FLATT OG FORSIKTIG I AKSJER OG OLJE UENDRET PORTEFØLJE & BWO

Transkript

1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag FLATT OG FORSIKTIG I AKSJER OG OLJE UENDRET PORTEFØLJE & BWO Med markedet stengt i dag ble det en forsiktig utvikling på lavt volum i USA på fredag. Oppdateringene av BNP-veksten for Q1 og ordreinngangen for varige goder i april bidro imidlertid til å holde S&P500 og Nasdaq like over utgangspunktet, mens Dow stengte tilsvarende marginalt lavere. Volumet på de tre hovedindeksene kom inn på 67-81% av gjennomsnittet for de siste tre måneder. En ny rakettoppskytning fra Nord-Korea ser i første omgang ut til bli møtt et skuldertrekk av de asiatiske markedene i morgentimene i dag. Utviklingen i de amerikanske nøkkeltallene, en høyere oljepris og fornyet interesse for den kinesiske eiendomssektoren trekker isteden indeksene noe oppover. I Japan stenger Nikkei opp 0.1%, mens den åpne indeksene i Hong Kong i øyeblikket ligger opp inntil 0.3%. Markedene både i Kina, USA og UK er stengt for ordinær handel i dag og dette vil dermed også kunne påvirke aktiviteten i det norske markedet. Til gjengjeld innledes uken imidlertid med flere nøkkeltall fra de nordiske landene. Fra Norge får vi en oppdatert lønnsindeks, mens vi fra Sverige får oppdateringen av handelsbalansen. I tillegg kommer det blant annet tillitsindikatorer fra den finske økonomien. Ute i Europa vil investorene også følge med på hva som kommer av eventuelle signaler fra ESB-sjefen i forbindelse med hans presentasjon for bankkomiteen i EU-parlamentet i dag. Utover i uken vil interessen raskt bli rettet mot de månedlige oppdateringene av de kinesiske innkjøpssjefsindeksene og de amerikanske arbeidsmarkedstallene. Førstnevnte legges frem tidlig onsdag morgen, mens sistnevnte vil bli lagt frem torsdag og fredag. Riggaktiviteten i det amerikanske markedet viste sent fredag en økning begrenset til to enheter for forrige uke, men sammen med kommentarer fra Saudi-Arabia vedrørende lagersituasjonen samt en svakere USD-kurs har dette vært tilstrekkelig til å holde oljeprisen oppe gjennom helgen. WTI-prisen var i USA på fredag opp USD 1.08 pr fat til USD pr fat, og har i morgentimene i dag dempet seg tilbake på USD pr fat. Brent-prisen lå ved stengetid i Oslo fredag på USD pr fat, og har i morgentimene i dag steget til USD pr fat. Vi gjør denne uken ingen endringer i den ukentlige porteføljen med anbefalte aksjer. Dagens Q1-rapport fra BW Offshore viser en topplinje helt i tråd med både våre forventninger og med konsensus. EBITDA er imidlertid tynget av nedskrivninger knyttet til utestående fordringer for Sendje Berge og endte dermed på USD 62 mill, henholdsvis 21% under vårt estimat og 15% under konsensus. Markedets fokus ved åpning vil kunne bli rettet mot kontantstrømmen. Reduserte investeringer medførte at fri kontantstrøm for Q1 lå på USD 0.3 mrd mot vårt estimat på USD 0.2 mrd. Vi venter at reaksjonen i dag i første rekke vil bli preget av hva selskapet ved presentasjonen sier om investeringsbehov og nivå fremover, og har før eventuelle justeringer en holdanbefaling med et kursmål på NOK 23 pr aksje. Kursen stengte fredag på NOK pr aksje. 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 6, 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 - Stolt-Nielsen - Salmar - Statoil - Borregaard - Golden Ocean - Europris - Skandiabanken - Bakkafrost - Nordic Semiconductor YTD DNB: 9% YTD OSE: 5% Rapporter Norden - BW Offshore - Byggma Nøkkeltall Norden - NO: Lønnsindeks - SF: Bedriftstillit - SF: Forbrukertillit - SF: Boligpriser - SE: Handelsbalanse Rapporter / nøkkeltall Europa / USA - UK: Boligpriser - SP: Retail - EU: ESB Draghi -tale - US; Markeder stengt - Konferanser / presentasjoner - DNB TMT