KINESISK VEKSTTAKT OG VAKTSKIFTE I USA MORG, PARB & AVANCE

Transkript

1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag KINESISK VEKSTTAKT OG VAKTSKIFTE I USA MORG, PARB & AVANCE Både stigende renter, drevet av solide nøkkeltall, og ytterligere redusert ønske om å ta risiko i forkant av presidentskiftet gjorde at det amerikanske aksjemarkedet i går trakk noe ned. Dow og S&P500 endte begge ned 0.4%, mens Nasdaq sluttet ned 0.3%. Volumet for de tre hovedindeksene kom inn på 84-90% av gjennomsnittet for de siste tre månedene. Kinesiske myndigheter har i morgentimene i dag lagt frem tall som viser en BNPvekst på 6.7% for Q4. Samtidig steg industriproduksjonen, detaljhandelssalget og investeringsnivået for desember med henholdsvis 6%, 10.4% og 8.1% i forhold til tilsvarende måned i Med unntak av et noe lavere investeringsnivå var dermed utviklingen på linje med forventningene. I kombinasjon med at løftet i de amerikanske rentene har styrket USD-kursen gjør dette at de asiatiske indeksene peker opp i dag. Nikkei ligger kort før stengetid opp 0.5%, mens de kinesiske indeksene er opp inntil 1.6%. VIX-indeksen steg i går med ytterligere 2.4% til indekspunkter. I oljemarkedet steg WTI-prisen i går med USD 0.12 pr fat til USD pr fat. Prisen har i morgentimene i dag falt tilbake på USD pr fat. I Europa ligger Brentprisen før åpning på USD pr fat, ned USD 0.26 pr fat i forhold til nivået på USD pr fat ved stengetid i det norske markedet i går. Fortsatte signaler fra Saudi- Arabia om at OPEC ser ut til å holde seg til den inngåtte avtalen har i kombinasjon med et trekk i de amerikanske råoljebeholdningene ved Cushing bidratt til å holde prisene oppe det siste halve døgnet. Rapporteringen av tallene for fjorårets siste kvartal tar seg opp fremover og blant selskapene som legger frem tall allerede neste uke, og som vi har anbefalinger på, er blant annet Sparebanken Møre, Pareto Bank og Avance Gas. De to førstnevnte presenterer Q4-rapportene på torsdag, mens sistnevnte legger frem tall på fredag. I Sparebanken Møre venter vi et attraktivt utbytte på NOK 14 pr egenkapitalbevis, men mener en direkteavkastning på rundt 6% i kombinasjon med en egenkapitalavkastning på rundt 9%, Pris/Bok på 0.9x og en P/E på 10.6x innebærer en fair verdsettelse og har en holdanbefaling med et kursmål på NOK 260 pr egenkapitalbevis. Kursen stengte i går på NOK 252 pr egenkapitalbevis. I Pareto Bank vil fokus blant annet være på eksponeringen og utsiktene for finansieringen av eiendom og utbyggingsprosjekter i Oslo-området. Videre på nivået når det gjelder utlånstap innen øvrige segmenter. Selskapet leverte bedre tall enn ventet for Q3 og vi har en kjøpsanbefaling med et kursmål på NOK 43 pr aksje. Kursen stengte i går på NOK pr aksje. I Avance Gas har vi Q4-estimater i underkant av konsensus, men samtidig en kjøpsanbefaling med et nylig oppjustert kursmål på NOK 41 pr aksje. Vi mener det her er behov for å se noe lengre frem enn neste ukes rapport. En bedring i tilbuds-/etterspørselsbalansen i VLGC-markedet er ventet å løfte skipsverdiene inn mot 2018 og vi venter et løft i estimert netto underliggende verdi fra i dag NOK 37 pr aksje til NOK 45 pr aksje om et år. Kursen stengte i går på NOK pr aksje og kursmålet er basert på 10% rabatt av estimerte verdier et år frem. Internasjonale børser Renter Valuta/råvarer Portefølje anbefalte aksjer: I dag - Statoil - Wilh. Wilhelmsen ASA - Bakkafrost - Stolt-Nielsen - DNO - Borregaard - SR Bank YTD DNB: 3% YTD OSE: 1% Rapporter Norden - Tryg Nøkkeltall Norden - DK; Detaljhandel Rapporter / nøkkeltall Europa / USA - UK; Detaljhandel - US; Presidentskifte - Schlumberger - General Electric Konferanser / presentasjoner - DNB Markets Olje-, Offshore-, & Shippingkonferanse Oslo, 1 mars DNB Markets SMB Konferanse Oslo, 5. April DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi det enda lettere for deg å forstå hva som skjer. Sjekk oss ut på twitter.com/dnbmarkets Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 19, USA 10år EUR/USD S&P 500 2, Tyskl. 10år USD/JPY NASDAQ 5, Norge 10år USD/NOK Nikkei , USA 3m EUR/NOK Euro Euro 3m Siste Endr. Endr. % Danmark-KFX Norge 3m CRB indeks Finland-HEX 8, Brent sp. ($/bbl) Norge-OSEBX Brent 1m ($/bbl Sverige-SAX Alum. 3m ($/ton 1, US Nat.gass Kilde: Bloomberg /DNB Markets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: Please see the last two pages for important information. This research report was not produced in the US. Analysts employed by non-us Affiliates are not registered / Qualified research analysts with FINRA in the United States

