POSITIVE KINA-TALL, TUNGT I OLJE, ISM SJØMATSEKTOR & ORK

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag POSITIVE KINA-TALL, TUNGT I OLJE, ISM SJØMATSEKTOR & ORK Positive reaksjoner forårsaket av høy oppkjøpsaktivitet var ikke helt tilstrekkelig til å oppveie for fallet i oljeprisene og den fortsatte usikkerheten for utfallet av presidentvalget i det amerikanske aksjemarkedet i går. Dow endte dermed ned 0.1%, mens både S&P500 og Nasdaq stengte kun marginalt under sluttnivået fra fredag. Volumet på de tre hovedindeksene kom inn på % av gjennomsnittet for de siste tre måneder. Dagens rentemøte i Japan ser i første omgang ut til å ha inneholdt begrenset med større overraskelser og Nikkei er kort tid før stengetid opp 0.1%. Samtidig trekker de kinesiske indeksene opp 1-2% etter at begge de to innkjøpssjefsindeksene for industrien kom inn på 51.2 indekspunkter mot ventet henholdsvis 50.3 og 50.1 punkter. Også i Europa vil flere innkjøpssjefsindekser i dag kunne være med å prege utviklingen i markedene. Etter hvert vil imidlertid fokuset når det gjelder makrotall flytte seg over på den amerikanske ISM indeksen for industrien. Indeksen er ventet å komme inn på 51.7 indekspunkter, hvilket dermed med god margin fortsatt vil være over terskelverdien på 50 indekspunkter. Fra olje- og oljerelaterte sektorer får vi i dag kvartalstall fra blant annet BP, Shell, Rowan og Noble Energy. I oljemarkedet fortsatte WTI-prisen i går ned med USD 2.04 pr fat til USD pr fat. Prisen ligger i morgentimene i dag på USD pr fat. Brent åpner på USD pr fat, ned USD 0.16 pr fat i forhold til nivået på USD pr fat ved stengetid i det norske markedet i går. Sjømatindeksen består av syv selskap innen oppdrettssektoren og har siden oppstart i april steget med rundt 23%. Etter å ha løftet forventningene til lakseprisene for og lagt dette inn i estimatene for de enkelte selskap har vi likevel tatt anbefalingen på sektoren ned fra Kjøp til Hold. Til tross for at forventningen til lakseprisen for 2017 stiger fra NOK 58 til NOK 61 pr kg er risikobildet etter vårt syn nå mer balansert og høyere priser er i hovedsak allerede reflektert i kursene. Samtidig er det et press opp på kostnadene og på lang sikt vil prisutviklingen også kunne medføre at det kommer nye aktører på tilbudssiden. Vi beholder kjøpsanbefalingene på Marine Harvest, Lerøy og Austevoll, men har tatt anbefalingene på Bakkafrost, Salmar, Grieg Seafood, Norway Royal Salmon ned til Hold. Samtidig gjentar vi også en Holdanbefaling på Scottish Salmon Company. Orkla har presentert Q3-tall i morgentimene i dag. EBIT i kvartalet lå på NOK 1178 mill mot vårt estimat på NOK 1134 mill og konsensus på NOK 1145 mill. Organisk vekst i merkvareområdet (BCG) var på 2% i forhold til samme kvartal i fjor, mot våre forventninger om en vekst på 2.7%. Samtidig var imidlertid marginen på 13.2%, over vårt estimat på 12.6%. Kursen stengte i går på NOK pr aksje og den er i markedet priset i underkant av vårt estimat for summen av delene på NOK 81 pr aksje. Mens selskapet i gjennomsnitt har vært verdsatt med en rabatt på rundt 15% de siste årene gjør endringene som er gjennomført i konsernet de siste årene, i kombinasjon med forventninger om ytterligere tiltak i tiden fremover, at vi før eventuelle justeringer har en holdanbefaling og et kursmål på NOK 85 pr aksje. 