OLJEVOLATILITET, RENTEMØTER, KPI- TALL HELSESEKTOR, NANO & ONCO

Transkript

1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag OLJEVOLATILITET, RENTEMØTER, KPI- TALL HELSESEKTOR, NANO & ONCO Stigende rente og redusert risikovilje i forkant av både rentemøtet i Fed og et usikkert valgresultat i Alabama ga sammen med en dempet oljepris et blandet bilde for det amerikanske aksjemarkedet i går. Dow steg med 0.5%, S&P500 sluttet opp 0.2% og Nasdaq stengte ned 0.2%. Aktivitetsnivået på de tre hovedindeksene var ved stengetid i går kommet opp i % av gjennomsnittet for de siste tre måneder. Også i Asia ser vi i morgentimene en blandet utvikling i påvente av nøkkeltall og oppdateringer som kommer i dag og de neste dagene. Nikkei er kort før stengetid ned 0.5%, mens de viktigste kinesiske indeksene er opp inntil 1.2%. Før vi i kveld får konklusjonen fra årets siste rentemøte i den amerikanske sentralbanken vil både tyske KPI-tall og britiske ledighetstall for november kunne påvirke retningen i markedene. Fra USA vil KPI-tall for november definere utviklingen før de europeiske markedene stenger i ettermiddag. Innen handelen åpner i morgen tidlig vil vi i tillegg ha fått en oppdatering av den japanske innkjøpssjefsindeksen for industrien og av takten i kinesisk detaljhandel, investeringer og industriproduksjon for november. I løpet av morgendagen er det også rentemøter både i Norge, i UK og i eurosonen. I oljemarkedet så vi i går en reversering av oppgangen etter rørledningsproblemene i Nordsjøen og WTI-prisen var ved stengetid i USA ned USD 0.76 pr fat til USD pr fat. De foreløpige amerikanske lagertallene lagt frem etter stengetid indikerte et trekk i råoljebeholdningene på 7.4 mill fat mot et ventet trekk på 3.2 mill i forbindelse med mer fullstendige lagertall som legges frem i ettermiddag. Oljeprisene har dermed hentet seg noe inn de siste timene. Før åpning i Europa ligger Brent på USD pr fat, fortsatt ned USD 0.50 pr fat i forhold til ved stengetid i det norske markedet i går. DNB Markets arrangerer i morgen helsekonferanse med deltagelse av blant annet 13 selskaper notert enten i Oslo eller Stockholm. Ledelsen i selskapene vil presentere sine virksomheter. For en investor er det spesielt viktig å være klar over at de selskapene i sektoren som driver med utvikling av nye legemiddel er preget av høyt kurspotensial, tilsvarende risiko og til tider langt mellom nyhetene. Selskapet som innleder i morgen tidlig er Nordic Nanovector. Kursen var opp rundt 10% foran mandagens presentasjon av de siste resultatene knyttet til utviklingen av Betalutin, men har i etterkant falt tilbake med 6% og endte i går på NOK 81 pr aksje. Vi har en kjøpsanbefaling med et kursmål på NOK 145 pr aksje. Neste selskap ut er Targovax, etterfulgt av BerGenBio. Vi har en kjøpsanbefaling på begge disse med et kursmål på NOK 31 pr aksje i Targovax og et kursmål på NOK 32 pr aksje i BerGenBio. Fra Oslo kommer i tillegg Medistim, Photocure og Gentian, mens vi fra Stockholm får presentasjoner fra BioArtic, GenMab, Vitrolife, Wilson Therapeutics, Elekta, Recipharm og Oncopeptides. Når det gjelder sistnevnte har vi en kjøpsanbefaling og løftet i går, etter selskapets presentasjon ved ASH-konferansen i USA, kursmålet fra SEK 82 til SEK 135 pr aksje. De foreløpige resultatene knyttet til utviklingen av selskapets legemiddel for behandling av pasienter med en sjelden type blodkreft var bedre enn ventet og sannsynligheten for på sikt å oppnå en godkjennelse har etter vårt syn steget. Kursen steg i går med 9% til SEK pr aksje. Internasjonale børser Renter Valuta/råvarer Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 24, 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 - BW Offshore - Storebrand - Golden Ocean - Sparebank1 SR-Bank - Statoil - BW LPG - Grieg Seafood