Conf, 22. Aug - DNB Retail & Con Conf. 5. Sep 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 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 , GN Store Nord , AP Møller Maersk ,618 12, , Finland Nokia ,264, Metso , TeliaSonera , UPM Kymmene , Norge Frontline ,668, Norsk Hydro , Yara , Golden Ocean , PGS , Statoil ,571, Subsea , DNB , Telenor , Tomra Questerre , Orkla , Sverige AstraZeneca ,555, Electrolux , Ericsson (B) ,022, 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 2,257 2, ,509 2,093 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 1,951 1, ,981 1,536 Nikkel 9,080 9, , ,145 8,335 Kopper 5,658 5, ,204 4,484 Gull 1,266 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 Bank 1.2% 1.9% 5.8% 23.0% 18.3% 11.4 Media 0.7% 1.2% 2.9% 1.4% 1.9% 17.6 Bildeler 0.7% -2.2% 1.1% 15.5% 8.2% 19.2 Helsevern - utstyr og tjenester 0.5% 1.9% 8.1% 6.3% 9.3% 23.1 Farmasi 0.7% -3.9% -13.5% -2.0% -16.8% 59.8 Kapitalvarer 0.3% -1.3% 6.9% 22.3% 11.9% 18.6 Internett programvare og -tjeneste 0.6% 3.2% -1.4% -6.1% 6.9% 20.3 Drikkevarer, mat og tobakk 0.3% 3.8% 6.2% 5.8% 11.0% 21.3 Luftfart 0.5% -8.3% -5.4% 9.4% -3.9% 14.4 Telekommunikasjon og tjenester 0.2% 6.7% 7.2% -5.4% 7.3% 17.6 Maskiner 0.5% -4.2% -6.8% 7.5% -4.6% 15.6 Transport 0.1% 3.0% 10.8% 17.0% 15.1% 16.7 Helseartikler 0.4% -0.6% 1.6% 11.9% 8.3% 18.9 Eiendomsselskaper 0.1% 1.6% 4.3% -3.9% 4.5% 19.7 Metall 0.3% 10.9% 3.3% 41.0% 9.0% 11.5 Husholdningsvarer og personlige produ 0.0% 4.2% 9.0% 14.8% 18.8% 23.3 Hotell og restaurant 0.3% 6.3% 15.7% 25.5% 21.8% 24.2 Mat- og apotekhandel 0.0% 2.0% 1.3% -0.3% 0.2% 16.4 Industrielle konglomerater 0.3% 0.9% -2.3% 6.0% 7.6% 23.1 Hotell-, underholdnings- og restaurantvi 0.0% 0.0% 6.9% 6.9% 7.9% 19.7 Bygg og anlegg 0.2% 4.8% 7.7% 7.1% 10.8% 23.2 Kommersielle tjenester og leveranser -0.1% -0.1% 4.9% 4.8% 9.9% 17.8 Eiendom 0.2% 1.8% 6.7% 31.2% 13.0% 20.7 Legemiddelindustri og bioteknologi -0.2% 2.4% 4.2% 5.5% 10.0% 16.7 Kjemikalier 0.2% 0.7% -0.7% 2.5% 2.1% 20.2 Materialer -0.3% -1.9% -0.6% 26.9% 3.5% 14.8 Bioteknologi 0.1% 4.6% 14.4% 30.5% 26.9% 25.2 IT utstyr -0.3% 6.5% 10.2% 3.0% 19.3% 26.2 Elektronisk utstyr og instrumente 0.1% 2.6% 7.1% 15.9% 20.1% 20.9 Forbruksvarer og klær -0.3% -1.5% 12.1% 32.5% 18.3% 20.2 Diversifiserte telekomtjenester 0.0% 3.7% 11.1% 30.3% 19.5% 24.4 Forsyningsselskaper -0.4% 6.2% 9.6% 2.2% 10.4% 14.8 Olje og gass 0.0% -6.5% -6.2% 12.4% 3.3% 13.8 Detaljhandel -0.4% 0.7% 8.0% -3.9% 1.2% 19.6 Kraft 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Finansieringsselskaper -0.4% -2.7% 3.9% 12.4% 7.5% 15.4 Media 0.0% -1.6% -0.7% 4.1% -1.1% 18.7 Forsikring -0.5% -1.2% 2.4% 7.4% 1.8% 11.3 Drikkevarer 0.0% -2.0% -4.7% -2.4% -11.1% 27.6 Biler og komponenter -0.5% -3.5% 0.8% 13.8% 2.4% 7.9 Husholdningsartikler -0.1% 2.9% 2.9% 9.1% 9.8% 17.9 Banker -0.6% 0.9% 9.7% 22.0% 9.3% 12.6 Papir- og skogprodukter -0.1% 6.0% 11.2% 52.5% 30.2% 16.0 Energi -0.9% 1.5% 0.1% 11.6% -6.5% 15.6 Programvare -0.2% -9.5% -14.1% 2.1% -11.0% 17.0 Programvare og tjenester -0.9% 2.6% 9.5% 21.5% 14.3% 21.0 Kommunikasjonsutstyr -0.2% -2.7% -8.1% -6.2% -11.7% 12.9 Matvarer -0.2% 0.5% 2.1% 16.2% 9.4% 20.7 Forsikring -0.2% 2.2% 1.4% 16.5% 5.2% 13.1 Elektrisk utstyr -0.2% -0.5% -5.7% 27.9% -0.2% 13.1 Energi og relatert utstyr -0.3% 1.8% 5.8% 33.3% 14.1% 18.9 Fritidsutstyr -0.3% -3.6% -4.1% -3.1% 2.8% 13.6 Datamaskiner og tilbehør -0.4% -0.5% -1.6% 1.4% 5.1% 15.9 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 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 Walt Disney Co/The % -6.2 % 8.1 % Sirius XM Holdings Inc % 6.9 % 33.6 % Mallinckrodt PLC % -7.8 % % Caterpillar Inc % 3.3 % 46.8 % Ulta Beauty Inc % 7.4 % 29.7 % Kansas City Southe % 6.5 % 2.8 % EI du Pont de Nemours & Co % -2.4 % 15.9 % Tesla Inc % 3.5 % 45.8 % NVIDIA Corp % 36.0 % % 3M Co % 2.5 % 18.8 % NVIDIA Corp % 36.0 % % Concho Resources % 3.6 % 7.4 % Microsoft Corp % 2.2 % 33.7 % O'Reilly Automotive Inc % 0.1 % -6.5 % Norfolk Southern Co % 4.1 % 45.6 % Goldman Sachs Group Inc/The % -0.1 % 40.1 % Costco Wholesale Corp % 4.2 % 24.1 % Chesapeake Energ % 0.6 % 27.2 % NIKE Inc % -5.1 % -6.4 % Endo International PLC % 15.4 % % Genuine Parts Co % 1.4 % -3.9 % Procter & Gamble Co/The % -0.1 % 7.1 % Mattel Inc % 0.5 % % Newmont Mining Co % 0.9 % 6.7 % Cisco Systems Inc % -7.5 % 8.9 % American Airlines Group % 14.4 % 54.0 % Hanesbrands Inc % -5.1 % % McDonald's Corp % 7.1 % 21.6 % Comcast Corp % 4.4 % 30.1 % O'Reilly Automotive % 0.1 % -6.5 % American Express Co % -2.3 % 18.2 % Illumina Inc % -4.8 % 22.3 % Gap Inc/The % % 23.7 % Verizon Communications Inc % -1.3 % % Micron Technology Inc % 7.6 % % Goodyear Tire & Ru % % 17.3 % JPMorgan Chase & Co % -1.9 % 30.5 % Vertex Pharmaceuticals % 1.4 % 32.7 % Costco Wholesale C % 4.2 % 24.1 % Intel Corp % 0.3 % 14.9 % Charter Communication % -2.2 % 53.4 % Endo International P % 15.4 % % Coca-Cola Co/The % 5.2 % 1.4 % Travelers Cos Inc/The % 1.6 % 8.3 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år Pfizer Inc % -5.2 % -7.1 % Shire PLC % 0.1 % -5.2 % GGP Inc % 4.8 % % General Electric Co % -5.3 % -8.9 % Incyte Corp % 8.1 % 59.0 % Best Buy Co Inc % 13.8 % 84.1 % Apple Inc % 6.9 % 53.1 % TripAdvisor Inc % % % Incyte Corp % 8.1 % 59.0 % Merck & Co Inc % 4.2 % 14.9 % NetApp Inc % 1.0 % 59.0 % First Solar Inc % 24.7 % % Wal-Mart Stores Inc % 3.9 % 10.4 % QUALCOMM Inc % 7.0 % 4.1 % Perrigo Co PLC % -5.4 % % Exxon Mobil Corp % -0.1 % -9.4 % Activision Blizzard Inc % 11.5 % 48.1 % Macerich Co/The % -5.9 % % Boeing Co/The % 1.0 % 44.4 % Electronic Arts Inc % 18.3 % 48.1 % DaVita Inc % -6.2 % % UnitedHealth Group Inc % 1.5 % 32.5 % Akamai Technologies In % % % Frontier Communica % % % United Technologies Corp % 2.4 % 20.9 % Seagate Technology PL % 0.9 % 96.4 % Simon Property Gro % -4.8 % % Chevron Corp % -1.9 % 2.6 % Stericycle Inc % -3.4 % % Signet Jewelers Ltd % % % Visa Inc % 3.8 % 18.8 % Symantec Corp % -6.4 % 72.7 % TripAdvisor Inc % % % International Business Machine % -4.9 % -0.2 % Twenty-First Century Fo % % -6.6 % Patterson Cos Inc % -1.2 % % Johnson & Johnson % 2.8 % 12.3 % Twenty-First Century Fo % -9.7 % -7.9 % Kimco Realty Corp % % % Home Depot Inc/The % -0.8 % 15.6 % ebay Inc % 4.5 % 43.3 % CSRA Inc % 4.7 % 22.4 % 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) Brasil EWZ % 1.5 % -4.5 % 37.6 % USD 980,022,592 Latin-America 40 ILF % 1.3 % -1.7 % 28.1 % USD 65,608,944 Oil Service OIH % -6.0 % -5.6 % -6.4 % USD 200,211,008 Forbruksvarer XLP % 2.1 % 2.4 % 6.6 % USD 335,918,144 FTSE 100 ISF % 1.0 % 5.4 % 20.1 % GBp 2,828,283,000 Emerging Markets EEM % 1.4 % 4.2 % 26.2 % USD 1,707,095,040 Nasdaq 100 QQQ % 2.5 % 3.8 % 28.2 % USD 2,664,932,864 Energi XLE % -2.2 % -1.8 % -0.8 % USD 936,637,888 Dow Jones Total market THRK % 1.2 % 1.1 % 15.5 % USD 1,024,660 Industri XLI % 1.9 % 1.6 % 20.5 % USD 469,878,976 AEX-Nederland AEXT % -2.1 % -0.3 % 17.8 % EUR 8,528 Japan EWJ % 0.2 % 2.5 % 13.7 % USD 147,294,256 Forsyningstjenester XLU % 2.5 % 3.3 % 9.4 % USD 584,068,736 CAC-40 CAC % 0.3 % 2.3 % 16.8 % EUR 6,273,907 DJIA DIA % 1.3 % 0.7 % 17.9 % USD 525,252,672 S&P 500 SPY % 1.4 % 1.5 % 15.0 % USD 12,953,587,712 TecDax TDXPEX % 2.7 % 8.8 % 34.6 % EUR 508,331 Russell 2000 IWM % 1.1 % -1.1 % 20.0 % USD 2,777,111,808 Finansielle tjenester XLF % 1.1 % 0.3 % 22.1 % USD 1,396,124,032 Teknologi USA XLK % 2.1 % 3.7 % 27.8 % USD 774,067,520 Russell 2000 Growth IWO % 1.4 % -0.2 % 19.9 % USD 52,400,608 Hong Kong EWH % 0.7 % 2.4 % 20.6 % USD 53,352,780 DAX DAXEX % -0.2 % 