US renter, EQUITY RESEARCH 3 mai 2024
Research report prepared by DNB Markets, a division of DNB Bank ASA
Aksjemarkedet i dag
APPLE, NORSK RENTER & US Portefølje anbefalte aksjer:
ARBEIDMARKED – ORK, AKRBP - Aker BP
- BW LPG
- DOF Group
Økt visibilitet knyttet til renteutsiktene bidro etter to dager med svakere markeder - Höegh Autoliners
- Equinor
sammen med positive forventninger til oppdateringen fra Apple, og tross signaler om et
- Mowi
fortsatt stramt arbeidsmarked, til at det amerikanske aksjemarkedet vendte opp i går. - Protector
S&P500 og Dow hadde ved stengetid snudd opp 0.9%, mens Nasdaq på samme - Sparebank1 SR-Bank
tidspunkt endte opp 1.5%. Volumet aksjer omsatt på de tre hovedindeksene kom inn - Storebrand
- Vår Energi
på 98-102% av gjennomsnittet for de siste tre måneder og VIX-indeksen var ned igjen
med 4.6% til 14.7 punkter. Med det japanske markedet stengt i dag ser vi at renten på - YTD DNB 10.4%
tiårige US statsobligasjoner i går kveld kom ned med 6 basispunkter i forhold til ved - YTD OSE 3.7%
stengetid i det norske markedet og endte på 4.58%. Futures på S&P500 peker samtidig I dag
mot en videre oppgang på 0.3% ved åpning av handelen i USA i ettermiddag.
Rapporter / nyheter etc Norden
Apple fikk mye oppmerksomhet i forbindelse med Q1-rapporten etter børs i USA i går. AcadeMedia
Akva
I første omgang ble aksjen i handel etter børs løftet med 6% og rapporten bidrar til å Ambea
løfte de åpne asiatiske markedene i morgentimene i dag. Før handelen starter i USA Bonheur
i ettermiddag vil vi imidlertid også ha fått en ny runde med månedlige amerikanske Balder
Castellum
arbeidsmarkedstall. Utviklingen i både antall nye stillinger, ledighet og ikke minst Deep Value Driller
lønnsveksten gjennom april vil kunne påvirke stemningen ytterligere før åpning. I det Hexagon Purus
Hoist Finance
norske nyhetsbildet vil i tillegg i formiddagens rentesignaler fra Norges Bank få Instalco
oppmerksomhet. En uendret rente vil neppe komme som noen stor overraskelse. Itera
Lindab International
Spenningen knytter seg heller til om, og eventuelt når, vi kan vente et rentekutt senere Moment Group
i år. I etterkant av de amerikanske arbeidsmarkedstallene får vi i ettermiddag også ISM NCC
indeksen for tjenestesektoren i april. En tilsvarende måling for industrien kom onsdag Netcompany
Novonesis (Novozymes)
inn svakere enn ventet, men det er ventet at målingen for tjenestesektoren fortsatt vil Orkla
være komfortabelt over terskelen for stigende aktivitet. Arbeidsmarkedstallene kommer Scandi Standard
kl 14.30 norsk tid, mens ISM indeksen legges frem kl 16.00 norsk tid. Sivers Semiconductors
Tobii
Vicore Pharma
Etter et lagerdrevet fall tidligere denne uken ser det uavhengig av noe reversering det
siste halve døgnet nå ut til at uro for etterspørselsutviklingen i hvert fall delvis kan Nøkkeltall Norden
SF: Boligpriser
være i ferd med å erstatte bekymringene for tilbudssiden som prisdrivende faktor i NO: NB Rentemøte
oljemarkedet. Tross mer blandete vekstindikatorer har utfordringene med å få ned NO: Ledighet
inflasjonen kombinert med velfylte lagre, signaler om at enkelte OPEC-land pumper Rapporter / nøkkeltall Europa / USA
opp mer enn avtalte kvoter og en styrket USD-kurs lagt en demper på prisutviklingen.
Brent ligger før åpning i Europa på USD 83.92 pr fat og er med det opp igjen USD 0.34 Japan: Marked stengt
Kina: Marked stengt
pr fat i forhold til ved stengetid i det norske markedet i går. WTI-prisen har i samme FR: Boligpriser
tidsrom kommet opp med USD 0.25 pr fat og ligger i øyeblikket på USD 79.19 pr fat. FR: Industriproduksjon
EU: Ledighet,
I forbindelse med dagens Q1-rapport fra Orkla har vi i likhet med konsensus estimert US: Sysselsettingsvekst
US: Ledighet
en omsetning på NOK 17 mrd, men venter samtidig en EBIT på NOK 1.8 mrd mot US: Lønnsvekst
konsensus på NOK 1.7 mrd. Differansen skyldes i hovedsak at vi har noe større US: ISM Tjenester
forventninger til en positiv kostnadsutvikling enn konsensus ser ut til å ha lagt til grunn. US: Riggaktivitet
Etter vårt syn vil nettopp kostnads- og marginutviklingen være faktorer investorene i dag Konferanser
vil legge mye vekt på. Videre venter vi at mer spesifikke kommentarer rundt strategien - -
for de forskjellige porteføljeselskapene vil kunne påvirke aksjekursen. Orkla stengte i Emisjoner, børsnoteringer o.l.
går på NOK 75.60 pr aksje og vi har før eventuelle endringer på grunnlag av dagens - Pågående transaksjoner
rapport en holdanbefaling med et kursmål på NOK 81 pr aksje. En verdsettelse på - Om aksjehandelsløsning
kursmålet impliserer en rabatt på rundt 18% basert på vårt estimat for summen-av- Aktuelle podcasts/webinarer:
delen. Siden 2004 har den tilsvarende gjennomsnittlige rabatten ligget på rundt 17%. - -
Sammenligner vi våre estimater for langsiktig fri kontantstrøm med de tilsvarende
UTBYTTE er en podcast fra DNB som handler om det
viktigste som skjer i den globale økonomien og
konsensusforventingene for Aker BP ser det etter vårt syn ut som markedet både finansmarkedene. Hør på iTunes, Spotify og Soundcloud
undervurderer investeringsbehovet for å opprettholde produksjonen og samtidig ikke tar
tilstrekkelig høyde for utviklingen av Wisting. Mens investorenes bekymring i øyeblikket ANALYST
ser ut til å være rettet mot risikoen for redusert produksjon på kort sikt venter vi at Ole-Andreas Krohn
oppmerksomheten etter hvert vil dreie i retning av den langsiktige kontantstrømmen. Ole-andreas.krohn@dnb.no
TLF: +47 918 59 722
Kursen endte i går på NOK 268.20 pr aksje og vi gjentar en kjøpsanbefaling, men
har tatt kursmålet ned fra NOK 325 til NOK 290 pr aksje. Please see the last page for important informaiton. This research
report was not produced in the US. Analysts employed by non-
US Aiffliates are not registered / Qualiifed research analysts with
FINRA in the United States
DNB Markets | US aksjeindekser og oljepris – før og etter stengetid i oslo
3 mai 2024
US AKSJEINDEKSER OG OLJEPRIS – FØR OG ETTER STENGETID I OSLO
Index rebased
102.0 USD per brl
85.0
101.5 84.0
83.0
101.0 82.0
100.5 81.0
80.0
100.0 79.0
78.0
99.5 77.0
76.0
99.0 75.0
16 17 18 19 20 21 22 15 16 17 18 19 20 21 22
Dow S&P500 Nasdaq Axis Title
WTI Oil Price
INTERNASJONALE BØRSER RENTER VALUTA / RÅVARER
Siste Endr. % Siste I går Endr. Siste I går Endr. %
Dow Jones 38,226 322 0.85 USA 10år 4.581 4.68 -0.10 EUR/USD 1.073 1.073 0.08
S&P 500 5,064 46 0.91 Tyskl. 10år 2.541 2.58 -0.04 USD/JPY 153.0 153.6 0.41
NASDAQ 15,841 235 1.51 Norge 10år 3.821 3.85 -0.03 USD/NOK 10.977 10.991 0.13
Nikkei 225 38,236 -38 -0.10 USA 3m 5.594 5.59 0.01 EUR/NOK 11.783 11.791 0.06
Euro 500 326 -0 -0.07 Euro 3m 3.853 3.83 0.03 Siste Endr. Endr. %
Danmark-KFX 2,616 -50 -1.88 Norge 3m 4.710 4.72 -0.01 CRB indeks 285 -6.72 -2.31
Finland-HEX 9,907 52 0.52 Brent sp. ($/bbl) 8 4.1 -3.80 -4.32
Norge-OSEBX 1,365 -7 -0.49 Brent 1m ($/bbl) 8 4.0 0.51 0.61
Sverige-SAX 947 -11 -1.11 Alum. 3m ($/ton)2 ,528.0 -63.50 -2.45
US Nat.gass 1 .7 -0.02 -1.19
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 124.02 -4.29 8,487,072 861.64 873.10 -11.46
GN Store Nord 90.21 8.77 477 208.91 208.60 0.31
AP Møller Maersk 7.24 -0.24 181,546 10,060.12 9,662.00 398.12
Finland
Nokia 3.67 0.02 12,286,577 3.42 3.41 0.01
Metso 5.62 -0.08 4,351 20.94 10.65 10.29
Telia 4.54 -0.03 21,477 2.11 2.15 -0.03
UPM Kymmene 35.72 0.78 14,959 33.28 33.25 0.03
Norge
Borr Drilling 5.26 0.00 2,293,626 57.74 58.65 -0.91
BW LPG 14.93 0.08 149,487 163.88 161.20 2.68
Frontline 24.57 1.08 1,851,156 269.70 266.00 3.70
Norsk Hydro 6.24 -0.04 70,980 68.50 67.80 0.70
Yara 14.24 -0.03 89,861 312.51 313.20 -0.69
Cool Company 11.05 0.20 161,601 121.29 121.10 0.19
Golden Ocean 14.66 0.53 1,504,912 160.92 160.95 -0.03
Himalaya Shipping 8.47 0.30 103,217 92.97 91.70 1.27
Hafnia 7.80 0.15 112,810 85.62 84.40 1.22
Okeanis Eco Tankers 31.10 0.46 25,802 341.38 338.00 3.38
Flex LNG 26.51 0.42 240,128 290.99 292.80 -1.81
Equinor 26.99 0.54 2,765,085 296.26 299.20 -2.94
