YELLEN, LEDIGHET, BOLIGPRISER OG LAVERE OLJEPRIS DNO & AKERBP

Transkript

1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag YELLEN, LEDIGHET, BOLIGPRISER OG LAVERE OLJEPRIS DNO & AKERBP Lavere råvarepriser og delvis reversering av foregående dagers løft i finanssektoren ga sammen med enkelte selskapsnyheter på den negative siden nedgang for det amerikanske aksjemarkedet i går. En svak kursutvikling for Caterpillar bidro til at Dow endte ned 0.5%. S&P500 sluttet ned 0.6%, mens Nasdaq stengte ned 0.7%. Volumet på de tre hovedindeksene kom inn på % av gjennomsnittet for de siste tre måneder. I Asia ser det ut til at vi har avventende markeder i morgentimene i dag og Nikkei er ved stengetid ned 0.5%, mens de viktigste kinesiske indeksene trekker ned med inntil 0.9%. Forventningene til en amerikansk renteøkning allerede ved rentemøtet den 15. mars har steget betydelig den siste uken og investorene avventer nå i hvilken grad sentralbanksjefen vil kunne styrke aller avkrefte disse forventningene i forbindelse med en tale hun skal holde om de økonomiske utsiktene i kveld. Talen skal etter planen holdes kl norsk tid. Innen den tid og mens markedene fortsatt er åpne får vi i Norden oppdateringer av norske og danske ledighetstall, nye all for takten i svensk industriproduksjon og tall for utviklingen i de norske boligprisene. I oljemarkedet falt WTI-prisen i går med USD 1.17 pr fat til USD pr fat. I morgentimene i dag har prisen kommet ytterligere ned på USD pr fat. Brent ligger før åpning i Europa på USD pr fat, ned USD 0.35 pr fat i forhold til nivået ved stengetid i det norske markedet i går. Markedet ser i øyeblikket ut til å legge større vekt både på en styrket USD og nivået på amerikanske lagerbeholdninger enn på de løpende meldingene om redusert produksjon og eksport fra OPEC-landene, og da i første rekke fra Saudi-Arabia. DNO var blant selskapene som denne uken presenterte seg på ukens olje-, offshoreog shippingkonferanse hos DNB. I henhold til ledelsen trekker de nå fordelene av å ha vært tidlig ute med å etablere seg i den kurdiske delen av Irak. Det medfører at de har begrensede gjenstående investeringsforpliktelser, hvilket betyr at videre aktivitet og investeringer kan tilpasses kontantstrømmen. Når det gjelder fremtidige betalinger fra kurdiske myndigheter ser selskapet støtte for større regelmessighet fremover etter nylige inngåtte avtaler mellom myndighetene og tredjeparter. Fremover vil selskapet nå gjennomføre en avgrensningsbrønn på Peshakabir i løpet av Q3 eller tidlig i Q4, og en fremskyndet oppstart på feltet er også under vurdering. På sikt ser selskapet en mulig utvidelse av aktiviteten til Iran som et naturlig skritt. Vi har en kjøpsanbefaling med et kursmål på NOK 12 pr aksje. Kursen endte i går på NOK 7.64 pr aksje. Etter vårt syn er det også ytterligere potensial i Aker BP. Her stengte kursen i går på NOK pr aksje og vi har en kjøpsanbefaling med et kursmål på NOK 180 pr aksje. Kombinasjonen av organisk vekst, en balanse som gir rom for fortsatte oppkjøp på et lavt nivå i syklen og en attraktiv direkteavkastning vil kunne løfte verdsettelsen videre fremover. Internasjonale børser Renter Valuta/råvarer Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 21, 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 - Sparebank1 SR-Bank - Wilh. Wilhelmsen ASA - Salmar - Stolt-Nielsen - Storebrand - Borregaard - BW LPG - Telenor - Statoil YTD DNB: 3% YTD OSE: 0% Rapporter Norden - - Nøkkeltall Norden - DK; Ledighet - SE; Industriproduksjon - NO; Ledighet - NO; Boligprisutvikling Rapporter / nøkkeltall Europa / USA - DE; Detaljhandel - EU: Detaljhandel - US; Innkjøpssjefsindeks - US; ISM Tjenester - Big Lots - Revlon - Staples Konferanser / presentasjoner - DNB Markets SMB Konferanse Oslo, 5. April 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 21, 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 