POSITIVE INNKJØPSSJEFER, ISM OG EUROINFLASJON SBO, MHG & BAKKA

Transkript

1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag POSITIVE INNKJØPSSJEFER, ISM OG EUROINFLASJON SBO, MHG & BAKKA De internasjonale markedene utenfor Europa begynner etter hvert å gjenoppta handelen etter juleferien og til tross for at børsene i Japan fortsatt ikke åpner før i morgen ser vi i morgentimene i dag flere av de øvrige asiatiske indeksene innlede året med stigende kurser. I Kina ligger de viktigste indeksene i øyeblikket opp 0.8%, mens indeksene i Australia og Sør-Korea er opp henholdsvis 1.2% og 0.8%. Gårsdagen positive kursutvikling i de europeiske markedene var delvis preget av at samtlige av de fremlagte innkjøpssjefsindeksene for desember kom inn enten på linje med eller bedre enn forventningene. En tilsvarende måling fra Kina i morgentimene i dag var også bedre enn ventet og løfter dermed de regionale indeksene. Av dagens nøkkeltall kommer i første rekke de europeiske inflasjonstallene og den amerikanske ISM indeksen for industrien til å kunne påvirke den videre retningen. Målingen av sistnevnte for desember er ventet å komme inn på 53.7 indekspunkter, hvilket i tilfelle vil innebære en fjerde måned på rad med positiv utvikling. Samtidig vil det da også være den fjerde påfølgende måneden med en måling over terskelverdien for tiltagende vekst, på 50 indekspunkter. De neste dagens europeiske inflasjonstall vil i tillegg kunne påvirke de videre renteutsiktene og de videre forventningene til politikken fra den europeiske sentralbanken. Oljemarkedet ser foreløpig heller ikke helt ut til å ha kommet i bevegelse etter nyttårsfeiringen og med markedet i USA stengt ligger WTI-prisen i morgentimene i dag på USD pr fat, opp USD 0.23 pr fat i forhold til nivået ved stengetid i det norske markedet i går. Brent ligger før åpning på USD pr fat, opp USD 0.32 pr fat i forhold til nivået på USD pr fat ved stengetid i det norske markedet i går. Måneds- og kvartalsskifte innebærer at en del selskap, på tross av at de trenger mer tid for en full kvartalspresentasjon, allerede kan legge frem enkelte nøkkeltall for den tilbakelagte perioden. Vi så i går at oppdateringen fra Selvaag Bolig fikk en dempet mottagelse og kursen var ned 0.5% til NOK pr aksje. Normalt ville lavere salg og færre igangsatte boliger i Q4 enn ventet kunne kompenseres av en sesongmessig opphenting i Q1 påfølgende år. For 2017 gjør imidlertid de nylig innførte reglene knyttet til finansiering av boligkjøp at usikkerheten er noe større enn ellers og vi nedjusterte før jul anbefalingen til Hold med et kursmål på NOK 45 pr aksje. Marine Harvest ventes å legge frem midlertidige tall for Q4 i løpet av siste halvdel av januar, mens den fullstendige kvartalsrapporten etter planen presenteres den 15. februar. Våre estimater legger til grunn en økning i volumet fra 97k tonn i Q3 til 101k tonn for Q4. Videre venter vi en operasjonell EBIT på EUR 241 mill, opp fra EUR 178 mill i Q3. Marine Harvest er en av våre foretrukne aksjer innenfor sektoren og vi har en kjøpsanbefaling med et kursmål på NOK 165 pr aksje. Kursen stengte i går på NOK pr aksje. Dagens oppdatering fra Bakkafrost vedrørende slaktevolumet for Q4 ser i tillegg ut til å være helt på linje med forventningene. Her har vi en holdanbefaling med et kursmål på NOK 370 pr aksje. Kursen stengte i går på NOK pr aksje etter at aksjen kom noe ned de siste ukene av 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 9, 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: 0% Rapporter Norden - Avanza, oms. desember Nøkkeltall Norden Rapporter / nøkkeltall Europa / USA - FR; KPI - DE; KPI - DE; Ledighet - US; Innkjøpssjefsindeks - US; Anleggsinvesteringer - US; ISM Industri - US; ISM New York 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 ,757, GN Store Nord , AP Møller Maersk ,633 11, , Finland Nokia ,208, Metso , TeliaSonera , UPM Kymmene , Norge Frontline ,091, Norsk Hydro , Yara , Golden Ocean , PGS Statoil ,300, Subsea , DNB , Telenor , Tomra , Questerre , Orkla , Sverige AstraZeneca ,724, Electrolux , Ericsson (B) ,146, 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 2,417 2, ,509 1,837 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin na Naturgass US Henry Hub 3.68 #N/A N/A Fyringsolje Metaller Aluminium 3m 1,693 1, ,795 1,449 Nikkel 10,020 10, , ,200 12,145 7,550 Kopper 5,536 5, ,046 4,318 Gull 1,157 1, ,375 1,062 Shipping WS AG - Japan, 250 dwt 75 #N/A N/A WS AG - USG, 250 dwt 45 #N/A N/A 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 #N/A N/A 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 Bank 0.4% 4.5% 30.0% 21.4% 0.0% 14.7 Biler og komponenter 1.4% 12.5% 13.7% -2.7% 1.4% 8.4 Bygg og anlegg 0.1% -2.1% 10.4% 32.5% 0.0% 21.0 Transport 1.3% 7.8% 7.2% 2.9% 1.3% 15.0 Eiendom 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 IT utstyr 0.9% 14.5% -10.0% -29.8% 0.9% 18.5 Forsikring 0.0% 1.9% 9.6% 14.8% 0.0% 14.4 Helsevern - utstyr og tjenester 0.8% 10.1% -1.5% -3.1% 0.8% 20.9 Farmasi 0.0% 2.9% -3.6% -4.0% 0.0% 15.8 Programvare og tjenester 0.8% 7.2% -0.7% 5.4% 0.8% 18.6 Energi og relatert utstyr -0.2% -0.7% 12.8% 28.4% 0.0% Mat- og apotekhandel 0.6% 6.4% 3.8% 4.5% 0.6% 16.7 Industrielle konglomerater -0.2% 1.8% 4.0% 6.0% 0.0% 20.7 Forsyningsselskaper 0.6% 7.5% -3.1% -8.3% 0.6% 13.9 Helseartikler -0.2% 2.1% -9.4% 4.8% 0.0% 18.8 Media 0.6% 11.2% 4.2% -5.0% 0.6% 16.8 Bildeler -0.2% 6.0% 0.3% -4.4% 0.0% 10.3 Telekommunikasjon og tjenester 0.6% 8.0% 0.3% -16.0% 0.6% 16.4 Fritidsutstyr -0.2% -7.7% -5.7% 7.8% 0.0% 20.2 Eiendomsselskaper 0.6% 7.8% -3.4% -5.1% 0.6% 19.3 Olje og gass -0.3% 1.8% 5.5% 22.8% 0.0% Kapitalvarer 0.5% 5.7% 6.0% 13.2% 0.5% 17.1 Maskiner -0.4% -1.4% 5.2% 30.5% 0.0% 21.1 Banker 0.5% 8.5% 22.0% -2.7% 0.5% 11.7 Kjemikalier -0.4% 0.6% 3.8% 7.4% 0.0% 18.7 Forbruksvarer og klær 0.5% 6.2% 12.6% 9.0% 0.5% 18.9 Drikkevarer -0.4% 3.3% -3.9% 0.0% 0.0% 22.5 Legemiddelindustri og bioteknologi 0.5% 6.9% 0.4% -12.2% 0.5% 14.7 Diversifiserte telekomtjenester -0.5% 8.2% 3.5% 17.8% 0.0% 14.6 Kommersielle tjenester og leveranser 0.4% 5.2% 0.0% -6.8% 0.4% 16.4 Kraft -0.5% 5.1% -1.4% 11.2% 0.0% 16.3 Finansieringsselskaper 0.4% 5.3% 14.4% -13.2% 0.4% 14.4 Husholdningsartikler -0.5% 1.8% -7.6% 1.8% 0.0% 21.7 Forsikring 0.3% 6.4% 16.2% -5.0% 0.3% 11.1 Luftfart -0.6% 3.1% 29.3% 9.7% 0.0% 10.0 Materialer 0.3% 4.2% 9.9% 26.1% 0.3% 16.2 Elektrisk utstyr -0.6% -1.6% 1.6% 17.2% 0.0% 20.2 Energi 0.3% 8.6% 16.5% 25.9% 0.3% 15.6 Kommunikasjonsutstyr -0.7% 3.1% -1.1% 15.2% 0.0% 13.4 Husholdningsvarer og personlige produ 0.3% 6.1% -3.7% 0.7% 0.3% 20.3 Matvarer -0.7% 5.3% -1.6% 8.1% 0.0% 21.0 Detaljhandel 0.3% 1.5% 2.0% -15.6% 0.3% 19.2 Datamaskiner og tilbehør -0.8% 4.5% 2.4% 13.6% 0.0% 12.5 Hotell-, underholdnings- og restaurantvi 0.1% 7.8% 3.0% -6.4% 0.1% 18.2 Papir- og skogprodukter -0.8% 2.1% 6.4% 11.9% 0.0% 17.5 Drikkevarer, mat og tobakk 0.1% 6.0% -5.8% -4.4% 0.1% 18.6 Elektronisk utstyr og instrumente -0.8% 1.9% 5.2% 21.9% 0.0% 18.3 Bioteknologi -0.9% 0.1% -5.3% -14.4% 0.0% 12.5 Hotell og restaurant -0.9% 0.5% 5.1% 2.2% 0.0% 21.9 Media -0.9% 3.0% 8.8% 13.7% 0.0% 18.7 Programvare -1.0% 3.2% 2.4% 9.0% 0.0% 21.2 Internett programvare og -tjeneste -1.2% 1.8% -4.8% 5.2% 0.0% 24.4 Metall -2.6% -6.4% 4.1% 51.0% 0.0% 27.6 Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets 3

