SKAGEN Vekst. Statusrapport - mars 2014

Transkript

1 SKAGEN Vekst Statusrapport - mars 24

2 Hovedtrekk mars 24 SKAGEN Vekst* oppnådde i mars en avkastning på,4 prosent, mens fondets referanseindeks falt i verdi med,3 prosent (MSCI Nordic og MSCI ACWI ex Nordic). Så langt i år er SKAGEN Vekst opp 4,8 prosent, mot referanseindeksens,6 prosent. De største positive bidragsyterne i mars var Hexagon ASA, Orange, Statoil, Kia Motors og Danske Bank, mens REC Silicon, Sberbank, DOF, Hurtigruten og Solstad Offshore var de største bidragsyterne med negativt fortegn. Fondet økte postene i Casino, Kinnevik, Volvo og Sberbank. Nye selskaper i porteføljen var Philips, Sistema og Sodastream. Innehavene i Kongsberg Gruppen og REC Solar ble redusert, mens Norwegian Car Carriers ble solgt ut av porteføljen. Basert på forventet inntjening fra selskapene i år prises SKAGEN Vekst til en P/E på 9,5, mot 5,3 for referanseindeksen. De respektive tallene for pris i forhold til bokført egenkapital er,6 mot 2,. For 24 og 25 forventer vi at selskapene i porteføljen viser en inntjeningsvekst på mer enn 2 prosent, som tilsier at det er rom for positiv kursutvikling - uavhengig av om verdsettelsesmultiplene øker eller ei. * Om ikke annet er sagt er alle avkastningstall i rapporten for klasse A etter honorarer. 2

3 Viktige begivenheter som påvirket utviklingen i mars Geopolitisk uro fra Ukraina og Russland førte til ytterligere økning i risikopremiene for russiske aksjer. Diplomatiske samtaler på høyt nivå i slutten av mars gjorde investorene litt mindre nervøse. Både aksjekurser og den russiske rubelen snudde opp igjen. Rubelen er faktisk oppe på et høyere nivå enn før urolighetene startet. Det russiske aksjemarkedet er hittil i år ned prosent, målt i lokal valuta. Verdsettelsen av russiske børsnoterte selskaper er nå, på papiret, veldig attraktiv. Sagt med andre ord, investorene krever fortsatt en høy risikopremie. I dagene det stormet som verst på Moskva-børsen økte vi eksponeringen i Sberbank, og kjøpte oss inn igjen i Sistema, til en aksjekurs på under 2 USD. Da vi solgte oss ut av selskapet i fjor høst var aksjekursen over 3 prosent høyere. Nye resultattall fra selskapene støttet trenden vi har observert tidligere i denne rapporteringssesongen. Inntektsveksten er beskjeden, men kostnadene holdes nede og forholdet mellom gjeld og kontantbeholdning utvikler seg stadig bedre. Guidingen for 24 viser en beskjeden inntektsvekst, men fortsatt god lønnsomhet. Hvis økonomisk aktivitet tar seg opp, og selskapenes inntekter øker, vil en stor del ende opp på regnskapets bunnlinje. Og resultatet kan bli bedre enn hva analytikerne i dag forventer. 3

4 Avkastning mars 24 A Mars. kvartal 23 år 3 år 5 år år SKAGEN Vekst A,4% 4,8% 25,% 26,5% 4,6% 5,6%,% Referanseindeks* -,3%,6% 28,6% 2,3% 9,9% 2,5%,5% Meravkastning,7% 3,3% -3,6% 6,2% -5,3% -4,9% -,5% Note: Alle avkastningstall ut over 2 måneder er annualisert (geometrisk avkastning) * Startdato: desember Referanseindeks før..2 var OSEBX - Referanseindeks før..24 var MSCI AC World/OSEBX 4

5 Årlig avkastning siden start (%)* SKAGEN Vekst har gjort det bedre enn indeks* i av 2 år SKAGEN Vekst* (NOK) Benchmark Index (NOK) Hittil i år * Startdato: desember Referanseindeks før..2 var OSEBX - Referanseindeks før..24 var MSCI AC World/OSEBX 5

