EQUITY RESEARCH 12 December 2017

Research report prepared by DNB Markets, a division of DNB Bank ASA

Aksjemarkedet i dag

PAUSE I ASIA, LØFT I OLJE, SVENSK

KPI – DNO, GSF, BWLPG, STL & STB Portefølje anbefalte aksjer:
Med fokus i hovedsak rettet inn mot rentemøter og nøkkeltall som publiseres de neste
- Aker
dagene ga oppkjøps- og salgsaktivitet i enkeltselskaper og støtte fra oljeprisen likevel - BW Offshore
en ny oppgang for det amerikanske aksjemarkedet ved innledningen av uken. Dow - Storebrand
steg med 0.2%, S&P500 sluttet opp 0.3% og Nasdaq stengte opp 0.5%. Volumet - Golden Ocean
på de tre hovedindeksene var ved stengetid kommet opp i 92-95% av gjennomsnittet - Sparebank1 SR-Bank
- Statoil
for de siste tre måneder. - BW LPG
Oppgangen har stanset i Asia i morgentimene i dag og Nikkei viser kort før stengetid - Grieg Seafood
en nedgang på 0.3%. De viktigste kinesiske indeksene er samtidig ned inntil 0.6%. YTD DNB: 20%
Etter en rolig start på uken tar takten seg bare i begrenset grad opp når det gjelder YTD OSE: 14%
nøkkeltall ut i markedene i dag. I Sverige vil imidlertid KPI-tallene for november I dag
kunne forskyve noe på forventningene til neste ukes rentemøte. Mens den svenske
Rapporter Norden
styringsrenten fortsatt ligger på -0.5% er konsumprisindeksen for november ventet å
vise en årlig veksttakt på 1.7%. Fra USA får vi etter hvert en oppdatering av - SAS
bedriftstilliten i de mindre og mellomstore virksomhetene. Her vil investorene også
holde et øye med eventuelle nyheter knyttet til de løpende budsjettene og ikke minst Nøkkeltall Norden
fremdriften i forhandlingene om en utvidelse av det føderale gjeldstaket.
- SE: KPI
WTI-prisen steg i USA i går med USD 0.61 pr fat til USD 57.96 pr fat, og har i
Rapporter / nøkkeltall Europa / USA
morgentimene i dag fortsatt opp til USD 58.39 pr fat. Brent-prisen ligger før åpning i
Europa på USD 65.61 pr fat, hvilket er opp USD 1.65 pr fat fra nivået ved stengetid i - UK: KPI
det norske markedet i går. Fokus i det globale oljemarkedet er nå på den ødelagte - UK: Boligpriser
rørledningen i Nordsjøen, bortfallet av tilbudskapasitet dette innebærer og utsiktene - DE: ZEW Undersøkelser
- US: Bedriftstillit
til hvor lang tid det vil ta for å få reparert skadene. - US: PPI
- US: Budsjettstatus
Ser vi på utsiktene for 2018 ligger investorenes implisitte forventninger til fortsatt vekst
for selskapene både internasjonalt og i det norske markedet på et historisk sett relativt
høyt nivå. Basert på forventet inntjening for de neste 12 månedene, dvs inkludert Q4 Konferanser / presentasjoner
2017, verdsettes OBX-aksjene samlet sett med en P/E på 16.6x mot et gjennomsnitt
- DNB Markets Helsekonferanse
siden 2010 på 12.7x. Tilsvarende tall for de 50 største selskapene i eurosonen er på
- 14. Desember, Oslo
henholdsvis 15.6x og 12.5x, mens de for S&P500 er på henholdsvis 19.9x og 15.6x.
Med en betydelig oppgang allerede tilbakelagt vil det etter vårt syn bare bli enda DNB Markets følger markedet konstant
viktigere å være selektiv og riskobevisst når man velger enkeltaksjer for porteføljen og nå kan du følge oss på Twitter. Slik
gjør vi det enda lettere for deg å forstå
fremover. Basert på enkelte grunnleggende kriterier har vi vurdert alternativene på
hva som skjer. Sjekk oss ut på
Oslo Børs og hvis vi kun ser på potensialet i forhold til objektiv verdsettelse fremstår twitter.com/dnbmarkets
DNO og Grieg Seafood som attraktive. Begge har historisk sett vært verdsatt med en
risikopremie i forhold til respektive sammenlignbare aktører. Ser vi på selskapenes
vekstpotensial for 2018 vil etter vårt syn BW LPG være en kandidat med fortsatt mer å
gå på. I tillegg har vi sett på hvor våre estimater i størst grad avviker fra markedets
forventninger i positiv retning, og hvor vi dermed venter at konsensus vil bli justert opp
i tiden fremover. Størst avvik i denne retning har vi funnet for Statoil og Storebrand.
Vi har kjøpsanbefalinger på alle disse fem aksjene og spesielt Statoil, men også ANALYSTS
DNO, vil i dag kunne får ekstra drahjelp av utviklingen i oljeprisen. Ole-Andreas Krohn
Ole-Andreas.krohn@dnb.no
Internasjonale børser Renter Valuta/råvarer TLF: +47 24 16 92 11
Siste Endr. % Siste I går Endr. Siste I går Endr. %
Please see the last two pages for importantt
Dow Jones 24,386 57 0.23 USA 10år 2.380 2.38 0.00 EUR/USD 1.178 1.177 0.05
information. This research report was nott
S&P 500 2,660 8 0.32 Tyskl. 10år 0.293 0.29 0.00 USD/JPY 113.5 113.6 0.09 produced in the US. Analysts employed by non-
NASDAQ 6,875 35 0.51 Norge 10år 1.476 1.48 0.00 USD/NOK 8.378 8.386 0.09 US Affiliates are not registered / Qualified
Nikkei 225 22,850 -89 -0.39 USA 3m 1.549 1.52 0.03 EUR/NOK 9.865 9.867 0.02 research analysts with FINRA in the United
Euro 500 261 -0 -0.08 Euro 3m -0.327 -0.325 0.00 Siste Endr. Endr. % States
Danmark-KFX 1,011 2 0.25 Norge 3m 0.830 0.81 0.02 CRB indeks 185 1.02 0.55
Finland-HEX 9,412 12 0.13 Brent sp. ($/bbl) 65.9 2.26 3.55
Norge-OSEBX 792 5 0.66 Brent 1m ($/bbl) 65.5 2.12 3.34
Sverige-SAX 579 3 0.54 Alum. 3m ($/ton) 2,022.0 12.00 0.60
US Nat.gass 2.8 -0.01 -0.29
Kilde: Bloomberg /DNB Markets
DNB Markets |

12 December 2017

Endring Endring Endring Endring Gj.snittlig

Sentrale USA-indekser Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E
Dow Jones Industrial 24,386.0 56.87 0.23 4.11 23.39 20.5x
S&P 500 2,660.0 8.49 0.32 3.01 18.81 22.4x
Nasdaq Composite 6,875.1 35.00 0.51 1.84 27.72 56.5x
Russel 2000 1,519.8 -1.88 -0.12 3.02 11.99 49.4x
Amex naturgass-indeks (XNG) 515.1 7.73 1.52 -5.96 -18.03 0.0x
Amex Oil Service Indeks 136.1 1.95 1.45 -3.49 -25.97
Philadelphia-børsens oljeproduksjon-indeks (XOI) 1,276.6 5.27 0.41 0.04 0.68 35.1x
Amex farmasi-indeks (DRG) 543.6 3.98 0.74 1.97 12.89 24.6x
Nasdaq biotech-indeks 3,338.1 -0.62 -0.02 2.07 20.39 111.2x
Philadelphia-børsens halvleder-indeks (SOX) 1,245.6 7.33 0.59 -4.41 37.41 22.2x
S&P 500 Paper & Forest Index ( PAFO) 222.8 -0.55 -0.25 3.27 14.43 17.5x
Kilde: Bloomberg, DNB Markets

Sluttkurs Endring Volum Slutt USA, Sluttkurs,

Nordiske aksjer i USA USA 1 dag (USD) USA lokal valuta lokal i går Differanse
Danmark
Novo Nordisk B 52.4 0.90 1,027,146 331.34 329.80 1.54
GN Store Nord 32.0 0.00 390 201.95 198.90 3.05
AP Møller Maersk 8.4 -0.18 46,065 10,562.06 10,620.00 -57.94
Finland
Nokia 4.6 -0.05 19,692,032 3.89 3.90 -0.01
Metso 8.5 -0.05 306 28.71 29.20 -0.49
TeliaSonera 8.8 -0.05 173,166 3.73 3.74 -0.01
UPM Kymmene 30.1 0.21 7,222 25.55 25.37 0.18
Norge
Frontline 5.0 0.14 743,966 41.64 41.40 0.24
Norsk Hydro 6.6 0.18 67,129 55.46 55.25 0.21
Yara 44.2 -0.03 2,139 369.88 369.90 -0.02
Golden Ocean 8.7 0.42 820,360 72.80 71.05 1.75
PGS 1.8 0.08 6,300 15.08 15.23 -0.15
Statoil 20.2 0.08 1,508,208 169.32 168.70 0.62
Subsea 7 14.1 0.08 5,311 118.24 118.10 0.14
DNB 18.4 -0.02 17,386 15.45 154.20 -138.75
Telenor 21.4 -0.63 82,290 179.04 178.70 0.34
Tomra 14.7 -0.13 624 123.49 122.00 1.49
Questerre 0.8 -0.01 54,585 5.28 5.27 0.01
Orkla 10.1 0.05 32,493 84.70 84.70 0.00
Sverige
AstraZeneca 33.1 0.38 3,937,859 554.95 558.00 -3.05
Electrolux 63.4 -0.55 4,864 265.71 268.90 -3.19
Ericsson (B) 6.4 0.11 10,688,742 53.53 52.65 0.88
Hennes & Mauritz 4.6 0.01 189,664 194.58 199.60 -5.02
Atlas Copco 42.2 -0.01 43,879 353.80 357.30 -3.50
SKF B 21.9 0.13 1,677 183.39 186.00 -2.61
Swedish Match 19.9 0.00 56 333.44 330.50 2.94
Assa Abloy 10.0 -0.09 168,559 168.14 171.00 -2.86
Sandvik 16.7 0.11 9,231 140.12 141.60 -1.48
Kilde: Bloomberg, DNB Markets

