AVVENTENDE FORAN Q4-TALL OG NYE TRUMP-SIGNALER CHR, ATEA & NHY

Transkript

1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag AVVENTENDE FORAN Q4-TALL OG NYE TRUMP-SIGNALER CHR, ATEA & NHY Det ble en blandet utvikling uten de helt store utslagene for det amerikanske aksjemarkedet i går. Fravær av markedsdrivende nyheter gjorde at investorene heller forholdt seg avventende foran rapporteringssesongen og dagens pressekonferanse fra den påtroppende presidenten. Dow endte ned 0.2% mens ble S&P500 liggende tilnærmet uendret og Nasdaq stengte opp 0.4%. Volumet på alle de tre hovedindeksene kom inn på rundt 99% av gjennomsnittet for de siste tre måneder. Etter en svak start på uken for det japanske markedet har kursene snudd opp igjen dag i takt med at Yen ser ut til å flate ut mot USD. Nikkei ligger like før stengetid opp 0.4%. Det kinesiske markedet er samtidig mer blandet, men kursene får her noe drahjelp av at gårsdagens produsentprisindeks har løftet enkelte råvarepriser. Når det gjelder nøkkeltall fra makrosiden ser onsdag i utgangspunktet ut til å kunne bli relativt rolig. Investorene vil imidlertid følge ekstra med på pressekonferansen den påtroppende amerikanske presidenten vil holde i kveld norsk tid. Vi kommer også langsomt i gang med rapporteringssesongen og i Norden innleder vi i dag med kvartalstallene fra danske Chr. Hansen og fra svenske Dustin Group. Førstnevnte leverer tilsetningsstoffer til helse- og matvaresektorene. Her har vi en holdanbefaling med et kursmål på DKK 420 pr aksje. Kursen lå ved stengetid i går på DKK 391 pr aksje. Sistnevnte selger IT-løsninger inn til privat og offentlig sektor, med hovedvekt på det svenske markedet, og er en konkurrent av blant annet Atea. Vi har ingen anbefaling på Dustin, men en Holdanbefaling på Atea med et kursmål på NOK 82 pr aksje. Her stengte kursen i går på NOK 80 pr aksje. Mens forventningene til dagens oppdatering av de amerikanske oljelagertallene tilsier en økning i råoljebeholdningene på 0.9 mill fat indikerte de foreløpige beregningene lagt frem sent i går en økning i de samme beholdningene på 1.5 mill fat. Dermed trakk WTI-prisen i går ned med USD 1.06 pr fat og endte på USD pr fat. Prisen ligger i morgentimene i dag på USD pr fat. Brent åpner samtidig på USD pr fat, ned USD 0.80 pr fat i forhold til nivået ved stengetid i det norske markedet på tirsdag. Vi er tidlig ute med oppdaterte forventninger til Q4-rapporten fra Norsk Hydro. Det innebærer at vi etter å ha justert for prisoppgangen gjennom Q4 har estimater for kvartalet som i dag ligger rundt 8% over konsensus. Vi venter imidlertid ikke at denne differansen vil være like høy når rapporten legges frem den 9. februar. Oppgangen i aluminiumspriser betyr samtidig også at de underliggende forventningene hos investorene allerede kan være høyere enn det som reflekteres i konsensus pr i dag. På den annen side ser imidlertid ikke utsiktene for 2017 heller ut til å ha bedret seg den siste tiden. Slik vi tolker aluminiumsmarkedet vil tilbudsveksten bli større enn etterspørselsveksten i tiden fremover og i tillegg reduserer lave kullpriser kostnadene for flere av Hydros internasjonale konkurrenter. Vi gjentar en salgsanbefaling på Norsk Hydro med et kursmål på NOK 32 pr aksje. Kursen stengte i går på NOK pr aksje. Internasjonale børser Renter Valuta/råvarer 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 Portefølje anbefalte aksjer: I dag - Statoil - Wilh. Wilhelmsen ASA - Bakkafrost - Höegh LNG - DNO - Borregaard - SR Bank YTD DNB: 0% YTD OSE: 1% Rapporter Norden - Dustin - Chr. Hansen - SAS, salg desember Nøkkeltall Norden - - Rapporter / nøkkeltall Europa / USA - DE; Industriproduksjon - ES; Industriproduksjon - UK; Handelsbalanse - US; Boliglånssøknader - US; Oljelagertall - Xilinix - KB Home Konferanser / presentasjoner - DNB Markets Olje-, Offshore-, - & Shippingkonferanse - Oslo, 1 mars 2017 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 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 ,540, GN Store Nord , AP Møller Maersk ,269 11, , Finland Nokia ,725, Metso