6 Markedsutvikling i mars 24 (%) Tyrkia Brasil India Mexico Indonesia Thailand Sør-Afrika Singapore Vekstmarkedsindeksen Spania Kina (Hong Kong) Canada Norge Taiwan Sør-Korea Nederland USA (S&P 5) Belgia SKAGEN Vekst A Verdensindeksen Sverige MSCI Nordic/MSCI AC ex. Nordic Japan Frankrike Danmark Finland Tyskland Kina (lokal) Hong Kong Polen Østerrike USA (Nasdaq) Storbritannia Russland

7 Markedsutvikling. kvartal 24 (%) Indonesia Danmark India Thailand SKAGEN Vekst A Spania Sør-Afrika Tyrkia Norge Sverige MSCI Nordic/MSCI AC ex. Nordic Frankrike Brasil Canada USA (S&P 5) Polen Singapore Finland Verdensindeksen Taiwan Nederland USA (Nasdaq) Tyskland Storbritannia Vekstmarkedsindeksen Østerrike Sør-Korea Hong Kong Mexico Kina (lokal) Japan Kina (Hong Kong) Ungarn Russland

8 Største bidragsytere, mars 24 Største positive bidragsytere Selskap NOK (m) Hexagon ASA 28 Orange 25 Statoil 2 Kia Motors 2 Danske Bank 8 Royal Caribbean Cruises 6 Teva Pharmaceuticals 3 Kongsberg Gruppen Royal Unibrew 9 Casino 9 Største negative bidragsytere Selskap NOK (m) REC Silicon -6 Sberbank -5 DOF -3 Hurtigruten -2 Solstad Offshore - REC Solar - Stolt-Nielsen -8 Norwegian Air Shuttle -7 Sevan Drilling -7 Korea Re -6 Total verdiskapning i mars 24: NOK 55m Note: Bidrag til absoluttavkastning 8

9 Viktigste bidragsytere så langt i 24 Største positive bidragsytere Selskap NOK (m) Teva Pharmaceutical 98 Norwegian Air Shuttle 94 Royal Caribbean Cruises 76 Danske Bank 55 Statoil 44 REC Silicon 43 Norsk Hydro 39 Continental 33 Orange 25 Kongsberg Gruppen 22 Største negative bidragsytere Selskap NOK (m) Sberbank -42 DOF -26 Bonheur/Ganger Rolf -26 Solstad Offshore -25 Sevan Drilling -8 SAP -7 Korea Re -2 Raffeisen Bank International - LG Corp -9 Wilh Wilhelmsen Holding -7 Total verdiskapning så langt i 24: NOK 458 million Note: Bidrag til absoluttavkastning 9

10 Største poster i SKAGEN Vekst, ultimo mars 24 Weight in Price P/E P/E P/E P/B Target portfolio 23e 24e 25e trailing price Samsung Electronics 7, % 57 5,3 5,2 4,9, 5 Royal Caribbean Cruises Ltd 6,9 % 55 25,3 6,4 2,9,4 75 Teva Pharmaceutical 5,3 % 53,6 3,2,7 2, 65 Continental AG 5, % 75 5,9 4, 2,2 3,9 225 Norsk Hydro 5, % 3-66,3 22, 4,9,9 42 Norwegian Air Shuttle 4,3 % ,8 2,7 7,2 3,2 34 Statoil 4, % 69 3,5,9,6,5 2 Danske Bank A/S 3,7 % 5 2,3 2,8,4, 85 Kia Motors 3,4 % ,3 6,2 5,4,2 Kongsberg Gruppen 3, % 37 3,3 3,2,9 2,5 6 Weighted average 47,7 % 2,8,5 8,9,4 34% Weighted average 35 83,5 % 3, 9,5 7,9,57 45% Reference index 7,7 5,3 3,6 2,9