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DNB Markets |

12 December 2017

Råvarer og shipping Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L
CRB indeks 185.5 185.5 0.48 0.26 - 3 -6.2 4.1 -7.0 -7.9 196.4 166.5
GS råvare indeks 2,444 2,444 18.29 0.75 4 -32 179 27 35 2,505 2,045
Olje
Brent Spot 65.93 65.21 0.72 1.10 3.31 2.44 11.83 10.52 11.42 65.95 43.90
Brent olje 1m 65.52 64.69 0.83 1.28 2.66 2.00 11.25 8.70 9.83 65.56 44.35
Brent olje 3m 64.35 63.59 0.76 1.20 1.92 1.13 10.41 6.31 7.45 64.35 44.88
WTI olje 1m 58.36 57.99 0.37 0.64 0.74 1.62 10.13 4.64 5.53 59.05 42.05
Flybensin 613.54 613.54 8.19 1.35 19.26 4.04 68.41 83.87 104.06
Naturgass US Henry Hub 2.80 2.80 0.05 1.77 -0.11 -0.35 -0.05 -0.89 -0.96
Fyringsolje 196.9 195.1 1.84 0.94 5.51 3 22.8 26.5 29.7 196.9 135.4
Metaller
Aluminium 3m 2,022 2,022 12 0.57 -47.00 -79 -100 329 272 2,215 1,677
Nikkel 11,240 11,240 290 2.65 -145.00 -870 -525 1,220 -230 13,030 8,680
Kopper 6,670 6,670 99 1.51 -156.00 -116 -78 1,135 844 7,177 5,420
Gull 1,245 1,242 3 0.26 -20.78 -30 -87 93 83 1,358 1,121
Shipping
WS AG - Japan, 250 dwt 48 48 -5 -9.52 -7.50 -23 8 -28 -33 98 38
WS AG - USG, 250 dwt 23 23 -3 -10.00 -2.50 -5 3 -23 -23 60 20
Baltic dry index 1,727 1,727 25.0 1.47 65.00 263 383 766 658 1,727 685
Kilde: Bloomberg, DNB Markets

Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L

Norge - Nibor 3m 0.830 0.830 -0.020 0.06 0.02 0.02 -0.34 -0.31 1.21 0.71
USA - Libor 3m 1.549 1.536 0.013 0.05 0.14 0.24 0.55 0.60 1.55 0.96
Euro - Euribor 3m -0.327 -0.327 -0.001 -0.001 0.002 0.004 -0.008 -0.011 -0.313 0.000
Norge 10 år stat 1.476 1.476 -0.011 0.00 -0.11 0.01 -0.17 -0.26 1.88 1.46
USA 10 år stat 2.380 2.389 -0.009 0.03 -0.02 0.21 -0.06 -0.09 2.64 2.01
Euro 10 år stat 0.293 0.293 -0.014 -0.05 -0.12 -0.04 0.09 -0.07 0.62 0.16
Tyskland 10 år stat 0.293 0.293 -0.014 -0.05 -0.12 -0.04 0.09 -0.07 0.62 0.16
Japan 10 år stat 0.048 0.050 -0.002 0.00 0.01 0.03 0.00 -0.04 0.15 -0.01
UK 10 år stat 1.202 1.202 -0.077 -0.09 -0.14 0.16 -0.04 -0.25 1.54 0.92
Valuta
EUR/USD 1.178 1.177 0.001 -0.005 0.011 -0.019 0.126 0.114 1.209 1.034
USD/JPY 113.5 113.6 -0.100 0.9 -0.2 3.3 -3.5 -1.6 118.7 107.3
GBP/USD 1.334 1.334 0.000 -0.010 0.023 0.006 0.098 0.066 1.366 1.199
USD/NOK 8.378 8.386 -0.008 0.115 0.212 0.543 -0.268 -0.060 8.759 7.687
EUR/NOK 9.865 9.867 -0.002 0.094 0.339 0.489 0.772 0.891 9.931 8.789
GBP/NOK 11.178 11.182 -0.004 0.071 0.467 0.769 0.516 0.483 11.287 9.966
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
Farmasi 2.0% -1.3% 0.4% -23.2% -21.7% 48.5 Media 1.3% 4.5% -0.6% -9.3% -11.6% 16.6
Papir- og skogprodukter 1.8% -0.7% 7.6% 47.4% 45.3% 14.3 Energi 0.5% -1.9% 10.3% 2.2% -1.4% 17.4
Bildeler 1.4% 3.7% 1.7% 5.7% 4.7% 18.2 Legemiddelindustri og bioteknologi 0.4% 0.4% -3.3% 3.9% -0.1% 15.9
Diversifiserte telekomtjenester 1.2% 0.6% 8.0% 37.9% 40.1% 25.7 Materialer 0.4% -1.7% 3.4% 11.7% 12.4% 15.1
Kommunikasjonsutstyr 1.2% 11.1% 4.9% -6.7% -9.4% 13.0 Banker 0.3% 1.1% 0.6% 9.6% 9.9% 12.3
Internett programvare og -tjenester 1.0% 1.8% -3.0% -21.1% -14.4% 27.5 Finansieringsselskaper 0.3% 1.6% 5.6% 9.6% 10.6% 16.9
Datamaskiner og tilbehør 0.9% 2.1% -0.6% 11.8% 10.7% 16.5 Mat- og apotekhandel 0.2% 7.6% 8.4% -7.0% -7.3% 16.3
Fritidsutstyr 0.8% 1.6% -7.9% 18.5% 18.6% 15.1 Drikkevarer, mat og tobakk -0.2% 0.3% 2.0% 9.5% 6.6% 21.3
Metall 0.8% 13.2% 10.1% 7.1% 7.6% 12.1 Forsikring -0.2% -1.0% 3.1% 7.8% 6.3% 13.0
Olje og gass 0.7% 10.4% 15.3% 22.7% 22.5% 15.9 Biler og komponenter -0.2% 1.2% 7.9% 15.0% 12.0% 8.6
Husholdningsartikler 0.7% 0.0% 0.9% 15.7% 14.0% 18.2 Husholdningsvarer og personlige produkter -0.2% -0.2% -1.2% 16.5% 12.4% 22.1
Drikkevarer 0.5% 0.1% 8.3% -6.0% -4.7% 33.0 Kapitalvarer -0.2% -0.6% 2.1% 13.0% 11.3% 18.9
Bygg og anlegg 0.3% 1.4% 1.0% 12.9% 13.6% 24.0 Forbruksvarer og klær -0.3% 0.2% 2.1% 27.5% 24.1% 20.6
Helseartikler 0.2% 1.5% 6.7% 19.8% 22.9% 21.4 Kommersielle tjenester og leveranser -0.4% -1.5% 2.7% 12.2% 8.6% 18.4
Energi og relatert utstyr 0.2% 1.6% 12.9% 32.9% 34.4% 20.8 Detaljhandel -0.4% 2.2% -2.0% -12.9% -11.9% 19.2
Bioteknologi 0.2% 0.9% 7.8% 37.9% 41.1% 25.1 Eiendomsselskaper -0.4% 3.1% 5.0% 10.8% 6.1% 20.5
Bank 0.1% 7.6% 5.9% 33.1% 38.1% 13.7 Hotell-, underholdnings- og restaurantvirksomhet
-0.5% -0.3% 2.5% 7.2% 1.6% 19.3
Hotell og restaurant 0.1% 4.4% 9.4% 27.0% 30.2% 24.7 Telekommunikasjon og tjenester -0.5% 2.6% 1.2% 2.4% -0.9% 16.3
Matvarer 0.1% 3.5% 7.5% 16.7% 20.9% 21.5 Helsevern - utstyr og tjenester -0.6% -0.4% -2.8% 5.9% 1.5% 22.8
Maskiner 0.1% 3.7% 2.6% -0.4% 5.9% 17.0 Transport -0.7% 2.8% 5.6% 32.4% 28.8% 14.6
Kraft 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Forsyningsselskaper -0.8% -1.1% -1.7% 12.4% 9.3% 14.8
Elektronisk utstyr og instrumenter 0.0% 0.4% 3.0% 29.1% 30.1% 22.6 Programvare og tjenester -0.8% -0.9% 3.7% 23.8% 19.2% 22.6
Kjemikalier -0.1% 4.1% 3.2% -1.6% -2.5% 18.8 IT utstyr -0.8% -2.5% -9.4% 0.0% -4.7% 22.6
Forsikring -0.1% 1.2% 6.0% 14.3% 15.3% 17.3
Media -0.1% -2.7% -5.1% -10.9% -10.1% 21.1
Luftfart -0.2% 3.3% 7.0% 11.4% 14.4% 15.9
Industrielle konglomerater -0.3% 2.6% -1.9% 7.1% 8.3% 22.2
Elektrisk utstyr -0.4% 8.5% 15.1% 18.9% 18.9% 15.5
Programvare -0.4% 10.1% 18.6% 1.8% 8.6% 22.6
Eiendom -0.4% 5.1% 13.2% 30.7% 34.5% 21.1
Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets

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DNB Markets |

12 December 2017

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 106.83 2.5 % 2.0 % 2.7 % BioMarin Pharmaceutical Inc 88.11 7.5 % 7.4 % 7.4 % CenturyLink Inc 15.87 8.2 % 2.5 % -33.7 %
Apple Inc 172.67 1.9 % -1.1 % 52.4 % NetEase Inc 344.77 7.2 % 13.8 % 57.7 % TechnipFMC PLC 28.59 4.5 % -1.1 % -20.8 %
Verizon Communications Inc 51.84 1.5 % 15.5 % 0.2 % MercadoLibre Inc 288.8 4.5 % 6.6 % 87.9 % CenturyLink Inc 15.87 8.2 % 2.5 % -33.7 %
Merck & Co Inc 56.34 1.4 % 1.6 % -8.7 % Symantec Corp 29.22 4.4 % 3.0 % 18.3 % Chesapeake Energy Corp 3.83 4.1 % -7.5 % -47.9 %
Pfizer Inc 36.21 1.3 % 2.9 % 11.8 % Tesla Inc 328.91 4.4 % 8.6 % 70.9 % Range Resources Corp 16.7 3.9 % -13.2 % -53.6 %
Microsoft Corp 85.23 1.3 % 1.6 % 37.1 % Wynn Resorts Ltd 164.26 3.0 % 6.6 % 79.5 % Newfield Exploration Co 30.36 3.3 % -8.9 % -34.9 %
NIKE Inc 61.91 1.0 % 10.4 % 20.1 % Hologic Inc 43.82 2.6 % 12.4 % 10.2 % NRG Energy Inc 29.13 3.1 % 2.8 % 131.2 %
Cisco Systems Inc 37.96 0.9 % 11.7 % 25.8 % Liberty Global PLC 31.55 2.5 % 6.2 % 5.9 % Wynn Resorts Ltd 164.26 3.0 % 6.6 % 79.5 %
Intel Corp 43.66 0.7 % -4.2 % 21.4 % Electronic Arts Inc 107.92 2.5 % -4.3 % 33.9 % Allergan PLC 172.76 3.0 % 0.3 % -9.4 %
3M Co 239.3 0.5 % 5.2 % 33.2 % Gilead Sciences Inc 75.88 2.2 % 2.9 % 3.3 % Halliburton Co 45.16 2.7 % 1.3 % -17.1 %
American Express Co 99 0.5 % 5.9 % 34.5 % Charter Communications Inc 331.49 2.2 % -2.1 % 19.3 % DaVita Inc 69.51 2.7 % 26.4 % 4.4 %
Exxon Mobil Corp 83.03 0.4 % 0.1 % -8.7 % Liberty Media Corp-Liberty For33.77 2.1 % -5.8 % 9.9 % Hologic Inc 43.82 2.6 % 12.4 % 10.2 %
Chevron Corp 120.42 0.4 % 2.8 % 2.8 % Mylan NV 39.49 2.1 % 3.5 % 6.4 % Envision Healthcare Corp 32.9 2.6 % 31.9 % -52.8 %
United Technologies Corp 123.3 0.4 % 4.4 % 11.7 % Liberty Media Corp-Liberty For35.36 2.1 % -5.6 % 16.0 % Electronic Arts Inc 107.92 2.5 % -4.3 % 33.9 %
Wal-Mart Stores Inc 96.93 0.4 % 6.6 % 35.2 %
Johnson & Johnson 141.14 0.4 % 1.1 % 22.3 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år
International Business Machine 155.41 0.4 % 4.2 % -6.1 % Ulta Beauty Inc 216.14 -3.7 % 7.7 % -14.1 % SCANA Corp 42.38 -7.4 % -3.6 % -42.1 %
DowDuPont Inc 70.81 0.1 % 1.2 % 21.5 % Alexion Pharmaceuticals Inc 111.9 -2.2 % -2.8 % -2.8 % Macerich Co/The 63.29 -3.7 % -1.7 % -11.3 %
McDonald's Corp 173.25 0.1 % 4.6 % 42.3 % Align Technology Inc 233.66 -2.0 % -6.3 % 137.1 % Ulta Beauty Inc 216.14 -3.7 % 7.7 % -14.1 %
Coca-Cola Co/The 45.33 0.0 % -2.6 % 8.2 % Verisk Analytics Inc 94.32 -1.9 % 4.6 % 13.6 % Martin Marietta Materials208.68
Inc -2.5 % -2.1 % -6.7 %
Caterpillar Inc 143.77 -0.1 % 5.3 % 51.2 % Illumina Inc 214.11 -1.6 % 2.5 % 72.7 % Vulcan Materials Co 122.92 -2.4 % -0.9 % -1.7 %
Goldman Sachs Group Inc/The 250.13 -0.1 % 4.2 % 5.5 % Intuitive Surgical Inc 373.55 -1.6 % -4.0 % 76.8 % Alexion Pharmaceuticals 111.9
Inc -2.2 % -2.8 % -2.8 %
Procter & Gamble Co/The 90.23 -0.2 % 2.3 % 6.0 % O'Reilly Automotive Inc 247.24 -1.5 % 15.3 % -10.7 % Newmont Mining Corp 34.67 -2.1 % -2.4 % 6.3 %
Visa Inc 112.37 -0.2 % 0.4 % 43.1 % Dollar Tree Inc 107.07 -1.5 % 12.6 % 24.4 % Tapestry Inc 41.39 -2.1 % 1.4 % 8.7 %
JPMorgan Chase & Co 105.62 -0.3 % 8.3 % 24.7 % Vertex Pharmaceuticals Inc 141.68 -1.3 % -4.7 % 86.2 % Align Technology Inc 233.66 -2.0 % -6.3 % 137.1 %
General Electric Co 17.65 -0.3 % -13.9 % -44.6 % Netflix Inc 186.22 -1.2 % -3.0 % 51.6 % Verisk Analytics Inc 94.32 -1.9 % 4.6 % 13.6 %
Travelers Cos Inc/The 133.16 -0.4 % -1.8 % 10.1 % Liberty Interactive Corp QVC G
24.52 -1.1 % 2.6 % 21.3 % Dover Corp 96.78 -1.8 % 3.2 % 26.1 %
UnitedHealth Group Inc 222.77 -0.5 % 5.5 % 39.7 % JB Hunt Transport Services Inc
111.3 -1.1 % 9.3 % 12.3 % AutoZone Inc 708.61 -1.8 % 18.5 % -11.7 %
Home Depot Inc/The 182.25 -0.6 % 11.1 % 35.4 % Tractor Supply Co 67.15 -0.8 % 7.1 % -12.2 % Lincoln National Corp 77.17 -1.7 % 5.0 % 14.9 %
Boeing Co/The 283.16 -1.0 % 8.6 % 80.2 % Citrix Systems Inc 87.02 -0.7 % 3.3 % 23.0 % Illumina Inc 214.11 -1.6 % 2.5 % 72.7 %
Kilde: Bloomberg / DNB Markets

