Aktienyt. Aktienyt. 16 januar Assistant Equity Analyst Mathias Jönsson

Aktienyt Investment Research Aktienyt 16 januar 2017 Generelle tendenser på aktiemarkedet Aktierne i C20 CAP-indekset var i forrygende form i fredags, hvor det samlede indeks steg med 1,4 pct. og dermed fik taget revanche for en rød torsdag. Samme tendens tegnede sig i fredags på de europæiske aktiemarkeder, som ligeledes gik på weekend med store stigninger. Med til at trække markederne op var især en genrejsning til medicinalaktierne, der steg over en bred kam efter at have fået tæsk torsdag. Stemningen var en smule mindre euforisk på de amerikanske aktiemarkeder fredag, hvor investorerne på Wall Street var i tvivl om retningen. Det brede S&P 500-indeks lukkede med en gevinst på knap 0,2 pct. Her til morgen er der kursfald i Fjernøsten. Nikkei-indekset falder med 1,0 pct., mens det toneangivende Shanghai Composite-indeks er nede med 1,1 pct. Selskabsspecifikke nyheder Danmark Bang & Olufsen opnåede et overskud før skat på DKK 31 mio. i andet kvartal af selskabets forskudte regnskabsår 2016/17. Til sammenligning opnåede B&O et underskud før skat på DKK 23 mio. i samme periode sidste år. Nettoomsætningen landede på DKK 867 mio. i kvartalet, hvilket svarer til en årlig vækst på 19 pct. Langt størstedelen af det Struer-baserede selskabs vækst i andet kvartal stammer fra Nordamerika og Kina. Salget i Nordamerika, der tæller USA, Canada og Mexico, steg med hele 129 pct., mens salget i Kina, der også omfatter Hongkong og Taiwan, steg med 70 pct. Her var væksten primært drevet af B&O Play. Aktien steg med hele 4,46 pct. fredag. Ifølge notater fra Nykredits ledelse vil det koste et milliardbeløb, hvis ikke koncernen børsnoteres. Det berettede Jyllands-Posten Erhverv fredag. I to notater fra december sidste år skriver Nykredits ledelse, at Basel-komitéens kapitalkrav kan komme til at koste Nykredit DKK 15 mia. Hvis koncernen ikke børsnoteres kan denne regning dog blive betragteligt højere, da Nykredit dermed ikke kan sænke sit kapitalprocentmål. Ifølge Jyllands-Posten Erhverv kan Nykredit forvente en regning på yderligere DKK 7 mia., hvis ikke koncernen børsnoteres. OMXC20 Dow Jones S&P 500 Eurostoxx 600 1.57% -0.03% 0.18% 0.95% Skandinaviske indeks Lukkekurs Kursudv. OMX Copenhagen 20 897.7 1.57% OMX Stockholm 30 1,522.5 1.28% Norway OSE Benchmark 696.2 0.48% OMX Helsinki 25 3,687.0 1.12% Toneangivende indeks Lukkekurs Kursudv. S&P 500 2,274.6 0.18% DJ Industrial Average 19,885.7-0.03% Stoxx Europe 600 365.9 0.95% NASDAQ Composite 5,574.1 0.48% Europæiske indeks Lukkekurs Kursudv. France CAC 40 4,922.5 1.20% Germany DAX (TR) 11,629.2 0.94% FTSE 100 7,337.8 0.62% Relativ kursudvikling 1 år 30% 20% 23% 10% 0% 5% -10% Jan-16 Apr-16 Jul-16 Oct-16 Jan-17-9% -20% OMXC 20 Stoxx 600 Dow Jones Skjern Bank opjusterer forventningerne til regnskabsåret 2016. Banken forventer nu et basisresultat før kursreguleringer på DKK 120-125 mio. mod tidligere i