BLANDET I ASIA, LAVERE OLJEPRIS OG ISM INDEKS SUBC & NPRO

Transkript

1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag BLANDET I ASIA, LAVERE OLJEPRIS OG ISM INDEKS SUBC & NPRO Endringer i viktige globale indekssammensetninger har påvirket de globale markedene det siste døgnet og bidro også til å løfte det amerikanske aksjemarkedet inn mot stengetid i går. Dette var likevel ikke tilstrekkelig til å kompensere helt for noe svakere nøkkeltall enn ventet, nedgang i oljeprisen og mer blandete selskapsnyheter. Dow og S&P500 endte dermed ned henholdsvis 0.5% og 0.1%, mens Nasdaq steg med 0.3%. Volumet på de tre hovedindeksene var også preget av de samme endringene og kom inn på % av gjennomsnittet for de siste tre måneder. I Japan har myndighetene i morgentimene bekreftet forventningene om at en planlagt økning i merverdiavgiften utsettes til Nikkei er før stengetid likevel ned 1.7%, hvilket ser ut til å skyldes en kombinasjon av lavere forbrukertillit i USA, lavere investeringsvekst i Japan og samtidig en fortsatt lav innkjøpssjefsindeks. Det kinesiske markedet viser på den annen side en mer forsiktig oppgang etter at innkjøpssjefsindeksene for mai her har kommet inn på linje med dempede forventninger. Indeksene her ligger i øyeblikket opp 0-1%. Også i Europa kommer det en lang rekke med innkjøpssjefsindekser utover formiddagen i dag. I tillegg får vi etter hvert den amerikanske ISM indeksen for industrien. Senere i kveld publiserer den amerikanske sentralbanken også sin statusrapport for situasjonen i økonomien. Rapporten inngår i diskusjonsgrunnlaget for rentemøtet den 15. juni. Allerede i morgen avholder imidlertid den europeiske sentralbanken sitt rentemøte for juni. I den forbindelse er det ikke ventet endringer hverken i rentene eller i omfanget av de løpende obligasjonskjøpene. I oljemarkedet var WTI-prisen i går ned USD 0.44 pr fat, i forhold til prisen ved stengetid i USA på fredag, og endte dermed på USD pr fat. Brent åpner i dag på USD pr fat, ned fra USD ved stengetid i det norske markedet i går. Forventningene til ukens OPEC-møte er begrenset og samtidig er den kanadiske produksjonen fortsatt i ferd med å komme tilbake etter de nylige brannene. Også bekymringene for eksportkapasiteten fra Nigeria og Libya ser ut til å være begrenset. Vi har gått nærmere gjennom vindkraftkontrakten Subsea 7 annonserte sammen med 50%-eide Seaway Heavy Lifting i siste halvdel av mai og konkluderer med at avtalen innebærer en betydelig økning i både omfang og kompleksitet innenfor denne sektoren for selskapet. Avtalen løfter omsetningen og ordrereserven fremover, men marginene vil på den annen side være relativt lave ettersom mye av arbeidet vil bli foretatt av underleverandører. Det impliserer samtidig at vi ikke ser grunn til å justere forventningene om en lav kapasitetsutnyttelse av selskapets interne enheter gjennom Vi gjør ingen endringer i salgsanbefaling på Subsea 7, men tar kursmålet opp fra NOK 47 til NOK 50 pr aksje. Kursen stengte i går på NOK pr aksje. Norwegian Property har i dag bekreftet salg av eiendommer på Skøyen for rundt NOK 2.5 mrd. På våre estimater øker dette estimert netto underliggende verdi med NOK 0.08 pr aksje, og tar samtidig gjeldsgraden i selskapet ned. Vi har en kjøpsanbefaling på Norwegian Property med et kursmål på NOK 10 pr aksje. Kursen stengte i går på NOK 9.25 pr aksje. Selskap Tidspunkt Konsensus Land Nøkkeltall Sverige Innkjøpssjefsindeks Norge Innkjøpssjefsindeks Tyskland Innkjøpssjefsindeks EU Innkjøpssjefsindeks USA Innkjøpssjefsindeks USA ISM Industri USA Anleggsinvesteringer % USA Salg av kjøretøy Våre anbefalte aksjer: - STB - HFISK - ORK - LSG - BRG - AKER - WWASA - QFR YTD DNB: +8 YTD OSE: +4% Internasjonale børser Siste Endr. % Dow Jones 17, S&P 500 2, NASDAQ 4, Nikkei , Euro Danmark-KFX 1, Finland-HEX 8, Norge-OSEBX Sverige-SAX Valuta/råvarer Siste I går Endr. % EUR/USD USD/JPY USD/NOK EUR/NOK Siste Endr. Endr. % CRB indeks Brent sp. ($/bbl) Brent 1m ($/bbl) Alum. 3m ($/ton) 1, US Nat.gass Renter Siste I går Endr. USA 10år Tyskl. 