12-måneders forward P/E

22x

20x

18x

16x

14x

12x

10x

8x

6x
jul. 10

jul. 14

jul. 16
jul. 11

jul. 12

jul. 13

jul. 15

jul. 17
jan. 11

jan. 12

jan. 13

jan. 16

jan. 17
okt. 10

okt. 12

okt. 14

okt. 15

okt. 16
jan. 10

apr. 11

apr. 12

apr. 13

jan. 14

jan. 15
apr. 15

apr. 17
okt. 11

okt. 13

okt. 17
apr. 10

apr. 14

apr. 16

S&P 50 0 Eur o S toxx 50 OBX

K i l de: B l oomber g / DNB M ar k et s

4
DNB Markets |

12 December 2017

Endring i %
ETF / ETP Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt)
Aksjer / Indekser (siste 5 dager)
Oil Service OIH 25.21 1.8 % -0.8 % -2.2 % -28.0 % USD 148,811,840
Teknologi USA XLK 64.15 0.9 % 2.7 % 1.0 % 32.3 % USD 763,479,936
FTSE 100 ISF 741.20 0.9 % 1.6 % 0.7 % 8.0 % GBp 5,290,710,000
Nasdaq 100 QQQ 155.90 0.8 % 2.1 % 1.4 % 31.1 % USD 4,647,504,384
Energi XLE 69.78 0.7 % 0.2 % 0.2 % -9.3 % USD 738,537,856
AEX-Nederland IAEX 4855.50 0.7 % 1.7 % 0.4 % 23.1 % GBp 34,695,420
Forsyningstjenester XLU 56.21 0.6 % 0.2 % 1.3 % 16.0 % USD 736,794,752
Emerging Markets EEM 46.17 0.5 % 0.5 % -0.3 % 28.5 % USD 2,503,358,208
Pacific ex-Japan EPP 47.36 0.4 % 0.2 % -0.8 % 13.7 % USD 18,225,010
Japan EWJ 59.80 0.3 % 1.3 % 1.2 % 17.8 % USD 441,064,960
S&P 500 SPY 266.31 0.3 % 0.8 % 3.2 % 17.7 % USD 20,676,984,832
Dow Jones Total market SPTM 33.11 0.3 % 0.6 % 3.3 % 17.0 % USD 10,869,350
DJIA DIA 244.17 0.2 % 0.4 % 4.2 % 23.3 % USD 785,363,072
Latin-America 40 ILF 32.67 0.2 % -1.4 % -1.4 % 16.1 % USD 37,647,884
Brasil EWZ 39.09 0.2 % -1.4 % 0.7 % 20.5 % USD 657,179,136
S&P Euro 350 IEV 47.00 0.2 % 0.4 % 1.3 % 21.4 % USD 43,750,344
Bioteknologi IBB 106.23 0.2 % 2.1 % 2.1 % 19.1 % USD 283,416,544
Hong Kong EWH 25.27 0.1 % -0.7 % -0.7 % 24.5 % USD 159,545,392
Forbruksvarer XLP 56.58 0.0 % -0.2 % 4.2 % 8.3 % USD 709,599,040
Russell 2000 IWM 151.35 0.0 % -0.7 % 3.3 % 10.6 % USD 3,876,131,584
S&P Midcap 400 MDY 344.12 -0.1 % -0.2 % 3.6 % 12.2 % USD 411,472,928
DAX DAXEX 114.35 -0.1 % 0.9 % 0.1 % 17.0 % EUR 12,000,260
Russell 2000 Growth IWO 184.18 -0.1 % 0.0 % 3.1 % 17.7 % USD 166,951,984
Industri XLI 74.54 -0.2 % 0.4 % 4.9 % 16.9 % USD 825,534,080
TecDax TDXPEX 23.20 -0.2 % 1.2 % 1.0 % 43.7 % EUR 2,079,393
CAC-40 CAC 52.87 -0.2 % 0.0 % 0.2 % 12.7 % EUR 8,815,033
Finansielle tjenester XLF 27.94 -0.2 % -0.2 % 7.1 % 18.8 % USD 1,651,099,904
Olje / Energi
Brent-olje OILB 26.95 1.3 % 1.9 % 0.1 % 8.5 % USD 237,579
Fyringsolje HEAT 11.62 1.0 % 2.5 % 0.1 % 10.5 % USD 22,650
WTI-Oil USO 11.60 1.0 % 1.0 % 1.6 % -0.2 % USD 148,996,160
WTI-olje OILW 18.90 0.7 % 0.3 % 0.4 % -2.1 % USD 17,565
Råolje CRUD 8.23 0.6 % 0.2 % 0.5 % -1.1 % USD 3,361,863
Naturgass UNG 5.56 0.5 % -6.1 % -15.9 % -37.1 % USD 92,964,248
Bensin UGAS 26.59 0.3 % 1.3 % -4.3 % 4.9 % USD #N/A N/A
Metaller
Nikkel NICK 10.97 2.2 % -1.3 % -8.0 % -4.4 % USD 640,024
Sink ZINC 9.02 1.5 % -2.1 % -3.2 % 13.5 % USD 9,530
Kobber COPA 28.48 1.3 % -2.6 % -2.7 % 11.3 % USD 1,257,050
Aluminium ALUM 3.14 0.4 % -2.3 % -4.2 % 12.2 % USD 494,015
Gull BULL 14.79 -0.2 % -2.3 % -2.6 % 5.3 % USD 70,762
Sølv SLV 14.85 -0.7 % -3.8 % -6.9 % -8.3 % USD 126,490,880
Andre råvarer
Soyaolje SOYO 3.94 0.3 % -0.4 % -5.0 % -13.7 % USD 35,558
Råvarer DBC 16.00 0.3 % -0.6 % -2.4 % 1.9 % USD 25,444,360
Soyabønner SOYB 20.98 -0.4 % -2.0 % -0.4 % -9.4 % USD 2,452
Sukker SUGA 8.68 -0.7 % -7.3 % -6.5 % -31.1 % USD 32,061
Kveg CATL 6.57 -0.7 % -2.8 % -6.7 % 7.8 % USD na
Svinekjøtt HOGS 0.62 -1.0 % -4.7 % -3.1 % 2.1 % USD na
Mais CORN 0.84 -1.0 % -1.7 % -1.7 % -14.6 % USD 15,804
Kaffe COFF 1.11 -1.8 % -6.5 % -6.4 % -22.2 % USD 106,463
Råvarekurver
Energi AIGE 3.72 1.1 % 0.1 % -3.3 % -6.0 % USD 425,912
Råvarer (ETN) GSG 15.61 0.5 % -0.3 % -1.6 % 0.6 % USD 1,870,377
Råvarer AIGC 8.52 0.2 % -1.9 % -3.5 % -4.2 % USD 227,094
Edle metaller AIGP 16.10 -0.2 % -2.5 % -3.7 % 0.8 % USD 653,074
Buskap AIGL 2.95 -0.8 % -3.5 % -5.6 % 5.9 % USD 792
Landbruk AIGA 4.62 -0.9 % -3.1 % -2.5 % -14.1 % USD 210,634
Korn AIGG 3.28 -1.0 % -2.7 % -2.9 % -13.7 % USD 77
Softs (Sukker, Kakao, Bomull)
AIGS 3.78 -1.3 % -5.3 % -3.4 % -21.2 % USD na
Kilde: Bloomberg / DNB Markets

5
DNB Markets |

12 December 2017

Endring i %
ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt)
Telenor DNB-ETN TELENOR X3 BULL #N/A N/A #VALUE! #VALUE! #VALUE! na NOK na
Telenor DNB-ETN TELENOR X3 BULL #N/A N/A #VALUE! #VALUE! #VALUE! na NOK na
Norsk Hydro DNB-ETN NORSK HYDRO BEAR #N/A N/A #VALUE! #VALUE! #VALUE! na NOK na
Fred. Olsen Energy BULL FOE DNM 2.47 35.0 % -3.1 % -26.0 % -72.2 % NOK 89,067
DNO BULL DNO DNM 1.43 21.2 % -5.3 % -17.8 % 14.4 % NOK 156,035
BW LPG BULL BWLPG DNM 7.08 14.2 % 10.1 % 24.2 % -19.0 % NOK 46,363
DNB BEAR DNB NOR HA 1.20 12.1 % 10.6 % 37.9 % -52.0 % NOK na
PGS DNB-ETN PGS BULL 2.32 10.5 % 45.0 % 9.4 % -82.3 % NOK 36,582
Golden Ocean BULL GOGL DNM 16.24 8.0 % 4.4 % 19.4 % 197.4 % NOK 481,643
Oljepris DNB - ETN BRENT BULL 7.29 7.4 % -0.3 % 1.5 % 12.2 % NOK 148,664
Norwegian DNB-ETN NORWEGIAN BEAR 6.19 6.5 % -1.6 % 8.6 % 36.5 % NOK 18,140
Norsk Hydro BULL NHY X3 DNM 71.75 6.5 % -8.9 % -32.6 % 86.1 % NOK 37,424
Opera BULL OPERA DNM 0.70 4.5 % 4.5 % 4.5 % -75.3 % NOK 350
Strømpris BEAR EL HA 145.80 3.7 % 8.6 % 17.6 % -36.4 % NOK na
REC DNB-ETN REC BULL 1.13 2.7 % -13.1 % -9.6 % -32.5 % NOK 28,054
Shipping DNB - ETN SHIPPING 32.26 2.1 % 0.0 % 0.0 % 0.0 % NOK na
Statoil DNB-ETN STATOIL BEAR 2.60 1.6 % 1.2 % 0.8 % -28.0 % NOK 10,320
Aker BP DNB - ETN AKER BP BULL 56.83 1.6 % 0.0 % 0.0 % 0.0 % NOK na
Kobberpris BULL KOBBER HA 32.10 1.2 % -6.8 % -5.2 % 15.4 % NOK na
OBX XACT OBX BULL (UCITS ETF) 157.65 1.2 % -2.5 % -3.9 % na NOK 27,419,930
Oljeservice DNB - ETN OIL SERVICE 16.50 1.2 % -3.8 % -7.7 % -10.2 % NOK 22,226
Bank Norwegian DNB - ETN NOFI BULL 30.59 0.9 % 0.0 % 0.0 % 0.0 % NOK 5,993
Gullpris BEAR GULL HA 22.22 0.6 % 4.6 % 9.4 % -15.2 % NOK na
OBX XACT OBX (UCITS ETF) 69.75 0.6 % -1.2 % -2.1 % na NOK 552,188
OBX DNB OBX 69.13 0.6 % -1.3 % -2.0 % 16.2 % NOK 7,908,771
Aluminium BULL ALU HA 22.58 0.6 % -4.9 % -5.9 % 20.6 % NOK na
Bank Norwegian DNB - ETN NOFI BEAR 13.47 0.4 % 0.0 % 0.0 % 0.0 % NOK na
Aluminium BEAR ALU HA 45.25 0.3 % 5.6 % 11.8 % -26.5 % NOK na
Gullpris BULL GULL HA 67.43 0.2 % -3.9 % -3.3 % 8.4 % NOK na
Fred. Olsen Energy BEAR FOE DNM 1.28 0.0 % -90.6 % -90.6 % -92.9 % NOK 128
Orkla DNB-ETN ORKLA X3 BULL 179.05 0.0 % 0.0 % 12.8 % 49.2 % NOK na
OBX DNB-ETN OBX X3 BEAR 1.37 0.0 % 3.0 % 12.3 % -41.7 % NOK 31,740
Marine Harvest Group DNB-ETN MARINE HARVEST BEAR 3.48 0.0 % 2.1 % 9.1 % -14.4 % NOK 696
Storebrand DNB-ETN STOREBRAND BEAR 0.79 0.0 % 5.3 % 19.7 % -55.1 % NOK 740
Oljepris DNB - ETN BRENT 20.91 0.0 % -0.3 % 1.2 % 6.7 % NOK 167
Statoil DNB-ETN STATOIL X3 BULL 34.70 0.0 % -5.2 % -7.6 % 24.2 % NOK 1,735
OBX BEAR OBX X4 DNM 2.10 0.0 % 4.5 % 9.4 % -52.5 % NOK 26,880
Gullpris DNB-ETN GULL 28.21 0.0 % -2.7 % -0.7 % 3.5 % NOK 2,134
REC BULL REC HA 3.30 0.0 % -11.5 % 22.0 % -34.2 % NOK 13,000
OBX BULL OBX X4 DNM 40.56 0.0 % -3.2 % -16.0 % 59.2 % NOK 60,078
Schibsted BEAR SCH DNM 3.33 0.0 % 0.0 % 20.2 % -58.5 % NOK na
Oljepris DNB - ETN BRENT BEAR 11.87 0.0 % 4.2 % 6.5 % -28.0 % NOK 1,424
Statoil DNB-ETN STATOIL BULL 38.76 0.0 % 0.0 % 10.2 % 18.9 % NOK na
CO2 CO2 ETN DNM 37.98 0.0 % -5.1 % 0.8 % 61.4 % NOK 11,584
Statoil DNB-ETN STATOIL X3 BEAR 4.30 0.0 % 3.6 % 4.4 % -40.7 % NOK 75,540
Subsea 7 DNB-ETN SUBSEA 7 BEAR 1.35 0.0 % 0.0 % 11.6 % -41.8 % NOK na
TGS Nopec DNB-ETN TGS BEAR 3.07 0.0 % 0.0 % 0.0 % -25.0 % NOK na
Kobberpris BULL KOBBER ETN DNM 32.21 0.0 % 0.0 % 0.0 % 12.7 % NOK na
Sølvpris SOLV ETN DNM 26.77 0.0 % -2.3 % -2.3 % -10.1 % NOK 53,540
Gjensidige DNB-ETN GJENSIDIGE X3 BULL 47.89 0.0 % 0.0 % 1.9 % 46.6 % NOK na
Sølvpris BULL SOLV ETN DNM 16.87 0.0 % -7.9 % -11.0 % -23.4 % NOK 4,049
Aker Solutions DNB-ETN AKER SOLUTIONS BEAR 1.76 0.0 % 0.0 % 0.0 % -36.6 % NOK na
REC BEAR REC HA 7.54 0.0 % 10.5 % -3.4 % -79.1 % NOK na
Marine Harvest Group DNB-ETN MARINE HARVEST BULL110.40 0.0 % -2.3 % -14.0 % -1.8 % NOK 3,091
Gjensidige DNB-ETN GJENSIDIGE X3 BEAR 17.00 0.0 % 0.0 % 0.0 % -46.0 % NOK na
REC BEAR REC DNM 1.20 0.0 % 0.0 % 0.0 % -53.9 % NOK na
Oljepris BULL OLJE HA 15.65 0.0 % -2.4 % -0.8 % 3.1 % NOK 9,390
Oljeservice DNB - ETN OIL SERVICE BULL 4.40 0.0 % 0.0 % -12.2 % -24.5 % NOK na
Strømpris DNB - ETN ELKRAFT BEAR 27.27 0.0 % 0.0 % -2.2 % -27.7 % NOK na
Kilde: Bloomberg / DNB Markets
FORTS.

