ROLIG INN MOT Q3-TALL, NORSK KPI, EURO-VEKST OG OLJESTØTTE VWS

Transkript

1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag ROLIG INN MOT Q3-TALL, NORSK KPI, EURO-VEKST OG OLJESTØTTE VWS I et rolig amerikansk marked ga usikkerhet over den globale politiske situasjonen samt tilbakeholdenhet i forkant av de første Q3-rapportene og oppdateringen fra Fed grunnlag for forsiktighet i går. Dow endte ned 0.1%, mens S&P500 og Nasdaq begge var ned 0.2%. Volumet på de tre hovedindeksene kom inn på 78-90% av gjennomsnittet for de siste tre måneder. Mens børsene i Taiwan fortsatt er stengt i forbindelse med feiring av nasjonaldagen begynner de øvrige asiatiske markedene nå etter hvert å komme tilbake til hverdagen. Kort før stengetid er Nikkei i Japan opp med 0.4%. De viktigste kinesiske indeksene er ned inntil 0.6%. Markedet i Sør-Korea er opp 1.8% og her bidrar det positivt at nordkoreanerne tross feiring av et nytt jubileum så langt ser ut til å ha avstått fra ytterligere testing av raketter. I de nordiske markedene får vi i dag norske og danske KPI-tall for september. Ute i Europa vil i første rekke tallene for industriproduksjonen gjennom august få oppmerksomhet. Både fra Frankrike, Italia, UK og Hellas får vi tallene for veksttakten forrige måned. Gårsdagens tall for veksttakten i tysk industriproduksjon var sterkere enn ventet og spørsmålet er nå om dette også vil gjenspeile seg i dagens oppdatering av handelsbalansen for samme måned. Drevet av OPECs signaler om at det kan komme ytterligere tiltak for å stabilisere oljeprisen inn i 2018 steg WTI-prisen i USA i går med USD 0.23 pr fat til USD pr fat. Hva eventuelle tiltak skal bestå i, utover en mulig forlengelse av den allerede foreliggende avtalen er uklart. Saudi-Arabia har imidlertid antydet at de selv vil kunne redusere volumet på helt kort sikt. Prisen har i morgentimene i dag klatret videre til USD pr fat. Brent-prisen lå ved stengetid i Oslo i går på USD pr fat og har før åpning i dag steget til USD pr fat. Gårsdagen var delvis fridag i USA og det gjør at vi denne uken får oppdateringene av de amerikanske oljelagertallene en dag senere enn vanlig. For danske Vestas Wind Systems ser vi et positivt risiko-/fortjenesteforhold inn mot Q3-rapporten den 9. november. Kursen stengte i går på DKK 564 pr aksje, og etter en solid oppgang tidligere i år er den ned nesten 9% de siste tre månedene. På lang sikt venter vi en vekst i det globale vindmøllemarkedet på 6%, og at Vestas med sine produkter og oppfølgningsløsninger vil ta en stigende andel av dette markedet. På kort sikt ligger vårt EBIT-estimat for Q3 rundt 5% over konsensus. Etter vårt syn ser det i tillegg ikke ut til at dagens kursnivå reflekterer konsensusestimatene, hvilket impliserer at investorene foreløpig har priset inn et enda lavere resultat. Dette vil kunne endre seg frem mot rapporteringen og kombinert med muligheten for at ledelsen også vil benytte Q3 til å oppjustere guidingen gjentar vi en kjøpsanbefaling med et kursmål på DKK 680 pr aksje. Internasjonale børser Renter Valuta/råvarer Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 22, USA 10år EUR/USD S&P 500 2, Tyskl. 10år USD/JPY NASDAQ 6, Norge 10år USD/NOK Nikkei , USA 3m EUR/NOK Euro Euro 3m Siste Endr. Endr. % Danmark-KFX 1, Norge 3m CRB indeks Finland-HEX 9, Brent sp. ($/bbl) Norge-OSEBX Brent 1m ($/bbl Sverige-SAX Alum. 3m ($/ton 2, US Nat.gass Kilde: Bloomberg /DNB Markets Portefølje anbefalte aksjer: I dag - Aker - Salmar - Storebrand - Golden Ocean - Sparebank1 SR-Bank - Axactor - Skandiabanken - Grieg Seafood Rapporter Norden YTD DNB: 21% YTD OSE: 15% - Tryg - Investment AB Øresund - Finnair, trafikktall Nøkkeltall Norden - NO: KPI - SE: Ledighet - SF: Industriproduksjon - DK: KPI - DK. Økonomiske utsikter Rapporter / nøkkeltall Europa / USA - DE: Handelsbalanse - FR: Industriproduksjon - IT: Industriproduksjon - UK: Industriproduksjon - UK: Handelsbalanse - US: Bedriftstillit - Levi Strauss Konferanser / presentasjoner - - 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 22, x S&P 500 2, x Nasdaq Composite 6, 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 3, x Philadelphia-børsens halvleder-indeks (SOX) 1, 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 ,285, GN Store Nord AP Møller Maersk ,918 11, , Finland Nokia ,546, Metso TeliaSonera , UPM Kymmene Norge Frontline , Norsk Hydro , Yara , Golden Ocean , PGS Statoil ,800, Subsea , DNB , Telenor , Tomra Questerre , Orkla , Sverige AstraZeneca ,554, Electrolux , Ericsson (B) ,985, 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 2,285 2, ,451 2,045 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 2,174 2, ,199 1,608 Nikkel 11,015 11, , ,380 8,680 Kopper 6,666 6, ,131 1,888 6,970 4,633 Gull 1,287 1, ,358 1,121 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index 1,411 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 Internett programvare og -tjeneste 0.4% 2.5% -18.0% -16.2% -10.9% 19.6 Forsyningsselskaper 1.4% -2.1% 3.0% 10.1% 8.8% 14.7 Papir- og skogprodukter 0.3% -0.8% 7.3% 32.2% 32.0% 13.4 IT utstyr 1.0% 2.5% -9.9% -3.7% 6.2% 25.7 Drikkevarer 0.3% 7.1% 7.2% -2.8% -7.0% 34.9 Programvare og tjenester 0.7% 4.9% 5.2% 19.1% 18.8% 21.7 Hotell og restaurant 0.2% 2.0% 1.1% 28.7% 21.2% 23.5 Drikkevarer, mat og tobakk 0.7% 1.3% -0.8% 2.5% 5.7% 20.8 Eiendom 0.1% 7.7% 7.4% 34.4% 25.7% 21.4 Detaljhandel 0.7% 6.8% 0.1% -4.2% -7.0% 19.5 Husholdningsartikler 0.1% -2.6% 3.8% 12.4% 10.9% 17.8 Husholdningsvarer og personlige produ 0.6% -0.2% -0.7% 11.1% 13.4% 22.2 Matvarer 0.1% 6.5% 3.3% 23.9% 17.1% 21.0 Forbruksvarer og klær 0.5% 2.8% 7.1% 36.7% 22.9% 20.8 Fritidsutstyr 0.0% 0.6% 13.0% 22.2% 27.8% 16.3 Hotell-, underholdnings- og restaurantvi 0.3% 3.2% 0.2% 8.8% 0.6% 19.5 Helseartikler 0.0% 7.4% 7.7% 25.0% 20.1% 21.1 Energi 0.3% 7.2% 9.2% 5.2% -5.2% 17.7 Farmasi 0.0% 7.4% 4.1% -12.3% -18.6% 49.0 Telekommunikasjon og tjenester 0.3% 1.6% -0.4% 0.8% -1.6% 16.1 Kraft 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Kommersielle tjenester og leveranser 0.2% 3.8% 1.2% 10.2% 7.7% 18.1 Energi og relatert utstyr 0.0% 7.5% 8.0% 31.8% 24.9% 19.9 Transport 0.2% 1.6% 3.3% 32.6% 21.9% 17.1 Bioteknologi 0.0% 3.6% 7.9% 26.4% 34.4% 26.5 Forsikring 0.2% 5.6% 0.7% 20.2% 5.8% 12.1 Diversifiserte telekomtjenester 0.0% 0.8% 7.1% 31.8% 29.1% 24.8 Biler og komponenter 0.1% 7.7% 9.7% 20.6% 10.1% 8.4 Kommunikasjonsutstyr -0.2% 7.0% 6.9% -2.7% -9.2% 13.2 Eiendomsselskaper 0.1% -0.9% -0.6% 2.5% -0.6% 18.8 Forsikring -0.2% 5.5% 2.6% 21.2% 12.1% 15.1 Media 0.1% 4.4% -4.0% -4.2% -8.6% 17.1 Bank -0.2% 6.3% 7.3% 38.5% 34.9% 13.8 Kapitalvarer 0.1% 5.7% 2.5% 18.7% 13.0% 18.9 Datamaskiner og tilbehør -0.2% 1.8% 3.4% 6.6% 11.6% 16.8 Legemiddelindustri og bioteknologi 0.0% 3.6% 0.9% 6.2% 6.2% 16.6 Maskiner -0.2% -0.3% 8.4% 15.1% 4.2% 17.9 Banker -0.1% 5.7% 0.4% 32.5% 12.0% 12.5 Olje og gass -0.3% 6.9% 7.6% 10.0% 10.4% 14.3 Helsevern - utstyr og tjenester -0.3% 1.5% -0.6% 4.6% 4.8% 22.8 Industrielle konglomerater -0.3% -1.0% 1.7% 1.6% 8.4% 22.2 Materialer -0.4% 4.1% 7.5% 20.5% 10.7% 15.4 Bygg og anlegg -0.3% -2.6% 0.6% 6.1% 8.9% 23.0 Finansieringsselskaper -0.4% 6.9% -1.5% 22.1% 8.4% 16.1 Luftfart -0.3% 4.6% 10.9% 16.7% 10.6% 15.9 Mat- og apotekhandel -1.0% 0.3% -5.6% -12.4% -14.4% 14.8 Bildeler -0.7% -0.3% -2.5% 12.8% 3.1% 17.6 Elektrisk utstyr -0.7% 11.3% 3.8% 39.3% 10.9% 14.5 Programvare -0.8% 6.4% 3.5% 5.0% -4.4% 20.0 Metall -0.9% 10.5% -8.7% 30.7% 4.3% 11.5 Kjemikalier -1.2% -2.6% -2.7% -9.0% -8.6% 17.7 Elektronisk utstyr og instrumente -1.5% -0.7% 0.6% 12.2% 24.8% 22.0 Media -1.7% 2.1% -2.2% 3.3% -4.2% 18.7 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 apr. 17 jul. 