Aktienyt. Aktienyt. 8 marts Assistant Equity Analyst Mathias Jönsson

Aktienyt Investment Research Aktienyt 8 marts 2017 Generelle tendenser på aktiemarkedet C20 CAP-indekset lukkede tirsdag med et fald på 0,5 pct. på en dag med mangel på selskabsspecifikke nyheder. Dermed faldt indekset for tredje handelsdag i træk. På de europæiske aktiemarkeder var stemningen ligeledes negativ i tirsdagens handel. Særligt aktierne i sundhedssektoren trak de europæiske aktiemarkeder ned, og det fælleseuropæiske Stoxx 600-indeks faldt samlet med 0,3 pct. Også handlen på Wall Street bød tirsdag, for anden dag i træk, på fald. Det var første gang i mere end en måned med to røde dage i streg. Her til morgen ligger de asiatiske aktiemarkeder i overvejende negativt terræn. Det toneangivende Nikkei-indeks i Tokyo er nede med 0,5 pct., mens Shanghai Composite-indekset falder med 0,2 pct. Selskabsspecifikke nyheder Danmark Det var småt med begejstringen over Brøndbys årsregnskab tirsdag morgen, hvor fodboldboldklubben præsenterede endnu et underskud og ligeledes offentliggjorde planer om røde tal i 2017. Aktien faldt hurtigt efter regnskabet med næsten 6 pct., men sluttede dagen med et samlet fald på kun 0,81 pct. Resultatet for 2016 endte med et minus på DKK 31,9 mio. mod et tab på DKK 17 mio. året før. Såfremt guidance for 2017 bliver indfriet, vil det blive ottende år i streg for fodboldklubben med underskud. Markedet sendte tirsdag FLSmidth-aktien marginalt op med 0,26 pct. efter, at det blev offentliggjort, at selskabet har fået en ny ordre på design, indkøb og leverance af udstyr til udvidelsen af en cementfabrik i Egypten. Ordren er afgivet af El Sewedy Cement Company, fremgår det af en pressemeddelelse fra FLSmidth. Det oplyses samtidig, at kontrakten har en værdi på mellem DKK 200 og 400 mio. Øvrige skandinaviske marked Investorerne er tilbageholdende forud for det forskudte første kvartalsregnskab for 2016/17 for SAS, som fremlægges onsdag. Aktien er det sidste år faldet med mere end 40 pct., og selskabet har længe kæmpet med nedadgående priser og underskud på trods af, at man har formået at vækste på flere parametre, herunder blandt andet passagerantallet. SAS-aktien endte tirsdagen med at handle stort set uændret. OMXC20 Dow Jones S&P 500 Eurostoxx 600-0.70% -0.14% -0.29% -0.27% Skandinaviske