0.8 % 21.7 % EUR 6,445,038 S&P Midcap 400 MDY % 0.9 % -0.2 % 15.6 % USD 261,404,128 Pacific ex-japan EPP % 0.3 % -0.9 % 13.6 % USD 14,682,556 S&P Euro 350 IEV % -0.3 % 4.5 % 12.4 % USD 34,707,152 Bioteknologi IBB % -0.8 % -3.2 % 4.4 % USD 211,176,192 Olje / Energi WTI-Oil USO % -1.9 % 0.4 % % USD 413,131,456 Naturgass UNG % -1.5 % -1.7 % 13.9 % USD 49,979,248 Bensin UGAS % -1.4 % 3.6 % % USD #N/A N/A Råolje CRUD % -2.9 % -0.7 % % USD 16,799,390 Brent-olje OILB % -3.1 % -0.7 % -7.8 % USD 1,146,634 WTI-olje OILW % -2.7 % -0.6 % % USD 27,909 Fyringsolje HEAT % -1.7 % 2.9 % -7.1 % USD #N/A N/A Metaller Sølv SLV % 2.9 % 0.6 % 6.6 % USD 100,408,200 Gull BULL % 1.1 % -0.2 % 2.3 % USD 13,825 Aluminium ALUM % 0.8 % 2.3 % 22.2 % USD 250,043 Sink ZINC % 0.8 % 0.3 % 36.1 % USD 35,812 Bomull COTN % -1.9 % -1.4 % 14.1 % USD 19,442 Nikkel NICK % -3.8 % -5.2 % 4.8 % USD 40,804 Andre råvarer Kaffe COFF % -0.5 % 0.7 % -2.2 % USD 264,051 Svinekjøtt HOGS % 2.3 % 9.7 % -7.5 % USD 975 Råvarer DBC % -1.3 % 0.5 % 0.5 % USD 20,751,998 Mais CORN % 0.6 % 2.6 % % USD 7,131 Kveg CATL % 0.2 % 3.0 % 15.5 % USD 49,096 Hvete WEAT % 1.0 % 1.2 % % USD 422,602 Soyabønner SOYB % -2.0 % -2.0 % % USD 19,748 Soyaolje SOYO % -3.1 % 0.3 % -4.3 % USD 16,477 Råvarekurver Råvarer (ETN) GSG % -1.5 % 0.6 % -6.9 % USD 2,560,497 Edle metaller AIGP % 1.7 % 0.0 % 2.7 % USD 712,365 Korn AIGG % -0.2 % 0.7 % % USD #N/A N/A Landbruk AIGA % -1.3 % -0.2 % % USD 155,237 Råvarer AIGC % -0.8 % 0.1 % -2.3 % USD 845,020 Softs (Sukker, Kakao, BomuAIGS % -3.7 % -2.2 % -5.8 % USD #N/A N/A Industrimetaller AIGI % -0.2 % -0.6 % 20.9 % USD 1,480,188 Energi AIGE % -2.5 % -0.4 % -6.4 % USD 1,183,115 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 BEAR % 6.1 % % % NOK 45,698 CO2 BULL CO2 ETN DNM % 23.8 % 23.0 % % NOK 15,952 Norwegian DNB-ETN NORWEGIAN BULL % 7.3 % % % NOK 17,194 Telenor DNB-ETN TELENOR X3 BULL % 6.1 % 1.4 % -6.3 % NOK 39,347 Schibsted BEAR SCH DNM % 1.7 % -0.6 % 30.2 % NOK 55,820 Strømpris BEAR EL HA % -4.3 % 1.7 % % NOK na Statoil DNB-ETN STATOIL BEAR % 2.3 % % % NOK 6,172 OBX DNB-ETN OBX X3 BEAR % -2.4 % % % NOK 186,290 OBX BEAR OBX X4 DNM % -3.0 % % % NOK 104,818 Fred. Olsen Energy BEAR FOE DNM % 5.0 % 15.9 % % NOK 26,865 Gullpris BULL GULL HA % 1.6 % -2.2 % 3.3 % NOK 56,740 Yara DNB-ETN YARA X3 BEAR % % % % NOK 161,853 Yara DNB-ETN YARA X3 BULL % 4.2 % 13.2 % 8.0 % NOK 318,333 OBX XACT DERIVAT BEAR % -1.3 % -6.8 % % NOK 43,255,010 Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 0.9 % 16.3 % -3.6 % NOK 14,600 Aluminium BULL ALU HA % 3.5 % 1.9 % 46.7 % NOK na Kobberpris BEAR KOBBER HA % -4.4 % -0.3 % % NOK na Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK 14,808 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK na OBX BEAR OBX X3 HA % 27.0 % -0.6 % % NOK 924 Strømpris DNB-ETN ELKRAFT BULL % 12.8 % 1.8 % 17.0 % NOK 4,597 REC BEAR REC DNM % 4.8 % % % NOK 61,041 Oljepris BULL OLJE HA % 8.9 % 4.4 % % NOK 12,576 Norsk Hydro DNB-ETN NORSK HYDRO BUL % 5.2 % -0.3 % 96.1 % NOK 1,896 Statoil DNB-ETN STATOIL BULL % 1.2 % 18.9 % 31.1 % NOK 4,501 Oljeservice DNB - ETN OIL SERVICE BEAR % 11.8 % 1.8 % % NOK 3,462 Storebrand DNB-ETN STOREBRAND BULL % 1.9 % 6.3 % % NOK 18,980 Subsea 7 DNB-ETN SUBSEA 7 BEAR % 0.0 % 18.5 % % NOK na Norsk Hydro BEAR NHY X3 DNM % 0.0 % -3.6 % % NOK na Norwegian DNB-ETN NORWEGIAN BEAR % 0.0 % 15.7 % 40.9 % NOK na CO2 CO2 ETN DNM % 0.0 % 4.8 % % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % 0.0 % 22.1 % 25.8 % NOK na Orkla DNB-ETN ORKLA X3 BULL % 0.0 % 23.2 % 27.2 % NOK na TGS Nopec DNB-ETN TGS BEAR % 0.0 % 3.2 % % NOK na Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK na Telenor DNB-ETN TELENOR BULL % 0.0 % -8.8 % -4.6 % NOK na PGS DNB-ETN PGS BEAR % 0.0 % 64.9 % % NOK na Telenor