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 Wal-Mart Stores Inc % 2.1 % 18.5 % Micron Technology Inc % 26.2 % % Micron Technology I % 26.2 % % DowDuPont Inc % 10.5 % 33.9 % NVIDIA Corp % 13.3 % % NVIDIA Corp % 13.3 % % International Business Machine % 3.5 % -6.1 % Baidu Inc % 10.0 % 39.0 % Micron Technology I % 26.2 % % Chevron Corp % 6.3 % 13.2 % Citrix Systems Inc % 7.3 % 19.5 % Wal-Mart Stores Inc % 2.1 % 18.5 % Intel Corp % 13.3 % 4.8 % Altaba Inc % 8.1 % 56.5 % Philip Morris Interna % -3.2 % 17.8 % Verizon Communications Inc % 6.4 % -2.3 % TripAdvisor Inc % -6.7 % % Advanced Micro Dev % 10.0 % 96.9 % Exxon Mobil Corp % 4.1 % -7.2 % Marriott International Inc % 9.0 % 67.3 % Altria Group Inc % 2.2 % 2.9 % Microsoft Corp % 3.1 % 31.4 % CSX Corp % 3.3 % 71.3 % Apache Corp % 16.7 % % Apple Inc % -1.8 % 34.3 % Xilinx Inc % 14.0 % 39.0 % Citrix Systems Inc % 7.3 % 19.5 % United Technologies Corp % 8.3 % 18.7 % QUALCOMM Inc % 6.5 % % KLA-Tencor Corp % 10.2 % 41.4 % McDonald's Corp % 0.3 % 39.6 % Intel Corp % 13.3 % 4.8 % Carnival Corp % 1.3 % 39.9 % Visa Inc % 2.5 % 28.7 % Applied Materials Inc % 18.8 % 79.3 % Global Payments In % 3.2 % 29.8 % Pfizer Inc % 6.0 % 7.5 % Western Digital Corp % -3.1 % 42.2 % Snap-on Inc % 2.7 % 1.1 % Johnson & Johnson % 1.9 % 11.4 % NXP Semiconductors N % 2.0 % 11.4 % DXC Technology Co % 5.0 % na American Express Co % 8.8 % 48.1 % 3M Co % 5.3 % 26.6 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Cisco Systems Inc % 7.2 % 7.3 % Viacom Inc % -6.8 % % DaVita Inc % -7.6 % % Caterpillar Inc % 7.7 % 43.8 % Express Scripts Holding % -5.9 % % Viacom Inc % -6.8 % % Boeing Co/The % 8.2 % 90.2 % Tesla Inc % -0.1 % 70.7 % Express Scripts Hol % -5.9 % % Home Depot Inc/The % 3.8 % 30.2 % Symantec Corp % 3.2 % 29.2 % General Electric Co % -1.6 % % Travelers Cos Inc/The % 4.3 % 8.5 % Activision Blizzard Inc % -5.8 % 39.7 % Juniper Networks In % 2.6 % 11.2 % Coca-Cola Co/The % -1.9 % 8.8 % Walgreens Boots Allian % % % Symantec Corp % 3.2 % 29.2 % Procter & Gamble Co/The % -0.8 % 3.4 % Liberty Interactive Corp % -1.5 % 15.7 % Envision Healthcare % % na Merck & Co Inc % 0.1 % 0.7 % DISH Network Corp % -5.3 % -7.7 % Medtronic PLC % -6.2 % % Walt Disney Co/The % 2.6 % 7.7 % Discovery Communicat % -2.0 % % CVS Health Corp % -6.8 % % JPMorgan Chase & Co % 9.0 % 40.5 % Bed Bath & Beyond Inc % % % Advance Auto Parts % -3.1 % % UnitedHealth Group Inc % -0.7 % 42.2 % O'Reilly Automotive Inc % 4.4 % % Activision Blizzard In % -5.8 % 39.7 % Goldman Sachs Group Inc/The % 11.8 % 42.0 % Discovery Communicat % -1.3 % % Walgreens Boots Al % % % NIKE Inc % -1.3 % -0.5 % Liberty Global PLC % -0.8 % -1.4 % DISH Network Corp % -5.3 % -7.7 % General Electric Co % -1.6 % % Intuitive Surgical Inc % 2.0 % 46.8 % Navient Corp % -9.5 % % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 20x 18x 16x 14x 12x 10x 8x 6x S&P 500 Euro Stoxx 50 OBX K i l de: B l oomber g / DNB M ar k ets 4

5 ETF / ETP Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Aksjer / Indekser (siste 5 dager) Oil Service OIH % -1.3 % 10.9 % % USD 95,463,088 Teknologi USA XLK % 1.5 % 3.6 % 25.3 % USD 386,562,688 TecDax TDXPEX % 2.7 % 7.4 % 37.3 % EUR 1,501,384 AEX-Nederland AEXT % 0.1 % 4.3 % 19.4 % EUR 161,004 Energi XLE % -0.4 % 5.9 % -4.9 % USD 619,284,608 CAC-40 CAC % 0.2 % 4.9 % 19.3 % EUR 5,872,647 Forsyningstjenester XLU % 0.7 % -3.4 % 12.6 % USD 555,131,200 Japan EWJ % 0.6 % 2.0 % 12.2 % USD 357,533,888 DJIA DIA % 1.0 % 4.3 % 24.3 % USD 436,016,416 Dow Jones Total market THRK % 0.7 % 3.5 % 18.0 % USD 510,430 S&P Euro 350 IEV % -0.1 % 1.5 % 19.7 % USD 11,515,839 Pacific ex-japan EPP % -0.5 % -1.3 % 8.9 % USD 16,931,274 Emerging Markets EEM % 1.7 % 1.6 % 19.7 % USD 1,898,622,592 Nasdaq 100 QQQ % 1.3 % 2.3 % 23.7 % USD 3,372,030,464 S&P 500 SPY % 0.6 % 3.0 % 17.5 % USD 15,361,174,528 DAX DAXEX % 0.8 % 5.4 % 21.0 % EUR 1,456,888 FTSE 100 ISF % 1.0 % 0.6 % 5.9 % GBp 2,003,737,000 Industri XLI % 0.3 % 5.1 % 24.5 % USD 773,629,504 Forbruksvarer XLP % -0.4 % -2.6 % 2.5 % USD 875,259,840 