toppen af intervallet DKK 100-110 mio. Ifølge en pressemeddelelse er den primære årsag til opjusteringen en fortsat solid tilgang af forretninger fra bestående og nye kunder i hele bankens markedsområde. Aktierne i Skjern Bank steg fredag med 9,09 pct. til kurs DKK 60,00, hvilket er den højeste kurs siden 2011. Novo Nordisks langtidsvirkende insuliner, Tresiba og Levemir, har for første gang i mere end to år en markedsandel på over 30 pct. målt på antallet af nye recepter. Novos nyeste langtidsvirkende insulin, Tresiba, øgede sin markedsandel fra 5,5 pct. til 6,2 pct. i uge 52. Det ældre insulin Levemir tog ligeledes en større del af den samlede kage i uge 52, da Levemirs markedsandel steg fra 23,1 pct. til 23,9 pct. Aktierne i medicinalgiganten steg fredag med 2,12 pct. Øvrige skandinaviske marked Norske Scanship, der producerer udstyr til færger og skibe, som omdanner forurenet vand til rent vand, har indgået en aftale om levering af udstyr til et fiskeopdræt under opførelse i Salangen i Norge. Det skrev selskabet i en børsmeddelelse fredag. Udstyret ventes at være leveret og i drift i løbet af sommeren 2017. Aktierne i det mindre norske selskab steg fredag med hele 19,66 pct. Assistant Equity Analyst Mathias Jönsson mjn@danskebank.dk Selskabsspecifikke nyheder øvrige udland Den tyske vindmølleproducent Nordex udsendte fredag en meddelelse om en rekordstor ordreindgang på det tyske vindmøllemarked. I 2016 modtog Nordex tyske ordrer til en værdi af EUR 1,17 mia., hvilket er den største tyske ordreindgang siden selskabets grundlæggelse i 1985 og svarer rundt regnet til en tredjedel af selskabets samlede ordreindgang i 2016. Vindmølleproducentens aktier faldt dog med 0,45 pct. 1 Aktienyt www.danskemarketsequities.com

Verdens største kapitalforvalter, BlackRock, har gennem sidste del af 2016 fået flere penge at investere for. Dette har, sammen med lavere omkostninger, løftet selskabets overskud en smule. BlackRock kom ud af fjerde kvartal med et overskud på USD 852 mio. Det er en fremgang på 6 pct. i forhold til samme periode sidste år. BlackRock havde ved udgangen af sidste år USD 5.148 mia. under forvaltning. Af disse blev USD 202 mia. tilført i løbet af 2016, hvoraf de USD 98 mia. blev tilført i de sidste tre måneder af året. Aktierne i BlackRock steg fredag med 0,28 pct. Bank of America hævede i fjerde kvartal sit overskud med 43 pct. hjulpet af stigende indtægter fra handel med renteprodukter og et fald i omkostningsniveauet. Nettoresultatet landede på USD 4,7 mia. sammenlignet med USD 3,28 mia. i samme periode i fjor. I første kvartal af 2017 spår Bank of America en markant stigning i nettorenteindtægterne. Aktien steg fredag med 0,61 pct. JPMorgan Chase overraskede positivt ved annonceringen af bankens regnskab for fjerde kvartal af 2016. Overskuddet per aktie landede på USD 1,71 mod ventede USD 1,43 ifølge et estimat fra Bloomberg News. De samlede indtægter i kvartalet landede på USD 24,3 mia., hvilket