indeks Lukkekurs Kursudv. OMX Copenhagen 20 899.1-0.70% OMX Stockholm 30 1,575.8 0.02% Norway OSE Benchmark 692.9 0.29% OMX Helsinki 25 3,760.5 0.02% Toneangivende indeks Lukkekurs Kursudv. S&P 500 2,368.4-0.29% DJ Industrial Average 20,924.8-0.14% Stoxx Europe 600 372.3-0.27% NASDAQ Composite 5,833.9-0.26% Europæiske indeks Lukkekurs Kursudv. France CAC 40 4,955.0-0.35% Germany DAX (TR) 11,966.1 0.06% FTSE 100 7,339.0-0.15% Relativ kursudvikling 1 år 30% 20% 23% 10% 9% 0% -10% Mar-16 Jun-16 Sep-16 Dec-16 Mar-17-9% -20% OMXC 20 Stoxx 600 Dow Jones Selskabsspecifikke nyheder øvrige udland Den britiske madbestillingsvirksomhed, Just Eat, kom ud af 2016 med enorme vækstrater både på top- og bundlinje, hvor fremgangen var på henholdsvis 52 pct. og 93 pct. Selskabet oplyser i forbindelse med årsregnskabet, at væksten forventes at fortsætte ind i 2017, hvilket vagte begejstring blandt investorerne, som henover frokost sendte aktien op med ca. 7 pct. Aktien endte dagen med en stigning på 4,63 pct. Hewlett Packard (HP) har tirsdag afgivet et købstilbud på Nimble Storage, der tilbyder dataopbevarings- og back-up-løsninger. Tilbuddet på USD 12,5 pr. aktie svarer til en præmie på 45 pct. i forhold til lukkekursen mandag aften. Aktierne i HP faldt tirsdag med 1,08 pct., mens aktierne i Nimble Storage steg med hele 46,28 pct. oven på nyheden. Assistant Equity Analyst Mathias Jönsson mjn@danskebank.dk 1 Aktienyt www.danskemarketsequities.com

Rapporteringskalender Mon 06 Mar Tue 07 Mar Wed 08 Mar Thu 09 Mar Fri 10 Mar Norwegian Air Shuttle ASA Sales & Rev. Royal Unibrew A/S Q4 2016 ICA Gruppen AB Sales & Rev. Source: Danske Bank Markets, FactSet 2 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 20 899.12-0.70% -1.36% 0.54% 7.78% 1.72% -9.00% 1.45% 26.25% OMX Stockholm 30 1,575.77 0.02% 0.36% 1.60% 4.78% 3.86% 12.79% -5.22% 16.00% Norway OSE Benchmark 692.93 0.29% 0.39% -1.22% 3.51% 1.33% 18.36% 12.07% 24.47% OMX Helsinki 25 3,760.47 0.02% 1.12% 2.89% 5.30% 2.18% 18.22% 8.10% 30.16% Toneangivende indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År S&P 500 2,368.39-0.29% 0.20% 3.28% 5.67% 5.79% 18.32% 14.35% 26.11% DJ Industrial Average 20,924.76-0.14% 0.54% 4.15% 7.03% 5.88% 22.55% 17.18% 27.18% Stoxx Europe 600 372.27-0.27% 0.55% 2.63% 7.07% 3.00% 9.20% -5.56% 