Rapporter Norden - - Nøkkeltall Norden - - YTD DNB: 20% YTD OSE: 14% Rapporter / nøkkeltall Europa / USA - DE: KPI - IT: Industriproduksjon - UK: Ledighet - EU: Industriproduksjon - EU: Ledighet - US: Boliglånssøknader - US: KPI - US: Lønnsvekst - US: Timelønn - US: Fed Rentemøte - Inditex Konferanser / presentasjoner - DNB Markets Helsekonferanse Desember, Oslo 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 importantt information. This research report was nott 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 24, 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 ,274, GN Store Nord AP Møller Maersk ,875 10, , Finland Nokia ,256, Metso , TeliaSonera , UPM Kymmene , Norge Frontline , Norsk Hydro , Yara , Golden Ocean , PGS , Statoil ,850, Subsea , DNB , Telenor , Tomra Questerre , Orkla , Sverige AstraZeneca ,217, Electrolux , Ericsson (B) ,958, 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 2,416 2, ,505 2,045 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 2,016 2, ,215 1,677 Nikkel 11,070 11, , , ,030 8,680 Kopper 6,663 6, , ,177 5,420 Gull 1,244 1, ,358 1,121 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index 1,743 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 Kommunikasjonsutstyr 2.8% 14.5% 7.1% -4.9% -6.9% 13.3 Energi 1.8% 0.4% 11.5% 3.5% 0.3% 17.8 Maskiner 1.9% 5.5% 5.9% 1.3% 7.9% 17.4 Programvare og tjenester 1.6% 1.1% 4.7% 24.6% 21.2% 23.0 Elektrisk utstyr 1.3% 9.7% 15.9% 20.3% 20.5% 15.7 Legemiddelindustri og bioteknologi 1.3% 2.0% -2.0% 3.4% 1.2% 16.0 Bildeler 1.0% 4.7% 1.9% 5.8% 5.8% 18.4 IT utstyr 1.2% -0.9% -7.9% -0.4% -3.5% 22.8 Datamaskiner og tilbehør 0.8% 2.9% 0.6% 11.8% 11.5% 16.6 Helsevern - utstyr og tjenester 0.9% 0.8% -1.4% 5.4% 2.4% 23.0 Energi og relatert utstyr 0.5% 2.1% 13.6% 32.8% 35.1% 20.9 Drikkevarer, mat og tobakk 0.8% 1.0% 2.9% 8.6% 7.5% 21.5 Elektronisk utstyr og instrumente 0.4% 0.1% 4.1% 29.1% 30.6% 22.7 Finansieringsselskaper 0.8% 3.7% 6.5% 9.7% 11.5% 17.0 Forsikring 0.3% 1.6% 6.8% 14.3% 15.6% 17.4 Husholdningsvarer og personlige produ 0.7% 1.0% -0.6% 15.2% 13.2% 22.3 Kjemikalier 0.3% 4.2% 3.7% -1.6% -2.2% 18.8 Forsyningsselskaper 0.7% 0.7% -0.3% 12.0% 10.1% 14.9 Media 0.2% 0.2% -5.1% -10.5% -9.9% 20.9 Banker 0.7% 2.6% 1.0% 9.0% 10.6% 12.4 Programvare 0.2% 10.0% 18.9% 3.3% 8.8% 22.6 Media 0.6% 6.4% -0.3% -9.8% -11.0% 16.7 Matvarer 0.1% 3.5% 7.4% 17.7% 21.0% 21.5 Kommersielle tjenester og leveranser 0.6% 0.1% 3.3% 11.5% 9.2% 18.5 Diversifiserte telekomtjenester 0.1% 0.5% 7.9% 36.4% 40.2% 25.8 Kapitalvarer 0.5% 0.7% 2.5% 12.6% 11.9% 18.9 Olje og gass 0.1% 10.4% 16.3% 21.2% 22.6% 15.9 Biler og komponenter 0.3% 1.8% 8.2% 14.3% 12.3% 8.6 Fritidsutstyr 0.0% 2.2% -7.5% 17.7% 18.7% 15.1 Forsikring 0.3% 0.1% 3.4% 7.5% 6.6% 13.0 Helseartikler 0.0% 0.9% 6.4% 20.3% 22.9% 21.4 Materialer 0.3% -0.6% 4.7% 12.6% 12.7% 15.1 Kraft 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Telekommunikasjon og tjenester 0.2% 3.9% 1.3% 0.8% -0.6% 16.3 Bygg og anlegg -0.1% 0.5% 1.0% 12.4% 13.5% 24.0 Transport 0.1% 3.5% 5.8% 30.3% 28.9% 18.7 Bank -0.1% 7.2% 5.8% 31.8% 37.9% 13.7 Forbruksvarer og klær 0.1% 0.7% 2.3% 26.0% 24.2% 20.6 Farmasi -0.1% -0.1% -0.7% -23.9% -21.8% 48.4 Hotell-, underholdnings- og restaurantvi 0.0% 0.2% 2.9% 5.7% 1.6% 19.3 Drikkevarer -0.4% 0.2% 6.6% -7.6% -5.0% 32.8 Mat- og apotekhandel -0.2% 8.9% 8.1% -6.8% -7.5% 16.3 Eiendom -0.4% 4.7% 12.7% 30.4% 34.0% 21.0 Detaljhandel -0.3% 3.5% -2.5% -14.5% -12.1% 19.1 Hotell og restaurant -0.4% 3.5% 8.1% 25.8% 29.6% 24.6 Eiendomsselskaper -0.9% 2.4% 4.7% 7.8% 5.1% 20.3 Luftfart -0.5% 2.9% 7.1% 12.0% 13.9% 15.8 Papir- og skogprodukter -0.5% -0.7% 7.8% 44.4% 44.5% 14.2 Bioteknologi -0.5% 0.4% 7.0% 35.5% 40.3% 24.9 Industrielle konglomerater -0.6% 1.0% -2.3% 6.3% 7.6% 22.0 Metall -0.9% 12.7% 8.4% 6.3% 6.7% 12.0 Internett programvare og -tjeneste -1.4% -9.3% -5.8% -22.4% -15.6% 28.5 Husholdningsartikler -1.7% -2.9% -0.3% 12.3% 12.0% 17.9 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 okt. 