Hong Kong EWH % 0.8 % 0.9 % 12.1 % USD 100,635,280 S&P Midcap 400 MDY % 0.1 % 5.2 % 17.2 % USD 259,156,000 Bioteknologi IBB % 0.2 % 1.6 % 17.8 % USD 248,248,464 Finansielle tjenester XLF % 0.7 % 8.9 % 33.1 % USD 1,290,782,208 Russell 2000 IWM % -0.4 % 7.3 % 20.2 % USD 3,186,904,832 Russell 2000 Growth IWO % -0.2 % 6.6 % 21.4 % USD 120,865,824 Brasil EWZ % 0.7 % 0.2 % 17.1 % USD 754,012,160 Latin-America 40 ILF % -0.4 % -0.7 % 17.8 % USD 97,324,392 Olje / Energi Brent-olje OILB % -0.3 % 3.1 % -5.2 % USD 881,360 WTI-olje OILW % -1.5 % 1.2 % % USD #N/A N/A WTI-Oil USO % -2.1 % 2.8 % % USD 145,060,752 Råolje CRUD % -1.6 % 1.4 % % USD 12,018,070 Bensin UGAS % 0.4 % -2.0 % -4.3 % USD 38,950 Fyringsolje HEAT % -1.9 % -1.5 % -1.0 % USD 238 Naturgass UNG % -3.3 % -4.2 % % USD 48,563,568 Metaller Nikkel NICK % 5.4 % -6.1 % 1.4 % USD 1,351,534 Sølv SLV % 2.2 % -5.9 % -4.2 % USD 103,369,984 Aluminium ALUM % 3.6 % 3.0 % 24.4 % USD 82,947 Gull BULL % 0.6 % -5.0 % -0.2 % USD 196,870 Kobber COPA % 2.8 % -0.8 % 33.8 % USD 414,322 Sink ZINC % 0.0 % 6.6 % 36.6 % USD 114,609 Andre råvarer Kaffe COFF % 4.3 % 0.9 % % USD 230,727 Soyaolje SOYO % 2.2 % -6.0 % -6.6 % USD 18,221 Sukker SUGA % -2.7 % -5.0 % % USD 65,687 Kveg CATL % 2.0 % 3.5 % 24.4 % USD na Råvarer DBC % -0.2 % 0.8 % -0.7 % USD 19,003,602 Soyabønner SOYB % 1.0 % 0.4 % -3.7 % USD 310,369 Mais CORN % -0.6 % -2.1 % % USD 16,827 Hvete WEAT % -0.9 % -0.2 % % USD 453,329 Råvarekurver Edle metaller AIGP % 0.8 % -5.3 % -1.9 % USD 570,396 Industrimetaller AIGI % 2.8 % 0.5 % 27.0 % USD 3,499,362 Råvarer AIGC % 0.7 % -1.1 % -2.8 % USD 1,354,162 Landbruk AIGA % 0.7 % -1.3 % % USD 315,131 Råvarer (ETN) GSG % -0.6 % 1.0 % -4.3 % USD 1,464,921 Korn AIGG % 0.2 % -0.6 % -7.9 % USD 3,849 Energi AIGE % -1.1 % -0.5 % % USD 1,782,640 Buskap AIGL % 0.8 % 3.4 % 26.3 % USD 4,972 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) CO2 BULL CO2 ETN DNM #N/A N/A #VALUE! #VALUE! #VALUE! #VALUE! NOK na DNO BULL DNO DNM % 16.8 % % 31.5 % NOK na Fred. Olsen Energy BULL FOE DNM % 21.6 % 90.1 % % NOK na Oljeservice DNB - ETN OIL SERVICE BEAR % 6.4 % % % NOK na Strømpris BEAR EL HA % 2.5 % 13.4 % % NOK 119,436 Yara DNB-ETN YARA X3 BEAR % 1.8 % % % NOK 165,266 Gullpris BULL GULL HA % 0.8 % -7.1 % -3.2 % NOK 36,907 Aluminium BULL ALU HA % 8.0 % 8.7 % 54.4 % NOK na Sølvpris SOLV ETN DNM % 1.8 % -3.9 % -8.3 % NOK 537,876 OBX DNB-ETN OBX X3 BEAR % -0.7 % % % NOK 72,047 Aluminium ALU ETN DNM % 0.8 % 2.3 % 22.3 % NOK na Norsk Hydro BULL NHY X3 DNM % 10.9 % 14.2 % % NOK 271 Gullpris DNB-ETN GULL % 0.6 % -1.3 % -1.1 % NOK 85,560 Norwegian DNB-ETN NORWEGIAN BULL % -2.7 % 26.5 % % NOK 6,648 Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 193,096 Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK 5,622 OBX DNB OBX % -0.2 % 5.7 % 25.0 % NOK 42,416 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK na Seadrill DNB-ETN SEADRILL BULL % % % % NOK na REC BEAR REC HA % 22.2 % 20.9 % % NOK 19,875,580 Oljepris BULL OLJE HA % 0.8 % 12.9 % % NOK na Norwegian DNB-ETN NORWEGIAN BEAR % 3.0 % % % NOK 0 OBX BULL OBX X3 HA % 0.9 % 18.3 % 99.7 % NOK 3,702 PGS DNB-ETN PGS BEAR % 17.9 % % % NOK 2,743 OBX BEAR OBX X4 DNM % 0.0 % % % NOK 12,759 Norsk Hydro BEAR NHY X3 DNM % -9.3 % % % NOK na REC BEAR REC DNM % 9.8 % 9.8 % % NOK 6,900 Telenor DNB-ETN TELENOR X3 BULL % 2.9 % 14.7 % 96.2 % NOK 9,041 Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 0.0 % 13.4 % % NOK 123,993 DNB BEAR DNB NOR HA % 0.0 % % % NOK 290 OBX BULL OBX X4 DNM % 0.0 % 26.6 % % NOK 6,768 Telenor DNB-ETN TELENOR BULL % 0.0 % 11.1 % 62.2 % NOK na CO2 CO2 ETN DNM % 0.0 % 52.1 % 28.3 % NOK na Storebrand DNB-ETN STOREBRAND BULL % 0.0 % 13.9 % % NOK na Gullpris DNB-ETN GULL BULL % 0.0 % -3.9 % -0.6 % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BUL % 0.0 % 4.8 % % NOK na OBX DNB-ETN OBX X3 BULL % 0.0 % 10.3 % 71.7 % NOK na Schibsted BEAR SCH DNM % 0.0 % -1.1 % 1.3 % NOK na Kobberpris BULL KOBBER ETN DNM % 0.0 % 0.5 % 31.2 % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BEA % 0.0 % 0.0 % % NOK na Fred. Olsen Energy BEAR FOE DNM % 0.0 % 0.0 % % NOK na Opera BULL OPERA DNM % 0.0 % 0.0 % % NOK na Orkla DNB-ETN ORKLA X3 BULL % 0.0 % -4.1 % -7.9 % NOK na Statoil DNB-ETN STATOIL BULL % 0.0 % 9.2 % 22.7 % NOK na Telenor DNB-ETN TELENOR X3 BEAR % 0.0 % -8.5 % % NOK na Yara DNB-ETN YARA BEAR % 0.0 % % % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % 0.0 % % % NOK na Storebrand DNB-ETN STOREBRAND BEAR % 0.0 % % % NOK na Statoil DNB-ETN STATOIL X3 BULL % 0.0 % 30.5 % 45.6 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 0.0 % % % NOK na OBX SHORT OBX DNM % -1.8 % -8.8 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -2.0 % 3.7 % 20.7 % NOK na Oljepris DNB - ETN BRENT BEAR % -1.0 % -4.7 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -9.8 % % % NOK na Statoil DNB-ETN STATOIL X3 BEAR % -1.7 % % % NOK na Sjømat DNB - ETN SEAFOOD % 1.1 % 2.0 % 14.8 % NOK na Oljeservice DNB - ETN OIL SERVICE BULL % -8.2 % 12.1 % 17.3 % NOK na Subsea 7 DNB-ETN SUBSEA 7 BULL % -1.2 % 21.7 % 90.0 % NOK 1,075 Strømpris DNB - ETN ELKRAFT BEAR % -4.4 % 12.5 % % NOK 3,141 Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Gullpris DNB-ETN GULL BULL % 0.0 % -3.9 % -0.6 % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BUL % 0.0 % 4.8 % % NOK na OBX DNB-ETN OBX X3 BULL % 0.0 % 10.3 % 71.7 % NOK na Schibsted BEAR SCH DNM % 0.0 % -1.1 % 1.3 % NOK na Kobberpris BULL KOBBER ETN DNM % 0.0 % 0.5 % 31.2 % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BEA % 0.0 % 0.0 % % NOK na Fred. Olsen Energy BEAR FOE DNM % 0.0 % 0.0 % % NOK na Opera BULL OPERA DNM % 0.0 % 0.0 % % NOK na Orkla DNB-ETN ORKLA X3 BULL % 0.0 % -4.1 % -7.9 % NOK na Statoil DNB-ETN STATOIL BULL % 0.0 % 9.2 % 22.7 % NOK na Telenor DNB-ETN TELENOR X3 BEAR % 0.0 % -8.5 % % NOK na Yara DNB-ETN YARA BEAR % 0.0 % % % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % 0.0 % % % NOK na Storebrand DNB-ETN STOREBRAND BEAR % 0.0 % % % NOK na Statoil DNB-ETN STATOIL X3 BULL % 0.0 % 30.5 % 45.6 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 0.0 % % % NOK na OBX SHORT OBX DNM % -1.8 % -8.8 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -2.0 % 3.7 % 20.7 % NOK na Oljepris DNB - ETN BRENT BEAR % -1.0 % -4.7 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -9.8 % % % NOK 1,075 Statoil DNB-ETN STATOIL X3 BEAR % -1.7 % % % NOK 3,141 Sjømat DNB - ETN SEAFOOD % 1.1 % 2.0 % 14.8 % NOK 25,926 Oljeservice DNB - ETN OIL SERVICE BULL % -8.2 % 12.1 % 17.3 % NOK 7,066 Subsea 7 DNB-ETN SUBSEA 7 BULL % -1.2 % 21.7 % 90.0 % NOK 11,429 Strømpris DNB - ETN ELKRAFT BEAR % -4.4 % 12.5 % % NOK 537,229 PGS DNB-ETN PGS BULL % % -9.8 % % NOK 82,568 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 9,094 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 8,293 Statoil DNB-ETN STATOIL BEAR % -0.3 % % % NOK 23,101 Kobberpris BEAR KOBBER HA % -5.3 % 5.8 % % NOK 8,690 Oljepris DNB - ETN BRENT % 0.0 % 6.4 % -4.8 % NOK 147,386 Kobberpris BULL KOBBER HA % 5.4 % 0.3 % 68.4 % NOK 181 Oljeservice DNB - ETN OIL SERVICE % -0.9 % 6.4 % 13.6 % NOK na OBX BEAR OBX X3 HA % 2.1 % % % NOK 7,114 Golden Ocean BULL GOGL DNM % 10.4 % % % NOK 64,500 Strømpris DNB-ETN ELKRAFT BULL % -6.6 % % % NOK 43,990 Aluminium BEAR ALU HA % -7.4 % -2.4 % % NOK 21,600 Gullpris BEAR GULL HA % -0.7 % 14.8 % -6.1 % NOK 341,121 Yara DNB-ETN YARA X3 BULL % -2.5 % 7.2 % 98.3 % NOK 126,151 Aker Solutions DNB-ETN AKER SOLUTIONS B % % 0.6 % % NOK na Oljepris DNB - ETN BRENT BULL % -0.7 % 7.7 % % NOK na Strømpris BULL EL HA % -3.0 % % -9.6 % NOK 135,348 REC DNB-ETN REC BULL % % % % NOK 25,558 BW LPG BULL BWLPG DNM % -6.8 % -5.7 % 35.3 % NOK 40,330 REC BULL REC HA % % % % NOK 12,448 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 10-Oct Investment AB Oresund na na na na Annual 