11.78% NASDAQ Composite Index 5,833.93-0.26% 0.15% 2.81% 8.16% 8.37% 23.91% 18.40% 34.54% Europæiske indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År France CAC 40 4,955.00-0.35% 1.98% 4.22% 5.54% 1.91% 11.54% -0.19% 13.48% Germany DAX (TR) 11,966.14 0.06% 1.11% 3.61% 8.91% 4.23% 22.37% 3.59% 27.97% FTSE 100 7,338.99-0.15% 1.04% 2.13% 6.33% 2.75% 18.71% 6.18% 9.33% Råvarer Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År Brent Crude Oil (ICE $/bbl) 55.92-0.16% 0.59% 1.58% 5.51% -1.58% 36.92% -6.38% -48.70% NY Gold (NYM $/ozt) 1,215.10-0.77% -2.99% -1.55% 3.41% 5.66% -3.81% 4.38% -9.19% London Silver (Fixing $/ozt) 17.70-0.62% -3.17% 0.57% 5.55% 8.99% 13.03% 10.69% -17.21% Aluminum (LME Cash $/t) 1,858.00-0.54% -1.95% 2.71% 7.52% 8.43% 16.13% 4.09% 7.43% Copper (LME Cash $/t) 5,807.00-0.84% -2.17% 0.09% -1.63% 5.56% 16.14% -0.33% -16.21% Nickel (LME Cash $/t) 10,920.00 0.23% 0.46% 5.10% -5.45% 9.09% 16.48% -22.47% -28.77% Zinc (LME Cash $/t) 2,702.00-1.01% -3.95% -2.61% -4.24% 5.42% 47.33% 35.47% 29.00% Source: FactSet 3 Aktienyt www.danskemarketsequities.com

Kalender Makro nøgletal og udgivelser Wednesday, March 8, 2017 Period Danske Bank Consensus Previous - CNY Trade balance USD bn Feb 27.5 51.3 - PLN Polish central bank rate decision % 1.5% 1.5% 1.5% 0:50 JPY GDP deflator, final y/y 4th quarter -0.1% -0.1% 0:50 JPY GDP, final q/q ann. 4th quarter 0.4% 1.6% 0.2% 1.0% 6:00 JPY Leading economic index, preliminary Index Jan 105.4 104.8 8:00 DEM Industrial production m/m y/y Jan 2.5% 2.7% -0.5% -3.0% -0.7% 9:15 CHF CPI m/m y/y Feb 0.2% 0.4% 0.0% 0.3% 9:30 SEK Household consumption m/m y/y Jan -2.1% 0.7% 13:30 GBP UK budget 14:15 USD ADP employment 1000 Feb 185 246 14:30 USD Unit labour cost, final q/q 4th quarter 1.5% 1.7% 16:30 USD DOE U.S. crude oil inventories K 1501 Source: Bloomberg, Danske Bank Markets 4 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 11,630.0 0.5% 5.2% 3.2% n.m 26.5% 19.9 15.7 ALK-Abello 951.0-1.2% 0.6% 3.4% -38.6% 46.0% 54.0 37.0 Alm. Brand 57.0-0.9% 0.9% 5.6% -28.8% 6.1% 16.2 15.3 Ambu 279.1-3.1% -7.9% -1.6% 25.6% 23.9% 41.6 33.6 Bang & Olufsen 102.0-1.4% 4.6% 27.5% n.m n.m 3,400.0 28.9 Bavarian Nordic 289.5 1.8% 8.4% 16.3% -39.8% n.m 211.0 12.1 Carlsberg 616.0 0.0% 0.2% 1.1% 24.8% 8.9% 18.6 17.1 Chr. Hansen 414.0-0.8% -2.3% 