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 Goldman Sachs Group Inc/The % 7.2 % 8.0 % Seagate Technology PL % 11.8 % 3.1 % Macerich Co/The % 3.7 % -6.6 % Verizon Communications Inc % 18.9 % 1.6 % Tesla Inc % 8.1 % 72.1 % Freeport-McMoRan % 8.9 % 4.5 % Boeing Co/The % 10.5 % 85.1 % Comcast Corp % 6.1 % 12.9 % Macerich Co/The % 3.7 % -6.6 % General Electric Co % -5.8 % % MercadoLibre Inc % 10.5 % 88.2 % Seagate Technolog % 11.8 % 3.1 % Merck & Co Inc % 3.6 % -7.6 % Activision Blizzard Inc % 1.2 % 72.6 % Coty Inc % 11.2 % -1.3 % JPMorgan Chase & Co % 9.2 % 26.1 % Alexion Pharmaceutical % 0.1 % 3.3 % AT&T Inc % 11.5 % -7.9 % Johnson & Johnson % 2.0 % 23.0 % Liberty Global PLC % 7.5 % 5.7 % CF Industries Holdin % 8.6 % 42.9 % Pfizer Inc % 3.6 % 11.4 % Twenty-First Century Fo % 19.4 % 26.1 % Goldman Sachs Gro % 7.2 % 8.0 % Visa Inc % 1.8 % 43.3 % Liberty Media Corp-Libe % -2.8 % 16.0 % Comcast Corp % 6.1 % 12.9 % Travelers Cos Inc/The % 0.8 % 10.6 % Tractor Supply Co % 10.6 % % Verizon Communica % 18.9 % 1.6 % International Business Machine % 5.6 % -6.9 % Twenty-First Century Fo % 20.8 % 24.9 % Simon Property Gro % 3.8 % % Walt Disney Co/The % 2.6 % 3.4 % Celgene Corp % 7.8 % -5.3 % Campbell Soup Co % 5.3 % % NIKE Inc % 11.2 % 18.9 % Sirius XM Holdings Inc % 3.5 % 25.3 % Wells Fargo & Co % 12.3 % 8.0 % Microsoft Corp % 2.0 % 35.9 % Liberty Media Corp-Libe % -3.2 % 10.0 % Boeing Co/The % 10.5 % 85.1 % American Express Co % 5.8 % 34.6 % United Technologies Corp % 5.5 % 11.9 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år DowDuPont Inc % 0.5 % 21.7 % Micron Technology Inc % -8.2 % % Iron Mountain Inc % -7.8 % 14.0 % Coca-Cola Co/The % -3.1 % 8.5 % Altaba Inc % -0.7 % 68.2 % Edison Internationa % % -3.6 % UnitedHealth Group Inc % 4.6 % 38.6 % Applied Materials Inc % % 57.6 % Mattel Inc % % % Cisco Systems Inc % 11.7 % 23.9 % Lam Research Corp % % 74.5 % Ameren Corp % -3.2 % 18.2 % Wal-Mart Stores Inc % 6.3 % 34.7 % NVIDIA Corp % % % American Water Wo % -0.2 % 20.5 % Caterpillar Inc % 5.0 % 49.4 % Norwegian Cruise Line % -2.9 % 22.2 % NiSource Inc % -3.4 % 19.4 % Home Depot Inc/The % 9.9 % 33.1 % Incyte Corp % % -6.0 % Sempra Energy % -6.0 % 10.3 % Exxon Mobil Corp % -0.2 % % Microchip Technology In % -5.7 % 31.9 % Micron Technology I % -8.2 % % Procter & Gamble Co/The % 1.0 % 5.5 % American Airlines Group % 10.3 % 5.5 % Cabot Oil & Gas Co % -5.0 % 17.7 % Apple Inc % -1.3 % 49.1 % Fastenal Co % 12.1 % 9.0 % Advanced Micro Dev % % -6.1 % McDonald's Corp % 2.9 % 40.4 % Maxim Integrated Produ % -3.8 % 32.1 % Alliant Energy Corp % -0.7 % 17.3 % Chevron Corp % 2.1 % 1.9 % Wynn Resorts Ltd % 4.6 % 73.6 % Pinnacle West Capi % -0.7 % 14.0 % Intel Corp % -5.3 % 17.7 % Facebook Inc % -1.0 % 47.1 % Dollar General Corp % 9.2 % 20.1 % 3M Co % 3.7 % 32.3 % Symantec Corp % 3.4 % 16.1 % Eversource Energy % -0.8 % 17.7 % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 22x 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) Brasil EWZ % 1.4 % 2.9 % 22.5 % USD 760,913,984 Latin-America 40 ILF % 0.7 % 0.2 % 17.3 % USD 39,451,152 Finansielle tjenester XLF % 1.3 % 8.0 % 19.7 % USD 1,608,121,984 CAC-40 CAC % 0.9 % 1.6 % 12.6 % EUR 9,630,218 FTSE 100 ISF % 2.4 % 1.5 % 7.4 % GBp 5,557,184,000 DJIA DIA % 1.4 % 4.6 % 23.2 % USD 707,316,992 Pacific ex-japan EPP % 0.7 % -0.4 % 13.4 % USD 15,435,609 AEX-Nederland IAEX % 1.7 % 0.3 % 22.2 % GBp 22,014,860 Japan EWJ % 1.3 % 1.9 % 16.7 % USD 383,467,808 S&P 500 SPY % 1.4 % 3.3 % 17.1 % USD 21,096,749,056 DAX DAXEX % 1.2 % 0.5 % 16.0 % EUR 11,043,740 Oil Service OIH % 1.0 % -0.3 % % USD 150,489,504 Hong Kong EWH % -0.1 % -1.4 % 23.2 % USD 166,491,504 Industri XLI % 1.4 % 5.4 % 17.2 % USD 719,669,952 TecDax TDXPEX % 1.4 % 1.8 % 43.3 % EUR 2,068,057 Dow Jones Total market SPTM % 1.1 % 3.3 % 16.7 % USD 11,436,351 S&P Euro 350 IEV % 0.8 % 1.8 % 20.1 % USD 40,785,052 Forbruksvarer XLP % -0.1 % 3.7 % 7.8 % USD 520,449,824 Teknologi USA XLK % 2.6 % 1.0 % 30.6 % USD 696,449,216 Nasdaq 100 QQQ % 1.9 % 1.2 % 29.2 % USD 4,034,120,704 S&P Midcap 400 MDY % 0.3 % 3.1 % 11.7 % USD 382,424,576 Energi XLE % 0.3 % 0.5 % % USD 753,792,512 Russell 2000 IWM % 0.0 % 2.9 % 10.2 % USD 3,757,832,448 Bioteknologi IBB % 2.4 % 2.3 % 17.9 % USD 256,565,040 Russell 2000 Growth IWO % 0.3 % 2.6 % 17.0 % USD 237,148,848 Emerging Markets EEM % -0.1 % -0.7 % 26.2 % USD 2,639,522,816 Forsyningstjenester XLU % -0.2 % -1.6 % 12.8 % USD 755,574,016 Olje / Energi Fyringsolje HEAT % 2.2 % 0.3 % 10.4 % USD #N/A N/A Bensin UGAS % 0.6 % -4.2 % 4.7 % USD 804 Råolje CRUD % -0.1 % 0.5 % -1.0 % USD 2,156,193 WTI-olje OILW % -0.1 % 0.4 % -2.2 % USD 15,670 Brent-olje OILB % 1.3 % 0.3 % 8.6 % USD 332,592 WTI-Oil USO % -0.9 % 0.5 % -2.5 % USD 176,226,624 Naturgass UNG % -7.6 % % % USD 95,718,720 Metaller Bomull COTN % 1.4 % 7.1 % 2.7 % USD 5,845 Sink ZINC % 1.2 % -2.4 % 14.9 % USD 32,855 Sølv SLV % -2.4 % -7.6 % -7.4 % USD 116,590,544 Kobber COPA % 1.5 % -4.1 % 12.9 % USD 1,233,593 Aluminium ALUM % -1.7 % -4.6 % 12.4 % USD 418,685 Gull BULL % -2.1 % -3.4 % 4.7 % USD 61,418 Andre råvarer Kveg CATL % -2.3 % -6.1 % 7.3 % USD 8,583 Hvete WEAT % -4.1 % -6.5 % % USD 21,062 Mais CORN % -1.5 % -1.4 % % USD 13,432 Soyaolje SOYO % -0.5 % -4.1 % % USD 17,709 Soyabønner SOYB % -3.2 % -0.5 % % USD 76 Råvarer DBC % -1.5 % -3.0 % 0.8 % USD 25,603,584 Svinekjøtt HOGS % -5.6 % -5.0 % 1.8 % USD 6,172 Sukker SUGA % -7.9 % -9.2 % % USD 56,943 Råvarekurver Buskap AIGL % -3.4 % -5.8 % 5.5 % USD 792 Industrimetaller AIGI % 0.7 % -5.0 % 10.5 % USD 53,075 Landbruk AIGA % -3.3 % -2.6 % % USD 85,665 Råvarer AIGC % -1.5 % -4.1 % -4.4 % USD 214,241 Edle metaller AIGP % -2.2 % -4.7 % 0.6 % USD 551,971 Råvarer (ETN) GSG % -1.0 % -2.0 % -0.6 % USD 2,023,978 Softs (Sukker, Kakao, BomuAIGS % -5.1 % -5.2 % % USD na Energi AIGE % -0.3 % -4.1 % -6.7 % USD 294,562 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Statoil DNB-ETN STATOIL X3 BULL % 6.6 % 3.9 % 41.8 % NOK 8,362 Aker Solutions DNB-ETN AKER SOLUTIONS B % 5.1 % % % NOK 20,100 Oljepris BULL OLJE HA % 4.7 % 6.5 % 14.1 % NOK 17,790 Marine Harvest Group DNB-ETN MARINE HARVEST B % 9.4 % 16.9 % -6.4 % NOK 17,861 Oljepris DNB - ETN BRENT BULL % 5.5 % 7.4 % 21.8 % NOK 198,912 Yara DNB-ETN YARA X3 BEAR % 1.2 % 7.6 % % NOK 151,842 Oljepris DNB - ETN BRENT % 3.9 % 5.5 % 12.5 % NOK 1,090,626 Oljeservice DNB - ETN OIL SERVICE BULL % 3.6 % -1.7 % % NOK 4,560 Golden Ocean BULL GOGL DNM % 15.6 % 25.9 % % NOK 381,295 Strømpris DNB-ETN ELKRAFT BULL % -4.0 % -7.8 % 1.6 % NOK 32,300 OBX XACT OBX BULL (UCITS ETF) % 1.9 % -1.5 % na NOK 24,835,080 Storebrand DNB-ETN STOREBRAND BULL % -7.0 % % 85.2 % NOK 64,826 Kobberpris BULL KOBBER HA % 2.9 % -6.3 % 23.4 % NOK na Oljeservice DNB - ETN OIL SERVICE % -1.9 % -5.8 % -7.0 % NOK 26,956 Gullpris BEAR GULL HA % 5.0 % 9.5 % % NOK na Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK na Storebrand DNB-ETN STOREBRAND BEAR % 8.1 % 12.7 % % NOK 954 Strømpris BULL EL HA % -6.8 % -9.3 % 15.0 % NOK 27,380 OBX XACT OBX (UCITS ETF) % 1.1 % -0.5 % na NOK 1,199,735 OBX DNB OBX % 1.0 % -0.7 % 18.1 % NOK 7,512,382 REC BULL REC HA % -1.8 % 23.1 % % NOK 13,000 Aluminium BEAR ALU HA % 4.9 % 13.6 % % NOK na Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 3,059 OBX BULL OBX X3 HA % 0.6 % -4.1 % 56.4 % NOK 193 BW LPG BULL BWLPG DNM % 18.3 % 32.2 % % NOK 75,507 Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK na Fred. Olsen Energy BULL FOE DNM % 15.4 % % % NOK 