12-Oct Bergs Timber AB Stockholm na na na na Irreg KappAhl AB Stockholm na na Annual Rnb Retail and Brands AB Stockholm na na na na Annual 17-Oct BillerudKorsnas AB Stockholm 1, Annual Com Hem Holding AB Stockholm Annual Nordic Semiconductor ASA Oslo Irreg Note AB Stockholm na na na na Annual Investor AB Stockholm na na na na Annual 18-Oct ABG Sundal Collier Holding ASA Oslo na na na na Annual Atrium Ljungberg AB Stockholm na na Annual Byggmax Group AB Stockholm na na Annual Elisa OYJ Helsinki na na Annual Getinge AB Stockholm 1, , Annual Intrum Justitia AB Stockholm 1, na na Annual Qliro Group AB Stockholm na na None Svenska Handelsbanken AB Stockholm na 2.06 na 1.74 Annual Voss Veksel OG Landmands B Oslo na 4.00 na na Annual Nederman Holding AB Stockholm na na Annual Atlas Copco AB Stockholm 7, , Semi-Anl 19-Oct Christian Berner Tech Trade AB Stockholm na na None Biotec Pharmacon ASA Oslo na na None Atea ASA Oslo Semi-Anl Avanza Bank Holding AB Stockholm na 3.31 na na Annual Axfood AB Stockholm na na Annual Citycon OYJ Helsinki Quarter Elanders AB Stockholm na na Annual Entra ASA Oslo Semi-Anl Fabege AB Stockholm Annual Klovern AB Stockholm Quarter Klovern AB Stockholm na Quarter Modern Times Group MTG AB Stockholm Annual Mycronic AB Stockholm na na Annual OEM International AB Stockholm na na na na Annual Orexo AB Stockholm na 0.50 na na None Tele2 AB Stockholm 1, , Annual Telia Co AB Helsinki 6, , Semi-Anl 20-Oct Proact IT Group AB Stockholm na 2.52 na na Annual Itera ASA Oslo na na Annual Ahlsell AB Stockholm Irreg Arcam AB Stockholm na na na na None Assa Abloy AB Stockholm 3, , Annual Beijer Ref AB Stockholm na na Annual Betsson AB Stockholm Irreg Castellum AB Stockholm Semi-Anl Data Respons ASA Oslo na na Annual Duni AB Stockholm 174 na na na Annual Husqvarna AB Stockholm Semi-Anl Metso OYJ Helsinki Annual Micro Systemation AB Stockholm na na Annual Kilde: Bloomberg / DNB Markets Konsensus DNB Midsona AB Stockholm na na Annual Norwegian Property ASA Oslo Quarter Scatec Solar ASA Oslo na na Annual StrongPoint ASA Oslo na na na na Annual Studsvik AB Stockholm na na Irreg 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 11,510 15, x 17.3x 7.2x 6.1x AcadeMedia AB ACAD Kjøp SEK x 13.3x 8.8x 8.9x Actic Group AB ATIC Kjøp SEK x 8.0x 6.2x 5.3x AF Gruppen AFG Selg NOK x 18.5x 10.9x 9.2x Ahlsell AB Kjøp SEK x 12.4x 11.5x 10.0x Akastor AKA Kjøp NOK x -25.7x 22.9x 7.5x Aker AKER Hold NOK Aker BP ASA AKERBP Kjøp NOK x 16.7x 4.8x 4.0x Aker Solutions AKSO Hold NOK x 300.2x 10.0x 12.1x Alfa Laval ALFA Hold SEK x 25.0x 14.8x 13.5x Alimak ALIG Kjøp SEK x 18.7x 15.2x 12.0x ALK-Abello ALKb Kjøp DKK x 46.7x 42.6x 20.2x Alligator Bioscience ATORX Kjøp SEK x -16.0x Archer ARCHER Hold NOK x -23.9x 9.9x 7.1x Assa Abloy ASSAB Hold SEK x 21.9x 15.5x 14.6x Atea ATEA Selg NOK x 18.3x 10.4x 9.0x Atlas Copco ATCOA Hold SEK x 21.8x 14.4x 13.4x Atwood Oceanics ATW USD x -2.9x 5.7x -62.0x Austevoll Seafood AUSS Kjøp NOK x 11.7x 7.2x 7.3x Autoliv ALIV Kjøp SEK x 16.8x 9.3x 7.6x Avance Gas AVANCE Kjøp NOK x 5.5x 68.3x 5.8x Avanza Bank AZA Kjøp SEK x 22.0x Awilco Drilling AWDR Hold NOK x 10.0x 0.9x 1.9x Axactor AXA Kjøp NOK B2Holding B2H Kjøp NOK Bakkafrost BAKKA Hold NOK x 13.0x 9.5x 8.3x Balder BALDB Hold SEK x 24.6x 24.1x 23.2x BerGenBio BGBIO Kjøp NOK x -3.7x -4.0x -3.5x Bergman & Beving BERGB Kjøp SEK x 16.7x 20.2x 13.7x Betsson BETSB Kjøp SEK x 10.2x 9.5x 8.0x Borr Drilling BDRILL Kjøp NOK x -3.6x 3.0x -18.9x Borregaard BRG Kjøp NOK x 13.5x 8.5x 7.2x BW LPG BWLPG Kjøp NOK x 4.4x 11.7x 5.1x BW Offshore BWO Hold NOK x 11.2x 7.6x 4.7x Cargotec CGC Hold EUR x 18.3x 11.7x 10.4x Carlsberg CARLB Selg DKK x 20.4x 9.5x 8.9x Castellum CAST Selg SEK x 17.1x 21.7x 20.5x CGG CGG Selg EUR x -0.7x 6.1x 6.0x Chr. Hansen CHR Selg DKK x 39.0x 27.8x 25.2x Citycon CTY1S Kjøp EUR x 14.9x 19.9x 18.4x Coloplast COLOB Kjøp DKK x 26.0x 19.8x 17.8x Coor Service Managemen