10år Norge 10år USA 3m Euro 3m Norge 3m 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 DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 17, S&P 500 2, Nasdaq Composite 4, Russel , Amex naturgass-indeks (XNG) Amex Oil Service Indeks Philadelphia-børsens oljeproduksjon-indeks (XOI) 1, Amex farmasi-indeks (DRG) Nasdaq biotech-indeks 2, #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) S&P 500 Paper & Forest Index ( PAFO) NORDISKE AKSJER I USA Sluttkurs USA Endr.1 dag Volum USA Sluttkurs USA, Sluttkurs Forskjell sluttkurs (USD) (USD) hjemlig valuta hjemme USA/hjemlig Norge Frontline ,591, Royal Caribbean Cruises ,510, #N/A N/A #VALUE! Questerre (CAD) , Statoil ,660, Yara , Sverige AstraZeneca ,573, Finland (EUR) Nokia ,816,780 Danmark Novo Nordisk B ,648, RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 2,383 2, % ,300 1,837 Oil Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metals Aluminium 3m 1,556 1, ,774 1,433 Nikkel 8,435 8, , ,185 13,680 7,550 Kopper 4,671 4, ,344 6,084 4,318 Gull 1,214 1, ,304 1,046 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Containerships index % Baltic dry index , RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M 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 Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD USD/JPY GBP/USD USD/NOK EUR/NOK GBP/NOK

3 DNB Markets indekseutvikling på sektornivå INDEKSEUTVIKLING PÅ SEKTORNIVÅ USA MSCI EUROPA Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Elektronisk utstyr og instrumen 1.1% 5.7% 6.3% -4.1% 5.6% 16.8 Programvare og tjenester 0.1% 5.6% 3.8% 3.6% -1.4% 19.1 Bygg og anlegg 0.8% 3.2% 17.2% -3.8% 16.4% 15.7 Teknologisk utstyr -0.1% -0.3% -9.0% -23.6% -19.0% 19.8 Bioteknologi 0.8% 2.5% 3.9% -12.0% -8.5% 13.5 Husholdningsvarer og personlige produ -0.2% 5.5% 3.5% 2.1% 3.9% 22.6 Programvare 0.7% 6.0% 5.3% 8.4% 0.7% 21.2 Kommersielle tjenester og leveranser -0.4% 2.4% 4.8% -10.5% -3.2% 16.7 Maskiner 0.6% -1.3% 9.5% -5.6% 13.0% 17.9 Transport -0.4% 1.2% 6.3% -6.5% -0.6% 14.5 Diversifiserte telekomtjenester 0.5% 0.0% 1.5% 6.9% 11.4% 13.7 Hotell-, underholdnings- og restaurantv -0.4% 5.4% -1.8% -10.8% -6.2% 19.3 Kraft 0.5% 0.7% 6.2% 10.5% 12.4% 16.9 Kapitalvarer -0.4% 2.3% 4.8% -7.6% 2.6% 16.7 Luftfart 0.4% -2.1% -13.6% -9.4% -14.9% 6.9 Biler og komponenter -0.5% -0.1% 1.3% -24.0% -13.3% 8.3 Kommunikasjonsutstyr 0.4% 4.1% 6.4% -8.2% 6.3% 12.7 Media -0.6% 2.4% -3.4% -15.0% -5.4% 17.2 Bildeler 0.4% -0.7% 5.4% -22.2% -7.7% 10.5 Forsikring -0.6% 3.4% 2.9% -10.1% -10.8% 10.6 Papir- og skogprodukter 0.3% 2.1% 19.0% -22.1% -1.4% 16.3 Helsevern - utstyr og tjenester -0.7% 4.1% 3.7% 2.3% -1.6% 23.5 Fritidsutstyr 0.2% 2.8% 5.0% 22.1% 22.9% 22.3 Finansieringsselskaper -0.7% -1.7% 0.6% -25.0% -18.1% 15.4 Metall 0.2% -11.9% 21.8% -14.0% 34.2% 24.9 Forsyningsselskaper -0.8% -0.2% 4.5% -11.1% -2.1% 14.6 Media 0.1% 0.1% 6.4% -3.7% 6.5% 16.3 Drikkevarer, mat og tobakk -0.8% 3.2% 2.6% 1.5% -0.4% 21.7 Industrielle konglomerater 0.1% -0.8% 2.9% 9.5% 0.8% 20.3 Mat- og