Subsea 7 16.37 0.26 177,668 179.69 182.00 -2.31
Telenor 11.84 0.24 15,439 129.97 130.50 -0.53
Tomra 12.16 -0.33 904 133.48 136.80 -3.32
Questerre 0.21 -0.02 29,257 1.65 1.74 -0.09
Orkla 6.90 0.07 53,783 75.74 75.60 0.14
Sverige
AstraZeneca 75.80 -0.61 10,038,808 1664.08 1654 10.08
Electrolux 16.85 -0.88 2,398 92.48 91.8 0.68
Ericsson (B) 5.15 0.07 17,016,954 56.53 55.94 0.59
Hennes & Mauritz 3.12 -0.09 15,232 171.46 172.05 -0.59
Atlas Copco 17.81 0.01 503,412 195.50 193.1 2.40
SKF B 21.24 0.41 4,908 233.15 229.7 3.45
Assa Abloy 13.51 0.28 121,011 296.48 294.4 2.08
Sandvik 20.18 0.34 79,204 221.51 218.9 2.61
Kilde: Bloomberg, DNB Markets
2
DNB Markets |
3 mai 2024
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 38,226 322.4 0.85 0.37 -2.30 -1.11 1.42 14.40 18.70
S&P 500 5,064 45.8 0.91 0.31 -2.83 2.13 6.17 23.80 20.85
Nasdaq Composite 15,841 235.5 1.51 1.47 -2.68 1.36 5.53 31.73 27.90
Russel 2000 2,016 35.9 1.81 1.77 -2.89 2.72 -0.54 15.92 26.60
Amex naturgass (XNG) 590 6.3 1.08 -2.01 -0.82 11.15 6.84 19.86 13.79
Amex Oil Service 85 1.2 1.39 -4.04 -10.89 8.81 1.19 16.24 na
Philadelphia oljeproduksjon (XOI) 2,103 19.8 0.95 -4.60 -5.94 12.72 12.94 29.37 na
Amex farmasi (DRG) 995 -12.0 -1.19 1.18 -1.41 3.34 9.32 11.85 18.78
Nasdaq biotech 4,307 53.5 1.26 5.10 0.01 -1.83 -1.47 2.62 na
Philadelphia halvleder (SOX) 4,605 97.7 2.17 -0.21 -6.08 6.19 10.30 55.72 29.42
S&P 500 Paper & Forest (PAFO) 377 7.2 1.96 1.92 -4.46 21.56 13.04 -1.60 14.28
Kilde: Bloomberg, DNB Markets
Råvarer og shipping Siste I går Endr. %1D %1W %1M %3M %YTD %12M 52W H 52W L
CRB indeks 284.7 284.7 -0.70 -0.25 - 4 -3.5 6.3 7.9 11.0 298.2 253.8
GS råvare indeks 3,654 3,654 3.74 0.10 - 4 -3 7 9 18 3,857 3,058
Olje
Brent Spot 84.07 84.07 -1.04 -1.22 -5.97 -6.42 6.55 8.33 8.92 97.82 72.47
Brent olje 1m 83.95 83.67 0.28 0.33 -6.20 -6.04 8.56 8.97 16.07 97.69 71.28
Brent olje 3m 82.68 82.40 0.28 0.34 -5.37 -5.54 7.66 7.67 14.95 93.20 71.00
WTI olje 1m 79.12 78.95 0.17 0.22 -5.64 -7.39 9.46 10.43 15.34 95.03 63.64
Flybensin 796.00 0.00 -8.25 -1.03 -5.35 -7.79 -8.66 -5.15 11.84
Naturgass US Henry Hub 1.66 1.66 0.04 2.47 13.70 0.61 -17.82 -35.66 -21.70
Fyringsolje 2 44.9 2 44.3 0.58 0.24 -3.90 -10.4 -7.9 -4.1 9.7 3 50.9 2 15.0
Metaller
Aluminium 3m 2,528 2,528 -50 -1.92 -1.38 6.2 13.2 6.0 6.8 2,752 2,109
Nikkel 18,648 18,648 -231 -1.22 -2.66 9.5 14.9 12.3 -25.3 25,420 15,840
Kobber 9,766 9,766 -130 -1.31 -1.01 8.6 15.1 14.1 14.7 10,208 7,856
Gull 2,301 2,304 -2 -0.10 -1.56 0.1 12.8 11.6 12.9 2,432 1,811
Shipping
WS AG - Japan, 250 dwt 63 #N/A N/A 0 0.00 8.70 0 9 19 14 88 38
WS AG - USG, 250 dwt 40 #N/A N/A 0 0.00 0.00 -6 -6 14 7 55 23
Baltic dry index 1,774 1,774 86.0 5.09 1.78 4 26 -15 14 3,346 919
Kilde: Bloomberg, DNB Markets
Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L
Norge - Nibor 1m 4.610 4.610 -0.010 -0.02 0.00 -0.02 0.02 1.18 4.67 3.46
Norge - Nibor 3m 4.710 4.710 -0.010 -0.02 -0.02 0.01 -0.02 0.96 4.79 3.78
USA - Libor 3m 5.594 5.590 0.005 0.01 0.03 0.06 0.00 0.29 5.69 5.32
Euro - Euribor 3m 3.853 3.853 0.028 -0.01 -0.03 -0.05 -0.06 0.58 4.00 0.00
Norge 10 år stat 3.821 3.821 -0.032 -0.09 0.11 0.25 0.53 0.66 4.25 3.11
USA 10 år stat 4.581 4.581 -0.047 -0.12 0.23 0.56 0.70 1.16 5.02 3.29
Euro 10 år stat 2.541 2.541 -0.043 -0.09 0.14 0.30 0.52 0.28 3.03 1.89
Tyskland 10 år stat 2.541 2.541 -0.043 -0.09 0.14 0.30 0.52 0.28 3.03 1.89
Japan 10 år stat 0.901 0.901 0.010 0.00 0.15 0.23 0.29 0.48 0.97 0.36
UK 10 år stat 4.286 4.286 -0.080 -0.08 0.20 0.37 0.75 0.62 4.75 3.43
Valuta
EUR/USD 1.073 1.073 0.001 0.004 -0.010 -0.001 -0.031 -0.033 1.128 1.045
USD/JPY 153.0 153.6 -0.620 -5.3 1.3 4.3 12.0 18.3 160.2 133.8
GBP/USD 1.255 1.253 0.002 0.006 -0.010 0.002 -0.018 -0.001 1.314 1.204
USD/NOK 10.977 10.991 -0.015 -0.058 0.250 0.291 0.804 0.222 11.299 9.925
EUR/NOK 11.783 11.791 -0.008 -0.021 0.168 0.295 0.559 -0.114 12.082 11.096
GBP/NOK 13.778 13.779 -0.001 -0.008 0.217 0.373 0.826 0.269 13.958 12.677
Kilde: Bloomberg, DNB Markets
3
DNB Markets |
3 mai 2024
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
Boeing Co/The 178.85 4.3 % -3.3 % -11.0 % Moderna Inc 125.59 12.7 % 24.1 % -3.5 % Howmet Aerospace Inc 77.10 15.5 % 16.8 % 72.5 %
Amazon.com Inc 184.72 3.2 % 1.3 % 78.2 % JD.com Inc 32.64 11.5 % 19.7 % -5.9 % Paramount Global 13.86 13.1 % 2.5 % -39.4 %
NIKE Inc 92.41 2.3 % 2.3 % -27.1 % PDD Holdings Inc 137.54 10.5 % 15.1 % 116.5 % Moderna Inc 125.59 12.7 % 24.1 % -3.5 %
Apple Inc 173.03 2.2 % 2.0 % 3.3 % QUALCOMM Inc 180.10 9.7 % 3.6 % 59.6 % CH Robinson Worldwide 8In0c.93 12.3 % 12.8 % -23.0 %
Walt Disney Co/The 112.62 1.9 % -5.3 % 11.7 % Atlassian Corp 183.55 6.2 % -6.0 % 26.5 % Aptiv PLC 77.79 11.5 % 0.3 % -22.1 %
UnitedHealth Group Inc 492.97 1.8 % 7.2 % 0.7 % Lucid Group Inc 2.78 6.1 % 1.1 % -62.5 % QUALCOMM Inc 180.10 9.7 % 3.6 % 59.6 %
Walmart Inc 59.71 1.5 % 0.5 % 18.9 % Marvell Technology Inc 66.67 4.5 % -8.7 % 68.7 % Monolithic Power System7s1 2In.8c9 9.2 % 9.7 % 52.9 %
Caterpillar Inc 335.44 1.3 % -10.7 % 55.6 % Warner Bros Discovery Inc 7.95 4.3 % -8.9 % -38.0 % Sealed Air Corp 34.93 8.8 % 3.4 % -17.0 %
Goldman Sachs Group Inc/The 432.57 1.3 % 4.5 % 31.6 % Warner Bros Discovery Inc 7.95 4.3 % -8.9 % -38.0 % BorgWarner Inc 35.63 8.4 % 2.4 % -12.8 %
Salesforce Inc 272.13 1.3 % -10.7 % 41.3 % MercadoLibre Inc 1505.99 3.4 % 0.1 % 17.7 % Kellanova 61.28 7.5 % 8.3 % -8.7 %
Home Depot Inc/The 335.53 1.1 % -6.8 % 14.5 % NVIDIA Corp 858.17 3.3 % -3.5 % 208.7 % Westrock Co 51.11 6.7 % 4.5 % 76.9 %
Microsoft Corp 397.84 0.7 % -5.4 % 30.7 % Amazon.com Inc 184.72 3.2 % 1.3 % 78.2 % Estee Lauder Cos Inc/Th1e34.94 5.9 % -7.9 % -33.4 %
Chevron Corp 160.73 0.7 % 0.2 % 2.5 % Trade Desk Inc/The 88.12 3.2 % 1.4 % 41.0 % Corteva Inc 56.98 5.7 % -0.7 % -5.0 %
Travelers Cos Inc/The 214.37 0.6 % -6.4 % 19.7 % Palo Alto Networks Inc 295.32 2.8 % 9.6 % 66.2 % Zoetis Inc 167.23 5.5 % 2.6 % -5.9 %
Intel Corp 30.51 0.5 % -24.3 % -0.5 %
American Express Co 232.50 0.4 % 2.6 % 52.7 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år
Amgen Inc 278.39 0.4 % 1.4 % 21.4 % eBay Inc 49.39 -3.3 % -4.7 % 10.3 % Etsy Inc 59.24 -15.1 % -9.1 % -40.1 %
Procter & Gamble Co/The 163.84 0.3 % 4.9 % 4.9 % ANSYS Inc 314.53 -2.2 % -9.3 % 2.1 % Qorvo Inc 95.67 -14.5 % -16.7 % 2.2 %
International Business Machine 164.69 0.2 % -13.7 % 33.4 % Automatic Data Processing 2In4c2.03 -2.1 % -1.3 % 12.1 % Huntington Ingalls Indus2tri4e5s.19 -11.5 % -14.4 % 24.6 %
Visa Inc 267.61 0.1 % -3.4 % 18.4 % Biogen Inc 213.51 -1.2 % 3.5 % -31.3 % Paycom Software Inc 166.72 -10.5 % -16.1 % -43.2 %
Coca-Cola Co/The 61.99 0.1 % 3.6 % -2.6 % Lululemon Athletica Inc 350.80 -1.0 % -6.2 % -8.4 % Baxter International Inc 36.91 -8.5 % -14.7 % -20.6 %
JPMorgan Chase & Co 191.66 -0.1 % -3.3 % 40.9 % Honeywell International Inc 193.64 -0.8 % -2.2 % -2.2 % Stanley Black & Decker In8c4.99 -7.5 % -11.7 % -1.8 %
Cisco Systems Inc 46.79 -0.1 % -4.0 % 1.8 % Paychex Inc 118.45 -0.8 % -1.5 % 10.0 % AMETEK Inc 163.34 -6.1 % -9.8 % 13.0 %
McDonald's Corp 273.28 -0.4 % -0.8 % -7.4 % AstraZeneca PLC 75.80 -0.8 % 13.5 % 1.6 % Teleflex Inc 198.73 -6.1 % -7.5 % -27.0 %
Merck & Co Inc 128.26 -0.4 % -1.3 % 8.5 % Datadog Inc 125.46 -0.8 % 3.3 % 90.6 % DENTSPLY SIRONA Inc 28.38 -6.0 % -10.9 % -29.9 %
Verizon Communications Inc 38.93 -0.7 % -9.1 % 2.5 % CoStar Group Inc 89.76 -0.7 % -3.9 % 21.8 % Linde PLC 419.45 -5.4 % -9.3 % 15.4 %
Dow Inc 56.83 -0.7 % -5.3 % 7.2 % Illumina Inc 123.99 -0.6 % -2.9 % -36.9 % CF Industries Holdings In7c3.87 -5.3 % -11.2 % 0.0 %
Johnson & Johnson 149.92 -0.8 % -2.8 % -8.0 % GE HealthCare Technologies7 I7n.c83 -0.5 % -12.6 % -2.4 % Mosaic Co/The 28.41 -5.1 % -12.7 % -33.7 %
Honeywell International Inc 193.64 -0.8 % -2.2 % -2.2 % Vertex Pharmaceuticals Inc400.16 -0.5 % -2.1 % 15.5 % IQVIA Holdings Inc 222.14 -4.6 % -8.6 % 18.8 %
Autodesk Inc 209.95 -0.4 % -14.8 % 8.4 % APA Corp 29.18 -4.3 % -17.1 % -14.6 %
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