6
DNB Markets |

12 December 2017

Endring i %
ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt)
OBX SHORT OBX DNM 17.56 0.0 % 0.0 % 1.5 % -16.8 % NOK na
Gullpris DNB-ETN GULL BULL 20.56 0.0 % 0.0 % 2.9 % 14.3 % NOK na
Oljeservice DNB - ETN OIL SERVICE BEAR 5.49 0.0 % 0.0 % 6.4 % -9.0 % NOK na
Aker Solutions DNB-ETN AKER SOLUTIONS BULL 3.60 0.0 % -6.7 % -21.6 % -22.0 % NOK 42,040
Subsea 7 DNB-ETN SUBSEA 7 BULL 13.22 0.0 % 0.0 % -3.2 % 18.4 % NOK na
Sjømat DNB - ETN SEAFOOD 31.02 0.0 % 1.0 % -3.8 % -1.7 % NOK 34,430
OBX BEAR OBX X3 HA 0.96 0.0 % 1.1 % 7.9 % -40.4 % NOK na
Norsk Hydro BEAR NHY X3 DNM 3.92 0.0 % 0.0 % 22.5 % -74.9 % NOK na
Norsk Hydro DNB-ETN NORSK HYDRO BULL 23.71 0.0 % -19.7 % -28.9 % 58.8 % NOK 11,095
Yara DNB-ETN YARA X3 BULL 23.15 0.0 % 0.0 % -4.0 % 32.0 % NOK na
OBX BULL OBX X3 HA 239.25 0.0 % 1.8 % -7.3 % 53.2 % NOK 9,570
Seadrill DNB-ETN SEADRILL BULL 0.50 0.0 % -23.1 % -32.4 % -100.0 % NOK 195
Telenor DNB-ETN TELENOR X3 BEAR 0.49 0.0 % 6.5 % -21.0 % -73.4 % NOK 88,000
Aker BP DNB - ETN AKER BP BEAR 6.66 -0.2 % 0.0 % 0.0 % 0.0 % NOK 1,506
Kobberpris BEAR KOBBER HA 20.02 -0.4 % 7.1 % 10.1 % -27.6 % NOK na
Strømpris DNB-ETN ELKRAFT BULL 8.93 -0.7 % -7.8 % -8.1 % -4.5 % NOK 27,210
OBX XACT OBX BEAR (UCITS ETF) 40.06 -1.0 % 2.5 % 3.6 % na NOK 29,624,630
Strømpris BULL EL HA 1.21 -2.0 % -8.3 % -9.7 % 10.0 % NOK 27,380
Storebrand DNB-ETN STOREBRAND BULL 48.39 -3.4 % -9.4 % -16.2 % 79.3 % NOK 99,285
Yara DNB-ETN YARA X3 BEAR 3.93 -6.0 % -6.2 % 3.1 % -56.3 % NOK 157,642
OBX DNB-ETN OBX X3 BULL 51.95 -6.4 % -6.4 % -4.8 % 45.7 % NOK 43,846
Norwegian DNB-ETN NORWEGIAN BULL 3.19 -7.0 % -4.8 % -12.6 % -67.6 % NOK 24,392
PGS DNB-ETN PGS BEAR 1.35 -10.0 % -28.9 % -31.1 % 60.7 % NOK 150,799

Kilde: Bloomberg / DNB Markets

7
DNB Markets |

12 December 2017

Rapportkalender
Konsensus DNB
Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte
12-Dec SAS AB na na na na None
13-Dec Sevan Drilling Ltd Oslo na na na na None
15-Dec Oceanteam ASA Oslo na na na na None
Petrolia SE Oslo na na na na None
20-Dec Kotipizza Group Oyj Helsinki 2 0.21 na na None
KappAhl AB Stockholm 130 1.17 na na Annual
SkiStar AB Stockholm -194 -5.14 na na Annual
21-Dec Nobina AB Stockholm 370 1.52 na na Annual
Rnb Retail and Brands AB Stockholm na na na na Annual
11-Jan Dustin Group AB Stockholm na 1.11 na na Annual
12-Jan Chr Hansen Holding A/S Copenhagen 82 0.37 83 0.39 Annual
18-Jan Avanza Bank Holding AB Stockholm na 2.81 na na Annual
19-Jan Investment AB Oresund Stockholm na na na na Annual
23-Jan Voss Veksel OG Landmands B Oslo na 4.03 na na Annual
Investor AB Stockholm na -43.11 na na Annual
Com Hem Holding AB Stockholm 726 1.13 587 -0.08 Annual
Investor AB Stockholm na -43.11 na na Annual
25-Jan Probi AB Stockholm 10 -0.24 na na Annual
Pareto Bank ASA Oslo na 1.29 na na Irreg
Lagercrantz Group AB Stockholm 128 1.17 na na Annual
Essity AB Stockholm 4,775 3.00 na na None
Orexo AB Stockholm 32 0.50 na na None
Nordea Bank AB Stockholm na 0.20 na 0.22 Annual
NCC AB Stockholm 708 3.41 1,198 6.64 Semi-Anl
Byggmax Group AB Stockholm 53 0.25 na na Annual
Essity AB Stockholm 4,734 2.35 na na None
NCC AB Stockholm 708 3.41 1,198 6.64 Semi-Anl
Elanders AB Stockholm 166 1.48 na na Annual
26-Jan Bergs Timber AB Stockholm 31 0.09 na na Irreg
Gjensidige Forsikring ASA Oslo na 1.95 na 2.73 Annual
Beijer Electronics Group AB Stockholm na na na na Annual
Ahlsell AB Stockholm 728 1.06 590 0.20 Irreg
Scatec Solar ASA Oslo 227 0.19 na na Annual
Telia Co AB Helsinki 6,573 0.71 6,277 -0.82 Semi-Anl
Atlas Copco AB Stockholm 7,626 3.81 6,141 2.99 Semi-Anl
Cloetta AB Stockholm 254 0.47 na na Annual
29-Jan BillerudKorsnas AB Stockholm 1,063 2.50 675 1.09 Annual
Getinge AB Stockholm 1,288 4.79 2,336 5.09 Annual
30-Jan Autoliv Inc Stockholm 330 1.73 327 1.92 Quarter
Alfa Laval AB Stockholm 1,743 2.29 1,918 2.35 Annual
Svenska Cellulosa AB SCA Stockholm 1,092 0.75 4,868 3.26 Annual
Loomis AB Stockholm 845 5.35 690 3.77 Annual
Svenska Cellulosa AB SCA Stockholm 1,092 0.75 4,868 3.26 Annual
HIQ International AB Stockholm 58 0.77 na na Annual
Holmen AB Stockholm 633 4.43 na na Annual
Concordia Maritime AB Stockholm 17 -1.08 na na Annual
31-Jan Qliro Group AB Stockholm 95 0.42 na na None
Telefonaktiebolaget LM Ericsso Stockholm 4,703 0.39 na na Annual
Telenor ASA Oslo 11,723 2.18 10,972 na Semi-Anl
Wartsila OYJ Abp Helsinki 292 1.03 229 0.87 Semi-Anl
UPM-Kymmene OYJ Helsinki 390 0.48 na na Annual
Beijer Ref AB Stockholm 180 2.54 na na Annual
Skandinaviska Enskilda Banken Stockholm na 2.03 na 1.86 Annual
Kilde: Bloomberg / DNB Markets