var en smule over sidste års indtægter på USD 23,7 mia. Udgifterne faldt samtidig fra USD 14,3 mia. til USD 13,8 mia. Aktierne i den amerikanske investeringsbank steg fredag med 0,53 pct. Wells Fargo skuffede fredag markedets forventninger med sit regnskab for fjerde kvartal. Den amerikanske storbank havde indtægter på USD 21,6 mia. i årets sidste tre måneder, hvilket stort set er identisk med resultatet i slutningen af 2015. Ifølge estimater fra Bloomberg var der ellers ventet et løft til USD 22,5 mia. Aktierne i Wells Fargo steg dog, på trods af det skuffende resultat, med 1,49 pct. fredag. 2 Aktienyt www.danskemarketsequities.com

Rapporteringskalender Mon 16 Jan Tue 17 Jan Wed 18 Jan Thu 19 Jan Fri 20 Jan Hennes & Mauritz AB Sales & Rev. Novozymes A/S Q4 2016 Castellum AB Q4 2016 Tryg A/S Q4 2016 Investment AB Oresund Q4 2016 Source: Danske Bank Markets, FactSet 3 Aktienyt www.danskemarketsequities.com

Kursudvikling - Globale markeder og råvarer Skandinaviske indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År OMX Copenhagen 20 897.69 1.57% -0.35% 4.47% 2.46% 1.55% -7.11% 16.70% 38.79% OMX Stockholm 30 1,522.49 1.28% 0.03% -1.84% 6.71% 0.35% 11.87% 3.88% 14.59% Norway OSE Benchmark 696.24 0.48% 0.24% 1.86% 10.40% 1.81% 25.04% 19.49% 24.71% OMX Helsinki 25 3,687.02 1.12% -0.65% 0.97% 7.51% 0.19% 13.03% 22.80% 28.14% Toneangivende indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År S&P 500 2,274.64 0.18% -0.10% 0.13% 6.66% 1.60% 20.33% 12.44% 25.03% DJ Industrial Average 19,885.73-0.03% -0.39% -0.13% 9.87% 0.62% 23.12% 12.90% 22.31% Stoxx Europe 600 365.94 0.95% 0.13% 2.36% 9.03% 1.25% 6.18% 6.14% 10.65% NASDAQ Composite Index 5,574.12 0.48% 0.96% 2.02% 6.92% 3.55% 23.16% 19.58% 35.51% Europæiske indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År France CAC 40 4,922.49 1.20% 0.26% 2.47% 11.74% 1.24% 12.08% 14.74% 15.46% Germany DAX (TR) 11,629.18 0.94% 0.26% 3.05% 11.67% 1.29% 16.75% 16.98% 22.28% FTSE 100 7,337.81 0.62% 1.77% 5.30% 5.16% 2.73% 23.10% 12.16% 8.59% Råvarer Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År Brent Crude Oil (ICE $/bbl) 55.45-1.00% -2.89% -0.48% 6.57% -2.41% 82.94% 19.02% -48.06% NY Gold (NYM $/ozt) 1,195.30-0.30% 2.00% 3.34% -4.76% 3.94% 9.91% -3.16% -4.44% London Silver (Fixing $/ozt) 16.76-0.89% 1.88% -1.47% -4.72% 3.20% 21.19% -1.41% -16.58% Aluminum (LME Cash $/t) 1,790.50 0.14% 3.98% 2.02% 6.51% 4.49% 23.23% 1.36% 4.34% Copper (LME Cash $/t) 5,797.00 0.77% 4.52% 0.55% 21.93% 5.38% 32.35% -1.99% -20.65% Nickel (LME Cash $/t) 10,115.00 1.40% -0.69% -11.35% -2.88% 1.05% 22.46% -31.56% -27.65% Zinc (LME Cash $/t) 2,720.00-0.18% 5.49% -0.57% 21.97% 6.13% 86.17% 30.58% 33.63% Source: FactSet 4 Aktienyt www.danskemarketsequities.com