Eiendom n.a. n.a. n.a. n.a. n.a. 72.1 Eiendomsselskaper 0.9% 2.8% 3.0% 21.1% -1.7% 14.1
Bildeler 10.7% 0.8% -4.0% -19.0% -10.2% 12.0 Transport 0.7% -3.7% -11.9% -11.6% -11.7% 21.5
Luftfart 2.2% 5.7% 11.4% 15.2% 13.6% 7.4 Banker 0.6% 2.0% 16.1% 31.9% 15.8% 7.6
Datamaskiner og tilbehør 2.1% 1.1% -6.9% 3.7% -10.1% 26.2 Detaljhandel 0.6% -0.7% 11.6% 13.0% 9.5% 21.3
Papir- og skogprodukter 2.0% -4.5% 21.6% 27.8% 13.0% 14.3 Finansieringsselskaper 0.6% -6.5% -0.9% 12.2% -1.5% 15.9
Informasjonsteknologi 1.6% -4.5% 0.0% 39.0% 6.7% 27.8 Hotell-, underholdnings- og restaurantvirksom0h.e6t% -1.8% -1.9% 1.1% 2.4% 23.4
Fritidsutstyr 1.4% 10.4% 22.2% 2.4% 19.8% 17.0 Telekommunikasjon og tjenester 0.5% -1.4% -2.2% -9.6% -0.3% 13.8
Elektronisk utstyr og instrumenter 1.1% -3.1% 3.2% 22.4% 4.5% 22.5 Media 0.4% 0.2% 3.5% 20.8% 9.1% 16.9
Matvarer 0.9% 0.6% -0.2% -14.6% -0.6% 16.0 Forsyningsselskaper 0.3% 1.6% 0.4% -5.4% -4.9% 12.4
Bioteknologi 0.8% -3.5% -6.5% 5.1% -1.2% 17.8 IT utstyr 0.3% -5.0% -1.7% -0.4% -5.7% 15.2
Programvare 0.8% -5.8% -5.4% 31.8% 2.7% 31.2 Kommersielle tjenester og leveranser 0.2% -2.2% -2.0% 12.4% 3.2% 21.8
Energi og relatert utstyr 0.7% -10.8% 2.0% 12.3% -5.8% 13.1 Husholdningsvarer og personlige produkter 0.1% 5.4% -0.3% -5.2% 1.2% 20.3
Media 0.7% -6.1% -12.3% -8.2% -12.5% 10.0 Drikkevarer, mat og tobakk 0.1% -0.8% -5.7% -15.7% -4.4% 14.8
Olje og gass 0.5% -4.1% 11.8% 16.8% 12.1% 12.3 Energi 0.0% 1.2% 10.7% 17.9% 8.0% 9.5
Hotell og restaurant 0.5% -4.0% -2.6% 9.0% -1.3% 22.4 Materialer 0.0% -0.8% 8.2% 10.8% 3.0% 16.5
Kommunikasjonsutstyr 0.4% -6.2% -4.9% 16.7% -1.1% 16.6 Helsevern - utstyr og tjenester -0.1% -1.0% 4.9% 1.1% 2.9% 23.4
Kraft 0.4% 4.3% 11.8% 2.0% 8.9% 16.9 Forsikring -0.1% -4.7% 2.5% 8.8% 4.0% 10.9
Maskiner 0.4% -6.1% 4.0% 29.0% 7.6% 18.3 Forbruksvarer og klær -0.3% -4.7% 1.0% -9.1% 4.9% 27.5
Husholdningsartikler 0.3% 4.8% 4.7% 4.2% 12.0% 23.4 Biler og komponenter -0.4% -6.9% 5.3% 13.0% 8.2% 6.2
Helseartikler 0.2% -4.0% -1.9% 0.7% 3.1% 24.6 Kapitalvarer -0.4% -1.3% 8.1% 22.1% 9.1% 19.8
Drikkevarer 0.2% 2.0% 1.7% -5.0% 2.8% 21.2 Mat- og apotekhandel -0.6% -0.2% -0.1% -7.5% -3.2% 13.7
Bank 0.1% -1.1% 10.4% 39.8% 11.2% 11.4 Programvare og tjenester -0.6% -5.9% -1.0% 29.3% 10.9% 32.7
Elektrisk utstyr -0.2% -2.9% 12.0% 41.5% 14.7% 26.4 Legemiddelindustri og bioteknologi -1.0% 2.1% 4.5% 5.5% 7.9% 18.1
Metall -0.3% -3.6% 11.6% 15.3% 5.7% 18.1
Forsikring -0.3% -3.6% 5.0% 25.0% 11.0% 13.2
Bygg og anlegg -0.4% -2.8% 24.7% 51.6% 18.2% 29.7
Diversifiserte telekomtjenester -0.6% -7.2% -6.8% 0.7% 2.0% 8.0
Farmasi -0.9% -2.6% 2.7% 9.4% 9.2% 20.7
Kjemikalier -1.0% -5.6% 3.8% 7.0% 0.7% 21.5
Industrielle konglomerater -1.1% -0.5% 13.4% 25.7% 11.0% 16.4
Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets
4
DNB Markets |
3 mai 2024
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 |
3 mai 2024
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 |
3 mai 2024
ETF / ETP Endring i %
Navn Kurs 1 dg 5 dg 1 mnd Valuta Verdi (gjennomsnitt)
Aksjer / Indekser (siste 5 dager)
Hong Kong EWH 16.79 4.1 % 6.9 % 7.4 % USD 42,186,068
Emerging Markets EEM 42.09 2.6 % 3.4 % 1.9 % USD 1,201,485,184
Pacific ex-Japan EPP 42.74 2.3 % 2.2 % -0.1 % USD 13,061,975
Japan EWJ 68.47 2.0 % 2.9 % -2.7 % USD 589,470,528
Brasil EWZ 31.78 2.0 % 3.1 % -1.0 % USD 692,175,424
Russell 2000 Growth IWO 254.34 1.9 % 1.8 % -4.1 % USD 142,292,624
Russell 2000 IWM 199.92 1.8 % 1.8 % -2.9 % USD 7,180,235,264
Teknologi USA XLK 197.06 1.4 % -0.3 % -5.0 % USD 1,360,582,400
Latin-America 40 ILF 27.84 1.4 % 2.2 % -1.7 % USD 31,017,108
S&P Midcap 400 MDY 530.06 1.3 % 0.4 % -3.2 % USD 475,581,440
Nasdaq 100 QQQ 426.90 1.3 % 0.6 % -3.4 % USD 19,837,208,576
S&P Euro 350 IEV 54.74 1.1 % 0.3 % -1.3 % USD 16,486,861
AEX-Nederland IAEX 7533.00 1.1 % 1.0 % -0.2 % GBp 9,268,557
Oil Service OIH 311.86 1.1 % -4.4 % -10.6 % USD 121,259,384
S&P 500 SPY 505.03 0.9 % 0.3 % -2.8 % USD 36,386,930,688
Dow Jones Total markeSPTt M 61.85 0.9 % 0.3 % -2.9 % USD 28,591,290
Bioteknologi IBB 130.65 0.9 % 4.0 % -2.2 % USD 239,603,008
DJIA DIA 382.23 0.9 % 0.3 % -2.3 % USD 1,437,814,784
Forbruksvarer XLP 75.65 0.8 % -0.1 % 1.5 % USD 991,328,768
FTSE 100 ISF 800.70 0.8 % 1.2 % 3.4 % GBp 1,719,546,000
Industri XLI 121.92 0.6 % -0.4 % -2.5 % USD 1,169,512,320
Energi XLE 92.56 0.6 % -4.2 % -4.7 % USD 1,477,282,560
Forsyningstjenester XLU 67.87 0.5 % 1.4 % 4.3 % USD 958,948,608
Finansielle tjenester XLF 40.46 0.2 % -1.0 % -2.9 % USD 1,877,761,024
DAX DAXEX 149.84 0.1 % -0.9 % -2.3 % EUR 2,020,557
TecDax TDXPEX 28.83 -0.6 % -1.8 % -4.6 % EUR 144,244
CAC-40 CAC 78.73 -0.7 % -1.6 % -2.0 % EUR 3,094,282
Olje / Energi
Naturgass UNG 14.86 5.1 % 3.4 % -3.9 % USD 110,484,744
Brent-olje BNO 31.10 0.3 % -4.8 % -5.3 % USD 16,792,016
WTI-Oil USO 75.93 0.0 % -5.6 % -6.5 % USD 325,944,544
Bensin UGAS 56.07 -0.6 % -3.7 % -6.0 % USD 57,251
WTI-olje CRUD 10.08 -1.4 % -3.5 % -6.1 % USD 2,268,193
Fyringsolje HEAT 23.32 -1.4 % -3.7 % -10.4 % USD 46,514
WTI-olje CRUDP 9.43 -3.7 % -4.5 % -5.0 % EUR 256,717
Metaller
Sink ZINC 9.59 0.6 % 2.0 % 14.2 % USD 47,170
Sølv SLV 24.36 0.4 % -2.8 % -1.5 % USD 645,168,064
Gull GLD 23.77 -0.2 % -1.2 % 0.7 % USD 1,766,233,216
Bomull COTN 2.77 -0.5 % -6.6 % -16.6 % USD 27,876
Nikkel NICK 17.12 -0.8 % -2.2 % 7.7 % USD 140,428
Kobber COPA 40.04 -1.6 % -1.2 % 6.6 % USD 4,334,754
Andre råvarer
Mais CORN 22.24 2.2 % 1.3 % 3.2 % USD 14,707
Soyabønner SOYB 28.35 1.7 % 1.6 % 0.0 % USD 10,876
Råvarer DBC 23.08 0.3 % -2.4 % -2.1 % USD 29,848,172
Kveg CATL 6.61 0.2 % 1.1 % 1.7 % USD 15,105
Sukker SUGA 11.85 0.2 % -1.0 % -11.3 % USD 38,016
Hvete WEAT 24.32 0.0 % -2.8 % 4.9 % USD 81,557
Soyaolje SOYO 5.88 -0.2 % -3.5 % -12.0 % USD 2,480
Svinekjøtt HOGS 28.11 -0.9 % -5.7 % -4.3 % USD 12,952
Råvarekurver
Korn AIGG 3.94 1.5 % 0.5 % 3.4 % USD 28,436
Landbruk AIGA 6.07 0.3 % -1.5 % -0.5 % USD 209,699
Buskap AIGL 2.59 0.2 % -1.0 % 0.0 % USD 425
Råvarer (ETN) GSG 21.86 0.1 % -3.7 % -3.3 % USD 11,388,374
Edle metaller AIGP 25.35 -0.1 % -1.6 % 0.0 % USD 68,093
Råvarer AIGC 11.04 -0.2 % -1.8 % -0.9 % USD 47,740
Energi AIGE 3.65 -0.2 % -2.9 % -6.3 % USD 46,307
Industrimetaller AIGI 15.92 -1.4 % -1.2 % 6.9 % USD 331,956
Kilde: Bloomberg / DNB Markets
7
DNB Markets |
3 mai 2024
Rapportkalender
Konsensus DNB
Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte
3-May Instalco AB Stockholm 317 0.43 346 0.44 Annual
Egetis Therapeutics AB Stockholm na -0.32 na na None
Duroc AB Stockholm na na na na Irreg
BTS Group AB Stockholm 89 1.64 na na Semi-Anl
NCC AB Stockholm 217 -0.33 183 -0.71 Semi-Anl
Scandi Standard AB Stockholm 218 0.99 na na Semi-Anl
Lindab International AB Stockholm 427 2.53 444 2.47 Semi-Anl
Danske Bank A/S Copenhagen na 6.55 na 0.00 Annual
Acrinova AB Stockholm na na na na Semi-Anl
Acrinova AB Stockholm na na na na Semi-Anl
Goodtech ASA Oslo 15 na na na Irreg
Logistea AB Stockholm na na na na None
Bonheur ASA Oslo 813 4.51 817 5.58 na
KNOW IT AB Stockholm 183 2.58 na na Semi-Anl
Itera ASA Oslo 34 0.25 na na na
Fastighets AB Balder Stockholm 2,052 1.15 2,014 1.17 Irreg
Orkla ASA Oslo 2,386 1.46 2,473 1.48 Annual
Harvia Oyj Helsinki 12 0.41 na na Semi-Anl
CapMan Oyj Helsinki 4 0.01 na na Semi-Anl
Novonesis (Novozymes) B Copenhagen 220 0.42 230 0.00 Irreg
AcadeMedia AB Stockholm 937 1.93 770 0.96 Annual
Annehem Fastigheter AB Stockholm na 0.22 na na None
NCC AB Stockholm 217 -0.33 183 -0.71 Semi-Anl
AKVA Group ASA Oslo 68 0.12 65 0.27 Irreg
Moment Group AB Stockholm na na na na Irreg
Castellum AB Stockholm 1,579 2.00 1,581 2.21 Irreg
Klarabo Sverige AB Stockholm 63 -0.51 na na None
Medcap AB Stockholm 87 3.21 na na None
Logistea AB Stockholm na na na na Irreg
Hoist Finance AB Stockholm na 1.36 na na Irreg
6-May Peab AB Stockholm na -0.77 116 -1.11 Annual
Novotek AB Stockholm na na na na Annual
Catella AB Stockholm 46 0.00 47 -0.05 Annual
Loomis AB Stockholm 1,463 5.40 1,498 6.17 Annual
Samhallsbyggnadsbolaget i Nord Stockholm na na na na Quarter
Catella AB Stockholm 46 0.00 47 -0.05 Annual