Beijer Ref AB Stockholm 180 2.54 na na Annual

8
DNB Markets | Dnb anbefalinger og estimater

12 December 2017

DNB ANBEFALINGER OG ESTIMATER

Selskap Ticker Anbefaling Valuta Kurs Kursm ål Estim ert EPS Estim ert P/E Estim ert EV/EBITDA
2017 2018 2017 2018 2017 2018
A. P. Møller Mærsk maerskb Kjøp DKK 10,620 14,600 -64.75 88.47 -25.2x 21.8x 13.3x 8.8x
AcadeMedia AB ACAD Kjøp SEK 57.3 90 4.39 5.35 11.9x 10.7x 8.6x 7.8x
Actic Group AB ATIC Kjøp SEK 38.3 58 0.33 3.58 10.8x 7.3x 6.8x 5.2x
AF Gruppen AFG Selg NOK 133.5 110 6.64 7.75 19.8x 17.2x 10.1x 8.2x
Ahlsell AB Kjøp SEK 51.4 68 3.15 3.57 13.5x 12.2x 11.3x 9.9x
Akastor AKA Kjøp NOK 16.2 18 1.25 -0.66 -5.2x -24.5x 22.1x 7.2x
Aker AKER Hold NOK 366.0 357
Aker BP ASA AKERBP Kjøp NOK 194.7 203 1.04 1.21 22.3x 19.2x 6.1x 4.2x
Aker Solutions AKSO Hold NOK 41.0 34 1.10 0.46 42.6x 88.2x 9.2x 11.3x
Alfa Laval ALFA Hold SEK 193.7 200 6.66 7.96 29.0x 24.3x 14.6x 13.1x
Alimak ALIG Kjøp SEK 132.8 175 5.27 6.72 21.7x 17.1x 14.3x 11.3x
ALK-Abello ALKb Kjøp DKK 744.0 970 -14.08 -17.69 -53.3x -42.4x 32.6x 2096.2x
Alligator Bioscience ATORX Kjøp SEK 24.0 35 -1.42 1.25 -16.9x 19.3x
Archer ARCHER Hold NOK 9.5 9 0.32 -0.07 2.1x -16.2x 10.9x 7.4x
Assa Abloy ASSAB Selg SEK 171.0 155 7.72 8.31 22.2x 20.6x 15.3x 14.1x
Atea ATEA Hold NOK 113.0 105 5.45 6.11 20.8x 18.5x 10.8x 9.3x
Atlas Copco ATCOA Hold SEK 357.3 370 14.29 16.08 24.5x 22.1x 14.8x 13.7x
Atwood Oceanics ATW USD 9.3 -0.44 -3.16 -21.1x -2.9x 5.7x -62.0x
Austevoll Seafood AUSS Kjøp NOK 70.0 90 6.44 6.39 8.7x 11.0x 7.1x 7.4x
Autoliv ALIV Kjøp SEK 1088.0 1270 5.69 7.29 21.2x 17.2x 9.5x 7.8x
Avance Gas AVANCE Kjøp NOK 21.5 28 -0.88 -0.16 -2.9x -15.9x 100.1x 11.6x
Avanza Bank AZA Kjøp SEK 352.3 420 12.29 14.27 28.7x 24.7x
Awilco Drilling AWDR Hold NOK 34.7 32 2.35 0.45 1.8x 9.2x 0.8x 1.6x
Axactor AXA Kjøp NOK 2.6 5 0.01 0.03
B2Holding B2H Kjøp NOK 20.1 23 1.42 1.98
Bakkafrost BAKKA Hold NOK 325.1 340 14.10 18.82 13.2x 13.0x 8.2x 8.1x
Balder BALDB Hold SEK 220.9 230 30.12 11.79 28.0x 25.1x 25.1x 24.0x
BerGenBio BGBIO Kjøp NOK 20.4 32 -3.78 -6.05 -5.4x -3.4x -3.5x -3.2x
Bergman & Beving BERGB Kjøp SEK 94.5 140 7.61 6.13 25.0x 14.7x 20.2x 12.4x
Betsson BETSB Kjøp SEK 59.2 95 5.71 6.71 10.2x 8.8x 8.2x 7.0x
BioArctic BIOAB Kjøp SEK 24.8 36 0.06 0.05 437.0x 466.6x 127.8x 166.3x
Borr Drilling BDRILL Kjøp NOK 33.8 35 -0.76 -1.14 -5.3x -3.6x 3.0x -18.9x
Borregaard BRG Hold NOK 72.8 85 5.48 5.66 13.3x 12.9x 7.4x 6.7x
BW LPG BWLPG Kjøp NOK 35.9 44 -0.25 0.07 -14.8x 34.6x 13.8x 9.2x
BW Offshore BWO Hold NOK 28.5 22 -0.15 0.30 -22.8x 11.3x 7.7x 4.7x
Cargotec CGC Hold EUR 48.4 51 2.36 2.97 10.4x 9.3x
Carlsberg CARLB Selg DKK 725.0 600 31.95 33.09 22.3x 21.5x 9.6x 9.2x
Castellum CAST Selg SEK 137.4 126 14.23 7.78 18.9x 17.7x 22.4x 20.9x
CGG CGG Selg EUR 3.8 2 -17.72 -8.12 -0.3x -0.6x 6.1x 6.0x
Chr. Hansen CHR Selg DKK 552.5 490 1.70 1.80 42.9x 41.8x 27.6x 26.7x
Citycon CTY1S Kjøp EUR 2.1 3 0.10 0.14 17.2x 15.3x 19.0x 18.3x
Coloplast COLOB Kjøp DKK 483.3 570 17.89 18.93 28.6x 25.5x 19.3x 17.6x
Coor Service ManagementCOOR Kjøp SEK 62.3 70 0.99 2.53 14.9x 14.0x 12.6x 11.6x
D/S Norden DNORD Kjøp DKK 114.6 158 0.24 -0.08 82.1x -242.0x 14.4x 16.9x
Danske Bank DANSKE Kjøp DKK 242.6 285 21.96 22.64 11.0x 10.7x
DHT Holdings DHT Hold USD 3.7 4 0.18 -0.01 15.7x -525.7x 7.4x 8.9x
Diamond Offshore DO Selg USD 16.7 10 0.45 0.50 37.2x 33.7x 6.6x 6.9x
DNB DNB NOK 154.2 12.24 13.65 12.6x 11.3x
DNO DNO Kjøp NOK 9.7 13 0.50 0.31 2.3x 3.8x 1.7x 1.5x
DOF DOF NOK 0.6 -0.17 -0.26 -9.6x -2.4x 12.7x 15.6x
Dorian LPG (Restricted) LPG Hold USD 7.5 8 -0.02 -0.83 -20.1x -8.6x 15.0x 20.2x
Eidesvik Offshore EIOF NOK 7.7 2.88 -6.58 1.5x -1.2x 7.9x 53.5x
Electrolux ELUX Kjøp SEK 268.9 320 18.48 21.14 14.6x 12.7x 6.7x 5.9x
Elekta EKTAB Kjøp SEK 70.6 100 3.20 4.22 22.0x 16.7x 11.0x 8.8x
Ensco ESV Hold USD 5.7 5 -0.76 -1.20 -7.5x -4.7x 10.8x 16.4x
Entra ENTRA Hold NOK 114.0 115 17.99 5.64 23.5x 22.6x 21.7x 21.1x
Epic Gas EPIC Kjøp NOK 9.7 19 -0.22 0.25 -5.2x 4.7x 11.1x 4.7x
Essity ESSITYB Hold SEK 249.4 230 10.31 11.64 20.4x 19.8x 11.8x 11.1x
Euronav EURN Hold USD 8.1 8 -0.19 -0.47 -97.2x -17.2x 9.4x 11.5x
Europris EPR Kjøp NOK 33.5 40 2.45 2.84 13.7x 11.8x 9.6x 7.8x
Evolution Gaming EVO Kjøp SEK 559.5 625 1.72 2.14 32.5x 26.4x 23.9x 18.7x
Fabege FABG Hold SEK 176.4 180 26.47 6.30 34.5x 27.3x 34.1x 29.4x
Farstad Shipping FAR NOK 0.3 -20.25 -24.93 0.0x 0.0x 17.6x 26.5x
Flex LNG FLNG Kjøp NOK 11.7 16 -0.04 0.02 -37.4x 56.5x -44.2x 18.5x
Kilde: DNB Markets, FactSet, Bloomberg