3, 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 ,294, GN Store Nord , AP Møller Maersk ,703 11, , Finland Nokia ,057, Metso TeliaSonera , UPM Kymmene , #N/A N/A #VALUE! Norge Frontline ,141, Norsk Hydro , Yara , Golden Ocean , PGS , Statoil ,480, Subsea , DNB , Telenor , Tomra Questerre , Orkla , Sverige AstraZeneca ,804, Electrolux , Ericsson (B) ,121, 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 2,353 2, ,509 2,022 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 1,911 1, ,957 1,475 Nikkel 10,780 10, ,055 12,145 8,245 Kopper 5,930 5, ,140 6,204 4,484 Gull 1,233 1, ,375 1,121 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index , Kilde: Bloomberg, DNB Markets Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L Norge - Nibor 3m USA - Libor 3m Euro - Euribor 3m Norge 10 år stat USA 10 år stat Euro 10 år stat Tyskland 10 år stat Japan 10 år stat UK 10 år stat Valuta EUR/USD USD/JPY GBP/USD USD/NOK EUR/NOK GBP/NOK Kilde: Bloomberg, DNB Markets Indeksutvikling på sektornivå Sektor USA 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor MSCI Europe 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Drikkevarer 0.9% 3.9% 7.3% 4.2% 3.9% 21.9 Forsyningsselskaper 1.4% 6.2% 9.2% -0.2% 2.2% 13.8 Bildeler 0.8% 7.0% 21.0% 22.2% 14.1% 11.2 Legemiddelindustri og bioteknologi 0.9% 7.7% 14.1% 6.8% 7.2% 15.9 Kraft 0.7% 5.1% 11.7% 10.5% 6.2% 17.4 Hotell-, underholdnings- og restaurantvi 0.2% 2.2% 9.3% 2.2% 1.5% 18.2 Diversifiserte telekomtjenester 0.1% 1.7% 4.5% 2.3% -3.4% 14.0 IT utstyr 0.2% 10.6% 25.1% -12.4% 10.2% 22.3 Eiendom 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Biler og komponenter 0.2% 2.5% 15.4% 12.9% 4.0% 8.4 Bioteknologi -0.1% 4.4% 8.1% 6.6% 8.0% 14.1 Energi 0.1% -0.7% 3.1% 16.8% -4.8% 14.9 Industrielle konglomerater -0.1% 4.3% 2.9% 8.6% 1.1% 19.3 Programvare og tjenester 0.1% 4.1% 12.7% 19.0% 6.0% 19.5 Farmasi -0.2% 7.0% 10.9% 8.3% 7.7% 16.3 Forsikring 0.1% 1.3% 7.3% 8.7% 1.1% 11.2 Kommunikasjonsutstyr -0.2% 8.2% 14.2% 27.3% 10.7% 14.8 Telekommunikasjon og tjenester 0.1% 4.5% 8.5% -10.9% 1.0% 16.7 Helseartikler -0.2% 5.0% 15.8% 22.0% 13.4% 20.3 Kapitalvarer -0.2% 3.9% 11.8% 21.5% 6.3% 17.9 Husholdningsartikler -0.3% 6.5% 12.4% 8.6% 10.5% 23.7 Banker -0.2% -1.6% 10.5% 15.9% 2.3% 11.8 Matvarer -0.4% 0.4% 8.2% 7.9% 2.7% 20.2 Forbruksvarer og klær -0.2% 3.1% 13.8% 19.6% 7.7% 19.7 Media -0.4% 0.3% 10.6% 20.5% 7.4% 19.1 Helsevern - utstyr og tjenester -0.3% 2.0% 11.3% 5.2% 1.9% 21.5 Papir- og skogprodukter -0.5% -1.4% 5.5% 37.3% 3.3% 15.5 Transport -0.3% 3.3% 11.2% 13.4% 4.4% 15.5 Hotell og restaurant -0.5% 2.9% 6.4% 9.8% 5.9% 21.5 Husholdningsvarer og personlige produ -0.3% 9.8% 15.8% 12.4% 9.4% 22.0 Fritidsutstyr -0.6% 8.4% -0.3% -2.5% 8.1% 19.1 Drikkevarer, mat og tobakk -0.3% 3.7% 11.1% 4.4% 4.9% 19.6 Internett programvare og -tjeneste -0.6% 3.9% 13.8% 20.7% 11.8% 22.3 Materialer -0.3% 2.5% 10.1% 36.0% 6.0% 11.8 Olje og gass -0.7% -2.3% -3.8% 16.4% -5.5% 27.6 Media -0.4% 2.4% 10.7% -1.8% 0.1% 16.9 Datamaskiner og tilbehør -0.7% 7.0% 23.9% 40.0% 18.6% 14.8 Kommersielle tjenester og leveranser -0.4% 4.5% 9.9% 4.4% 5.0% 17.0 Kjemikalier -0.8% 2.7% 8.1% 20.5% 7.5% 18.6 Eiendomsselskaper -0.4% 4.0% 7.3% -0.7% 0.1% 18.8 Elektronisk utstyr og instrumente -0.9% 2.7% 11.2% 31.4% 9.2% 18.6 Finansieringsselskaper -0.5% 2.4% 11.2% 8.6% 6.1% 14.8 Programvare -1.0% 2.8% 11.6% 23.7% 8.1% 22.7 Detaljhandel -0.9% -1.1% -4.7% -12.6% -5.9% 17.7 Elektrisk utstyr -1.1% 2.6% 6.2% 20.7% 7.9% 21.0 Mat- og apotekhandel -0.9% -0.4% 5.2% -1.2% -0.4% 15.8 Forsikring -1.3% 3.8% 6.3% 25.9% 4.3% 13.1 Bygg og anlegg -1.6% -0.8% 2.0% 35.6% 4.2% 18.6 Energi og relatert utstyr -1.6% -2.0% -3.8% 20.8% -3.1% 59.1 Bank -1.8% 4.9% 12.2% 47.9% 7.3% 14.3 Maskiner -1.8% 2.1% 4.9% 32.0% 6.4% 21.6 Luftfart -2.6% 4.5% 8.0% 17.0% 4.8% 11.2 Metall -3.1% -5.7% -5.0% 29.6% 1.5% 17.7 Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets 3