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 Portefølje anbefalte aksjer: - Orkla - Kongsberg Gruppen - Ocean Yield - BW Offshore - Bakkafrost - Axactor - Skandiabanken I dag YTD DNB: +14% YTD OSE: + 8% Rapporter Norden - Orkla - Entra - Akastor - Nokian Renkaat - Pandora - DSV - Nordnet, omsetning okt. Nøkkeltall Norden - SE; Innkjøpssjefsindeks - NO; Innkjøpssjefsindeks - DK; Innkjøpssjefsindeks Rapporter / nøkkeltall Europa / USA - UK; Innkjøpssjefsindeks - US; Innkjøpssjefsindeks - US; Anleggsinvesteringer - US; ISM Industri - BP - RDSA (Shell) - Rowan - Noble Energy - Pfizer - Mosaic - Cummins Konferanser / presentasjoner - DNB & Intrafish Seafood Forum - London, 30. november 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, S&P 500 2, Nasdaq Composite 5, Russel , Amex naturgass-indeks (XNG) Amex Oil Service Indeks Philadelphia-børsens oljeproduksjon-indeks (XOI) 1, #N/A N/A Amex farmasi-indeks (DRG) Nasdaq biotech-indeks 2, Philadelphia-børsens halvleder-indeks (SOX) S&P 500 Paper & Forest Index ( PAFO) 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 ,083, GN Store Nord , AP Møller Maersk ,170 10, , Finland Nokia ,435, Metso , #N/A N/A #VALUE! TeliaSonera , UPM Kymmene , Norge Frontline , Norsk Hydro , Yara , Golden Ocean , PGS Statoil ,277, Subsea , DNB , Telenor , Tomra , Questerre , Orkla , Sverige AstraZeneca ,552, Electrolux , Ericsson (B) ,357, 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 2,251 2, ,659 1,837 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 1,734 1, ,738 1,433 Nikkel 10,475 10, , ,030 7,550 Kopper 4,853 4, ,220 4,318 Gull 1,277 1, ,375 1,046 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 Metall 2.9% -2.8% -11.6% 24.2% 41.1% 24.0 Media 1.1% -3.4% -2.8% -13.9% -11.5% 18.5 Bildeler 1.9% -5.1% -3.6% -13.2% -9.5% 11.0 Hotell-, underholdnings- og restaurantvi 0.7% -4.3% -3.9% -13.9% -13.6% 18.4 Kraft 1.9% 1.3% -5.0% 15.2% 14.3% 16.9 Eiendomsselskaper 0.5% -7.8% -10.8% -16.0% -9.2% 18.9 Luftfart 1.5% 6.8% 10.2% -13.8% -9.4% 8.2 Materialer 0.3% 1.8% 8.2% 8.0% 16.4% 18.9 Elektrisk utstyr 1.2% -6.1% -4.9% 5.0% 8.3% 18.0 Forsyningsselskaper -0.1% -2.7% -6.0% -9.9% -7.4% 14.8 Papir- og skogprodukter 1.0% -6.0% -5.5% -9.3% -1.2% 15.2 Transport -0.3% 0.8% 3.1% -5.7% -2.9% 15.4 Elektronisk utstyr og instrumente 0.5% -1.4% 5.2% 13.0% 14.3% 17.2 Kommersielle tjenester og leveranser -0.3% -3.9% -5.0% -10.7% -10.7% 16.9 Bygg og anlegg 0.4% 1.1% 0.7% 22.6% 21.3% 16.5 Kapitalvarer -0.4% -2.1% 2.0% 2.7% 4.5% 17.1 Hotell og restaurant 0.4% -2.2% -4.2% -6.4% -4.9% 20.4 Programvare og tjenester -0.4% -3.9% -0.9% 5.2% 1.6% 20.1 Kommunikasjonsutstyr 0.3% -2.2% 1.6% 3.7% 13.9% 13.1 Forsikring -0.4% 2.7% 7.5% -15.1% -16.0% 10.6 Drikkevarer 0.2% -1.0% -2.4% 3.8% 3.1% 23.2 Biler og komponenter -0.5% 3.1% 4.4% -9.0% -11.8% 8.4 Matvarer 0.2% -0.3% -3.8% 9.4% 9.5% 21.3 Mat- og apotekhandel -0.5% 3.2% 5.7% -3.0% 3.8% 17.9 Forsikring 0.2% 0.2% 4.0% 3.2% 5.0% 13.2 Legemiddelindustri og bioteknologi -0.6% -5.6% -13.0% -18.4% -17.6% 14.9 Programvare 0.1% 1.6% 3.1% 11.0% 8.1% 21.3 Husholdningsvarer og personlige produ -0.6% -5.4% -5.3% -3.5% -1.2% 22.1 Maskiner 0.1% -4.2% 0.8% 12.5% 18.7% 19.1 Telekommunikasjon og tjenester -0.6% -1.4% -3.6% -19.8% -17.3% 17.5 Husholdningsartikler 0.0% -4.0% -2.7% 9.6% 5.8% 22.5 Finansieringsselskaper -0.6% 3.3% 5.4% -25.2% -22.0% 15.8 Datamaskiner og tilbehør 0.0% -0.2% 7.5% -0.7% 10.8% 12.2 Helsevern - utstyr og tjenester -0.6% -7.1% -7.3% -9.1% -9.0% 21.9 Eiendom 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Forbruksvarer og klær -0.9% 4.1% 4.6% -7.3% 0.9% 19.1 Diversifiserte telekomtjenester 0.0% -7.5% -12.8% 5.6% 5.3% 13.1 Drikkevarer, mat og tobakk -0.9% -6.2% -6.7% -5.9% -4.8% 20.6 Media -0.1% -1.4% -3.2% -5.5% 3.0% 16.7 Banker -1.0% 8.7% 17.8% -17.3% -13.2% 12.1 Industrielle konglomerater -0.2% -3.5% -6.2% 2.1% -1.7% 19.2 Detaljhandel -1.3% -2.4% -0.7% -24.7% -18.7% 19.9 Bank -0.2% 4.7% 8.3% -1.3% -2.2% 11.9 Energi -1.6% 3.0% 4.6% 0.2% 10.4% 24.3 Fritidsutstyr -0.3% 4.6% -0.7% 18.2% 19.6% 22.1 IT utstyr -3.0% -22.9% -22.8% -38.9% -39.4% 20.6 Farmasi -0.4% -5.3% -12.3% -5.3% -5.7% 15.4 Kjemikalier -0.5% -1.9% -2.5% -0.5% 1.5% 17.6 Helseartikler -0.6% -6.0% -7.7% 11.0% 8.7% 19.5 Internett programvare og -tjeneste -0.8% 0.9% 2.9% 15.8% 11.4% 26.3 Olje og gass -1.0% -3.5% 3.9% 0.4% 12.3% Energi og relatert utstyr -2.0% 0.3% 4.6% 1.7% 14.1% Bioteknologi -2.1% -9.4% -13.5% -18.3% -18.1% 11.8 Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets 3