2 Sentrale USA-indekser Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 19, x S&P 500 2, x Nasdaq Composite 5, x Russel , x Amex naturgass-indeks (XNG) x Amex Oil Service Indeks Philadelphia-børsens oljeproduksjon-indeks (XOI) 1, x Amex farmasi-indeks (DRG) x Nasdaq biotech-indeks 2, x Philadelphia-børsens halvleder-indeks (SOX) x S&P 500 Paper & Forest Index ( PAFO) x Kilde: Bloomberg, DNB Markets Nordiske aksjer i USA Sluttkurs Endring Volum Slutt USA, Sluttkurs, USA 1 dag (USD) USA lokal valuta lokal i går Differanse Danmark Novo Nordisk B ,439, GN Store Nord AP Møller Maersk ,418 11, , Finland Nokia ,660, Metso TeliaSonera , UPM Kymmene , Norge Frontline ,115, Norsk Hydro , Yara , Golden Ocean , PGS Statoil ,196, Subsea , DNB , Telenor , Tomra , Questerre , Orkla , Sverige AstraZeneca ,692, Electrolux , Ericsson (B) ,512, Hennes & Mauritz , Atlas Copco , SKF B , Swedish Match Assa Abloy , Sandvik , Kilde: Bloomberg, DNB Markets 2

3 Råvarer og shipping Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 2,378 2, ,509 1,837 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 1,826 1, ,835 1,458 Nikkel 9,925 9, ,335 12,145 7,550 Kopper 5,740 5, , ,332 6,046 4,348 Gull 1,208 1, ,375 1,081 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index , Kilde: Bloomberg, DNB Markets Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L Norge - Nibor 3m USA - Libor 3m Euro - Euribor 3m Norge 10 år stat USA 10 år stat Euro 10 år stat Tyskland 10 år stat Japan 10 år stat UK 10 år stat Valuta EUR/USD USD/JPY GBP/USD USD/NOK EUR/NOK GBP/NOK 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 Elektrisk utstyr 0.7% 0.1% 9.8% 34.2% 2.0% 20.4 Mat- og apotekhandel 2.3% 2.1% 0.3% 14.5% 1.8% 16.9 Diversifiserte telekomtjenester 0.3% -2.1% 6.1% 19.3% -2.3% 13.8 Media 0.6% -2.0% 5.3% 3.7% -1.8% 16.6 Bildeler 0.3% 2.1% 9.8% 22.2% 3.5% 10.0 Forbruksvarer og klær 0.6% 6.4% 11.1% 25.7% 5.5% 19.6 Maskiner 0.1% 0.1% 11.1% 48.9% 2.2% 20.9 Finansieringsselskaper 0.5% 0.0% 15.3% 7.5% 2.9% 14.6 Eiendom 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Biler og komponenter 0.5% 1.1% 11.5% 20.0% 2.2% 8.4 Industrielle konglomerater -0.1% -1.8% 7.2% 17.1% -0.3% 18.9 Banker 0.5% -0.2% 15.0% 19.2% 1.4% 11.8 Programvare -0.1% -0.1% 5.7% 21.7% 2.2% 21.6 Drikkevarer, mat og tobakk 0.3% 0.5% -2.8% 3.9% 0.3% 18.8 Kommunikasjonsutstyr -0.2% -2.2% 2.6% 29.7% -1.1% 13.2 Forsikring 0.2% -2.0% 10.5% 6.5% -1.9% 11.0 Media -0.2% 2.1% 14.1% 25.1% 3.5% 18.5 Transport 0.2% 0.9% 6.8% 16.8% 1.5% 15.1 Energi og relatert utstyr -0.2% 0.9% 8.9% 52.9% 1.8% 62.5 Kommersielle tjenester og leveranser 0.1% 0.0% 1.0% 3.8% -0.8% 16.3 Datamaskiner og tilbehør -0.2% 1.7% 3.2% 29.0% 2.9% 12.9 Husholdningsvarer og personlige produ 0.1% -0.6% -0.9% 8.2% -0.9% 20.1 Bygg og anlegg -0.2% -2.6% 13.0% 52.2% 0.3% 17.7 Programvare og tjenester 0.1% 0.9% 2.1% 12.7% 0.6% 18.6 Papir- og skogprodukter -0.3% -4.2% 6.1% 29.7% -0.9% 14.2 Materialer 0.0% 3.8% 12.1% 53.1% 3.2% 15.9 Internett programvare og -tjeneste -0.4% 3.4% 0.1% 22.6% 6.4% 21.6 Kapitalvarer -0.1% 1.3% 6.3% 27.7% 1.0% 17.2 Drikkevarer -0.4% -1.4% -3.6% 3.4% -1.4% 20.4 Telekommunikasjon og tjenester -0.3% 0.8% 2.5% -6.2% 1.1% 16.6 Elektronisk utstyr og instrumente -0.4% -1.1% 6.6% 36.0% 0.6% 17.3 Detaljhandel -0.3% -3.6% -3.3% -8.4% -3.9% 18.6 Hotell og restaurant -0.4% -0.1% 10.6% 11.6% 2.4% 20.7 Hotell-, underholdnings- og restaurantvi -0.5% -0.8% 5.0% 4.0% -1.7% 18.0 Husholdningsartikler -0.4% 0.4% -1.6% 7.8% 1.1% 21.6 Forsyningsselskaper -0.5% -1.0% -4.0% -2.6% -1.5% 13.7 Kjemikalier -0.5% 0.1% 5.8% 25.2% 1.5% 17.6 IT utstyr -0.7% -1.7% 0.8% -25.2% -1.0% 18.6 Bank -0.5% -3.4% 23.3% 41.1% -1.8% 13.1 Legemiddelindustri og bioteknologi -0.8% -0.5% 0.2% -4.1% -0.9% 14.6 Helseartikler -0.5% 4.4% -3.3% 16.4% 4.6% 18.7 Energi -0.9% -1.6% 8.5% 44.9% -2.1% 14.9 Luftfart -0.5% -2.0% 21.0% 25.4% 1.5% 11.0 Helsevern - utstyr og tjenester -1.0% 1.2% 0.3% 6.9% -0.1% 20.9 Matvarer -0.6% 0.9% 1.8% 16.1% 0.5% 19.6 Eiendomsselskaper -1.8% -2.5% -3.6% 1.2% -4.2% 18.6 Forsikring -0.6% -1.0% 10.1% 28.0% 0.1% 12.4 Kraft -0.8% -0.4% -0.7% 11.3% -0.3% 16.4 Farmasi -0.8% -0.8% -1.6% 1.2% -0.6% 14.6 Olje og gass -0.8% -3.3% 3.8% 37.9% -2.5% 28.5 Bioteknologi -1.0% 0.0% -0.4% -4.7% 1.0% 11.8 Fritidsutstyr -1.1% 3.8% -3.3% 20.3% 8.4% 17.8 Metall -1.5% 4.6% 17.8% 106.5% 6.1% 15.3 Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets 3

4 jan. 10 apr. 10 jul. 10 okt. 10 jan. 11 apr. 11 jul. 11 okt. 11 jan. 12 apr. 12 jul. 12 okt. 12 jan. 13 apr. 13 jul. 13 okt. 13 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 okt. 16 jan. 17 DNB Markets 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 UnitedHealth Group Inc % -1.8 % 38.3 % CSX Corp % 24.3 % % CSX Corp % 24.3 % % Boeing Co/The % 1.7 % 30.2 % Check Point Software T % 12.2 % 29.2 % Norfolk Southern Co % 5.8 % 60.7 % United Technologies Corp % 0.1 % 30.5 % Netflix Inc % 10.6 % 28.5 % Netflix Inc % 10.6 % 28.5 % Verizon Communications Inc % -1.4 % 17.9 % T-Mobile US Inc % 3.5 % 60.8 % Cabot Oil & Gas Co % 3.0 % 31.1 % Visa Inc % 4.3 % 15.6 % Tesla Motors Inc % 16.7 % 22.7 % Mallinckrodt PLC % -9.5 % % 3M Co % 0.0 % 30.5 % JD.com Inc % 8.7 % 5.2 % Coca-Cola Europea % 5.0 % 2.8 % Caterpillar Inc % -1.0 % 58.8 % NVIDIA Corp % 0.0 % % Union Pacific Corp % 1.5 % 44.3 % International Business Machine % -0.5 % 36.9 % Incyte Corp % 15.0 % 58.3 % L3 Technologies Inc % -2.7 % 40.6 % General Electric Co % -3.2 % 11.5 % Marriott International Inc % -0.7 % 41.3 % NVIDIA Corp % 0.0 % % Cisco Systems Inc % -1.9 % 30.9 % NetEase Inc % 10.2 % 49.1 % Emerson Electric Co % 2.0 % 37.0 % Apple Inc % 2.4 % 23.8 % Liberty Global PLC % 12.6 % 23.8 % NRG Energy Inc % 24.5 % 62.4 % Procter & Gamble Co/The % 0.2 % 11.7 % Liberty Global PLC % 13.3 % 23.6 % HP Inc % -1.5 % 55.6 % Chevron Corp % -2.0 % 46.3 % ebay Inc % 5.0 % 19.0 % Marriott Internationa % -0.7 % 41.3 % Microsoft Corp % -2.0 % 22.7 % Adobe Systems Inc % 3.8 % 24.8 % Alcoa Corp % 17.4 % % Coca-Cola Co/The % -1.2 % -0.6 % McDonald's Corp % -0.9 % 5.5 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Johnson & Johnson % -1.3 % 19.3 % Liberty Media Corp-Libe % % na Chesapeake Energ % -9.2 % 99.4 % Travelers Cos Inc/The % -3.6 % 13.8 % Liberty Media Corp-Libe % % na JB Hunt Transport S % -3.7 % 43.6 % Intel Corp % -1.7 % 23.6 % Micron Technology Inc % 5.1 % % Nucor Corp % -3.2 % 72.0 % Home Depot Inc/The % -1.3 % 16.3 % Seagate Technology PL % -6.2 % 24.4 % Pitney Bowes Inc % -2.0 % % NIKE Inc % 2.2 % % Liberty Interactive Corp % -7.1 % % Newell Brands Inc % 0.8 % 27.4 % EI du Pont de Nemours & Co % -3.1 % 38.2 % Western Digital Corp % 3.9 % 56.5 % Western Union Co/T % -2.6 % 28.1 % Wal-Mart Stores Inc % -5.8 % 11.1 % Tractor Supply Co % -4.3 % -8.2 % Nordstrom Inc % % -6.9 % JPMorgan Chase & Co % -3.7 % 50.1 % O'Reilly Automotive Inc % -3.5 % 16.2 % Bank of New York M % -6.0 % 26.4 % Walt Disney Co/The % 1.7 % 15.9 % Endo International PLC % % % Sysco Corp % -5.0 % 35.2 % Pfizer Inc % -3.5 % 3.4 % Vertex Pharmaceuticals % 5.8 % % Urban Outfitters Inc % % 25.0 % American Express Co % 2.2 % 21.7 % Twenty-First Century Fo % 5.7 % 16.2 % Michael Kors Holdin % -5.0 % 15.2 % Goldman Sachs Group Inc/The % -4.8 % 50.5 % Maxim Integrated Produ % 3.4 % 30.2 % Micron Technology I % 5.1 % % Merck & Co Inc % -0.3 % 19.3 % Whole Foods Market Inc % -5.0 % 4.9 % Staples Inc % -8.0 % 2.6 % Exxon Mobil Corp % -6.3 % 15.8 % Ross Stores Inc % -3.6 % 26.4 % Best Buy Co Inc % -7.7 % 66.7 % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 20x 18x 16x 14x 12x 10x 8x 6x S&P 500 Euro Stoxx 50 OBX K i l de: B l oomber g / DNB M ar k ets 4