11 Kjøp og salg mars 24 Kjøp Philips NV (EUR 25) Philips NV er verdensledende innen medisinsk utstyr (scannere), forbrukerapparater og lys. Philips historiske kjerne er lyspærer som varer lenge og over årene har selskapet gått fra lyspærer til å ha mange andre aktiviteter i sin portefølje. I 24 fremstår Philips som mer fokusert enn på mange år og med et klart mål på finansielle prioriteringer for hvordan drive selskapet. Philips har gode vekstdrivere både innen lavenergi LED lys og medisinsk utstyr så vel som god ROIC innen forbrukerapparater. Aksjen handles til en P/E 24(e) på5x og 25(e) på 3x. Sodastream (USD 42) Sodastream er velkjent for sine kullsyremaskiner for brus og mineralvann for privathjem og har en attraktiv forretningsmodell, mye lik Nespresso. Etter en suksessfull periode på 97- og tidlig 98-tallet ble Sodastream kjøpt opp av Cadbury Schweppes og forsvant mer eller mindre fra forbrukernes bevissthet inntil nye eiere gjorde en relansering på midten av 2-tallet. Installert aktiv base av Sodastreammaskiner er 7 millioner enheter og inntektsstrømmen etter salg er veldig marginrik. Vekstpotensialet er betydelig ettersom de kommer fra en liten markedsandel av det totale brusog mineralvannmarkedet. Vekst kjøpte seg inn i selskapet etter at aksjen hadde falt 5 prosent og den handles nå til en P/E 24(e) på 9x og 25 (e) på 6x.

12 Kjøp og salg mars 24 Salg Norwegian Car Carriers (ut) Norwegian Car Carriers er et shippingselskap som kontrollerer skip for biler og annen last med hjul. Selskapet ble solgt ut av Vekst pga. et frivillig tilbud fra en majoritets aksjonær. REC Solar (NOK 92) REC Solar ble skilt ut fra REC i 23 og produserer solenergimoduler i Singapore og betjener kunder i Asia, USA og Europa. Siden utskillelsen i 23 har aksjekursen til REC Solar utviklet seg veldig bra. Ettersom den har nådd verdsettelsesnivåer hvor vi mener at fremtidig verdiskapning stort sett er reflektert i aksjekursen, besluttet vi å redusere vår eksponering. 2

13 Viktigste endringer i 24 Økte poster Reduserte poster Q Casino (ny) Raiffeisen Bank Intl (ny) Toshiba (ny) Kinnevik (ny) SBI Holding (ny) Volvo (ny) Kinnevik (ny) GCL Poly (ny) Air Asia Teva IM Skaugen Kia Motors Sberbank FLS Sistema (ny, men gammel) Philips (ny) Sodastream (ny) Q Olav Thon Eiendom (ut) Baker Hughes (ut) Northern Offshore (ut) RSA Insurance (ut) SAP Continental Karolinska (ut) Proact IT Indosat (ut) DO&CO (ut) PCI Biotech (ut) R Domstein (ut) Remora (ut) Fortum (ut) Norwegian Car Carriers (ut) REC Solar 3

14 Sektor og geografisk fordeling mot indeks (%) Sektorfordeling Energi 8 Råvarer 8 6 Kapitalvarer, service og transport Inntektsavhengige forbruksvarer Defensive konsumvarer 5 8 Medisin 7 Bank og finans Informasjonsteknologi Telekom 3 5 Nyttetjenester Kontanter Geografisk fordeling Asia ex Japan 5 4 EMEA Japan 3 4 Kjerne EU 4 3 Nord Amerika 3 Norge 7 Perifer EU Sør Amerika Oceania 2 Kontanter 2 27 Fond Indeks