4 jan. 10 mar. 10 mai. 10 jul. 10 sep. 10 nov. 10 jan. 11 mar. 11 mai. 11 jul. 11 sep. 11 nov. 11 jan. 12 mar. 12 mai. 12 jul. 12 sep. 12 nov. 12 jan. 13 mar. 13 mai. 13 jul. 13 sep. 13 nov. 13 jan. 14 mar. 14 mai. 14 jul. 14 sep. 14 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 Chevron Corp % 1.8 % 15.3 % Check Point Software T % 9.0 % -0.4 % DaVita Inc % % % International Business Machine % -3.2 % 9.7 % Express Scripts Holding % -4.4 % % Loews Corp % 4.6 % 18.0 % UnitedHealth Group Inc % 1.0 % 20.0 % Liberty Media Corp-Libe % -2.6 % na Newmont Mining Co % -5.7 % 90.3 % Goldman Sachs Group Inc/The % 10.5 % -4.9 % Liberty Media Corp-Libe % -2.9 % na Level 3 Communica % 21.1 % 10.2 % Johnson & Johnson % -1.8 % 14.8 % DISH Network Corp % 6.9 % -7.0 % Express Scripts Hol % -4.4 % % McDonald's Corp % -2.4 % 0.3 % Walgreens Boots Allian % 2.6 % -2.3 % Darden Restaurants % 5.7 % 16.9 % Coca-Cola Co/The % 0.2 % 0.1 % Marriott International Inc % 2.0 % % UDR Inc % -2.8 % 1.5 % Intel Corp % -7.6 % 3.0 % Amazon.com Inc % -5.7 % 26.2 % NiSource Inc % -3.5 % 21.4 % United Technologies Corp % 0.6 % 3.9 % Norwegian Cruise Line % 3.1 % % Royal Caribbean Cr % 2.6 % % Visa Inc % -0.2 % 6.4 % Skyworks Solutions Inc % 1.1 % -0.4 % Roper Technologies % -5.0 % -7.0 % Cisco Systems Inc % -3.3 % 6.3 % Applied Materials Inc % -3.5 % 73.4 % NRG Energy Inc % -5.2 % % JPMorgan Chase & Co % 4.0 % 7.8 % Liberty Global PLC % -4.6 % % Host Hotels & Reso % -0.6 % % Microsoft Corp % 4.0 % 13.8 % Sirius XM Holdings Inc % 0.0 % 2.2 % Johnson Controls In % -3.2 % 18.1 % Wal-Mart Stores Inc % -2.9 % 22.3 % American Airlines Group % 10.9 % % Johnson Controls In % -3.2 % 18.1 % American Express Co % 3.7 % -9.3 % Procter & Gamble Co/The % -3.3 % 13.6 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Apple Inc % 0.4 % -5.0 % Endo International PLC % -6.9 % % CenturyLink Inc % -3.1 % -5.8 % Merck & Co Inc % -5.9 % 7.4 % Alexion Pharmaceutical % 6.5 % % Baker Hughes Inc % 9.8 % 5.2 % Verizon Communications Inc % -7.5 % 2.6 % Regeneron Pharmaceu % % % Transocean Ltd % -9.8 % % Travelers Cos Inc/The % -5.6 % -4.2 % NetEase Inc % 6.7 % 77.8 % Chesapeake Energ % % % 3M Co % -6.2 % 5.1 % Amgen Inc % % % Hess Corp % % % Boeing Co/The % 8.1 % -3.8 % Vertex Pharmaceuticals % % % Perrigo Co PLC % -9.9 % % General Electric Co % -1.8 % 0.6 % Mylan NV % -4.2 % % Endo International P % -6.9 % % Caterpillar Inc % -6.0 % 14.3 % Expedia Inc % 10.7 % -5.2 % Marathon Oil Corp % % % Pfizer Inc % -6.4 % -6.2 % Illumina Inc % % -5.0 % Diamond Offshore D % -6.4 % % EI du Pont de Nemours & Co % 2.7 % 8.5 % Celgene Corp % -2.2 % % Murphy Oil Corp % % -9.0 % Walt Disney Co/The % -0.2 % % Whole Foods Market Inc % -0.2 % -5.6 % Affiliated Managers % -8.3 % % Home Depot Inc/The % -5.2 % -1.3 % Baidu Inc % -2.9 % -5.7 % Alexion Pharmaceut % 6.5 % % Exxon Mobil Corp % -4.5 % 0.7 % Alphabet Inc % 0.9 % 10.4 % Ensco PLC % -8.0 % % NIKE Inc % -4.7 % % Netflix Inc % 26.7 % 15.2 % NIKE Inc % -4.7 % % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 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 Volum Aksjer / Indekser Forsyningstjenester XLU % 2.6 % 0.9 % 13.0 % USD Brasil EWZ % -0.8 % 11.9 % 65.1 % USD Latin-America 40 ILF % -0.7 % 10.8 % 31.2 % USD S&P Midcap 400 MDY % -1.5 % -2.7 % 4.6 % USD Emerging Markets EEM % -1.6 % -0.8 % 6.5 % USD Russell 2000 IWM % -2.7 % -4.6 % 2.7 % USD Pacific ex-japan EPP % -1.9 % -3.0 % 5.0 % USD Russell 2000 Growth IWO % -3.4 % -6.1 % -1.2 % USD DAX DAXEX % -0.9 % 