OLJEPRIS, FORBRUKERTILLIT OG FORTSATT OPPGANG GOGL & STL

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag OLJEPRIS, FORBRUKERTILLIT OG FORTSATT OPPGANG GOGL & STL Det amerikanske aksjemarkedet trakk i går opp på stigende råvarepriser, fortsatte forventninger til et økende offentlig investeringsnivå og en noe mer dempet bekymring for utviklingen i USD-kursen. Dow endte opp 0.5%, S&P500 steg med 0.8% og Nasdaq sluttet opp rundt 0.9%. Volumet på de tre hovedindeksene kom inn på 86-95% av gjennomsnittet for de siste tre måneder. I Asia fortsetter de viktigste indeksene å peke oppover denne uken på tross av den nyvalgte amerikanske presidentens planer om å kansellere en handelsavtale. I Japan er Nikkei-indeksen kort før stengetid opp 0.3%, mens de kinesiske indeksene i øyeblikket ligger opp mellom 0.5% og 2%. Kina er ikke med i TPP-samarbeidet og landets eksport vil eventuelt kunne nyte relativt godt av en kansellering. I tillegg til at det fortsatt kommer enkelte selskapsrapporter utover dagen vil vi i dag også få flere målinger av forbrukertilliten. I Norden får vi oppdaterte forbrukertillitsmålinger fra Norge og Danmark, mens vi ute i Europa får en måling av stemningen blant husholdningene i Eurosonen. Fra USA kommer det etter hvert tall fra boligmarkedet, samt resultatrapporter fra begge de to tidligere separerte HP-selskapene. I oljemarkedet fortsatte WTI-prisen i går opp med USD 1.21 pr fat til USD pr fat. I morgentimene i dag har prisen steget videre og ligger i øyeblikket på USD pr fat. Brent-prisen åpner i dag på USD pr fat, opp USD 1.07 pr fat i forhold til nivået på USD pr fat ved stengetid i det norske markedet i går. Den siste tidens sterke USD-kurs vil etter hvert kunne begynne å bremse prisveksten. Samtidig må vi også forvente at de løpende kommentarene fra de viktigste OPEC-landene vedrørende en mulig avtale neste uke vil fortsette å påvirke prisene på helt kort sikt. I tillegg til Seadrill legger også Golden Ocean frem sin Q3-rapport i dag. Vi venter i denne forbindelse en topplinje på USD 37 mill og en EBITDA på USD -8 mill. Tilsvarende konsensusforventninger ligger på henholdsvis USD 42 mill og USD -4 mill. På våre estimater er aksjen i markedet nå verdsatt med en kurs på opp mot 2x estimert netto underliggende verdi. Etter vårt syn impliserer det begrenset ytterligere potensiale på oppsiden og vi har en holdanbefaling på Golden Ocean med et kursmål på NOK 38 pr aksje. Kursen stengte i går på NOK pr aksje. Statoil har fått drahjelp av oljeprisen ved innledningen av uken og med en fortsatt stigende priskurve vil dette kunne bidra til ytterligere løft i dag. I forbindelse med Q3- oppdateringen i slutten av oktober bekreftet selskapet at kostnadene er på vei ned og de tok også en nedjustering av de samlede lete- og investeringsplanene for Vi venter at fri kontantstrøm vil stige med rundt USD 1.6 pr aksje i 2017 og gjentar en kjøpsanbefaling med et kursmål på NOK 160 pr aksje. På kursmålet er aksjen verdsatt med estimert P/E på 12x basert på estimatene for Vi legger da til grunn en forutsetning om en oljepris på USD 65 pr fat. Kursen stengte i går opp rundt 3.5% på NOK pr aksje. Portefølje anbefalte aksjer: I dag - Orkla - Kongsberg Gruppen - Ocean Yield - BW Offshore - Bakkafrost - Axactor - Skandiabanken - DNO - Borregaard Rapporter Norden YTD DNB: +20% YTD OSE: + 9% - Seadrill - Golden Ocean - North Atlantic Drilling - PCI Biotech - Next Biometrics - Sevan Drilling Nøkkeltall Norden - NO; Forbrukertillit - SF; Ledighet - DK; Forbrukertillit - DK; Detaljhandel Rapporter / nøkkeltall Europa / USA - EU; Forbrukertillit - US; Richmond Fed - US; Salg eksisterende boliger - HP Inc - Hewlett-Packard - Medtronic Konferanser / presentasjoner - DNB & Intrafish Seafood Forum - London, 30. november Internasjonale børser Renter Valuta/råvarer Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 