TeliaSonera , UPM Kymmene , Norge Frontline ,189, Norsk Hydro , Yara , Golden Ocean , PGS , Statoil ,839, Subsea , DNB , Telenor , Tomra , Questerre , Orkla , Sverige AstraZeneca ,332, Electrolux , Ericsson (B) ,631, Hennes & Mauritz ,480, 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 2,353 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 1,749 1, ,795 1,449 Nikkel 10,615 10, ,055 12,145 7,550 Kopper 5,758 5, ,273 6,046 4,318 Gull 1,188 1, ,375 1,072 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 Luftfart 2.9% -0.3% 30.8% 20.0% 3.1% 11.4 Mat- og apotekhandel 1.8% 0.5% 3.8% 8.7% 0.8% 16.8 Metall 2.6% -0.6% 23.3% 94.6% 7.5% 15.7 Forbruksvarer og klær 1.2% 2.7% 9.5% 17.6% 0.8% 19.0 Bildeler 2.0% -1.5% 8.7% 12.8% 4.2% 10.0 Materialer 1.2% 0.3% 11.5% 41.5% 1.3% 16.0 Helseartikler 1.9% 4.7% -2.3% 17.3% 5.0% 18.7 Hotell-, underholdnings- og restaurantvi 1.0% 4.2% 8.1% -2.3% 0.1% 18.2 Papir- og skogprodukter 1.2% -1.8% 8.3% 25.8% 1.2% 14.3 Helsevern - utstyr og tjenester 0.8% 2.4% -0.7% 1.3% -1.5% 20.6 Bygg og anlegg 1.1% -5.9% 13.4% 47.5% 0.4% 17.6 Kapitalvarer 0.6% 2.7% 7.5% 21.8% 1.1% 17.2 Elektrisk utstyr 0.9% -3.3% 8.4% 28.1% 0.6% 20.1 Biler og komponenter 0.6% 5.7% 14.2% 12.3% 3.5% 8.5 Maskiner 0.8% -1.9% 10.0% 42.7% 1.5% 20.7 Eiendomsselskaper 0.2% 2.0% 2.9% -1.0% -0.9% 19.2 Bank 0.7% -0.6% 27.8% 34.5% 0.9% 13.6 Legemiddelindustri og bioteknologi 0.2% 5.4% 2.9% -3.6% 2.2% 15.0 Kommunikasjonsutstyr 0.5% 0.6% 1.4% 23.9% 0.3% 13.4 IT utstyr 0.0% 5.6% -6.9% -28.1% 0.9% 18.6 Forsikring 0.4% -0.7% 9.6% 24.5% 0.4% 12.4 Kommersielle tjenester og leveranser 0.0% 2.6% 3.4% 1.1% 0.1% 16.5 Elektronisk utstyr og instrumente 0.4% -2.1% 6.4% 31.7% -0.4% 17.1 Banker -0.1% 0.1% 20.7% 7.0% 1.4% 11.8 Hotell og restaurant 0.2% -0.5% 9.2% 8.6% 1.9% 20.6 Energi -0.1% 4.0% 10.9% 38.4% -1.3% 15.2 Datamaskiner og tilbehør 0.1% 3.2% 2.8% 25.0% 2.4% 12.8 Telekommunikasjon og tjenester -0.2% 5.0% 4.5% -11.3% 1.9% 16.7 Diversifiserte telekomtjenester 0.1% 1.8% 5.0% 17.8% -2.2% 13.8 Media -0.2% 1.7% 5.4% -0.1% 0.3% 16.9 Media 0.0% 2.0% 13.4% 19.6% 2.3% 18.2 Programvare og tjenester -0.3% 4.6% 2.2% 10.2% 1.3% 18.7 Eiendom 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Husholdningsvarer og personlige produ -0.3% 2.1% -3.3% 6.4% -1.2% 20.1 Programvare -0.1% 0.4% 5.7% 17.5% 1.8% 21.5 Finansieringsselskaper -0.3% 0.9% 16.4% -1.8% 3.0% 14.6 Bioteknologi -0.1% 5.7% 3.4% -0.2% 5.7% 12.4 Detaljhandel -0.4% -5.8% -1.1% -12.3% -4.0% 18.7 Industrielle konglomerater -0.2% -0.7% 7.9% 14.3% -0.3% 18.9 Drikkevarer, mat og tobakk -0.4% 2.7% -2.7% 0.8% 0.4% 18.8 Internett programvare og -tjeneste -0.2% 2.6% 0.3% 18.6% 5.7% 21.4 Transport -0.5% 4.2% 9.9% 9.9% 1.5% 15.1 Kraft -0.3% 1.1% 1.3% 9.1% -1.3% 16.2 Forsikring -0.6% 0.0% 13.7% 2.0% -0.4% 11.1 Farmasi -0.3% 4.6% -0.4% 3.2% 2.2% 15.0 Forsyningsselskaper -1.0% 0.9% -1.3% -8.1% -2.6% 13.5 Kjemikalier -0.3% -1.2% 6.4% 19.3% 1.3% 17.5 Matvarer -0.6% 0.4% -0.5% 11.2% -1.2% 19.3 Olje og gass -0.8% -2.9% 3.3% 31.6% -2.3% 29.0 Fritidsutstyr -0.9% -1.1% 3.3% 15.0% 7.6% 17.6 Drikkevarer -1.1% -1.9% -3.6% 0.9% -1.7% 20.3 Husholdningsartikler -1.1% -0.8% -6.2% 4.8% -0.5% 21.2 Energi og relatert utstyr -1.5% -1.1% 9.3% 40.9% 0.3% 64.7 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 Caterpillar Inc % -1.8 % 52.6 % Illumina Inc % 34.0 % -0.4 % St Jude Medical Inc #VALUE! na na Home Depot Inc/The % 2.0 % 8.2 % Regeneron Pharmaceu % 0.0 % % Illumina Inc % 34.0 % -0.4 % American Express Co % 2.5 % 19.7 % T-Mobile US Inc % 3.5 % 48.0 % Boston Scientific Co % 13.5 % 37.8 % Cisco Systems Inc % 1.1 % 20.2 % Intuitive Surgical Inc % 5.9 % 22.7 % Freeport-McMoRan % -1.3 % % Boeing Co/The % 1.6 % 22.2 % American Airlines Group % -2.3 % 18.0 % Alaska Air Group Inc % 2.5 % 30.2 % JPMorgan Chase & Co % 1.1 % 46.9 % Cerner Corp % 1.8 % % Alcoa Corp % -3.3 % 72.9 % Verizon Communications Inc % 2.5 % 17.0 % JD.com Inc % 0.2 % -0.5 % Regeneron Pharma % 0.0 % % Apple Inc % 4.5 % 20.9 % Yahoo! Inc % 1.3 % 40.2 % Chipotle Mexican Gr % 12.0 % 0.8 % Walt Disney Co/The % 3.4 % 8.5 % Skyworks