5 ETF / ETP Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Aksjer / Indekser (siste 5 dager) Brasil EWZ % 0.3 % 14.6 % % USD 686,660,160 Industri XLI % 0.3 % 0.2 % 32.1 % USD 586,966,336 Latin-America 40 ILF % 0.8 % 9.0 % 58.6 % USD 39,874,296 Pacific ex-japan EPP % -0.2 % 3.2 % 24.9 % USD 22,275,130 Nasdaq 100 QQQ % 0.0 % 2.0 % 22.1 % USD 1,874,025,728 AEX-Nederland AEXT % 0.3 % 0.1 % 23.1 % EUR 188,370 Teknologi USA XLK % -0.2 % 0.8 % 26.8 % USD 296,243,488 Oil Service OIH % -1.6 % 1.3 % 60.0 % USD 226,516,384 Hong Kong EWH % -0.2 % 4.8 % 20.2 % USD 136,777,472 S&P Euro 350 IEV % -0.2 % 1.8 % 9.6 % USD 39,483,160 Japan EWJ % -0.9 % -0.8 % 15.7 % USD 357,283,072 Emerging Markets EEM % -0.5 % 3.8 % 28.7 % USD 1,474,975,872 CAC-40 CAC % -0.6 % -0.1 % 16.5 % EUR 5,992,475 DAX DAXEX % 0.1 % 1.0 % 20.8 % EUR 3,170,920 DJIA DIA % -1.0 % -1.1 % 25.2 % USD 727,103,168 Forbruksvarer XLP % 1.4 % 0.4 % 8.2 % USD 704,804,032 S&P 500 SPY % -0.5 % -0.2 % 21.7 % USD 14,365,958,144 Dow Jones Total market THRK % -0.7 % -0.4 % 22.9 % USD 877,702 Finansielle tjenester XLF % -2.3 % -2.6 % 35.2 % USD 1,632,411,648 FTSE 100 ISF % -1.0 % 2.2 % 26.5 % GBp 3,546,447,000 TecDax TDXPEX % -0.1 % 2.6 % 13.3 % EUR 196,170 Energi XLE % -0.9 % -2.3 % 43.4 % USD 720,508,096 S&P Midcap 400 MDY % -1.2 % -1.1 % 32.8 % USD 403,688,704 Russell 2000 IWM % -1.9 % -3.1 % 34.9 % USD 4,131,377,152 Bioteknologi IBB % -1.2 % 1.3 % -3.9 % USD 400,675,104 Russell 2000 Growth IWO % -1.5 % -2.1 % 26.4 % USD 73,746,832 Forsyningstjenester XLU % 0.0 % -0.2 % 12.7 % USD 623,486,592 Olje / Energi WTI-Oil USO % -1.8 % -3.9 % 35.6 % USD 242,041,920 Naturgass UNG % 1.1 % -0.5 % 5.5 % USD 82,551,720 Fyringsolje HEAT % -2.8 % -4.3 % 64.2 % USD 1,449 Brent-olje OILB % -2.7 % -3.8 % 66.8 % USD 5,301,571 Råolje CRUD % -2.9 % -4.3 % 37.0 % USD 1,787,736 WTI-olje OILW % -3.0 % -4.5 % 42.9 % USD 14,586 Bensin UGAS % -3.9 % -3.9 % 22.5 % USD 50,243 Metaller Bomull COTN % -0.9 % 4.7 % 15.5 % USD 46,280 Sink ZINC % 1.5 % 4.9 % 82.9 % USD 140,529 Aluminium ALUM % 2.1 % 5.8 % 20.4 % USD 854,965 Kobber COPA % -1.9 % 4.4 % 30.1 % USD 340,411 Sølv SLV % 1.6 % 5.8 % 19.6 % USD 113,167,312 Gull BULL % -0.1 % 6.3 % 6.8 % USD 145,458 Andre råvarer Sukker SUGA % 3.0 % 17.2 % 42.0 % USD 159,321 Kaffe COFF % 0.1 % 4.2 % 21.5 % USD 290,110 Kveg CATL % 3.8 % 4.7 % 3.3 % USD 38,431 Mais CORN % 2.3 % 4.3 % -9.3 % USD 60,799 Soyabønner SOYB % 6.4 % 5.6 % 20.3 % USD 228,319 Soyaolje SOYO % -0.6 % -2.2 % 13.5 % USD 1,310 Råvarer DBC % 0.0 % 0.4 % 32.1 % USD 29,245,500 Hvete WEAT % 1.3 % 5.7 % % USD 571,403 Råvarekurver Landbruk AIGA % 3.1 % 6.7 % 9.0 % USD 1,245,887 Korn AIGG % 3.7 % 5.0 % -3.0 % USD 14,471 Råvarer (ETN) GSG % -0.1 % -0.3 % 25.2 % USD 2,973,351 Buskap AIGL % 2.0 % 2.6 % -1.2 % USD 253 Industrimetaller AIGI % -0.4 % 2.9 % 32.8 % USD 668,076 Råvarer AIGC % 0.2 % 2.7 % 20.7 % USD 2,531,239 Energi AIGE % -2.5 % -2.9 % 36.9 % USD 374,558 Edle metaller AIGP % 0.0 % 6.7 % 9.7 % USD 205,554 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) REC BULL REC HA % 0.0 % % % NOK 84 OBX BEAR OBX X3 HA % 0.0 % 4.2 % % NOK 2,828 Norsk Hydro BULL NHY X3 DNM % 7.3 % 25.9 % % NOK 2,128,721 REC DNB-ETN REC BULL % 27.9 % 29.7 % % NOK 168,171 Strømpris DNB - ETN ELKRAFT BEAR % 47.0 % 23.0 % % NOK 47,241 Norsk Hydro DNB-ETN NORSK HYDRO BUL % 5.0 % 17.0 % % NOK 56,134 Orkla DNB-ETN ORKLA X3 BULL % 2.2 % 4.0 % 60.7 % NOK na Sølvpris BEAR SOLV ETN DNM % 1.6 % % % NOK na Golden Ocean BULL GOGL DNM % 4.8 % 41.7 % 17.1 % NOK 269,089 Aluminium BULL ALU HA % 8.9 % 11.6 % 34.6 % NOK na PGS DNB-ETN PGS BULL % -5.6 % -0.8 % % NOK na CO2 BULL CO2 ETN DNM % % % % NOK na OBX BULL OBX X4 DNM % 2.8 % 11.4 % % NOK 104,365 DNO BEAR DNO DNM % 9.1 % % % NOK na Norwegian DNB-ETN NORWEGIAN BULL % 2.4 % -7.0 % -7.0 % NOK 21,714 Gullpris DNB-ETN GULL BEAR % 1.2 % % % NOK na Gullpris BEAR GULL HA % 1.2 % % % NOK na Aluminium BULL ALU ETN DNM % 3.9 % 10.0 % 37.3 % NOK na TGS Nopec DNB-ETN TGS BULL % 4.5 % 12.4 % % NOK na Storebrand DNB-ETN STOREBRAND BULL % -5.9 % 4.8 % % NOK 126,669 OBX DNB-ETN OBX X3 BULL % 2.1 % 8.5 % % NOK na Sinkpris BULL SINK ETN DNM % 2.1 % 8.1 % % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 0.1 % 6.5 % 35.7 % NOK na