4 jan. 10 apr. 10 jul. 10 okt. 10 jan. 11 apr. 11 jul. 11 okt. 11 jan. 12 apr. 12 jul. 12 okt. 12 jan. 13 apr. 13 jul. 13 okt. 13 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 okt. 16 DNB Markets US Selskaper - vinnere/tapere DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Goldman Sachs Group Inc/The % 7.2 % 32.9 % Endo International PLC % 4.2 % % Endo International P % 4.2 % % JPMorgan Chase & Co % 5.7 % 30.7 % Mylan NV % 6.0 % % Cabot Oil & Gas Co % 3.1 % 32.1 % American Express Co % 3.1 % 6.5 % Seagate Technology PL % -1.8 % 4.1 % SL Green Realty Co % 0.1 % -4.8 % Travelers Cos Inc/The % 5.9 % 8.5 % Stericycle Inc % 6.3 % % Macerich Co/The % 4.0 % % 3M Co % 3.6 % 18.5 % Yahoo! Inc % -3.5 % 16.3 % Extra Space Storage % 10.1 % % Boeing Co/The % 2.3 % 7.7 % Ctrip.com International % -9.1 % % Mylan NV % 6.0 % % Pfizer Inc % 2.7 % 0.6 % Liberty Interactive Corp % -1.4 % % General Growth Pro % -0.9 % -7.2 % Exxon Mobil Corp % 3.7 % 15.8 % NXP Semiconductors N % 0.0 % 16.3 % UDR Inc % 8.4 % -2.9 % Chevron Corp % 4.2 % 30.8 % Dollar Tree Inc % % -0.1 % Welltower Inc % 6.6 % -1.6 % Wal-Mart Stores Inc % -2.5 % 12.8 % Cognizant Technology S % 3.7 % -6.6 % Boston Properties In % 2.2 % -1.4 % Johnson & Johnson % 2.9 % 12.2 % Intuit Inc % 1.2 % 18.8 % Apartment Investme % 8.8 % 13.5 % Merck & Co Inc % -3.7 % 11.5 % Tractor Supply Co % 0.3 % % Kimco Realty Corp % -0.2 % -4.9 % Procter & Gamble Co/The % 2.0 % 5.9 % Mattel Inc % -8.0 % 1.4 % Realty Income Corp % 5.0 % 11.3 % Walt Disney Co/The % 5.8 % -0.8 % Norwegian Cruise Line % 8.3 % % Vornado Realty Trus % 5.1 % 4.4 % Coca-Cola Co/The % 2.7 % -3.5 % General Electric Co % 0.8 % 1.4 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år International Business Machine % 3.7 % 20.6 % NVIDIA Corp % 20.7 % % NVIDIA Corp % 20.7 % % Visa Inc % 3.0 % 0.6 % NetEase Inc % -2.4 % 18.8 % Newmont Mining Co % 1.5 % 89.4 % NIKE Inc % 0.7 % % Skyworks Solutions Inc % 1.8 % -2.8 % Alcoa Corp % -3.3 % 27.0 % EI du Pont de Nemours & Co % 0.4 % 10.2 % Amazon.com Inc % 1.3 % 10.9 % Skyworks Solutions % 1.8 % -2.8 % Caterpillar Inc % -2.5 % 36.5 % Liberty Media Corp-Libe % 2.2 % na Nucor Corp % -5.6 % 47.7 % UnitedHealth Group Inc % -0.4 % 36.0 % Liberty Media Corp-Libe % 2.2 % na Freeport-McMoRan % % 94.8 % Verizon Communications Inc % 7.2 % 15.5 % Regeneron Pharmaceu % -1.5 % % News Corp % -2.1 % % Home Depot Inc/The % 3.2 % 1.4 % Electronic Arts Inc % 3.8 % 14.6 % Amazon.com Inc % 1.3 % 10.9 % Apple Inc % 5.4 % 10.0 % Broadcom Ltd % 7.6 % 21.8 % Chesapeake Energ % -2.9 % 56.0 % Cisco Systems Inc % 3.3 % 11.3 % Incyte Corp % -1.7 % -7.5 % Owens-Illinois Inc % -4.0 % -0.1 % United Technologies Corp % 1.3 % 14.1 % Liberty Ventures % -1.7 % -9.6 % Newfield Exploration % % 24.4 % McDonald's Corp % 2.9 % 3.0 % Texas Instruments Inc % 3.2 % 33.1 % Regeneron Pharma % -1.5 % % Intel Corp % 6.2 % 5.3 % Micron Technology Inc % 16.7 % 54.8 % Fidelity National Info % 0.9 % 24.8 % Microsoft Corp % 4.9 % 12.0 % Monster Beverage Corp % -0.2 % % Electronic Arts Inc % 3.8 % 14.6 % 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) TecDax TDXPEX % 2.9 % 9.3 % 0.0 % EUR 493,460 DAX DAXEX % 1.2 % 10.0 % 6.6 % EUR 2,407,818 AEX-Nederland AEXT % 0.7 % 8.2 % 9.8 % EUR 353,363 CAC-40 CAC % 0.9 % 7.7 % 5.0 % EUR 6,065,606 S&P Euro 350 IEV % 1.1 % 4.2 % -3.2 % USD 30,524,200 Hong Kong EWH % -0.1 % -6.1 % -1.7 % USD 63,421,576 Finansielle tjenester XLF % -1.2 % 2.6 % 20.2 % USD 801,669,056 Japan EWJ % -1.6 % -1.5 % 0.8 % USD 211,948,240 DJIA DIA % -0.7 % 3.0 % 13.5 % USD 588,168,320 Energi XLE % -1.4 % 0.7 % 24.9 % USD 608,630,464 FTSE 100 ISF % 0.7 % 4.5 % 13.8 % GBp 4,858,579,000 