COOR Kjøp SEK x 13.2x 11.7x 10.8x D/S Norden DNORD Kjøp DKK x x 21.0x 19.8x Danske Bank DANSKE Kjøp DKK x 11.3x DHT Holdings DHT Hold USD x x 8.3x 9.7x Diamond Offshore DO Selg USD x 34.6x 5.8x 6.4x DNB DNB NOK x 11.7x DNO DNO Kjøp NOK x 3.4x 4.4x 1.6x DOF DOF NOK x -3.4x 12.7x 15.6x Dorian LPG LPG Kjøp USD x -12.9x 15.0x 15.7x Eidesvik Offshore EIOF NOK x -1.1x 7.9x 53.2x Electrolux ELUX Kjøp SEK x 13.0x 6.8x 6.0x Elekta EKTAB Kjøp SEK x 18.8x 12.7x 10.2x Ensco ESV USD x -7.1x 5.4x 10.1x Entra ENTRA Hold NOK x 21.7x 21.9x 21.1x Epic Gas EPIC Kjøp NOK x 1.4x 4.7x 2.1x Essity ESSITYB Hold SEK x 17.6x 11.0x 10.0x Euronav EURN Hold USD x -15.0x 12.6x 12.6x Europris EPR Kjøp NOK x 13.1x 10.6x 8.7x Evolution Gaming EVO Kjøp SEK x 27.3x 24.7x 19.3x Fabege FABG Selg SEK x 26.0x 34.4x 29.7x Faroe Petroleum FPM Kjøp GBP x 12.3x Farstad Shipping FAR NOK x 0.0x 17.6x 26.5x Flex LNG FLNG Kjøp NOK x 59.8x -36.4x Kilde: DNB Markets, FactSet, Bloomberg 16.9x 9

10 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Flex LNG FLNG Kjøp NOK x 59.8x -36.4x 16.9x Fortum FORTUM Selg EUR x 20.2x Fred Olsen Energy FOE Selg NOK x -0.6x 6.6x 13.5x Frontline FRO Hold NOK x x 13.2x 11.7x GasLog GLOG Hold USD x 19.6x 10.4x 9.6x Genco Shipping & TradingGNK Kjøp USD x 13.5x 12.4x 4.8x Gener8 Maritime GNRT Hold USD x -15.4x 9.1x 9.9x Getinge GETIB Hold SEK x 13.3x 10.5x 8.2x Gjensidige Forsikring GJF Kjøp NOK x 16.4x GN Group GN Selg DKK x 21.4x 16.9x 14.7x Golar LNG GLNG Kjøp USD x -10.0x x 23.0x Golar LNG Partners GMLP Hold USD x 24.3x 8.1x 11.4x Golden Ocean GOGL Kjøp NOK x 14.4x 20.7x 9.9x Grieg Seafood GSF Kjøp NOK x 8.4x 7.2x 5.5x Helgeland Sparebank HELG Kjøp NOK x 9.3x Hennes & Mauritz HMB Kjøp SEK x 17.2x 11.0x 8.8x Hexagon AB HEXAB Kjøp SEK x 20.4x 15.9x 13.3x Hexagon Composites HEX Kjøp NOK x 23.7x 24.5x 21.3x Hexpol HPOLB Hold SEK x 20.1x 13.1x 12.4x Hufvudstaden HUFV Selg SEK x 30.5x 27.2x 26.1x Humana HUM Kjøp SEK x 10.1x 10.9x 8.4x Husqvarna HUSQb Kjøp SEK x 15.3x 10.7x 9.4x Höegh LNG Holdings HLNG Kjøp NOK x 15.9x 11.4x 11.4x Höegh LNG Partners HMLP Kjøp USD x 10.4x 9.6x 8.6x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Selg SEK x 10.4x 6.4x 6.4x Kindred Group KINDSDB Kjøp SEK x 16.0x 15.4x 12.9x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 12.3x 20.3x 19.9x KNOT Offshore Partners KNOP Hold USD x 12.6x 9.0x 8.8x Kone KNEBV Kjøp EUR x 22.9x 16.6x 15.9x Konecranes KCR1V Kjøp EUR x 16.0x Kongsberg Gruppen KOG Kjøp NOK x 12.4x 10.6x 7.2x Kungsleden KLED Hold SEK x 14.7x 19.3x 19.0x Kværner KVAER Hold NOK x 35.3x 3.5x 6.8x Latour LATOb Hold SEK Lerøy LSG Hold NOK x 10.1x 7.2x 6.4x Loomis LOOMb Kjøp SEK x 16.1x 8.0x 7.7x Lundbeck LUN Selg DKK x 24.2x 13.3x 11.6x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 36.1x 8.6x 8.4x Marine Harvest MHG Hold NOK x 11.3x 7.6x 6.4x Medistim MEDI Hold NOK x 18.4x 14.5x 10.9x Momentum Group MMGRB Kjøp SEK x 11.1x MSAB MELK Hold SEK MTG MTGb Kjøp SEK x 18.9x 13.7x 11.2x Ncc NCC Hold SEK x 13.2x 6.7x 6.9x NetEnt NETb Kjøp SEK x 22.0x 18.9x 15.3x Nets NETS Kjøp DKK x 17.7x 13.9x 12.3x Nibe Industrier NIBEB Kjøp SEK x 22.0x 15.5x 14.8x Nobia NOBI Kjøp SEK x 11.8x 8.1x 7.0x Noble NE Selg USD x -2.9x 9.5x 9.6x Nokian Tyres NRE1V Kjøp EUR x 16.3x 10.9x 9.9x Nordea NDA Kjøp SEK x 12.7x Nordic Nanovector NANO Kjøp NOK x -13.7x -11.4x -12.2x Nordic Semiconductor NOD Kjøp NOK x 29.0x 27.7x 15.9x Norsk Hydro NHY Hold NOK x 14.9x 7.9x 6.5x North Energy NORTH Hold NOK x Northern Drilling NODL Kjøp NOK x -77.5x 11.9x 8.1x Norway Royal Salmon NRS Hold NOK x 10.6x 7.5x 7.1x Norwegian Air Shuttle NAS Selg NOK x 36.9x 30.8x 15.3x Norwegian Finans HoldingNOFI Kjøp NOK x 9.0x Norwegian Property NPRO Kjøp NOK x 20.1x 19.8x 18.6x Novo Nordisk NVO Hold DKK x 19.3x 14.9x 13.8x Novozymes NZYMB Selg DKK x 29.2x 19.4x 17.9x NRC Group NRC Kjøp NOK x 14.2x 11.1x 8.6x Ocean Rig ORIG Selg USD x -10.0x 7.9x 28.2x Ocean