Bakkafrost P/F Oslo 832 7.31 846 7.27 Annual
Alligator Bioscience AB Stockholm 86 -0.33 na na None
Nolato AB Stockholm 327 0.51 341 0.51 Annual
Samhallsbyggnadsbolaget i Nord Stockholm 571 0.19 587 0.19 Monthly
7-May Copperstone Resources Stockholm na na na na None
BICO Group AB Stockholm 31 -0.60 na na None
Proact IT Group AB Stockholm 104 1.22 na na Annual
Railcare Group AB Stockholm 129 2.11 na na Annual
Moberg Pharma AB Stockholm -30 -0.70 na na None
Zalaris ASA Oslo 63 1.10 na na Annual
Outokumpu Oyj Helsinki 52 0.00 na na Annual
Jyske Bank A/S Copenhagen na 20.68 na 0.00 Irreg
BLUENORD ASA Oslo 925 7.93 954 8.10 na
Arise AB Stockholm 64 0.71 na na Irreg
Axactor ASA Oslo 33 0.02 31 0.02 na
Anora Group Oyj Helsinki 11 -0.03 na na Annual
Crayon Group Holding ASA Oslo 151 0.10 213 0.40 na
Gaming Innovation Group Inc Oslo 17 0.04 na na None
Ultimovacs ASA Oslo 267 5.25 na na na
Next Biometrics Group AS Oslo na na na na None
8
DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2023
3 mai 2024
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2023
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Odfjell SE 0.63 USD Semi-annual 13-Feb 21-Feb
Arendals Fossekompani A/S 1.00 NOK Semi-Anl 13-Feb 21-Feb
DNO ASA 0.25 NOK Quarter 15-Feb 26-Feb
Rana Gruber 4.27 NOK Quarter 19-Feb 29-Feb
Avance Gas Holding Ltd 0.65 USD Quarter 20-Feb 29-Feb
Klaveness Combination Carriers 0.35 USD Quarter 21-Feb 7-Mar
Flex LNG 0.75 USD Quarter 22-Feb 5-Mar
Belships ASA 0.60 NOK Irreg 22-Feb 1-Mar
Stainless Tankers 0.23 USD None 22-Feb 1-Mar
Standard Supply 2.75 NOK Irreg 23-Feb 4-Mar
Mowi ASA 1.90 NOK Quarter 23-Feb 4-Mar
Odfjell Technology 0.63 NOK Quarter 23-Feb 6-Mar
Odfjell Drilling Ltd 0.06 USD Irreg 1-Mar 14-Mar
Borr Drilling Ltd 0.05 USD Quarter 1-Mar 18-Mar
BW LPG 9.48 NOK Quarter 5-Mar 22-Mar
AMSC ASA 0.05 USD Quarter 6-Mar 15-Mar
Panoro Energy ASA 0.43 NOK Quarter 8-Mar 21-Mar
Okeanis Eco Tankers 0.66 USD Quarter 8-Mar 22-Mar
Treasure ASA 0.75 NOK Annual 8-Mar 10-May
Cool Company Ltd 0.41 USD Quarter 8-Mar 18-Mar
Golden Ocean Group Ltd 0.30 USD Quarter 12-Mar 25-Mar
Frontline 0.37 USD Quarter 14-Mar 27-Mar
TietoEVRY Oyj 0.75 EUR Semi-Anl 14-Mar 3-Apr
SpareBank 1 Nord Norge 7.00 NOK Semi-Anl 15-Mar 4-Apr
Holand og Setskog Sparebank 7.00 NOK Annual 15-Mar 27-Mar
Awilco LNG 1.00 NOK Quarter 18-Mar 3-Apr
MPC Container Ships AS 0.13 USD Quarter 19-Mar 26-Mar
Aurskog Sparebank 15.00 NOK Annual 21-Mar 3-Apr
Gjensidige Forsikring ASA 8.75 NOK Annual 21-Mar 5-Apr
Drangedal Sparebank 7.00 NOK Annual 21-Mar 5-Apr
Sparebank1 Helgeland 10.77 NOK Annual 21-Mar 5-Apr
Romsdal Sparebank 7.63 NOK Annual 21-Mar 4-Apr
Skue Sparebank 17.00 NOK Annual 21-Mar 2-Apr
SpareBank 1 Ringerike Hadeland 20.00 NOK Annual 21-Mar 2-Apr
Scana ASA 0.05 NOK Annual 21-Mar 3-Apr
Romerike Sparebank 9.50 NOK Annual 21-Mar 3-Apr
Sparebanken Vest 7.50 NOK Annual 22-Mar 4-Apr
Sparebanken Øst 5.40 NOK Annual 22-Mar 5-Apr
Sunndal Sparebank 7.50 NOK Annual 22-Mar 9-Apr
Melhus Sparebank 12.50 NOK Annual 22-Mar 3-Apr
Sparebank 1 Østlandet 7.80 NOK Annual 22-Mar 3-Apr
Sparebanken Sør 10.00 NOK Annual 22-Mar 4-Apr
Sparebank 1 Østfold Akershus 21.50 NOK Annual 22-Mar 2-Apr
SpareBank 1 SMN 12.00 NOK Annual 22-Mar 3-Apr
Totens Sparebank 14.57 NOK Annual 22-Mar 4-Apr
Sparebank 68 Nord 12.00 NOK Annual 22-Mar 9-Apr
Nidaros Sparebank 5.67 NOK Annual 22-Mar 5-Apr
Bien Sparebank 4.92 NOK Annual 22-Mar 4-Apr
Ecit 0.06 NOK Annual 22-Mar 8-Apr
Tysnes Sparebank 6.22 NOK Annual 22-Mar 8-Apr
Aasen Sparebank 9.00 NOK Annual 22-Mar 4-Apr
Sparebanken Møre 7.50 NOK Annual 4-Apr 12-Apr
SpareBank 1 Nordmøre 7.00 NOK Annual 4-Apr 11-Apr
Storebrand ASA 4.10 NOK Annual 5-Apr 16-Apr
Pareto Bank ASA 3.90 NOK Annual 5-Apr 15-Apr
Jæren Sparebank 16.00 NOK Annual 5-Apr 18-Apr
North Energy 0.10 NOK Annual 11-Apr 17-Apr
River Tech 2.50 NOK Irreg 11-Apr 23-Apr
Sandnes Sparebank 7.50 NOK Annual 11-Apr 19-Apr
Multiconsult ASA 8.00 NOK Annual 12-Apr 22-Apr
Borregaard ASA 3.75 NOK Annual 12-Apr 22-Apr
Pexip Holding ASA 1.10 NOK Annual 15-Apr 23-Apr
2020 Bulkers 1.79 USD Monthly 16-Apr 24-Apr
Eqva 0.20 NOK Irreg 16-Apr 23-Apr
Noram Drilling 0.04 USD Monthly 16-Apr 22-Apr
Lea Bank 0.55 NOK Annual 18-Apr 29-Apr
Sogn Sparebank 15.00 NOK Annual 18-Apr 30-Apr
Aker ASA 15.50 NOK Annual 18-Apr 29-Apr
Himalaya Shipping 0.03 USD Monthly 18-Apr 3-May
Sparebank1 Sørøst-Norge 3.88 NOK Annual 19-Apr 26-Apr
SpareBank 1 SR-Bank ASA 7.50 NOK Annual 19-Apr 18-Apr
Orkla ASA 6.00 NOK Annual 19-Apr 3-May
ABG Sundal Collier Holding ASA 0.50 NOK Annual 19-Apr 29-Apr
Stolt-Nielsen Ltd 1.50 USD Semi-Anl 24-Apr 8-May
Medistim ASA 4.50 NOK Annual 25-Apr 6-May
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets
9
DNB Markets | UTBYTTEOVERSIKT – estimert eks. & utbetalingsdato 2023
3 mai 2024
UTBYTTEOVERSIKT – ESTIMERT EKS. & UTBETALINGSDATO 2023
Forventet
Selskap Utbytte Valuta Utbyttefrekvens Eks. dato Utbetaling
Elmera Group 2.30 NOK Annual 25-Apr 6-May
TOMRA Systems ASA 1.95 NOK Annual 26-Apr 10-May
Kitron ASA 0.75 NOK Semi-Anl 26-Apr 16-May
Selvaag Bolig ASA 1.00 NOK Semi-Anl 26-Apr 8-May
Gram Car Carriers 9.00 NOK Quarter 26-Apr 2-May
Aker BP ASA 0.60 USD Quarter 29-Apr 8-May
Omda 0.48 NOK Annual 29-Apr 10-May
Hoegh Autoliners ASA 6.28 NOK Quarter 29-Apr 8-May
Schibsted ASA 2.00 NOK Annual 29-Apr 8-May
Vår Energi 1.19 NOK Quarter 29-Apr 8-May
DNB ASA 16.00 NOK Annual 30-Apr 8-May
Bakkafrost P/F 8.70 DKK Annual 2-May 21-May
Europris ASA 3.25 NOK Annual 2-May 13-May
Protector Forsikring ASA 2.00 NOK Irreg 2-May 10-May
Cambi ASA 1.00 NOK Annual 3-May 16-May
Wilh Wilhelmsen Holding ASA 10.00 NOK Semi-Anl 3-May 31-May
Norbit ASA 2.55 NOK Annual 7-May 16-May
Polaris Media ASA 1.00 NOK Annual 8-May 16-May
Norsk Hydro ASA 2.50 NOK Annual 8-May 21-May
Kongsberg Gruppen ASA 7.00 NOK Semi-Anl 8-May 29-May
Veidekke ASA 7.90 NOK Annual 8-May 22-May
Smartoptics Group ASA 0.50 NOK Annual 10-May 22-May
Norconsult ASA 1.20 NOK Annual 14-May 24-May
Equinor ASA 0.35 USD Quarter 15-May 28-May
Deep Value Driller 3.00 NOK Irreg 15-May 31-May
Elopak 1.46 NOK Annual 15-May 28-May
AF Gruppen ASA 3.50 NOK Semi-Anl 16-May 27-May
Olav Thon Eiendomsselskap ASA 7.00 NOK Annual 16-May 29-May
Kid ASA 3.50 NOK Semi-Anl 21-May 31-May
Webstep AS 1.00 NOK Annual 21-May 30-May
Atea ASA 3.50 NOK Semi-Anl 22-May 28-May
Wallenius Wilhelmsen ASA 0.68 USD Semi-Anl 22-May 29-May
Bouvet ASA 2.60 NOK Quarter 23-May 7-Jun
Itera ASA 0.40 NOK Semi-Anl 23-May 7-Jun
Bonheur ASA 6.00 NOK Annual 24-May 4-Jun
B2Impact ASA 0.70 NOK Annual 24-May 3-Jun
Yara International ASA 5.00 NOK Irreg 29-May 6-Jun
ABL Group 0.40 NOK Semi-Anl 30-May 17-Jun
Eidesvik Offshore ASA 0.25 NOK Annual 31-May 10-May
Reach Subsea ASA 0.36 NOK Annual 3-Jun 11-Jun
Vistin Pharma ASA 0.50 NOK Semi-Anl 5-Jun 18-Jun
Salmar ASA 35.00 NOK Annual 7-Jun 20-Jun
Grieg Seafood ASA 1.75 NOK Annual 20-Jun 27-Jun
Pioneer Property 2.50 NOK Quarter 28-Jun 10-Jul
Kilder: Selskaper, Newsweb, Bloomberg, Infront, DNB Markets
10
DNB Markets |
3 mai 2024
DNB ANBEFALINGER OG ESTIMATER
DNB KJØPSANBEFALINGER OG OPPSIDE TIL KURSMÅL ANBEFALINGER OG NEDSIDE I FORHOLD TIL KURSMÅL
Circio Holding -65.5 % BerGenBio
Vicore Pharma -39.5 % Ultimovacs
Nykode Therapeutics 131.5 % -36.5 % Elmera Group
Vow 116.8 % -32.4 % Nel
Shelf Drilling 113.2 % -30.6 % Tomra
Stillfront Group 108.5 % -30.3 % AF Gruppen
Sinch 103.6 %
Kambi 95.2 % -29.6 % YIT
OX2 88.2 % -27.4 % Husqvarna
ChemoMetec 81.0 % -27.2 % Selvaag Bolig
BioArctic 79.5 % -26.3 % Norsk Hydro
Netel Group Holding 70.3 % -21.5 % Lyko Group
Norske Skog 65.7 % -19.3 % Wallenstam
Alligator Bioscience 64.8 % -17.0 % Sagax
Borr Drilling 62.0 % -16.5 % Jm Ab
Shelf Drilling North Sea 60.7 % -15.7 % Telenor
PhotoCure 59.9 % -14.3 % Peab
SSAB 58.2 % -12.3 % Crayon
Archer 56.6 % -10.5 % Lundbergs
Valaris 56.1 % -9.9 % Citycon
VEF 54.2 %
-9.9 % Autostore
Storytel 52.9 %
Edda Wind 52.8 % -8.0 % Hufvudstaden
Loomis 50.0 % -4.4 % Scatec
Surgical Science 48.3 % -0.6 % A. P. Møller Mærsk
