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 19 DNB Markets | 30 april 2025 AFTER-HOURS / AFTER-SKI Aksjer Kursutvikling 12 mnd Market cap Selskap Ticker Kurs Endring Volum (x1000) Valuta Siste uke siste mnd YTD 12 mnd lav høy NOK mrd AFC Ajax AJAX 10.00 0.4 % 2 EUR 1.4 % 0.0 % 4.6 % -3.4 % 9.50 10.50 2.2 AIK Fotboll AIKB 1.66 3.4 % 27 SEK 0.6 % -0.6 % -1.8 % -1.2 % 1.00 1.84 0.0 SC Braga SCB 14.00 0.0 % na EUR 0.0 % -4.1 % -4.1 % -0.7 % 13.00 17.00 0.2 Besiktas Futbol BJKAS 2.01 1.5 % 49,956 TRY 0.0 % -19.7 % -42.3 % -74.5 % 1.94 14.81 3.2 Borussia Dortmund BVB 3.25 -0.6 % 61 EUR 4.2 % 7.6 % 3.3 % -11.6 % 2.78 4.36 4.2 Brøndby IF BIFB 0.38 -2.3 % 146 DKK 1.3 % 13.9 % -6.7 % -40.6 % 0.30 0.81 5.2 Celtic FC CCP 144.00 0.0 % na GBp 0.0 % -10.8 % -14.0 % 8.7 % 132.50 205.00 1.9 CF Intercity CITY 0.30 -3.9 % na EUR 4.9 % -36.3 % 56.8 % -56.7 % 0.09 1.35 0.0 Birmingham Sports 2309 2.48 -0.4 % na HKD 1.2 % 2.1 % 4.6 % -22.5 % 1.80 3.65 2.7 FC København PARKEN 132.50 -0.4 % 4 DKK -1.9 % -3.3 % 3.9 % 12.8 % 106.50 142.50 9.8 FC Porto FCP 1.00 -2.0 % na EUR -2.0 % 0.0 % -9.1 % -25.9 % 1.00 1.70 0.3 Galatasaray Sportif GSRAY 2.02 -3.8 % 170,444 TRY -1.5 % 2.0 % 0.5 % -29.9 % 1.72 3.18 2.9 Juventus Football JUVE 3.03 -0.4 % 605 EUR -1.0 % 4.0 % 0.2 % 71.4 % 1.75 3.55 13.6 Manchester United MANU 13.86 0.0 % 203 USD -1.9 % 5.9 % -20.1 % -14.4 % 12.05 18.42 24.4 Olympique Lyonnais EFG 1.83 -0.5 % 0 EUR 0.5 % -5.7 % -9.0 % -13.7 % 1.74 2.33 3.8 SL Benfica SLBEN 3.95 0.3 % 1 EUR 6.2 % 19.7 % 21.5 % 37.6 % 2.83 4.12 1.1 Sporting Club SCP 0.95 -9.5 % 0 EUR -0.5 % -1.0 % 4.4 % -6.9 % 0.85 1.06 2.3 SS Lazio SSL 0.85 -3.4 % 102 EUR 4.7 % 3.7 % -18.3 % 28.4 % 0.64 1.14 0.7 Trabzonspor Sportif TSPOR 0.87 -2.2 % 182,178 TRY -1.1 % -13.0 % -13.0 % -58.4 % 0.87 2.75 1.8 Skistar SKISB 165.00 -1.5 % 44 SEK -0.8 % 1.3 % 0.9 % 7.1 % 142.00 182.90 13.9 Vail Resorts MTN 142.00 0.9 % 505 USD 4.6 % -11.3 % -24.2 % -25.0 % 129.85 206.38 55 Cie des Alpes CDA 16.82 0.7 % 37 EUR 3.4 % 14.3 % 10.9 % 23.5 % 12.32 17.20 10.1 Amer Sports AS 24.24 -0.1 % 2,002 USD 8.9 % -9.3 % -13.3 % 69.7 % 10.11 34.00 139.3 Heineken HEIA 77.54 0.0 % 514 EUR -1.6 % 2.9 % 12.9 % -15.1 % 63.58 97.50 528 Carlsberg CARLB 880.60 -2.2 % 272 DKK -1.3 % 0.4 % 27.6 % -6.6 % 662.60 992.20 192 Anheuser-Busch ABI 56.78 -0.9 % 2,071 EUR -2.8 % -0.2 % 17.7 % 1.1 % 44.89 62.16 1,354 Molson Coors TAP 57.06 0.6 % 1,735 USD -3.3 % -6.3 % -0.5 % -0.3 % 49.19 64.66 122 Royal Unibrew RBREW 543.50 -3.9 % 200 DKK -6.1 % -1.3 % 7.5 % 5.7 % 466.00 591.50 43 Kilde: Bloomberg, DNB Markets 20 DNB Markets | 30 april 2025 DISCLAIMER This note (the “Note”) must be read in conjunction with published research notes and/or DNB Analyst Communication of DNB Markets. 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