Kobberpris BEAR KOBBER ETN DNM % 3.8 % % % NOK na Kobberpris BEAR KOBBER HA % 3.8 % % % NOK na Yara DNB-ETN YARA X3 BULL % -2.3 % 16.0 % 8.0 % NOK 1,507,408 Marine Harvest Group DNB-ETN MARINE HARVEST B % 9.0 % 1.9 % % NOK 5,681 Aluminium ALU ETN DNM % 2.0 % 3.7 % 15.5 % NOK na CO2 CO2 ETN DNM % -4.7 % -7.2 % % NOK 4,680 Strømpris BULL EL HA % % -7.5 % 90.1 % NOK 1,564 OBX XACT DERIVAT BULL % 1.3 % 5.4 % 75.8 % NOK 21,204,190 Oljeservice DNB - ETN OIL SERVICE BULL % -1.4 % -1.3 % % NOK 292,618 Sinkpris SINK ETN DNM % 1.2 % 3.0 % 74.6 % NOK na Subsea 7 DNB-ETN SUBSEA 7 BULL % -4.0 % -6.6 % % NOK na Opera BULL OPERA DNM % -6.5 % -6.3 % 14.6 % NOK 1,314 Oljepris BULL OLJE HA % -4.4 % -8.3 % % NOK 4,302 Yara DNB-ETN YARA BULL % -1.5 % 10.7 % 12.2 % NOK na Yara DNB-ETN YARA BULL % -1.5 % 10.7 % 12.2 % NOK na Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 11,352 Schibsted BULL SCH DNM % 5.7 % 17.4 % % NOK 3,637 Oljepris DNB - ETN BRENT BULL % -4.8 % -9.1 % % NOK 2,176,580 Oljepris DNB - ETN BRENT % -2.3 % -5.6 % 58.0 % NOK 823,522 OBX DNB OBX % 0.7 % 2.9 % 37.4 % NOK 1,326,164 Naturgasspris BEAR NATGAS ETN DNM % 3.4 % % % NOK na OBX XACT OBX % 0.7 % 2.8 % 32.3 % NOK 2,142,189 BW LPG BULL BWLPG DNM % 14.7 % 61.1 % % NOK 12,174 Oljeservice DNB - ETN OIL SERVICE % -0.7 % -0.4 % 96.4 % NOK 40,493 Sjømat DNB - ETN SEAFOOD % 2.7 % -2.3 % #VALUE! NOK 76,799 Aker Solutions DNB-ETN AKER SOLUTIONS B % % % % NOK 58,991 Telenor DNB-ETN TELENOR X3 BEAR % -2.2 % % % NOK na Naturgasspris NATGAS ETN DNM % -1.4 % 6.0 % 18.9 % NOK na Telenor DNB - ETN TELENOR BEAR % -1.5 % -7.2 % % NOK na Statoil DNB-ETN STATOIL BEAR % 2.4 % -2.3 % % NOK na Fred. Olsen Energy BULL FOE DNM % % % % NOK 119,586 Naturgasspris BULL NATGAS ETN DNM % -3.0 % 14.2 % 55.2 % NOK na Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 41,502 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 33,912 Oljepris BEAR OLJE HA % 4.6 % 2.7 % % NOK na Oljepris DNB - ETN BRENT BEAR % 4.7 % 2.6 % % NOK 11,807 Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Statoil DNB-ETN STATOIL X3 BEAR % 3.1 % -3.6 % % NOK na DNB BEAR DNB NOR HA % 2.5 % -5.7 % % NOK na OBX BULL OBX X3 HA % 23.7 % 35.0 % % NOK na REC BEAR REC HA % 0.0 % 0.0 % % NOK 330,501 DNB BULL DNBNOR HA % 0.0 % -3.3 % % NOK na Kobberpris BULL KOBBER ETN DNM % -1.8 % 1.9 % 23.7 % NOK na Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK na Fred. Olsen Energy BEAR FOE DNM % 7.5 % 3.8 % % NOK 345,474 Statoil DNB-ETN STATOIL BULL % -2.3 % 1.5 % % NOK 94,157 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK 37,186 Telenor DNB-ETN TELENOR BULL % 1.3 % 6.3 % -1.6 % NOK na Statoil DNB-ETN STATOIL X3 BULL % -3.5 % 1.9 % % NOK 17,332 Telenor DNB-ETN TELENOR X3 BULL % 1.8 % 9.0 % % NOK na Gullpris DNB-ETN GULL % -0.6 % 3.6 % 1.8 % NOK na Kobberpris BULL KOBBER HA % -3.8 % 6.7 % 48.8 % NOK 139,488 Aker Solutions DNB-ETN AKER SOLUTIONS B % 11.0 % 17.8 % % NOK na Kobberpris BULL KOBBER ETN DNM % -3.7 % 6.1 % 55.2 % NOK 86,400 Schibsted BEAR SCH DNM % -5.7 % % 10.4 % NOK na OBX SHORT OBX DNM % -0.8 % -2.9 % % NOK na Sink BEAR SINK ETN DNM % -2.4 % % % NOK na Subsea 7 DNB-ETN SUBSEA 7 BEAR % 3.6 % 4.9 % % NOK 43,775,160 Yara DNB-ETN YARA BEAR % 1.2 % % % NOK 1,995 Oljeservice DNB - ETN OIL SERVICE BEAR % 1.1 % -0.7 % % NOK 1,197 Strømpris BEAR EL HA % 23.6 % % % NOK na OBX XACT DERIVAT BEAR % -1.6 % -5.3 % % NOK 23,700 Sølvpris SOLV ETN DNM % -0.9 % 4.2 % 10.7 % NOK 337,786 Marine Harvest Group DNB-ETN MARINE HARVEST B % -8.8 % -3.8 % % NOK 78,098 Aluminium BEAR ALU ETN DNM % -3.8 % % % NOK na Gullpris BULL GULL HA % -1.3 % 9.8 % 6.5 % NOK 66,500 Yara DNB-ETN YARA X3 BEAR % 1.8 % % % NOK 2,952 Gullpris DNB-ETN GULL BULL % -1.2 % 9.8 % 6.8 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % -0.3 % -7.0 % % NOK 986 OBX DNB-ETN OBX X3 BEAR % -2.4 % -8.8 % % NOK 114,067 Storebrand DNB-ETN STOREBRAND BEAR % 5.7 % -5.9 % % NOK na TGS Nopec DNB-ETN TGS BEAR % -4.6 % % % NOK 35,252 Norwegian DNB-ETN NORWEGIAN BEAR % -3.1 % 4.2 % % NOK 74,130 Seadrill DNB-ETN SEADRILL BULL % % % 1.8 % NOK 19,439 Aluminium BEAR ALU HA % -8.3 % % % NOK 119,178 OBX