18, 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 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 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 18, 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 ,988, GN Store Nord , AP Møller Maersk ,791 9, , Finland Nokia ,049, Metso , TeliaSonera , UPM Kymmene , Norge Frontline ,070, Norsk Hydro , Yara , Golden Ocean , PGS , Statoil ,259, Subsea , DNB , Telenor , Tomra , Questerre , Orkla , Sverige AstraZeneca ,236, Electrolux , Ericsson (B) ,434, 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 2,267 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 1,722 1, ,795 1,433 Nikkel 11,400 11, ,440 1,045 2,580 2,670 12,145 7,550 Kopper 5,559 5, ,026 4,318 Gull 1,217 1, ,375 1,046 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index 1,240 1, , 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 Luftfart 0.0% 15.8% 32.2% 4.1% 5.6% 9.6 Hotell-, underholdnings- og restaurantvi 0.3% 0.8% -4.3% -10.7% -12.2% 18.1 Diversifiserte telekomtjenester 0.6% 0.6% -7.5% 8.5% 6.6% 13.2 Programvare og tjenester 0.7% -3.6% -0.6% 1.2% 1.0% 19.8 Olje og gass 2.2% 2.9% 3.3% 8.3% 18.1% IT utstyr -0.4% -8.7% -21.3% -40.0% -39.0% 20.6 Papir- og skogprodukter -0.1% 6.4% 7.4% 1.9% 9.2% 16.9 Husholdningsvarer og personlige produ 0.0% -5.1% -8.3% -8.8% -4.6% 21.2 Hotell og restaurant 0.1% 6.4% 3.9% 2.0% 1.5% 21.8 Kommersielle tjenester og leveranser 1.1% -2.7% -6.4% -14.2% -11.3% 16.5 Kommunikasjonsutstyr -0.3% 2.7% 0.9% 12.6% 14.0% 13.3 Biler og komponenter 0.9% 1.0% 4.2% -10.8% -11.8% 8.3 Forsikring 0.2% 8.6% 9.9% 9.2% 12.6% 14.1 Detaljhandel -0.1% 0.4% -0.6% -21.7% -16.0% 20.1 Bank 0.1% 16.3% 19.8% 9.0% 12.6% 13.7 Finansieringsselskaper -0.7% 7.0% 11.6% -20.0% -17.1% 16.1 Energi og relatert utstyr 2.1% 4.0% 5.6% 11.0% 22.6% Helsevern - utstyr og tjenester 0.1% -5.2% -8.0% -12.7% -10.8% 21.3 Datamaskiner og tilbehør 1.3% -2.1% 4.5% -0.6% 10.4% 12.1 Forbruksvarer og klær 0.5% 0.0% 4.0% -3.2% 2.3% 19.2 Eiendom 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Transport -0.2% -2.6% -2.7% -8.5% -5.9% 14.8 Bildeler 0.5% 4.8% 2.3% -12.1% -5.9% 10.2 Drikkevarer, mat og tobakk 0.1% -7.1% -10.1% -12.6% -8.9% 19.3 Matvarer -0.4% -2.0% -8.8% 9.8% 4.7% 20.3 Kapitalvarer 0.7% 0.1% 1.5% 1.5% 6.9% 17.3 Kjemikalier 1.3% 1.4% -1.0% 0.5% 4.6% 18.1 Eiendomsselskaper -0.2% -5.5% -12.8% -17.2% -11.6% 17.5 Maskiner 0.5% 7.8% 5.2% 23.6% 29.2% 21.1 Forsikring -0.2% 5.3% 12.0% -13.3% -11.5% 10.8 Elektronisk utstyr og instrumente 0.1% 4.7% 7.5% 14.8% 20.0% 18.0 Banker 0.2% 4.2% 17.8% -15.1% -10.5% 12.1 Drikkevarer 1.3% -3.4% -6.0% -0.2% -0.9% 22.2 Media -0.3% -2.5% -5.0% -17.2% -14.1% 17.4 Industrielle konglomerater 0.3% 4.7% -2.3% 2.3% 3.1% 20.2 Legemiddelindustri og bioteknologi -0.6% -2.9% -7.3% -18.3% -16.1% 14.8 Programvare 0.4% 1.6% 2.9% 9.5% 9.6% 21.4 Energi 2.3% -1.1% 5.4% 0.9% 12.1% 23.6 Kraft 1.1% -4.0% -8.0% 8.1% 6.5% 15.7 Materialer 0.6% 2.6% 8.1% 9.4% 19.3% 18.6 Metall 2.7% 14.7% 0.1% 53.2% 54.3% 27.2 Telekommunikasjon og tjenester -0.1% -5.0% -7.8% -26.2% -21.4% 16.4 Bygg og anlegg 0.9% 10.9% 7.9% 27.2% 30.4% 19.2 Mat- og apotekhandel 0.7% -3.0% 2.7% -6.4% 2.0% 17.7 Media -0.1% 4.9% 3.2% -0.6% 9.7% 18.0 Forsyningsselskaper 0.7% -9.0% -10.5% -18.0% -15.2% 13.4 Husholdningsartikler 0.7% -3.4% -7.2% 4.8% 0.7% 21.4 Helseartikler 0.1% -4.3% -7.0% 8.2% 8.1% 19.3 Elektrisk utstyr 1.0% 6.0% 0.3% 9.2% 15.9% 19.8 Internett programvare og -tjeneste 2.0% -5.0% -1.2% 6.0% 7.1% 25.0 Farmasi 0.1% -0.4% -7.1% -4.3% -4.4% 15.7 Bioteknologi 0.5% 3.9% -6.8% -10.9% -11.2% 12.9 Fritidsutstyr 1.6% -1.4% -1.6% 19.8% 20.0% 22.2 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 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 EI du Pont de Nemours & Co % 0.5 % 5.1 % Monster Beverage Corp % % % Marathon Petroleum % 7.0 % % Apple Inc % -4.2 % -6.3 % Incyte Corp % 23.2 % -4.4 % Chesapeake Energ % -4.8 % 25.2 % International Business Machine % 8.8 % 17.5 % Illumina Inc % -3.0 % % Range Resources C % -2.2 % 19.7 % Exxon Mobil Corp % -0.2 % 8.4 % Facebook Inc % -7.8 % 13.5 % Southwestern Energ % -3.5 % 23.8 % Wal-Mart Stores Inc % 1.5 % 15.5 % Symantec Corp % 1.8 % 52.7 % Freeport-McMoRan % 44.5 % 75.9 % Coca-Cola Co/The % -1.8 % -2.5 % Broadcom Ltd % -0.2 % 36.5 % Marathon Oil Corp % 12.6 % -5.4 % Visa Inc % -0.8 % 1.9 % Amazon.com Inc % -4.8 % 16.7 % Wynn Resorts Ltd % 2.2 % 63.5 % Chevron Corp % 8.8 % 23.8 % Netflix Inc % -7.5 % -4.7 % Concho Resources % -0.8 % 26.0 % Microsoft Corp % 2.0 % 12.3 % Paychex Inc % 2.0 % 5.0 % Cabot Oil & Gas Co % 8.1 % 16.2 % Procter & Gamble Co/The % -2.0 % 9.0 % Tractor Supply Co % 14.6 % % Alliance Data System % 14.4 % % American Express Co % 6.2 % -1.2 % Regeneron Pharmaceu % 11.5 % % EQT Corp % 9.3 % 19.6 % Merck & Co Inc % 1.8 % 15.2 % Applied Materials Inc % 10.3 % 72.4 % Monster Beverage C % % % General Electric Co % 6.5 % 0.7 % Cerner Corp % % % ONEOK Inc % 4.1 % 84.3 % UnitedHealth Group Inc % 3.5 % 33.1 % Analog Devices Inc % 11.0 % 17.5 % Newfield Exploration % -3.0 % 11.0 % Caterpillar Inc % 7.6 % 30.6 % Verizon Communications Inc % 0.2 % 6.4 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Boeing Co/The % 8.4 % -1.6 % Henry Schein Inc % -2.6 % -4.9 % Tyson Foods Inc % % 32.0 % JPMorgan Chase & Co % 14.0 % 15.6 % Liberty Media Corp-Libe % 11.7 % na Henry Schein Inc % -2.6 % -4.9 % NIKE Inc % -0.9 % % Liberty Media Corp-Libe % 13.5 % na Extra Space Storage % -8.1 % % Goldman Sachs Group Inc/The % 20.8 % 10.2 % Alexion Pharmaceutical % -2.1 % % Gap Inc/The % -5.4 % -7.4 % United Technologies Corp % 8.3 % 8.8 % Autodesk Inc % 6.1 % 24.7 % TEGNA Inc % 11.3 % % Pfizer Inc % -1.9 % -1.9 % JD.com Inc % -3.2 % % salesforce.com Inc % 2.9 % -6.0 % Intel Corp % -0.5 % 0.9 % BioMarin Pharmaceutic % 6.3 % -9.8 % Nordstrom Inc % 6.7 % 3.2 % Travelers Cos Inc/The % 3.2 % -3.4 % Viacom Inc % -0.8 % % Alexion Pharmaceut % -2.1 % % Home Depot Inc/The % 1.3 % -1.5 % Electronic Arts Inc % -5.6 % 8.1 % Hormel Foods Corp % -7.3 % 2.5 % Johnson & Johnson % 1.4 % 12.2 % Cognizant Technology S % 10.8 % % Autodesk Inc % 6.1 % 24.7 % McDonald's Corp % 4.9 % 4.9 % Vodafone Group PLC % -8.1 % % AvalonBay Commun % -4.9 % % Cisco Systems Inc % -0.3 % 9.0 % Vertex Pharmaceuticals % 10.3 % % Viacom Inc % -0.8 % % Walt Disney Co/The % 4.9 % % Cisco Systems Inc % -0.3 % 9.0 % Apartment Investme % -8.1 % 6.2 % 3M Co % 1.2 % 7.9 % NVIDIA Corp % 37.7 % % L Brands Inc % -4.5 % % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 20x 18x 16x 14x 12x 10x 8x 6x SPX Index SX5E Index OBX Index 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 % 4.2 % % 32.5 % USD 820,267,520 Latin-America 40 ILF % 2.9 % % 13.2 % USD 44,236,896 Oil Service OIH % 4.8 % 2.3 % 3.0 % USD 140,229,568 Energi XLE % 4.3 % 3.7 % 8.8 % USD 1,075,656,704 Forsyningstjenester XLU % 1.7 % -2.5 % 7.8 % USD 783,314,048 Nasdaq 100 QQQ % 3.4 % 0.3 % 3.5 % USD 2,472,825,856 Teknologi USA XLK % 4.0 % 0.7 % 8.2 % USD 507,183,200 Emerging Markets EEM % 1.8 % -7.1 % -0.5 % USD 2,316,899,072 S&P Euro 350 IEV % -0.3 % -3.3 % % USD 24,439,480 Japan EWJ % 0.5 % -1.0 % -1.4 % USD 592,463,168 S&P 500 SPY % 1.6 % 2.9 % 5.2 % USD 16,840,895,488 Bioteknologi IBB % -2.2 % 7.1 % % USD 375,297,760 S&P Midcap 400 MDY % 1.9 % 6.0 % 11.6 % USD 460,549,984 Forbruksvarer XLP % 0.8 % -2.7 % 3.6 % USD 895,640,128 Pacific ex-japan EPP % -0.3 % -3.0 % 2.1 % USD 16,201,214 AEX-Nederland AEXT % 1.5 % -0.5 % -2.7 % EUR 239,882 Industri XLI % 0.5 % 8.1 % 11.3 % USD 719,507,264 Dow Jones Total market THRK % 1.4 % 3.1 % 5.7 % USD 578,102 CAC-40 CAC % 0.5 % -0.1 % -8.3 % EUR 7,702,062 Russell 2000 Growth IWO % 1.7 % 7.0 % 7.0 % USD 92,034,496 DJIA DIA % 0.3 % 4.5 % 6.3 % USD 709,389,824 Russell 2000 IWM % 