1.3 % -2.2 % EUR 7424 Forbruksvarer XLP % 0.4 % -0.8 % 5.9 % USD Industri XLI % 0.2 % -2.0 % 5.4 % USD TecDax TDXPEX % -2.7 % -4.3 % -4.2 % EUR Dow Jones Total market THRK % -1.1 % -2.3 % 2.3 % USD 1464 Japan EWJ % 0.3 % 0.7 % 2.5 % USD S&P 500 SPY % -1.1 % -1.7 % 2.2 % USD Teknologi USA XLK % -1.2 % -0.8 % 8.6 % USD Nasdaq 100 QQQ % -2.2 % -1.5 % 3.2 % USD DJIA DIA % -0.4 % -0.9 % 2.7 % USD S&P Euro 350 IEV % -0.9 % -3.2 % -9.7 % USD Hong Kong EWH % -2.2 % -2.0 % 5.2 % USD Finansielle tjenester XLF % 0.2 % 2.3 % 1.0 % USD AEX-Nederland AEXT % -1.5 % 0.2 % -1.6 % EUR 4 FTSE 100 ISF % -0.3 % 0.9 % 8.1 % GBp CAC-40 CAC % -1.0 % 1.4 % -8.6 % EUR Energi XLE % -1.9 % -2.8 % 0.9 % USD Bioteknologi IBB % -3.7 % % % USD Oil Service OIH % -6.2 % -4.1 % -8.2 % USD Olje / Energi Naturgass NGAS % -6.4 % 2.1 % % USD Fyringsolje HEAT % -4.9 % -2.7 % % USD WTI-Oil USO % -7.9 % -3.7 % % USD Råolje CRUD % -6.1 % -2.3 % % USD WTI-olje OILW % -6.2 % -2.8 % % USD 0 Brent-olje OILB % -6.3 % -3.2 % % USD Bensin UGAS % -5.2 % -2.6 % % USD 3393 Metaller Sink ZINC % 7.0 % 3.3 % 41.4 % USD Nikkel NICK % 4.6 % -1.2 % 1.4 % USD Aluminium ALUM % 6.5 % 3.5 % 13.6 % USD Kobber COPA % 5.6 % -0.4 % -6.8 % USD Sølv SLV % 1.6 % -6.8 % 14.7 % USD Gull BULL % 0.9 % -3.8 % 9.8 % USD 930 Andre råvarer Svinekjøtt HOGS % 9.1 % 6.5 % % USD Hvete WEAT % 2.9 % 5.6 % % USD Mais CORN % 3.0 % 9.6 % % USD Soyaolje SOYO % -1.4 % 5.5 % 17.7 % USD 0 Kaffe COFF % 4.6 % 8.9 % 22.2 % USD Soyabønner SOYB % 1.6 % 6.2 % 13.2 % USD 5686 Kveg CATL % -0.2 % 2.3 % % USD 6500 Sukker SUGA % -6.0 % -6.3 % 42.9 % USD 6490 Råvarekurver Edle metaller AIGP % 1.0 % -5.2 % 10.7 % USD Buskap AIGL % 2.9 % 3.7 % % USD 198 Ex-Energi AIGX % 2.4 % 1.2 % 4.0 % USD 0 Korn AIGG % 2.4 % 7.2 % -9.8 % USD Landbruk AIGA % 0.9 % 4.6 % 3.2 % USD Råvarer AIGC % -0.4 % 0.3 % -2.4 % USD Softs (Sukker, Kakao, BomuAIGS % -2.0 % -0.7 % 29.8 % USD 0 Energi AIGE % -6.0 % -1.6 % % USD Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum PGS DNB-ETN PGS BEAR % 21.1 % % % NOK Fred. Olsen Energy BEAR FOE DNM % 23.1 % % % NOK 4308 Oljepris DNB - ETN BRENT BEAR % 12.0 % 8.1 % % NOK 2000 Oljepris BEAR OLJE HA % 11.9 % 6.4 % % NOK 0 Sinkpris BULL SINK ETN DNM % 14.4 % 9.9 % 84.9 % NOK 0 CO2 BULL CO2 ETN DNM % 1.9 % 40.1 % % NOK 0 Statoil DNB-ETN STATOIL X3 BEAR % 2.0 % -5.7 % % NOK Yara DNB-ETN YARA X3 BEAR % -7.0 % % 28.2 % NOK Naturgasspris BULL NATGAS ETN DNM % 6.2 % 28.8 % % NOK 0 REC DNB-ETN REC BULL % % % % NOK 100 Norsk Hydro BULL NHY X3 DNM % 11.4 % 22.7 % 31.8 % NOK Oljeservice DNB - ETN OIL SERVICE BEAR % 6.8 % % % NOK 0 Statoil DNB-ETN STATOIL BEAR % 1.7 % -3.6 % % NOK 0 Sinkpris SINK ETN DNM % 7.1 % 6.7 % 37.9 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR % 10.9 % 8.0 % % NOK 0 Yara DNB-ETN YARA BEAR % -4.7 % % 26.9 % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS B % 21.1 % -6.4 % % NOK 0 Aluminium BULL ALU ETN DNM % 12.6 % 10.4 % 24.9 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR % 4.3 % % % NOK CO2 CO2 ETN DNM % 1.3 % 20.1 % % NOK 0 Opera BULL OPERA DNM % 0.0 % 6.9 % -7.1 % NOK Norsk Hydro DNB-ETN NORSK HYDRO BUL % 7.6 % 15.0 % 35.8 % NOK 1000 Aluminium BULL ALU HA % 12.1 % 8.7 % 19.6 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR % -0.6 % % % NOK 0 TGS Nopec DNB-ETN TGS BEAR % 7.5 % % % NOK Naturgasspris NATGAS ETN DNM % 2.9 % 11.9 % % NOK 0 Kobberpris BULL KOBBER HA % 11.2 % 2.7 % % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BUL % % -3.9 % 54.0 % NOK 0 OBX BEAR OBX X4 DNM % 1.0 % % % NOK Marine Harvest Group DNB-ETN MARINE HARVEST B % 1.3 % 8.5 % 80.2 % NOK 0 Kobberpris BULL KOBBER ETN DNM % 9.9 % 2.7 % % NOK 0 Aluminium ALU ETN DNM % 6.2 % 6.8 % 11.4 % NOK 0 OBX DNB-ETN OBX X3 BEAR % 0.8 % % % NOK Telenor DNB-ETN TELENOR X3 BULL % -8.3 % -5.8 % % NOK 0 