DNB-ETN TELENOR X3 BEAR % 0.0 % 2.0 % % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BEA % 0.0 % 4.0 % % NOK na Subsea 7 DNB-ETN SUBSEA 7 BULL % 0.0 % 0.0 % % NOK na Gullpris DNB-ETN GULL BULL % 0.0 % 0.0 % 9.4 % NOK na Strømpris DNB-ETN ELKRAFT % 0.0 % 0.0 % 10.5 % NOK na Seadrill DNB-ETN SEADRILL BULL % 0.0 % 0.0 % % NOK na Aluminium ALU ETN DNM % 0.0 % -2.7 % 24.6 % NOK na Sølvpris BULL SOLV ETN DNM % 0.0 % % 0.4 % NOK na Storebrand DNB-ETN STOREBRAND BEAR % 0.0 % -6.7 % % NOK na OBX SHORT OBX DNM % 0.0 % -2.2 % % NOK 243 Sølvpris SOLV ETN DNM % 0.0 % -9.8 % 0.4 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 0.0 % % % NOK na Oljeservice DNB - ETN OIL SERVICE BULL % 0.0 % -5.7 % 79.9 % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % 0.0 % % 98.0 % NOK na OBX BULL OBX X3 HA % 0.0 % 9.2 % 53.0 % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -1.3 % % % NOK na Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK na Telenor DNB-ETN TELENOR BULL % 0.0 % -8.8 % -4.6 % NOK na PGS DNB-ETN PGS BEAR % 0.0 % 64.9 % % NOK na Telenor DNB-ETN TELENOR X3 BEAR % 0.0 % 2.0 % % NOK na Norsk Hydro DNB-ETN NORSK HYDRO BEA % 0.0 % 4.0 % % NOK na Subsea 7 DNB-ETN SUBSEA 7 BULL % 0.0 % 0.0 % % NOK na Gullpris DNB-ETN GULL BULL % 0.0 % 0.0 % 9.4 % NOK na Strømpris DNB-ETN ELKRAFT % 0.0 % 0.0 % 10.5 % NOK na Seadrill DNB-ETN SEADRILL BULL % 0.0 % 0.0 % % NOK 243 Aluminium ALU ETN DNM % 0.0 % -2.7 % 24.6 % NOK na Sølvpris BULL SOLV ETN DNM % 0.0 % % 0.4 % NOK na Storebrand DNB-ETN STOREBRAND BEAR % 0.0 % -6.7 % % NOK na OBX SHORT OBX DNM % 0.0 % -2.2 % % NOK na Sølvpris SOLV ETN DNM % 0.0 % -9.8 % 0.4 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % 0.0 % % % NOK na Oljeservice DNB - ETN OIL SERVICE BULL % 0.0 % -5.7 % 79.9 % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % 0.0 % % 98.0 % NOK na OBX BULL OBX X3 HA % 0.0 % 9.2 % 53.0 % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -1.3 % % % NOK 148 Gullpris DNB-ETN GULL % -0.1 % -2.8 % 1.6 % NOK 2,319 Statoil DNB-ETN STATOIL X3 BULL % 1.9 % 27.7 % 35.6 % NOK 2,646 Strømpris DNB - ETN ELKRAFT BEAR % -6.1 % 0.6 % % NOK 6,065 Oljeservice DNB - ETN OIL SERVICE % -4.6 % -6.9 % 36.8 % NOK 40,216 Oljepris DNB - ETN BRENT BEAR % % % % NOK 3,472 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 6,748 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 14,386 Kobberpris BULL KOBBER HA % 2.7 % -4.6 % 32.2 % NOK 36 OBX DNB OBX % 0.6 % 3.4 % 15.8 % NOK 2,460,319 OBX XACT OBX % 0.6 % 3.6 % 16.6 % NOK 215,395 Aluminium BEAR ALU HA % -5.0 % -6.0 % % NOK na OBX XACT DERIVAT BULL % 1.1 % 6.4 % 28.0 % NOK 38,453,170 OBX BULL OBX X4 DNM % 5.1 % 15.6 % 51.6 % NOK 2,293 REC BEAR REC HA % % % % NOK 1,472 Gullpris BEAR GULL HA % -3.2 % -2.1 % % NOK na Sjømat DNB - ETN SEAFOOD % -2.1 % 4.8 % #VALUE! NOK 746,229 BW LPG BULL BWLPG DNM % % % % NOK 34,282 Opera BULL OPERA DNM % -3.3 % % % NOK 7,400 Norsk Hydro BULL NHY X3 DNM % 6.7 % -4.8 % % NOK 250,467 REC DNB-ETN REC BULL % -5.6 % 4.7 % % NOK 133,500 PGS DNB-ETN PGS BULL % -3.7 % -1.9 % % NOK 1,248 REC BULL REC HA % -8.6 % 7.8 % % NOK 61 Oljepris DNB - ETN BRENT % -0.2 % -2.5 % -7.5 % NOK 878,223 Strømpris BULL EL HA % 3.5 % -2.4 % 21.8 % NOK na Golden Ocean BULL GOGL DNM % -5.8 % % 88.6 % NOK 419,454 Oljepris DNB - ETN BRENT BULL % -2.9 % -5.5 % % NOK 4,621,348 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 29-May EMAS Offshore Ltd Oslo na na na na Irreg EMAS Offshore Ltd Oslo na na na na Irreg 30-May Sectra AB Stockholm na na Irreg 31-May Intex Resources ASA Oslo na na na na None Agromino A/S #N/A Field Not A na na na na #N/A N/A 1-Jun Elekta AB Stockholm 1, Semi-Anl 2-Jun Transcom Worldwide AB #N/A Field Not A na na na na Irreg 8-Jun Oasmia Pharmaceutical AB Stockholm