15 Nyheter og annet om porteføljeselskaper på engelsk 5

16 Key earnings releases and corporate news, March 24 Supply boat companies (5.8%) Lower capex is trigger for much better cash flow, debt reduction and higher stock prices The supply boat companies on average reported 5-% revenue growth in 23, EBITDA growth of 5% and most importantly a 5% reduction or more in capex/fleet expansion. The outcome of this was much better cash flows and a greatly improved capability to reduce debt hence reducing the financial risk. Solstad (2.5%) has been the most articulate in thinking about shareholders as they raise their dividend from 2.5 NOK to 5. NOK. Net debt was 8.2bn NOK, down.3bn NOK in 23 due to operating cash flow and sale of vessel. Solstad says external valuation of their fleet is 9bn NOK, which compares favorably with the 4.4bn NOK market cap or 3bn NOK enterprise value. DOF (.9%) is still dragging their feet about shareholder friendliness as they continue to buy new boats at market price despite the logic of buying their own shares at substantial discount i.e. buying their own boats at a discount. Net debt was 22bn NOK end 23 and company says it was the peak. Market cap 3.3bn NOK i.e. i relation to Solstad the debt load has a clear impact on valuation. Eidesvik (.6%) used the improved cash flows in 23 to reduce net debt by.3bn NOK to 2.5bn NOK. Market cap is.bn NOK and they will pay out NOK in dividend (same as last year). Siem Offshore (.6%) is seeing net debt peak in 24 as fleet expansion slows down and better EBITDA is effecting net debt levels. Investment case Looking at the group and focusing on their friendliness towards shareholders, Solstad clearly comes out as a Skagen favorite. Since mid 2 s, the Norwegian offshore supply boat industry has expanded aggressively and for shareholders the journey so far has not created much value. However, cash flows can improve significantly if the companies choose to consolidate their financial positions. As such, the upside potential is substantial, but it will only materialize if the companies focus on financial consolidation and cash to shareholders rather than fleet expansion for borrowed money. Solstad serves as a good example on how to manage a good offshore supply boat company, while also taking into consideration their shareholders, financial structure and fleet size. 6

17 Key earnings releases and corporate news, March 24, continued Bonheur/Ganger Rolf (5.%) Drilling weaker, impairment of cruise vessels wind stronger and good dividend support Bonheur/Ganger Rolf reported revenues of NOK 274 mill and EBITDA of NOK 88 mill. Dividend is at NOK 7 (BON) and NOK 8.4 (GRO). Offshore Drilling This segment consists of 5.9% ownership in Fred Olsen Energy (FOE NO). Revenues in Q4 were NOK 84m and EBITDA NOK 74m. It was another solid quarter from FOE, however there was negative news on overruns from the Blackford 5-year survey. As FOE enters an intensive period of yard stays over the next year, failed execution for the Blackford rig is worrying. In addition, we expect FOE to continue to suffer from a general weakening in the rig market. New build Bollsta was delayed from Q5 to Q35. Bolette Dolphin delivered in Feb, (working for Anadarko till mid 28). The dividend is as expected at NOK 2 per share. Renewable Energy FOE owns and operates 5 wind farms in the UK as well as one in Norway. Installed capacity of 428 MW in production. Wind reported record high revenues at NOK 3 mill and EBITDA at NOK 225 mill. Cruise EBITDA was slightly negative in Q4. The UK cruise market is still difficult. Impairment of cruise vessels (4 units) by NOK 4 mill. Shipping/Offshore wind This division consists of two transport and installation vessels for offshore wind turbines, fleet of 8 crew vessels, 5% of Global Wind Service Denmark, 82% of Universal Foundation Denmark and ownership of one Suez max tanker vessel. Revenues in Q4 at NOK 3 mill and EBITDA at zero. Investment case A reasonable report from the twins. Again, very encouraging to see the improvements in Renewable and shipping/offshore wind. Offshore drilling will most likely experience headwinds going forward due to expensive yard stays and rig rates going southeast. However, the conglomerate discount is as usual too high and we expect to see a revaluation of the stocks due to strong earnings growth from Renewable and Offshore Wind. Very strong dividend support. 7