83,062 PGS DNB-ETN PGS BULL % 22.8 % 34.1 % % NOK 23,264 Norwegian DNB-ETN NORWEGIAN BEAR % -1.6 % 8.6 % 33.5 % NOK 18,140 Norsk Hydro BULL NHY X3 DNM % -1.9 % % 87.1 % NOK 22,794 Opera BULL OPERA DNM % 4.5 % 4.5 % % NOK 350 REC DNB-ETN REC BULL % -2.6 % -9.6 % % NOK 24,792 Fred. Olsen Energy BEAR FOE DNM % % % % NOK 128 Orkla DNB-ETN ORKLA X3 BULL % 0.0 % 12.8 % 50.1 % NOK na OBX DNB-ETN OBX X3 BEAR % 3.0 % 12.3 % % NOK 31,740 OBX BEAR OBX X4 DNM % 3.4 % 9.4 % % NOK 14,700 Gullpris DNB-ETN GULL % -2.7 % -0.7 % 4.1 % NOK 2,134 OBX BULL OBX X4 DNM % -3.2 % % 61.7 % NOK 60,078 Schibsted BEAR SCH DNM % 0.0 % 19.4 % % NOK na Statoil DNB-ETN STATOIL BULL % 0.0 % 10.2 % 20.2 % NOK na CO2 CO2 ETN DNM % -5.1 % 0.8 % 61.0 % NOK 11,584 Subsea 7 DNB-ETN SUBSEA 7 BEAR % 0.0 % 11.6 % % NOK na TGS Nopec DNB-ETN TGS BEAR % 0.0 % 0.0 % % NOK na Kobberpris BULL KOBBER ETN DNM % 0.0 % 0.0 % 15.3 % NOK na Sølvpris SOLV ETN DNM % -2.3 % -2.3 % -8.2 % NOK 53,540 Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 0.0 % 1.9 % 46.1 % NOK na Sølvpris BULL SOLV ETN DNM % -7.9 % % % NOK 4,049 Aker Solutions DNB-ETN AKER SOLUTIONS B % 0.0 % 0.0 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % 0.0 % % -3.7 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 0.0 % 0.0 % % NOK na REC BEAR REC DNM % 0.0 % 0.0 % % NOK na Strømpris DNB - ETN ELKRAFT BEAR % 0.0 % -2.2 % % NOK na OBX SHORT OBX DNM % 0.0 % 1.5 % % NOK na Gullpris DNB-ETN GULL BULL % 0.0 % 2.9 % 15.4 % NOK na Oljeservice DNB - ETN OIL SERVICE BEAR % 0.0 % 6.4 % % NOK na Subsea 7 DNB-ETN SUBSEA 7 BULL % 0.0 % -0.2 % 19.9 % NOK na Sjømat DNB - ETN SEAFOOD % 0.5 % -3.5 % -2.1 % NOK 34,368 OBX BEAR OBX X3 HA % 4.3 % % % NOK na Norsk Hydro BEAR NHY X3 DNM % 0.0 % 22.5 % % NOK na Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Sjømat DNB - ETN SEAFOOD % 0.5 % -3.5 % -2.1 % NOK 34,368 OBX BEAR OBX X3 HA % 4.3 % % % NOK na Norsk Hydro BEAR NHY X3 DNM % 0.0 % 22.5 % % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BUL % % % 59.4 % NOK 11,095 Yara DNB-ETN YARA X3 BULL % 0.0 % -4.1 % 37.7 % NOK na Seadrill DNB-ETN SEADRILL BULL % % % % NOK 195 Telenor DNB-ETN TELENOR X3 BEAR % 6.5 % % % NOK 88,000 OBX DNB-ETN OBX X3 BULL % -6.4 % -4.8 % 47.4 % NOK 43,846 Norwegian DNB-ETN NORWEGIAN BULL % -4.8 % -6.5 % % NOK 24,392 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK 1,506 Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK na Aluminium BULL ALU HA % -3.6 % -7.8 % 23.3 % NOK na REC BEAR REC HA % 0.6 % -4.4 % % NOK na Gullpris BULL GULL HA % -3.6 % -3.8 % 8.3 % NOK na Strømpris BEAR EL HA % 6.6 % 15.9 % % NOK na Kobberpris BEAR KOBBER HA % -1.9 % 11.0 % % NOK na OBX XACT OBX BEAR (UCITS ETF) % -2.0 % 0.9 % na NOK 32,188,090 Statoil DNB-ETN STATOIL BEAR % -4.7 % -5.4 % % NOK 19,820 PGS DNB-ETN PGS BEAR % % % 43.2 % NOK 95,218 DNO BULL DNO DNM % -1.5 % % -0.4 % NOK 98,466 Oljepris DNB - ETN BRENT BEAR % -6.4 % -4.4 % % NOK 2,352 Statoil DNB-ETN STATOIL X3 BEAR % -8.4 % -7.8 % % NOK 55,349 DNB BEAR DNB NOR HA % -7.2 % 18.4 % % NOK na Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 13-Dec Sevan Drilling Ltd na na na na None 15-Dec Oceanteam ASA Oslo na na na na None Petrolia SE Oslo na na na na None 20-Dec Kotipizza Group Oyj Helsinki na na None KappAhl AB Stockholm na na Annual SkiStar AB Stockholm na na Annual 21-Dec Nobina AB Stockholm na na Annual Rnb Retail and Brands AB Stockholm na na na na Annual 11-Jan Dustin Group AB Stockholm na 1.11 na na Annual 12-Jan Chr Hansen Holding A/S Copenhagen Annual 18-Jan Avanza Bank Holding AB Stockholm na 2.81 na na Annual 19-Jan Investment AB Oresund Stockholm na na na na Annual 23-Jan Voss Veksel OG Landmands B Oslo na 4.03 na na Annual Investor AB Stockholm na na na Annual Com Hem Holding AB Stockholm Annual Investor AB Stockholm na na na Annual 