Gentian Diagnostics 47.7 % 0.0 %
BW Offshore 44.9 % 0.0 %
Securitas 44.9 % 0.0 %
Alvotech 44.7 % 0.0 %
Svenska Handelsbanken 44.3 % 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
30% Höegh Autoliners ASA BUY
25% Avance Gas BUY
MPC Container Ships HOLD
20% BlueNord BUY
Wallenius Wilhelmsen ASA BUY
15% Panoro Energy BUY
10% BW LPG BUY
Cool Company BUY
5% Hafnia BUY
Dorian LPG HOLD
0% Vår Energi BUY
Western Bulk Chartering BUY
Svenska Handelsbanken BUY
Klaveness Combination CarrieBUrsY
Sparebanken Øst HOLD
Kilde: DNB Markets, FactSet, Bloomberg
11
DNB Markets |
3 mai 2024
UKESPORTEFØLJE ANBEFALTE AKSJER
Selskap Dato inn Kurs inn Utbytte Kurs %Uke Avkast. % % YTD Anbefaling Kursmål
Aker BP 2. jan. 299.5 6.3 268 -4.0 -8.4 Kjøp 290
Protector 29. apr. 225.9 223 -1.5 -1.5 Kjøp 270
BW LPG 12. feb. 131.8 9.5 161 0.7 29.5 Kjøp 196
Vår Energi 25. mar. 35.6 1.2 36 2.0 4.4 Kjøp 40
DOF Group 12. feb. 60.4 82 -0.8 35.8 Kjøp 85
Mowi 2. jan. 184.3 1.9 194 -0.2 6.1 Kjøp 235
Storebrand 2. jan. 90.6 4.1 107 0.2 22.1 Kjøp 125
Sparebank1 SR-Bank 2. jan. 128.5 7.5 135 2.9 10.7 Kjøp 158
Equinor 18. mar. 280.4 299 -0.8 6.7 Hold 300
Höegh Autoliners 8. apr. 99.8 113 9.3 12.9 Kjøp 161
Endring portefølje 0.8 11.2
Endring OSEBX Indeks 2. jan. 1315.4 1364.5 0.0 3.7
*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 - 2024
Sektor Selskap Dato inn Kurs anb. Utbytte Kurs Avkastn. % Anbefaling Kursmål
Sjømat Austevoll Seafood 5. jan. 75.7 88.0 16.3 Kjøp 108
Mowi 5. jan. 185.6 193.6 4.3 Kjøp 235
Arctic Fish 5. jan. 61.5 56.5 -8.1 Kjøp 80
Salmon Evolution 5. jan. 7.2 7.3 1.0 Kjøp 9.9
IT / Teknologi Ericsson 5. jan. 62.9 55.9 -11.1 Kjøp 70
Fortnox 5. jan. 55.0 62.1 13.0 Kjøp 85
Atea 5. jan. 128.0 141.0 10.2 Kjøp 180
Truecaller 5. jan. 33.6 36.3 7.9 Kjøp 46
Byggfakta 5. jan. 35.3 51.9 47.0 Hold 52
Energi / Shipping Panoro 5. jan. 26.9 28.5 5.8 Kjøp 41
Shelf Drilling 5. jan. 30.8 18.8 -39.1 Kjøp 40
Vår Energi 5. jan. 33.3 36.0 7.9 Kjøp 40
Archer 5. jan. 0.8 1.0 23.1 Kjøp 1.6
Odfjell 5. jan. 119.5 175.2 46.6 Kjøp 193
Wilh. Wilhelmsen 5. jan. 360.0 390.0 8.3 Kjøp 555
Finans Sparebank1 SR-Bank 5. jan. 127.3 134.8 5.9 Kjøp 158
Storebrand 5. jan. 91.0 106.5 17.0 Kjøp 125
Swedbank 5. jan. 207.3 209.2 0.9 Kjøp 265
Forbruker Essity 5. jan. 254.7 275.6 8.2 Kjøp 330
EMBRACB SS Equity Embracer 5. jan. 26.3 27.3 4.1 Kjøp 38
Scandic Hotels 5. jan. 45.0 58.2 29.3 Kjøp 75
Entrepenør / RådgivningNRC Group 5. jan. 11.4 12.4 8.8 Kjøp 15
Norconsult 5. jan. 23.3 28.7 23.2 Kjøp 31.5
Helse Ultimovacs 5. jan. 129.0 6.6 -94.9 Selg 4
Ossur 5. jan. 27.9 29.3 5.2 Kjøp 39
Nykode Therapeutics 5. jan. 19.6 13.4 -31.6 Kjøp 31
Industri ISS 5. jan. 125.7 122.8 -2.3 Kjøp 171
Loomis 5. jan. 270.8 283.4 4.7 Kjøp 425
Kemira 5. jan. 16.6 21.1 27.4 Kjøp 23
Epiroc 5. jan. 194.1 204.6 5.4 Kjøp 230
Securitas 5. jan. 96.4 109.1 13.2 Kjøp 158
Råvarer Yara 5. jan. 364.3 313.2 -14.0 Kjøp 425
Norske Skog 5. jan. 40.2 36.2 -9.9 Kjøp 60
UPM 5. jan. 34.1 33.3 -2.4 Kjøp 45
Kilde: DNB Markets, Infront, Bloomberg
12
DNB Markets | aksjekurser og relevante markedspriser (I NOK), siste 2 år
3 mai 2024
AKSJEKURSER OG RELEVANTE MARKEDSPRISER (I NOK), SISTE 2 ÅR
90 40,000 700 10,000
80 35,000 600 9,000
70 30,000 8,000
60 500 7,000
25,000 6,000
50 400
K 20,000 K 5,000
O 40 O 300
N 15,000 N 4,000
30 3,000
20 10,000 200
2,000
10 5,000 100 1,000
0 0 0 0
mai jul sep nov jan mar mai jul sep nov jan mar mai mai jul sep nov jan mar mai jul sep nov jan mar mai
NHY ALUM LME (NOK) YAR CAN (NOK)
450 1,200 450 1,200
400 400
1,000 1,000
350 350
300 800 300 800
250 250
600 K 600
OK 200 O 200
N N
150 400 150 400
100 100
200 200
50 50
0 0 0 0
mai jul sep nov jan mar mai jul sep nov jan mar mai mai jul sep nov jan mar mai jul sep nov jan mar mai
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
25,000 3,000
KO 80 OK 200
N 20,000 N 2,000
60 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 mai jul sep nov jan mar mai jul sep nov jan mar mai
GOGL Baltic Dry Index (NOK) EQNR Naturgass (NOK)
400 120.0 100 2,400
350 90 2,200
100.0 2,000
300 80
250 80.0 1,800
70 1,600
K 200 60.0 K 1,400
O NO 60
N 150 1,200
40.0 50
100 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
3 mai 2024
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2024 2025 2024 2025 2024 2025
2020 Bulkers 2020 NO HOLD NOK 174 150.0 1.37 1.25 11.5x 12.6x 9.7x 10.3x
A. P. Møller Mærsk MAERSKB DC SELL DKK 9,662 9,600 -104.42 -242.17 -13.3x -5.7x 3.9x 8.1x
ABB ABB SS BUY SEK 537.8 595.0 2.13 2.45 20.7x 18.9x 13.6x 12.3x
AcadeMedia AB ACAD SS BUY SEK 50.8 63.0 6.24 7.74 7.0x 5.9x 10.2x 8.7x
Addnode ANODB SS NO REC SEK 114.1 3.46 4.13 33.0x 27.6x 15.5x 14.1x
Adevinta ADE NO HOLD NOK 113.6 115.0 0.21 0.29 48.6x 35.6x 17.6x 14.5x
AF Gruppen AFG NO SELL NOK 143.4 100.0 7.33 7.90 19.6x 18.2x 8.6x 7.6x
AFRY AFRY SS BUY SEK 175.0 203.0 12.35 15.07 14.2x 11.6x 7.9x 7.0x
Agilyx AGLX NO BUY NOK 29.7 40.0 -0.14 -0.09 -18.9x -30.9x
Airthings AIRXME NO BUY NOK 3.2 4.0 -0.01 0.01 -33.6x 37.1x -269.7x 10.3x
Aker ASA AKER NO BUY NOK 612.0 870.0
Aker Biomarine AKBM NO BUY NOK 69.0 75.0 -0.17 0.01 -37.0x 605.0x 11.4x 9.6x
Aker BP AKRBP NO BUY NOK 268.2 290.0 3.15 2.91 7.7x 8.3x 1.6x 1.5x
Aker Horizons AKH NO NO REC NOK 3.1
Aker Solutions AKSO NO HOLD NOK 41.7 40.0 6.50 5.06 6.4x 8.2x 4.8x 4.8x
AKVA group AKVA NO HOLD NOK 65.8 70.0 1.42 2.94 46.4x 22.4x 10.9x 8.3x
Alfa Laval ALFA SS BUY SEK 469.0 540.0 19.16 23.61 24.5x 19.9x 14.5x 11.9x
Alimak ALIG SS HOLD SEK 101.8 102.0 4.71 6.67 20.3x 15.8x 10.1x 8.5x
ALK-Abello ALKB DC BUY DKK 131.0 145.0 4.02 5.12 32.7x 23.3x 22.2x 15.6x
Alligator Bioscience ATORX SS BUY SEK 0.9 1.5 -0.33 -0.32 -2.8x -2.9x -3.0x -3.0x
Alligo ALLIGOB SS BUY SEK 125.0 180.0 10.28 12.36 10.9x 9.2x 6.2x 5.3x
Alvotech ALVO US BUY USD 14.5 21.0 -0.21 0.53 -86.0x 27.5x 139.5x 20.8x
Ambea AMBEA SS BUY SEK 62.5 76.0 5.71 6.98 9.2x 7.7x 6.5x 5.9x
Ambu AMBUB DC BUY DKK 113.0 130.0 1.55 2.53 72.9x 44.7x 30.5x 21.3x
AMSC ASA AMSC NO HOLD NOK 30.8 23.3 0.05 0.07 60.3x 40.4x 7.8x 7.7x
Archer ARCH NO BUY NOK 1.0 1.6 0.01 0.02 7.4x 4.2x 3.8x 3.0x
Arctic Bioscience ABS NO HOLD NOK 10.5 10.0 -1.20 -1.99 -6.0x -4.2x
Arctic Fish AFISH NO BUY NOK 56.5 80.0 0.16 0.40 30.0x 11.9x 11.0x 7.8x
Arise AB ARISE SS NO REC SEK 38.5 2.53 7.93 15.2x 8.2x 2.6x
Arjo ARJOB SS BUY SEK 46.1 58.0 2.48 3.29 17.5x 13.6x 7.8x 6.5x
Aros Bostad AROS SS HOLD SEK 26.2 28.0 -0.83 1.23 -31.7x 21.2x 57.5x 23.0x
Assa Abloy ASSAB SS BUY SEK 294.4 345.0 14.07 15.59 20.9x 18.9x 12.6x 11.3x
Atea ATEA NO BUY NOK 141.0 180.0 9.62 11.33 14.7x 12.4x 6.5x 5.4x
Atlantic Sapphire ASA NO NO REC NOK 1.0 -0.05 0.00 -1.8x 103.3x -4.3x 9.9x
Atlas Copco ATCOA SS HOLD SEK 193.1 195.0 6.49 6.73 29.5x 28.5x 18.6x 17.9x
Atrium Ljungberg ATRLJB SS HOLD SEK 197.4 200.0 9.76 8.36 17.9x 18.9x 24.7x 24.3x
Aurora Eiendom AURA NO BUY NOK 81.0 110.0 6.98 7.87 10.2x 9.1x 13.7x 13.0x
Austevoll Seafood AUSS NO BUY NOK 88.0 108.0 9.64 11.69 9.1x 7.5x 7.1x 6.1x
Autoliv ALIV SS BUY SEK 1327.2 1600.0 10.03 12.64 12.1x 9.6x 7.1x 6.1x
Autostore AUTO NO SELL NOK 15.5 14.0 0.05 0.06 24.7x 20.9x 17.1x 14.4x
Avance Gas AGAS NO BUY NOK 160.4 168.0 3.71 1.16 6.8x 12.5x 5.7x 9.2x
Avanza Bank AZA SS HOLD SEK 242.8 257.0 14.37 13.46 16.9x 18.0x
Axactor ACR NO BUY NOK 4.9 6.8 0.09 0.10 4.7x 4.1x
Axfood AXFO SS BUY SEK 282.7 330.0 13.00 14.01 21.8x 20.3x 9.4x 8.3x
B2Impact B2I NO BUY NOK 8.7 10.5 1.12 1.11 7.8x 7.8x
Bakkafrost BAKKA NO HOLD NOK 647.0 590.0 21.61 24.57 18.9x 16.6x 9.9x 8.9x
Balder BALDB SS HOLD SEK 70.8 67.0 4.35 4.63 14.3x 13.0x 26.1x 24.7x
Beijer Ref BEIJB SS HOLD SEK 152.4 156.0 4.50 5.18 33.9x 29.4x 18.5x 16.8x
Benchmark Holdings Plc BMK NO BUY NOK 6.8 7.0 -1.52 1.10 110.7x 20.9x 12.0x 8.1x
BerGenBio BGBIO NO SELL NOK 0.1 0.1 -0.07 -0.08 -2.2x -1.8x -1.6x -1.7x
Bergman & Beving BERGB SS BUY SEK 225.5 200.0 7.68 9.41 20.8x 19.0x 11.2x 10.4x
Betsson BETSB SS BUY SEK 123.2 170.0 1.42 1.58 7.4x 6.7x 4.3x 3.7x
Better Collective BETCO SS NO REC SEK 288.5 0.90 1.34 27.6x 18.4x 12.1x 9.2x
Bilia AB BILIA SS BUY SEK 137.2 148.0 11.47 14.13 12.0x 9.7x 6.2x 4.9x