apotekhandel -0.8% 2.0% 0.0% -8.0% 3.9% 17.7 Internett programvare og -tjenes 0.0% 3.9% 4.2% 32.3% 2.3% 25.3 Materialer -0.9% -3.9% 5.7% -21.8% 1.7% 19.1 Farmasi 0.0% 2.2% 3.8% -4.8% -0.5% 16.4 Forbruksvarer og klær -0.9% 0.3% -3.2% -10.6% -3.8% 16.7 Elektrisk utstyr -0.1% -1.5% 5.9% -11.4% 10.3% 17.6 Detaljhandel -1.2% 0.0% -3.3% -18.2% -12.0% 18.8 Datamaskiner og tilbehør -0.1% 7.1% 1.7% -21.3% -3.1% 11.9 Energi -1.2% -3.1% 4.3% -17.0% 3.8% 22.7 Forsikring -0.2% 3.6% 9.6% 5.0% 3.4% 12.3 Eiendomsselskaper -1.3% 3.4% 7.2% -2.9% 1.3% 20.9 Bank -0.3% 2.0% 9.9% -7.0% -5.5% 11.7 Telekommunikasjon og tjenester -1.3% 2.7% -1.5% -12.4% -6.3% 19.3 Helseartikler -0.4% 1.7% 11.3% 7.7% 8.1% 19.6 Banker -1.6% 1.3% 3.0% -29.2% -14.4% 11.1 Husholdningsartikler -0.5% 1.1% 0.6% 6.0% 2.8% 22.8 Olje og gass -0.6% -0.6% 15.8% -12.0% 11.2% 84.2 Energi og relatert utstyr -0.6% -4.2% 8.6% -17.4% 8.3% Legemiddelindustri og biotekno -0.6% 2.6% 1.6% -16.5% -9.3% 16.5 Matvarer -0.6% 1.8% 5.0% 10.2% 6.9% 21.9 Kjemikalier -0.6% 0.6% 6.3% -7.2% 3.3% 17.4 Hotell og restaurant -0.7% -1.6% -1.0% 4.9% -1.5% 22.0 Drikkevarer -0.7% -0.6% 3.3% 10.5% 2.7% 23.2 Kilde: Bloomberg Kilde: Bloomberg US SELSKAPER 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 MICROSOFT CORP % 6.3 % 12.2 % SEAGATE TECHNOLO % 3.6 % % AIRGAS INC #VALUE! #VALUE! #VALUE! CATERPILLAR INC % -6.7 % % WESTERN DIGITAL C % 13.9 % % SOUTHWESTERN % 1.8 % % INTL BUSINESS MACHINES % 5.3 % -9.7 % MICRON TECHNOLOG % 18.3 % % SEAGATE TECHN % 3.6 % % VERIZON COMMUNICATION % -0.1 % 3.4 % VERTEX PHARMACE % 10.4 % % WESTERN DIGITA % 13.9 % % CISCO SYSTEMS INC % 5.7 % -0.4 % ENDO INTERNATIONA % % % MICRON TECHNO % 18.3 % % AMERICAN EXPRESS CO % 0.5 % % NXP SEMICONDUCTO % 10.8 % % ALLIANCE DATA S % 9.3 % % GENERAL ELECTRIC CO % -1.7 % 10.8 % BIOGEN INC % 5.4 % % WILLIAMS COS IN % 14.3 % % PFIZER INC % 6.1 % 0.4 % CSX CORP % -3.1 % #VALUE! CHESAPEAKE EN % % % INTEL CORP % 4.3 % -6.8 % DISH NETWORK COR % 1.2 % % VERTEX PHARMA % 10.4 % % WAL-MART STORES INC % 5.8 % -5.3 % DOLLAR TREE INC % 13.6 % 17.6 % AMEREN CORPO % 3.2 % 23.2 % GOLDMAN SACHS GROUP % -2.8 % % NVIDIA CORP % 31.5 % % RANGE RESOURC % -3.4 % % TRAVELERS COS INC/THE % 3.9 % 13.0 % CHECK POINT SOFTW % 2.5 % 0.3 % ENDO INTERNATIO % % % UNITED TECHNOLOGIES CO % -3.6 % % DISCOVERY COMMU % 0.0 % % DIAMOND OFFSH % 6.4 % % JPMORGAN CHASE & CO % 3.3 % -1.2 % SIRIUS XM HOLDINGS % 1.8 % 3.6 % MONSANTO CO % 20.1 % -3.6 % UNITEDHEALTH GROUP INC % 1.5 % 11.5 % JOHNSON & JOHNSON % 0.5 % 12.6 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år 3M CO % 0.6 % 5.9 % BAIDU INC - SPON AD % -8.1 % % COCA-COLA EUR % 2.9 % 21.8 % MERCK & CO. INC % 2.6 % -7.4 % VODAFONE GROUP % 3.8 % % CONSTELLATION % -1.9 % 27.8 % COCA-COLA CO/THE % -0.4 % 8.9 % AUTODESK INC % -2.6 % 7.1 % DU PONT (E.I.) DE % -0.8 % -3.9 % PROCTER & GAMBLE CO/T % 1.1 % 2.8 % LIBERTY MEDIA GRO % 6.4 % #VALUE! BOEING CO/THE % -6.4 % % APPLE INC % 6.5 % % COGNIZANT TECH SO % 5.3 % -6.1 % TYSON FOODS IN % -3.1 % 51.1 % VISA INC-CLASS A SHARES % 2.2 % 14.2 % NORWEGIAN CRUISE % -5.1 % % APACHE CORP % 5.0 % -2.9 % MCDONALD'S CORP % -3.5 % 26.9 % LIBERTY MEDIA GRO % 5.3 % #VALUE! BERKSHIRE HATH % -3.4 % -2.0 % CHEVRON CORP % -1.2 % -1.6 % INTUIT INC % 5.7 % 0.2 % AUTODESK INC % -2.6 % 7.1 % WALT DISNEY CO/THE % -3.9 % % KRAFT HEINZ CO/THE % 6.6 % #VALUE! MOSAIC CO/THE % -9.9 % % EXXON MOBIL CORP % 0.7 % 4.6 % ROSS STORES INC % -6.0 % 10.7 % CARNIVAL CORP % -2.7 % 2.1 % HOME DEPOT INC % -1.3 % 18.3 % EXPEDIA INC % -3.9 % 3.5 % NIKE INC -CL B % -6.3 % 8.5 % NIKE INC -CL B % -6.3 % 8.5 % CELGENE CORP % 2.0 % -7.8 % COGNIZANT TECH % 5.3 % -6.1 % BOEING CO/THE % -6.4 % % PAYPAL HOLDINGS I % -3.5 % #VALUE! LOCKHEED MART % 1.7 % 23.6 % DU PONT (E.I.) DE NEMOUR % -0.8 % -3.9 % NETFLIX INC % 13.9 % 15.2 % ADVANCE AUTO P % -1.4 % 0.3 % Kilde: Bloomberg 3