Schibsted BEAR SCH DNM % 4.2 % 37.1 % 49.1 % NOK 0 Orkla DNB-ETN ORKLA X3 BEAR % 5.2 % 17.4 % % NOK 0 Strømpris BEAR EL HA % % % % NOK 0 OBX XACT DERIVAT BEAR % 0.7 % -6.4 % % NOK Telenor DNB-ETN TELENOR BULL % -5.1 % -3.1 % % NOK 0 Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK 0 Kobberpris BULL KOBBER ETN DNM % 4.9 % 3.0 % -8.8 % NOK 0 Sølvpris BULL SOLV ETN DNM % 2.2 % % 15.9 % NOK 0 OBX SHORT OBX DNM % 0.3 % -3.4 % -8.5 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR % -9.9 % % % NOK 1000 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK 0 DNO BEAR DNO DNM % 7.0 % 25.3 % % NOK 0 Sølvpris SOLV ETN DNM % 1.1 % -5.1 % 8.9 % NOK 0 OBX BEAR OBX X3 HA % 11.7 % % % NOK 0 DNB BULL DNBNOR HA % 3.1 % 17.4 % 15.5 % NOK 150 REC BEAR REC HA % 1.9 % % % NOK 7450 OBX BULL OBX X3 HA % 1.0 % 15.8 % -5.6 % NOK 1000 REC BULL REC HA % 10.4 % % % NOK Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 300 Gullpris DNB-ETN GULL BULL % 1.6 % -4.5 % 14.7 % NOK 0 Gullpris BULL GULL HA % 1.6 % -4.5 % 14.5 % NOK 10 Gullpris DNB-ETN GULL % 0.8 % -0.7 % 6.5 % NOK 0 Gullpris BEAR GULL HA % -1.5 % 10.9 % % NOK 35 Gullpris DNB-ETN GULL BEAR % -1.5 % 10.9 % % NOK 0 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 0 Kilde: Bloomberg / DNB Markets FORTS. 6

7 Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Strømpris DNB-ETN ELKRAFT % 6.0 % 33.1 % 82.2 % NOK 0 OBX DNB OBX % -0.5 % 3.2 % 3.3 % NOK Sjømat DNB - ETN SEAFOOD % 1.6 % 8.4 % #VALUE! NOK 7319 DNO BULL DNO DNM % -8.0 % % % NOK Telenor DNB - ETN TELENOR BEAR % 3.5 % 0.0 % 2.7 % NOK 0 OBX XACT DERIVAT BULL % -0.9 % 6.1 % 0.0 % NOK Strømpris BULL EL HA % 11.9 % 73.8 % % NOK 0 OBX XACT OBX % -0.6 % 2.8 % 3.3 % NOK Strømpris DNB-ETN ELKRAFT BULL % 11.4 % 73.4 % % NOK 6000 Sølvpris BEAR SOLV ETN DNM % -2.1 % 20.3 % % NOK 0 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL % -5.2 % % 23.3 % NOK 1925 Schibsted BULL SCH DNM % -4.3 % % % NOK 0 OBX DNB-ETN OBX X3 BULL % -1.6 % 9.3 % -6.9 % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR % 4.7 % -0.8 % -6.5 % NOK 0 Marine Harvest Group DNB-ETN MARINE HARVEST B % -1.3 % -9.5 % % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 13.8 % -3.8 % % NOK 0 OBX BULL OBX X4 DNM % -2.3 % 12.2 % % NOK 0 Kobberpris BEAR KOBBER ETN DNM % -9.1 % 3.0 % -3.5 % NOK 0 Oljeservice DNB - ETN OIL SERVICE % -3.4 % 9.8 % -5.5 % NOK 3630 Kobberpris BEAR KOBBER HA % % 2.7 % -3.2 % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL % 0.3 % 16.0 % 53.7 % NOK 0 TGS Nopec DNB-ETN TGS BULL % -7.4 % 34.0 % % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEA % -7.5 % % % NOK 0 Aluminium BEAR ALU HA % % -2.7 % % NOK 0 Storebrand DNB-ETN STOREBRAND BULL % -4.7 % 15.6 % 71.8 % NOK 175 Yara DNB-ETN YARA BULL % 4.6 % 20.4 % % NOK 0 Yara DNB-ETN YARA BULL % 4.6 % 20.4 % % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS B % % 2.0 % -4.9 % NOK 0 Aluminium BEAR ALU ETN DNM % % -4.2 % % NOK 0 DNB BEAR DNB NOR HA % 28.3 % % % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL % % % % NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL % -6.7 % 19.9 % % NOK 0 Statoil DNB-ETN STATOIL BULL % -2.1 % 1.9 % -4.4 % NOK 0 Norsk Hydro BEAR NHY X3 DNM % % % % NOK Oljepris DNB - ETN BRENT % -5.7 % 0.1 % % NOK 5500 Naturgasspris BEAR NATGAS ETN DNM % -6.9 % % % NOK 0 Yara DNB-ETN YARA X3 BULL % 6.9 % 31.2 % % NOK REC BEAR REC DNM % 28.5 % 1.6 % % NOK CO2 BEAR CO2 ETN DNM % -1.2 % % 0.3 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL % -3.4 % 2.3 % % NOK 1256 Golden Ocean BULL GOGL DNM % -0.1 % % % NOK 2400 Sink BEAR SINK ETN DNM % % -4.9 % % NOK 0 Oljepris DNB - ETN BRENT BULL % % -3.1 % % NOK