25-Jan Probi AB Stockholm na na Annual Pareto Bank ASA Oslo na 1.29 na na Irreg Lagercrantz Group AB Stockholm na na Annual Essity AB Stockholm 4, na na None Orexo AB Stockholm na na None Nordea Bank AB Stockholm na 0.20 na 0.22 Annual NCC AB Stockholm , Semi-Anl Byggmax Group AB Stockholm na na Annual Essity AB Stockholm 4, na na None NCC AB Stockholm , Semi-Anl Elanders AB Stockholm na na Annual 26-Jan Bergs Timber AB Stockholm na na Irreg Gjensidige Forsikring ASA Oslo na 1.95 na 2.73 Annual Beijer Electronics Group AB Stockholm na na na na Annual Ahlsell AB Stockholm Irreg Scatec Solar ASA Oslo na na Annual Telia Co AB Helsinki 6, , Semi-Anl Atlas Copco AB Stockholm 7, , Semi-Anl Cloetta AB Stockholm na na Annual 29-Jan BillerudKorsnas AB Stockholm 1, Annual Getinge AB Stockholm 1, , Annual 30-Jan Autoliv Inc Stockholm Quarter Alfa Laval AB Stockholm 1, , Annual Svenska Cellulosa AB SCA Stockholm 1, , Annual Loomis AB Stockholm Annual Svenska Cellulosa AB SCA Stockholm 1, , Annual HIQ International AB Stockholm na na Annual Holmen AB Stockholm na na Annual Concordia Maritime AB Stockholm na na Annual 31-Jan Qliro Group AB Stockholm na na None Telefonaktiebolaget LM Ericsso Stockholm 4, na na Annual Telenor ASA Oslo 11, ,972 na Semi-Anl Kilde: Bloomberg / DNB Markets Konsensus DNB Wartsila OYJ Abp Helsinki Semi-Anl UPM-Kymmene OYJ Helsinki na na Annual Beijer Ref AB Stockholm na na Annual Skandinaviska Enskilda Banken Stockholm na 2.03 na 1.86 Annual Data Respons ASA Oslo na na Annual Skandinaviska Enskilda Banken Stockholm na 2.03 na 1.86 Annual 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 10,660 14, x 21.7x 13.3x 8.8x AcadeMedia AB ACAD Kjøp SEK x 10.9x 8.6x 7.9x Actic Group AB ATIC Kjøp SEK x 7.2x 6.7x 5.1x AF Gruppen AFG Selg NOK x 17.1x 10.0x 8.2x Ahlsell AB Kjøp SEK x 12.4x 11.4x 10.0x Akastor AKA Kjøp NOK x -24.5x 22.1x 7.2x Aker AKER Hold NOK Aker BP ASA AKERBP Kjøp NOK x 19.4x 6.2x 4.3x Aker Solutions AKSO Hold NOK x 90.3x 9.3x 11.5x Alfa Laval ALFA Hold SEK x 24.4x 14.7x 13.1x Alimak ALIG Kjøp SEK x 16.8x 14.1x 11.1x ALK-Abello ALKb Kjøp DKK x -41.9x 32.2x x Alligator Bioscience ATORX Kjøp SEK x 18.8x Archer ARCHER Hold NOK x -15.7x 10.9x 7.4x Assa Abloy ASSAB Selg SEK x 20.7x 15.3x 14.2x Atea ATEA Hold NOK x 19.1x 11.2x 9.6x Atlas Copco ATCOA Hold SEK x 22.1x 14.7x 13.7x Atwood Oceanics ATW USD x -2.9x 5.7x -62.0x Austevoll Seafood AUSS Kjøp NOK x 10.9x 7.1x 7.4x Autoliv ALIV Kjøp SEK x 17.2x 9.5x 7.8x Avance Gas AVANCE Kjøp NOK x -15.8x 100.0x 11.5x Avanza Bank AZA Kjøp SEK x 24.7x Awilco Drilling AWDR Hold NOK x 9.0x 0.7x 1.5x Axactor AXA Kjøp NOK B2Holding B2H Kjøp NOK Bakkafrost BAKKA Hold NOK x 13.3x 8.3x 8.2x Balder BALDB Hold SEK x 25.2x 25.1x 24.0x BerGenBio BGBIO Kjøp NOK x -3.4x -3.5x -3.2x Bergman & Beving BERGB Kjøp SEK x 14.5x 20.2x 12.2x Betsson BETSB Kjøp SEK x 8.8x 8.2x 7.0x BioArctic BIOAB Kjøp SEK x 470.4x 129.8x 168.5x Borr Drilling BDRILL Kjøp NOK x -3.6x 3.0x -18.9x Borregaard BRG Hold NOK x 12.9x 7.4x 6.7x BW LPG BWLPG Kjøp NOK x 34.4x 13.8x 9.2x BW Offshore BWO Hold NOK x 11.9x 7.8x 4.8x Cargotec CGC Hold EUR x 9.2x Carlsberg CARLB Selg DKK x 21.8x 9.7x 9.3x Castellum CAST Selg SEK x 17.7x 22.4x 21.0x CGG CGG Selg EUR x -0.6x 6.1x 6.0x Chr. Hansen CHR Selg DKK x 41.9x 27.6x 26.7x Citycon CTY1S Kjøp EUR x 15.2x 19.0x 18.3x Coloplast COLOB Kjøp DKK x 25.6x 19.3x 17.7x Coor Service Managemen COOR Kjøp SEK x 13.9x 12.4x 11.5x D/S Norden DNORD Kjøp DKK x x 14.2x 16.7x Danske Bank DANSKE Kjøp DKK x 10.8x DHT Holdings DHT Hold USD x x 7.4x 9.0x Diamond Offshore DO Selg USD x 34.4x 6.7x 6.9x DNB DNB NOK x 11.4x DNO DNO Kjøp NOK x 3.7x 1.6x 1.4x DOF DOF NOK x -2.3x 12.7x 15.6x Dorian LPG (Restricted) LPG Hold USD x -9.0x 15.0x 20.6x Eidesvik Offshore EIOF NOK x -1.2x 7.9x 53.5x Electrolux ELUX Kjøp SEK x 12.7x 6.8x 5.9x Elekta EKTAB Kjøp SEK x 16.6x 11.0x 8.7x Ensco ESV Hold USD x -4.8x 10.9x 16.4x Entra ENTRA Hold NOK x 23.2x 22.0x 21.4x Epic Gas EPIC Kjøp NOK x 4.9x 11.2x 4.8x Essity ESSITYB Hold SEK x 19.8x 11.8x 11.1x Euronav EURN Hold USD x -17.7x 9.5x 11.8x Europris EPR Kjøp NOK x 11.7x 9.6x 7.8x Evolution Gaming EVO Kjøp SEK x 27.0x 24.5x 19.2x EVRY EVRY Kjøp NOK x 9.7x Fabege FABG Hold SEK x 27.4x 34.1x 29.4x Faroe Petroleum FPM Kjøp GBP x 12.0x Kilde: DNB Markets, FactSet, Bloomberg 9