4 DNB Markets ETF / ETP Endring i % ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum A ksjer / Indekser Hong Kong EWH % 4.4 % -0.2 % % USD Bioteknologi IBB % 5.2 % 4.4 % % USD Japan EWJ % 1.9 % 3.2 % -10.1% USD Forsyningstjenester XLU % 2.7 % 1.5 % 10.3 % USD Russell 2000 Growth IWO % 4.5 % 2.8 % -9.9 % USD Russell 2000 IWM % 3.9 % 2.2 % -7.5 % USD Teknologi USA XLK % 3.6 % 4.9 % 1.6 % USD Nasdaq 100 QQQ % 3.8 % 4.4 % -0.1% USD Emerging M arkets EEM % 3.0 % -3.7 % -19.1% USD Industri XLI % 1.8 % -0.4 % -0.2 % USD Pacific ex-japan EPP % 1.9 % -2.2 % % USD S&P M idcap 400 M DY % 3.1 % 2.2 % -2.3 % USD Oil Service OIH % 3.8 % -6.4 % % USD S&P 500 SPY % 2.3 % 1.7 % -0.8 % USD Dow Jones Total market THRK % 2.1 % 2.1 % -2.1% USD 1691 Finansielle tjenester XLF % 2.4 % 1.9 % -3.5 % USD TecDax TDXPEX % 0.4 % 3.3 % -1.3 % EUR 9634 Energi XLE % 1.3 % -0.9 % % USD DJIA DIA % 1.6 % 0.0 % -1.5 % USD CAC-40 CAC % 2.0 % 3.5 % % EUR Forbruksvarer XLP % 0.9 % 0.7 % 7.9 % USD FTSE 100 ISF % 1.5 % 0.6 % -9.6 % GBp S&P Euro 350 IEV % 2.4 % -0.8 % % USD DAX DAXEX % 1.6 % 1.5 % % EUR AEX-Nederland AEXT % 1.2 % -0.1% -8.9 % EUR 197 Brasil EWZ % -2.3 % % % USD Latin-America 40 ILF % -1.5 % % % USD Olje / Energi Naturgass NGAS % 2.4 % 0.5 % -42.1% USD WTI-olje OILW % 3.8 % 7.4 % -34.1% USD 0 Brent-olje OILB % 3.6 % 6.1 % % USD Fyringsolje HEAT % 2.8 % 9.2 % % USD Råolje CRUD % 3.7 % 8.0 % -40.1% USD Bensin UGAS % -0.3 % 2.5 % % USD 0 WTI-Oil USO % 1.8 % 5.0 % % USD M etaller Sink ZINC % 3.6 % -0.7 % % USD Nikkel NICK % 0.5 % % % USD Gull BULL % -2.9 % -6.4 % 0.5 % USD 2617 Aluminium ALUM % -0.3 % -7.6 % % USD Bomull COTN % 4.3 % -0.3 % -2.9 % USD 1106 Kobber COPA % 2.0 % -7.7 % % USD A ndre råvarer Svinekjøtt HOGS % 3.4 % 0.6 % -6.9 % USD 0 Soyaolje SOYO % 3.2 % -4.4 % % USD 1250 Kveg CATL % 3.1 % 5.3 % % USD 0 Råoljer AIGO % 2.8 % 6.3 % -34.1% USD 62 Kaffe COFF % -0.2 % -0.1% -16.1% USD Soyabønner SOYB % 2.6 % 5.3 % 16.5 % USD 4436 M ais CORN % 3.2 % 3.8 % 5.1 % USD Sukker SUGA % 3.2 % 6.2 % 24.1 % USD 0 R åvarekurver Buskap AIGL % 3.1 % 3.3 % % USD 0 Råvarer AIGC % 1.6 % 1.4 % % USD Industrimetaller AIGI % 1.6 % -6.8 % % USD 6805 Ex-Energi AIGX % 1.1 % -1.6 % -4.7 % USD 0 Edle metaller AIGP % -2.8 % -7.7 % -1.5 % USD 7440 Softs (Sukker, Kakao, Bomull) AIGS % 2.3 % 3.2 % 6.7 % USD 0 Landbruk AIGA % 2.6 % 3.5 % 5.9 % USD Korn AIGG % 2.5 % 2.5 % 4.0 % USD 2500 Kilde: Bloomberg 4

5 DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum DNB BEAR DNB NOR HA % % -3.3 % 17.6 % NOK 0 Strømpris DNB-ETN ELKRAFT BULL % -6.2 % 27.5 % 10.0 % NOK 9000 Strømpris BULL EL HA % -6.6 % 29.2 % -25.1% NOK 0 Naturgasspris BULL NATGAS ETN DNM % 20.7 % 23.1 % % NOK 0 Telenor DNB-ETN TELENOR X3 BEAR % -5.5 % -15.1% 13.2 % NOK 6000 Strømpris DNB-ETN ELKRAFT % -2.6 % 14.2 % 18.5 % NOK 0 PGS DNB-ETN PGS BULL % 18.9 % % % NOK REC BEAR REC DNM % 4.2 % % #VALUE! NOK 0 Yara DNB-ETN YARA X3 BEAR % -2.4 % 3.8 % 16.0 % NOK Sinkpris BULL SINK ETN DNM % 10.4 % 1.3 % % NOK 0 Naturgasspris NATGAS ETN DNM % 10.1 % 13.5 % % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BULL % 11.9 % 14.7 % 71.1 % NOK 385 Statoil DNB-ETN STATOIL X3 BEAR % 1.6 % 11.7 % -56.1% NOK Telenor DNB - ETN TELENOR BEAR % -3.5 % % 16.1 % NOK 