5.9% 14.7% 12.0% 33.1 29.5 Coloplast 496.6-0.8% 0.6% 4.3% 9.4% 10.9% 26.3 23.7 D/S Norden 136.5 4.2% 11.9% 23.5% n.m n.m 75.5 13.7 Danske Bank 240.3-0.6% 2.5% 12.2% -1.0% 9.7% 12.5 11.4 DFDS 387.6 0.6% 6.2% 20.1% 10.6% 8.4% 13.7 12.6 DONG Energy 249.7-1.1% -3.4% -6.7% -6.3% 18.1% 11.5 9.8 DSV 344.5 0.5% 2.0% 9.6% 31.3% 17.5% 21.0 17.9 FLSmidth & Co 345.2 0.5% 9.7% 17.8% 16.8% 27.7% 21.4 16.8 G4S 23.0 0.6% 4.0% 13.2% n.m. n.m. n.m. n.m. Genmab 1,362.0-1.7% -1.2% 16.1% 12.2% 71.0% 63.0 36.8 GN Store Nord 165.0-0.1% 4.6% 12.8% 16.5% 16.1% 19.1 16.5 H+H International 75.5-0.7% -0.7% 0.0% n.m 11.0% 10.6 9.5 Hafnia Tankers 0.0% 0.0% n.m n.m n.m. n.m. Harboe 141.5 0.4% 0.0% 1.8% 21.9% 9.7% 15.2 13.9 Højgaard Holding 250.0 0.8% -2.0% 11.6% n.m 19.2% 11.6 9.7 IC Group 171.0-0.3% -0.6% 15.5% -22.5% 36.5% 19.2 14.1 ISS 274.2-0.3% 8.3% 15.0% 5.6% 5.8% 16.8 15.9 Jyske Bank 368.6-0.8% 0.5% 9.5% -7.6% 12.7% 12.0 10.7 Lundbeck 291.7-0.8% 0.8% 1.5% 17.9% 34.2% 22.0 16.4 Matas 99.5-0.5% -0.5% 3.1% 0.8% 1.7% 9.4 9.3 Monberg & Thorsen 275.0-1.1% 3.4% 19.6% n.m 26.3% 14.3 11.3 NKT Holding 489.1-0.8% -8.6% -2.0% n.m 39.4% 16.5 11.9 NNIT 193.0 0.3% 2.7% -5.4% 6.9% 6.3% 20.4 19.2 Novo Nordisk 235.0-3.4% 0.9% -7.7% 1.3% 11.1% 15.4 13.9 Pandora 818.0-2.6% -0.7% -11.5% 13.6% 16.0% 13.7 11.8 Per Aarsleff 163.5-0.9% -4.9% -7.1% 8.1% 18.9% 10.4 8.7 Ringkjøbing Landbobank 1,480.0-0.5% 0.0% 1.2% 1.4% 8.3% 12.6 11.6 Rockwool International 1,215.0 1.1% 3.1% -2.5% 4.1% 13.8% 20.5 18.0 Royal Unibrew 274.0 0.2% 0.8% 0.5% 10.1% 7.7% 19.0 17.6 Scandinavian Tobacco Gro 122.5 0.3% -3.3% 3.0% 5.7% 6.3% 13.3 12.5 SimCorp 395.0 0.4% 10.0% 14.8% 26.5% 12.5% 30.8 27.3 Solar 397.5 0.6% 7.4% 10.1% 19.9% 25.1% 17.0 13.6 Spar Nord 78.3-1.1% -2.1% -3.3% 1.5% 9.3% 11.9 10.9 Sydbank 250.3 0.1% 6.6% 14.2% -0.8% 6.6% 11.9 11.2 TDC 37.0-0.3% 2.8% 1.9% -16.2% 8.2% 13.6 12.6 Topdanmark 176.4-0.5% -5.1% -1.6% -20.5% 2.1% 13.4 13.1 Torm 68.5-2.8% 9.6% 7.9% -87.9% -16.3% 15.5 18.6 Tryg 130.8-1.0% -2.4% 2.4% -7.3% 1.1% 16.2 16.0 Veloxis Pharmaceuticals 1.1 0.0% -2.6% 2.8% -86.8% n.m n.m. 17.7 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 Vestas Wind Systems 525.5 1.0% 4.7% 14.5% 0.3% 9.9% 15.9 14.5 William Demant Holding 142.7-1.0% 7.6% 16.2% 13.5% 10.4% 21.0 19.0 Zealand Pharma 117.0 1.3% 0.0% 9.9% 3.6% 12.8% n.m. n.m. Össur 