1.9 % 8.7 % 12.7 % USD 5,133,096,960 Hong Kong EWH % 1.3 % -4.4 % 0.9 % USD 83,122,504 DAX DAXEX % 0.0 % -0.1 % -4.5 % EUR 2,555,064 Finansielle tjenester XLF % 0.2 % 13.2 % 11.0 % USD 2,219,735,040 TecDax TDXPEX % 3.0 % -2.5 % -5.5 % EUR 267,302 FTSE 100 ISF % 0.5 % -2.8 % 6.0 % GBp 2,904,795,000 Olje / Energi Råolje CRUD % 11.8 % -6.0 % % USD 16,586,650 Fyringsolje HEAT % 10.3 % -4.6 % -6.5 % USD #N/A N/A Brent-olje OILB % 10.9 % -7.1 % -6.7 % USD 1,788,525 WTI-olje OILW % 11.1 % -5.9 % % USD 190,085 Bensin UGAS % 9.5 % -6.4 % % USD 75,414 WTI-Oil USO % 9.1 % -6.2 % % USD 442,957,504 Naturgass UNG % 5.7 % % % USD 136,162,864 Metaller Nikkel NICK % 1.1 % 12.9 % 25.5 % USD 105,731 Kobber COPA % 0.1 % 20.6 % 19.4 % USD 2,008,146 Aluminium ALUM % -0.6 % 6.1 % 13.0 % USD 399,125 Sink ZINC % 0.0 % 13.8 % 60.1 % USD 138,966 Gull BULL % -0.3 % -4.4 % 10.7 % USD 239,815 Bomull COTN % 5.3 % 3.6 % 12.0 % USD 55,587 Andre råvarer Råvarer DBC % 4.9 % -1.6 % 6.3 % USD 58,244,464 Soyabønner SOYB % 3.2 % 2.4 % 16.6 % USD #N/A N/A Svinekjøtt HOGS % 5.3 % 13.3 % % USD 16,777 Soyaolje SOYO % 2.6 % -1.4 % 18.2 % USD 1,707 Kveg CATL % 3.5 % 5.9 % % USD 7,610 Sukker SUGA % -5.9 % -9.3 % 25.3 % USD 50,000 Mais CORN % 2.4 % -2.1 % % USD 124,214 Hvete WEAT % 2.2 % -2.0 % % USD 226,226 Råvarekurver Råvarer (ETN) GSG % 6.0 % -3.1 % -5.5 % USD 1,854,471 Industrimetaller AIGI % 0.2 % 14.6 % 25.2 % USD 1,360,508 Råvarer AIGC % 3.2 % -0.9 % 3.5 % USD 1,249,673 Buskap AIGL % 4.1 % 8.4 % % USD na Landbruk AIGA % 1.1 % -1.2 % 3.3 % USD 842,132 Korn AIGG % 2.6 % -0.4 % -7.0 % USD #N/A N/A Edle metaller AIGP % -0.6 % -4.7 % 11.8 % USD 481,319 Softs (Sukker, Kakao, BomuAIGS % -2.6 % -4.5 % 19.8 % USD 14,884 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Strømpris DNB - ETN ELKRAFT BEAR % 28.7 % 11.4 % % NOK 43,053 Strømpris BEAR EL HA % 28.6 % 11.2 % % NOK 22,151 Statoil DNB-ETN STATOIL X3 BULL % 23.5 % 19.5 % -2.0 % NOK 100,264 Naturgasspris BEAR NATGAS ETN DNM % 6.7 % 9.2 % % NOK na Oljepris DNB - ETN BRENT BULL % 19.0 % % % NOK 1,586,135 Oljepris BULL OLJE HA % 18.8 % % % NOK 62,070 CO2 BEAR CO2 ETN DNM % -2.0 % 7.4 % 11.0 % NOK na Statoil DNB-ETN STATOIL BULL % 15.3 % 13.4 % 12.1 % NOK 1,048 DNO BULL DNO DNM % 22.8 % 2.3 % % NOK 459,215 Subsea 7 DNB-ETN SUBSEA 7 BULL % 17.0 % 26.8 % 75.2 % NOK 18,400 Schibsted BEAR SCH DNM % -3.9 % 19.3 % % NOK 716 Oljepris DNB - ETN BRENT % 9.3 % -5.3 % -8.4 % NOK 907,192 OBX BULL OBX X4 DNM % 9.7 % 6.9 % % NOK 55,324 Oljeservice DNB - ETN OIL SERVICE BULL % 12.0 % 1.3 % % NOK na Aluminium BULL ALU ETN DNM % -1.4 % 16.9 % 22.2 % NOK na Kobberpris BULL KOBBER ETN DNM % 1.0 % 46.7 % 33.6 % NOK na TGS Nopec DNB-ETN TGS BULL % 4.0 % % % NOK na Kobberpris BULL KOBBER HA % 1.0 % 47.1 % 28.5 % NOK na OBX DNB-ETN OBX X3 BULL % 7.2 % 5.5 % -5.3 % NOK na REC DNB-ETN REC BULL % % % % NOK 105,002 Seadrill DNB-ETN SEADRILL BULL % 18.4 % 5.1 % % NOK 210,881 OBX XACT DERIVAT BULL % 4.6 % 3.9 % 1.2 % NOK 28,967,420 Oljeservice DNB - ETN OIL SERVICE % 5.9 % 1.0 % -4.8 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BUL % -0.6 % % 18.2 % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % 8.4 % 6.3 % 74.9 % NOK 7,529 Telenor DNB-ETN TELENOR X3 BEAR % 2.3 % 20.3 % 6.8 % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % 6.1 % % % NOK 1,249 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 41,618 Aluminium ALU ETN DNM % -0.6 % 10.0 % 11.1 % NOK na Norwegian DNB-ETN NORWEGIAN BEAR % 1.4 % 23.7 % % NOK na Kobberpris BULL KOBBER ETN DNM % 0.6 % 23.4 % 16.7 % NOK na Telenor DNB - ETN TELENOR BEAR % 1.6 % 13.9 % 12.0 % NOK na OBX XACT OBX % 2.4 % 2.0 % 3.7 % NOK 812,986 Orkla DNB-ETN ORKLA X3 BULL % 7.1 % % 15.2 % NOK 66,288 OBX DNB OBX % 2.4 % 2.0 % 3.9 % NOK 6,609,875 PGS DNB-ETN PGS BEAR % % 23.4 % % NOK 51,125 Fred. Olsen Energy BEAR FOE DNM % 2.3 % 25.6 % % NOK 14,652 Sinkpris BULL SINK