0 Oljepris DNB - ETN BRENT BULL % 5.3 % 11.9 % % NOK 5255 Oljepris BULL OLJE HA % 5.3 % 11.6 % % NOK 1990 Orkla DNB-ETN ORKLA X3 BEAR % -1.2 % % % NOK 0 OBX BEAR OBX X4 DNM % -6.3 % -8.5 % % NOK 4852 Yara DNB-ETN YARA BEAR % -1.5 % 2.7 % 19.7 % NOK 0 Fred. Olsen Energy BEAR FOE DNM % -6.1% 2.9 % % NOK 850 Sinkpris SINK ETN DNM % 5.1 % 2.6 % -9.7 % NOK 0 Statoil DNB-ETN STATOIL BEAR % 1.0 % 8.1 % % NOK 0 Aluminium BULL ALU ETN DNM % -0.8 % % % NOK 0 OBX DNB-ETN OBX X3 BEAR % -4.8 % -6.3 % % NOK 0 Norsk Hydro BULL NHY X3 DNM % 2.0 % -8.0 % % NOK Kobberpris BULL KOBBER HA % 3.8 % % % NOK 0 Oljepris DNB - ETN BRENT % 2.6 % 8.1 % % NOK CO2 BULL CO2 ETN DNM % 11.4 % -6.4 % % NOK 0 Gullpris DNB-ETN GULL BULL % -3.4 % -8.0 % 2.5 % NOK 5400 Gullpris BULL GULL HA % -3.4 % -8.0 % 2.1 % NOK 0 Storebrand DNB-ETN STOREBRAND BULL % 9.5 % 13.1 % 47.3 % NOK 0 Sølvpris BULL SOLV ETN DNM % -2.9 % % % NOK 0 OBX XACT DERIVAT BEAR % -3.2 % -3.9 % -4.6 % NOK M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR % -3.6 % % % NOK 0 Aluminium ALU ETN DNM % -0.4 % -4.4 % % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL % 1.5 % -4.7 % -25.1% NOK 0 DNO BEAR DNO DNM % 3.3 % -3.2 % % NOK 0 Schibsted BEAR SCH DNM % -1.1 % % % NOK 0 CO2 CO2 ETN DNM % 5.7 % -2.2 % % NOK 0 Opera BULL OPERA DNM % 0.2 % 1.9 % % NOK Kobberpris BULL KOBBER ETN DNM % 3.6 % % % NOK 0 Gullpris DNB-ETN GULL % -1.7 % -2.2 % 4.2 % NOK 0 Sølvpris SOLV ETN DNM % -1.5 % -6.9 % -3.7 % NOK 0 TGS Nopec DNB-ETN TGS BEAR % -2.2 % 7.7 % 30.5 % NOK 0 OBX SHORT OBX DNM % -1.5 % -1.9 % #VALUE! NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR % 4.0 % -5.5 % % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR % 1.3 % 14.9 % % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR % -3.6 % 12.2 % 17.7 % NOK 0 REC BULL REC HA % -0.6 % 17.0 % % NOK OBX BULL OBX X3 HA % 9.6 % 6.5 % % NOK 23 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR % -5.2 % 6.3 % -3.5 % NOK 0 Aluminium BULL ALU HA % -1.4 % % % NOK 0 Statoil BULL STL HA % 0.0 % % % NOK 100 Statoil BEAR STL HA % 0.0 % 7.1 % % NOK 2500 Norsk Hydro BULL NHY HA % 0.0 % 0.0 % % NOK Yara BEAR YARA HA % 0.0 % 0.0 % 15.0 % NOK 3000 Norsk Hydro BEAR NHY HA % -8.6 % -8.6 % % NOK 2000 Aluminium BEAR ALU HA % 1.2 % 21.2 % 26.3 % NOK 0 Opera BEAR OPERA DNM % 0.0 % -8.2 % % NOK 7600 Kilde: Bloomberg FORTS. 5

6 DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Aker Solutions DNB-ETN AKER SOLUTIONS BEAR % -5.2 % 6.3 % -3.5 % NOK 0 Aluminium BULL ALU HA % -1.4 % % % NOK 0 Statoil BULL STL HA % 0.0 % % % NOK 100 Statoil BEAR STL HA % 0.0 % 7.1 % % NOK 2500 Norsk Hydro BULL NHY HA % 0.0 % 0.0 % % NOK Yara BEAR YARA HA % 0.0 % 0.0 % 15.0 % NOK 3000 Norsk Hydro BEAR NHY HA % -8.6 % -8.6 % % NOK 2000 Aluminium BEAR ALU HA % 1.2 % 21.2 % 26.3 % NOK 0 Opera BEAR OPERA DNM % 0.0 % -8.2 % % NOK 7600 Aker Solutions DNB-ETN AKER SOLUTIONS BULL % 3.8 % % % NOK 0 DNB BULL DNBNOR HA % 12.6 % 7.6 % % NOK Oljeservice DNB - ETN OIL SERVICE % 1.1 % -8.0 % % NOK 0 Kobberpris BEAR KOBBER ETN DNM % -3.5 % 19.1 % 44.4 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL % 1.6 % % % NOK 3500 Subsea 7 DNB-ETN SUBSEA 7 BULL % -5.1% -1.0 % % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL % -1.4 % % 9.0 % NOK 9500 TGS Nopec DNB-ETN TGS BULL % 1.6 % % % NOK 0 OBX DNB OBX % 1.6 % 1.7 % -4.9 % NOK 4979 CO2 BEAR CO2 ETN DNM % % 4.3 % 2.1 % NOK 0 OBX XACT OBX % 1.3 % 1.6 % -5.0 % NOK Seadrill DNB-ETN SEADRILL BULL % 12.3 % % % NOK Sølvpris BEAR SOLV ETN DNM % 2.9 % 27.3 % -1.4 % NOK 0 BW LPG BULL