10 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Farstad Shipping FAR NOK x 0.0x 17.6x 26.5x Flex LNG FLNG Kjøp NOK x 58.0x -45.1x 18.8x Fortum FORTUM Kjøp EUR x 17.7x Fred Olsen Energy FOE Selg NOK x -0.9x 5.5x 12.9x Frontline FRO Hold NOK x 35.1x 12.5x 11.1x GasLog GLOG Hold USD x 23.4x 10.9x 10.0x Genco Shipping & TradingGNK Kjøp USD x 17.2x 13.0x 5.4x Gener8 Maritime GNRT Hold USD x -14.3x 8.5x 9.7x Getinge GETIB Hold SEK x 11.9x 10.2x 7.6x Gjensidige Forsikring GJF Hold NOK x 16.9x GN Group GN Selg DKK x 20.4x 16.0x 14.1x Golar LNG GLNG Kjøp USD x -12.7x x 25.0x Golar LNG Partners GMLP Hold USD x 22.0x 7.6x 10.8x Golden Ocean GOGL Kjøp NOK x 16.9x 15.7x 10.1x Grieg Seafood GSF Kjøp NOK x 9.2x 7.7x 5.7x Handicare HANDI Kjøp SEK x 11.8x 12.3x 10.3x Helgeland Sparebank HELG Kjøp NOK x 9.4x Hemfosa HEMF Kjøp SEK x 12.8x 17.6x 16.4x Hennes & Mauritz HMB Kjøp SEK x 16.3x 10.1x 8.2x Hexagon AB HEXAB Hold SEK x 20.1x 15.3x 13.1x Hexagon Composites HEX Kjøp NOK x 22.3x 24.2x 21.0x Hexpol HPOLB Hold SEK x 19.4x 12.9x 12.3x Hufvudstaden HUFV Selg SEK x 29.6x 26.5x 25.5x Humana HUM Kjøp SEK x 11.1x 11.8x 9.2x Husqvarna HUSQb Kjøp SEK x 16.0x 10.6x 9.5x Höegh LNG Holdings HLNG Kjøp NOK x 14.2x 10.5x 10.9x Höegh LNG Partners HMLP Kjøp USD x 9.5x 9.1x 8.1x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Selg SEK x 8.9x 5.2x 5.0x Kindred Group KINDSDB Kjøp SEK x 17.5x 15.3x 14.1x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 13.0x 20.3x 20.5x KNOT Offshore Partners KNOP Hold USD x 10.6x 8.2x 8.0x Kone KNEBV Hold EUR x 22.3x 16.1x 15.4x Konecranes KCR Kjøp EUR x 16.1x Kongsberg Gruppen KOG Kjøp NOK x 16.8x Kungsleden KLED Kjøp SEK x 14.8x 19.7x 19.4x Kværner KVAER Hold NOK x 37.8x 4.0x 8.0x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 10.0x 6.7x 6.2x Loomis LOOMb Kjøp SEK x 17.1x 8.7x 8.3x Lundbeck LUN Hold DKK x 19.2x 10.1x 8.8x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 38.5x 8.5x 8.6x Marine Harvest MHG Hold NOK x 10.9x 7.5x 6.5x Medistim MEDI Kjøp NOK x 20.5x 15.7x 12.3x Millicom MICsdb Kjøp SEK x 37.5x 6.1x 5.6x Momentum Group MMGRB Kjøp SEK x 11.0x MSAB MELK Hold SEK MTG MTGb Kjøp SEK x 21.8x 16.0x 12.9x Ncc NCC Hold SEK x 13.0x 7.5x 6.6x NetEnt NETb Kjøp SEK x 21.1x 18.4x 14.7x Nets NETS Kjøp DKK x 17.8x 14.0x 12.4x Nibe Industrier NIBEB Hold SEK x 20.4x 17.3x 15.6x Nobia NOBI Kjøp SEK x 10.6x 7.4x 6.5x Noble NE Selg USD x -3.0x 9.5x 9.5x Nokian Tyres NRE1V Kjøp EUR x 14.9x 10.2x 9.2x Nordea NDA Kjøp SEK x 11.6x Nordic Nanovector NANO Kjøp NOK x -13.5x -11.3x -12.0x Nordic Semiconductor NOD Kjøp NOK x 29.4x 28.6x 16.2x Norsk Hydro NHY Selg NOK x 13.3x 7.0x 5.9x North Energy NORTH Hold NOK x Northern Drilling NODL Kjøp NOK x x 82.2x 40.2x Norway Royal Salmon NRS Hold NOK x 10.5x 7.5x 7.1x Norwegian Air Shuttle NAS Selg NOK x 65.3x 56.3x 15.4x Norwegian Finans HoldingNOFI Kjøp NOK x 8.5x Norwegian Property NPRO Kjøp NOK x 21.4x 20.3x 19.2x Novo Nordisk NVO Kjøp DKK x 20.8x 15.6x 14.8x 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 Novozymes NZYMB Selg DKK x 30.4x 20.0x 18.7x NRC Group NRC Kjøp NOK x 12.6x 10.6x 8.2x Ocean Rig ORIG Kjøp USD x -55.2x 2.8x 11.5x Ocean Yield OCY Hold NOK x 9.5x 7.8x 7.1x Odfjell ODF Kjøp NOK x 7.2x 7.2x 6.3x Odfjell Drilling ODL Kjøp NOK x 33.2x 8.6x 9.1x Olav Thon