4 jan. 10 apr. 10 jul. 10 okt. 10 jan. 11 apr. 11 jul. 11 okt. 11 jan. 12 apr. 12 jul. 12 okt. 12 jan. 13 apr. 13 jul. 13 okt. 13 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 okt. 16 jan. 17 DNB Markets US Selskaper - vinnere/tapere DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Home Depot Inc/The % 7.2 % 16.7 % Monster Beverage Corp % 11.1 % 10.6 % Spectra Energy Corp #VALUE! na na Coca-Cola Co/The % 2.2 % -3.4 % Ross Stores Inc % 2.8 % 17.2 % Monster Beverage C % 11.1 % 10.6 % Wal-Mart Stores Inc % 6.4 % 7.0 % Dollar Tree Inc % 1.4 % 0.4 % Best Buy Co Inc % 0.3 % 35.6 % Verizon Communications Inc % 2.9 % -3.7 % Broadcom Ltd % 5.4 % 58.2 % Urban Outfitters Inc % 2.3 % -1.8 % Exxon Mobil Corp % -0.3 % 1.1 % Ulta Beauty Inc % 2.0 % 63.8 % Gap Inc/The % 9.4 % % Pfizer Inc % 7.5 % 15.5 % Tractor Supply Co % -0.9 % % AES Corp/VA % 2.3 % 11.3 % EI du Pont de Nemours & Co % 4.3 % 28.8 % Mylan NV % 15.5 % -1.0 % Nordstrom Inc % 6.3 % % 3M Co % 8.5 % 19.1 % JD.com Inc % 9.2 % 20.9 % Under Armour Inc % 4.2 % na General Electric Co % 1.6 % -0.1 % PayPal Holdings Inc % 8.0 % 9.6 % SCANA Corp % 0.4 % 7.5 % Intel Corp % -1.7 % 17.4 % Akamai Technologies In % -8.3 % 14.6 % Signet Jewelers Ltd % % % Cisco Systems Inc % 9.8 % 28.0 % Micron Technology Inc % 0.4 % % Ross Stores Inc % 2.8 % 17.2 % Johnson & Johnson % 8.8 % 15.9 % Intuit Inc % 5.7 % 28.1 % Dr Pepper Snapple % 3.2 % 2.9 % Merck & Co Inc % 2.8 % 26.8 % Gilead Sciences Inc % -2.5 % % First Solar Inc % 10.5 % % NIKE Inc % 10.4 % -6.0 % NXP Semiconductors N % 4.2 % 39.0 % Consolidated Ediso % 4.0 % 9.3 % UnitedHealth Group Inc % 3.4 % 37.3 % Travelers Cos Inc/The % 5.7 % 13.4 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Walt Disney Co/The % 0.3 % 11.9 % NetEase Inc % 13.5 % % Alcoa Corp % -2.7 % 69.0 % Chevron Corp % -0.2 % 29.5 % Endo International PLC % -3.3 % % Freeport-McMoRan % % 46.1 % Boeing Co/The % 12.7 % 53.0 % Viacom Inc % 0.5 % 7.9 % Kroger Co/The % -9.8 % % Visa Inc % 2.8 % 19.8 % NVIDIA Corp % % % Caterpillar Inc % 1.2 % 31.5 % Apple Inc % 7.7 % 36.9 % American Airlines Group % 3.4 % 9.2 % Endo International P % -3.3 % % McDonald's Corp % 3.2 % 9.9 % PACCAR Inc % -1.6 % 25.8 % Murphy Oil Corp % -5.2 % 32.5 % Goldman Sachs Group Inc/The % 4.2 % 61.6 % Western Digital Corp % -3.6 % 56.8 % Citizens Financial G % 3.4 % 77.5 % International Business Machine % 2.7 % 31.0 % Netflix Inc % -0.5 % 42.5 % Alaska Air Group Inc % 2.4 % 23.1 % Procter & Gamble Co/The % 4.0 % 9.7 % Skyworks Solutions Inc % 3.5 % 35.2 % Chesapeake Energ % % 25.5 % United Technologies Corp % 2.8 % 17.3 % DISH Network Corp % -1.7 % 23.4 % Frontier Communica % % % Microsoft Corp % 0.5 % 22.3 % Autodesk Inc % 3.4 % 59.4 % Viacom Inc % 0.5 % 7.9 % JPMorgan Chase & Co % 5.7 % 53.7 % Citrix Systems Inc % 3.4 % 34.7 % Regions Financial C % 4.8 % 85.0 % American Express Co % 2.6 % 37.9 % NetApp Inc % 10.4 % 62.1 % NVIDIA Corp % % % Caterpillar Inc % 1.2 % 31.5 % TripAdvisor Inc % % % Fifth Third Bancorp % 4.6 % 64.5 % 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) Forsyningstjenester XLU % 1.7 % 5.7 % 10.9 % USD 962,267,200 FTSE 100 ISF % 1.7 % 3.7 % 20.4 % GBp 2,892,936,000 TecDax TDXPEX % 0.8 % 3.3 % 16.0 % EUR 328,621 Forbruksvarer XLP % 0.5 % 4.4 % 6.8 % USD 716,467,776 CAC-40 CAC % 1.6 % 3.1 % 12.1 % EUR 13,833,210 DAX DAXEX % 0.8 % 3.3 % 22.0 % EUR 3,412,331 AEX-Nederland AEXT % 1.2 % 3.9 % 16.6 % EUR 11,405 S&P Euro 350 IEV % -0.1 % 0.8 % 5.8 % USD 29,606,440 Bioteknologi IBB % 3.6 % 5.9 % 13.5 % USD 556,502,784 Nasdaq 100 QQQ % 0.6 % 4.1 % 23.8 % USD 2,427,757,312 DJIA DIA % 1.0 % 4.7 % 23.9 % USD 885,439,552 S&P 500 SPY % 0.8 % 3.9 % 19.3 % USD 21,631,379,456 Teknologi USA XLK % 0.4 % 4.0 % 24.7 % USD 417,351,904 Dow Jones Total market THRK % 0.8 % 3.6 % 20.6 % USD 1,348,898 Russell 2000 Growth IWO % 0.8 % 2.3 % 26.0 % USD 103,170,912 Japan EWJ % -0.6 % 0.6 % 12.6 % USD 279,930,496 Energi XLE % 0.6 % -1.7 % 19.4 % USD 1,170,313,728 Industri XLI % 1.0 % 4.1 % 23.7 % USD 766,998,592 Russell 2000 IWM % 0.0 % 1.4 % 29.5 % USD 4,306,727,936 S&P Midcap 400 MDY % 0.2 % 1.9 % 24.8 % USD 435,165,792 Hong Kong EWH % 0.0 % 3.1 % 15.2 % USD 36,326,376 Pacific ex-japan EPP % -1.4 % 1.7 % 15.6 % USD 34,883,612 Finansielle tjenester XLF % 1.0 % 4.8 % 37.9 % USD 1,545,805,952 Emerging Markets EEM % -2.7 % 0.4 % 17.8 % USD 2,505,631,488 Oil Service OIH % -0.8 % -4.2 % 22.1 % USD 173,615,392 Latin-America 40 ILF % -4.2 % 0.9 % 33.8 % USD 64,906,204 Brasil EWZ % -5.4 % -0.5 % 57.6 % USD 669,197,056 Olje / Energi Naturgass UNG % 2.3 % % 17.4 % USD 105,434,808 WTI-Oil USO % -3.1 % -3.2 % 20.8 % USD 170,299,632 WTI-olje OILW % -2.7 % -3.0 % 20.3 % USD 15,025 Råolje CRUD % -2.4 % -2.8 % 20.5 % USD 2,434,220 Brent-olje OILB % -2.6 % -3.3 % 30.2 % USD 7,796,793 Fyringsolje HEAT % -4.4 % -4.8 % 25.1 % USD #N/A N/A Bensin UGAS % -5.8 % -6.0 % 11.5 % USD 176,371 Metaller Bomull COTN % 3.4 % 0.5 % 36.4 % USD 59,449 Gull BULL % -0.8 % 1.4 % -3.5 % USD 83,370 Kobber COPA % 1.0 % 2.0 % 18.9 % USD 495,193 Aluminium ALUM % 2.9 % 4.4 % 17.3 % USD 4,574,781 Sink ZINC % 0.0 % 0.1 % 48.1 % USD 182,389 Nikkel NICK % 1.9 % 4.8 % 17.6 % USD 1,137,731 Andre råvarer Kaffe COFF % -4.0 % -3.6 % 10.8 % USD 63,381 Sukker SUGA % -2.5 % -6.3 % 25.5 % USD 120,464 Svinekjøtt HOGS % 4.6 % -0.2 % % USD 41,978 Hvete WEAT % 0.3 % 2.4 % % USD 170,213 Soyaolje SOYO % 5.4 % -0.3 % 6.4 % USD 103,846 Mais CORN % 1.2 % 1.9 % -3.1 % USD 30,234 Soyabønner SOYB % 1.8 % 0.0 % 18.4 % USD 212,069 Kveg CATL % 0.4 % 1.1 % -5.0 % USD #N/A N/A Råvarekurver Landbruk AIGA % 0.8 % -0.1 % 9.6 % USD 5,025,400 Korn AIGG % 1.2 % 1.5 % 1.4 % USD 15,851 Buskap AIGL % 1.8 % 0.7 % -7.4 % USD 818 Råvarer AIGC % -0.1 % -0.6 % 13.0 % USD 1,075,668 Edle metaller AIGP % -0.5 % 1.9 % 1.2 % USD 427,772 Råvarer (ETN) GSG % -1.7 % -2.6 % 13.9 % USD 4,148,207 Energi AIGE % -2.1 % -5.1 % 20.1 % USD 336,125 Industrimetaller AIGI % 1.2 % 2.5 % 22.5 % USD 5,002,291 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Strømpris DNB - ETN ELKRAFT BEAR % 8.8 % 0.2 % % NOK 6,314 DNO BEAR DNO DNM % 4.1 % 22.5 % % NOK na Subsea 7 DNB-ETN SUBSEA 7 BULL % 11.7 % 15.8 % % NOK 32,836 Norsk Hydro BULL NHY X3 DNM % 4.7 % 7.8 % % NOK 146,647 Norsk Hydro DNB-ETN NORSK HYDRO BUL % 3.4 % 5.8 % % NOK na REC BEAR REC DNM % % -4.7 % % NOK 770 Oljepris DNB - ETN BRENT BEAR % 8.0 % 8.4 % % NOK 4,217 Oljeservice DNB - ETN OIL SERVICE BULL % 5.1 % 4.4 % % NOK 17,184 Oljepris BEAR OLJE HA % 7.0 % 8.9 % % NOK na Sink BEAR SINK ETN DNM % 1.8 % 0.3 % % NOK na OBX BULL OBX X3 HA % 4.3 % -0.6 % 66.8 % NOK 49,634 Strømpris BULL EL HA % -0.9 % 5.0 % % NOK na Yara DNB-ETN YARA X3 BULL % 8.1 % % % NOK 378,331 Kobberpris BEAR KOBBER ETN DNM % 2.0 % -2.2 % % NOK na Aluminium BEAR ALU HA % -3.9 % -7.3 % % NOK na Kobberpris BEAR KOBBER HA % 2.2 % -1.2 % % NOK na Aluminium BEAR ALU ETN DNM % -4.0 % -7.4 % % NOK na Naturgasspris BEAR NATGAS ETN DNM % 12.6 % 28.9 % % NOK na Oljeservice DNB - ETN OIL SERVICE % 2.6 % 2.4 % 60.2 % NOK 2,416 Aker Solutions DNB-ETN AKER SOLUTIONS B % 8.5 % 21.9 % % NOK na Yara DNB-ETN YARA BULL % 5.3 % % -6.6 % NOK na Yara DNB-ETN YARA BULL % 5.3 % % -6.6 % NOK na Storebrand DNB-ETN STOREBRAND BULL % 7.1 % 23.6 % % NOK 19,668 Fred. Olsen Energy BEAR FOE DNM % % % % NOK 216,936 OBX BULL OBX X4 DNM % 3.9 % -2.9 % 77.3 % NOK 63,477 Orkla DNB-ETN ORKLA X3 BULL % 0.8 % % 15.4 % NOK 23,092 Opera BULL OPERA DNM % 9.5 % 6.5 % % NOK 95,569 Schibsted BEAR SCH DNM % -5.5 % -1.7 % % NOK na OBX DNB-ETN OBX X3 BULL % 3.0 % -2.1 % 60.5 % NOK 3,837 Golden Ocean BULL GOGL DNM % 10.3 % 65.8 % % NOK 319,258 TGS Nopec DNB-ETN TGS BULL % 1.0 % -4.9 % 81.2 % NOK 18,656 Gullpris BEAR GULL HA % 3.2 % -0.2 % -4.8 % NOK na OBX XACT DERIVAT BULL % 1.8 % -1.3 % 39.4 % NOK 16,572,910 Gullpris