BWLPG DNM % 8.1 % -3.5 % % NOK 1500 Schibsted BULL SCH DNM % 1.0 % 23.1 % % NOK 0 DNO BULL DNO DNM % -4.9 % % % NOK Aluminium BEAR ALU ETN DNM % 0.8 % 20.8 % 25.8 % NOK 0 Gullpris DNB-ETN GULL BEAR % 3.4 % 15.9 % -5.6 % NOK 0 Gullpris BEAR GULL HA % 3.4 % 15.8 % -6.0 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL % 3.5 % 25.5 % % NOK 1000 Norsk Hydro DNB-ETN NORSK HYDRO BEAR % -1.9 % 2.0 % % NOK 0 OBX XACT DERIVAT BULL % 3.1 % 3.3 % % NOK Kobberpris BULL KOBBER ETN DNM % 1.8 % -3.7 % % NOK 0 Kobberpris BEAR KOBBER HA % -3.9 % 19.9 % 50.2 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR % -9.0 % % % NOK 0 Norsk Hydro BEAR NHY X3 DNM % -3.0 % 2.0 % % NOK 7500 OBX DNB-ETN OBX X3 BULL % 4.4 % 4.5 % % NOK 0 Statoil DNB-ETN STATOIL BULL % -1.6 % -9.8 % % NOK 0 Fred. Olsen Energy BULL FOE DNM % 4.7 % % % NOK 0 Yara DNB-ETN YARA BULL % 1.3 % -3.7 % % NOK 0 Yara DNB-ETN YARA BULL % 1.3 % -3.7 % % NOK 0 OBX BULL OBX X4 DNM % 6.0 % 5.7 % % NOK 2500 Oljepris DNB - ETN BRENT BEAR % -5.3 % -7.3 % 22.1 % NOK 0 Oljepris BEAR OLJE HA % -5.2 % -8.1% 43.7 % NOK 0 Sink BEAR SINK ETN DNM % -9.8 % 4.3 % 5.8 % NOK 0 Statoil DNB-ETN STATOIL X3 BULL % -2.5 % -15.1% % NOK 3000 Orkla DNB-ETN ORKLA X3 BULL % 0.7 % 25.8 % 82.6 % NOK 1775 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR % % % % NOK Telenor DNB-ETN TELENOR BULL % 3.4 % 9.6 % % NOK 0 PGS DNB-ETN PGS BEAR % % 13.8 % % NOK 0 Yara DNB-ETN YARA X3 BULL % 1.9 % -5.8 % % NOK 0 REC BEAR REC HA % 0.0 % % % NOK 1 REC DNB-ETN REC BULL % -4.9 % 11.0 % % NOK Telenor DNB-ETN TELENOR X3 BULL % 5.0 % 14.2 % % NOK 4100 Naturgasspris BEAR NATGAS ETN DNM % % % 48.0 % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR % 3.7 % % % NOK 0 Strømpris BEAR EL HA % 3.6 % % % NOK 0 Golden Ocean BULL GOGL DNM % 33.1 % % % NOK OBX BEAR OBX X3 HA % 0.0 % 13.2 % 0.7 % NOK Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER Selg Hold Kjøp 63 6

7 DNB Markets 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 x 12.0x 4.6x 3.5x AF Gruppen AFG Selg NOK x 21.6x 11.5x 10.7x Akastor AKA Selg NOK x -3.9x 17.7x 8.2x Aker AKER Hold NOK x 57.6x Aker Solutions AKSO Selg NOK x 112.5x 5.7x 8.6x Alfa Laval ALFA Selg SEK x 18.1x 9.9x 9.8x Archer ARCHER Selg NOK x -1.5x 13.1x 12.8x Assa Abloy ASSAB Hold SEK x 22.9x 16.6x 15.2x Atea ATEA Hold NOK x 14.7x 8.2x 7.1x Atlas Copco ATCOA Hold SEK x 19.6x 12.0x 11.1x Atwood Oceanics ATW Selg USD x 111.4x 3.1x 7.4x Aurora LPG AURLPG Kjøp NOK x 4.0x 7.0x 6.0x Austevoll Seafood AUSS Kjøp NOK x 9.0x 4.6x 3.4x Autoliv ALIV Hold SEK x 15.2x 8.4x 7.5x Avance Gas AVANCE Kjøp NOK x 5.2x 5.6x 5.9x Awilco Drilling AWDR Hold NOK x 1.9x 2.8x 0.7x Axactor AXA Kjøp NOK Bakkafrost BAKKA Hold NOK x 14.7x 11.5x 9.5x Betsson BETSB Kjøp SEK x 12.7x 11.4x 10.2x BillerudKorsnäs BILL Kjøp SEK x 13.6x 8.0x 7.9x Borregaard BRG Kjøp NOK x 10.6x 6.7x 5.4x BW LPG BWLPG Kjøp NOK x 5.5x 6.2x 5.3x BW Offshore BWO Selg NOK x -0.8x 6.6x 7.2x Cargotec CGC Selg EUR x 13.1x 9.0x 8.0x Carlsberg CARLB Selg DKK x 19.9x 10.0x 9.4x Castellum CAST Kjøp SEK x 15.1x 24.6x 19.5x Chr. Hansen CHR Hold DKK x 33.9x 25.7x 21.9x Citycon CTY1S Kjøp EUR x 13.7x 18.1x 17.5x Coloplast COLOB Kjøp DKK x 24.5x 19.1x 16.7x Com Hem COMH Selg SEK x 39.7x 9.4x 8.9x Coor Service Managemen COOR Kjøp SEK x 10.2x 10.1x 8.8x D/S Norden DNORD Kjøp DKK x 111.3x 4.4x 5.8x Danske Bank DANSKE Kjøp DKK x 9.5x Deep Sea Supply DESSC Selg NOK x -0.8x 21.1x 23.4x Det norske oljeselskap DETNOR Hold NOK x 9.8x 5.9x 3.1x DHT Holdings DHT Hold USD x 13.8x 4.5x 6.0x Diamond Offshore DO Selg