Solutions Inc % 0.5 % 17.0 % Qorvo Inc % -0.1 % 27.5 % Microsoft Corp % 1.0 % 19.7 % NetEase Inc % 7.3 % 51.1 % General Motors Co % -0.8 % 23.5 % Pfizer Inc % 5.5 % 7.6 % Broadcom Ltd % 0.8 % 41.0 % Delphi Automotive P % -1.5 % -7.1 % Johnson & Johnson % 3.5 % 19.1 % Ross Stores Inc % -1.3 % 27.0 % United Continental H % -2.0 % 42.7 % Travelers Cos Inc/The % -1.7 % 9.7 % Norwegian Cruise Line % 1.6 % % Intuitive Surgical Inc % 5.9 % 22.7 % Goldman Sachs Group Inc/The % 0.3 % 46.4 % PACCAR Inc % -1.2 % 47.8 % Michael Kors Holdin % % 16.8 % McDonald's Corp % -0.8 % 3.1 % Intel Corp % 2.2 % 14.0 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år United Technologies Corp % 1.3 % 22.9 % Endo International PLC % -2.1 % % Williams Cos Inc/Th % -5.6 % 52.5 % EI du Pont de Nemours & Co % -1.7 % 24.3 % Monster Beverage Corp % -1.2 % % Endo International P % -2.1 % % UnitedHealth Group Inc % 0.9 % 47.5 % Mattel Inc % 1.4 % 12.0 % Ventas Inc % -2.1 % 8.1 % General Electric Co % -1.3 % 9.8 % Discovery Communicat % -9.5 % 2.0 % VeriSign Inc % -3.5 % 1.5 % 3M Co % -1.1 % 25.7 % Discovery Communicat % -8.8 % 3.7 % CF Industries Holdin % 5.8 % 0.9 % NIKE Inc % 2.7 % % ebay Inc % 0.9 % 15.9 % Welltower Inc % 1.0 % -3.3 % Visa Inc % 2.7 % 10.0 % Western Digital Corp % 4.6 % 34.2 % Halliburton Co % 0.8 % 73.2 % Coca-Cola Co/The % -2.3 % -1.3 % Mondelez International I % 5.3 % 6.0 % HCP Inc % 0.0 % % Wal-Mart Stores Inc % -2.6 % 6.2 % Seagate Technology PL % -4.4 % 20.0 % ONEOK Inc % -1.6 % % Chevron Corp % -0.7 % 42.3 % Gilead Sciences Inc % 3.2 % % Global Payments In % 7.9 % 33.1 % Procter & Gamble Co/The % -1.0 % 8.9 % Stericycle Inc % 4.9 % % Tyson Foods Inc % -1.1 % 16.1 % International Business Machine % -0.6 % 24.2 % Xilinx Inc % 4.7 % 35.7 % Prologis Inc % 0.2 % 27.9 % Exxon Mobil Corp % -3.4 % 16.6 % Netflix Inc % 5.7 % 13.0 % Moody's Corp % -5.1 % 4.2 % Merck & Co Inc % -2.1 % 16.9 % PayPal Holdings Inc % 3.6 % 24.3 % Ensco PLC % 4.0 % -2.8 % 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) Hong Kong EWH % 4.5 % 0.4 % 12.9 % USD 91,136,224 Brasil EWZ % 2.3 % 7.4 % 86.2 % USD 556,592,576 Russell 2000 IWM % 0.4 % -1.6 % 31.6 % USD 3,651,014,144 Russell 2000 Growth IWO % 1.4 % -0.9 % 24.2 % USD 114,823,312 Bioteknologi IBB % 6.0 % 6.2 % -1.8 % USD 446,674,080 Latin-America 40 ILF % 1.0 % 0.8 % 48.3 % USD 36,296,976 Pacific ex-japan EPP % 3.6 % -0.3 % 19.3 % USD 33,886,236 S&P Midcap 400 MDY % 0.7 % -0.9 % 28.8 % USD 443,338,272 Emerging Markets EEM % 1.9 % -0.1 % 22.4 % USD 1,847,289,600 FTSE 100 ISF % 1.2 % 3.5 % 23.2 % GBp 2,599,538,000 Industri XLI % 0.5 % -1.7 % 26.5 % USD 567,448,640 Nasdaq 100 QQQ % 2.6 % 2.6 % 17.5 % USD 2,417,245,696 Finansielle tjenester XLF % -0.3 % -1.3 % 30.4 % USD 1,060,516,096 DAX DAXEX % -0.2 % 3.2 % 15.9 % EUR 1,415,023 Dow Jones Total market THRK % 0.7 % -0.1 % 19.2 % USD 1,072,304 Teknologi USA XLK % 1.3 % 1.5 % 22.4 % USD 369,610,656 S&P 500 SPY % 0.5 % 0.0 % 17.9 % USD 15,366,777,856 S&P Euro 350 IEV % 0.9 % 1.3 % 4.3 % USD 27,053,924 CAC-40 CAC % -0.3 % 2.4 % 12.4 % EUR 3,912,362 AEX-Nederland AEXT % -0.7 % 3.2 % 18.4 % EUR 89,379 DJIA DIA % 0.0 % 0.4 % 21.1 % USD 740,288,640 TecDax TDXPEX % 0.1 % 5.0 % 7.1 % EUR 153,088 Forsyningstjenester XLU % -0.8 % 0.2 % 10.8 % USD 648,698,496 Japan EWJ % 2.2 % -1.8 % 9.2 % USD 320,025,472 Forbruksvarer XLP % -0.9 % -1.2 % 4.0 % USD 495,698,624 Energi XLE % -2.7 % -3.3 % 35.1 % USD 759,778,944 Oil Service OIH % 0.4 % -1.9 % 46.7 % USD 197,657,440 Olje / Energi Naturgass UNG % -2.4 % % -7.9 % USD 127,919,128 Bensin UGAS % -4.1 % 2.9 % 13.4 % USD 55,235 Råolje CRUD % -3.3 % -1.4 % 18.6 % USD 1,767,639 WTI-olje OILW % -3.1 % -1.4 % 24.5 % USD 43,332 WTI-Oil USO % -3.2 % -3.2 % 19.7 % USD 228,016,000 Brent-olje OILB % -3.3 % -0.8 % 42.1 % USD 5,175,430 Fyringsolje HEAT % -4.3 % -1.4 % 37.8 % USD 6,216 Metaller Kobber COPA % 5.1 % -1.2 % 29.4 % USD 2,873,765 Sink ZINC % 7.6 % 0.2 % 80.0 % USD 98,776 Nikkel NICK % 5.3 % -7.7 % 22.7 % USD 154,951 Aluminium ALUM % 3.7 % -0.2 % 15.3 % USD 61,440 Sølv SLV % 3.0 % -0.4 % 20.3 % USD 