Billerud BILL SS BUY SEK 91.9 130.0 6.66 10.85 13.8x 8.5x 5.2x 4.0x
BioArctic BIOAB SS BUY SEK 195.0 350.0 0.35 8.55 553.5x 22.8x 538.4x 16.7x
BlueNord BNOR NO BUY NOK 560.0 630.0 5.91 9.23 8.6x 5.5x
Boliden BOL SS BUY SEK 353.4 420.0 30.72 36.58 11.5x 9.7x 6.2x 5.2x
Bonava BONAVB SS HOLD SEK 9.6 9.5 -0.08 -0.56 -124.1x -17.1x 25.2x 2246.4x
Bonesupport BONEX SS NO REC SEK 229.2 2.46 4.76 93.0x 48.1x 85.2x 37.5x
Bonheur BONHR NO BUY NOK 257.0 275.0 9.96 22.36 25.8x 11.5x 4.1x 2.8x
Boozt BOOZT SS HOLD SEK 122.5 135.0 4.75 5.58 26.9x 22.9x 11.2x 9.8x
Borr Drilling BORR NO BUY NOK 58.7 95.0 0.53 0.73 10.0x 7.3x 6.1x 5.0x
Borregaard BRG NO BUY NOK 188.8 200.0 9.41 10.29 20.1x 18.3x 10.8x 10.3x
Kilde: DNB Markets, FactSet, Bloomberg
14
DNB Markets | DNB anbefalingER og estimater
3 mai 2024
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2024 2025 2024 2025 2024 2025
Bravida BRAV SS BUY SEK 76 97.0 6.12 7.00 12.5x 10.9x 6.9x 5.6x
Bredband2 BRE2 SS NO REC SEK 2.0 0.10 0.12 19.5x 16.7x
Bufab BUFAB SS HOLD SEK 339.0 375.0 15.62 18.11 21.7x 18.7x 15.2x 13.8x
BW Energy BWE NO BUY NOK 28.85 33.0 1.10 1.01 2.4x 2.6x 1.4x 1.6x
BW LPG BWLPG NO BUY NOK 161.2 196.0 2.20 1.20 7.1x 12.1x 4.1x 5.1x
BW Offshore BWO NO BUY NOK 27.6 40.0 2.85 0.43 0.9x 5.8x 2.6x 4.3x
Byggfakta Group BFG SS HOLD SEK 51.9 52.0 0.93 1.74 55.6x 29.8x 14.0x 11.7x
Cadeler CADLR NO BUY NOK 51.3 72.0 0.04 0.45 119.9x 9.7x 9.1x 4.3x
Calliditas TherapeuticsCALTX SS NO REC SEK 108.7 19.84 63.02 6.1x 1.9x 4.2x 0.6x
Cambi CAMBI NO BUY NOK 15.6 20.0 1.00 1.03 15.6x 15.1x 7.6x 6.7x
Camurus CAMX SS BUY SEK 494.4 550.0 6.04 14.08 81.9x 35.1x 72.0x 29.2x
Carasent CARA NO NO REC NOK 18.6
Cargotec CGCBV FH BUY EUR 74.1 88.0 4.62 5.85 13.6x 12.2x 8.3x 7.4x
Carlsberg CARLB DC BUY DKK 925.00 1110.0 53.52 60.44 17.3x 15.3x 9.1x 8.1x
Castellum CAST SS BUY SEK 134.15 136.0 8.17 8.37 14.4x 13.9x 20.5x 19.4x
Catella CATB SS BUY SEK 29.7 35.0 2.32 3.62 25.4x 8.7x
Catena CATE SS BUY SEK 491.0 515.0 15.26 18.27 23.6x 22.3x 24.0x 22.0x
ChemoMetec CHEMM DC BUY DKK 290 525.0 8.80 10.77 32.9x 26.9x 21.4x 16.9x
Circio Holding CRNA NO BUY NOK 2.4 120.0 11.95 -3.73 4.1x -15.1x
Citycon CTY1S FH SELL EUR 3.884 3.5 0.31 0.30 9.6x 9.5x 19.0x 17.8x
Cloudberry CLOUD NO HOLD NOK 9.05 9.0 0.56 0.56 16.1x 16.1x
Coloplast COLOB DC BUY DKK 841.2 1050.0 24.34 29.09 34.3x 28.9x 22.8x 19.4x
Cool Company CLCO NO BUY NOK 121.1 155.0 2.21 1.67 5.3x 6.5x 6.8x 6.6x
Coor Service ManagementCOOR SS BUY SEK 46.98 59.0 3.83 4.83 9.7x 8.3x 6.7x 6.0x
Corem COREB SS HOLD SEK 8.4 9.5 0.33 0.36 13.5x 12.5x 18.5x 17.8x
Crayon CRAYN NO SELL NOK 85.5 75.0 5.01 7.06 14.6x 10.8x 7.4x 5.7x
Danske Bank DANSKE DC BUY DKK 203.0 237.0 26.46 29.70 7.5x 6.8x
Demant DEMANT DC BUY DKK 325 400.0 14.29 17.27 22.7x 18.8x 13.3x 11.4x
DHT Holdings DHT US BUY USD 11.8 12.7 1.32 1.99 8.9x 5.9x 5.8x 4.3x
Diamond Offshore DO US BUY USD 12.29 16.0 0.21 1.93 59.5x 6.4x 8.8x 4.3x
DNB DNB NO NO REC NOK 194.3 25.43 23.89 7.6x 8.1x
DNO DNO NO BUY NOK 10.34 12.0 0.08 0.09 11.2x 10.8x 0.9x 0.6x
DOF Group DOFG NO BUY NOK 82 85.0 1.17 1.63 6.3x 4.6x 4.8x 3.6x
Dolphin Drilling DDRIL NO NO REC NOK 5.96
Dometic DOM SS BUY SEK 78.3 100.0 3.79 6.42 20.3x 12.2x 8.8x 6.7x
Dorian LPG LPG US HOLD USD 41.1 41.8 8.22 4.45 4.6x 9.0x 4.3x 6.8x
DSV DSV DC BUY DKK 982.2 1400.0 53.82 64.55 18.2x 15.2x 10.9x 10.0x
Eagle Bulk Shipping EGLE US HOLD USD 62.6 58.0 1.06 -0.02 59.3x -3951.5x 10.0x 12.2x
Edda Wind EWIND NO BUY NOK 22.9 35.0 0.00 0.26 -6587.8x 7.3x 16.8x 8.5x
Electrolux ELUXB SS HOLD SEK 91.8 98.0 -0.73 8.51 -124.3x 10.8x 6.3x 4.9x
Electrolux Professional EPROB SS HOLD SEK 71 72.0 2.89 3.46 24.6x 20.5x 13.1x 11.3x
Elekta EKTAB SS HOLD SEK 77 82.0 4.63 5.33 16.6x 14.4x 8.8x 8.0x
Elektroimportøren ELIMP NO HOLD NOK 9.1 10.0 0.14 0.80 66.1x 11.4x 5.2x 3.8x
Elisa ELISA FH HOLD EUR 41.9 45.0 2.34 2.52 17.3x 16.5x 10.3x 10.0x
Elkem ELK NO HOLD NOK 19.1 20.0 0.82 2.01 23.3x 9.5x 5.3x 4.7x
Elmera Group ELMRA NO SELL NOK 33.05 21.0 1.50 1.86 14.5x 13.5x 5.3x 4.9x
Elopak ELO NO HOLD NOK 34.1 34.0 0.22 0.25 13.2x 11.7x 6.2x 5.4x
Embla Medical EMBLA DC BUY DKK 29.3 39.0 0.23 0.24 18.3x 17.3x 12.4x 10.5x
Embracer Group EMBRACB SS BUY SEK 27.33 38.0 1.81 2.48 6.2x 5.8x
Enea ENEA SS NO REC SEK 63.1 4.45 4.81 14.2x 13.1x 3.5x 2.9x
Entra ENTRA NO HOLD NOK 102.2 105.0 -1.15 5.93 16.0x 14.2x 20.0x 18.8x
Epiroc EPIA SS BUY SEK 204.6 230.0 7.76 8.96 25.8x 22.8x 15.6x 13.5x
Episurf Medical EPISB SS NO REC SEK 0.4 -0.15 -0.10 -2.5x -3.9x -4.3x -5.7x
Equinor EQNR NO HOLD NOK 299.2 300.0 3.63 4.19 7.8x 6.7x
Ericsson ERICB SS BUY SEK 55.9 70.0 4.68 6.21 9.1x 7.4x 4.3x 3.5x
Essity ESSITYB SS BUY SEK 275.6 330.0 27.28 19.99 15.2x 13.8x 7.8x 7.1x
Euronav EURN US HOLD USD 17.0 17.9 3.38 1.86 12.5x 9.1x 4.6x 3.3x
Europris EPR NO BUY NOK 66.7 80.0 4.94 6.02 13.5x 11.1x 6.6x 5.2x
Evolution EVO SS BUY SEK 1206.5 1700.0 5.45 6.45 18.6x 15.8x 14.2x 11.6x
Fabege FABG SS HOLD SEK 86.95 85.0 0.27 3.59 20.1x 18.4x 25.5x 23.7x
Flex LNG FLNG NO BUY NOK 292.8 340.0 2.75 2.65 9.6x 10.0x 9.3x 9.5x
FLSmidth FLS DC BUY DKK 350 400.0 16.09 27.03 16.4x 12.9x 7.9x 7.1x
Fortnox FNOX SS BUY SEK 62.1 85.0 1.24 1.67 49.8x 37.2x 32.0x 24.1x
Frontline FRO NO BUY NOK 266.0 278.0 3.12 3.63 8.8x 6.6x 6.9x 5.8x
GARO GARO SS HOLD SEK 31.25 30.0 1.08 2.55 28.9x 12.3x 13.8x 7.5x
Genco Shipping & TradingGNK US BUY USD 21.76 22.5 1.66 0.97 13.1x 22.3x 6.9x 8.6x
Genmab GMAB DC BUY DKK 1946.0 2630.0 70.33 83.17 27.7x 23.4x 17.6x 13.2x
Gentian Diagnostics GENT NO BUY NOK 38.6 57.0 0.50 0.88 77.6x 44.0x 36.2x 22.0x
Getinge GETIB SS BUY SEK 231.9 255.0 10.10 12.14 21.7x 18.7x 9.7x 8.3x
Kilde: DNB Markets, FactSet, Bloomberg
15
DNB Markets |
3 mai 2024
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2024 2025 2024 2025 2024 2025
Gjensidige Forsikring GJF NO BUY NOK 179 197.0 11.12 12.93 16.1x 13.9x
GN Group GN DC BUY DKK 208.6 250.0 8.62 10.91 24.2x 19.1x 12.9x 10.5x
Golar LNG GLNG US BUY USD 25 31.0 1.90 2.00 14.2x 12.9x 7.9x 6.6x
Golden Ocean GOGL NO HOLD NOK 160.95 142.0 0.84 0.27 17.5x 54.3x 9.8x 13.1x
Grieg Seafood GSF NO BUY NOK 70.35 80.0 4.34 7.06 16.0x 9.9x 8.5x 6.7x
Hafnia HAFNI NO BUY NOK 84.4 92.0 1.51 1.09 5.0x 7.0x 4.7x 6.2x
Hennes & Mauritz HMB SS BUY SEK 172 200.0 8.78 10.77 19.6x 16.0x 7.6x 6.6x
Hexagon HEXAB SS BUY SEK 114.7 140.0 0.42 0.48 20.9x 18.4x 12.7x 11.3x
Hexagon Composites HEX NO NO REC NOK 16.56
Hexagon Purus HPUR NO HOLD NOK 5.01 6.0 -2.67 -1.56 -1.9x -3.2x -8.3x 124.2x
Hexatronic AB HTRO SS NO REC SEK 32.6 1.89 3.09 17.3x 10.6x 7.7x 5.8x
Hexpol HPOLB SS HOLD SEK 124.4 140.0 7.76 7.91 16.0x 15.7x 10.4x 9.8x
Himalaya Shipping HSHP NO BUY NOK 91.7 88.0 0.64 0.73 12.9x 11.3x 4.0x 3.6x
HMS Networks HMS SS BUY SEK 404.8 540.0 8.91 13.38 45.4x 30.3x 27.4x 19.6x
Holmen HOLMB SS HOLD SEK 432.2 450.0 18.65 23.27 23.2x 18.6x 13.8x 11.8x
Hufvudstaden HUFVA SS SELL SEK 130.4 120.0 4.71 4.94 23.7x 22.6x 24.0x 23.1x
Huhtamaki HUH1V FH BUY EUR 36.1 47.0 2.24 2.65 14.1x 12.5x 7.9x 7.5x
Humana HUM SS HOLD SEK 29.8 30.0 4.28 6.11 6.0x 4.8x 5.7x 5.1x
Husqvarna HUSQB SS SELL SEK 86.8 63.0 5.13 6.10 16.9x 14.2x 8.6x 7.7x
Höegh Autoliners ASA HAUTO NO BUY NOK 112.60 161.0 2.79 2.78 3.5x 3.7x 3.5x 3.5x
IAR Systems IARB SS SEK 149.0 11.52 7.97 12.4x 17.4x 8.9x 7.8x
Ice Fish Farm IFISH NO BUY NOK 26.8 32.0 1.60 2.86 16.8x 9.4x 8.6x 6.2x
Icelandic Salmon ISLAX NO BUY NOK 140.0 185.0 0.51 1.28 23.4x 9.3x 10.5x 5.7x
Industrivärden INDUC SS HOLD SEK 351.7 380.0
Instalco AB INSTAL SS BUY SEK 39.1 52.0 2.18 2.75 18.6x 14.8x 8.9x 7.8x
Investor INVEB SS BUY SEK 269.8 290.0
Invisio IVSO SS NO REC SEK 237 5.22 6.80 45.4x 34.8x 28.4x 22.0x
ISS ISS DC BUY DKK 122.8 171.0 15.48 19.00 8.4x 6.9x 5.6x 4.9x
Itab Shop Concept ITAB SS SEK 18.9 1.43 1.59 13.2x 11.9x 5.9x 5.2x
Jm Ab JM SS SELL SEK 185.7 155.0 6.55 10.11 32.0x 18.4x 45.0x 34.2x
Kahoot KAHOT NO SELL NOK 34.7 35.0 0.07 0.09 44.7x 34.1x 19.6x 13.7x
Kambi KAMBI SS BUY SEK 97.4 190.0 0.46 0.65 13.1x 10.0x 3.4x 2.7x