USD x 19.8x 7.6x 7.1x Diana Shipping DSX Hold USD x -2.2x -47.4x 150.3x DNB DNB NOK x 8.8x DNO DNO Kjøp NOK x 3.1x 4.1x 1.4x DOF DOF Selg NOK x 3.4x 9.1x 9.6x Dorian LPG LPG Kjøp USD x 10.6x 6.5x 8.7x Eidesvik Offshore EIOF Selg NOK x -2.4x 10.6x 15.2x Electrolux ELUX Selg SEK x 13.6x 6.8x 6.4x Elekta EKTAB Kjøp SEK x 17.7x 12.5x 10.2x Ensco (Restricted) ESV Hold USD x 7.9x 4.1x 4.6x Entra ENTRA Kjøp NOK x 18.8x 18.3x 16.9x Epic Gas EPIC Kjøp NOK x 678.1x 9.9x 7.9x Euronav EURN Hold USD x 37.9x 4.7x 7.8x Europris EPR Hold NOK x 14.7x 11.0x 9.9x Fabege FABG Hold SEK x 30.0x 31.2x 29.5x Farstad Shipping FAR Selg NOK x -0.6x 10.2x 15.1x Flex LNG FLNG Hold NOK x x -72.7x -74.1x FLSmidth FLS Hold DKK x 14.4x 8.9x 7.6x FMC Technologies FTI Selg USD x 32.2x 10.3x 11.1x Fortum FUM1V Kjøp EUR x 21.8x Fred Olsen Energy FOE Selg NOK x -3.5x 1.7x 2.7x Frontline FRO Hold NOK x 10.2x 7.6x 10.0x Frontline 2012 FRNT Kjøp NOK x 11.1x 8.8x 10.3x GasLog GLOG Kjøp USD x 13.3x 12.2x 9.0x Gener8 Maritime GNRT Kjøp USD x 5.0x 5.2x 6.1x Getinge GETIB Selg SEK x 14.5x 11.8x 9.4x Gjensidige Forsikring GJF Hold NOK x 16.5x Kilde: DNB Markets, FactSet, Bloomberg 7

8 DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA GN Store Nord GN Selg DKK x 15.5x 12.3x 10.7x Golar LNG GLNG Hold USD x -11.5x 142.9x 20.5x Golar LNG Partners GMLP Hold USD x 5.5x 7.2x 6.4x Golden Ocean GOGL Hold NOK x -6.8x -72.4x 23.6x Grieg Seafood GSF Kjøp NOK x 7.1x 7.4x 4.9x Havfisk HFISK Kjøp NOK x 10.0x 6.9x 5.6x Havila Shipping HAVI Selg NOK x -0.2x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK x 7.1x Hennes & Mauritz HMB Hold SEK x 19.1x 12.1x 10.1x Hexagon AB HEXAB Kjøp SEK x 20.6x 14.5x 13.2x Hexagon Composites HEX Hold NOK x 20.6x 15.1x 10.2x Hexpol HPOLB Kjøp SEK x 19.4x 12.6x 11.3x Hufvudstaden HUFV Hold SEK x 31.2x 26.8x 25.9x Humana HUM Kjøp SEK x 14.4x 13.2x 10.9x Husqvarna HUSQb Kjøp SEK x 14.2x 9.9x 8.1x Höegh LNG Holdings HLNG Kjøp NOK x 14.8x 13.3x 10.5x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.0x 9.6x 8.1x Klövern KLOVb Kjøp SEK x 13.4x 19.4x 18.3x KNOT Offshore Partners KNOP Hold USD x 9.7x 8.4x 7.9x Kone KNEBV Hold EUR x 21.4x 14.7x 13.5x Konecranes KCR1V Kjøp EUR x 16.5x 9.0x 8.2x Kongsberg Gruppen KOG Kjøp NOK x 12.5x 9.8x 7.0x Kungsleden KLED Kjøp SEK x 11.9x 18.3x 17.0x Kværner KVAER Hold NOK x 23.8x 1.2x 1.3x Lerøy LSG Kjøp NOK x 9.2x 7.8x 5.5x Loomis LOOMb Kjøp SEK x 13.5x 6.8x 6.6x Lundbeck LUN Kjøp DKK x 27.7x 17.5x 10.6x Lundin Petroleum LUPE Hold SEK x 21.0x 11.6x 6.4x Marine Harvest MHG Kjøp NOK x 11.7x 10.2x 7.3x Meda MEDA Hold SEK x 25.9x 12.8x 10.8x Metso MEO1V Kjøp EUR x 14.4x 8.2x 7.2x Millicom MICsdb Kjøp SEK x 25.4x 5.9x 5.4x MTG MTGb Kjøp SEK x 14.0x 10.6x 9.5x Ncc NCC Hold SEK x 15.8x 13.9x 12.2x NetEnt NETb Kjøp SEK x 6.4x 4.8x 3.7x Nibe Industrier NIBEB Selg SEK x 5.7x 7.0x 5.9x Nobia NOBI Kjøp SEK x 12.7x 8.4x 7.0x Noble NE Selg USD x -15.0x 5.6x 7.9x Nokian Tyres NRE1V Kjøp EUR x 16.6x 10.6x 9.4x Nordea NDA Kjøp SEK x 10.0x Nordic Nanovector NANO Kjøp NOK x -4.8x -2.9x -3.6x Nordic Semiconductor NOD Kjøp NOK x 19.5x 16.8x 11.2x Norsk Hydro NHY Selg NOK x 15.6x 5.7x 5.2x North Energy NORTH Hold NOK x -1.3x Norway Royal Salmon NRS Kjøp NOK x 9.1x 9.6x 6.0x Norwegian Air Shuttle NAS Kjøp NOK x 8.5x 11.8x 10.7x Norwegian Property NPRO Kjøp NOK x 19.4x 19.1x 19.1x Novo Nordisk NVO Kjøp DKK x 21.4x 17.8x 15.1x Novozymes NZYMB Selg DKK x 28.5x 19.5x 17.5x NRC Group NRC Hold NOK x 20.3x 13.8x 11.7x Ocean Rig ORIG Selg USD x 6.0x 3.6x 5.6x Ocean Yield OCY Hold NOK x 