110,693,832 Gull BULL % 2.3 % 2.0 % 6.1 % USD 33,390 Andre råvarer Kveg CATL % 1.4 % 7.7 % -3.5 % USD 237,982 Svinekjøtt HOGS % -2.4 % 5.7 % -6.0 % USD 28,992 Kaffe COFF % 8.5 % 4.8 % 15.9 % USD 144,390 Soyabønner SOYB % 1.6 % -3.4 % 15.1 % USD 90,098 Soyaolje SOYO % 2.4 % -4.3 % 14.7 % USD 6,230 Hvete WEAT % 3.1 % 4.5 % % USD 85,805 Mais CORN % 0.4 % 0.8 % -7.3 % USD 48,321 Sukker SUGA % 0.4 % 5.5 % 36.1 % USD 53,251 Råvarekurver Industrimetaller AIGI % 5.5 % -1.4 % 32.4 % USD 3,129,178 Korn AIGG % 1.4 % -0.1 % -3.8 % USD 19,989 Landbruk AIGA % 1.9 % 0.5 % 6.8 % USD 293,056 Råvarer AIGC % 0.7 % -0.8 % 14.7 % USD na Edle metaller AIGP % 2.4 % 1.2 % 9.2 % USD 94,882 Softs (Sukker, Kakao, BomuAIGS % 3.0 % 4.7 % 25.9 % USD 7,764 Energi AIGE % -3.0 % -3.2 % 19.3 % USD 12,691 Råvarer (ETN) GSG % -1.4 % -1.4 % 17.3 % USD 5,736,873 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Strømpris BULL EL HA % -2.9 % 1.5 % % NOK 98 OBX BULL OBX X3 HA % 9.7 % 15.1 % % NOK 3,421 CO2 BULL CO2 ETN DNM % -9.9 % 37.0 % % NOK na Kobberpris BULL KOBBER HA % 7.6 % -2.9 % 47.7 % NOK na Kobberpris BULL KOBBER ETN DNM % 7.1 % -3.1 % 54.0 % NOK na Telenor DNB-ETN TELENOR X3 BEAR % 0.0 % -3.2 % % NOK na Naturgasspris BULL NATGAS ETN DNM % 8.0 % 32.1 % 23.5 % NOK na Sinkpris BULL SINK ETN DNM % 14.3 % 0.2 % % NOK na Norsk Hydro BULL NHY X3 DNM % 6.6 % -0.8 % % NOK 790,158 REC BEAR REC DNM % % % % NOK 102,995 PGS DNB-ETN PGS BULL % -0.8 % 1.2 % % NOK 439 Telenor DNB - ETN TELENOR BEAR % 0.0 % -1.8 % % NOK na Oljepris BEAR OLJE HA % 12.2 % 0.4 % % NOK na CO2 CO2 ETN DNM % -2.8 % 22.8 % % NOK na Oljepris DNB - ETN BRENT BEAR % 11.8 % 0.6 % % NOK 22,580 DNO BULL DNO DNM % 5.6 % 38.8 % % NOK 180,127 Aluminium BULL ALU ETN DNM % 5.6 % -0.7 % 25.2 % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BUL % 4.4 % -0.3 % % NOK 11,448 Kobberpris BULL KOBBER ETN DNM % 3.0 % -1.1 % 23.4 % NOK na Yara DNB-ETN YARA X3 BULL % 8.2 % 29.7 % -4.5 % NOK 272,849 Sølvpris BULL SOLV ETN DNM % 6.4 % -2.2 % 23.0 % NOK na Naturgasspris NATGAS ETN DNM % 3.2 % 13.9 % 4.5 % NOK na Sinkpris SINK ETN DNM % 6.4 % 0.9 % 71.7 % NOK na Subsea 7 DNB-ETN SUBSEA 7 BULL % -7.5 % -0.4 % % NOK 23,271 Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 4.5 % -1.9 % % NOK na Norwegian DNB-ETN NORWEGIAN BEAR % 17.6 % 9.2 % % NOK 4,460 Yara DNB-ETN YARA BULL % 5.5 % 19.2 % 4.0 % NOK 13,644 Yara DNB-ETN YARA BULL % 5.5 % 19.2 % 4.0 % NOK 13,644 Schibsted BULL SCH DNM % 0.9 % 29.6 % % NOK 9,380 Gullpris BULL GULL HA % 5.4 % 4.9 % 5.6 % NOK 932 Orkla DNB-ETN ORKLA X3 BEAR % 4.0 % 3.5 % % NOK na Gullpris DNB-ETN GULL BULL % 5.4 % 4.9 % 5.9 % NOK 16,713 Statoil DNB-ETN STATOIL X3 BULL % -5.4 % 11.6 % % NOK 432,202 Aluminium ALU ETN DNM % 2.2 % 0.1 % 10.5 % NOK na Aluminium BULL ALU HA % 2.7 % 0.7 % 19.9 % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % % -8.5 % 64.6 % NOK 20,559 Sølvpris SOLV ETN DNM % 2.6 % -0.3 % 11.9 % NOK 2,916 Oljeservice DNB - ETN OIL SERVICE BULL % -6.7 % -1.0 % % NOK 18,846 Strømpris DNB-ETN ELKRAFT % -4.2 % -6.7 % 51.8 % NOK na Statoil DNB-ETN STATOIL BULL % -3.5 % 7.9 % % NOK 1,311 Fred. Olsen Energy BEAR FOE DNM % 61.5 % % % NOK 1,002,119 Gullpris DNB-ETN GULL % 2.1 % 2.9 % 1.6 % NOK 3,330 Aker Solutions DNB-ETN AKER SOLUTIONS B % -3.8 % 6.0 % % NOK na Oljeservice DNB - ETN OIL SERVICE % -3.4 % -0.3 % 75.6 % NOK 24,435 Storebrand DNB-ETN STOREBRAND BULL % 0.8 % 9.2 % 94.5 % NOK 2,327 Opera BULL OPERA DNM % 7.0 % % 11.3 % NOK 52,208 Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK na OBX BULL OBX X4 DNM % -2.9 % 3.8 % 93.0 % NOK 39,228 OBX DNB-ETN OBX X3 BULL % -2.2 % 3.0 % 75.6 % NOK 80,019 TGS Nopec DNB-ETN TGS BULL % -3.0 % 1.8 % % NOK 12,797 OBX XACT DERIVAT BULL % -1.4 % 2.1 % 50.6 % NOK 20,434,700 OBX DNB OBX % -0.7 % 1.1 % 27.1 % NOK 2,526,733 OBX XACT OBX % -0.7 % 1.2 % 27.0 % NOK 1,955,990 Sjømat DNB - ETN SEAFOOD % -6.3 % -6.1 % #VALUE! NOK 161,871 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 10,028 DNB BULL DNBNOR HA % 9.0 % 8.9 % 72.8 % NOK 2,463 Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 6,399 