na na na na None Clas Ohlson AB Stockholm na na Annual Systemair AB Stockholm na na Annual 9-Jun Medcap AB Stockholm na na na na None 20-Jun MQ Holding AB Stockholm na na Annual 21-Jun Rnb Retail and Brands AB Stockholm na na na na Annual SkiStar AB Stockholm na na Annual SAS AB Stockholm na na None 28-Jun KappAhl AB Stockholm na na Annual 29-Jun Hennes & Mauritz AB Stockholm 10, , Semi-Anl 30-Jun Nobina AB Stockholm na na Annual Bergs Timber AB Stockholm na na na na Irreg 4-Jul B&B Tools AB Stockholm 133 na na na Annual FastPartner AB Stockholm na na Semi-Anl 5-Jul Chr Hansen Holding A/S Copenhagen Annual Industrivarden AB Stockholm -2, na na Annual Industrivarden AB Stockholm -2, na na Annual Dustin Group AB Stockholm na na Annual Eolus Vind AB Stockholm na na Annual 6-Jul Stolt-Nielsen Ltd Oslo Semi-Anl Stolt-Nielsen Ltd Oslo Semi-Anl 7-Jul Feelgood Svenska AB Stockholm na na na na Irreg Protector Forsikring ASA Oslo na 1.41 na na Annual Protector Forsikring ASA Oslo na 1.41 na na Annual Fabege AB Stockholm Annual Dios Fastigheter AB Stockholm na na Annual 10-Jul Catena AB Stockholm na 3.07 na na Annual 11-Jul Investment AB Oresund Stockholm na na na na Annual Hafslund ASA Oslo na na na na Annual Hafslund ASA Oslo na na na na Annual Hafslund ASA Oslo na na na na Annual Com Hem Holding AB Stockholm Annual Orexo AB Stockholm na na na None 12-Jul Bong AB Stockholm na na Irreg Aker Solutions ASA Oslo Irreg Aker Solutions ASA Oslo Irreg ITAB Shop Concept AB Stockholm na na Annual Norwegian Property ASA Oslo Quarter Norwegian Property ASA Oslo Quarter DNB ASA Oslo na 2.79 na 3.16 Annual DNB ASA Oslo na 2.79 na 3.16 Annual Entra ASA Oslo Semi-Anl Entra ASA Oslo Semi-Anl Klovern AB Stockholm na Quarter Klovern AB Stockholm Quarter Kungsleden AB Stockholm Annual Atrium Ljungberg AB Stockholm na na Annual StrongPoint ASA Oslo na na na na Annual Kilde: Bloomberg / DNB Markets Konsensus DNB 8

9 Dnb anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA A. P. Møller Mærsk maerskb Kjøp DKK 12,480 13, x 17.6x 6.4x 6.0x AcadeMedia AB ACAD Kjøp SEK x 10.6x 8.7x 7.5x Actic Group AB ATIC Kjøp SEK x 10.2x 7.0x 5.9x AF Gruppen AFG Selg NOK x 21.7x 12.2x 11.5x Ahlsell AB Kjøp SEK x 13.6x 12.3x 10.8x Akastor AKA Kjøp NOK x -17.7x 16.2x 6.1x Aker AKER Hold NOK Aker BP ASA AKERBP Kjøp NOK x 13.0x 3.8x 3.4x Aker Solutions AKSO Selg NOK x 272.2x 10.8x 13.0x Alfa Laval ALFA Hold SEK x 23.0x 13.6x 12.2x Alimak ALIG Kjøp SEK x 15.1x 12.9x 9.8x ALK-Abello ALKb Kjøp DKK x 45.0x 32.1x 20.3x Alligator Bioscience ATORX Kjøp SEK x -16.7x Archer ARCHER Selg NOK x -10.1x 13.9x 10.4x Assa Abloy ASSAB Hold SEK x 22.6x 16.0x 14.5x Atea ATEA Hold NOK x 17.1x 9.6x 8.3x Atlas Copco ATCOA Hold SEK x 21.0x 13.6x 12.4x Atwood Oceanics ATW Hold USD x -2.6x 5.4x -58.8x Austevoll Seafood AUSS Kjøp NOK x 10.9x 4.5x 4.1x Autoliv ALIV Kjøp SEK x 14.7x 7.8x 6.5x Avance Gas AVANCE Kjøp NOK x 5.0x 11.6x 5.3x Avanza Bank AZA Kjøp SEK x 22.7x Awilco Drilling AWDR Selg NOK x 37.5x 0.6x 1.3x Axactor AXA Kjøp NOK Bakkafrost BAKKA Kjøp NOK x 11.0x 8.2x 6.9x Balder BALD Selg SEK x 28.4x 21.5x 21.0x BerGenBio BGBIO Kjøp NOK x -3.7x -4.0x -3.5x Betsson BETSB Kjøp SEK x 11.4x 10.0x 9.0x BillerudKorsnäs BILL Kjøp SEK x 13.3x 8.2x 7.5x Borr Drilling BORR Kjøp NOK x -27.4x 1.5x 14.9x Borregaard BRG Kjøp NOK x 14.3x 9.0x 7.2x BW LPG BWLPG Kjøp NOK x 4.3x 8.1x 5.2x BW Offshore BWO Hold NOK x 8.2x 6.7x 4.2x Cargotec CGC Hold EUR x 16.6x 10.7x 9.2x Carlsberg CARLB Selg DKK x 19.7x 9.4x 8.7x Castellum CAST Selg SEK x 16.4x 21.8x 19.9x CGG CGG Selg EUR x -0.5x 6.8x 6.8x Chr. Hansen CHR Hold DKK x 33.1x 24.2x 21.6x Citycon CTY1S Kjøp EUR x 15.4x 19.8x 18.8x Coloplast COLOB Kjøp DKK x 25.4x 20.6x 17.7x Coor Service Managemen COOR Kjøp SEK