Kalender Makro nøgletal og udgivelser - EUR World Economic Forum annual meeting for 2017 in Davos Tuesday to Friday Monday, January 16, 2017 Period Danske Bank Consensus Previous 8:00 NOK Trade balance NOK bn Dec 15.1 9:00 DKK Purchases and sales by enterprises Nov 10:00 ITL HICP, final y/y Dec 0.5% 0.5% 0.1% 11:00 EUR Trade balance EUR bn Nov 19.7 13:30 EUR ECB's Mersch speaks in Helsinki 16:30 EUR ECB's Praet speaks in Paris Source: Bloomberg, Danske Bank Markets 5 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Danmark Danmark Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 A. P. Moller - Maersk 11,980.0 0.9% 4.0% 6.3% -68.6% 92.3% 38.4 20.0 ALK-Abello 1,046.0-0.1% 18.1% 13.7% -16.6% 13.3% 38.0 33.5 Alm. Brand 53.0-1.9% -0.9% -1.9% 57.2% -19.9% 11.4 14.3 Ambu 299.2 1.4% 8.4% 5.5% 24.2% 25.0% 45.1 36.1 Bang & Olufsen 99.0 16.5% 24.5% 23.8% n.m n.m 215.2 23.2 Bavarian Nordic 298.0 3.1% 26.8% 19.7% -32.8% n.m 194.6 11.4 Carlsberg 609.0 0.2% 1.6% -0.1% 4.2% 17.4% 21.4 18.2 Chr. Hansen 412.5 1.0% 6.6% 5.5% 15.5% 12.4% 32.7 29.1 Coloplast 486.0-0.1% 3.4% 2.0% 9.8% 9.5% 25.7 23.5 D/S Norden 123.8 2.7% 11.1% 12.0% -76.1% n.m n.m. 283.4 Danske Bank 223.5 2.5% 4.2% 4.3% 6.5% 1.4% 12.1 12.0 DFDS 339.5 1.0% 6.2% 5.2% 49.4% 5.2% 13.6 12.9 DONG Energy 262.5 1.4% 6.7% -1.9% n.m -5.6% 11.3 12.0 DSV 326.4 1.6% 5.0% 3.9% 4.2% 28.2% 26.0 20.3 FLSmidth & Co 321.3-1.6% 9.2% 9.7% -5.7% 22.0% 23.3 19.1 G4S 20.9 0.5% -0.4% 2.8% n.m. n.m. n.m. n.m. Genmab 1,286.0-0.4% 12.9% 9.6% 14.9% 28.1% 89.4 69.8 GN Store Nord 150.7 1.7% 5.2% 3.0% 29.3% 17.0% 20.2 17.3 H+H International 78.5 0.0% 11.3% 4.0% n.m 11.0% 11.0 9.9 Hafnia Tankers 0.0% 0.0% -83.5% n.m n.m. n.m. Harboe 138.0-1.1% -3.2% -0.7% 21.9% 9.7% 14.8 13.5 Højgaard Holding 250.0-3.1% 21.1% 11.6% -47.1% n.m 19.3 8.7 IC Group 152.0 0.3% 2.4% 2.7% -9.1% 18.3% 14.6 12.3 ISS 244.3 3.2% 1.2% 2.5% 3.8% 3.1% 16.1 15.6 Jyske Bank 336.8 3.0% -0.9% 0.0% 7.0% 9.5% 12.3 11.2 Lundbeck 299.3-1.7% 7.0% 4.2% n.m 36.4% 30.5 22.3 Matas 102.0 1.0% 4.6% 5.7% -0.2% 0.8% 9.8 9.7 Monberg & Thorsen 264.0 0.0% 17.9% 14.8% -90.2% n.m 119.7 13.7 NKT Holding 512.5 1.4% 5.3% 2.7% -22.6% n.m 32.2 15.4 NNIT 210.0-1.4% 4.0% 2.9% 3.6% 11.4% 23.1 20.8 Novo Nordisk 250.3-2.0% -2.0% -1.7% 12.7% 5.1% 16.6 15.8 Novozymes 252.4 0.2% 4.0% 3.7% 7.8% 5.2% 25.3 24.1 Pandora 897.0 1.6% 4.3% -2.9% 61.4% 16.8% 17.5 15.0 Per Aarsleff 178.0-1.1% 4.1% 1.1% 15.2% 14.8% 10.6 9.2 Ringkjøbing Landbobank 1,532.0 0.7% 4.7% 4.7% 13.6% 6.7% 13.7 12.8 Rockwool International 1,232.0 0.7% 1.8% -1.1% 46.2% 6.9% 22.4 21.0 Royal Unibrew 266.4-1.2% -1.2% -2.3% 9.9% 7.6% 18.5 17.2 Scandinavian Tobacco Gro 121.5-0.8% 6.7% 2.2% 6.3% 4.5% 13.1 12.5 SimCorp 358.4-0.4% 11.4% 4.1% -1.6% 8.6% 38.2 35.1 Solar 376.0 1.1% 7.3% 4.2% 6.0% 22.2% 17.3 14.1 Spar Nord 80.0-0.1% 0.0% -1.2% 15.1% 4.1% 12.4 11.9 Sydbank 224.2 2.3% 1.7% 2.3% 22.6% 7.0% 11.6 10.9 TDC 37.2 0.4% 5.1% 2.6% -8.6% -11.1% 12.0 13.5 Topdanmark 176.6 0.7% -0.4% -1.5% 32.3% -12.1% 11.8 13.5 Torm 65.0 1.6% 14.0% 2.4% -88.2% -9.1% 15.2 16.8 Tryg 131.6 1.2% 3.5% 3.1% 27.9% -8.3% 14.8 16.2 6 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Danmark Danmark Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 