9
DNB Markets | DNB anbefalingER og estimater
12 December 2017

DNB ANBEFALINGER OG ESTIMATER

Selskap Ticker Anbefaling Valuta Kurs Kursm ål Estim ert EPS Estim ert P/E Estim ert EV/EBITDA
2017 2018 2017 2018 2017 2018
Flex LNG FLNG Kjøp NOK 12 16 -0.04 0.02 -37.4x 56.5x -44.2x 18.5x
Fortum FORTUM Kjøp EUR 17.06 19.8 0.98 0.98 24.9x 17.5x
Fred Olsen Energy FOE Selg NOK 19.8 3 -3.77 -2.49 -0.9x -1.0x 5.6x 13.0x
Frontline FRO Hold NOK 41.4 44 -0.12 0.14 -546.7x 34.8x 12.4x 11.1x
GasLog GLOG Hold USD 19 18.5 0.14 0.83 134.5x 23.0x 10.8x 9.9x
Genco Shipping & TradingGNK Kjøp USD 12.01 16.8 -1.63 0.79 -10.0x 15.3x 12.1x 5.0x
Gener8 Maritime GNRT Hold USD 4.19 4.85 -1.55 -0.30 -23.2x -13.8x 8.4x 9.6x
Getinge GETIB Hold SEK 123.7 151 5.35 9.90 15.3x 11.8x 10.1x 7.6x
Gjensidige Forsikring GJF Hold NOK 148.4 160 8.95 8.87 16.6x 16.7x
GN Group GN Selg DKK 198.9 165 8.45 9.79 23.6x 20.4x 16.0x 14.1x
Golar LNG GLNG Kjøp USD 25.92 33 -2.11 -0.06 -12.5x -12.5x -209.1x 24.8x
Golar LNG Partners GMLP Hold USD 20.51 21 1.94 0.95 9.5x 21.6x 7.6x 10.7x
Golden Ocean GOGL Kjøp NOK 71.05 83 -0.08 0.51 -113.0x 16.6x 15.5x 10.0x
Grieg Seafood GSF Kjøp NOK 74.6 90 4.67 8.26 12.1x 9.0x 7.5x 5.6x
Helgeland Sparebank HELG Kjøp NOK 93.5 100 9.95 9.88 9.3x 9.5x
Hennes & Mauritz HMB Kjøp SEK 199.6 242 10.65 12.74 18.5x 15.7x 9.8x 7.9x
Hexagon AB HEXAB Hold SEK 411.1 450 1.69 2.07 22.8x 19.8x 15.0x 12.9x
Hexagon Composites HEX Kjøp NOK 25.4 30 0.61 1.15 41.5x 22.1x 24.0x 20.8x
Hexpol HPOLB Hold SEK 82.2 85 4.10 4.24 20.1x 19.4x 12.8x 12.3x
Hufvudstaden HUFV Selg SEK 134 130 10.00 4.52 31.7x 29.7x 26.6x 25.5x
Humana HUM Kjøp SEK 54 69 3.74 4.84 13.8x 10.8x 11.6x 9.1x
Husqvarna HUSQb Kjøp SEK 79.65 95 4.31 5.06 18.2x 15.7x 10.4x 9.4x
Höegh LNG Holdings HLNG Kjøp NOK 60.75 90 0.38 0.52 18.0x 14.0x 10.5x 10.8x
Höegh LNG Partners HMLP Kjøp USD 17.45 23.1 1.38 1.47 9.8x 9.5x 9.1x 8.1x
Industrivärden INDUc Hold SEK 201.3 210
Investor INVEb Kjøp SEK 389.4 450
Jm Ab JM Selg SEK 204.1 180 30.09 23.04 6.8x 8.9x 5.2x 5.0x
Kindred Group KINDSDB Kjøp SEK 114.3 125 44.66 51.69 18.9x 17.4x 15.3x 14.0x
Kinnevik KINVb Kjøp SEK 278.2 310
Klövern KLOVb Kjøp SEK 10.86 13 2.16 0.83 14.2x 13.1x 20.4x 20.5x
KNOT Offshore Partners KNOP Hold USD 19.9 19 1.91 1.85 10.4x 10.7x 8.2x 8.1x
Kone KNEBV Hold EUR 43.94 49 1.90 1.92 22.8x 22.2x 16.0x 15.4x
Konecranes KCR Kjøp EUR 38.73 47 2.98 1.36 6.2x 16.3x
Kongsberg Gruppen KOG Kjøp NOK 150 175 4.22 8.92 35.5x 16.8x
Kungsleden KLED Kjøp SEK 59.75 65 7.60 4.04 16.5x 14.8x 19.7x 19.4x
Kværner KVAER Hold NOK 15.1 11 1.21 0.39 13.3x 38.3x 4.1x 8.2x
Latour LATOb Hold SEK 102.5 110
Lerøy LSG Kjøp NOK 44.6 52 3.67 4.49 9.6x 9.9x 6.7x 6.2x
Loomis LOOMb Kjøp SEK 346.5 375 18.28 20.24 19.0x 17.1x 8.7x 8.3x
Lundbeck LUN Hold DKK 302.7 360 13.50 16.00 22.4x 18.9x 9.9x 8.7x
Lundbergs LUNDb Selg SEK 619 590
Lundin Petroleum LUPE Hold SEK 192.1 215 1.59 0.60 14.2x 37.6x 8.3x 8.5x
Marine Harvest MHG Hold NOK 137.8 160 1.43 1.31 10.7x 10.7x 7.4x 6.4x
Medistim MEDI Kjøp NOK 74 74 2.80 3.61 26.4x 20.5x 15.7x 12.3x
Momentum Group MMGRB Kjøp SEK 102.25 120 6.01 6.59 15.5x 10.9x
MSAB MELK Hold SEK 569 615
MTG MTGb Kjøp SEK 347.7 350 14.91 16.30 27.5x 21.3x 15.6x 12.7x
Ncc NCC Hold SEK 175.8 187 12.91 13.60 13.7x 12.9x 7.5x 6.6x
NetEnt NETb Kjøp SEK 61.4 90 2.37 2.92 25.9x 21.0x 18.3x 14.6x
Nets NETS Kjøp DKK 163.3 143 4.60 6.22 19.8x 17.8x 14.0x 12.3x
Nibe Industrier NIBEB Hold SEK 80.8 80 3.25 3.60 22.4x 20.4x 17.3x 15.5x
Nobia NOBI Kjøp SEK 68.45 90 6.24 6.48 11.2x 10.6x 7.4x 6.4x
Noble NE Selg USD 4.15 2 -2.45 -1.41 -1.7x -2.9x 9.5x 9.5x
Nokian Tyres NRE1V Kjøp EUR 36.19 45 1.66 2.42 17.4x 14.9x 10.2x 9.2x
Nordea NDA Kjøp SEK 100.8 110 0.80 0.88 12.1x 11.5x
Nordic Nanovector NANO Kjøp NOK 81.05 145 -5.75 -5.99 -14.1x -13.5x -11.3x -12.0x
Nordic Semiconductor NOD Kjøp NOK 41 49 0.07 0.17 70.7x 28.8x 28.0x 15.9x
Norsk Hydro NHY Selg NOK 55.25 50 3.79 4.20 13.4x 13.2x 6.9x 5.8x
North Energy NORTH Hold NOK 2.02 1.10 -0.56 -1.5x
Northern Drilling NODL Kjøp NOK 64 65 -0.01 -0.02 -782.1x -340.6x 82.2x 40.2x
Norway Royal Salmon NRS Hold NOK 137 170 10.97 13.13 11.4x 10.4x 7.5x 7.1x
Norwegian Air Shuttle NAS Selg NOK 176.2 170 2.44 2.80 15.5x 63.0x 55.9x 15.3x
Norwegian Finans HoldingNOFI Kjøp NOK 87.75 115 8.34 10.39 10.5x 8.4x
Norwegian Property NPRO Kjøp NOK 10.45 12 2.11 0.49 24.1x 21.4x 20.3x 19.2x
Novo Nordisk NVO Kjøp DKK 329.8 380 15.48 16.26 21.4x 20.3x 15.2x 14.5x
Novozymes NZYMB Selg DKK 341.3 290 10.74 11.56 31.9x 30.2x 19.9x 18.6x
NRC Group NRC Kjøp NOK 56.0 72.0 3.18 4.44 15.6x 12.6x 10.6x 8.2x
Ocean Rig ORIG Kjøp USD 23.93 27.0 3.10 -0.44 7.7x -54.9x 2.8x 11.4x
Ocean Yield OCY Hold NOK 68.75 71 0.92 0.87 9.0x 9.5x 7.8x 7.1x
Kilde: DNB Markets, FactSet, Bloomberg