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK na OBX SHORT OBX DNM % 0.7 % -1.2 % % NOK 86,501 Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum OBX XACT DERIVAT BEAR % 1.5 % -2.2 % % NOK 2,123 TGS Nopec DNB-ETN TGS BEAR % 2.8 % -4.1 % % NOK 4,320 OBX DNB-ETN OBX X3 BEAR % 2.2 % -3.8 % % NOK 948 Seadrill DNB-ETN SEADRILL BULL % % % % NOK 8,884 OBX BEAR OBX X4 DNM % 2.7 % -5.2 % % NOK 512,104 OBX BEAR OBX X3 HA % 6.4 % 0.0 % % NOK 5,340 Storebrand DNB-ETN STOREBRAND BEAR % -0.9 % -9.6 % % NOK na Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK na Fred. Olsen Energy BULL FOE DNM % % 7.9 % % NOK 34,178 Aker Solutions DNB-ETN AKER SOLUTIONS B % 3.5 % -7.9 % % NOK na Statoil DNB-ETN STATOIL BEAR % 3.3 % -8.3 % % NOK na Aluminium BEAR ALU HA % -4.8 % 0.1 % % NOK 4,944 Statoil DNB-ETN STATOIL X3 BEAR % 4.7 % % % NOK 44,764 Gullpris DNB-ETN GULL BEAR % -7.4 % -4.1 % % NOK 618,331 Gullpris BEAR GULL HA % -7.4 % -4.3 % % NOK na Oljeservice DNB - ETN OIL SERVICE BEAR % 6.7 % -1.3 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % 10.2 % 7.6 % % NOK 22,792 Oljepris DNB - ETN BRENT % -7.3 % 0.0 % 34.1 % NOK na Orkla DNB-ETN ORKLA X3 BULL % -3.8 % -4.3 % 55.9 % NOK 32,206 Schibsted BEAR SCH DNM % -1.3 % % 19.2 % NOK 27,908 Strømpris DNB - ETN ELKRAFT BEAR % 9.5 % 5.2 % % NOK 25,040 Yara DNB-ETN YARA BEAR % -5.4 % % % NOK 57,856 Subsea 7 DNB-ETN SUBSEA 7 BEAR % 7.4 % -1.8 % % NOK na Norwegian DNB-ETN NORWEGIAN BULL % % % % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BUL % -4.6 % 0.9 % 17.7 % NOK 387,696 Strømpris DNB-ETN ELKRAFT BULL % % % % NOK na Sølvpris BEAR SOLV ETN DNM % -8.4 % 0.4 % % NOK 9,835 Aluminium BEAR ALU ETN DNM % -7.5 % 1.7 % % NOK 4,149,076 Yara DNB-ETN YARA X3 BEAR % -8.1 % % % NOK 5,154 Norsk Hydro DNB-ETN NORSK HYDRO BEA % -4.5 % -0.8 % % NOK 369,742 Oljepris BULL OLJE HA % % -1.4 % 57.0 % NOK na Oljepris DNB - ETN BRENT BULL % % -1.1 % 55.6 % NOK 30,072 DNO BEAR DNO DNM % -6.1 % % % NOK 125,870 Golden Ocean BULL GOGL DNM % 3.8 % 32.6 % 17.3 % NOK 5,535 Telenor DNB-ETN TELENOR BULL % -0.5 % 0.6 % % NOK 44,955 DNB BEAR DNB NOR HA % -4.6 % 1.8 % % NOK 9,120 REC DNB-ETN REC BULL % 13.4 % 34.6 % % NOK 56,004 REC BEAR REC HA % % % % NOK na BW LPG BULL BWLPG DNM % 7.9 % 23.7 % % NOK na Norsk Hydro BEAR NHY X3 DNM % -6.7 % -1.6 % % NOK na PGS DNB-ETN PGS BEAR % -0.6 % % % NOK na Sink BEAR SINK ETN DNM % % -2.5 % % NOK na Naturgasspris BEAR NATGAS ETN DNM % % % % NOK 744,443 CO2 BEAR CO2 ETN DNM % 0.5 % % % NOK na Kobberpris BEAR KOBBER ETN DNM % -9.3 % 3.2 % % NOK 30,894 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 11-Jan EMAS Offshore Ltd Oslo na na na na Irreg EMAS Offshore Ltd Oslo na na na na Irreg Chr Hansen Holding A/S Copenhagen Annual Dustin Group AB Stockholm na na Annual 18-Jan Pandora A/S Copenhagen 2, na na Annual Hexatronic Group AB Stockholm na na Irreg 19-Jan Avanza Bank Holding AB Stockholm na 3.32 na na Annual Castellum AB Stockholm Annual 20-Jan Investment AB Oresund Stockholm na na na na Annual 23-Jan Voss Veksel OG Landmands B Oslo na 3.59 na na Annual Voss Veksel OG Landmands B Oslo na 3.59 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 5, , Annual Svenska Cellulosa AB SCA Stockholm 5, , 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 9, , Annual Investor AB Stockholm na na na na Annual Alfa Laval AB Stockholm 1, , Annual 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 11,640 12, x 21.4x 6.4x 5.6x AcadeMedia AB ACAD Kjøp SEK x 10.7x 10.5x 7.8x AF Gruppen AFG Selg NOK x 24.7x 11.5x 12.5x Ahlsell AB Kjøp SEK x 13.8x 13.3x 11.4x Akastor AKA Kjøp NOK x -5.8x 13.3x 15.6x Aker AKER Hold NOK x 20.3x Aker BP ASA AKERBP Kjøp NOK x 17.4x 9.5x 4.0x Aker Solutions AKSO Selg NOK x x 8.4x 11.6x Alfa Laval ALFA Selg SEK x 25.0x 12.1x 13.1x Alligator Bioscience ATORX Kjøp SEK x 18.3x Arcam ARCM Hold SEK x 93.5x 152.9x 45.1x Archer ARCHER Selg NOK x -3.5x 19.9x 14.0x Assa Abloy ASSAB Hold SEK x 20.9x 15.9x 14.0x Atea ATEA Hold NOK x 16.8x 9.0x 8.2x Atlas Copco ATCOA Hold SEK x 23.1x 14.8x 13.4x Atwood Oceanics ATW Selg USD x 51.2x 