ETN DNM % 1.2 % 33.0 % % NOK na Aluminium BULL ALU HA % -4.7 % 14.6 % 15.5 % NOK na Sjømat DNB - ETN SEAFOOD % 3.0 % 4.7 % #VALUE! NOK 440,089 BW LPG BULL BWLPG DNM % 2.1 % 16.4 % % NOK 6,044 Storebrand DNB-ETN STOREBRAND BULL % 0.6 % 12.6 % 74.5 % NOK na Sølvpris BULL SOLV ETN DNM % -0.6 % -7.6 % 23.5 % NOK 19,011 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK na Gullpris DNB-ETN GULL BULL % 0.7 % -5.4 % 18.8 % NOK 108,080 Norsk Hydro BEAR NHY X3 DNM % 6.9 % % % NOK 1,513,908 Gullpris BULL GULL HA % 0.5 % -5.5 % 18.1 % NOK 13,468 Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 17,104 Yara DNB-ETN YARA X3 BULL % 1.0 % 38.1 % % NOK 6,667 Norsk Hydro DNB-ETN NORSK HYDRO BEA % 4.5 % % % NOK na Yara DNB-ETN YARA BULL % 0.8 % 24.9 % % NOK 192 Yara DNB-ETN YARA BULL % 0.8 % 24.9 % % NOK 192 Sinkpris SINK ETN DNM % 0.8 % 17.7 % 56.1 % NOK na DNB BULL DNBNOR HA % 0.0 % -1.2 % 7.6 % NOK na OBX BULL OBX X3 HA % 4.6 % 7.1 % -4.9 % NOK 10,572 REC BEAR REC HA % 29.4 % 35.5 % % NOK 20,404 REC BULL REC HA % % % % NOK 9,883 DNB BEAR DNB NOR HA % % 7.1 % % NOK na Sølvpris SOLV ETN DNM % -0.2 % -1.8 % 13.8 % NOK 2,202 Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Norsk Hydro DNB-ETN NORSK HYDRO BUL % -4.7 % 21.3 % 24.9 % NOK 744,879 Gullpris DNB-ETN GULL % 0.4 % -1.1 % 9.4 % NOK na Norsk Hydro BULL NHY X3 DNM % -7.1 % 32.3 % 16.2 % NOK na Yara DNB-ETN YARA BEAR % -1.0 % % 11.9 % NOK 165,988 Yara DNB-ETN YARA X3 BEAR % -1.6 % % 5.6 % NOK 1,281 Storebrand DNB-ETN STOREBRAND BEAR % -0.8 % % % NOK 80,667 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK na Opera BULL OPERA DNM % 21.3 % % % NOK 26,898 Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK na OBX SHORT OBX DNM % -2.4 % -2.3 % -9.0 % NOK 2,829 Orkla DNB-ETN ORKLA X3 BEAR % -6.9 % 15.4 % % NOK 94,400 Fred. Olsen Energy BULL FOE DNM % -3.3 % % % NOK na Telenor DNB-ETN TELENOR BULL % -1.7 % % % NOK na Norwegian DNB-ETN NORWEGIAN BULL % -1.8 % % % NOK 6,125 PGS DNB-ETN PGS BULL % 14.2 % % % NOK na Gullpris DNB-ETN GULL BEAR % -0.4 % 11.7 % % NOK na Gullpris BEAR GULL HA % -0.5 % 11.7 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -8.0 % -7.6 % % NOK 64,323,060 Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 0.5 % 19.7 % % NOK 793,134 Aker Solutions DNB-ETN AKER SOLUTIONS B % -6.6 % 31.7 % % NOK na Sølvpris BEAR SOLV ETN DNM % 0.9 % 11.3 % % NOK na OBX XACT DERIVAT BEAR % -4.6 % -4.6 % % NOK 55,758 Telenor DNB-ETN TELENOR X3 BULL % -2.6 % % % NOK 25,257 Aluminium BEAR ALU HA % 4.9 % -7.9 % % NOK na Sink BEAR SINK ETN DNM % -2.1 % % % NOK 21,100 REC BEAR REC DNM % 19.2 % 29.2 % % NOK na OBX DNB-ETN OBX X3 BEAR % -6.9 % -7.2 % % NOK 247,834 TGS Nopec DNB-ETN TGS BEAR % -4.5 % 9.3 % % NOK 541,165 Oljeservice DNB - ETN OIL SERVICE BEAR % % -4.8 % % NOK na Naturgasspris NATGAS ETN DNM % -3.1 % 2.3 % % NOK na OBX BEAR OBX X4 DNM % -9.2 % % % NOK na Golden Ocean BULL GOGL DNM % 5.6 % 42.1 % % NOK na CO2 CO2 ETN DNM % -2.0 % -5.9 % % NOK 3,773 Kobberpris BEAR KOBBER HA % -1.3 % % % NOK na Aluminium BEAR ALU ETN DNM % 1.3 % -9.7 % % NOK 3,146 Kobberpris BEAR KOBBER ETN DNM % -1.2 % % % NOK 390 Schibsted BULL SCH DNM % 3.5 % % % NOK 22,150 DNO BEAR DNO DNM % % % % NOK na Subsea 7 DNB-ETN SUBSEA 7 BEAR % % % % NOK na OBX BEAR OBX X3 HA % -6.3 % % % NOK na Statoil DNB-ETN STATOIL BEAR % % % % NOK na Naturgasspris BULL NATGAS ETN DNM % -6.6 % -2.0 % % NOK 5,040 Strømpris DNB-ETN ELKRAFT % % -6.4 % 73.2 % NOK 76,262 CO2 BULL CO2 ETN DNM % -4.6 % % % NOK na Oljepris BEAR OLJE HA % % 18.5 % % NOK 156,797 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 22-Nov NeuroVive Pharmaceutical AB Stockholm na na None 23-Nov Arendals Fossekompani A/S Oslo na na na na Annual Karolinska Development AB Stockholm na na None Sintercast AB Stockholm na na Annual 24-Nov BW LPG Ltd Oslo Semi-Anl Atlantic Petroleum P/F Oslo na na na na #N/A N/A L E