DNB-ETN GULL BEAR % 3.3 % -0.1 % -5.1 % NOK na PGS DNB-ETN PGS BEAR % -5.0 % 26.8 % % NOK 28,532 Norwegian DNB-ETN NORWEGIAN BEAR % -4.4 % 5.6 % % NOK 17,476 Sølvpris BULL SOLV ETN DNM % 3.4 % 12.6 % 29.7 % NOK 634 Gullpris DNB-ETN GULL % 1.1 % 5.0 % -4.6 % NOK 161,657 Sølvpris SOLV ETN DNM % 2.6 % 7.9 % 15.8 % NOK na Sølvpris BEAR SOLV ETN DNM % 0.2 % -5.4 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % 0.0 % 0.0 % 68.6 % NOK na Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 21,324 Gullpris BULL GULL HA % 0.3 % 6.6 % -9.4 % NOK 13,235 Gullpris DNB-ETN GULL BULL % 0.3 % 6.5 % -8.5 % NOK 49,224 OBX DNB OBX % 1.0 % -0.6 % 21.2 % NOK 5,159,642 OBX XACT OBX % 0.9 % -0.9 % 21.5 % NOK 456,710 Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 11,355 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 4,512 Statoil DNB-ETN STATOIL X3 BULL % 2.9 % -6.1 % 38.9 % NOK 151,142 Gjensidige DNB-ETN GJENSIDIGE X3 BEA % -0.2 % 18.7 % % NOK na Statoil DNB-ETN STATOIL BULL % 2.0 % -3.7 % 33.9 % NOK 177 Telenor DNB-ETN TELENOR X3 BULL % 4.8 % 15.5 % 7.1 % NOK 73,142 Telenor DNB-ETN TELENOR BULL % 3.2 % 10.2 % 10.1 % NOK na Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK 37,874 PGS DNB-ETN PGS BULL % 4.0 % % % NOK 4,498 DNB BULL DNBNOR HA % 0.0 % -0.5 % 91.8 % NOK na Statoil DNB-ETN STATOIL X3 BEAR % -3.2 % 2.7 % % NOK 14,840 Telenor DNB-ETN TELENOR X3 BEAR % -4.9 % % % NOK na Sjømat DNB - ETN SEAFOOD % -0.3 % -2.5 % #VALUE! NOK 123,051 Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Telenor DNB - ETN TELENOR BEAR % -3.2 % -9.7 % % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BUL % -0.1 % % 9.3 % NOK na Statoil DNB-ETN STATOIL BEAR % -2.1 % 2.2 % % NOK 36,782 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK 3,126 Aluminium ALU ETN DNM % 4.8 % 8.9 % 15.9 % NOK 3,120 Kobberpris BULL KOBBER ETN DNM % 1.5 % 5.3 % 18.3 % NOK 52,479 OBX SHORT OBX DNM % -1.0 % 0.4 % % NOK na CO2 BEAR CO2 ETN DNM % % % % NOK 39,314,660 Norwegian DNB-ETN NORWEGIAN BULL % 3.7 % % % NOK 5,244 Marine Harvest Group DNB-ETN MARINE HARVEST B % -0.1 % -2.0 % % NOK na Naturgasspris NATGAS ETN DNM % -7.0 % % 10.1 % NOK 6,000 OBX XACT DERIVAT BEAR % -2.0 % 0.7 % % NOK 62,597 CO2 CO2 ETN DNM % 7.6 % 7.8 % 6.9 % NOK 4,140 Sinkpris SINK ETN DNM % 1.7 % 4.2 % 46.2 % NOK 32,306 DNB BEAR DNB NOR HA % -1.3 % -5.1 % % NOK na OBX DNB-ETN OBX X3 BEAR % -3.1 % 0.9 % % NOK 1,805 TGS Nopec DNB-ETN TGS BEAR % -1.1 % 3.6 % % NOK 865 Oljepris DNB - ETN BRENT % -1.1 % 0.6 % 29.5 % NOK na Aluminium BULL ALU ETN DNM % 7.7 % 14.6 % 34.8 % NOK na Schibsted BULL SCH DNM % 5.5 % 0.9 % % NOK na Aluminium BULL ALU HA % 7.6 % 14.5 % 32.0 % NOK 56,570 Kobberpris BULL KOBBER HA % 0.9 % 5.9 % 29.4 % NOK na Kobberpris BULL KOBBER ETN DNM % 1.2 % 6.9 % 38.1 % NOK na Orkla DNB-ETN ORKLA X3 BEAR % -1.9 % 7.1 % % NOK 31,320 OBX BEAR OBX X4 DNM % -4.3 % 1.1 % % NOK 8,848 Storebrand DNB-ETN STOREBRAND BEAR % -7.1 % % % NOK 40,290 Yara DNB-ETN YARA BEAR % -5.3 % 15.2 % % NOK na Strømpris BEAR EL HA % 2.1 % -6.1 % % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % -8.4 % % % NOK 313,447 Fred. Olsen Energy BULL FOE DNM % 33.5 % 54.6 % % NOK na Naturgasspris BULL NATGAS ETN DNM % % % 28.9 % NOK 38,170 Sinkpris BULL SINK ETN DNM % 1.4 % 4.6 % % NOK 149,935 Yara DNB-ETN YARA X3 BEAR % -7.9 % 22.6 % % NOK 60,792 CO2 BULL CO2 ETN DNM % 12.3 % 12.3 % % NOK 91,826 Oljepris BULL OLJE HA % -3.3 % -3.5 % 51.8 % NOK na Oljepris DNB - ETN BRENT BULL % -4.0 % -2.5 % 51.3 % NOK 54,070 Norsk Hydro BEAR NHY X3 DNM % -6.5 % % % NOK 7,648 Strømpris DNB-ETN ELKRAFT BULL % -5.5 % -1.3 % % NOK 7,462 Strømpris DNB-ETN ELKRAFT % -2.5 % -0.3 % 64.4 % NOK 58,118 BW LPG BULL BWLPG DNM % 10.9 % 22.1 % % NOK 83,726 OBX BEAR OBX X3 HA % -3.8 % 3.4 % % NOK 22,759 Oljeservice DNB - ETN OIL SERVICE BEAR % -5.5 % -6.2 % % NOK 72,750 REC DNB-ETN REC BULL % 8.6 % -5.5 % % NOK 119,351 Seadrill DNB-ETN