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 1-Nov Akastor ASA Oslo Annual Nokian Renkaat OYJ Helsinki Annual Concentric AB Stockholm na na Annual Tethys Oil AB Stockholm na na Annual DSV A/S Copenhagen 1, na na Annual TDC A/S Copenhagen 2, na na Semi-Anl Orkla ASA Oslo 1, , Annual Akastor ASA Oslo Annual Entra ASA Oslo Semi-Anl 2-Nov Svedbergs i Dalstorp AB Stockholm na na na na Annual Gaming Innovation Group Oslo na na None REC Silicon ASA Oslo na na None Metsa Board OYJ Helsinki na na Annual ITAB Shop Concept AB Stockholm na na Annual Lundin Petroleum AB Stockholm None Unibet Group PLC Stockholm na Annual Genmab A/S Copenhagen na na None ISS A/S Copenhagen 1, na na Irreg H Lundbeck A/S Copenhagen Annual AP Moller - Maersk A/S Copenhagen 2, , Annual Nordea Bank AB Copenhagen na 0.20 na 0.22 Annual Vestas Wind Systems A/S Copenhagen na na Annual Coloplast A/S Copenhagen 1, , Semi-Anl Asiakastieto Group Oyj Helsinki na na Irreg Ocean Yield ASA Oslo Quarter Incus Investor ASA Oslo na na na na Annual Marine Harvest ASA Oslo Quarter Fiskars OYJ Abp Helsinki na na Annual 3-Nov Archer Ltd Oslo None Archer Ltd Oslo None Solvang ASA Oslo na na na na Annual Europris ASA Oslo None Electromagnetic Geoservices AS Oslo na na None AKVA Group ASA Oslo na na Irreg XANO Industri AB Stockholm na na na na Annual Fastighets AB Balder Stockholm na na Irreg G5 Entertainment AB Stockholm na 0.79 na na Annual INVISIO Communications AB Stockholm na na None Investment AB Latour Stockholm na na na na Annual Vitrolife AB Stockholm na Annual Bittium Oyj Helsinki na na Annual eq Oyj Helsinki na na Annual Sampo Oyj Helsinki na 0.71 na 0.65 Annual GN Store Nord A/S Copenhagen Annual Capio AB Stockholm na na Irreg CapMan OYJ Helsinki na na Annual Outokumpu OYJ Helsinki na na Irreg BlackPearl Resources Inc Stockholm na na na na None Scandi Standard AB Stockholm Irreg Tide ASA Oslo na na Annual Veidekke ASA Oslo Annual Prosafe SE Oslo Irreg AKVA Group ASA Oslo na na Irreg Tanker Investments Ltd Oslo None 4-Nov Industrial & Financial Systems #N/A Field Not A na na na na 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 Hold DKK 10,400 11, x 17.9x 5.8x 4.9x AcadeMedia AB ACAD Kjøp SEK x 12.6x 10.5x 8.6x AF Gruppen AFG Selg NOK x 23.1x 12.0x 11.3x Akastor AKA Kjøp NOK x -3.6x 11.3x 15.1x Aker AKER Hold NOK x 96.8x Aker BP ASA AKERBP Kjøp NOK x 15.8x 8.8x 3.7x Aker Solutions AKSO Selg NOK x x 7.8x 10.5x Alfa Laval ALFA Selg SEK x 20.9x 10.6x 11.2x Arcam ARCM Hold SEK x 87.9x 142.4x 42.3x Archer ARCHER Selg NOK x -1.9x 19.0x 13.3x Assa Abloy ASSAB Hold SEK x 20.7x 15.5x 13.9x Atea ATEA Hold NOK x 15.6x 8.5x 7.6x Atlas Copco ATCOA Hold SEK x 21.3x 14.2x 12.4x Atwood Oceanics ATW Selg USD x -12.7x 3.0x 8.7x Aurora LPG AURLPG Hold NOK x -19.3x 12.4x 11.9x Austevoll Seafood AUSS Kjøp NOK x 8.6x 4.2x 3.0x Autoliv ALIV Kjøp SEK x 14.1x 7.2x 6.7x Avance Gas AVANCE NOK x -11.0x 11.6x 12.1x Avanza Bank AZA Kjøp SEK x 24.3x Awilco Drilling AWDR Hold NOK x 1.6x 2.8x 0.6x Axactor AXA Kjøp NOK Bakkafrost BAKKA Hold NOK x 12.3x 10.2x 7.9x Balder BALD Hold SEK x 29.3x 24.4x 22.2x Betsson BETSB Kjøp SEK x 11.5x 10.8x 9.5x BillerudKorsnäs BILL Kjøp SEK x 14.5x 9.0x 8.3x Borregaard BRG Kjøp NOK x 13.6x 8.3x 6.9x BW LPG BWLPG Kjøp NOK x 15.9x 7.1x 8.2x BW Offshore BWO Kjøp NOK x x 6.1x 6.9x Cargotec CGC Selg EUR x 15.1x 9.4x 8.9x Carlsberg CARLB Selg DKK x 18.5x 9.4x 8.6x Castellum CAST Kjøp SEK x 15.4x 25.4x 19.9x Chr. Hansen CHR Hold DKK x 33.7x 24.9x 21.9x Citycon CTY1S Kjøp EUR x 15.7x 19.6x 19.2x Coloplast COLOB Kjøp DKK x 24.3x 20.3x 17.3x Com Hem COMH Selg SEK x 27.7x 10.0x 8.5x Coor Service Managemen COOR Kjøp SEK x 12.5x 12.0x 10.4x D/S Norden DNORD Kjøp DKK x x 13.0x 9.5x Danske Bank DANSKE Kjøp DKK x 10.7x Deep Sea Supply DESSC NOK x -2.7x 20.3x 12.3x DHT Holdings DHT Hold USD x 9.2x 4.9x 5.4x Diamond Offshore DO Selg USD x 13.5x 6.4x 5.8x DNB DNB NOK x 10.8x DNO DNO Kjøp NOK x 2.3x 