Lundbergforetagen AB Stockholm na na na na Annual Sensys Gatso Group AB Stockholm 11 na na na Irreg Systemair AB Stockholm na na Annual Malmbergs Elektriska AB Stockholm na na Annual 25-Nov Nordic Mines AB Stockholm na na na na None Industrial & Financial Systems #N/A Field Not A na na na na Annual Anoto Group AB Stockholm na na na na None Techstep ASA Oslo na na na na None Multiq International AB Stockholm na na na na Irreg B2Holding ASA Oslo na na #N/A N/A Wilson Therapeutics AB Stockholm na na None 29-Nov Strax AB Stockholm na na na na Irreg Farstad Shipping ASA Oslo Annual Trention AB Stockholm na na na na None 30-Nov Trigon Agri A/S Stockholm na na na na Irreg 1-Dec Elekta AB Stockholm Semi-Anl 2-Dec Oasmia Pharmaceutical AB Stockholm na na na na None 8-Dec Clas Ohlson AB Stockholm na na Annual 12-Dec Sectra AB Stockholm na na Irreg 13-Dec SAS AB Stockholm 1, na na None 16-Dec Nobina AB Stockholm na na Irreg 21-Dec SkiStar AB Stockholm na na Annual KappAhl AB Stockholm na na Annual Rnb Retail and Brands AB Stockholm na na na na Irreg 11-Jan EMAS Offshore Ltd Oslo na na na na Irreg Chr Hansen Holding A/S Copenhagen Annual Dustin Group AB Stockholm na na Irreg 13-Jan Venue Retail Group AB Stockholm na na na na Irreg 18-Jan Pandora A/S Copenhagen 2, na na Annual 19-Jan Avanza Bank Holding AB Stockholm na 3.25 na na Annual Castellum AB Stockholm Annual 20-Jan Investment AB Oresund Stockholm na na na na Annual Bergs Timber AB Stockholm na na na na Irreg 24-Jan Byggmax Group AB Stockholm na na Annual 25-Jan Bonava AB Stockholm na na None Bonava AB Stockholm na na na na None Qliro Group AB Stockholm na na None 26-Jan Elanders AB Stockholm na na Annual Svenska Cellulosa AB SCA Stockholm 5, , Annual Svenska Cellulosa AB SCA Stockholm 5, , Annual Kone OYJ Helsinki Annual Lagercrantz Group AB Stockholm na na Annual Nordea Bank AB Stockholm na 0.20 na 0.22 Annual Nordea Bank AB Helsinki na 0.22 na na Annual Novo Nordisk A/S Copenhagen 12, , Semi-Anl Telefonaktiebolaget LM Ericsso Stockholm 5, na na Annual Telefonaktiebolaget LM Ericsso Stockholm 5, na na Annual Data Respons ASA Oslo na na Annual Orexo AB Stockholm na na na na 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 Hold DKK 9,015 10, x 20.6x 5.5x 4.9x AcadeMedia AB ACAD Kjøp SEK x 11.6x 10.5x 8.3x AF Gruppen AFG Selg NOK x 23.2x 11.0x 11.6x Akastor AKA Kjøp NOK x -4.9x 11.2x 14.1x Aker AKER Hold NOK x 19.5x Aker BP ASA AKERBP Kjøp NOK x 15.3x 8.6x 3.6x Aker Solutions AKSO Selg NOK x x 7.5x 10.2x Alfa Laval ALFA Selg SEK x 21.7x 11.0x 11.5x Arcam ARCM Hold SEK x 88.8x 144.0x 42.7x Archer ARCHER Selg NOK x -1.6x 18.9x 13.2x Assa Abloy ASSAB Hold SEK x 21.6x 16.2x 14.5x Atea ATEA Hold NOK x 16.6x 9.0x 8.1x Atlas Copco ATCOA Hold SEK x 22.7x 15.0x 13.2x Atwood Oceanics ATW Selg USD x -10.2x 2.9x 8.3x Aurora LPG AURLPG Hold NOK x -18.7x 12.3x 11.8x Austevoll Seafood AUSS Kjøp NOK x 9.1x 5.8x 3.9x Autoliv ALIV Kjøp SEK x 14.4x 7.3x 6.8x Avance Gas AVANCE NOK x -9.4x 11.3x 11.6x Avanza Bank AZA Kjøp SEK x 26.3x Awilco Drilling AWDR Hold NOK x 1.7x 2.9x 0.6x Axactor AXA Kjøp NOK Bakkafrost BAKKA Hold NOK x 12.8x 10.9x 8.3x Balder BALD Kjøp SEK x 24.8x 24.2x 21.1x Betsson BETSB Kjøp SEK x 11.8x 11.1x 9.7x BillerudKorsnäs BILL Kjøp SEK x 14.2x 9.1x 8.0x Borregaard BRG Kjøp NOK x 14.3x 8.7x 7.3x BW LPG BWLPG Kjøp NOK x 15.8x 7.1x 8.2x BW Offshore BWO Kjøp NOK x x 6.3x 7.1x Cargotec CGC Selg EUR x 15.6x 9.6x 9.1x Carlsberg CARLB Selg DKK x 17.6x 9.0x 8.3x Castellum CAST Kjøp SEK x 14.6x 24.8x 19.4x Chr. Hansen CHR Hold DKK x 32.4x 24.9x 21.1x Citycon CTY1S Kjøp EUR x 15.6x 19.5x 19.1x Coloplast COLOB Kjøp DKK x 23.6x 20.0x 16.3x Com Hem COMH Selg SEK x 27.5x 10.0x 8.4x Coor Service Managemen COOR Kjøp SEK x 11.8x 11.6x 10.1x D/S Norden DNORD Kjøp DKK x 234.1x 20.9x 10.9x Danske Bank DANSKE Kjøp DKK x 10.5x Deep Sea Supply DESSC NOK x -2.4x 20.0x 