Industri XLI % -1.1 % -0.9 % 17.4 % USD 404,324,352 Dow Jones Total market THRK % -0.9 % 1.8 % 10.0 % USD 1,456,257 S&P 500 SPY % -0.8 % 1.8 % 9.6 % USD 13,536,074,752 Russell 2000 IWM % -0.3 % 3.0 % 19.7 % USD 2,793,875,456 S&P Midcap 400 MDY % -0.5 % 1.9 % 18.8 % USD 355,346,784 Russell 2000 Growth IWO % -0.2 % 2.2 % 10.5 % USD 130,308,080 Forbruksvarer XLP % -0.5 % 2.3 % 2.4 % USD 486,752,800 Pacific ex-japan EPP % 0.0 % -3.9 % 3.1 % USD 20,817,376 Oil Service OIH % -1.5 % -0.3 % 26.1 % USD 93,394,376 Forsyningstjenester XLU % -0.1 % 3.8 % 12.2 % USD 568,492,288 Bioteknologi IBB % -0.5 % -1.9 % % USD 262,306,720 Emerging Markets EEM % 2.7 % -0.3 % 8.8 % USD 1,397,827,328 Teknologi USA XLK % -1.1 % 3.6 % 12.9 % USD 334,598,528 Brasil EWZ % 6.0 % 5.2 % 61.2 % USD 450,168,224 Latin-America 40 ILF % 3.4 % 1.0 % 30.2 % USD 27,565,648 Nasdaq 100 QQQ % -1.4 % 2.4 % 5.9 % USD 2,349,501,696 Olje / Energi WTI-Oil USO % 2.3 % 2.1 % 6.5 % USD 171,888,448 WTI-olje OILW % 1.2 % 2.5 % 13.7 % USD 2,906 Råolje CRUD % 1.1 % 2.5 % 8.1 % USD 1,667,775 Fyringsolje HEAT % 1.9 % 2.6 % 33.2 % USD 22,839 Brent-olje OILB % 1.4 % 3.1 % 30.3 % USD 2,918,985 Bensin UGAS % 2.0 % 4.7 % 7.0 % USD 162,345 Naturgass UNG % 5.2 % 7.4 % 7.7 % USD 120,186,480 Metaller Sink ZINC % -1.9 % -5.5 % 53.4 % USD 1,311,158 Bomull COTN % 0.6 % 0.8 % 9.1 % USD 23,789 Aluminium ALUM % -1.5 % -1.0 % 7.9 % USD 7,863 Kobber COPA % 0.3 % -4.6 % 15.0 % USD 336,640 Nikkel NICK % -7.0 % % 12.5 % USD 516,234 Gull BULL % 2.4 % -1.4 % 7.4 % USD 125,924 Andre råvarer Kveg CATL % 1.3 % 8.1 % -7.1 % USD 44,836 Hvete WEAT % 0.7 % 0.8 % % USD 179,196 Råvarer DBC % 2.1 % 1.5 % 18.6 % USD 22,042,426 Soyaolje SOYO % -4.7 % -8.1 % 6.2 % USD 47,445 Mais CORN % -0.1 % 0.7 % % USD 78,878 Soyabønner SOYB % -0.9 % -3.1 % 13.7 % USD 81,823 Sukker SUGA % 6.5 % 2.1 % 21.7 % USD 39,169 Svinekjøtt HOGS % 0.4 % 19.5 % -5.9 % USD 15,256 Råvarekurver Edle metaller AIGP % 2.2 % -1.9 % 9.3 % USD 166,292 Råvarer AIGC % 1.0 % 0.3 % 10.7 % USD 312,275 Buskap AIGL % 1.0 % 12.0 % -6.8 % USD 813 Råvarer (ETN) GSG % 2.0 % 2.3 % 10.1 % USD na Korn AIGG % -0.2 % -0.7 % -7.0 % USD 96,460 Landbruk AIGA % 0.0 % -1.5 % 1.1 % USD 836,543 Energi AIGE % 2.9 % 4.5 % 16.7 % USD 98,117 Softs (Sukker, Kakao, BomuAIGS % 1.8 % -0.9 % 12.5 % USD #N/A N/A Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) REC BULL REC HA % 80.0 % 95.7 % % NOK 3,018 Strømpris DNB - ETN ELKRAFT BEAR % 15.6 % -4.0 % % NOK 4,259 Strømpris BEAR EL HA % 8.1 % % % NOK na REC DNB-ETN REC BULL % 1.1 % 52.8 % % NOK 190,288 CO2 BEAR CO2 ETN DNM % 1.9 % % % NOK 8,112 Seadrill DNB-ETN SEADRILL BULL % 9.8 % 47.4 % % NOK 197,301 TGS Nopec DNB-ETN TGS BULL % 14.1 % 30.4 % 71.4 % NOK na DNO BULL DNO DNM % 20.2 % 21.2 % 54.6 % NOK 190,767 Telenor DNB-ETN TELENOR X3 BULL % 11.6 % 21.6 % % NOK 938,875 OBX BULL OBX X3 HA % 6.7 % 18.1 % 33.7 % NOK 158,439 Fred. Olsen Energy BULL FOE DNM % 0.0 % % % NOK 255,051 Schibsted BULL SCH DNM % 9.1 % 28.9 % % NOK 45,481 Norwegian DNB-ETN NORWEGIAN BULL % 6.9 % 26.2 % % NOK 89,110 Telenor DNB-ETN TELENOR BULL % 7.8 % 14.4 % % NOK na PGS DNB-ETN PGS BULL % 13.2 % 31.1 % % NOK 183,526 Storebrand DNB-ETN STOREBRAND BULL % 3.7 % 9.3 % 53.7 % NOK na Oljeservice DNB - ETN OIL SERVICE BULL % 8.6 % 20.7 % 44.8 % NOK 9,615 BW LPG BULL BWLPG DNM % 6.0 % 52.1 % % NOK 22,657 OBX BULL OBX X4 DNM % 6.9 % 20.4 % 29.4 % NOK 26,976 Sølvpris BEAR SOLV ETN DNM % -2.5 % 11.0 % % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 5.2 % 6.8 % 1.0 % NOK 63,361 OBX DNB-ETN OBX X3 BULL % 5.2 % 15.0 % 30.5 % NOK 20,014 Yara DNB-ETN YARA X3 BULL % 5.2 % 33.2 % % NOK na Norsk Hydro BEAR NHY X3 DNM % -1.8 % % % NOK 