4.4x 1.0x DOF DOF NOK x 4.6x 8.3x 8.5x Dorian LPG LPG Kjøp USD x -11.3x 5.5x 15.4x Eidesvik Offshore EIOF NOK x -3.9x 8.8x 12.9x Electrolux ELUX Selg SEK x 14.1x 6.7x 6.5x Elekta EKTAB Kjøp SEK x 20.4x 15.0x 11.8x Ensco ESV Selg USD x 40.5x 3.5x 6.4x Entra ENTRA Kjøp NOK x 19.4x 21.4x 19.1x Epic Gas EPIC Kjøp NOK x 526.9x 9.3x 7.4x Ericsson ERICb Hold SEK x 14.2x 6.2x 4.8x Euronav EURN Hold USD x 23.7x 5.9x 6.9x Europris EPR Hold NOK x 16.2x 11.8x 10.7x Evolution Gaming EVO Kjøp SEK x 21.6x 21.1x 15.4x Fabege FABG Hold SEK x 33.5x 32.5x 30.6x Farstad Shipping FAR NOK x -0.3x 13.2x 18.0x Flex LNG FLNG Hold NOK x x -73.6x -75.1x FLSmidth FLS Hold DKK x 14.8x 9.7x 7.8x FMC Technologies FTI Selg USD x 46.9x 17.7x 14.7x Fortum FUM1V Hold EUR x 18.5x Fred Olsen Energy FOE Selg NOK x -0.7x 1.2x 4.5x Frontline FRO Hold NOK x 10.1x 6.9x 8.4x 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 15.0x 12.8x 9.7x Gener8 Maritime GNRT Hold USD x 3.3x 7.5x 5.7x Getinge GETIB Selg SEK x 12.4x 11.5x 8.5x Gjensidige Forsikring GJF Hold NOK x 17.5x GN Group GN Hold DKK x 15.9x 13.3x 11.2x Golar LNG GLNG Kjøp USD x -11.2x -61.9x 79.7x Golar LNG Partners GMLP Hold USD x 6.2x 7.4x 6.5x Golden Ocean GOGL Hold NOK x -6.3x -70.0x 24.9x Grieg Seafood GSF Hold NOK x 7.6x 6.5x 5.1x Havfisk HFISK Kjøp NOK x 10.7x 7.3x 6.0x Havila Shipping HAVI Selg NOK x -0.2x 8.1x 13.9x Helgeland Sparebank HELG Kjøp NOK x 8.4x Hennes & Mauritz HMB Hold SEK x 20.9x 12.7x 10.9x Hexagon AB HEXAB Kjøp SEK x 18.9x 14.1x 12.8x Hexagon Composites HEX Hold NOK x 24.3x 47.8x 17.8x Hexpol HPOLB Hold SEK x 18.1x 11.6x 10.5x Holmen HOLMB S Selg SEK x 15.9x 9.7x 9.4x Hufvudstaden HUFV Hold SEK x 33.6x 28.5x 27.4x Humana HUM Kjøp SEK x 12.9x 12.7x 10.1x Husqvarna HUSQb Kjøp SEK x 14.5x 10.3x 8.4x Höegh LNG Holdings HLNG Kjøp NOK x 15.0x 12.1x 10.0x Industrivärden INDUc Kjøp SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.7x 9.9x 8.0x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 13.3x 20.8x 20.0x KNOT Offshore Partners KNOP Hold USD x 10.4x 8.7x 8.2x Kone KNEBV Hold EUR x 20.8x 14.2x 13.1x Konecranes KCR1V Hold EUR x 19.2x 10.2x 8.9x Kongsberg Gruppen KOG Kjøp NOK x 13.3x 13.6x 7.9x Kungsleden KLED Kjøp SEK x 12.1x 18.3x 17.5x Kværner KVAER Selg NOK x 26.9x 1.8x 3.3x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 8.7x 8.0x 5.5x Loomis LOOMb Kjøp SEK x 14.0x 7.4x 7.1x Lundbeck LUN Kjøp DKK x 24.3x 12.5x 8.9x Lundbergs LUNDb Hold SEK Lundin Petroleum LUPE Kjøp SEK x 21.0x 12.2x 6.1x Marine Harvest MHG Kjøp NOK x 10.5x 9.4x 6.4x Medistim MEDI Kjøp NOK x 20.8x 16.7x 13.2x Metsa Board METSB Kjøp EUR x 12.1x 9.5x 6.5x Metso MEO1V Hold EUR x 18.9x 9.9x 9.1x Millicom MICsdb Kjøp SEK x 21.4x 5.4x 4.9x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 14.6x 11.6x 9.8x Ncc NCC Hold SEK x 16.1x 12.7x 9.3x NetEnt NETb Kjøp SEK x 28.4x 24.5x 19.0x Nibe Industrier NIBEB Selg SEK x 19.6x 15.8x 13.9x Nobia NOBI Kjøp SEK x 13.2x 9.4x 7.5x Noble NE Selg USD x -5.6x 3.8x 8.0x Nokian Tyres NRE1V Kjøp EUR x 14.7x 9.4x 8.1x Nordea NDA Kjøp SEK x 11.2x Nordic Nanovector NANO Kjøp NOK x -11.4x -10.0x -10.2x Nordic Semiconductor NOD Kjøp NOK x 36.0x 28.6x 17.4x Nordnet NNb Hold SEK x 20.3x Norsk Hydro NHY Selg NOK x 19.7x 6.9x 6.9x North Energy NORTH Hold NOK x -1.6x Norway Royal Salmon NRS Hold NOK x 12.5x 11.5x 7.9x Norwegian Air Shuttle NAS Hold NOK x 9.5x 11.9x 11.5x Norwegian Property NPRO Hold NOK x 23.8x 17.2x 19.1x Novo Nordisk NVO Hold DKK x 15.7x 11.6x 10.9x Novozymes NZYMB Selg DKK x 23.7x 15.7x 14.5x NRC Group NRC Selg NOK x 24.2x 15.2x 14.0x Ocean Rig ORIG Selg USD x 3.2x 2.9x 4.6x Ocean Yield OCY Kjøp NOK x 7.5x 9.5x 7.6x Odfjell ODF Kjøp NOK x 3.2x 4.6x 4.4x Odfjell Drilling ODL Kjøp NOK x 8.0x 7.6x 6.8x Olav Thon OLT Kjøp NOK x 14.2x 16.2x 15.6x Opera