26.5-1.4% 6.9% 5.4% 18.3% 16.3% 25.0 21.5 Nets 110.4-1.7% -7.7% -10.7% n.m 11.2% 13.9 12.5 #REF! #REF! #REF! #REF! #REF! n.m. n.m. n.m. n.m. Source: FactSet 6 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 203.0-0.7% 1.3% 5.8% 8.2% 12.9% 18.5 16.4 Alfa Laval 165.3 1.0% 0.4% 9.6% -9.9% 7.1% 21.0 19.6 Assa Abloy 172.7-0.4% 2.1% 2.1% 11.9% 8.7% 21.8 20.0 AstraZeneca 517.6-2.2% 5.2% 6.3% -14.1% 8.8% 15.5 14.3 Atlas Copco 304.2 0.3% 6.5% 9.6% 14.2% 7.0% 22.7 21.2 Autoliv 918.4-2.4% -1.8% -9.8% -8.3% 13.5% 15.9 14.0 Axfood 139.9 0.3% 3.2% -2.3% 2.3% 6.1% 19.5 18.4 Balder 189.5-1.7% -3.2% 2.9% 5.5% 6.6% 17.1 16.0 Beijer Alma 241.5-1.0% -1.6% 3.6% 14.7% 7.7% 19.2 17.8 BillerudKorsnäs 142.8-1.0% -3.9% -6.7% 12.2% 7.5% 14.6 13.6 Boliden 270.8-4.2% 6.4% 13.8% 59.5% -4.0% 11.0 11.5 Castellum 119.3-1.3% -4.6% -4.5% 12.4% 7.0% 14.1 13.2 Cloetta 34.8 0.0% 17.6% 21.3% 20.3% 10.4% 18.4 16.6 Concentric 132.0 0.8% 7.3% 16.0% 9.4% 10.3% 19.5 17.6 Creades 276.5-1.1% -0.7% 17.9% n.m. n.m. n.m. n.m. Capio 46.6 0.2% -4.3% -3.1% 4.6% 14.3% 14.0 12.2 Electrolux 240.6 0.7% 5.0% 6.3% 6.3% 9.0% 14.3 13.2 Elekta 83.3 0.0% 1.2% 3.3% 43.4% 35.3% 33.6 24.9 Ericsson 58.3-2.6% 15.7% 9.0% -2.2% 35.1% 22.9 17.0 Fabege 146.1-1.5% -6.6% -1.9% 45.5% 17.9% 28.1 23.9 Getinge 152.4-1.7% 5.0% 4.3% 17.9% 16.0% 13.6 11.7 Gränges 82.3 0.3% -3.8% -4.4% 5.4% 7.9% 10.9 10.1 Hennes & Mauritz 240.0 1.1% -1.5% -5.3% 11.3% 11.2% 19.2 17.3 Hexagon 356.2-0.7% -2.3% 9.4% 12.7% 11.7% 20.9 18.7 HiQ International 67.3 2.7% 5.1% 9.3% 6.8% 8.1% 21.1 19.5 Holmen 351.1-0.3% 3.6% 7.4% -0.1% 3.5% 18.1 17.5 Hufvudstaden 134.8-1.6% -7.1% -6.3% 6.2% 4.5% 28.3 27.0 Husqvarna 77.2 0.8% 6.9% 8.9% 25.6% 14.6% 16.8 14.7 ICA Gruppen 297.1 1.0% 3.2% 6.9% 1.2% 2.4% 16.7 16.3 Industrivärden 193.3-0.2% 4.5% 7.3% -75.7% -15.1% 22.3 26.3 Intrum Justitia 326.3-0.4% 7.4% 6.1% 7.1% 13.2% 15.5 13.7 Investor 359.7-0.3% 1.4% 5.6% -36.0% 12.2% 12.7 11.3 ITAB Shop Concept 75.3-4.4% -3.2% -7.4% 29.3% 11.0% 19.9 17.9 JM 284.0-0.4% 1.5% 7.9% 13.1% 4.8% 12.3 11.8 Klövern 9.1-1.0% -6.4% -5.2% 4.7% 3.8% 9.6 9.2 Kungsleden 50.5-0.3% -8.1% -10.7% 3.9% 6.1% 9.8 9.2 Latour 357.4 0.1% 4.9% 4.4% n.m. n.m. n.m. n.m. Lindab 74.0-0.2% -3.6% 1.2% 15.6% 15.5% 14.6 12.6 Loomis 289.3 1.0% 4.1% 6.7% 7.2% 4.8% 15.9 15.2 Lundbergföretagen 584.0-0.2% 1.9% 4.6% n.m. n.m. n.m. n.m. Lundin