Kemira KEMIRA FH BUY EUR 21.12 23.0 1.65 1.64 12.4x 12.8x 6.2x 6.2x
Kesko KESKOB FH HOLD EUR 16.02 17.0 1.13 1.20 14.2x 13.3x 7.6x 7.6x
Kindred Group KINDSDB SS HOLD SEK 123.7 130.0 71.97 90.48 11.8x 9.5x 7.7x 6.2x
Kinnevik KINVB SS BUY SEK 114.2 135.0
Kitron KIT NO BUY NOK 28.8 40.0 0.23 0.28 10.4x 8.5x 6.8x 5.6x
Klaveness Combination CKCarriCers NO BUY NOK 107.4 124.0 1.41 0.86 6.9x 11.3x 5.6x 7.2x
KMC Properties KMCP NO HOLD NOK 7.4 8.0 0.45 0.37 18.7x 17.0x 15.2x 14.2x
Kojamo KOJAMO FH HOLD EUR 10.6 11.0 0.55 0.54 16.2x 16.5x 23.1x 22.2x
Komplett KOMPL NO HOLD NOK 9.3 10.0 0.09 1.15 99.4x 8.1x 4.6x 2.9x
Kone KNEBV FH HOLD EUR 45.6 46.0 2.02 2.16 22.5x 21.1x 13.7x 12.8x
Konecranes KCR FH BUY EUR 49.2 55.0 3.69 4.03 12.4x 12.2x 7.7x 7.1x
Kongsberg Gruppen KOG NO HOLD NOK 792 780.0 26.41 29.62 30.0x 26.7x 19.0x 17.0x
Lagercrantz LAGRB SS NO REC SEK 163.5 5.13 5.70 31.9x 28.7x 17.9x 16.6x
Latour LATOB SS HOLD SEK 268 285.0
Lerøy Seafood LSG NO BUY NOK 48.86 52.0 4.08 4.71 12.0x 10.4x 6.4x 5.4x
Lime Technologies LIME SS HOLD SEK 323.0 340.0 7.16 9.09 45.0x 35.6x 20.7x 17.5x
Lindab International LIAB SS BUY SEK 216.2 250.0 11.64 13.96 18.6x 15.5x 9.8x 7.5x
Loomis LOOMIS SS BUY SEK 283.4 425.0 27.24 31.83 10.2x 8.9x 4.5x 4.0x
Lundbeck HLUNB DC BUY DKK 33.5 44.0 3.33 3.81 10.1x 8.8x 4.5x 3.4x
Lundbergs LUNDB SS SELL SEK 542.0 485.0
Lyko Group LYKOA SS SELL SEK 121 95.0 -0.24 1.55 -511.2x 77.9x 12.3x 11.0x
Media & Games Invest M8G SS NO REC SEK 19.4 0.10 0.28 11.5x 5.4x 4.7x 3.6x
Medistim MEDI NO HOLD NOK 181.0 190.0 5.87 6.46 30.8x 28.0x
Metsa Board METSB FH HOLD EUR 6.8 7.7 0.38 0.76 18.1x 9.0x 9.4x 6.1x
Metso METSO FH BUY EUR 10.7 13.0 0.66 0.75 16.2x 14.3x 9.6x 8.5x
Millicom TIGO SS BUY SEK 228.2 275.0 2.01 3.61 7.4x 4.9x 4.0x 3.5x
Momentum Group MMGRB SS HOLD SEK 144.4 135.0 3.80 4.24 31.1x 28.1x 18.4x 16.8x
Mowi MOWI NO BUY NOK 193.6 235.0 1.22 1.47 13.4x 11.1x 7.0x 5.8x
MPC Container Ships MPCC NO HOLD NOK 17.7 14.6 0.43 0.04 3.8x 38.1x 2.8x 6.5x
MTG MTGB SS BUY SEK 94.0 120.0 4.46 6.30 12.6x 10.4x 5.4x 4.8x
Multiconsult MULTI NO BUY NOK 143.0 160.0 10.13 10.91 13.7x 12.7x 5.4x 4.8x
Måsøval MAS NO BUY NOK 30.3 39.0 2.92 3.29 10.4x 9.2x 6.0x 4.7x
Kilde: DNB Markets, FactSet, Bloomberg
16
DNB Markets |
3 mai 2024
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2024 2025 2024 2025 2024 2025
NCAB NCAB SS HOLD SEK 68.6 72.0 2.16 2.5x 31.8x 27.1x 20.2x 17.8x
Ncc NCCB SS BUY SEK 131.8 150.0 13.99 13.0x 9.4x 10.2x 5.9x 5.4x
Nel NEL NO SELL NOK 5.2 3.5 -0.29 -0.1x -17.9x -83.9x -20.5x -55.9x
Netel Group Holding NETEL SS BUY SEK 14.7 25.0 2.17 2.8x 6.2x 4.9x 4.9x 3.8x
New Wave Group NEWAB SS BUY SEK 100.5 120.0 8.40 9.4x 12.0x 10.6x 8.1x 6.9x
Nibe Industrier NIBEB SS HOLD SEK 50.0 50.0 0.81 1.54 43.4x 32.4x 19.6x 16.6x
Nobia NOBI SS HOLD SEK 4.7 5.0 -0.63 0.17 -20.3x 28.5x 8.1x 5.3x
Noble NE US BUY USD 43.7 60.0 3.44 5.54 12.7x 7.9x 6.4x 4.2x
Nokia NOKIA FH HOLD EUR 3.4 3.3 0.28 0.25 9.6x 9.9x 4.0x 3.9x
Nokian Tyres TYRES FH HOLD EUR 8.0 9.0 0.25 0.56 17.6x 11.9x 6.9x 5.8x
Nolato NOLAB SS BUY SEK 54.4 57.0 2.46 3.0x 22.1x 17.9x 10.4x 8.8x
Norconsult NORCO NO BUY NOK 28.7 31.5 1.06 2.1x 15.2x 13.2x 6.4x 5.4x
Nordea NDA SS BUY SEK 127.7 169.0 1.50 1.4x 7.3x 7.7x
Nordic Paper Holding NPAPER SS BUY SEK 56.1 65.0 6.34 6.9x 8.8x 8.2x 6.6x 6.3x
Nordic Semiconductor NOD NO HOLD NOK 123.0 113.0 0.05 0.3x 233.6x 41.6x 32.8x 15.5x
Nordnet SAVE SS BUY SEK 196.1 220.0 11.44 10.62 17.6x 18.9x
Norion Bank NORION SS BUY SEK 41.0 53.0 5.85 6.22 7.0x 6.6x
Norsk Hydro NHY NO SELL NOK 67.8 50.0 4.85 4.83 12.7x 14.0x 6.3x 6.7x
Norske Skog NSKOG NO BUY NOK 36.22 60.0 -1.34 4.83 -25.7x 7.5x 6.4x 4.3x
Norva24 NORVA SS BUY SEK 27 34.0 1.19 1.43 17.9x 15.4x 8.1x 7.2x
Norwegian Air Shuttle NAS NO BUY NOK 14.6 21.0 2.21 2.2x 6.3x 6.8x 2.1x 1.6x
Novo Nordisk NOVOB DC BUY DKK 873.1 1100.0 23.76 29.33 36.8x 29.8x 27.4x 22.3x
Novonesis NSISB DC BUY DKK 389.3 440.0 1.24 1.7x 35.6x 28.5x 19.1x 16.7x
NRC Group NRC NO BUY NOK 12.4 15.0 0.72 1.39 14.7x 8.2x 4.7x 3.8x
NTG NTG DC BUY DKK 277.5 355.0 17.19 19.3x 16.1x 14.4x 8.8x 8.1x
Nyfosa NYF SS HOLD SEK 96.4 100.0 3.75 5.14 18.4x 16.9x 18.3x 17.5x
Nykode Therapeutics NYKD NO BUY NOK 13.4 31.0 -0.15 -0.2x -8.2x -7.1x
Odfjell Drilling ODL NO BUY NOK 51.3 65.0 0.29 0.76 15.8x 6.1x 4.8x 3.1x
Odfjell SE ODF NO BUY NOK 175.2 193.0 3.37 3.5x 4.7x 4.6x 3.8x 3.4x
Odfjell Technology OTL NO BUY NOK 61.4 80.0 7.79 8.99 7.9x 6.8x 3.3x 2.6x
OKEA OKEA NO HOLD NOK 25.2 28.0 5.57 7.6x 4.5x 3.3x
Olav Thon OLT NO BUY NOK 225.0 250.0 17.41 18.40 12.2x 11.5x 13.3x 12.6x
OMDA OMDA NO BUY NOK 36.0 40.0 0.78 1.7x 20.2x 13.8x 9.0x 7.6x
Oncopeptides ONCO SS NO REC SEK 2.915 -0.80 -0.49 -3.7x -5.9x -1.6x -3.5x
Orkla ORK NO HOLD NOK 75.6 81.0 5.99 6.6x 12.6x 11.5x 9.6x 8.8x
Otovo OTOVO NO HOLD NOK 1.3 2.6 -1.25 -1.03 -1.0x -1.2x -2.6x -6.0x
OX2 OX2 SS BUY SEK 39.9 75.0 4.12 6.4x 9.7x 6.2x 6.5x 3.0x
Pacific Drilling PACD US NO REC USD 0.0
Pagero PAGERO SS NO REC SEK 49.0 -1.28 0.0x -38.2x -1937.2x 251.9x 33.6x
Pandora PNDORA DC BUY DKK 1149.5 1400.0 67.21 80.91 17.1x 14.2x 9.7x 8.3x
Pandox PNDXB SS HOLD SEK 172.6 175.0 8.92 8.2x 18.0x 16.7x 17.9x 16.9x
Panoro Energy PEN NO BUY NOK 28.5 41.0 0.84 0.94 3.1x 2.7x 1.3x 0.6x
Paradox Interactive PDX SS BUY SEK 164.1 260.0 7.53 9.3x 21.8x 17.7x 9.0x 7.6x
Pareto Bank PARB NO BUY NOK 56.7 68.0 8.30 8.71 6.8x 6.5x
Peab PEABB SS SELL SEK 67.7 58.0 3.54 3.9x 19.1x 17.2x 9.0x 9.0x
PGS PGS NO HOLD NOK 8.3 8.8 0.04 0.07 17.8x 11.4x 2.6x 2.5x
PhotoCure PHO NO BUY NOK 54.4 87.0 0.66 2.9x 81.8x 18.6x 27.7x 9.4x
Physitrack PTRK SS NO REC SEK 14 0.04 0.20 20.7x 5.9x 4.2x 3.1x
Prosafe PRS NO NO REC NOK 35.6
Protector PROT NO BUY NOK 222.5 270.0 20.38 18.97
Rana Gruber RANA NO BUY NOK 82.1 90.0 11.16 12.6x 7.4x 6.5x 4.4x 3.6x
Resurs Holding RESURS SS BUY SEK 16.34 18.0 2.25 4.23 7.9x 4.0x
Rockwool ROCKB DC BUY DKK 2292.0 2500.0 18.45 20.6x 16.2x 14.9x 8.2x 7.3x
Royal Unibrew RBREW DC BUY DKK 514.5 625.0 26.05 28.30 19.8x 18.2x 11.7x 10.7x
Rusta RUSTA SS HOLD SEK 76.0 80.0
Safe Bulkers SB US BUY USD 5 5.6 0.87 0.51 5.8x 9.9x 5.4x 6.7x
Sagax SAGAB SS SELL SEK 277.0 230.0 9.85 10.37 24.6x 23.3x 34.6x 32.7x
SalMar SALM NO HOLD NOK 667 690.0 31.20 43.34 21.4x 15.4x 11.2x 8.2x
Salmon Evolution SALME NO BUY NOK 7.3 9.9 0.06 0.22 129.6x 32.6x 27.6x 19.0x
Salmones Camanchaca SACAM NO HOLD NOK 23.4 30.0 0.29 0.31 7.2x 6.8x 4.9x 4.2x
Sampo Oyj SAMPO FH BUY EUR 37.7 47.0 2.39 2.58
Sandnes Sparebank SADG NO HOLD NOK 98.6 104.0 10.09 10.70 9.8x 9.2x
Sandvik SAND SS HOLD SEK 218.9 245.0 10.91 13.71 17.6x 16.0x 10.2x 9.2x
Sats SATS NO BUY NOK 17.5 21.0 1.58 1.94 11.1x 9.0x 5.0x 4.6x
SBB Norden SBBB SS NO REC SEK 4.2 0.62 0.55 5.9x 6.5x 36.8x 35.1x
Kilde: DNB Markets, FactSet, Bloomberg
17
DNB Markets | DNB anbefalingER og estimater
3 mai 2024
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2024 2025 2024 2025 2024 2025
SCA SCAB SS BUY SEK 162.7 190.0 6.57 9.20 24.7x 17.7x 15.0x 11.6x
Scandic Hotels SHOT SS BUY SEK 58.2 75.0 5.72 6.5x 10.2x 9.0x 4.9x 4.5x
Scatec SCATC NO SELL NOK 75.4 72.0 4.75 3.69 15.9x 20.4x
Schibsted SCHA NO HOLD NOK 318.20 320.0 3.56 7.3x 80.2x 43.7x 24.7x 20.0x
Scorpio Tankers STNG US BUY USD 69.31 83.0 12.31 8.34 5.6x 8.3x 4.3x 5.2x
Sdiptech SDIPB SS NO REC SEK 279.00 12.76 14.5x 21.9x 19.2x 11.4x 10.7x
Seadrill SDRL NO BUY NOK 525.5 600.0 2.39 5.24 19.8x 9.1x 9.1x 5.3x
SEB SEBA SS BUY SEK 144.55 192.0 17.00 16.3x 8.5x 8.7x
Securitas SECUB SS BUY SEK 109.05 158.0 10.08 12.66 9.2x 8.0x 6.4x 5.6x
Sedana Medical SEDANA SS NO REC SEK 22.15 -0.88 -0.3x -25.3x -81.7x -30.1x -195.6x
Selvaag Bolig SBO NO SELL NOK 34.35 25.0 2.34 1.72 14.7x 20.0x 20.2x 26.7x
SFL Corporation Ltd SFL US HOLD USD 13.26 12.0 1.05 0.9x 11.9x 13.3x 7.6x 7.5x
Shelf Drilling SHLF NO BUY NOK 18.76 40.0 0.10 0.60 17.6x 2.8x 4.4x 3.1x
Shelf Drilling North Sea SDNS NO BUY NOK 28.00 45.0 -0.33 0.3x -7.8x 7.4x 25.8x 5.4x
Sinch SINCH SS BUY SEK 25.54 52.0 -0.10 0.90 8.9x 7.4x 6.9x 5.5x
Sivers Semiconductors SIVE SS NO REC SEK 6.57 -0.63 0.0x -10.4x 266.0x -69.6x 20.5x