Veloxis Pharmaceuticals 1.2 5.2% 11.0% 12.0% -82.6% -50.3% n.m. n.m. Vestas Wind Systems 475.5-1.1% 9.9% 3.6% 50.5% -8.5% 14.4 15.7 William Demant Holding 123.9-0.7% -0.5% 0.9% 8.5% 13.1% 21.3 18.8 Zealand Pharma 110.5 1.4% 1.4% 3.8% 2.3% 17.5% n.m. n.m. Össur 24.5-0.1% 4.3% -2.6% 2.7% 18.9% 26.7 22.5 Nets 123.5 1.6% 4.9% -0.1% n.m. n.m 35.0 15.6 Source: FactSet 7 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Sverige Sverige Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 ABB 200.5-0.6% 1.7% 4.5% 3.8% 10.3% 19.8 17.9 Alfa Laval 156.9 0.1% 5.2% 4.0% -17.2% -10.3% 18.7 20.9 Assa Abloy 166.3-0.1% -3.1% -1.7% 4.9% 10.5% 22.9 20.7 AstraZeneca 500.7-0.6% 4.7% 3.9% -1.0% -9.6% 13.3 14.7 Atlas Copco 279.1-1.2% -2.5% 0.6% -6.5% 14.4% 24.7 21.6 Autoliv 1,035.5-0.3% 6.7% 2.6% 4.9% 4.5% 16.6 15.9 Axfood 141.0-0.3% -0.4% -1.5% 11.2% 4.0% 19.6 18.8 Balder 179.3 3.7% 3.0% -2.6% 2.0% 14.8% 18.7 16.2 Beijer Alma 235.0 1.5% -2.9% 0.9% -5.1% 10.4% 20.9 19.0 BillerudKorsnäs 148.0-1.2% -3.7% -3.3% 13.3% 14.0% 17.0 14.9 Boliden 252.7 0.3% 0.4% 6.2% 36.4% 62.5% 19.0 11.7 Castellum 120.2-1.0% 0.6% -3.8% 7.7% 7.4% 14.4 13.4 Cloetta 28.5 1.1% -1.0% -0.7% 13.7% 18.6% 18.0 15.2 Concentric 114.5 1.8% 0.9% 0.7% -16.1% 9.5% 19.5 17.8 Creades 246.5 0.2% 5.1% 5.1% n.m. n.m. n.m. n.m. Capio 48.0-0.6% 0.4% -0.2% 29.3% 10.3% 15.8 14.4 Electrolux 224.6-0.8% -1.0% -0.8% 35.8% 8.2% 14.5 13.4 Elekta 81.3 0.4% 4.6% 0.9% 53.3% 29.0% 30.7 23.8 Ericsson 53.1-1.4% -4.9% -0.7% -53.0% -1.7% 18.9 19.2 Fabege 144.1-0.8% 1.8% -3.2% 15.8% 10.8% 30.5 27.5 Getinge 157.3 5.6% 6.4% 7.7% 8.1% 19.4% 16.1 13.5 Gränges 97.8 2.4% 13.7% 13.7% 50.8% 4.1% 12.8 12.3 Hennes & Mauritz 249.8 2.7% -3.3% -1.4% -12.5% 15.2% 22.6 19.7 Hexagon 346.5 1.3% 5.3% 6.5% 9.4% 9.5% 22.9 20.9 HiQ International 61.3-0.4% 0.4% -0.4% 16.5% 6.8% 19.9 18.6 Holmen 320.0 0.7% 0.6% -2.1% 9.6% 3.0% 17.3 16.8 Hufvudstaden 136.9-1.4% -1.2% -4.9% 7.3% 2.6% 30.3 29.6 Husqvarna 70.5 0.3% 1.6% -0.6% 6.9% 23.6% 19.2 15.5 ICA Gruppen 280.4 1.3% 3.4% 0.9% -5.2% 0.1% 16.3 16.3 Industrivärden 178.4-0.4% -1.9% -1.0% n.m. n.m 6.0 n.m. Intrum Justitia 297.5-3.9% -6.1% -3.2% 15.7% 9.8% 16.1 14.7 Investor 343.4 1.0% 0.4% 0.9% -10.3% -11.1% 16.5 18.6 ITAB Shop Concept 79.0 0.0% 9.7% -2.8% -8.4% 36.5% 25.7 18.8 JM 258.0 0.0% -1.3% -2.0% 36.8% 12.5% 13.1 11.6 Klövern 9.1-0.7% -1.7% -5.0% 11.2% 12.2% 11.3 10.0 Kungsleden 54.7-1.2% -0.6% -5.4% 11.0% 4.3% 10.6 10.2 Latour 325.4-1.1% -4.5% -4.9% n.m. n.m. n.m. n.m. Lindab 72.5-0.9% -6.7% -0.8% 11.7% 20.6% 16.2 13.5 Loomis 263.1-1.6% 0.5% -3.0% 9.1% 9.1% 15.6 14.3 Lundbergföretagen 555.0 0.5% 1.2% -0.6% n.m. n.m. n.m. n.m. Lundin Petroleum 196.5 2.2% 1.3% -0.8% n.m 32.7% 31.7 23.9 Melker Schörling 536.5-0.9% -0.6% -0.2% n.m. n.m. n.m. n.m. Millicom 430.6 1.2% 10.4% 10.6% 52.1% 33.6% 38.3 28.7 NCC 224.8-0.1% 2.3% -0.3% -42.8% 25.1% 19.8 15.8 Nibe 72.1 0.1% 4.4% 0.4% 9.6% 16.7% 24.2 20.7 Nobia 79.7-3.7% 2.1% -6.1% 6.9% 8.0% 14.4 13.3 8 