5.7x 8.3x 6.6x Odfjell ODF Kjøp NOK x 3.5x 4.7x 4.5x Odfjell Drilling ODL Hold NOK x 51.3x 6.9x 7.4x Olav Thon OLT Kjøp NOK x 13.3x 15.4x 14.9x Opera OPERA Hold NOK x 17.7x 15.0x 11.7x Oriflame ORI Selg SEK x 18.4x 10.3x 9.1x Orkla ORK Kjøp NOK x 19.9x 15.4x 14.4x Outotec OTE1V Kjøp EUR x 22.4x 6.3x 5.5x Pacific Drilling PACD Selg USD x -2.8x 9.0x 21.6x Pandox PNDXB Hold SEK x 17.4x 19.4x 17.4x Peab PEAB Hold SEK x 11.3x 7.2x 6.1x PGS PGS Selg NOK x -2.8x 6.4x 8.1x Polarcus PLCS Selg NOK x -0.6x 18.0x 13.8x Prosafe PRS NOK x 10.4x 10.0x 9.4x Q-Free QFR Kjøp NOK x 10.4x 9.5x 5.0x Recipharm RECIB SEK x 13.3x 11.1x 8.7x Kilde: DNB Markets, FactSet, Bloomberg 8

9 DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA RenoNorden RENO Kjøp NOK x 9.3x 6.5x 6.1x Rezidor REZT Hold SEK x 9.6x 6.8x 4.4x Safe Bulkers SB Selg USD x -2.0x 24.2x 19.2x Saipem SPM Hold EUR x 29.7x 3.9x 5.3x SalMar SALM Hold NOK x 12.8x 11.2x 8.3x Sampo Oyj SAMAS Hold EUR x 14.1x Sandvik SAND Kjøp SEK x 14.9x 8.9x 7.9x SCA SCAB Hold SEK x 19.0x 11.2x 10.2x Scandi Standard SCST Hold SEK x 11.2x 8.7x 6.4x Schibsted SCHA Selg NOK x 50.3x 53.2x 43.8x Scorpio Tankers STNG Hold USD x 11.5x 9.8x 10.3x Seadrill SDRL Selg NOK x 208.6x 5.7x 10.6x SEB SEB Kjøp SEK x 10.0x Securitas SECUB Kjøp SEK x 16.0x 11.0x 9.7x Selvaag Bolig SBO Kjøp NOK x 11.2x 11.9x 9.6x Sevan Marine SEVAN Selg NOK x -16.3x -10.1x -14.1x Siem Offshore SIOFF NOK x -2.7x 10.4x 12.3x Skandiabanken SKBN Kjøp NOK x 9.9x Skanska SKA Hold SEK x 13.9x 7.5x 7.6x SKF SKFB Hold SEK x 13.0x 8.9x 8.3x Solstad Offshore SOFF Selg NOK x -1.2x 13.9x 18.5x Songa Offshore SONG Selg NOK x 0.5x 5.8x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK x 7.3x Sparebank1 SMN MING Kjøp NOK x 6.5x Sparebank1 SR-Bank SRBANK Kjøp NOK x 6.2x Sparebanken Møre MORG Kjøp NOK x 7.0x Sparebanken Øst SPOG Kjøp NOK x 9.0x Spectrum SPU Hold NOK x 19.4x 2.0x 2.0x Sponda SDA1V Kjøp EUR x 12.5x 19.8x 18.2x Statoil STL Hold NOK x 10.3x Stolt-Nielsen SNI Kjøp NOK x 7.8x 5.6x 5.5x Storebrand STB Kjøp NOK x 7.0x Subsea 7 SUBC Selg NOK x -52.8x 3.6x 8.4x Svenska Handelsbanken SHB Selg SEK x 13.2x Swedbank SWEDA Kjøp SEK x 11.5x Swedish Match SWMA Hold SEK x 18.2x 12.7x 12.0x Tanker Investments TIL Hold NOK x 4.8x 4.3x 4.9x Technip TECF Selg EUR x 20.8x 3.5x 5.9x Teekay Tankers TNK Hold USD x 4.4x 4.3x 4.7x Tele2 TEL2b Kjøp SEK x 19.0x 9.1x 7.2x Telenor TEL Kjøp NOK x 11.8x 6.3x 5.9x Telia Company TELIA Hold SEK x 11.8x 7.5x 6.8x TGS Nopec TGS Selg NOK x -56.9x 4.8x 4.5x The Scottish Salmon ComSSC Kjøp NOK x 7.7x 7.2x 5.0x Thule Group THULE Kjøp SEK x 18.5x 14.7x 13.3x Tomra TOM Hold NOK x 19.0x 10.8x 10.4x Topdanmark TOP Kjøp DKK x 13.7x Transocean RIG Selg USD x -51.4x 5.6x 7.4x Trelleborg TRELB Hold SEK x 14.9x 11.5x 9.4x Tryg TRYG Hold DKK x 15.8x Tsakos Energy NavigationTNP Kjøp USD x 4.4x 5.2x 5.5x Unibet UNIB Hold SEK x 18.4x 15.9x 14.5x Valmet VALMT Kjøp EUR x 12.5x 6.7x 5.9x Veidekke VEI Hold NOK x 10.7x 8.6x 7.2x Vitrolife VITR Hold SEK x 35.1x 27.8x 21.8x Volvo VOLVB Kjøp SEK x 11.7x 5.4x 4.5x Weifa WEIFA Kjøp NOK x 18.1x 14.6x 10.4x Wihlborgs WIHL Kjøp SEK x 15.2x 21.0x 19.6x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 7.5x 6.9x 6.5x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 3.8x 3.7x 2.8x William Demant Holding WDH Selg DKK x 19.6x 13.3x 11.7x Wärtsilä WRT1V Hold EUR x 15.4x 11.0x 9.6x XXL XXL Hold NOK x 18.4x 16.9x 13.0x Yara YAR Selg NOK x 14.8x 6.2x 6.5x Kilde: DNB Markets, FactSet, Bloomberg 9

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