OLT Kjøp NOK x 13.8x 15.7x 15.3x Oncopeptides ONCO Kjøp SEK x -12.4x -12.8x -11.8x Opera OPERA Kjøp NOK x 8.7x 6.3x 4.3x Oriflame ORI Hold SEK x 18.7x 11.8x 9.4x Orkla ORK Hold NOK x 22.2x 15.1x 14.3x Outokumpu OUT1V Hold EUR x 11.2x 6.7x 5.9x Pacific Drilling PACD Selg USD x 0.0x 66.6x 42.5x Pandox PNDXB Hold SEK x 17.5x 19.6x 17.7x Pareto Bank PARB Kjøp NOK x 7.8x Peab PEAB Selg SEK x 11.9x 7.3x 6.6x Petroleum Geo-Services PGS Selg NOK x -4.2x 5.2x 4.4x Polarcus PLCS NOK x -0.2x 16.2x 4.0x Prosafe PRS Selg NOK x -1.4x 10.1x 11.1x Q-Free QFR Hold NOK x 12.3x 6.8x 6.4x Recipharm RECIB Hold SEK x 27.1x 12.3x 8.5x Rezidor REZT Hold SEK x 5.7x 4.4x 3.2x Rowan RDC Hold USD x -5.0x 6.3x 21.3x Safe Bulkers SB Kjøp USD x 32.0x 13.4x 9.4x Saipem SPM Selg EUR x 52.4x 5.1x 6.6x SalMar SALM Hold NOK x 12.4x 7.8x 8.0x Sampo Oyj SAMPO Hold EUR x 15.8x Sandvik SAND Hold SEK x 17.5x 11.0x 10.4x Sbanken SBANK Kjøp NOK x 10.9x Scandi Standard SCST Kjøp SEK x 12.8x 12.0x 8.1x Scandic Hotels SHOT Kjøp SEK x 13.0x 9.1x 7.4x Schibsted SCHA Hold NOK x 36.5x 21.1x 16.8x Scorpio Tankers STNG Hold USD x -92.6x 14.2x 9.1x Seadrill SDRL NOK x -0.2x 8.6x 17.4x SEB SEB Selg SEK x 12.9x Securitas SECUB Kjøp SEK x 16.6x 11.0x 10.0x Selvaag Bolig SBO Hold NOK x 7.3x 7.0x 6.6x Sevan Marine SEVAN Hold NOK x -38.2x -15.3x -27.7x Shelf Drilling SHLF Kjøp NOK x 15.2x 6.9x 5.4x Siem Offshore SIOFF NOK x -6.7x 11.0x 11.8x Skanska SKA Hold SEK x 16.2x 13.6x 10.5x SKF SKFB Kjøp SEK x 14.1x 9.3x 8.5x Solon Eiendom SOLON Hold NOK x 7.3x 11.7x 7.5x Solstad Farstad SOFF NOK x -1.0x 14.4x 17.3x Songa Offshore SONG Hold NOK x 6.7x 6.9x 6.1x Sparebank 1 Østlandet SPOL Kjøp NOK x 10.6x Sparebank1 Nord-Norge NONG Kjøp NOK x 10.0x Sparebank1 SMN MING Kjøp NOK x 9.6x Sparebank1 SR-Bank SRBANK Kjøp NOK x 10.4x Sparebanken Møre MORG Hold NOK x 10.0x Sparebanken Sør SOR Hold NOK x 9.8x Sparebanken Øst SPOG Hold NOK x 11.0x Spectrum SPU Selg NOK x 12.7x 2.1x 1.7x Sponda SDA1V EUR x 16.9x 22.7x 21.1x SSAB SSABA Kjøp SEK x 14.6x Statoil STL Kjøp NOK x 13.8x Stolt-Nielsen SNI Kjøp NOK x 5.6x 6.7x 5.5x Storebrand STB Kjøp NOK x 11.4x Subsea 7 SUBC Selg NOK x 25.2x 3.1x 4.6x Svenska Handelsbanken SHB Selg SEK x 14.0x Swedbank SWEDA Selg SEK x 12.3x Swedish Match SWMA Hold SEK x 19.2x 14.1x 13.3x Tanker Investments TIL Hold NOK x 12.7x 11.5x 6.4x Targovax TRVX Kjøp NOK x 5.0x 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 TechnipFMC FTI Hold USD x 33.1x 5.6x 8.3x Teekay Tankers TNK Hold USD x -9.4x -15.0x 12.2x 7.0x Tele2 TEL2b Hold SEK x 24.9x 20.5x 8.8x 7.8x Telenor TEL Kjøp NOK x 16.4x 16.6x 7.5x 7.2x Telia Company TELIA Hold SEK x 11.9x 13.2x 8.8x 8.0x TGS Nopec TGS Selg NOK x 43.7x 5.4x 5.2x The Scottish Salmon ComSSC Kjøp NOK x 858.1x 5.0x 5.5x Tomra TOM Selg NOK x 26.1x 16.0x 13.2x Topdanmark TOP Hold DKK x 19.2x Transocean RIG Selg USD x -48.0x 8.1x 8.0x Trelleborg TRELB Hold SEK x 16.9x 16.2x 12.0x 10.7x Tryg TRYG Hold DKK x 16.5x 20.7x Valmet VALMT Hold EUR x 19.4x 16.1x 8.9x 7.4x Veidekke VEI Hold NOK x 11.0x 9.1x 6.9x 5.8x Vestas Wind Systems VWS Hold DKK x 12.2x 11.9x 5.0x 4.5x Vitrolife VITR Hold SEK x 42.3x 31.8x 26.9x Volvo VOLVB Selg SEK x 14.7x 7.5x 6.4x Wallenius Wilhelmsen Lo WWL Kjøp NOK x 9.4x 10.5x 7.2x Wallenstam WALLb Selg SEK x 32.5x 39.9x 34.0x Weifa WEIFA NOK x 21.2x 16.3x 14.1x Wihlborgs WIHL Hold SEK x 16.7x 14.9x 22.0x 20.3x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 8.4x 15.8x 16.2x William Demant Holding WDH Selg DKK x 23.9x 21.6x 14.1x 12.9x Wilson Therapeutics WTX Kjøp SEK x -14.3x Wärtsilä WRT1V Hold EUR x 26.7x 20.2x 16.4x 12.9x XXL XXL Kjøp NOK x 15.7x 15.8x 11.3x Yara YAR Kjøp NOK x 23.3x 13.7x 10.4x 7.2x YIT YIT Selg EUR x 12.9x 18.4x 9.6x Kilde: DNB Markets, FactSet, Bloomberg 12

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