2.9x 6.9x Aurora LPG AURLPG Hold NOK x 7.2x 15.5x 9.5x Austevoll Seafood AUSS Kjøp NOK x 8.8x 6.0x 3.8x Autoliv ALIV Kjøp SEK x 16.5x 8.4x 7.8x Avance Gas AVANCE Kjøp NOK x 340.7x 10.9x 10.0x Avanza Bank AZA Kjøp SEK x 27.6x Awilco Drilling AWDR Hold NOK x 1.9x 3.4x 0.7x Bakkafrost BAKKA Hold NOK x 11.5x 10.5x 7.4x Balder BALD Hold SEK x 23.8x 24.2x 20.7x Betsson BETSB Kjøp SEK x 11.8x 10.9x 9.7x BillerudKorsnäs BILL Kjøp SEK x 14.2x 9.3x 8.0x Borr Drilling BORR Kjøp NOK x -18.2x 54.1x 1.5x Borregaard BRG Kjøp NOK x 14.9x 8.7x 7.7x BW LPG BWLPG Kjøp NOK x 10.0x 7.5x 7.4x BW Offshore BWO Kjøp NOK x 90.2x 101.1x Cargotec CGC Selg EUR x 17.0x 10.5x 9.8x Carlsberg CARLB Selg DKK x 18.2x 9.2x 8.5x Castellum CAST Hold SEK x 16.2x 25.5x 19.7x Chr. Hansen CHR Hold DKK x 31.9x 24.9x 20.8x Citycon CTY1S Kjøp EUR x 17.2x 20.5x 20.1x Coloplast COLOB Kjøp DKK x 25.2x 20.0x 18.0x Com Hem COMH Selg SEK x 30.4x 10.4x 9.0x Coor Service Managemen COOR Kjøp SEK x 12.3x 11.6x 10.4x D/S Norden DNORD Kjøp DKK x 263.6x 21.4x 12.2x 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 9.4x 4.7x 5.2x Diamond Offshore DO Selg USD x 15.5x 6.7x 6.3x DNB DNB NOK x 11.9x DNO DNO Kjøp NOK x 3.4x 7.9x 2.0x DOF DOF NOK x 6.2x 8.3x 8.5x Dorian LPG LPG Kjøp USD x -15.3x 6.3x 20.4x Eidesvik Offshore EIOF NOK x -2.6x 8.6x 12.6x Electrolux ELUX Hold SEK x 13.5x 6.9x 6.4x Elekta EKTAB Kjøp SEK x 21.2x 15.9x 12.0x Ensco ESV Selg USD x 52.9x 3.8x 7.5x Entra ENTRA Kjøp NOK x 18.9x 21.0x 18.6x Epic Gas EPIC Kjøp NOK x 6.3x 8.8x 5.1x Ericsson ERICb Hold SEK x 18.2x 7.7x 6.2x Euronav EURN Hold USD x 26.6x 5.6x 6.1x Europris EPR Selg NOK x 14.9x 11.3x 10.0x Evolution Gaming EVO Kjøp SEK x 24.8x 21.7x 17.7x Fabege FABG Hold SEK x 32.9x 32.1x 29.9x Farstad Shipping FAR NOK x -0.2x 13.1x 17.8x Flex LNG FLNG Hold NOK x -72.3x FLSmidth FLS Hold DKK x 20.2x 11.0x 10.0x FMC Technologies FTI Selg USD x 52.0x 19.5x 16.4x Fortum FUM1V Selg EUR x 22.0x 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 6.8x Frontline FRO Hold NOK x 9.1x 6.6x 7.8x GasLog GLOG Kjøp USD x 16.5x 13.0x 10.0x Gener8 Maritime GNRT Hold USD x 3.8x 7.1x 6.0x Getinge GETIB Selg SEK x 12.4x 11.4x 8.5x Gjensidige Forsikring GJF Hold NOK x 16.1x GN Group GN Hold DKK x 16.9x 14.1x 11.9x Golar LNG GLNG Kjøp USD x -12.6x -67.7x 82.3x Golar LNG Partners GMLP Hold USD x 7.1x 8.0x 7.0x Golden Ocean GOGL Kjøp NOK x -8.5x x 26.3x Grieg Seafood GSF Hold NOK x 7.5x 7.7x 5.1x Havila Shipping HAVI Selg NOK x -0.2x 8.1x 13.9x Helgeland Sparebank HELG Kjøp NOK x 8.9x Hennes & Mauritz HMB Hold SEK x 20.0x 13.4x 10.4x Hexagon AB HEXAB Kjøp SEK x 21.1x 14.9x 14.2x Hexagon Composites HEX Hold NOK x 22.4x 44.1x 16.4x Hexpol HPOLB Kjøp SEK x 19.5x 13.2x 11.5x Holmen HOLMB S Selg SEK x 16.7x 10.2x 9.6x Hufvudstaden HUFV Hold SEK x 32.2x 28.8x 26.4x Humana HUM Kjøp SEK x 12.2x 11.6x 9.8x Husqvarna HUSQb Kjøp SEK x 15.0x 10.7x 8.7x Höegh LNG Holdings HLNG Kjøp NOK x 15.9x 12.6x 11.0x Höegh LNG Partners HMLP Kjøp USD x 9.9x 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 15.3x 13.3x 12.1x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 12.7x 20.8x 19.8x KNOT Offshore Partners KNOP Hold USD x 11.7x 9.5x 8.7x Kone KNEBV Hold EUR x 21.4x 14.5x 13.5x Konecranes KCR1V Hold EUR x 21.5x 11.1x 9.9x Kongsberg Gruppen KOG Kjøp NOK x 14.3x 14.2x 8.4x Kungsleden KLED Kjøp SEK x 11.8x 18.4x 17.4x Kværner KVAER Selg NOK x 27.3x 2.4x 3.5x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 9.0x 9.2x 5.6x Loomis LOOMb Kjøp SEK x 14.0x 7.7x 7.1x Lundbeck LUN Kjøp DKK x 30.0x 13.8x 12.2x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 24.7x 13.7x 6.6x Marine Harvest MHG Kjøp NOK x 10.1x 9.8x 6.1x Medistim MEDI Hold NOK x 22.2x 18.8x 14.7x Metsa Board METSB Kjøp EUR x 13.3x 11.5x 6.6x Metso MEO1V Hold EUR x 21.8x 11.3x 10.6x Millicom MICsdb Kjøp SEK x 22.9x 5.3x 5.0x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 16.1x 12.8x 10.6x Ncc NCC Hold SEK x 15.6x 12.4x 9.0x NetEnt NETb Kjøp SEK x 28.1x 24.2x 18.8x Nibe Industrier NIBEB Hold SEK x 21.4x 16.4x 13.9x Nobia NOBI Kjøp SEK x 13.5x 10.2x 7.7x