x 13.5x 12.0x 10.9x D/S Norden DNORD Kjøp DKK x x 14.4x 15.5x Danske Bank DANSKE Kjøp DKK x 11.2x Deep Sea Supply DESSC NOK x -2.4x 12.1x 12.5x DHT Holdings DHT Hold USD x -96.2x 8.1x 9.7x Diamond Offshore DO Selg USD x 14.4x 4.5x 4.9x DNB DNB NOK x 11.2x DNO DNO Kjøp NOK x 2.3x 2.4x 0.8x DOF DOF NOK x x 9.1x 9.7x Dorian LPG LPG Kjøp USD x -94.4x 16.6x 12.2x Eidesvik Offshore EIOF NOK x -1.6x 12.6x 19.3x Electrolux ELUX Kjøp SEK x 13.6x 7.2x 6.5x Elekta EKTAB Kjøp SEK x 20.6x 13.5x 11.8x Ensco ESV Hold USD x -8.5x 5.8x 10.8x Entra ENTRA Kjøp NOK x 20.8x 21.1x 20.2x Epic Gas EPIC Kjøp NOK x 1.9x 5.1x 2.4x Euronav EURN Hold USD x -18.6x 11.5x 10.9x Europris EPR Kjøp NOK x 12.7x 10.2x 8.5x Evolution Gaming EVO Kjøp SEK x 23.2x 20.9x 16.2x Fabege FABG Selg SEK x 26.3x 32.6x 28.1x Farstad Shipping FAR NOK x 0.0x 17.6x 26.5x Flex LNG FLNG Kjøp NOK x 11.9x x 10.3x Fortum FORTUM Selg EUR x 18.6x Fred Olsen Energy FOE Selg NOK x -0.9x 7.6x 11.3x 9

10 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Frontline FRO Hold NOK x x 15.1x 11.4x GasLog GLOG Kjøp USD x 12.3x 9.6x 9.5x Gener8 Maritime GNRT Hold USD x -19.2x 9.9x 10.9x Getinge GETIB Hold SEK x 14.6x 10.3x 8.8x Gjensidige Forsikring GJF Hold NOK x 15.6x GN Group GN Selg DKK x 19.9x 16.0x 13.9x Golar LNG GLNG Kjøp USD x -31.8x 197.9x 14.4x Golar LNG Partners GMLP Hold USD x 10.2x 6.7x 8.0x Golden Ocean GOGL Kjøp NOK x 12.0x 20.6x 8.7x Grieg Seafood GSF Kjøp NOK x 7.4x 6.1x 4.8x Helgeland Sparebank HELG Hold NOK x 8.6x Hennes & Mauritz HMB Hold SEK x 17.5x 9.6x 8.3x Hexagon AB HEXAB Kjøp SEK x 19.2x 15.0x 12.6x Hexagon Composites HEX Kjøp NOK x 21.4x 21.2x 18.2x Hexpol HPOLB Selg SEK x 20.4x 13.6x 12.5x Holmen HOLMB S Selg SEK x 18.9x 11.7x 10.5x Hufvudstaden HUFV Selg SEK x 32.5x 28.4x 27.4x Humana HUM Kjøp SEK x 10.6x 10.8x 8.7x Husqvarna HUSQb Kjøp SEK x 15.9x 11.1x 9.8x Höegh LNG Holdings HLNG Kjøp NOK x 17.3x 12.3x 12.2x Höegh LNG Partners HMLP Kjøp USD x 9.5x 9.0x 8.3x Industrivärden INDUc Selg SEK Investor INVEb Kjøp SEK Jm Ab JM Hold SEK x 13.9x 9.7x 9.2x Kindred Group KINDSDB Kjøp SEK x 16.1x 14.4x 13.2x Kinnevik KINVb Kjøp SEK Klövern KLOVb Hold SEK x 11.0x 19.9x 19.5x KNOT Offshore Partners KNOP Hold USD x 12.1x 8.7x 8.6x Kone KNEBV Kjøp EUR x 21.6x 15.3x 14.0x Konecranes KCR1V Hold EUR x 17.5x 12.5x 9.8x Kongsberg Gruppen KOG Kjøp NOK x 11.6x 9.9x 6.7x Kungsleden KLED Hold SEK x 12.3x 18.0x 17.0x Kværner KVAER Selg NOK x 41.9x 3.8x 6.1x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 1.0x 1.1x 0.6x Loomis LOOMb Hold SEK x 15.8x 8.0x 7.5x Lundbeck LUN Selg DKK x 22.8x 13.1x 10.8x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 28.1x 7.5x 7.3x Marine Harvest MHG Kjøp NOK x 9.4x 6.5x 5.4x Medistim MEDI Kjøp NOK x 19.5x 14.7x 11.8x Metsa Board METSB Kjøp EUR x 11.6x 9.3x 6.6x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 17.7x 11.6x 10.4x Ncc NCC Hold SEK x 15.8x 7.5x 7.4x NetEnt NETb Kjøp SEK x 25.4x 21.0x 17.6x Nets NETS Kjøp DKK x 14.6x 11.9x 10.5x Nibe Industrier NIBEB Selg SEK x 21.6x 15.7x 14.5x Nobia NOBI Kjøp SEK x 13.2x 9.0x 7.5x Noble NE Selg USD x -3.1x 7.3x 8.2x Nokian Tyres NRE1V Kjøp EUR x 16.3x 10.7x 9.2x Nordea NDA Hold SEK x 12.5x Nordic Nanovector NANO Kjøp NOK x -17.3x -15.2x -15.8x Nordic Semiconductor NOD Kjøp NOK x 21.5x 21.1x 12.2x Norsk Hydro NHY Hold NOK x 12.7x 6.2x 5.4x North Energy NORTH Hold NOK x Norway Royal Salmon NRS Kjøp NOK x 10.8x 7.4x 7.2x Norwegian Air Shuttle NAS Selg NOK x 11.3x 17.2x 13.8x Norwegian Finans HoldingNOFI Kjøp NOK x 6.7x Norwegian Property NPRO Kjøp NOK x 19.0x 19.4x 18.4x Novo Nordisk NVO Hold DKK x 16.6x 12.8x 11.6x Novozymes NZYMB Selg DKK x 26.0x 17.2x 15.9x NRC Group NRC Kjøp NOK x 15.5x 10.8x 8.7x Ocean Rig ORIG Selg USD x 0.0x 4.7x 17.5x Ocean