BEAR OBX X4 DNM % -3.1 % % % NOK na DNO BULL DNO DNM % -8.8 % 19.0 % % NOK na PGS DNB-ETN PGS BEAR % 5.0 % -6.2 % % NOK na Sølvpris BULL SOLV ETN DNM % -2.0 % 11.1 % 20.9 % NOK 13,500 CO2 BEAR CO2 ETN DNM % 3.7 % -8.3 % % NOK 3,460 Strømpris DNB-ETN ELKRAFT % % % 23.8 % NOK 87,333 Orkla DNB-ETN ORKLA X3 BEAR % -2.4 % -4.7 % % NOK 57,916 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 20-Jan Investment AB Oresund Stockholm na na na na Annual 23-Jan Voss Veksel OG Landmands B Oslo na 3.52 na na Annual Voss Veksel OG Landmands B Oslo na 3.52 na na Annual 24-Jan Probi AB Stockholm na na Annual Byggmax Group AB Stockholm na na Annual 25-Jan Bonava AB Stockholm na na na na None Elanders AB Stockholm na na Annual Bonava AB Stockholm na na None Qliro Group AB Stockholm na na None 26-Jan Nordea Bank AB Helsinki na 0.20 na 0.22 Annual Svenska Cellulosa AB SCA Stockholm 4, , Annual Svenska Cellulosa AB SCA Stockholm 4, , Annual Orexo AB Stockholm na na na None Eolus Vind AB Stockholm na na Annual Telefonaktiebolaget LM Ericsso Stockholm 5, na na Annual Intrum Justitia AB Stockholm na na Annual Tele2 AB Stockholm 1, , Annual Tele2 AB Stockholm 1, , Annual Telefonaktiebolaget LM Ericsso Stockholm 5, na na Annual Lagercrantz Group AB Stockholm na na Annual Bergs Timber AB Stockholm na na na na Irreg Getinge AB Stockholm 2, , Annual Data Respons ASA Oslo na na Annual Data Respons ASA Oslo na na Annual 27-Jan NCC AB Stockholm , Semi-Anl Wartsila OYJ Abp Helsinki Annual Elisa OYJ Helsinki na na Annual Telia Co AB Helsinki 6, , Semi-Anl NCC AB Stockholm , Irreg Beijer Electronics AB Stockholm na na Annual Telia Co AB Stockholm 6, , Semi-Anl Atlas Copco AB Stockholm 7, , Semi-Anl Atlas Copco AB Stockholm 7, , Semi-Anl Ahlsell AB Stockholm None Scatec Solar ASA Oslo na na Annual Scatec Solar ASA Oslo na na Annual Avance Gas Holding Ltd Oslo Quarter 30-Jan Stolt-Nielsen Ltd Oslo Semi-Anl Stolt-Nielsen Ltd Oslo Semi-Anl 31-Jan Investor AB Stockholm na na na na Annual UPM-Kymmene OYJ Helsinki na na Annual HIQ International AB Stockholm na na Annual Concordia Maritime AB Stockholm na na Annual Nordnet AB Stockholm na 0.51 na na Annual Hennes & Mauritz AB Stockholm 8, , Annual Investor AB Stockholm na na na na Annual Alfa Laval AB Stockholm 1, , Annual Micro Systemation AB Stockholm na na Annual Com Hem Holding AB Stockholm Annual 1-Feb Sandvik AB Stockholm 4, , Annual Skandinaviska Enskilda Banken Stockholm na 1.87 na 1.86 Annual Trelleborg AB Stockholm 1, Annual Coloplast A/S Copenhagen 1, , Semi-Anl Electrolux AB Stockholm 2, Annual Lundin Petroleum AB Stockholm None Kilde: Bloomberg / DNB Markets Konsensus DNB 8

9 Dnb anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA A. P. Møller Mærsk maerskb Kjøp DKK 11,620 12, x 21.4x 6.4x 5.6x AcadeMedia AB ACAD Kjøp SEK x 10.7x 10.5x 8.0x AF Gruppen AFG Selg NOK x 24.4x 11.5x 12.3x Ahlsell AB Kjøp SEK x 13.7x 13.3x 11.3x Akastor AKA Kjøp NOK x -6.3x 13.3x 16.5x Aker AKER Hold NOK x 21.1x Aker BP ASA AKERBP Kjøp NOK x 15.9x 9.5x 3.9x Aker Solutions AKSO Selg NOK x 343.3x 9.2x 12.2x Alfa Laval ALFA Selg SEK x 25.1x 12.0x 13.1x Alligator Bioscience ATORX Kjøp SEK x 17.5x Arcam ARCM Hold SEK x 92.3x 152.9x 44.5x Archer ARCHER Selg NOK x -3.6x 19.9x 14.0x Assa Abloy ASSAB Hold SEK x 20.9x 15.9x 14.0x Atea ATEA Hold NOK x 16.4x 9.0x 8.0x Atlas Copco ATCOA Hold SEK x 22.2x 14.9x 12.9x Atwood Oceanics ATW Selg USD x 54.4x 2.9x 7.1x Aurora LPG AURLPG Hold NOK x 7.2x 15.5x 9.5x Austevoll Seafood AUSS Kjøp NOK x 9.0x 6.0x 3.9x Autoliv ALIV Kjøp SEK x 15.9x 8.2x 7.6x Avance Gas AVANCE Kjøp NOK x 428.7x 12.3x 10.7x Avanza Bank AZA Kjøp SEK x 27.4x Awilco Drilling AWDR Hold NOK x 1.9x 3.4x 0.7x Bakkafrost BAKKA Hold NOK x 12.6x 10.5x 8.1x Balder BALD Hold SEK x 24.1x 24.2x 20.8x Betsson BETSB Kjøp SEK x 11.2x 10.9x 9.2x BillerudKorsnäs BILL Kjøp SEK x 14.2x 9.5x 8.2x Borr Drilling BORR Kjøp NOK x -18.9x 54.1x 1.5x Borregaard BRG Kjøp NOK x 14.4x 8.9x 7.8x BW LPG BWLPG Kjøp NOK x 10.5x 9.6x 8.2x BW Offshore BWO Kjøp NOK x 90.2x 101.1x Cargotec CGC Selg EUR x 17.4x 10.5x 10.0x Carlsberg CARLB Selg DKK x 18.3x 9.2x 8.5x