Petroleum 183.2-0.4% -6.4% -7.5% n.m -6.3% 25.1 26.8 Melker Schörling 540.0-1.3% -3.5% 0.5% n.m. n.m. n.m. n.m. Millicom 489.7-0.6% 4.1% 25.8% 0.0% 0.0% 0.0 0.0 NCC 212.6-0.7% -1.8% -5.7% 28.4% 5.9% 15.1 14.2 Nibe 72.1-0.3% 1.8% 0.3% 8.2% 16.0% 24.5 21.1 Nobia 88.9 0.2% 1.7% 4.7% 4.8% 6.7% 14.8 13.8 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 Nordea 106.6-0.2% -0.7% 5.2% -2.5% 7.5% 13.1 12.1 Opus Group 7.4-7.0% -5.8% 13.1% -8.4% 36.9% 26.1 19.1 Oriflame 371.6-2.4% 32.9% 35.1% 31.5% 16.5% 24.9 21.4 Peab 86.3 1.1% 17.0% 19.3% 0.2% 4.4% 14.9 14.3 Qliro Group 13.8 3.4% 13.1% 59.5% n.m n.m 58.7 20.1 Ratos 41.7 0.1% -13.1% -3.4% 100.0% 24.3% 18.1 14.6 SAAB 355.0-0.9% -2.7% 4.3% 47.1% 20.0% 22.2 18.5 Tele2 80.5 0.1% 3.7% 10.2% 29.8% 36.5% 25.7 18.8 Sandvik 125.7 0.3% 5.0% 11.5% 15.5% 9.0% 19.9 18.2 SCA 275.1-0.5% 0.9% 6.9% 13.9% 5.2% 19.2 18.2 Eltel 49.1-0.8% -1.8% -21.4% n.m 48.4% 12.7 8.6 Scandi Standard 53.8 0.9% -3.6% -5.7% 30.3% 52.7% 16.3 10.7 SEB 103.4-0.5% 1.3% 8.2% 54.1% 6.7% 13.8 12.9 Securitas 137.9-0.4% 2.4% -3.8% 9.1% 7.4% 15.9 14.8 Semcon 58.0-0.9% 10.0% 26.1% 10.7% 14.0% 13.0 11.4 Skanska 214.4-0.9% -2.0% -0.3% -14.9% -2.4% 16.8 17.2 SKF 178.1 1.1% 6.8% 6.3% 16.6% 9.0% 16.4 15.0 SkiStar 151.5-0.7% -1.6% -0.7% 15.1% 3.2% 18.8 18.2 SSAB 35.7-1.7% -3.4% 3.2% 40.0% 35.3% 22.0 16.3 Svenska Handelsbanken 125.6-0.3% -3.8% -0.8% 0.4% 4.9% 15.7 14.9 Svolder 217.5-0.7% 7.1% 13.3% n.m. n.m. n.m. n.m. Swedbank 219.8-2.7% -2.7% -0.2% -0.6% 5.1% 13.6 12.9 Swedish Match 282.3 0.2% -4.1% -2.6% 2.9% 8.3% 17.7 16.3 Swedish Orphan Biovitrum 123.5 0.3% 6.0% 15.7% 26.9% 57.8% 29.3 18.6 Swedol 26.9-2.2% 8.9% 3.9% 20.1% 17.4% 12.7 10.8 Thule Group 144.4-0.6% 2.3% 1.3% 8.4% 6.1% 19.5 18.3 Trelleborg 188.0 0.8% 4.9% 4.9% 17.5% 8.4% 16.7 15.4 Volvo 122.6 1.8% 5.1% 15.2% 11.9% 10.3% 16.7 15.1 Vostok New Ventures 66.3-2.6% -8.6% -11.1% n.m 100.0% n.m. n.m. Wihlborgs 172.8-1.8% -0.8% 2.0% 5.7% 5.8% 12.9 12.2 Öresund 148.5-1.3% -2.6% -2.6% n.m. n.m. n.m. n.m. Nobina 54.5 0.5% -2.7% 7.4% 12.2% 16.9% 17.4 14.9 Hexpol 92.3 1.3% 2.6% 9.4% 4.9% 4.9% 21.7 20.7 Betsson 80.5 1.0% 2.9% -8.4% 3.4% -9.9% 12.3 13.6 Kambi 93.5-1.1% -15.4% -30.1% 23.4% 46.6% 31.9 21.7 NetEnt 75.5 0.9% 3.4% 7.3% 16.6% 17.0% 30.9 26.4 Kindred Group 87.3 1.8% 15.6% 2.0% 23.6% -11.2% 16.4 18.4 Mycronic 