Yield OCY Hold NOK x 10.8x 8.4x 7.6x 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 Odfjell ODF Kjøp NOK x 6.4x 7.0x 6.2x Odfjell Drilling ODL Kjøp NOK x 27.2x 8.4x 8.8x Olav Thon OLT Kjøp NOK x 13.6x 15.5x 15.0x Oncopeptides ONCO Kjøp SEK x -8.8x -8.6x -8.3x Opera OPERA Kjøp NOK x 8.5x 6.1x 4.2x Oriflame ORI Selg SEK x 16.7x 10.9x 8.5x Orkla ORK Hold NOK x 21.6x 14.8x 14.0x Outokumpu OUT1V Selg EUR x 12.5x 5.9x 6.8x Pacific Drilling PACD Selg USD x 0.0x 66.4x 42.4x Pandox PNDXB Hold SEK x 17.7x 19.9x 18.4x Pareto Bank PARB Kjøp NOK x 7.5x Peab PEAB Selg SEK x 13.5x 8.2x 7.1x Petroleum Geo-Services PGS Selg NOK x -3.8x 4.3x 4.5x Polarcus PLCS Selg NOK x -0.4x 21.7x 4.2x Prosafe PRS Hold NOK x -4.9x 10.1x 10.9x Q-Free QFR Hold NOK x 13.2x 7.1x 6.7x Recipharm RECIB Hold SEK x 28.7x 9.7x 8.6x Rezidor REZT Hold SEK x 7.1x 5.5x 3.9x Rowan RDC Kjøp USD x -5.2x 6.4x 16.5x Safe Bulkers SB Kjøp USD x 20.3x 13.4x 8.7x Saipem SPM Selg EUR x 53.7x 5.2x 6.7x SalMar SALM Kjøp NOK x 10.3x 7.4x 6.8x Sampo Oyj SAMPO Hold EUR x 16.2x Sandvik SAND Hold SEK x 17.7x 11.1x 10.6x Scandi Standard SCST Kjøp SEK x 12.1x 10.0x 7.3x Scandic Hotels SHOT Kjøp SEK x 13.2x 8.4x 7.4x Schibsted SCHA Hold NOK x 37.0x 21.4x 16.5x Scorpio Tankers STNG Hold USD x -48.3x 17.8x 12.3x Seadrill SDRL NOK x -0.2x 8.7x 17.5x SEB SEB Selg SEK x 13.5x Securitas SECUB Kjøp SEK x 15.3x 10.2x 9.2x Selvaag Bolig SBO Hold NOK x 5.7x 5.2x 3.9x Sevan Marine SEVAN Hold NOK x -32.3x -12.2x -22.4x Shelf Drilling SHLF Kjøp NOK x 5.8x 6.1x 4.1x Siem Offshore SIOFF NOK x -6.4x 10.9x 11.7x Skandiabanken SKBN Kjøp NOK x 12.7x Skanska SKA Hold SEK x 15.0x 10.9x 9.0x SKF SKFB Kjøp SEK x 13.9x 9.1x 8.2x Solon Eiendom SOLON Hold NOK x 6.1x 10.9x 6.3x Solstad Farstad SOFF NOK x -1.3x 14.5x 17.4x Songa Offshore SONG Hold NOK x 6.7x 6.9x 6.1x Sparebank 1 Østlandet SPOL Kjøp NOK x 10.1x Sparebank1 Nord-Norge NONG Kjøp NOK x 10.3x Sparebank1 SMN MING Kjøp NOK x 9.8x Sparebank1 SR-Bank SRBANK Kjøp NOK x 10.5x Sparebanken Møre MORG Hold NOK x 10.3x Sparebanken Sør SOR Hold NOK x 10.0x Sparebanken Øst SPOG Hold NOK x 10.8x Spectrum SPU Selg NOK x 13.1x 2.2x 1.8x Sponda SDA1V EUR x 16.9x 22.7x 21.1x SSAB SSABA Kjøp SEK x 12.5x 4.3x Statoil STL Kjøp NOK x 12.9x Stolt-Nielsen SNI Kjøp NOK x 6.4x 6.8x 5.6x Storebrand STB Kjøp NOK x 13.1x Subsea 7 SUBC Hold NOK x 27.0x 3.6x 5.5x Svenska Handelsbanken SHB Selg SEK x 15.3x Swedbank SWEDA Selg SEK x 13.4x Swedish Match SWMA Hold SEK x 16.9x 12.4x 11.6x Tanker Investments TIL Hold NOK x 13.6x 11.7x 6.6x Targovax TRVX Kjøp NOK x 3.3x TechnipFMC FTI Hold USD x 29.8x 5.4x 7.7x Teekay Tankers TNK Hold USD x -2.8x 10.3x 8.2x Telenor TEL Kjøp NOK x 15.5x 7.2x 6.8x TGS Nopec TGS Hold NOK x 56.6x 5.4x 5.3x 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 The Scottish Salmon ComSSC Kjøp NOK x 6.4x 8.5x 4.6x 5.6x Tomra TOM Selg NOK x 27.2x 25.6x 14.2x 12.8x Topdanmark TOP Hold DKK x 13.8x 17.7x Transocean RIG Selg USD x -2.5x -28.1x 8.1x 8.4x Trelleborg TRELB Hold SEK x 18.4x 16.7x 12.0x 10.7x Tryg TRYG Hold DKK x 18.1x Valmet VALMT Hold EUR x 16.9x 8.5x 7.6x Veidekke VEI Hold NOK x 10.1x 7.7x 6.6x Vestas Wind Systems VWS Kjøp DKK x 13.9x 7.3x 6.2x Vitrolife VITR Kjøp SEK x 45.0x 34.2x 28.7x Volvo VOLVB Kjøp SEK x 16.8x 16.1x 7.8x 6.9x Wallenius Wilhelmsen Lo WWL Kjøp NOK x 13.9x 9.7x 10.9x 7.4x Wallenstam WALLb Selg SEK x 40.3x 31.8x 40.8x 33.1x Weifa WEIFA NOK x 24.0x 21.1x 16.2x 14.1x Wihlborgs WIHL Hold SEK x 16.6x 14.6x 22.7x 20.6x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 6.5x 12.9x 20.5x William Demant Holding WDH Selg DKK x 22.0x 14.7x 13.2x Wilson Therapeutics WTX Kjøp SEK x -15.3x Wärtsilä WRT1V Hold EUR x 20.9x 17.6x 13.5x XXL XXL Kjøp NOK x 17.2x 16.8x 12.2x Yara YAR Hold NOK x 22.5x 13.8x 9.9x 7.5x YIT YIT Selg EUR x 15.0x 14.4x 8.4x Kilde: DNB Markets, FactSet, Bloomberg 12

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