Skanska SKAB SS BUY SEK 194.05 225.0 13.51 13.78 14.2x 13.9x 10.4x 9.6x
SKF SKFB SS HOLD SEK 229.70 250.0 15.10 16.8x 14.0x 13.0x 6.7x 6.3x
Skistar SKISB SS BUY SEK 151.3 160 7.18 6.96 21.1x 21.7x 9.9x 9.6x
Smart Eye SEYE SS NO REC SEK 79.00 -5.65 -1.4x -13.9x -55.1x -56.9x 29.2x
Smartoptics SMOP NO BUY NOK 19.15 21 0.09 0.12 18.5x 14.1x 11.6x 9.3x
SpareBank 1 Helgeland HELG NO HOLD NOK 127.00 134 14.86 14.2x 8.5x 8.9x
Sparebank 1 SMN MING NO BUY NOK 145.74 161 16.23 15.97 9.0x 9.1x
SpareBank 1 Sørøst-NorgeSOON NO HOLD NOK 67.10 68 5.87 5.6x 11.4x 12.0x
SpareBank 1 Østlandet SPOL NO BUY NOK 134.98 140 14.31 14.77 9.4x 9.1x
SpareBank1 Nord-Norge NONG NO BUY NOK 100.74 115 12.47 11.8x 8.1x 8.5x
SpareBank1 SR-Bank SRBNK NO BUY NOK 134.8 158 12.59 14.76 10.7x 9.1x
Sparebanken Møre MORG NO HOLD NOK 85.00 92 9.59 9.0x 8.9x 9.5x
Sparebanken Sør SOR NO BUY NOK 144.24 162 17.91 16.95 8.1x 8.5x
Sparebanken Vest SVEG NO BUY NOK 124.80 139 14.39 13.8x 8.7x 9.0x
Sparebanken Øst SPOG NO HOLD NOK 52.19 53 6.07 5.52 8.6x 9.5x
SSAB SSABA SS BUY SEK 63.22 100 9.88 11.3x 6.4x 5.6x 2.6x 2.2x
Star Bulk SBLK US BUY USD 24.55 25 2.18 1.73 11.3x 14.2x 7.1x 7.7x
Stillfront Group SF SS BUY SEK 11.03 23 0.99 1.4x 3.8x 3.4x 3.5x 2.9x
Stolt-Nielsen SNI NO BUY NOK 481 555 7.23 6.55 6.1x 6.6x 4.8x 4.7x
Stora Enso STERV FH BUY EUR 12.86 17 0.57 1.0x 22.6x 12.3x 9.9x 7.2x
Storebrand STB NO BUY NOK 106.5 125 10.17 9.03 9.8x 10.9x
Storskogen STORB SS BUY SEK 6.03 9 0.45 0.6x 6.3x 5.3x 5.0x 4.1x
Storytel STORYb SS BUY SEK 49.06 75 0.65 2.72 39.6x 18.0x 8.3x 6.2x
Subsea 7 SUBC NO BUY NOK 182.00 225 0.73 1.3x 5.9x 4.2x
Surgical Science SUS SS BUY SEK 155.1 230 3.89 5.85 39.8x 26.5x 26.6x 18.2x
Svenska Handelsbanken SHBA SS BUY SEK 95.64 138 12.94 11.9x 7.4x 8.1x
Sweco SWECB SS BUY SEK 118.1 137 6.08 6.92 19.4x 17.1x 12.6x 11.3x
Swedbank SWEDA SS BUY SEK 209.20 265 19.25 25.6x 7.4x 8.2x
Swedish Orphan BiovitrumSOBI SS BUY SEK 280 335 8.99 15.88 31.1x 17.6x 11.3x 9.0x
Systemair SYSR SS HOLD SEK 74.50 78 3.42 3.7x 21.8x 20.3x 10.9x 9.9x
Teekay Tankers TNK US BUY USD 57.61 74 12.95 11.43 4.6x 5.0x 2.8x 2.4x
Tele2 TEL2b SS BUY SEK 103.15 110 5.30 5.7x 14.1x 13.5x 9.2x 9.0x
Telenor TEL NO SELL NOK 130.5 110 8.22 9.06 15.2x 13.9x 6.9x 6.3x
Telia Company TELIA SS BUY SEK 25.04 33 1.43 2.0x 14.7x 11.1x 5.9x 5.4x
TF Bank TFBANK SS BUY SEK 209 224 21.79 30.20 9.6x 6.9x
TGS TGS NO HOLD NOK 122.70 130 1.18 1.3x 9.5x 8.8x 1.8x 1.4x
The Kingfish Company KING NO HOLD NOK 6.6 9 -0.13 -0.02 -4.4x -22.9x -78.6x 11.6x
TietoEVRY TIETO FH SELL EUR 17.97 19 1.66 1.8x 8.3x 7.8x 5.0x 4.3x
Tobii Dynavox TDVOX SS NO REC SEK 56.3 1.53 2.75 37.0x 20.6x
Tokmanni TOKMAN FH BUY EUR 14.42 17 1.19 1.5x 11.9x 9.3x 6.4x 5.7x
Tomra TOM NO SELL NOK 136.8 95 3.60 5.27 38.0x 26.0x 15.0x 12.1x
Topdanmark TOP DC HOLD DKK 293.00 320 14.58 16.3x
Transocean RIG US HOLD USD 5.27 6 -0.22 0.28 -24.1x 19.0x 9.1x 6.5x
Transtema TRANS SS NO REC SEK 13.74 1.57 1.8x 8.7x 7.6x 2.7x 2.2x
Trelleborg TRELB SS HOLD SEK 389.8 395 17.30 19.21 21.6x 19.5x 13.2x 11.5x
Truecaller TRUEB SS BUY SEK 36.28 46 1.51 2.2x 24.0x 16.5x 15.5x 10.7x
Tryg TRYG DC BUY DKK 137.9 185 8.12 8.92 14.8x 13.6x
Ultimovacs ULTI NO SELL NOK 6.61 4 -6.18 -4.1x -1.1x -1.6x 0.6x -0.1x
Kilde: DNB Markets, FactSet, Bloomberg
18
DNB Markets | DNB anbefalingER og estimater
3 mai 2024
DNB ANBEFALINGER OG ESTIMATER
Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA
2024 2025 2024 2025 2024 2025
UPM UPM FH BUY EUR 33.3 45.0 2.53 3.34 13.1x 10.0x 8.4x 6.7x
Valaris VAL US BUY USD 64.1 100.0 2.21 7.9x 29.0x 8.1x 10.7x 5.4x
Valmet VALMT FH BUY EUR 23.2 30.0 1.79 2.14 11.9x 10.6x 7.0x 7.3x
VEF VEFAB SS BUY SEK 2.27 3.5
Veidekke VEI NO HOLD NOK 114.6 120.0 8.46 8.98 13.5x 12.8x 5.4x 4.7x
Vestas Wind Systems VWS DC BUY DKK 179.20 242.0 0.56 1.2x 42.8x 20.7x 14.7x 9.5x
Viaplay Group VPLAYB SS SELL SEK 0.7936 1.0 -0.07 0.07 -11.3x 11.4x 35.1x 6.3x
Vicore Pharma VICO SS BUY SEK 18.88 70.0 -0.89 -2.5x -21.1x -7.6x -18.3x -6.7x
Vimian VIMIAN SS BUY SEK 30.35 40.0 0.06 0.14 38.9x 18.1x 15.5x 10.2x
Vitec VITB SS NO REC SEK 521.00 18.04 21.4x 48.0x 39.7x 17.6x 15.4x
Vitrolife VITR SS BUY SEK 165.60 210.0 3.85 4.70 43.1x 35.2x 19.8x 17.6x
Volvo VOLVB SS BUY SEK 277.50 340.0 26.34 27.9x 10.5x 10.0x 5.2x 4.9x
Volvo Cars VOLCARB SS HOLD SEK 34.06 39.0 7.01 6.08 4.7x 5.4x 1.6x 1.6x
Vow VOW NO BUY NOK 6.92 15.0 0.77 0.9x 9.0x 8.1x 6.8x 5.9x
Vår Energi VAR NO BUY NOK 35.96 40.0 0.34 0.57 9.5x 5.7x
Wallenius Wilhelmsen ASAWAWI NO BUY NOK 114.60 159.0 2.33 2.7x 4.5x 3.8x 3.2x 2.5x
Wallenstam WALLb SS SELL SEK 49.54 40.0 1.43 1.36 31.8x 27.7x 32.9x 31.5x
Western Bulk Chartering WEST NO BUY NOK 26.20 32.0 0.39 0.4x 6.0x 6.1x 3.2x 3.1x
Wihlborgs WIHL SS BUY SEK 94.5 105 4.44 4.66 20.9x 19.6x 20.3x 19.2x
Wilh. Wilhelmsen HoldingWWI NO BUY NOK 390.00 555 10.17 11.8x 3.5x 3.0x 10.2x 8.6x
Wärtsilä WRT1V FH BUY EUR 17.695 20 0.81 0.97 21.7x 18.2x 12.3x 11.0x
Xbrane Pharma XBRANE SS NO REC SEK 0.21 2.8x -1.7x
XVIVO Perfusion XVIVO SS BUY SEK 370.5 468 2.44 5.56 152.0x 66.6x 70.6x 33.3x
XXL ASA XXL NO NO REC NOK 0.76 -0.20 0.0x -3.7x 20.2x 5.6x 2.5x
Yara YAR NO BUY NOK 313.2 425 2.34 3.23 11.3x 8.8x 4.7x 4.2x
YIT YIT FH SELL EUR 1.99 1 -0.06 0.0x -11.9x 299.6x 25.7x 14.3x
Yubico YUBICO SS BUY SEK 191.6 275 4.49 5.96 42.7x 32.1x 30.6x 22.6x
Ørsted ORSTED DC HOLD DKK 391.80 405 16.83 19.7x 23.3x 19.9x
AAK AAK SS BUY SEK 284.8 295 12.88 12.85 21.6x 22.2x 13.0x 12.7x
Kilde: DNB Markets, FactSet, Bloomberg
19
DNB Markets |
3 mai 2024
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 10.45 1.0 % 1 EUR 2.0 % 0.0 % 4.7 % -4.6 % 9.10 11.95 2.3
AIK Fotboll AIKB 1.67 -0.3 % 1 SEK -1.2 % 1.2 % 4.4 % -0.6 % 1.40 1.95 0.0
SC Braga SCB 14.10 0.0 % 0 EUR 0.0 % 0.0 % 11.9 % -41.3 % 12.50 24.00 0.2
Besiktas Futbol BJKAS 42.84 -10.0 % 643 TRY -40.8 % -32.6 % 0.0 % 256.7 % 10.85 89.75 3.5
Borussia Dortmund BVB 3.86 5.0 % 460 EUR 4.6 % 11.3 % 7.1 % -9.5 % 3.32 5.93 5.0
Brøndby IF BIFB 0.76 1.3 % 180 DKK 1.9 % 3.0 % 39.7 % 66.7 % 0.42 0.77 5.1
Celtic FC CCP 132.50 0.0 % na GBp -1.9 % 3.1 % 11.8 % 3.9 % 115.00 135.00 1.7
CF Intercity CITY 0.04 5.8 % na EUR -1.1 % -51.7 % -67.5 % -76.4 % 0.03 0.31 0.0
Birmingham Sports 2309 3.24 0.9 % na HKD -1.8 % -11.2 % 45.9 % 376.5 % 0.33 4.56 3.7
FC København PARKEN 118.50 0.0 % 4 DKK 3.0 % -6.7 % -11.6 % 17.3 % 93.80 161.00 9.4
FC Porto FCP 1.35 0.0 % 0 EUR 3.8 % 17.4 % 15.4 % 27.4 % 1.00 1.35 0.4
Galatasaray Sportif GSRAY 8.62 -2.2 % 47,169 TRY -8.3 % 27.1 % 36.8 % 99.2 % 3.89 2,810.00 3.2
Juventus Football JUVE 1.81 2.4 % 894 EUR 4.6 % -16.9 % -17.6 % -25.1 % 1.67 3.19 8.1
Manchester United MANU 15.81 -1.3 % 549 USD -1.6 % 13.1 % -22.4 % -21.5 % 13.50 26.64 28.3
Olympique Lyonnais EFG 2.10 -0.9 % 2 EUR 0.0 % -1.4 % 5.5 % -28.8 % 1.77 3.01 4.4
SL Benfica SLBEN 2.86 -0.3 % 0 EUR 1.4 % 1.4 % -0.7 % -23.3 % 2.62 3.99 0.8
Sporting Club SCP 1.04 2.0 % 1 EUR 8.9 % 4.5 % 5.6 % 32.5 % 0.65 1.04 2.5
SS Lazio SSL 0.67 1.2 % 86 EUR 3.1 % 1.5 % -14.8 % -37.4 % 0.60 1.14 0.5
Trabzonspor Sportif TSPOR 2.06 -1.4 % 135,224 TRY 10.8 % 47.1 % 27.8 % 61.7 % 1.23 3.60 1.7
Skistar SKISB 151.30 -1.8 % 34 SEK -0.2 % -4.0 % 26.4 % 12.5 % 98.10 161.90 12.0
Vail Resorts MTN 193.50 1.2 % 506 USD -2.8 % -15.0 % -9.4 % -18.8 % 188.43 258.13 81
Cie des Alpes CDA 13.70 0.6 % 31 EUR -2.8 % 0.0 % -3.0 % -5.4 % 11.80 15.50 8.2
Spotlio SPOT 0.27 -5.0 % 209 NOK -6.3 % -36.4 % 5.6 % -12.2 % 0.18 0.47 0.1
Heineken HEIA 90.58 -0.8 % 806 EUR -2.0 % 2.8 % -1.5 % -13.4 % 81.54 106.30 615
Carlsberg CARLB 925.00 -1.2 % 200 DKK -2.4 % -1.5 % 9.2 % -17.9 % 809.00 1,148.00 211
Anheuser-Busch ABI 55.98 -0.3 % 1,268 EUR -0.1 % 0.2 % -4.2 % -3.5 % 49.17 61.25 1,332
Molson Coors TAP 57.80 1.3 % 2,793 USD -8.0 % -15.2 % -5.6 % -11.0 % 55.67 70.90 135
Royal Unibrew RBREW 514.50 -1.8 % 126 DKK -2.7 % 12.8 % 14.1 % -17.1 % 413.80 647.40 41
Kilde: Bloomberg, DNB Markets
20
DNB Markets | DISCLAIMER
3 mai 2024
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21