Noble NE Selg USD x -8.0x 4.0x 9.1x Nokian Tyres NRE1V Kjøp EUR x 17.8x 11.1x 9.8x Nordea NDA Kjøp SEK x 12.1x Nordic Nanovector NANO Kjøp NOK x -18.3x -16.1x -15.1x Nordic Semiconductor NOD Kjøp NOK x 36.7x 29.2x 17.7x Nordnet NNb Hold SEK x 20.7x Norsk Hydro NHY Selg NOK x 19.9x 7.4x 7.0x North Energy NORTH Hold NOK x -1.6x Norway Royal Salmon NRS Hold NOK x 12.3x 13.0x 8.2x Norwegian Air Shuttle NAS Hold NOK x 9.8x 12.7x 12.1x Norwegian Property NPRO Hold NOK x 22.3x 16.6x 18.5x Novo Nordisk NVO Hold DKK x 16.4x 12.2x 11.4x Novozymes NZYMB Selg DKK x 23.8x 15.2x 14.4x NRC Group NRC Hold NOK x 25.1x 14.4x 13.1x Ocean Rig ORIG Selg USD x 3.9x 3.2x 4.9x Ocean Yield OCY Hold NOK x 7.4x 9.1x 7.1x Odfjell ODF Kjøp NOK x 4.8x 4.5x 4.5x 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 10.1x 8.2x 7.1x Olav Thon OLT Kjøp NOK x 13.6x 16.7x 15.1x Opera OPERA Kjøp NOK x 9.8x 9.3x 7.3x Oriflame ORI Selg SEK x 24.1x 13.2x 11.5x Orkla ORK Hold NOK x 20.6x 16.3x 15.0x Outotec OTE1V Hold EUR x 30.0x 13.0x 9.3x Pacific Drilling PACD Selg USD x -0.3x 8.3x 18.6x Pandox PNDXB Hold SEK x 16.8x 22.6x 18.2x Pareto Bank PARB Kjøp NOK x 7.7x Peab PEAB Kjøp SEK x 12.3x 8.1x 6.8x Petroleum Geo-Services PGS Hold NOK x -5.4x 4.9x 6.7x Polarcus PLCS Selg NOK x -0.4x 5.7x 5.4x Prosafe PRS Hold NOK x x 10.3x 21.4x Q-Free QFR Hold NOK x 11.7x 13.5x 6.7x Recipharm RECIB Hold SEK x 24.4x 12.7x 9.9x RenoNorden RENO Hold NOK x 3.7x 5.5x 4.5x Rezidor REZT SEK x 8.2x 11.8x 4.5x Rowan RDC Selg USD x 40.5x 4.0x 6.1x Safe Bulkers SB Hold USD x -4.1x 21.2x 14.7x Saipem SPM Selg EUR x 22.3x 5.3x 6.6x SalMar SALM Hold NOK x 10.0x 9.6x 6.5x Sampo Oyj SAMPO Hold EUR x 15.5x Sandvik SAND Kjøp SEK x 18.0x 11.2x 9.9x SCA SCAB Hold SEK x 17.3x 10.8x 9.6x Scandi Standard SCST Kjøp SEK x 13.6x 10.2x 7.6x Schibsted SCHA Selg NOK x 55.4x 21.7x 19.7x Scorpio Tankers STNG Hold USD x 8.6x 13.1x 9.4x Seadrill SDRL Selg NOK x -10.3x 5.5x 10.6x SEB SEB Kjøp SEK x 12.7x Securitas SECUB Kjøp SEK x 16.0x 11.3x 9.5x Selvaag Bolig SBO Hold NOK x 12.3x 10.9x 9.2x Sevan Marine SEVAN Selg NOK x -11.3x -7.8x -9.0x Siem Offshore SIOFF NOK x -1.9x 17.2x 18.3x Skandiabanken SKBN Kjøp NOK x 12.6x Skanska SKA Hold SEK x 15.6x 13.7x 11.6x SKF SKFB Hold SEK x 15.6x 10.3x 9.5x Solstad Offshore SOFF NOK x -3.6x 12.5x 14.8x Songa Offshore SONG Selg NOK x 314.5x 12.1x 115.1x Sparebank1 Nord-Norge NONG Kjøp NOK x 9.4x Sparebank1 SMN MING Kjøp NOK x 9.1x Sparebank1 SR-Bank SRBANK Kjøp NOK x 9.7x Sparebanken Møre MORG Hold NOK x 10.4x Sparebanken Sør SOR Hold NOK x 9.6x Sparebanken Øst SPOG Hold NOK x 11.2x Spectrum SPU Selg NOK x x 2.7x 2.5x Sponda SDA1V Kjøp EUR x 14.9x 20.2x 20.3x Statoil STL Kjøp NOK x 11.4x Stolt-Nielsen SNI Kjøp NOK x 7.2x 5.5x 5.5x Stora Enso STERV F Kjøp EUR x 12.0x 7.8x 6.4x Storebrand STB Kjøp NOK x 9.8x Subsea 7 SUBC Selg NOK x 62.5x 3.2x 7.6x Svenska Handelsbanken SHB Selg SEK x 15.7x Swedbank SWEDA Hold SEK x 13.4x Swedish Match SWMA Hold SEK x 18.1x 12.2x 11.4x Tanker Investments TIL Hold NOK x 3.0x 5.5x 4.0x Targovax TRVX Kjøp NOK x -3.6x Technip TECF Selg EUR x 20.0x 5.1x 7.2x Teekay Tankers TNK Hold USD x 3.8x 5.9x 4.6x 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 11.7x 7.4x 6.7x TGS Nopec TGS Selg NOK x 40.5x 5.6x 5.8x The Scottish Salmon ComSSC Kjøp NOK x 8.7x 13.6x 5.8x Thule Group THULE Hold SEK x 18.4x 15.7x 13.5x 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 18.3x 21.3x 10.1x 10.6x Topdanmark TOP Kjøp DKK x 11.7x 13.1x Transocean RIG Selg USD x 7.1x -39.0x 5.5x 9.0x Trelleborg TRELB Hold SEK x 20.3x 17.2x 12.8x 10.5x Tryg TRYG Hold DKK x 13.7x 15.4x Tsakos Energy NavigationTNP Kjøp USD x 5.3x 5.7x 5.6x UPM UPM1V Hold EUR x 13.3x 8.4x 7.1x Valmet VALMT Kjøp EUR x 15.7x 8.2x 7.4x Veidekke VEI Kjøp NOK x 12.0x 9.9x 7.9x Vitrolife VITR Kjøp SEK x 33.1x 27.2x 20.3x Volvo VOLVB Hold SEK x 16.4x 15.8x 7.3x 6.6x Wallenstam WALLb Hold SEK x 43.3x 31.6x 39.8x 31.4x Weifa WEIFA Kjøp NOK x 27.2x 17.7x 14.0x 12.5x Wihlborgs WIHL Kjøp SEK x 16.6x 15.1x 21.3x 20.0x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 8.5x 7.8x 7.8x 7.2x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 6.4x 5.3x 4.2x William Demant Holding WDH Selg DKK x 17.7x 11.5x 10.2x Wilson Therapeutics WTX Kjøp SEK x -9.7x Wärtsilä WRT1V Hold EUR x 19.6x 13.9x 12.1x XXL XXL Kjøp NOK x 18.0x 17.2x 12.5x Yara YAR Selg NOK x 17.3x 28.7x 7.6x 9.8x 12