SEADRILL BULL % % % % NOK 175,400 Norsk Hydro DNB-ETN NORSK HYDRO BEA % -4.5 % -7.9 % % NOK 5,919 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 3-Mar Oasmia Pharmaceutical AB Stockholm na na na na None 7-Mar Sectra AB Stockholm na na Irreg 8-Mar SAS AB Stockholm na na None SEMAFO Inc Stockholm na na Semi-Anl 15-Mar Clas Ohlson AB Stockholm na na Annual 16-Mar MQ Holding AB Stockholm na na Annual Etrion Corp Stockholm na na None 20-Mar Arctic Paper SA Stockholm na na na na None 21-Mar EnQuest PLC Stockholm na na None 22-Mar SkiStar AB Stockholm na na Annual 24-Mar Bilia AB Stockholm na na Annual 27-Mar Rnb Retail and Brands AB Stockholm na na na na Annual 30-Mar Hennes & Mauritz AB Stockholm 5, , Semi-Anl 5-Apr Gyldendal ASA Oslo na na na na Annual Industrivarden AB Stockholm -2, na na Annual Industrivarden AB Stockholm -2, na na Annual Dustin Group AB Stockholm na na Annual 6-Apr Stolt-Nielsen Ltd Oslo Semi-Anl Stolt-Nielsen Ltd Oslo Semi-Anl Chr Hansen Holding A/S Copenhagen Annual Nobina AB Stockholm na na Irreg KappAhl AB Stockholm na na Annual 7-Apr Bergs Timber AB Stockholm na na na na Irreg EMAS Offshore Ltd Oslo na na na na Irreg EMAS Offshore Ltd Oslo na na na na Irreg 13-Apr Investment AB Oresund Stockholm na na na na Annual 14-Apr Hexatronic Group AB Stockholm na na Irreg 18-Apr Rezidor Hotel Group AB Stockholm Annual 19-Apr Qliro Group AB Stockholm na na na None Nederman Holding AB Stockholm na na Annual OEM International AB Stockholm na na na na Annual 20-Apr Atrium Ljungberg AB Stockholm na na Annual Note AB Stockholm na na na na Annual NetEnt AB Stockholm Annual Mycronic AB Stockholm na na Annual Citycon OYJ Helsinki Quarter ABB Ltd Stockholm 1, na na Annual Axfood AB Stockholm na na Annual BillerudKorsnas AB Stockholm 1, Annual Elisa OYJ Helsinki na na Annual Orexo AB Stockholm na na na None Avanza Bank Holding AB Stockholm na 3.26 na na Annual Eolus Vind AB Stockholm na na na na Annual Malmbergs Elektriska AB Stockholm na na Annual Sportamore AB Stockholm na na #N/A N/A StrongPoint ASA Oslo na na Annual StrongPoint ASA Oslo na na Annual 21-Apr Proact IT Group AB Stockholm na na na na Annual SSAB AB Stockholm 1, na na Irreg SSAB AB Stockholm 1, na na Irreg Husqvarna AB Stockholm 1, Semi-Anl Husqvarna AB Stockholm 1, Semi-Anl Arcam AB Stockholm na na na na None Modern Times Group MTG AB Stockholm Annual Modern Times Group MTG AB Stockholm 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 Borregaard BRG Kjøp NOK x 15.5x 8.6x 8.4x Holmen HOLMB S Selg SEK x 17.6x 10.4x 10.7x AF Gruppen AFG Selg NOK x 22.3x 10.8x 12.4x Axactor AXA Kjøp NOK Akastor AKA Kjøp NOK x -5.8x 16.2x 16.4x KNOT Offshore Partners KNOP Hold USD x 11.8x 9.5x 8.8x Dorian LPG LPG Hold USD x -46.4x 6.3x 19.2x Aurora LPG AURLPG Hold NOK x 7.3x 15.5x 9.5x Alfa Laval ALFA Hold SEK x 25.2x 11.8x 13.4x CGG CGG Selg EUR x -0.6x 12.1x 8.2x Gener8 Maritime GNRT Hold USD x 9.1x 7.3x 7.8x Archer ARCHER Selg NOK x -3.5x 19.9x 14.0x Assa Abloy ASSAB Hold SEK x 22.4x 16.4x 15.4x Atea ATEA Hold NOK x 18.3x 7.8x 8.8x Atlas Copco ATCOA Hold SEK x 23.2x 14.4x 13.8x Atwood Oceanics ATW Selg USD x 80.7x 2.9x 6.2x Scandi Standard SCST Kjøp SEK x 15.7x 11.1x 8.6x Betsson BETSB Kjøp SEK x 11.2x 11.3x 9.2x Sparebank1 Nord-Norge NONG Hold NOK x 10.5x Aker BP ASA AKERBP Kjøp NOK x 14.2x 8.8x 3.8x Metsa Board METSB Hold EUR x 14.7x 12.4x 8.5x Selvaag Bolig SBO Hold NOK x 11.1x 10.7x 8.6x Bakkafrost BAKKA Kjøp NOK x 10.5x 10.9x 7.1x Evolution Gaming EVO Kjøp SEK x 27.5x 21.4x 19.5x NetEnt NETb Kjøp SEK x 30.3x 24.3x 21.5x Deep Sea Supply DESSC NOK x -2.6x 20.2x 12.2x Autoliv ALIV Kjøp SEK x 16.0x 8.4x 7.5x Nokian Tyres NRE1V Kjøp EUR x 18.2x 11.0x 10.6x BW Offshore BWO Kjøp NOK x 6.7x 6.2x Technip TECF Selg EUR x 19.8x 5.6x 7.4x Carlsberg CARLB Selg DKK x 18.5x 9.3x 8.4x Castellum CAST Hold SEK x 16.3x 25.6x 19.7x Chr. Hansen CHR Hold DKK x 34.4x 24.9x 22.4x