12.1x DHT Holdings DHT Hold USD x 8.8x 4.6x 5.1x Diamond Offshore DO Selg USD x 13.9x 6.5x 5.9x DNB DNB NOK x 11.0x DNO DNO Kjøp NOK x 2.8x 7.3x 1.6x DOF DOF NOK x 4.2x 8.3x 8.5x Dorian LPG LPG Kjøp USD x -14.7x 6.0x 16.8x Eidesvik Offshore EIOF NOK x -2.8x 8.6x 12.6x Electrolux ELUX Selg SEK x 13.6x 6.6x 6.3x Elekta EKTAB Kjøp SEK x 21.1x 15.5x 12.1x Ensco ESV Selg USD x 44.4x 3.6x 6.7x Entra ENTRA Kjøp NOK x 19.2x 20.8x 18.7x Epic Gas EPIC Kjøp NOK x 508.8x 9.2x 7.4x Ericsson ERICb Hold SEK x 15.5x 6.8x 5.3x Euronav EURN Hold USD x 23.6x 5.4x 5.6x Europris EPR Hold NOK x 14.9x 11.2x 10.0x Evolution Gaming EVO Kjøp SEK x 21.4x 20.8x 15.2x Fabege FABG Hold SEK x 31.9x 31.1x 29.4x Farstad Shipping FAR NOK x -0.3x 13.1x 18.0x Flex LNG FLNG Hold NOK na na -71.2x -72.6x FLSmidth FLS Hold DKK x 17.9x 10.7x 9.0x FMC Technologies FTI Selg USD x 51.1x 19.3x 16.1x Fortum FUM1V Selg EUR x 20.1x Fred Olsen Energy FOE Selg NOK x -0.6x 1.2x 4.5x Frontline FRO Hold NOK x 10.4x 6.9x 8.5x 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 GasLog GLOG Kjøp USD x 16.0x 13.1x 9.9x Gener8 Maritime GNRT Hold USD x 3.4x 7.5x 5.7x Getinge GETIB Selg SEK x 12.2x 11.4x 8.4x Gjensidige Forsikring GJF Hold NOK x 16.6x GN Group GN Hold DKK x 16.0x 13.6x 11.4x Golar LNG GLNG Kjøp USD x -12.8x -66.5x 85.2x Golar LNG Partners GMLP Hold USD x 6.5x 7.6x 6.7x Golden Ocean GOGL Hold NOK x -7.3x -73.0x 25.9x Grieg Seafood GSF Hold NOK x 8.5x 7.6x 5.7x Havfisk HFISK Kjøp NOK x 10.7x 7.3x 6.0x Havila Shipping HAVI Selg NOK x -0.1x 8.1x 13.8x Helgeland Sparebank HELG Kjøp NOK x 8.4x Hennes & Mauritz HMB Hold SEK x 22.1x 13.5x 11.6x Hexagon AB HEXAB Kjøp SEK x 18.9x 14.2x 12.8x Hexagon Composites HEX Hold NOK x 22.6x 44.3x 16.5x Hexpol HPOLB Hold SEK x 18.9x 12.2x 11.0x Holmen HOLMB S Selg SEK x 15.9x 9.7x 9.3x Hufvudstaden HUFV Hold SEK x 30.8x 27.0x 25.5x Humana HUM Kjøp SEK x 12.7x 12.0x 10.1x Husqvarna HUSQb Kjøp SEK x 14.4x 10.3x 8.3x Höegh LNG Holdings HLNG Kjøp NOK x 15.6x 13.2x 10.5x Industrivärden INDUc Kjøp SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.0x 9.4x 7.6x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 13.2x 20.8x 20.0x KNOT Offshore Partners KNOP Hold USD x 11.3x 9.1x 8.6x Kone KNEBV Hold EUR x 20.6x 14.0x 13.0x Konecranes KCR1V Hold EUR x 19.8x 10.5x 9.1x Kongsberg Gruppen KOG Kjøp NOK x 13.4x 13.6x 7.9x Kungsleden KLED Kjøp SEK x 11.4x 17.9x 17.2x Kværner KVAER Selg NOK x 25.8x 1.6x 2.8x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 9.1x 8.7x 5.7x Loomis LOOMb Kjøp SEK x 13.9x 7.3x 7.0x Lundbeck LUN Kjøp DKK x 26.2x 12.7x 10.6x Lundbergs LUNDb Hold SEK Lundin Petroleum LUPE Kjøp SEK x 20.2x 11.9x 5.8x Marine Harvest MHG Kjøp NOK x 10.4x 9.5x 6.3x Medistim MEDI Hold NOK x 23.6x 20.0x 15.6x Metsa Board METSB Kjøp EUR x 12.2x 10.0x 6.0x Metso MEO1V Hold EUR x 20.6x 10.9x 10.0x Millicom MICsdb Kjøp SEK x 20.3x 5.3x 4.8x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 14.2x 11.3x 9.5x Ncc NCC Hold SEK x 15.2x 12.0x 8.8x NetEnt NETb Kjøp SEK x 27.3x 23.5x 18.2x Nibe Industrier NIBEB Hold SEK x 21.1x 16.0x 13.7x Nobia NOBI Kjøp SEK x 13.1x 9.4x 7.4x Noble NE Selg USD x -6.3x 4.0x 8.4x Nokian Tyres NRE1V Kjøp EUR x 16.0x 10.3x 8.9x Nordea NDA Kjøp SEK x 11.6x Nordic Nanovector NANO Kjøp NOK x -18.8x -18.1x -17.6x Nordic Semiconductor NOD Kjøp NOK x 36.6x 29.2x 17.7x Nordnet NNb Hold SEK x 20.4x Norsk Hydro NHY Selg NOK x 19.6x 7.1x 7.0x North Energy NORTH Hold NOK x -1.5x Norway Royal Salmon NRS Hold NOK x 14.0x 12.7x 9.3x Norwegian Air Shuttle NAS Hold NOK x 9.1x 11.7x 11.4x Norwegian Property NPRO Hold NOK x 22.8x 16.9x 18.7x Novo Nordisk NVO Hold DKK x 14.7x 10.8x 10.2x Novozymes NZYMB Selg DKK x 22.9x 15.2x 14.0x NRC Group NRC Selg NOK x 24.9x 15.0x 14.1x Ocean Rig ORIG Selg USD x 3.8x 2.9x 4.6x Ocean Yield OCY Kjøp NOK x 7.3x 9.4x 7.5x Odfjell ODF Kjøp NOK x 4.4x 4.4x 4.4x Odfjell Drilling