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Sverige Sverige Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 Nordea 101.0 2.0% -2.4% -0.3% -8.7% 2.1% 12.8 12.6 Opus Group 6.7 2.3% 0.0% 2.3% 37.9% 24.5% 20.6 16.6 Oriflame 272.1-0.3% 1.5% -1.1% 54.2% 26.9% 24.0 18.9 Peab 73.2 1.0% 1.0% 1.2% n.m 0.1% 13.2 13.1 Qliro Group 8.9-0.6% 6.6% 2.9% 0.7% n.m n.m. 33.0 Ratos 44.9 0.6% 4.6% 4.0% -50.5% 70.6% 22.0 12.9 SAAB 352.5 1.7% 3.4% 3.5% 5.3% 26.7% 27.0 21.3 Tele2 75.9 1.5% 4.8% 3.9% -31.7% 43.1% 31.9 22.3 Sandvik 115.8-0.3% -0.3% 2.8% 7.2% 14.8% 22.3 19.4 SCA 253.7 0.0% -0.3% -1.4% 8.0% 8.4% 19.3 17.8 Eltel 64.0 1.6% 9.4% 2.4% -71.5% n.m 31.0 13.1 Scandi Standard 55.0 0.5% -0.9% -3.5% -8.0% 36.1% 19.1 14.0 SEB 96.9 2.2% -2.0% 1.4% -7.1% 1.7% 13.4 13.1 Securitas 142.7-1.3% 3.3% -0.5% 11.8% 11.1% 17.7 15.9 Semcon 47.2-0.2% 1.3% 2.6% 91.3% 16.2% 10.3 8.8 Skanska 214.4-0.7% -1.5% -0.3% -1.5% 10.1% 18.3 16.7 SKF 169.7 1.0% -0.2% 1.3% -14.8% 17.9% 17.9 15.2 SkiStar 157.5-1.6% -2.5% 3.3% 15.1% 3.2% 19.5 18.9 SSAB 34.6-1.2% -8.8% 0.0% n.m 37.2% 28.8 21.0 Svenska Handelsbanken 125.7 1.9% -4.2% -0.7% 1.6% -3.3% 15.2 15.7 Svolder 196.0 3.4% 5.1% 2.1% n.m. n.m. n.m. n.m. Swedbank 217.6 1.1% -4.1% -1.2% 14.3% -2.9% 13.2 13.6 Swedish Match 285.1 0.0% -4.3% -1.6% 6.0% 6.3% 18.3 17.3 Swedish Orphan Biovitrum 114.3 3.4% 10.1% 7.1% n.m 35.1% 33.4 24.7 Swedol 24.8-2.0% -7.5% -4.2% 61.6% 33.2% 16.5 12.4 Thule Group 139.5 1.0% 3.5% -2.1% 13.7% 10.9% 20.4 18.4 Trelleborg 178.9-0.7% 0.2% -0.2% -7.6% 20.2% 18.9 15.7 Volvo 108.4-0.3% -0.1% 1.9% -5.3% 9.2% 17.1 15.6 Vostok New Ventures 74.5-1.3% -2.9% 0.0% n.m -50.0% n.m. n.m. Wihlborgs 164.3 1.6% 0.7% -3.0% 6.7% 5.1% 13.2 12.6 Öresund 153.5 1.7% 2.7% 0.7% n.m. n.m. n.m. n.m. Nobina 49.8-1.4% -9.5% -1.9% 12.2% 16.9% 15.9 13.6 Hexpol 85.3 0.2% 0.1% 1.1% -2.5% 6.2% 21.6 20.3 Betsson 86.6-1.6% -2.6% -1.5% -3.7% 5.3% 13.7 13.0 Kambi 109.5 1.9% -13.4% -18.1% 41.8% 32.0% 38.8 29.4 NetEnt 71.7 0.6% 2.2% 1.9% 29.2% 20.7% 35.6 29.5 Kindred Group 80.2-2.7% -1.2% -6.3% 42.9% 23.9% 19.8 16.0 Mycronic 103.5 3.2% 4.8% 5.6% 11.4% 21.0% 20.6 17.0 Addtech 144.8-2.0% 7.0% 1.6% 38.2% 6.8% 21.1 19.8 Indutrade 174.2-1.5% -2.8% -4.8% 9.7% 12.6% 19.6 17.4 Attendo 80.9 2.7% 9.0% 2.7% 79.4% 10.5% 18.9 17.1 Eltel 64.0 1.6% 9.4% 2.4% -71.5% n.m 31.0 13.1 Capio 48.0-0.6% 0.4% -0.2% 29.3% 10.3% 15.8 14.4 Tele2 75.9 1.5% 4.8% 3.9% -31.7% 43.1% 31.9 22.3 Telia 37.3 0.1% 1.4% 1.5% 17.2% 0.9% 12.6 12.5 Humana 71.3-2.4% 1.1% -0.7% 93.9% 21.9% 15.3 12.5 Source: FactSet 9 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Norge Norge Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 AF Gruppen 156.0-1.3% 2.6% 1.0% -5.8% 4.4% 21.7 20.8 Akastor 15.2 2.4% 3.4% -6.2% -56.2% -16.3% n.m. n.m. Aker Solutions 41.8-2.2% 2.5% 0.9% 28.2% -72.4% 22.9 83.0 Atea 79.5-0.6% -0.3% 0.0% 14.4% 17.2% 18.4 15.7 Austevoll 76.8-1.6% -3.8% -8.4% 87.6% 56.9% 12.2 7.7 Avance Gas 31.1 5.8% 41.4% 17.4% n.m 42.0% n.m. n.m. Awilco