10
DNB Markets | DNB anbefalingER og estimater
12 December 2017

DNB ANBEFALINGER OG ESTIMATER

Selskap Ticker Anbefaling Valuta Kurs Kursm ål Estim ert EPS Estim ert P/E Estim ert EV/EBITDA
2017 2018 2017 2018 2017 2018
Odfjell ODF Kjøp NOK 30.5 37 0.05 0.51 70.1x 7.2x 7.2x 6.3x
Odfjell Drilling ODL Kjøp NOK 34.5 40 0.13 0.13 31.8x 32.9x 8.5x 9.1x
Olav Thon OLT Kjøp NOK 158.5 210 26.98 12.68 14.2x 13.5x 15.5x 15.1x
Oncopeptides ONCO Kjøp SEK 82.5 82 -6.12 -7.24 -13.5x -11.4x -11.6x -10.8x
Opera OPERA Kjøp NOK 23.40 46 0.17 0.26 10.2x 8.2x 5.9x 3.9x
Oriflame ORI Hold SEK 345.5 331 1.48 1.91 23.1x 18.5x 11.7x 9.3x
Orkla ORK Hold NOK 85 85 8.41 3.83 10.1x 22.1x 15.1x 14.3x
Outokumpu OUT1V Hold EUR 7.51 7.7 0.63 0.67 13.4x 11.2x 6.6x 5.9x
Pacific Drilling PACD Selg USD 0.65 0.2 -20.95 -17.80 0.0x 0.0x 66.6x 42.5x
Pandox PNDXB Hold SEK 150.6 150 13.93 8.64 20.6x 17.4x 19.6x 17.6x
Pareto Bank PARB Kjøp NOK 38.00 42 5.38 4.79 7.1x 7.9x
Peab PEAB Selg SEK 74.50 77 6.92 6.19 11.5x 12.0x 7.3x 6.6x
Petroleum Geo-Services PGS Selg NOK 15.23 11 -1.06 -0.45 -2.0x -4.1x 5.2x 4.4x
Polarcus PLCS NOK 0.8 -0.21 -0.42 -0.5x -0.2x 16.2x 4.0x
Prosafe PRS Selg NOK 9.75 9 -9.66 -0.62 -0.1x -1.5x 10.1x 11.1x
Q-Free QFR Hold NOK 8.00 8 0.68 0.65 11.8x 12.3x 6.8x 6.4x
Recipharm RECIB Hold SEK 87.75 90 0.06 3.33 1562.4x 26.4x 12.1x 8.3x
Rezidor REZT Hold SEK 25.8 34 0.28 0.46 9.3x 5.6x 4.4x 3.1x
Rowan RDC Hold USD 14.38 15 -0.72 -2.90 -19.9x -5.0x 6.3x 21.2x
Safe Bulkers SB Kjøp USD 3.38 4 -0.10 0.10 -23.2x 32.5x 13.5x 9.4x
Saipem SPM Selg EUR 3.43 2.9 0.12 0.07 156.7x 51.4x 5.0x 6.5x
SalMar SALM Hold NOK 246.8 260 21.97 20.33 11.2x 12.1x 7.7x 7.9x
Sampo Oyj SAMPO Hold EUR 45.32 46 4.06 2.88 11.2x 15.8x
Sandvik SAND Hold SEK 141.6 142 7.38 8.13 18.6x 17.4x 10.9x 10.3x
Sbanken SBANK Kjøp NOK 76.25 97 5.83 6.85 13.3x 11.0x
Scandi Standard SCST Kjøp SEK 63.75 64 2.40 4.99 25.4x 12.8x 12.0x 8.1x
Scandic Hotels SHOT Kjøp SEK 115.25 140 5.87 8.31 13.5x 13.0x 9.1x 7.4x
Schibsted SCHA Hold NOK 232.7 250 9.64 6.38 51.5x 36.5x 21.1x 16.8x
Scorpio Tankers STNG Hold USD 3 3.4 -0.66 -0.03 -8.0x -87.1x 13.9x 8.9x
Seadrill SDRL NOK 2.19 -0.34 -1.51 -0.8x -0.2x 8.6x 17.4x
SEB SEB Selg SEK 99.85 95 8.11 7.75 12.3x 12.9x
Securitas SECUB Kjøp SEK 146.3 165 8.00 8.78 18.3x 16.7x 11.0x 10.0x
Selvaag Bolig SBO Hold NOK 30.9 32 4.49 4.47 7.4x 7.2x 7.0x 6.5x
Sevan Marine SEVAN Hold NOK 14.6 14 0.19 -0.37 -22.0x -39.3x -15.8x -28.6x
Shelf Drilling SHLF Kjøp NOK 64.5 115 -0.64 0.51 -12.0x 15.2x 6.9x 5.4x
Siem Offshore SIOFF NOK 2.1 -0.03 -0.04 -8.0x -6.7x 11.0x 11.8x
Skanska SKA Hold SEK 183.3 187 10.99 11.32 16.9x 16.2x 13.6x 10.5x
SKF SKFB Kjøp SEK 186 220 11.07 13.11 15.8x 14.2x 9.4x 8.5x
Solon Eiendom SOLON Hold NOK 19.3 18.5 -0.99 2.65 10.5x 7.3x 11.7x 7.5x
Solstad Farstad SOFF NOK 5.16 -3.08 -5.14 -1.7x -1.0x 14.3x 17.3x
Songa Offshore SONG Hold NOK 58 42.5 0.85 1.06 8.3x 6.6x 6.9x 6.0x
Sparebank 1 Østlandet SPOL Kjøp NOK 91 100 7.45 8.59 12.1x 10.6x
Sparebank1 Nord-Norge NONG Kjøp NOK 63.75 72 6.15 6.19 10.4x 10.3x
Sparebank1 SMN MING Kjøp NOK 82.75 99 8.08 8.63 10.2x 9.6x
Sparebank1 SR-Bank SRBANK Kjøp NOK 87.25 102 8.00 8.55 10.9x 10.2x
Sparebanken Møre MORG Hold NOK 260 274 26.48 26.09 9.8x 10.0x
Sparebanken Sør SOR Hold NOK 99.75 107 10.25 10.21 9.7x 9.8x
Sparebanken Øst SPOG Hold NOK 55 58 5.74 5.02 10.2x 11.0x
Spectrum SPU Selg NOK 37 27 -0.01 0.35 -573.5x 12.7x 2.1x 1.7x
Sponda SDA1V EUR 5.045 0.30 0.30 18.5x 16.9x 22.7x 21.1x
SSAB SSABA Kjøp SEK 41.73 45 2.13 2.91 19.6x 14.3x
Statoil STL Kjøp NOK 168.7 178 1.02 1.51 14.4x 13.4x
Stolt-Nielsen SNI Kjøp NOK 102.5 155 1.19 2.23 10.2x 5.5x 6.7x 5.5x
Storebrand STB Kjøp NOK 63 85 5.19 4.68 10.3x 11.3x
Subsea 7 SUBC Selg NOK 118.1 115 1.56 0.57 9.1x 24.9x 3.0x 4.5x
Svenska Handelsbanken SHB Selg SEK 114 108 8.43 8.21 13.7x 13.9x
Swedbank SWEDA Selg SEK 202.6 185 17.35 16.52 12.1x 12.3x
Swedish Match SWMA Hold SEK 330.5 305 17.60 17.21 19.9x 19.2x 14.2x 13.3x
Tanker Investments TIL Hold NOK 40.2 43 -0.47 0.38 -9.5x 12.7x 11.5x 6.4x
Targovax TRVX Kjøp NOK 17.3 31 -2.41 2.23 -5.6x 5.1x
TechnipFMC FTI Hold USD 28.59 27 20.1x 32.8x 5.6x 8.3x
Teekay Tankers TNK Hold USD 1.49 2 -0.43 -0.35 -9.2x -14.8x 12.1x 6.9x
Tele2 TEL2b Hold SEK 105.40 110 3.38 4.56 25.0x 20.6x 8.8x 7.8x
Telenor TEL Kjøp NOK 178.70 186 8.77 10.86 16.3x 16.5x 7.5x 7.2x
Kilde: DNB Markets, FactSet, Bloomberg

11
DNB Markets | DNB anbefalingER og estimater

12 December 2017

DNB ANBEFALINGER OG ESTIMATER

Selskap Ticker Anbefaling Valuta Kurs Kursm ål Estim ert EPS Estim ert P/E Estim ert EV/EBITDA
2017 2018 2017 2018 2017 2018
TGS Nopec TGS Selg NOK 192.8 155 0.50 0.5x 46.2x 43.5x 5.4x 5.1x
The Scottish Salmon Company
SSC Kjøp NOK 9.2 12 0.16 0.1x 723.1x 871.8x 5.1x 5.6x
Tomra TOM Selg NOK 122.0 105 3.97 4.7x 30.7x 25.9x 15.9x 13.1x
Topdanmark TOP Hold DKK 272.5 260 19.38 14.1x 14.1x 19.3x
Transocean RIG Selg USD 10.0 7 -7.86 -0.2x -1.3x -47.2x 8.1x 7.9x
Trelleborg TRELB Hold SEK 196.0 205 11.41 12.11 16.9x 16.2x 12.0x 10.7x
Tryg TRYG Hold DKK 155.1 165 9.25 7.40 16.8x 21.0x
Valmet VALMT Hold EUR 16.2 18 0.81 1.00 19.5x 16.2x 8.9x 7.5x
Veidekke VEI Hold NOK 85.0 98 7.79 9.43 10.9x 9.0x 6.8x 5.8x
Vestas Wind Systems VWS Hold DKK 400.2 460 4.33 4.43 12.4x 12.1x 5.1x 4.6x
Vitrolife VITR Hold SEK 638.0 650 12.69 14.9x 50.3x 42.9x 32.2x 27.3x
Volvo VOLVB Selg SEK 158.8 147 10.24 10.9x 15.9x 14.6x 7.5x 6.4x
Wallenius Wilhelmsen Logistics
WWL Kjøp NOK 56.5 67 0.34 0.7x 13.7x 9.5x 10.5x 7.2x
Wallenstam WALLb Selg SEK 78.7 68 5.93 2.4x 39.6x 32.7x 40.1x 34.1x
Weifa WEIFA NOK 34.9 1.45 1.6x 24.0x 21.2x 16.3x 14.1x
Wihlborgs WIHL Hold SEK 195.5 203 22.43 13.13 16.7x 14.9x 22.0x 20.3x
Wilh. Wilhelmsen Holding WWI Kjøp NOK 246.5 323 5.53 3.46 15.6x 8.5x 16.0x 16.4x
William Demant Holding WDH Selg DKK 174.8 155 6.80 7.72 23.8x 21.5x 14.0x 12.8x
Wilson Therapeutics WTX Kjøp SEK 97.5 195 -5.13 -6.45 -16.7x -14.4x
Wärtsilä WRT1V Hold EUR 53.4 58 1.94 2.69 26.2x 19.9x 16.2x 12.7x
XXL XXL Kjøp NOK 85.25 100 3.84 5.5x 22.2x 15.4x 15.5x 11.1x
Yara YAR Kjøp NOK 369.9 430 15.88 26.61 23.6x 13.9x 10.5x 7.3x
YIT YIT Selg EUR 6.21 6 0.24 0.5x 19.3x 13.1x 18.6x 9.7x

Kilde: DNB Markets, FactSet, Bloomberg

12
DNB Markets |

12 December 2017

IMPORTANT/DISCLAIMER
This note must be read in conjunction with published research notes and/or DNB Analyst Communication of DNB Markets.
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with registration number NO 984 851 006 (the Register of Business Enterprises) under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), the
Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory
Authority of Sweden. Details about the extent of our regulation by local authorities outside Norway are available from us on request. Information about DNB Markets can be
found at www.dnb.no.

Additional information for clients in Singapore

The Note has been distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment
objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in
the Note, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product.

You have received a copy of the Note because you have been classified either as an accredited investor, an expert investor or as an institutional investor, as these terms
have been defined under Singapore’s Financial Advisers Act (Cap. 110) (“FAA”) and/or the Financial Advisers Regulations (“FAR”). The Singapore Branch of DNB Bank ASA
is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an
accredited investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of certain of its dealings with you or services rendered to you, exempt from
having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 25, 27 and 36 of the FAA. Section 25 of the FAA requires a
financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27
of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA requires a financial
adviser to include, within any circular or written communications in which he makes recommendations concerning securities, a statement of the nature of any interest which
the financial adviser (and any person connected or associated with the financial adviser) might have in the securities.

Please contact the Singapore Branch of DNB Bank ASA at +65 6212 6144 in respect of any matters arising from, or in connection with, the Note.

The Note is intended for and is to be circulated only to persons who are classified as an accredited investor, an expert investor or an institutional investor. If you are not an
accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6212 6144.

We, the DNB group, our associates, officers and/or employees may have interests in any products referred to in the Note by acting in various roles including as distributor,
holder of principal positions, adviser or lender. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those
capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not
consistent with the information set out in the Note.

Additional Information, including for Recipients in the United States:

The Note does not constitute an offer to sell or buy any financial instrument and does not provide, opinions, or recommendations with respect to securities of an issuer or an
analysis of a security or an issuer. This Note is intended solely for Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act
of 1934 and to such other U.S. Institutional Investors as DNB Markets, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB
Markets, Inc., a separately incorporated subsidiary of DNB Bank that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) and the
Securities Investor Protection Corporation (“SIPC”). Any U.S. recipient of this report seeking to obtain additional information or to effect any transaction in any security
discussed herein or any related instrument or investment should contact DNB Markets, Inc., 200 Park Avenue, New York, NY 10166-0396, telephone number +1 212-551-
9800.

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