18 Key earnings releases and corporate news, March 24, continued Bank Norwegian (.%) Higher loan growth and steady earnings growth Bank Norwegian reported a Q4 net interest income of NOK 87 mill and total income of NOK 23 mill. PBT at NOK 9m. Net interest margin increased to 9.% and cost/income ratio stable at.42. Cost/income ratio in Norwegian operation at.35. ROE at 35% down from 36%. Non-performing loans to loans stable at 5% and loan loss provisions to average loans also stable at.5%. BN maintained high 2.8% common equity tier ratio. EPS (annualized) at NOK.42. Investment case Bank Norwegian is able to show solid capital generation despite strong loan growth and start-up of Swedish operations. They will not pay any dividends while they can reinvest capital and gain 35% ROE (who would argue?). Listing on Oslo Stock Exchange will be discussed in September, but they are not in a rush. It is a very slim organization and they prefer to focus % on operations. Sweden will be break-even during H2 this year and when they have proven their success in Sweden, they will move on (following the airline, we would guess Denmark and Finland to be next). Priced at 3x book at PE3 at just below x. 8

19 Key earnings releases and corporate news, March 24, continued Orange (.8%) Light at end of the tunnel as French mobile consolidate and cost have come down The core facts: Orange reported 23 revenues of EUR4bn down 6%, EBITDA down 8% at EUR2.6bn and capex down 3% at EUR5.6bn. Net debt is at EUR 3bn and is currently unchanged and the dividend reduced 33% to EUR.6 per share. At a first glimpse of the 23 performance, it s difficult to get optimistic. However, looking at the story in a wider perspective, one can see that value is starting to emerge more clearly in Orange. Since 22 when Iliad launched cheaper mobile tariffs in France the total market has seen ARPU collapse from ~EUR3 to ~EUR2 per month. Subsequently Orange and it s peers have been in a two year cost cutting proces, which will continue until they get in front of the ARPU decline curve. This will likely happen in second half of 24, so cash flows are now stabilizing. In addition, Vivendi is breaking itself up by selling SFR (#2 mobile provider in France after Orange) so the French market is just about to consolidate, which will likely stabilize things further. Finally, Orange has a lot of telco assets in Europe, Africa and former French colonies which will be a good opportunity to reduce debt should they need to. Investment case update 2 through to 24 has been a scale down job for the Orange management team a fine balancing act in France with high unemployment and the French government as main shareholder. Investors have hated this cocktail, but now there s light in end of the tunnel. Assuming Orange can stabilize EBITDA and reduce capex as planned, they will be able to reduce net debt from EUR3bn to EUR2bn and still do 6% pay-out, so the dividend investors in the stock can stay and risk adverse investors will perceive lower risk going forward. Book value per share is EUR, ROE 24 will be around % and with a 9% return requirement it s a EUR2 stock vs EUR today. In 25 the target improves further to EUR4 as the balance between ROE, risk and return requirement gets better. 9

20 Key earnings releases and corporate news, March 24 Statoil (4.%) Realize they need lower cost and will do this by standardize and simplify Statoil held a stakeholder meeting to share challenges and increase understanding for the changes that are the outcome of tighter margins in the oil and gas industry. CEO, Helge Lund, described the development in the oil and gas industry like this, Over the past decade the price of oil has trebled, while the return on capital invested has fallen by a third. Investments have quadrupled as production has declined. Our industry is under pressure and we must respond by making changes. The company said it is intensifying its efforts to standardize, simplify and industrialize in closer cooperation with its suppliers than earlier. Investment case update Statoil recognizes their need for change and that they will have to reduce unit costs and improve ROIC. The stakeholder meeting confirms our investment case cash flows will improve, but apart from the initial effect of skipping the free coffee, the standardization issue will take time to get to the bottom line. Easier said than done, but once the thinking embeds, then the performance should start to improve. Statoil trades with a P/E4 of x and the dividend yield is 5%. 2