Citycon CTY1S Kjøp EUR x 16.2x 20.7x 19.9x Coloplast COLOB Kjøp DKK x 26.5x 20.0x 18.5x Nordic Semiconductor NOD Kjøp NOK x 34.4x 31.1x 16.4x Storebrand STB Kjøp NOK x 11.5x D/S Norden DNORD Kjøp DKK x 47.2x 20.8x 10.6x DNB DNB NOK x 13.0x DOF DOF NOK x 6.6x 8.5x 9.1x North Energy NORTH Hold NOK x -1.7x Diamond Offshore DO Selg USD x 11.3x 6.2x 5.4x Svenska Handelsbanken SHB Selg SEK x 15.9x Saipem SPM Selg EUR x 21.0x 5.5x 5.5x Eidesvik Offshore EIOF NOK x -2.6x 8.6x 12.6x BillerudKorsnäs BILL Kjøp SEK x 14.7x 9.3x 8.2x Farstad Shipping FAR NOK x -0.1x 13.1x 17.7x Electrolux ELUX Kjøp SEK x 14.1x 6.5x 6.4x Elekta EKTAB Kjøp SEK x 21.7x 16.5x 12.3x Ensco ESV Hold USD x 47.1x 3.8x 6.8x Hexpol HPOLB Hold SEK x 22.1x 13.0x 13.9x Avance Gas AVANCE Kjøp NOK x -93.5x 11.4x 10.1x Stora Enso STERV F Kjøp EUR x 13.5x 7.9x 7.1x Austevoll Seafood AUSS Hold NOK x 8.7x 5.9x 3.7x Targovax TRVX Kjøp NOK x -8.2x Fabege FABG Hold SEK x 32.2x 32.4x 31.3x Havila Shipping HAVI Selg NOK x 0.0x 8.1x 13.8x Pandox PNDXB Hold SEK x 18.5x Kindred Group KINDSDB Kjøp SEK x 15.9x 14.3x 12.6x Fred Olsen Energy FOE Selg NOK x -1.0x 1.7x 8.1x Frontline FRO Hold NOK x 16.1x 6.0x 11.0x 9

10 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Prosafe PRS Hold NOK x -6.3x 6.2x 12.1x Avanza Bank AZA Kjøp SEK x 27.5x Getinge GETIB Selg SEK x 14.3x 12.3x 9.5x Gjensidige Forsikring GJF Hold NOK x 15.8x GN Group GN Hold DKK x 19.6x 14.2x 14.1x Golar LNG GLNG Kjøp USD x -13.6x -55.8x 105.5x Safe Bulkers SB Kjøp USD x -7.7x 19.8x 12.2x Tanker Investments TIL Hold NOK x 8.1x 5.3x 6.2x Grieg Seafood GSF Hold NOK x 8.8x 7.9x 6.1x Industrivärden INDUc Kjøp SEK Ocean Yield OCY Hold NOK x 7.8x 9.0x 6.6x Awilco Drilling AWDR Selg NOK x 1.8x 3.5x 0.7x Hexagon AB HEXAB Kjøp SEK x 21.9x 14.4x 15.0x Hexagon Composites HEX Kjøp NOK x 24.1x 12.6x 20.4x Norsk Hydro NHY Selg NOK x 18.4x 7.3x 7.2x Lundbergs LUNDb Selg SEK Hufvudstaden HUFV Selg SEK x 31.9x 28.9x 26.8x Medistim MEDI Hold NOK x 19.8x 19.2x 12.6x Husqvarna HUSQb Kjøp SEK x 16.0x 10.9x 9.7x Höegh LNG Holdings HLNG Kjøp NOK x 22.3x 13.0x 12.5x Borr Drilling BORR Kjøp NOK x -17.5x 54.1x 1.5x Investor INVEb Kjøp SEK Lundin Petroleum LUPE Kjøp SEK x 24.3x 14.5x 6.5x Jm Ab JM Hold SEK x 12.2x 9.9x 8.8x Skandiabanken SKBN Kjøp NOK x 13.3x Sparebanken Sør SOR Hold NOK x 10.5x Klövern KLOVb Kjøp SEK x 13.2x 20.6x 20.1x Norwegian Air Shuttle NAS Selg NOK x 19.5x 10.1x 14.9x Kone KNEBV Hold EUR x 20.8x 14.3x 13.6x Petroleum Geo-Services PGS Selg NOK x -5.9x 5.6x 4.9x Kongsberg Gruppen KOG Kjøp NOK x 18.7x 14.1x 10.4x Kungsleden KLED Kjøp SEK x 10.9x 18.5x 16.9x Kværner KVAER Selg NOK x 21.3x 2.6x 4.7x Höegh LNG Partners HMLP Kjøp USD x 10.2x 11.4x 9.8x Lerøy LSG Hold NOK x 9.0x 9.6x 5.9x Fortum FORTUM Selg EUR x 21.7x Nordic Nanovector NANO Kjøp NOK x -15.9x -17.2x -13.3x Ahlsell AB Kjøp SEK x 15.6x 13.1x 12.6x Siem Offshore SIOFF NOK x -2.1x 17.2x 18.5x Marine Harvest MHG Hold NOK x 10.5x 9.5x 6.5x UPM UPM Kjøp EUR x 13.2x 8.6x 7.3x MSAB MELK Selg SEK Com Hem COMH Selg SEK x 34.1x 10.4x 9.6x Alligator Bioscience ATORX Kjøp SEK x 16.8x Lundbeck LUN Hold DKK x 28.0x 14.6x 11.6x Ncc NCC Hold SEK x 15.3x 10.3x 7.6x Recipharm RECIB Hold SEK x 24.6x 12.6x 10.0x Scandic Hotels SHOT Kjøp SEK x 11.4x 7.3x 6.6x NRC Group NRC Hold NOK x 28.2x 13.6x 14.5x Tele2 TEL2b Hold SEK x 23.0x 9.5x 8.1x Noble NE Selg USD x -5.8x 3.9x 8.4x DHT Holdings DHT Hold USD x 14.6x 4.7x 6.5x SEB SEB Selg SEK x 13.9x Yara YAR Selg NOK x 16.4x 7.3x 7.4x Loomis LOOMb Kjøp SEK x 15.3x 7.5x 7.2x Kinnevik KINVb Kjøp SEK Weifa WEIFA Kjøp NOK x 19.3x 13.6x 13.7x Golden Ocean GOGL Hold NOK x -14.9x x 25.6x Norway Royal Salmon NRS Hold NOK x 11.7x 12.5x 7.6x Helgeland Sparebank HELG Kjøp NOK x 9.3x Norwegian Property NPRO Hold NOK x 19.7x 16.6x 18.5x Novo Nordisk NVO Hold DKK x 16.2x 12.1x 11.2x Novozymes NZYMB Selg DKK x 25.8x 15.0x 15.4x Vitrolife VITR Kjøp SEK x 40.8x 27.2x 24.8x Ocean Rig ORIG Selg USD x 2.0x 3.2x 4.8x YIT YIT Selg EUR x 14.7x 46.2x 12.8x Odfjell ODF Kjøp NOK x 10.9x 4.8x 5.4x DNO DNO Kjøp NOK x 3.3x 17.8x 2.0x Olav Thon OLT Kjøp NOK x 14.7x 16.3x 15.4x 10