13 IMPORTANT/DISCLAIMER This note must be read in conjunction with published research notes of DNB Markets. This note (the Note ) must be seen as marketing material and not as an investment recommendation within the meaning of the Norwegian Securities Trading Act of 2007 paragraph 3-10 and the Norwegian Securities Trading Regulation 2007/06/29 no The Note has been prepared by DNB Markets, a division of DNB Bank ASA, a Norwegian bank organized under the laws of the Kingdom of Norway (the Bank ), for information purposes only. The Note shall not be used for any unlawful or unauthorized purposes. The Bank, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (individually, each a DNB Party ; collectively, DNB Parties ) do not guarantee the accuracy, completeness, timeliness or availability of the Note. DNB Parties are not responsible for any errors or omissions, regardless of the cause, nor for the results obtained from the use of the Note, nor for the security or maintenance of any data input by the user. The Note is provided on an as is basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE NOTE S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE NOTE WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Note, even if advised of the possibility of such damages. Any opinions expressed herein reflect the Bank s judgment at the time the Note was prepared and DNB Parties assume no obligation to update the Note in any form or format. The Note should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. No DNB Party is acting as fiduciary or investment advisor in connection with the dissemination of the Note. While the Note is based on information obtained from public sources that the Bank believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or independent verification of, any information it receives. Confidentiality rules and internal rules restrict the exchange of information between different parts of the Bank and this may prevent employees of DNB Markets who are preparing the Note from utilizing or being aware of information available in DNB Markets/the Bank that may be relevant to the recipients of the Note. Please contact DNB Markets at ( ) for further information and inquiries regarding this Note, such as ownership positions and publicly available/commonly known corporate advisory performed by DNB Markets etc, in relation to the Norwegian Securities Trading Act 2007/06/29 no. 75 and the Norwegian Securities Trading Regulation 2007/06/29 no The Note is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. Distribution of material like the Note is in certain jurisdictions restricted by law. Persons in possession of the Note should seek further guidance regarding such restrictions before distributing the Note. The Note is for clients only, and not for publication, and has been prepared for information purposes only by DNB Markets - a division of DNB Bank ASA registered in Norway with registration number NO (the Register of Business Enterprises) under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), the Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request. Information about DNB Markets can be found at dnb.no. Additional information for clients in Singapore The Note has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in the Note, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product. You have received a copy of the Note because you have been classified either as an accredited investor, an expert investor or as an institutional investor, as these terms have been defined under Singapore s Financial Advisers Act (Cap. 110) ( FAA ) and/or the Financial Advisers Regulations ( FAR ). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes recommendations concerning securities, a 13