Castellum CAST Hold SEK x 15.9x 25.5x 19.5x Chr. Hansen CHR Hold DKK x 32.7x 24.9x 21.4x Citycon CTY1S Kjøp EUR x 17.2x 20.5x 20.1x Coloplast COLOB Kjøp DKK x 25.4x 20.0x 18.2x Com Hem COMH Selg SEK x 30.4x 10.4x 9.0x Coor Service Managemen COOR Kjøp SEK x 12.7x 11.6x 10.8x D/S Norden DNORD Kjøp DKK x 268.1x 21.4x 12.4x Danske Bank DANSKE Kjøp DKK x 11.2x Deep Sea Supply DESSC NOK x -2.8x 20.2x 12.3x DHT Holdings DHT Hold USD x 9.9x 4.7x 5.3x Diamond Offshore DO Selg USD x 14.7x 6.7x 6.1x DNB DNB NOK x 12.4x DNO DNO Kjøp NOK x 3.3x 7.9x 1.9x DOF DOF NOK x 5.7x 8.3x 8.5x Dorian LPG LPG Kjøp USD x -18.0x 6.3x 21.9x Eidesvik Offshore EIOF NOK x -2.6x 8.6x 12.5x Electrolux ELUX Hold SEK x 14.3x 6.9x 6.7x Elekta EKTAB Kjøp SEK x 20.9x 15.8x 11.9x Ensco ESV Selg USD x 51.3x 3.8x 7.4x Entra ENTRA Kjøp NOK x 19.7x 21.0x 18.9x Epic Gas EPIC Kjøp NOK x 5.8x 8.8x 5.0x Ericsson ERICb Hold SEK x 17.8x 7.7x 6.0x Euronav EURN Hold USD x 26.5x 5.6x 6.0x Europris EPR Hold NOK x 15.3x 11.1x 10.3x Evolution Gaming EVO Kjøp SEK x 24.0x 21.7x 17.1x Fabege FABG Hold SEK x 32.6x 32.1x 29.8x Farstad Shipping FAR NOK x -0.2x 13.1x 17.8x Flex LNG FLNG Hold NOK x -84.4x FLSmidth FLS Hold DKK x 19.9x 11.0x 9.9x FMC Technologies FTI Selg USD x 49.7x 19.1x 15.6x Fortum FUM1V Selg EUR x 27.5x Kilde: DNB Markets, FactSet, Bloomberg 9

10 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Fred Olsen Energy FOE Selg NOK x -0.9x 1.7x 6.7x Frontline FRO Hold NOK x 8.9x 6.6x 7.7x GasLog GLOG Kjøp USD x 16.1x 13.0x 9.9x Gener8 Maritime GNRT Hold USD x 3.8x 7.1x 6.0x Getinge GETIB Selg SEK x 13.4x 11.4x 8.9x Gjensidige Forsikring GJF Hold NOK x 16.3x GN Group GN Hold DKK x 17.2x 14.1x 12.1x Golar LNG GLNG Kjøp USD x -13.2x -67.7x 84.4x Golar LNG Partners GMLP Hold USD x 7.2x 8.0x 7.0x Golden Ocean GOGL Kjøp NOK x -8.9x x 26.7x Grieg Seafood GSF Hold NOK x 7.9x 7.7x 5.3x Havila Shipping HAVI Selg NOK x -0.2x 8.1x 13.9x Helgeland Sparebank HELG Kjøp NOK x 9.1x Hennes & Mauritz HMB Hold SEK x 21.2x 13.7x 10.9x Hexagon AB HEXAB Kjøp SEK x 21.4x 14.9x 14.3x Hexagon Composites HEX Hold NOK x 22.7x 44.1x 16.5x Hexpol HPOLB Kjøp SEK x 19.6x 13.2x 11.5x Holmen HOLMB S Selg SEK x 16.7x 10.2x 9.6x Hufvudstaden HUFV Hold SEK x 31.5x 28.8x 25.9x Humana HUM Kjøp SEK x 12.4x 11.6x 9.8x Husqvarna HUSQb Kjøp SEK x 14.6x 10.7x 8.4x Höegh LNG Holdings HLNG Kjøp NOK x 16.5x 12.6x 11.2x Höegh LNG Partners HMLP Kjøp USD x 10.0x 11.4x 9.6x Industrivärden INDUc Kjøp SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.6x 10.0x 8.0x Kindred Group KINDSDB Kjøp SEK x 15.2x 13.3x 12.1x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 12.6x 20.8x 19.8x KNOT Offshore Partners KNOP Hold USD x 11.5x 9.5x 8.7x Kone KNEBV Hold EUR x 21.5x 14.5x 13.7x Konecranes KCR1V Hold EUR x 21.7x 11.1x 10.0x Kongsberg Gruppen KOG Kjøp NOK x 14.5x 14.2x 8.6x Kungsleden KLED Kjøp SEK x 11.5x 18.4x 17.2x Kværner KVAER Selg NOK x 28.6x 2.4x 4.1x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 9.3x 9.2x 5.8x Loomis LOOMb Kjøp SEK x 13.2x 7.7x 6.7x Lundbeck LUN Kjøp DKK x 29.5x 13.8x 12.0x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 25.2x 13.7x 6.7x Marine Harvest MHG Kjøp NOK x 10.9x 9.7x 6.6x Medistim MEDI Hold NOK x 22.0x 18.8x 14.5x Metsa Board METSB Kjøp EUR x 13.4x 11.5x 6.6x Metso MEO1V Hold EUR x 21.8x 11.3x 10.6x Millicom MICsdb Kjøp SEK x 23.1x 5.3x 5.0x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 15.7x 12.8x 10.3x Ncc NCC Hold SEK x 15.4x 12.4x 8.9x NetEnt NETb Kjøp SEK x 29.0x 24.2x 19.5x Nibe Industrier NIBEB Hold SEK x 21.6x 16.4x 14.0x Nobia NOBI Kjøp SEK x 13.0x 10.2x 7.4x Noble NE Selg USD x -7.8x 4.0x 9.0x Nokian Tyres NRE1V Kjøp EUR x 17.5x 11.1x 9.7x Nordea NDA Kjøp SEK x 12.7x Nordic Nanovector NANO Kjøp NOK x -16.9x -16.1x -13.6x Nordic Semiconductor NOD Kjøp NOK x 38.4x 29.2x 18.6x Nordnet NNb Hold SEK x 20.8x Norsk Hydro NHY Selg NOK x 21.1x 7.4x 7.4x North Energy NORTH Hold NOK x -1.6x Norway Royal Salmon NRS Hold NOK x 13.7x 13.0x 9.2x Norwegian Air Shuttle NAS Hold NOK x 10.1x 12.7x 12.1x Norwegian Property NPRO Hold NOK x 22.3x 16.6x 18.5x Novo Nordisk NVO Hold DKK x 16.0x 12.1x 10.9x Novozymes NZYMB Selg DKK x 23.6x 15.0x 14.1x NRC Group NRC Hold NOK x 25.6x 14.4x 13.3x Ocean Rig ORIG Selg USD x 3.7x 3.2x 4.9x Ocean Yield OCY Hold NOK x 7.5x 9.1x 7.2x Odfjell ODF Kjøp NOK x 5.6x 4.5x 4.7x Kilde: DNB Markets, FactSet, Bloomberg 10