Drilling 37.3-1.3% -7.0% -8.6% -79.3% n.m 6.4 2.1 Awilco LNG 7.0-6.2% -2.1% 2.2% -35.9% -21.2% n.m. n.m. Bakkafrost 331.5-1.4% -4.8% -3.3% 1.2% 31.6% 15.2 11.5 BW LPG 40.3 1.1% 20.5% 11.0% -75.5% n.m 7.9 n.m. BW Offshore 27.5-2.8% 9.1% -0.7% -99.8% n.m n.m. 97.0 DNB 134.8 1.4% 2.7% 5.0% -23.4% 6.6% 12.9 12.1 EMGS 8.1-2.6% 17.8% -5.9% -45.4% -76.8% n.m. n.m. Entra 82.5 0.3% -0.9% -3.8% 22.2% 13.5% 16.5 14.5 Fred. Olsen Energy 23.6-2.9% -1.3% -25.6% -49.3% n.m 1.5 n.m. Frontline 60.3-3.1% -7.6% -2.7% -29.8% -69.2% 6.8 22.1 Gjensidige 138.2 0.4% 3.8% 0.9% 22.2% -7.7% 15.1 16.4 Golar LNG Ltd 217.3-0.1% 8.0% 11.4% 16.4% -62.0% n.m. n.m. Grieg Seafood 70.7-3.1% -10.3% -13.5% n.m 29.6% 10.2 7.9 Höegh LNG 95.0 3.3% -1.6% -1.6% n.m n.m 46.5 19.8 Kongsberg Gruppen 126.0-0.8% 6.3% 1.2% -4.7% 10.8% 18.1 16.3 Lerøy Seafood 447.5-1.2% -4.4% -7.0% 89.9% 42.8% 12.6 8.8 Marine Harvest 148.5-0.7% -2.9% -4.6% n.m 50.6% 16.4 10.9 Norsk Hydro 43.3 0.7% 4.2% 4.7% -41.0% 34.8% 23.4 17.4 North Atlantic Drilling 27.6-4.6% -18.1% 2.5% n.m n.m n.m. n.m. Norway Royal Salmon 192.5 2.1% 1.0% -7.0% n.m 18.1% 14.1 11.9 Norwegian Air Shuttle 274.0 1.2% -3.7% -4.5% 41.8% 1.6% 10.9 10.7 Ocean Rig UDW 15.0-3.9% 2.9% 1.1% 40.9% n.m 0.5 n.m. Odfjell Drilling 15.9 4.6% 9.7% -8.1% n.m n.m 38.9 16.4 Odfjell SE 30.1 2.4% 6.4% 2.7% n.m -35.6% 3.5 5.4 Opera Software 38.6-1.0% -12.3% 3.5% 50.9% n.m n.m. 25.0 Orkla 76.1-1.9% -0.6% -2.7% 25.8% 0.8% 18.0 17.9 Pacific Drilling 37.1-10.7% -11.6% 7.4% n.m n.m n.m. n.m. Petroleum Geo-Services 29.8-1.7% 5.0% 2.0% 92.1% -47.0% n.m. n.m. Polarcus 0.5 2.1% 2.1% 4.3% n.m n.m 0.2 n.m. Prosafe 36.0-1.1% -1.4% -2.7% -89.5% n.m 1.8 n.m. REC Silicon 1.3-0.8% 19.2% 18.2% n.m -64.5% n.m. n.m. RenoNorden 4.6-0.6% -71.2% -9.3% -32.7% -55.9% 2.2 5.0 SalMar 235.5-1.3% -10.0% -8.8% 87.1% 27.3% 13.1 10.3 Schibsted 211.7 3.2% 12.9% 6.9% -21.1% 81.3% 75.6 41.7 Scottish Salmon Company 8.9-1.1% 5.7% -7.3% n.m n.m 62.1 10.2 Seadrill 28.8-3.7% -15.0% -3.3% -45.1% -92.1% 2.6 33.1 Sevan Drilling 5.5 5.4% 86.7% 0.0% n.m 39.0% n.m. n.m. Songa Offshore 31.6 0.3% 11.3% 0.3% n.m 15.8% 3.5 3.0 Spectrum ASA 39.7 10.6% 52.1% 41.8% n.m n.m n.m. 19.7 Stolt-Nielsen 113.0 2.7% 9.2% 6.6% -10.5% -3.5% 6.8 7.0 10 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Norge Norge Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 Storebrand 48.2-2.1% 2.4% 4.9% 26.6% -7.6% 10.5 11.3 Subsea 7 109.9 1.9% -1.9% 0.5% -12.4% -68.5% 8.9 28.1 TGS 195.0 0.2% 6.2% 1.7% n.m n.m 93.9 40.8 Tomra Systems 86.0-6.5% -1.7% -5.0% 18.3% -3.5% 17.0 17.6 Wilh. Wilhelmsen ASA 38.8 6.0% 23.6% 14.8% -50.6% -2.4% 10.1 10.3 Yara International 349.0-2.8% 6.7% 2.6% -34.2% 1.1% 16.6 16.4 XXL 99.5 2.8% 4.5% 1.5% 8.3% 38.8% 27.4 19.7 Ocean Yield 62.3-0.8% -2.4% -4.2% 1.0% 28.3% 8.6 6.7 Golden Ocean 42.6 1.4% 19.6% 6.4% -62.4% -26.8% n.m. n.m. Höegh LNG Partners 162.0-1.4% 1.9% 0.3% -22.2% 48.6% 15.8 10.6 DNO 9.4 1.6% 13.5% 11.3% n.m n.m 101.1 7.6 Europris 38.1 1.6% 8.9% 3.3% 18.7% 6.9% 16.0 15.0 Hexagon Composites 27.0 0.4% 4.7% 0.4% n.m n.m 119.2 29.2 Navig8 Chemical Tankers 0.0% 0.0% n.m. n.m. n.m. n.m. Team Tankers 11.8 0.0% 7.3% 0.0% -41.2% 20.0% 27.8 23.1 Aker BP 161.5 5.8% 8.5% 4.5% 0.0% 0.0% 0.0 0.0 Statoil 162.7 1.2% 3.0% 2.7% -76.6% n.m 117.6 18.4 Link Mobility 140.0 4.5% -8.8% 0.7% -66.7% n.m 92.8 22.2 Source: FactSet 11 Aktienyt www.danskemarketsequities.com