16,700 Oljeservice DNB - ETN OIL SERVICE % 4.3 % 22.1 % 36.5 % NOK 235,783 Subsea 7 DNB-ETN SUBSEA 7 BULL % 4.5 % 11.0 % % NOK 2,202 Aluminium BULL ALU HA % -4.1 % -0.4 % 9.8 % NOK na OBX XACT DERIVAT BULL % 3.4 % 11.7 % 24.4 % NOK 18,641,260 Yara DNB-ETN YARA BULL % 3.4 % 21.3 % % NOK na Yara DNB-ETN YARA BULL % 3.4 % 21.3 % % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BEA % -1.0 % -7.5 % % NOK na Statoil DNB-ETN STATOIL X3 BULL % 3.8 % 21.6 % 71.7 % NOK 43,543 Gullpris DNB-ETN GULL BEAR % -3.8 % 6.9 % % NOK na Gullpris BEAR GULL HA % -3.7 % 6.8 % % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % 3.2 % 8.3 % 46.3 % NOK 5,621 Statoil DNB-ETN STATOIL BULL % 2.6 % 14.2 % 61.7 % NOK na Orkla DNB-ETN ORKLA X3 BULL % 4.5 % 13.2 % 34.7 % NOK 59,873 OBX DNB OBX % 1.8 % 6.3 % 15.4 % NOK 4,400,703 OBX XACT OBX % 1.7 % 5.6 % 15.2 % NOK 1,996,435 Oljepris BEAR OLJE HA % -4.2 % -5.4 % % NOK 2,574 Kobberpris BEAR KOBBER HA % -2.6 % 10.8 % % NOK na Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK 1,500 Marine Harvest Group DNB-ETN MARINE HARVEST B % -0.7 % 6.9 % 79.7 % NOK 19,235 Kobberpris BULL KOBBER HA % 1.1 % -6.4 % 20.6 % NOK na Oljepris BULL OLJE HA % 2.9 % 9.0 % 35.8 % NOK 107,282 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK na Naturgasspris BULL NATGAS ETN DNM % 12.7 % 15.9 % 16.5 % NOK na Sinkpris BULL SINK ETN DNM % -1.8 % -8.3 % % NOK na Naturgasspris NATGAS ETN DNM % 6.1 % 8.0 % 3.1 % NOK na Kobberpris BULL KOBBER ETN DNM % 0.8 % -6.0 % 27.4 % NOK na Sinkpris SINK ETN DNM % -1.4 % -2.7 % 51.9 % NOK na Oljepris DNB - ETN BRENT BEAR % -4.9 % -6.2 % % NOK 6,732 REC BEAR REC HA % 0.0 % % % NOK na DNB BEAR DNB NOR HA % 0.0 % -8.4 % % NOK na DNB BULL DNBNOR HA % % 1.9 % 32.0 % NOK 2,343 Kobberpris BULL KOBBER ETN DNM % -0.1 % -1.8 % 13.2 % NOK na Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 4,875 Aluminium BULL ALU ETN DNM % -3.6 % -0.1 % 12.6 % NOK na Aluminium ALU ETN DNM % -2.3 % 1.1 % 5.8 % NOK na Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Oljepris DNB - ETN BRENT % 0.9 % 6.1 % 26.1 % NOK na Naturgasspris BEAR NATGAS ETN DNM % % % % NOK na Aluminium BEAR ALU ETN DNM % 1.4 % 4.0 % % NOK 17,006 Oljepris DNB - ETN BRENT BULL % 2.7 % 9.6 % 34.8 % NOK 23,390 Kobberpris BEAR KOBBER ETN DNM % -3.1 % 9.8 % % NOK na Sink BEAR SINK ETN DNM % -0.7 % 9.9 % % NOK 624,900 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 7,316 Gullpris DNB-ETN GULL % 0.8 % 0.3 % 4.2 % NOK 19,867 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 6,508 Sjømat DNB - ETN SEAFOOD % 0.3 % 2.2 % #VALUE! NOK 109 Opera BULL OPERA DNM % 0.0 % % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % 0.7 % -7.2 % % NOK na Gullpris BULL GULL HA % 2.5 % -2.1 % 8.9 % NOK na Gullpris DNB-ETN GULL BULL % 2.4 % -2.1 % 9.1 % NOK na Orkla DNB-ETN ORKLA X3 BEAR % -4.9 % % % NOK na OBX SHORT OBX DNM % -1.7 % -4.9 % % NOK na Sølvpris SOLV ETN DNM % 0.2 % -2.5 % 10.0 % NOK 6,732 Statoil DNB-ETN STATOIL BEAR % -2.5 % % % NOK na Aluminium BEAR ALU HA % 2.8 % 5.1 % % NOK 7,005 Aker Solutions DNB-ETN AKER SOLUTIONS B % -3.3 % % % NOK 21,206,260 Statoil DNB-ETN STATOIL X3 BEAR % -3.6 % % % NOK na Yara DNB-ETN YARA BEAR % -3.4 % % -8.4 % NOK 989,520 Norsk Hydro DNB-ETN NORSK HYDRO BUL % 0.8 % 6.1 % 42.4 % NOK 88,894 OBX XACT DERIVAT BEAR % -3.3 % % % NOK 69,956 Subsea 7 DNB-ETN SUBSEA 7 BEAR % -4.6 % % % NOK 9,889 Norsk Hydro BULL NHY X3 DNM % 1.0 % 8.5 % 43.3 % NOK 310 Yara DNB-ETN YARA X3 BEAR % -5.1 % % % NOK 25,314 Sølvpris BULL SOLV ETN DNM % 1.0 % -8.1 % 16.3 % NOK 19,149 OBX DNB-ETN OBX X3 BEAR % -5.0 % % % NOK 31,612 Gjensidige DNB-ETN GJENSIDIGE X3 BEA % -5.1 % -7.1 % % NOK na OBX BEAR OBX X4 DNM % -6.9 % % % NOK 1,424 PGS DNB-ETN PGS BEAR % % % % NOK 800 Oljeservice DNB - ETN OIL SERVICE BEAR % -8.6 % % % NOK na Telenor DNB - ETN TELENOR BEAR % -7.6 % % -8.0 % NOK 743 Storebrand DNB-ETN STOREBRAND BEAR % -3.9 % % % NOK 48,288 Norwegian DNB-ETN NORWEGIAN BEAR % -7.0 % % % NOK 5,407 Schibsted BEAR SCH DNM % -8.7 % % 46.8 % NOK na CO2 CO2 ETN DNM % -2.3 % 43.4 % % NOK 430,464 REC BEAR REC DNM % -4.1 % % % NOK na DNO BEAR DNO DNM % % % % NOK 12,255 Telenor DNB-ETN TELENOR X3 BEAR % % % % NOK 659,147 Golden Ocean BULL GOGL DNM % 1.5 % 18.6 % % NOK 491 TGS Nopec DNB-ETN TGS BEAR % % % % NOK na OBX BEAR OBX X3 HA % -8.5 % % % NOK 66,587 Fred. Olsen Energy BEAR FOE DNM % % % % NOK 2,109 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 10-Jan EMAS Offshore Ltd Oslo na na na na Irreg 11-Jan 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 3.25 na na Annual Castellum AB Stockholm 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 Data Respons ASA Oslo na na Annual Data Respons ASA Oslo na na Annual Stolt-Nielsen Ltd Oslo Semi-Anl 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 27-Jan NCC AB Stockholm , Semi-Anl Wartsila OYJ Abp Helsinki Annual Scatec Solar ASA Oslo na na Annual Avance Gas Holding Ltd Oslo Quarter Voss Veksel OG Landmands B Oslo na 3.59 na na 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 6, , Semi-Anl Atlas Copco AB Stockholm 6, , Semi-Anl Ahlsell AB Stockholm na na na na None 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 Micro Systemation AB Stockholm na na Annual Com Hem Holding AB Stockholm Annual 1-Feb Sandvik AB Stockholm 3, , Annual Skandinaviska Enskilda Banken Stockholm na 1.86 na 1.86 Annual Trelleborg 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 11,660 12, x 21.3x 6.4x 5.6x AcadeMedia AB ACAD Kjøp SEK x 10.6x 10.5x 7.7x AF Gruppen AFG Selg NOK x 24.1x 11.5x 12.1x Ahlsell AB Kjøp SEK x 13.9x 13.3x 11.5x x 0.0x 0.0x 0.0x Akastor AKA Kjøp NOK x -6.3x 13.3x 16.5x Aker AKER Hold NOK x 19.5x Aker BP ASA AKERBP Kjøp NOK x 17.7x 9.5x 4.1x Aker Solutions AKSO Selg NOK x x 8.4x 11.3x Alfa Laval ALFA Selg SEK x 24.9x 12.1x 13.0x Arcam ARCM Hold SEK x 96.3x 152.9x 46.6x Archer ARCHER Selg NOK x -4.1x 19.9x 14.2x Assa Abloy ASSAB Hold SEK x 21.4x 15.9x 14.4x Atea ATEA Hold NOK x 16.9x 9.0x 8.2x Atlas Copco ATCOA Hold SEK x 22.5x 14.8x 13.1x Atwood Oceanics ATW Selg USD x -15.6x 2.9x 9.9x Aurora LPG AURLPG Hold NOK x 7.1x 15.5x 9.5x Austevoll Seafood AUSS Kjøp NOK x 9.7x 6.0x 4.1x Autoliv ALIV Kjøp SEK x 17.0x 8.4x 8.0x Avance Gas AVANCE Kjøp NOK x 325.7x 10.9x 9.8x Avanza Bank AZA Kjøp SEK x 26.1x Awilco Drilling AWDR Hold NOK x 2.1x 3.4x 0.9x Bakkafrost BAKKA Hold NOK x 12.3x 10.5x 8.0x Balder BALD Hold SEK x 25.6x 24.2x 21.4x Betsson BETSB Kjøp SEK x 11.7x 10.9x 9.6x BillerudKorsnäs BILL Kjøp SEK x 14.7x 9.3x 8.3x Borregaard BRG Kjøp NOK x 14.4x 8.7x 7.4x BW LPG BWLPG Kjøp NOK x 9.5x 7.5x 7.2x BW Offshore BWO Kjøp NOK x 90.2x 99.4x Cargotec CGC Selg EUR x 17.5x 10.5x 10.0x Carlsberg CARLB Selg DKK x 18.3x 9.2x 8.5x Castellum CAST Hold SEK x 16.7x 25.5x 19.9x Chr. Hansen CHR Hold DKK x 32.7x 24.9x 21.3x Citycon CTY1S Kjøp EUR x 17.3x 20.5x 20.1x Coloplast COLOB Kjøp DKK x 25.2x 20.0x 18.0x Com Hem COMH Selg SEK x 30.1x 10.4x 8.9x Coor Service Managemen COOR Kjøp SEK x 12.1x 11.6x 10.3x D/S Norden DNORD Kjøp DKK x 243.1x 21.4x 11.3x Danske Bank DANSKE Kjøp DKK x 11.1x Deep Sea Supply DESSC NOK x -3.0x 20.2x 12.4x DHT Holdings DHT Hold USD x 9.7x 4.7x 5.3x Diamond Offshore DO Selg USD x 14.5x 6.7x 6.1x DNB DNB NOK x 11.6x DNO DNO Kjøp NOK x 3.2x 7.9x 1.8x DOF DOF NOK x 5.7x 8.3x 8.5x Dorian LPG LPG Kjøp USD x -13.6x 6.3x 19.4x Eidesvik Offshore