11 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Odfjell Drilling ODL Kjøp NOK x 11.8x 8.2x 7.4x Olav Thon OLT Kjøp NOK x 13.5x 16.7x 15.0x Opera OPERA Kjøp NOK x 9.8x 9.3x 7.3x Oriflame ORI Selg SEK x 23.7x 12.7x 11.0x Orkla ORK Hold NOK x 20.8x 16.3x 15.1x Outotec OTE1V Hold EUR x 31.2x 13.0x 9.7x Pacific Drilling PACD Selg USD x -0.2x 8.3x 18.5x Pandox PNDXB Hold SEK x 16.6x 22.6x 18.1x Pareto Bank PARB Kjøp NOK x 8.7x Peab PEAB Kjøp SEK x 12.3x 8.1x 6.8x Petroleum Geo-Services PGS Hold NOK x -5.3x 4.9x 6.7x Polarcus PLCS Selg NOK x -0.5x 5.7x 5.5x Prosafe PRS Hold NOK x x 10.3x 20.7x Q-Free QFR Hold NOK x 11.7x 13.5x 6.7x Recipharm RECIB Hold SEK x 24.1x 12.7x 9.8x RenoNorden RENO Hold NOK x 5.6x 5.5x 4.7x Rezidor REZT SEK x 8.1x 11.8x 4.4x Rowan RDC Selg USD x 39.8x 4.0x 6.1x Safe Bulkers SB Hold USD x -4.9x 21.2x 15.1x Saipem SPM Selg EUR x 21.6x 5.3x 6.5x SalMar SALM Hold NOK x 10.4x 9.6x 6.8x Sampo Oyj SAMPO Hold EUR x 15.1x Sandvik SAND Kjøp SEK x 18.2x 11.2x 10.0x SCA SCAB Hold SEK x 16.2x 10.8x 10.2x Scandi Standard SCST Kjøp SEK x 13.4x 10.2x 7.5x Schibsted SCHA Selg NOK x 58.2x 21.7x 20.7x Scorpio Tankers STNG Hold USD x 7.9x 13.1x 9.1x Seadrill SDRL Selg NOK x -10.0x 5.5x 10.6x SEB SEB Kjøp SEK x 12.9x Securitas SECUB Kjøp SEK x 15.3x 11.3x 9.2x Selvaag Bolig SBO Hold NOK x 12.1x 10.9x 9.0x Sevan Marine SEVAN Selg NOK x -11.2x -7.8x -8.8x Siem Offshore SIOFF NOK x -1.9x 17.2x 18.3x Skandiabanken SKBN Kjøp NOK x 12.6x Skanska SKA Hold SEK x 15.4x 13.7x 11.5x SKF SKFB Hold SEK x 15.9x 10.3x 9.6x Solstad Offshore SOFF NOK x -3.6x 12.5x 14.8x Songa Offshore SONG Selg NOK x 322.1x 12.1x 117.8x Sparebank1 Nord-Norge NONG Kjøp NOK x 9.5x Sparebank1 SMN MING Kjøp NOK x 9.2x Sparebank1 SR-Bank SRBANK Kjøp NOK x 9.6x Sparebanken Møre MORG Hold NOK x 10.5x Sparebanken Sør SOR Hold NOK x 9.9x Sparebanken Øst SPOG Hold NOK x 11.0x Spectrum SPU Selg NOK x x 2.7x 2.5x Sponda SDA1V Kjøp EUR x 14.8x 20.2x 20.2x Statoil STL Kjøp NOK x 11.5x Stolt-Nielsen SNI Kjøp NOK x 8.3x 6.4x 6.0x Stora Enso STERV F Kjøp EUR x 12.1x 7.7x 6.5x Storebrand STB Kjøp NOK x 9.6x Subsea 7 SUBC Selg NOK x 62.2x 3.4x 6.4x Svenska Handelsbanken SHB Selg SEK x 15.8x Swedbank SWEDA Hold SEK x 13.4x Swedish Match SWMA Hold SEK x 18.0x 12.2x 11.4x Tanker Investments TIL Hold NOK x 3.2x 5.5x 4.1x Targovax TRVX Kjøp NOK x -4.3x Technip TECF Selg EUR x 19.8x 5.6x 7.4x Teekay Tankers TNK Hold USD x 4.0x 5.9x 4.7x Tele2 TEL2b Hold SEK x 20.9x 9.5x 7.5x Telenor TEL Kjøp NOK x 11.8x 6.0x 5.7x Telia Company TELIA Hold SEK x 11.5x 7.4x 6.6x TGS Nopec TGS Selg NOK x 39.8x 5.6x 5.8x The Scottish Salmon ComSSC Kjøp NOK x 8.8x 13.6x 5.9x Thule Group THULE Hold SEK x 18.3x 15.7x 13.4x Kilde: DNB Markets, FactSet, Bloomberg 11

12 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Tomra TOM Selg NOK x 18.7x 20.5x 10.3x 10.3x Topdanmark TOP Kjøp DKK x 11.7x 13.4x Transocean RIG Selg USD x 7.1x -38.9x 5.5x 9.0x Trelleborg TRELB Hold SEK x 20.3x 17.2x 12.8x 10.5x Tryg TRYG Hold DKK x 13.7x 16.1x Tsakos Energy NavigationTNP Kjøp USD x 5.2x 5.7x 5.5x UPM UPM1V Hold EUR x 13.5x 8.3x 7.3x Valmet VALMT Kjøp EUR x 16.0x 8.2x 7.5x Veidekke VEI Kjøp NOK x 12.3x 9.9x 8.1x Vitrolife VITR Kjøp SEK x 35.3x 27.2x 21.8x Volvo VOLVB Hold SEK x 16.4x 16.0x 7.3x 6.7x Wallenstam WALLb Hold SEK x 43.3x 31.0x 39.8x 31.1x Weifa WEIFA Kjøp NOK x 27.2x 18.8x 14.0x 13.1x Wihlborgs WIHL Kjøp SEK x 16.6x 15.2x 21.3x 20.0x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 8.8x 8.7x 7.9x 7.5x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 6.9x 5.4x 4.4x William Demant Holding WDH Selg DKK x 17.8x 11.5x 10.3x Wilson Therapeutics WTX Kjøp SEK x -10.4x Wärtsilä WRT1V Hold EUR x 19.6x 13.9x 12.1x XXL XXL Kjøp NOK x 18.3x 17.2x 12.8x Yara YAR Selg NOK x 17.3x 27.9x 7.6x 9.6x 12

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