ODL Kjøp NOK x 8.8x 7.7x 7.0x Olav Thon OLT Kjøp NOK x 13.5x 16.5x 15.0x Opera OPERA Kjøp NOK x 13.8x 12.3x 9.6x 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 Oriflame ORI Selg SEK x 21.2x 11.7x 10.2x Orkla ORK Hold NOK x 20.5x 15.9x 14.8x Outotec OTE1V Hold EUR x 28.3x 12.3x 8.7x Pacific Drilling PACD Selg USD x -0.2x 8.1x 18.5x Pandox PNDXB Hold SEK x 15.8x 22.4x 17.9x Pareto Bank PARB Kjøp NOK x 7.6x Peab PEAB Kjøp SEK x 12.1x 8.0x 6.7x Petroleum Geo-Services PGS Selg NOK x -2.6x 4.9x 7.3x Polarcus PLCS Selg NOK x -0.3x 4.3x 4.6x Prosafe PRS Hold NOK x -4.5x 5.4x 11.2x Q-Free QFR Hold NOK x 10.9x 13.0x 6.4x Recipharm RECIB Hold SEK x 25.8x 13.6x 10.4x RenoNorden RENO Hold NOK x 10.4x 6.3x 6.3x Rezidor REZT Hold SEK x 7.6x 7.7x 4.2x Rowan RDC Selg USD x 36.7x 3.6x 5.5x Safe Bulkers SB Hold USD x -4.4x 22.8x 15.2x Saipem SPM Selg EUR x 17.7x 4.3x 5.5x SalMar SALM Hold NOK x 11.4x 9.9x 7.5x Sampo Oyj SAMPO Hold EUR x 14.7x Sandvik SAND Kjøp SEK x 17.2x 11.0x 9.7x SCA SCAB Hold SEK x 16.8x 10.4x 9.4x Scandi Standard SCST Hold SEK x 12.1x 9.5x 7.1x Schibsted SCHA Selg NOK x 35.3x 36.4x 31.3x Scorpio Tankers STNG Hold USD x 8.0x 13.0x 9.2x Seadrill SDRL Selg NOK x -10.4x 5.2x 9.5x SEB SEB Kjøp SEK x 12.5x Securitas SECUB Kjøp SEK x 15.1x 10.9x 9.1x Selvaag Bolig SBO Kjøp NOK x 17.6x 12.0x 13.5x Sevan Marine SEVAN Selg NOK x -12.0x -7.9x -9.6x Siem Offshore SIOFF NOK x -1.7x 17.2x 18.0x Skandiabanken SKBN Kjøp NOK x 12.1x Skanska SKA Kjøp SEK x 15.0x 13.8x 11.3x SKF SKFB Hold SEK x 15.2x 10.0x 9.3x Solstad Offshore SOFF NOK x -4.2x 12.6x 14.9x Songa Offshore SONG Selg NOK x 1.9x 4.9x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK x 9.0x Sparebank1 SMN MING Kjøp NOK x 8.7x Sparebank1 SR-Bank SRBANK Kjøp NOK x 8.9x Sparebanken Møre MORG Kjøp NOK x 9.7x Sparebanken Øst SPOG Kjøp NOK x 10.7x Spectrum SPU Selg NOK x x 2.4x 1.8x Sponda SDA1V Kjøp EUR x 14.4x 19.4x 20.0x Statoil STL Kjøp NOK x 10.5x Stolt-Nielsen SNI Kjøp NOK x 7.0x 5.5x 5.5x Stora Enso STERV F Kjøp EUR x 10.2x 7.0x 5.7x Storebrand STB Kjøp NOK x 9.2x Subsea 7 SUBC Selg NOK x 64.7x 3.1x 6.3x Svenska Handelsbanken SHB Selg SEK x 16.3x Swedbank SWEDA Hold SEK x 13.2x Swedish Match SWMA Hold SEK x 18.5x 12.1x 11.7x Tanker Investments TIL Hold NOK x 2.7x 5.6x 3.8x Targovax TRVX Kjøp NOK x -3.8x Technip TECF Selg EUR x 19.4x 5.0x 6.9x Teekay Tankers TNK Hold USD x 4.3x 6.1x 4.8x Tele2 TEL2b Hold SEK x 19.9x 9.2x 7.2x Telenor TEL Kjøp NOK x 11.1x 5.8x 5.5x Telia Company TELIA Hold SEK x 10.9x 7.0x 6.3x TGS Nopec TGS Selg NOK x 49.5x 5.3x 5.2x The Scottish Salmon ComSSC Hold NOK x 7.6x 10.0x 5.6x Thule Group THULE Hold SEK x 17.7x 14.7x 13.0x Tomra TOM Selg NOK x 21.3x 10.1x 10.6x Topdanmark TOP Kjøp DKK x 13.7x Transocean RIG Selg USD x -30.1x 5.0x 8.0x Trelleborg TRELB Hold SEK x 15.6x 11.9x 9.7x 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 Tryg TRYG Hold DKK x 14.4x 15.3x Tsakos Energy NavigationTNP Kjøp USD x 4.1x 4.9x 5.7x 5.5x Unibet UNIB Kjøp SEK x 17.4x 14.8x 13.5x 11.7x UPM UPM1V Hold EUR x 13.5x 12.8x 7.8x 6.8x Valmet VALMT Kjøp EUR x 18.8x 15.7x 8.3x 7.4x Veidekke VEI Kjøp NOK x 12.5x 10.1x 8.2x Vitrolife VITR Kjøp SEK x 33.3x 27.3x 20.4x Volvo VOLVB Hold SEK x 14.1x 6.8x 5.9x Wallenstam WALLb Hold SEK x 30.2x 38.1x 30.6x Weifa WEIFA Kjøp NOK x 17.4x 13.9x 12.3x Wihlborgs WIHL Kjøp SEK x 15.9x 15.1x 20.9x 20.0x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 7.3x 6.1x 7.4x 6.6x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 8.6x 5.7x 5.1x 3.9x William Demant Holding WDH Selg DKK x 18.8x 16.5x 10.7x 9.4x Wilson Therapeutics WTX Kjøp SEK x -9.8x -9.8x Wärtsilä WRT1V Hold EUR x 18.1x 12.9x 11.2x XXL XXL Kjøp NOK x 18.2x 17.7x 12.8x Yara YAR Selg NOK x 29.3x 6.7x 9.4x YIT YIT Selg EUR x 15.3x 48.2x 12.8x Kilde: DNB Markets, FactSet, Bloomberg 12

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