO HOLD NOK 14.84 21 0.64 1.2x 23.1x 12.7x 14.1x 9.1x Vår Energi VAR NO BUY NOK 25.745 38 0.52 0.55 4.7x 4.5x Wallenius Wilhelmsen ASAWAWI NO BUY NOK 77.75 128 2.10 2.0x 3.5x 3.7x 2.9x 2.6x Wallenstam WALLb SS SELL SEK 39.38 40 1.30 1.43 29.2x 26.5x 31.9x 29.6x Western Bulk Chartering WEST NO HOLD NOK 40.40 45 0.45 0.5x 8.5x 7.2x 5.3x 4.3x Wihlborgs WIHL SS BUY SEK 77.85 100 4.63 4.95 16.7x 15.6x 19.4x 18.0x Wilh. Wilhelmsen HoldingWWI NO BUY NOK 249.00 455 9.03 8.9x 2.6x 2.7x 9.3x 7.9x Wärtsilä WRT1V FH BUY EUR 8.446 10 0.50 0.66 15.5x 12.8x 8.1x 7.0x Xbrane Pharma XBRANE SS NO REC SEK 80.20 2.94 17.4x 27.2x 4.6x 18.1x 2.3x XXL XXL NO NO REC NOK 2.974 -0.56 0.32 -4.5x 9.3x 5.3x 2.3x Yara YAR NO BUY NOK 456.30 525 5.21 4.1x 8.3x 10.5x 5.0x 5.7x Kilde: DNB Markets, FactSet, Bloomberg DNB ANBEFALINGER OG ESTIMATER 18 DNB Markets | 22 mars 2023 Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA 2023 2024 2023 2024 2023 2024 YIT YIT FH HOLD EUR 2.4 2.6 0.25 0.25 9.8x 9.8x 9.4x 9.7x Ørsted ORSTED DC SELL DKK 564.5 470.0 16.36 21.7x AAK AAK SS BUY SEK 176.7 200.0 8.40 8.80 21.0x 20.1x 11.9x 11.0x Kilde: DNB Markets, FactSet, Bloomberg 19 DNB Markets | 22 mars 2023 AFTER-HOURS / AFTER-SKI Aksjer Kursutvikling 12 mnd Market cap Selskap Ticker Kurs Endring Volum (x1000) Valuta Siste uke siste mnd YTD 12 mnd lav høy NOK mrd AFC Ajax AJAX 11.05 1.4 % 0 EUR -2.6 % -6.0 % 1.4 % -15.3 % 10.05 14.60 2.3 AIK Fotboll AIKB 1.60 0.0 % 66 SEK -3.6 % 1.9 % -19.6 % -17.5 % 1.14 2.30 0.0 SC Braga SCB 22.00 0.0 % 0 EUR 0.0 % -8.3 % 10.0 % 144.4 % 6.05 24.00 0.3 Besiktas Futbol BJKAS 8.36 -3.7 % 5,917 TRY -1.1 % 6.6 % 40.7 % 133.5 % 3.42 9.08 1.1 Borussia Dortmund BVB 4.00 3.9 % 165 EUR 3.3 % -6.8 % 8.0 % -1.2 % 2.98 4.50 5.0 Brøndby IF BIFB 0.45 -2.3 % 126 DKK -3.3 % -12.7 % -16.0 % -10.5 % 0.43 0.65 2.9 Celtic FC CCP 111.50 0.0 % na GBp 0.0 % -3.0 % 0.0 % 8.3 % 99.00 140.00 1.4 CF Intercity CITY 0.20 4.8 % na EUR 2.9 % 1.0 % -53.3 % -76.8 % 0.09 0.89 0.0 Birmingham Sports 2309 0.95 6.7 % 94 HKD -10.4 % -18.8 % -19.1 % -61.6 % 0.88 2.85 1.0 FC København PARKEN 96.40 0.6 % 1 DKK 1.5 % 17.0 % 32.4 % 14.2 % 63.00 100.00 7.3 FC Porto FCP 1.10 0.9 % 1 EUR -4.3 % 8.9 % 25.0 % 18.3 % 0.77 1.20 0.3 Galatasaray Sportif GSRAY 8.53 2.5 % 30,718 TRY -9.1 % 3.1 % 7.8 % 181.5 % 3.01 10.56 2.5 Juventus Football JUVE 0.33 3.0 % 6,078 EUR 2.5 % 9.0 % 5.0 % 1.0 % 0.24 0.41 9.5 Manchester United MANU 24.02 2.0 % 2,596 USD 16.7 % 6.5 % 3.0 % 73.9 % 10.41 27.34 41.7 Olympique Lyonnais OLG 2.96 0.0 % 21 EUR -0.3 % -0.3 % -0.3 % 48.0 % 1.94 3.26 2.9 SL Benfica SLBEN 3.90 0.5 % 3 EUR 2.4 % 0.8 % -0.8 % 13.0 % 3.00 4.14 1.0 Sporting Club SCP 0.77 -3.8 % 0 EUR 0.0 % -1.3 % -2.5 % -8.3 % 0.75 0.93 0.6 SS Lazio SSL 1.04 0.0 % 25 EUR 0.5 % -0.5 % 1.0 % 6.5 % 0.96 1.17 0.8 Trabzonspor Sportif TSPOR 3.59 -1.6 % 11,776 TRY -6.3 % -3.8 % -25.1 % -35.7 % 3.26 6.98 1.0 Skistar SKISB 109.20 -4.7 % 332 SEK -7.6 % -4.1 % -1.6 % -35.6 % 93.80 194.20 8.7 Vail Resorts MTN 223.79 1.1 % 516 USD 3.5 % -6.8 % -6.1 % -15.1 % 201.91 270.29 95 Cie des Alpes CDA 13.18 3.3 % 34 EUR 0.6 % -6.4 % -8.3 % -0.8 % 11.56 18.88 7.5 Canopy Holding CAN 0.40 0.0 % 96 NOK -4.8 % -2.7 % -14.9 % -75.0 % 0.25 1.80 0.0 Heineken HEIA 96.58 1.6 % 583 EUR -0.1 % -1.8 % 9.9 % 13.1 % 78.28 99.40 632 Carlsberg CARLB 1010.00 -0.8 % 155 DKK 2.4 % 2.2 % 9.4 % 24.6 % 781.00 1,034.50 229 Anheuser-Busch ABI 57.03 1.1 % 1,311 EUR 0.5 % 0.7 % 1.4 % 4.8 % 45.55 58.21 1,307 Molson Coors TAP 50.91 0.1 % 1,517 USD -1.8 % -3.9 % -1.2 % -3.7 % 46.69 60.12 117 Royal Unibrew RBREW 560.00 -1.2 % 102 DKK 1.2 % 13.2 % 13.1 % -13.5 % 390.20 694.80 43 Kilde: Bloomberg, DNB Markets 20 DNB Markets | DISCLAIMER 22 mars 2023 DISCLAIMER This note (the “Note”) must be read in conjunction with published research notes and/or DNB Analyst Communication of DNB Markets. 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