11 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Opera OPERA Kjøp NOK x 15.2x 8.6x 8.3x Oriflame ORI Selg SEK x 27.3x 11.5x 13.6x Orkla ORK Hold NOK x 20.0x 16.1x 14.9x Hennes & Mauritz HMB Hold SEK x 19.9x 13.3x 10.2x Millicom MICsdb Kjøp SEK x 26.4x 5.3x 5.3x Balder BALD Hold SEK x 25.7x 23.2x 20.5x Peab PEAB Kjøp SEK x 13.8x 8.2x 8.2x Polarcus PLCS Selg NOK x -1.0x 6.5x 9.1x TGS Nopec TGS Selg NOK x 43.6x 5.7x 5.2x Golar LNG Partners GMLP Hold USD x 7.2x 8.0x 7.0x Q-Free QFR Hold NOK x 12.1x 13.5x 6.9x Spectrum SPU Selg NOK x x 2.7x 2.8x MTG MTGb Kjøp SEK x 19.0x 12.5x 12.4x Rezidor REZT SEK x 8.0x 11.8x 4.3x Rowan RDC Hold USD x x 4.0x 6.3x Pacific Drilling PACD Selg USD x -0.1x 8.4x 19.6x Valmet VALMT Hold EUR x 17.5x 8.2x 8.1x SalMar SALM Kjøp NOK x 10.5x 11.0x 7.4x Sampo Oyj SAMPO Hold EUR x 15.7x Sandvik SAND Kjøp SEK x 18.7x 10.8x 10.4x SCA SCAB Hold SEK x 17.8x 10.8x 11.1x XXL XXL Kjøp NOK x 18.5x 17.7x 13.4x Schibsted SCHA Selg NOK x 59.9x 21.6x 22.0x Scorpio Tankers STNG Hold USD x x 12.7x 10.4x Seadrill SDRL Selg NOK x -4.9x 5.5x 9.7x Swedbank SWEDA Selg SEK x 13.9x Nobia NOBI Kjøp SEK x 15.1x 18.0x 8.7x Konecranes KCR1V Hold EUR x 29.8x 10.9x 12.8x Sevan Marine SEVAN Selg NOK x -11.0x -7.8x -8.7x Solstad Offshore SOFF NOK x -4.2x 12.5x 14.9x TechnipFMC FTI Selg USD x 29.3x 9.7x 7.3x Skanska SKA Hold SEK x 17.8x 11.5x 13.0x SKF SKFB Hold SEK x 16.2x 10.1x 9.9x Tomra TOM Hold NOK x 20.8x 10.4x 10.9x Songa Offshore SONG Selg NOK x 2.9x 11.8x 5.3x Sparebank1 SMN MING Kjøp NOK x 9.8x Sparebank1 SR-Bank SRBANK Kjøp NOK x 10.0x Sparebanken Møre MORG Hold NOK x 10.8x Sparebanken Øst SPOG Hold NOK x 11.9x Nets NETS Kjøp DKK x 13.8x 12.8x 10.5x Aker AKER Hold NOK x 22.6x The Scottish Salmon ComSSC Kjøp NOK x 10.9x 24.5x 6.9x Sponda SDA1V Kjøp EUR x 15.3x 20.6x 20.9x Statoil STL Kjøp NOK x 11.1x Stolt-Nielsen SNI Kjøp NOK x 8.5x 6.3x 6.1x Pareto Bank PARB Kjøp NOK x 8.4x Securitas SECUB Kjøp SEK x 16.8x 12.0x 10.2x Subsea 7 SUBC Selg NOK x 78.7x 3.4x 7.9x Nordea NDA Selg SEK x 13.2x Cargotec CGC Hold EUR x 16.8x 9.3x 9.6x Swedish Match SWMA Hold SEK x 18.3x 13.5x 12.9x Epic Gas EPIC Kjøp NOK x 5.3x 8.8x 4.8x Latour LATOb Hold SEK A. P. Møller Mærsk maerskb Kjøp DKK x 20.5x 6.7x 5.5x Humana HUM Kjøp SEK x 13.2x 12.5x 10.6x Wärtsilä WRT1V Hold EUR x 21.2x 12.8x 13.6x Europris EPR Hold NOK x 15.2x 10.9x 10.3x Telenor TEL Kjøp NOK x 12.4x 6.0x 6.2x Telia Company TELIA Hold SEK x 11.5x 7.4x 6.6x Danske Bank DANSKE Kjøp DKK x 11.8x Ericsson ERICb Hold SEK x 20.2x 7.7x 6.9x RenoNorden RENO Selg NOK x 17.7x 5.9x 5.9x Aker Solutions AKSO Selg NOK x 100.7x 7.1x 12.3x 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 10.5x 13.9x Transocean RIG Selg USD x 7.4x -55.1x 5.6x 8.2x Trelleborg TRELB Hold SEK x 20.1x 17.0x 13.1x 11.3x Tryg TRYG Hold DKK x 14.4x 15.9x Teekay Tankers TNK Hold USD x 4.6x 15.6x 5.8x 7.4x Wilson Therapeutics WTX Kjøp SEK x -8.5x BW LPG BWLPG Kjøp NOK x 9.7x 9.0x 8.1x Veidekke VEI Hold NOK x 12.7x 11.3x 8.7x Coor Service Managemen COOR Kjøp SEK x 13.7x 11.6x 11.4x Volvo VOLVB Hold SEK x 15.6x 7.2x 6.8x AcadeMedia AB ACAD Kjøp SEK x 15.8x 11.5x 10.5x 8.5x Thule Group THULE Hold SEK x 21.3x 19.2x 15.6x 14.0x Wihlborgs WIHL Kjøp SEK x 16.4x 14.7x 21.4x 20.9x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 18.6x 9.4x 9.6x 8.9x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 18.6x 5.4x 7.4x 7.7x William Demant Holding WDH Selg DKK x 20.1x 11.0x 11.5x Wallenstam WALLb Selg SEK x 41.4x 42.0x 40.6x GasLog GLOG Kjøp USD x 14.9x 13.0x 9.6x Entra ENTRA Kjøp NOK x 20.3x 20.4x 19.4x Nibe Industrier NIBEB Hold SEK x 22.3x 16.2x 14.5x 12

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