Yield OCY Hold NOK x 10.1x 7.3x 7.3x Odfjell ODF Kjøp NOK x 5.3x 5.7x 4.9x Odfjell Drilling ODL Hold NOK x 23.3x 7.2x 8.1x Olav Thon OLT Kjøp NOK x 13.7x 15.3x 14.6x Oncopeptides ONCO Kjøp SEK x -6.1x -5.9x -5.4x 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 11.1x 8.2x 5.8x Oriflame ORI Selg SEK x 19.7x 12.9x 10.0x Orkla ORK Hold NOK x 18.9x 16.8x 15.7x Pacific Drilling PACD Selg USD x -0.1x 19.5x 36.4x Pandox PNDXB Hold SEK x 17.9x 19.4x 18.2x Pareto Bank PARB Kjøp NOK x 6.7x Peab PEAB Hold SEK x 15.5x 9.4x 8.2x Petroleum Geo-Services PGS Selg NOK x -4.4x 4.9x 5.1x Polarcus PLCS Selg NOK x -8.5x 297.2x 9.2x Prosafe PRS Hold NOK x -6.4x 10.9x 11.3x Q-Free QFR Hold NOK x 13.4x 7.2x 6.8x Recipharm RECIB Hold SEK x 25.5x 11.1x 9.4x Rezidor REZT SEK x 5.1x 3.8x 3.0x Rowan RDC Hold USD x -4.9x 5.6x 13.7x Safe Bulkers SB Kjøp USD x 12.3x 12.9x 7.9x Saipem SPM Selg EUR x 619.0x 38.7x 51.7x SalMar SALM Kjøp NOK x 10.4x 8.3x 6.8x Sampo Oyj SAMPO Hold EUR x 15.9x Sandvik SAND Kjøp SEK x 16.9x 10.5x 9.5x SCA SCAB Hold SEK x 18.4x 12.0x 10.9x Scandi Standard SCST Kjøp SEK x 11.1x 8.9x 6.9x Scandic Hotels SHOT Kjøp SEK x 12.8x 8.5x 7.2x Schibsted SCHA Selg NOK x 39.6x 22.1x 17.3x Scorpio Tankers STNG Hold USD x -32.2x 15.6x 11.9x Seadrill SDRL NOK x -0.4x 8.4x 17.7x SEB SEB Selg SEK x 13.6x Securitas SECUB Kjøp SEK x 14.6x 10.3x 9.1x Selvaag Bolig SBO Hold NOK x 10.1x 7.2x 6.4x Siem Offshore SIOFF NOK x -2.0x 18.4x 19.7x Skandiabanken SKBN Kjøp NOK x 12.1x Skanska SKA Hold SEK x 15.6x 11.1x 10.5x SKF SKFB Hold SEK x 14.4x 9.6x 8.9x Solstad Offshore SOFF NOK x -2.2x 14.8x 17.9x Songa Offshore SONG Selg NOK x 2.5x 5.2x 4.6x Sparebank1 Nord-Norge NONG Kjøp NOK x 9.7x Sparebank1 SMN MING Kjøp NOK x 8.6x Sparebank1 SR-Bank SRBANK Kjøp NOK x 9.0x Sparebanken Møre MORG Hold NOK x 9.3x Sparebanken Sør SOR Hold NOK x 10.0x Sparebanken Øst SPOG Hold NOK x 10.7x Spectrum SPU Selg NOK x 10.9x 2.1x 1.9x Sponda SDA1V Kjøp EUR x 13.8x 20.8x 19.3x Statoil STL Kjøp NOK x 10.5x Stolt-Nielsen SNI Kjøp NOK x 5.9x 6.3x 5.2x Stora Enso STERV F Hold EUR x 12.7x 7.9x 6.8x Storebrand STB Kjøp NOK x 10.4x Subsea 7 SUBC Selg NOK x 566.2x 4.7x 10.2x Svenska Handelsbanken SHB Selg SEK x 15.2x Swedbank SWEDA Selg SEK x 12.4x Swedish Match SWMA Hold SEK x 17.8x 13.3x 12.5x Tanker Investments TIL Hold NOK x 11.5x 9.7x 6.5x Targovax TRVX Kjøp NOK x 5.8x TechnipFMC FTI Selg USD x 29.8x 6.2x 8.0x Teekay Tankers TNK Hold USD x -47.6x 10.0x 8.3x Telenor TEL Kjøp NOK x 11.5x 6.2x 5.7x TGS Nopec TGS Hold NOK x 53.4x 5.2x 5.1x The Scottish Salmon ComSSC NOK x 9.4x 5.3x 6.2x Thule Group THULE Hold SEK x 19.6x 15.0x 13.5x Tomra TOM Hold NOK x 21.4x 11.6x 10.7x Topdanmark TOP Kjøp DKK x 14.9x Transocean RIG Selg USD x -8.2x 7.0x 9.5x Trelleborg TRELB Hold SEK x 16.4x 11.8x 10.6x Tryg TRYG Hold DKK x 16.6x UPM UPM Hold EUR x 14.8x 8.4x 7.8x 11

12 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Valmet VALMT Hold EUR x 21.5x 17.5x 9.6x 8.0x Veidekke VEI Hold NOK x 12.2x 11.5x 8.4x 7.8x Vestas Wind Systems VWS Kjøp DKK x 17.3x 15.2x 7.9x 6.9x Vitrolife VITR Kjøp SEK x 46.6x 39.1x 28.8x 24.3x Volvo VOLVB Hold SEK x 15.1x 14.3x 6.8x 6.0x Wallenius Wilhelmsen Lo WWL Kjøp NOK x 7.0x 9.3x 6.8x Wallenstam WALLb Selg SEK x 31.9x 39.9x 33.0x Weifa WEIFA Kjøp NOK x 17.0x 13.7x 11.7x Wihlborgs WIHL Hold SEK x 14.9x 20.9x 19.8x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 4.8x 8.9x 13.1x William Demant Holding WDH Selg DKK x 23.6x 21.5x 13.8x 12.6x Wilson Therapeutics WTX Kjøp SEK x -14.9x -12.4x Wärtsilä WRT1V Hold EUR x 23.5x 19.4x 15.1x 12.2x XXL XXL Kjøp NOK x 21.0x 14.7x 15.2x 10.6x Yara YAR Selg NOK x 17.3x 16.8x 8.5x 8.1x YIT YIT Selg EUR x 15.2x 15.1x 12.0x 12

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