EIOF NOK x -2.8x 8.6x 12.6x Electrolux ELUX Hold SEK x 13.9x 6.9x 6.5x Elekta EKTAB Kjøp SEK x 21.5x 16.1x 12.2x Ensco ESV Selg USD x 56.1x 3.8x 7.0x Entra ENTRA Kjøp NOK x 19.4x 20.9x 18.8x Epic Gas EPIC Kjøp NOK x 6.2x 8.8x 5.1x Ericsson ERICb Hold SEK x 18.3x 7.7x 6.2x Euronav EURN Hold USD x 25.2x 5.6x 5.8x Europris EPR Selg NOK x 14.9x 11.3x 10.0x Evolution Gaming EVO Kjøp SEK x 22.1x 21.7x 15.8x Fabege FABG Hold SEK x 33.9x 32.1x 30.4x Farstad Shipping FAR NOK x -0.2x 13.1x 17.9x Flex LNG FLNG Hold NOK x -72.1x FLSmidth FLS Hold DKK x 18.9x 11.0x 9.4x FMC Technologies FTI Selg USD x 51.6x 19.5x 16.3x Fortum FUM1V Selg EUR x 22.0x Fred Olsen Energy FOE Selg NOK x -1.5x 1.5x 5.6x 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 Frontline FRO Hold NOK x 9.2x 6.6x 7.8x GasLog GLOG Kjøp USD x 15.8x 13.0x 9.8x 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 16.4x GN Group GN Hold DKK x 17.1x 14.1x 12.0x Golar LNG GLNG Kjøp USD x -11.9x -67.7x 79.6x Golar LNG Partners GMLP Hold USD x 7.6x 8.0x 7.3x Golden Ocean GOGL Kjøp NOK x -8.1x x 25.9x Grieg Seafood GSF Hold NOK x 8.4x 7.7x 5.6x Havila Shipping HAVI Selg NOK x -0.2x 8.1x 13.9x Helgeland Sparebank HELG Kjøp NOK x 9.2x Hennes & Mauritz HMB Hold SEK x 20.8x 13.4x 10.9x Hexagon AB HEXAB Kjøp SEK x 20.3x 14.9x 13.7x Hexagon Composites HEX Hold NOK x 22.2x 44.1x 16.2x Hexpol HPOLB Kjøp SEK x 19.9x 13.2x 11.7x Holmen HOLMB S Selg SEK x 17.2x 10.2x 9.9x Hufvudstaden HUFV Hold SEK x 33.4x 28.8x 27.3x Humana HUM Kjøp SEK x 12.2x 11.6x 9.7x Husqvarna HUSQb Kjøp SEK x 15.2x 10.7x 8.7x Höegh LNG Holdings HLNG Kjøp NOK x 16.7x 12.6x 11.3x Höegh LNG Partners HMLP Kjøp USD x 10.0x 11.4x 9.6x Industrivärden INDUc Kjøp SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.8x 10.0x 8.1x Kindred Group KINDSDB Kjøp SEK x 15.0x 13.3x 11.9x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 13.4x 20.8x 20.1x KNOT Offshore Partners KNOP Hold USD x 12.4x 9.5x 9.0x Kone KNEBV Hold EUR x 21.3x 14.5x 13.5x Konecranes KCR1V Hold EUR x 21.3x 11.1x 9.8x Kongsberg Gruppen KOG Kjøp NOK x 14.2x 14.2x 8.4x Kungsleden KLED Kjøp SEK x 12.4x 18.4x 17.7x Kværner KVAER Selg NOK x 29.6x 2.4x 4.5x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 9.6x 9.2x 6.0x Loomis LOOMb Kjøp SEK x 14.3x 7.7x 7.2x Lundbeck LUN Kjøp DKK x 29.3x 13.8x 11.9x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 25.3x 13.7x 6.7x Marine Harvest MHG Kjøp NOK x 10.8x 9.8x 6.6x Medistim MEDI Hold NOK x 23.2x 18.8x 15.3x Metsa Board METSB Kjøp EUR x 13.6x 11.5x 6.7x Metso MEO1V Hold EUR x 21.6x 11.3x 10.5x Millicom MICsdb Kjøp SEK x 21.3x 5.3x 4.9x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 16.5x 12.8x 10.9x Ncc NCC Hold SEK x 16.0x 12.4x 9.2x NetEnt NETb Kjøp SEK x 28.4x 24.2x 19.0x Nibe Industrier NIBEB Hold SEK x 21.8x 16.4x 14.1x Nobia NOBI Kjøp SEK x 13.8x 10.2x 7.9x Noble NE Selg USD x -6.6x 4.0x 8.5x Nokian Tyres NRE1V Kjøp EUR x 18.0x 11.1x 10.0x Nordea NDA Kjøp SEK x 12.4x Nordic Nanovector NANO Kjøp NOK x -18.4x -16.1x -15.2x Nordic Semiconductor NOD Kjøp NOK x 36.4x 29.2x 17.6x Nordnet NNb Hold SEK x 20.3x Norsk Hydro NHY Selg NOK x 21.0x 7.7x 7.3x North Energy NORTH Hold NOK x -1.7x Norway Royal Salmon NRS Hold NOK x 14.0x 13.0x 9.4x Norwegian Air Shuttle NAS Hold NOK x 10.1x 12.0x 11.7x Norwegian Property NPRO Hold NOK x 22.0x 16.6x 18.4x Novo Nordisk NVO Hold DKK x 16.8x 12.2x 11.7x Novozymes NZYMB Selg DKK x 23.1x 15.2x 14.1x NRC Group NRC Selg NOK x 24.1x 14.6x 13.7x Ocean Rig ORIG Selg USD x 3.8x 3.2x 4.9x Ocean Yield OCY Kjøp NOK x 6.9x 9.1x 7.3x Odfjell ODF Kjøp NOK x 4.8x 4.5x 4.5x Odfjell Drilling ODL Kjøp NOK x 12.4x 8.2x 7.4x 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 