21 Philips NV (PHIA NA) EUR23.9 Mean reversion Special situation Long term value builder % % 9% History and what they do Founded in 89 in Eindhoven, Holland by Mr. Philips and his son, who had been at Anglo-American Brush Electric Light, the company strived to improve longevity of light bulbs. The company has since made numerous asset purchases and divestments and in 24 the group consist of; healthcare (scanners etc.), consumer lifestyle and lightning. 23 group revenues were EUR23bn with 4% from healthcare (6% OP-margin and 2% ROIC), lightning 36% (24% OP margin and 6% ROIC) and consumer lifestyle 2% (% OP-margin and 38% ROIC). Geographical split of revenues: Europe 25%, 3% Americas and 25% RoW 2, employees. Business model and rationale for investment Philips grows at a rate of 4-8% grower with 4-5% EBITDA margin, so focus is to make volume production of products above, unit cost as low as possible, good distribution and sales network. This generates 25% ROIC. Philips has historically shown a pragmatic attitude to their assets and who is best owner. The current structure is the most agile and profitable seen for many years Triggers: A clear promise on use of cash flows i.e. shareholder remuneration vs capex for high ROIC activities Increased usage of LED lightning especially in office and work buildings Increased usage of scanners and imaging systems for preventive purposes Asset changes most likely to be accretive for shareholders as it s an institutional ownership stock Risks: Price competition in main product categories Primary buyers in healthcare are hospital organizations, which can have erratic procurement behavior Acquisitions, which can go wrong Target price Assuming 6% growth and unchanged margin Philips is expected to generate a EUR3.2bn gross cash stream in a few years time. The company will in the same timeframe be net cash, so with normal taxes it s EUR2.4bn net cash stream to support dividend, stock buy backs and accretive capex /M&A. As such the return requirement should be a market level of 7%, which implies a target price of EUR38-4 per share, up 2/3 from current level. Key figures: Market cap EUR 22bn NOK 8bn Net debt (cash) EUR.bn No. of shares 927m No. of pref P/E x P/E 25 2.x P/BV trailing.9x ROE % Yield 3.5% Altman Z score 3.72x Daily turnover NOK 7m No of analysts 34 with sell/hold 38% Owners South East AM 5.%, Dodge & Cox 4.9%, Blackrock 3.% 55% hled in USA, % in Holland OS 4 March

22 Sodastream (SODA US) USD4 Mean reversion Special situation Long term value builder % % % History and what they do In 93 the machine that produces carbonated soda at home was invented. In 97-8 s Sodastream became a household name, fading afterwards with several ownership changes. In late 2 s controlled by Israeli Soda-Club and under the stewardship of CEO Birnbaum, the company has been relaunched and has seen rapid growth as a result of new flavors, convenience and sustainability. 23 revenues grew 29% to USD563m with 4% from soda machines and close to zero margin and 59% from consumables with 25-3% OP-margin. Geographical split in revenues was Europe 47%, Americas 36% and the Asian region 7%. The company has 25% household penetration in Sweden and % in US and UK. employees. Business model and rationale for investment 7m households are active Sodastream users and new machines sales are made on-line or thru 6, supermarkets or home appliance stores. One machines generates USD52 per unit revenue for Sodastream, however afterwards it generates USD2 consumerables revenue stream (new bottles, gas and flavors) per year and at good OP-margin. In Q43, they sold.5m units and about 5% become active users. Triggers: Sizeable market worth USD26bn (.2% market share) and increased penetration. Current demand of machines and consumerables is strong in Europe and North America is a larg opportunity. Could be acquired. CocaCola recently bought Green Mountain with same b-model but for warm drinks. Risks: Marketing and execution risk of the growth trajectory they are on. Large beverage companies moving into the field and more price competition. If Sodastream isn t successful in North America, the stock could fall to USD25-3 (Europe cash flow). Target price Assuming 5% revenue growth and consumables part of revenue stream grows to 6%, then in a few years revenues could be around USD8m,and net cash flow could be USD4-5m with net cash position USD5m. With a 6.5% return requirement (.5%-point lower than market due to growth) then a target price of USD75-9 or 2% upside is derived. Key figures: Market cap USD 823m NOK 7.4bn Net debt (cash) USD (25)M No. of shares 2.5m No. of pref P/E x P/E x P/BV trailing 2.5 ROE % Yield % Altman Z score 7.55x Daily turnover NOK 4m No of analysts 6 with sell/hold 75% Owners RealProperty Invest %, FMR LLC 9.2%, Tremblant Capital 5.5% OS 8 March