Dækkede selskaber Finland Finland Lukkekurs 1 Uge 1 Måned År til dato EPS vækst FY1 EPS vækst FY2 P/E Cons. FY1 P/E Cons. FY2 Amer Sports 25.3-0.4% -0.6% -0.1% 12.1% 20.7% 20.7 17.2 Basware 35.2-2.2% -2.8% -3.0% n.m -94.4% n.m. n.m. Atria 12.1 0.7% -1.3% 4.9% 20.3% 16.6% 15.1 12.9 Cargotec Corp 42.5 0.2% 1.0% -1.0% 5.9% 4.3% 15.8 15.2 Caverion 7.9-0.9% 3.7% -0.1% -69.0% n.m 62.2 19.3 Citycon 2.3 0.4% 2.2% 0.1% -5.3% 3.2% 14.6 14.1 Cramo 24.0-1.7% 5.7% 1.0% 43.0% 10.7% 14.1 12.8 Elisa 31.5 0.4% 4.5% 1.9% 5.4% 7.1% 19.4 18.1 Fortum 14.9 1.3% 3.6% 2.5% -11.1% 9.8% 23.3 21.2 HKScan 3.1-3.4% 0.6% -1.6% -68.9% n.m 45.9 13.5 Huhtamaki 34.8-0.5% -0.7% -1.4% 14.5% 9.9% 18.8 17.1 Kemira 12.0 1.4% 1.4% -0.8% 11.7% 12.8% 16.8 14.9 Kesko 47.6-0.2% 0.4% 0.1% 23.7% 18.0% 20.6 17.4 Kone 43.6 0.2% 3.9% 2.4% 3.2% 0.7% 22.2 22.1 Konecranes 34.8-0.1% 0.2% 2.9% 47.6% 5.3% 24.6 23.4 Lassila & Tikanoja 20.8 3.8% 10.8% 8.1% 3.1% 2.9% 19.1 18.6 Lemminkäinen 20.0-2.2% 0.0% -2.0% n.m 15.1% 16.7 14.5 Metsä Board 6.7 0.7% 5.5% -1.2% -22.3% 58.6% 24.6 15.5 Metso 26.9-0.2% -2.1% -0.8% -22.6% 11.2% 23.5 21.1 Munksjö 15.1-1.0% -0.5% -4.4% 69.0% 30.3% 16.1 12.4 Neste 33.0 0.9% -7.9% -9.6% 3.0% -9.3% 11.3 12.5 Nokia 4.5-0.4% -3.4% -2.0% -50.2% 33.1% 25.2 18.9 Nokian Tyres 35.8-1.7% 1.9% 1.0% 3.6% 11.1% 19.8 17.8 Oriola-KD 4.3-0.2% 1.2% -1.2% 0.7% 8.0% 17.1 15.8 Outokumpu 8.3-6.5% 0.4% -2.6% -80.9% n.m n.m. 15.7 Outotec 5.0-1.2% -2.0% 1.1% n.m n.m n.m. 35.2 PKC Group 15.7-1.6% 0.7% -1.0% -13.6% 49.8% 25.6 17.1 Raisio 3.5 0.9% 2.0% -1.1% -3.5% -9.5% 14.5 16.0 Ramirent 7.0-2.5% -3.7% -5.0% -2.3% 20.3% 19.5 16.2 Sampo 42.5 0.0% -1.4% -0.3% -7.0% -2.2% 15.5 15.8 Sanoma 8.5 0.7% 1.8% 2.5% n.m 20.1% 15.8 13.2 Sponda 4.1 0.0% -1.0% -5.7% 0.0% 1.3% 12.7 12.5 Stockmann 7.1-3.4% 7.3% 0.6% -63.5% n.m n.m. 37.4 Stora Enso 10.4 1.8% 5.5% 1.4% -13.5% 14.7% 15.3 13.3 Tieto 26.1 0.3% 3.2% 0.7% 4.9% 5.8% 16.6 15.7 Tikkurila 18.5-0.6% 2.7% -1.5% 14.1% 7.0% 18.3 17.1 UPM-Kymmene 23.7 1.8% 6.3% 1.4% -10.1% -0.5% 14.6 14.7 Uponor 16.6-0.4% 6.8% 0.2% 37.3% 18.6% 21.1 17.8 Valmet 14.0 0.1% 0.5% 0.3% 12.1% 14.6% 17.2 15.0 Wärtsilä 43.0 0.1% 2.7% 0.7% -9.8% 11.4% 20.6 18.5 YIT 7.9-1.0% 2.6% 4.0% -17.4% n.m 39.5 15.1 Asiakastieto 19.4 0.6% -1.5% 0.8% 11.7% 11.1% 19.5 17.6 Pihlajalinna 17.0-0.8% 1.5% -7.7% n.m 57.7% 36.8 23.4 Basware 35.2-2.2% -2.8% -3.0% n.m -94.4% n.m. n.m. Consti 15.4-0.2% 6.3% 4.2% 60.4% 19.4% 14.0 11.7 F-Secure 3.4-1.8% 10.6% -3.7% -0.4% 21.1% 36.7 30.3 DNA 11.1 0.5% 11.6% 9.7% n.m. 14.1% 18.1 15.9 Source: FactSet 12 Aktienyt www.danskemarketsequities.com