Olav Thon OLT Kjøp NOK x 13.7x 16.7x 15.1x Opera OPERA Kjøp NOK x 9.5x 9.3x 7.2x Oriflame ORI Selg SEK x 24.7x 13.2x 11.8x Orkla ORK Hold NOK x 21.2x 16.2x 15.3x Outotec OTE1V Hold EUR x 30.6x 13.0x 9.5x Pacific Drilling PACD Selg USD x -0.2x 8.3x 18.5x Pandox PNDXB Hold SEK x 16.5x 22.8x 18.3x Pareto Bank PARB Kjøp NOK x 7.7x Peab PEAB Kjøp SEK x 12.5x 8.1x 6.9x Petroleum Geo-Services PGS NOK x -5.3x 4.9x 6.7x Polarcus PLCS Selg NOK x -0.4x 5.7x 5.4x Prosafe PRS Hold NOK x x 10.3x 22.1x Q-Free QFR Hold NOK x 11.7x 13.5x 6.7x Recipharm RECIB Hold SEK x 24.3x 12.7x 9.9x RenoNorden RENO Hold NOK x 4.7x 5.5x 4.6x Rezidor REZT Hold SEK x 8.1x 8.0x 4.4x Rowan RDC Selg USD x 39.8x 4.0x 6.1x Safe Bulkers SB Hold USD x -3.6x 21.2x 14.4x Saipem SPM Selg EUR x 24.6x 5.3x 7.1x SalMar SALM Hold NOK x 11.1x 9.6x 7.3x Sampo Oyj SAMPO Hold EUR x 15.1x Sandvik SAND Kjøp SEK x 18.0x 11.3x 10.1x SCA SCAB Hold SEK x 17.5x 10.8x 9.7x Scandi Standard SCST Kjøp SEK x 14.1x 10.2x 7.8x Schibsted SCHA Selg NOK x 55.3x 21.7x 19.6x Scorpio Tankers STNG Hold USD x 8.2x 13.1x 9.3x Seadrill SDRL Selg NOK x -11.4x 5.5x 10.8x SEB SEB Kjøp SEK x 13.0x Securitas SECUB Kjøp SEK x 16.3x 11.3x 9.6x Selvaag Bolig SBO Hold NOK x 12.0x 10.9x 9.0x Sevan Marine SEVAN Selg NOK x -11.9x -7.8x -9.5x Siem Offshore SIOFF NOK x -1.8x 17.2x 18.2x Skandiabanken SKBN Kjøp NOK x 12.5x Skanska SKA Hold SEK x 15.7x 13.7x 11.8x SKF SKFB Hold SEK x 15.6x 10.3x 9.5x Solstad Offshore SOFF NOK x -3.8x 12.5x 14.8x Songa Offshore SONG Selg NOK x 326.8x 12.1x 119.4x Sparebank1 Nord-Norge NONG Kjøp NOK x 9.7x Sparebank1 SMN MING Kjøp NOK x 9.0x Sparebank1 SR-Bank SRBANK Kjøp NOK x 10.1x Sparebanken Møre MORG Kjøp NOK x 10.3x Sparebanken Sør SOR Hold NOK x 10.0x Sparebanken Øst SPOG Kjøp NOK x 11.4x Spectrum SPU Selg NOK x x 2.7x 2.1x Sponda SDA1V Kjøp EUR x 16.0x 20.2x 20.9x Statoil STL Kjøp NOK x 11.4x Stolt-Nielsen SNI Kjøp NOK x 7.0x 5.5x 5.5x Stora Enso STERV F Kjøp EUR x 12.2x 7.8x 6.5x Storebrand STB Kjøp NOK x 9.5x Subsea 7 SUBC Selg NOK x 63.0x 3.2x 7.6x Svenska Handelsbanken SHB Selg SEK x 16.3x Swedbank SWEDA Hold SEK x 13.8x Swedish Match SWMA Hold SEK x 18.7x 12.2x 11.8x Tanker Investments TIL Hold NOK x 2.6x 5.5x 3.8x Targovax TRVX Kjøp NOK x -3.8x Technip TECF Selg EUR x 20.1x 5.1x 7.2x Teekay Tankers TNK Hold USD x 3.8x 5.9x 4.6x Tele2 TEL2b Hold SEK x 20.8x 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 60.1x 6.3x 6.5x The Scottish Salmon ComSSC Kjøp NOK x 9.0x 13.6x 6.0x Thule Group THULE Hold SEK x 19.0x 15.7x 13.8x Tomra TOM Selg NOK x 21.4x 10.1x 10.7x Kilde: DNB Markets, FactSet, Bloomberg 11

12 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Topdanmark TOP Kjøp DKK x 11.7x 13.5x Transocean RIG Selg USD x 7.1x -38.0x 5.5x 8.9x Trelleborg TRELB Hold SEK x 20.3x 17.2x 12.8x 10.5x Tryg TRYG Hold DKK x 14.3x 15.3x Tsakos Energy NavigationTNP Kjøp USD x 4.0x 4.9x 5.7x 5.5x UPM UPM1V Hold EUR x 13.4x 8.4x 7.2x Valmet VALMT Kjøp EUR x 15.9x 8.2x 7.4x Veidekke VEI Kjøp NOK x 12.2x 9.9x 8.0x Vitrolife VITR Kjøp SEK x 34.1x 27.2x 21.0x Volvo VOLVB Hold SEK x 15.4x 7.3x 6.5x Wallenstam WALLb Hold SEK x 43.3x 32.7x 39.8x 32.1x Weifa WEIFA Kjøp NOK x 27.2x 17.5x 14.0x 12.4x Wihlborgs WIHL Kjøp SEK x 16.6x 16.0x 21.3x 20.5x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 8.5x 7.6x 7.8x 7.1x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 9.3x 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 -9.5x Wärtsilä WRT1V Hold EUR x 19.7x 13.9x 12.2x XXL XXL Kjøp NOK x 17.6x 17.0x 12.5x Yara YAR Selg NOK x 31.4x 7.0x 9.9x YIT YIT Selg EUR x 16.1x 48.7x 13.3x 12

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