23 The largest companies in SKAGEN Vekst Samsung Electronics, the Korean electronics group, has enjoyed very solid growth in consumer electronics, especially smartphones. Pole position in global semiconductor market. Cash generation is very strong and the company has historically wisely invested into new business areas solar power and healthcare are on the roadmap for the future. RCL is the second largest cruise company globally with a 25% market share. It sailed 5m passengers in 23. After a decade of lower returns on invested capital the cruise industry is coming to its senses and should be further supported by increased consumer demand in the coming years. Teva is the largest generic (off patent) pharmaceutical company worldwide, however more than half it s revenues comes from patented drugs most well known is Teva s multiple sclerosis drug: Copaxone. Teva has expanded considerably in the past decade and since 22 management focus has been to clean the organisation, optimise the drug portfolio and production units, sell channels and cut costs. Continental AG produces tires for cars and trucks and makes auto technology such as power trains, safety systems and automated drive systems. The replacement cycle for tires is getting stretched in some markets, so near-term earnings look promising. In the longer-term Continental s pole position in global auto technology provides a good backdrop for substantial growth. Norsk Hydro ASA is a Norwegian aluminium and renewable energy company headquartered in Oslo. Norsk Hydro is one of the largest aluminium companies worldwide. It has operations in some 5 countries around the world and is active on all continents. The Norwegian state holds a 34.3% ownership interest in the company, which employs approximately 3, people. 23

24 The largest companies in SKAGEN Vekst Norwegian Air Shuttle is the leading Nordic-based low cost airline, which in 23 flew 2m passengers. The fleet of airliners and the route network is growing rapidly proving the concept from Norwegian local low cost airline, to Nordic, to European and to Global reach. Statoil is a Norwegian government controlled oil/gas company with a global reach. The main assets are based in the North Sea, however Statoil has diversified in US Shale, Tanzania Gas, Brazil Offshore, etc. Statoil is focused on increasing daily energy production; however, in 24 it is expected to focus more on cash flows as the costs of extracting more oil/gas have been going up without a similar increase in oil price. Danske Bank is the second largest bank in the Nordic region and is also active in Ireland. After an unsustainable acquisition binge and loan growth before 28, the bank has struggled with high loan losses and a sub-optimal cost structure. In 22 a new management group began to clean up and prepare customers and the organisation for an automated banking future. Kia Motors is part of the Hyundai system, which is the third largest automotive group worldwide. Kia will produce and sell approximately 3.m cars in 24 and has very good quality cars with a nice design and an advanced driver experience at reasonable prices. Continued gain of market share including expanding the factory footprint outside Korea as well as a very attractive valuation are the key drivers for the stock. Kongsberg Gruppen provides high-tech capital goods to the defence and maritime industries such as positions control and remote control systems. The growth in 2-25 is mainly driven by the maritime products unit, while the longer-term growth is fuelled by components and missiles for the F-35 aircraft program. 24

25 For mer informasjon, vennligst se: Siste Markedsrapport Informasjon om SKAGEN Vekst på våre nettsider Historisk avkastning er ingen garanti for framtidig avkastning. Framtidig avkastning vil blant annet avhenge av markedsutviklingen, forvalters dyktighet, fondets risiko, samt kostnader ved kjøp og forvaltning. Avkastningen kan bli negativ som følge av kurstap. SKAGEN søker etter beste evne å sikre at all informasjon gitt i denne rapporten er korrekt, men tar forbehold for eventuelle feil og utelatelser. Uttalelsene i rapporten reflekterer porteføljeforvalternes syn på gitt tidspunkt, og dette synet kan bli endret uten varsel. Rapporten skal ikke forstås som et tilbud eller en anbefaling om kjøp eller salg av finansielle instrumenter. SKAGEN påtar seg intet ansvar for direkte eller indirekte tap eller utgifter som skyldes bruk eller forståelse av rapporten. Ansatte i SKAGEN AS kan være eiere av verdipapirer utstedt av selskaper som er omtalt enten i denne rapporten eller inngår i fondets portefølje.