OPERA Kjøp NOK x 15.5x 13.5x 10.5x 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 Oriflame ORI Selg SEK x 27.7x 15.6x 13.3x Orkla ORK Hold NOK x 21.0x 16.5x 15.2x Outotec OTE1V Hold EUR x 23.7x 10.3x 7.2x Pacific Drilling PACD Selg USD x -0.2x 8.0x 19.3x Pandox PNDXB Hold SEK x 18.0x 20.1x 17.9x Pareto Bank PARB Kjøp NOK x 7.5x Peab PEAB Hold SEK x 12.7x 11.9x 9.9x Petroleum Geo-Services PGS Selg NOK x -2.7x 5.0x 7.4x Polarcus PLCS Selg NOK x -0.4x 4.4x 4.7x Prosafe (Restricted) PRS NOK x 1.0x 9.6x 8.9x Q-Free QFR Hold NOK x 11.4x 13.3x 6.6x Recipharm RECIB Hold SEK x 21.0x 13.0x 10.0x RenoNorden RENO Hold NOK x 10.6x 6.4x 6.3x Rezidor REZT Hold SEK x 7.9x 8.0x 4.4x Rowan RDC Selg USD x x 3.1x 6.0x Safe Bulkers SB Hold USD x -3.5x 21.4x 14.9x Saipem SPM Selg EUR x 16.5x 4.1x 5.2x SalMar SALM Hold NOK x 11.2x 9.0x 7.4x Sampo Oyj SAMAS Hold EUR x 14.7x Sandvik SAND Kjøp SEK x 16.2x 10.5x 9.3x SCA SCAB Hold SEK x 17.5x 10.7x 9.7x Scandi Standard SCST Hold SEK x 13.2x 9.8x 7.3x Schibsted SCHA Selg NOK x 40.2x 41.4x 34.4x Scorpio Tankers STNG Hold USD x 6.9x 14.7x 9.0x Seadrill SDRL Selg NOK x -28.0x 5.3x 9.7x SEB SEB Kjøp SEK x 12.2x Securitas SECUB Kjøp SEK x 15.1x 11.1x 9.3x Selvaag Bolig SBO Kjøp NOK x 18.2x 12.5x 13.2x Sevan Marine SEVAN Selg NOK x -9.9x -7.1x -7.6x Siem Offshore SIOFF NOK x -1.7x 17.3x 18.1x Skandiabanken SKBN Kjøp NOK x 10.8x Skanska SKA Kjøp SEK x 14.3x 13.2x 10.8x SKF SKFB Hold SEK x 14.3x 9.6x 8.9x Solstad Offshore SOFF NOK x -4.3x 12.6x 14.9x Songa Offshore SONG Selg NOK x 2.1x 4.9x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK x 8.8x Sparebank1 SMN MING Kjøp NOK x 8.4x Sparebank1 SR-Bank SRBANK Kjøp NOK x 8.1x Sparebanken Møre MORG Kjøp NOK x 9.6x Sparebanken Øst SPOG Kjøp NOK x 10.4x Spectrum SPU Selg NOK x x 2.6x 2.0x Sponda SDA1V Kjøp EUR x 15.2x 20.4x 20.0x Statoil STL Kjøp NOK x 10.2x Stolt-Nielsen SNI Kjøp NOK x 6.9x 5.5x 5.4x Stora Enso STERV F Kjøp EUR x 9.8x 6.8x 5.6x Storebrand STB Kjøp NOK x 8.5x Subsea 7 SUBC Selg NOK x 143.9x 3.6x 7.4x Svenska Handelsbanken SHB Selg SEK x 15.7x Swedbank SWEDA Hold SEK x 13.2x Swedish Match SWMA Hold SEK x 20.2x 13.2x 12.8x Tanker Investments TIL Hold NOK x 3.3x 6.2x 4.1x Targovax TRVX Kjøp NOK x -3.1x Technip TECF Selg EUR x 17.7x 4.4x 6.2x Teekay Tankers TNK Hold USD x 3.0x 6.2x 4.4x Tele2 TEL2b Hold SEK x 21.2x 9.7x 7.6x Telenor TEL Kjøp NOK x 11.7x 6.0x 5.7x Telia Company TELIA Hold SEK x 11.4x 7.3x 6.5x TGS Nopec TGS Selg NOK x 52.3x 5.7x 5.5x The Scottish Salmon ComSSC Hold NOK x 8.1x 10.6x 5.9x Thule Group THULE Hold SEK x 18.7x 15.4x 13.7x Tomra TOM Selg NOK x 21.3x 10.1x 10.6x Topdanmark TOP Kjøp DKK x 13.7x Transocean RIG Selg USD x -27.4x 5.2x 7.5x Trelleborg TRELB Hold SEK x 15.0x 11.5x 9.4x 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 Tryg TRYG Hold DKK x 14.8x 15.8x Tsakos Energy NavigationTNP Kjøp USD x 3.9x 4.7x 5.6x 5.4x Unibet UNIB Kjøp SEK x 18.1x 15.6x 14.2x 12.3x UPM UPM1V Hold EUR x 13.3x 12.6x 7.7x 6.7x Valmet VALMT Kjøp EUR x 18.0x 15.1x 7.9x 7.0x Veidekke VEI Hold NOK x 12.2x 9.5x 7.9x Vitrolife VITR Kjøp SEK x 37.1x 32.5x 23.4x Volvo VOLVB Hold SEK x 14.0x 6.8x 5.9x Wallenstam WALLb Hold SEK x 34.2x 39.9x 32.8x Weifa WEIFA Kjøp NOK x 17.5x 13.9x 12.4x Wihlborgs WIHL Kjøp SEK x 17.2x 16.3x 21.6x 20.7x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 6.7x 6.3x 6.9x 6.7x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 8.2x 5.8x 5.4x 4.5x William Demant Holding WDH Selg DKK x 19.9x 17.5x 11.6x 10.2x Wilson Therapeutics WTX Kjøp SEK x -7.0x -7.3x Wärtsilä WRT1V Hold EUR x 18.1x 12.9x 11.2x XXL XXL Kjøp NOK x 18.5x 18.0x 13.0x Yara YAR Selg NOK x 26.7x 6.2x 8.7x YIT YIT Selg EUR x 15.5x 48.7x 12.9x Kilde: DNB Markets, FactSet, Bloomberg 12

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