95.3-1.8% -9.9% -2.8% 3.9% 11.5% 17.1 15.3 Addtech 145.0-0.3% -4.3% 1.8% 42.1% 11.2% 20.6 18.5 Indutrade 168.5-0.3% -3.2% -7.9% 10.5% 8.9% 17.4 16.0 Attendo 87.5-0.6% 2.3% 11.1% 8.9% 9.5% 18.6 17.0 Eltel 49.1-0.8% -1.8% -21.4% n.m 48.4% 12.7 8.6 Capio 46.6 0.2% -4.3% -3.1% 4.6% 14.3% 14.0 12.2 Tele2 80.5 0.1% 3.7% 10.2% 29.8% 36.5% 25.7 18.8 Telia 36.4 0.0% 4.9% -0.7% -5.8% 4.0% 12.2 11.8 Humana 70.0-0.4% -10.8% -2.4% 20.8% 11.0% 13.2 11.9 Source: FactSet 8 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 160.0 0.0% 2.9% 3.6% 4.1% 10.8% 20.2 18.3 Akastor 12.5-1.6% -17.2% -22.8% -68.8% -59.4% n.m. n.m. Aker Solutions 49.6 2.0% 13.2% 19.9% -73.0% 56.7% 79.7 50.8 Atea 91.0 2.2% 3.4% 14.5% 14.1% 12.1% 16.0 14.3 Austevoll 70.0-3.4% -11.4% -16.4% 33.4% 1.5% 7.1 7.0 Avance Gas 29.0 1.4% 7.0% 9.4% 23.8% n.m n.m. 20.0 Awilco Drilling 35.0-0.8% 4.2% -14.2% n.m -95.8% 2.0 47.3 Awilco LNG 7.1 0.0% -1.5% 3.5% -24.2% -83.9% n.m. n.m. Bakkafrost 303.0 1.2% -9.4% -11.6% 31.5% 2.0% 10.9 10.7 BW LPG 42.1 1.0% 19.6% 15.9% n.m n.m n.m. 10.4 BW Offshore 24.9 5.5% 14.2% -10.1% n.m n.m 170.4 6.4 DNB 138.3-0.4% -0.1% 7.7% 0.3% 13.9% 12.4 10.9 EMGS 5.5-3.0% -22.1% -36.0% -27.1% n.m n.m. 103.3 Entra 95.0 0.8% 5.6% 10.8% 10.7% 8.9% 17.0 15.6 Fred. Olsen Energy 23.0-0.9% 27.1% -27.4% n.m 9.3% n.m. n.m. Frontline 58.3-0.7% 4.7% -6.0% -76.8% n.m 25.6 11.5 Gjensidige 131.5-0.2% -8.0% -4.0% -12.2% 3.0% 16.0 15.6 Golar LNG Ltd 243.4 3.5% 8.8% 25.4% -52.6% n.m n.m. 37.6 Grieg Seafood 73.2-1.1% 2.1% -10.4% 20.5% 6.7% 8.4 7.9 Höegh LNG 88.4-1.7% -3.9% -8.3% n.m 92.2% 27.0 14.0 Kongsberg Gruppen 140.0-0.7% 3.7% 12.4% 4.2% 30.8% 19.5 14.9 Lerøy Seafood 426.7-1.7% -10.5% -11.3% 37.4% -0.1% 8.5 8.5 Marine Harvest 139.3-0.5% -8.8% -10.5% 39.8% 3.1% 10.2 9.9 Norsk Hydro 49.5 1.6% 3.5% 19.8% 61.6% 7.7% 16.7 15.5 North Atlantic Drilling 11.9-8.5% -29.1% -55.5% n.m 24.9% n.m. n.m. Norway Royal Salmon 164.5-0.9% -9.6% -20.5% 2.5% 9.1% 10.2 9.4 Norwegian Air Shuttle 248.8-3.3% -8.7% -13.3% -14.2% 54.1% 15.0 9.7 Ocean Rig UDW 5.7-8.4% -37.1% -61.3% n.m n.m n.m. n.m. Odfjell Drilling 15.5-3.1% 2.0% -10.4% n.m -21.4% 13.4 17.0 Odfjell SE 31.2-1.0% -1.9% 6.5% -40.0% 67.8% 8.5 5.1 Opera Software 38.6 0.8% 10.0% 3.5% -58.0% 99.7% 38.1 19.1 Orkla 75.4 0.4% -6.4% -3.6% -3.4% 5.8% 18.0 17.0 Pacific Drilling 18.6-9.1% -32.3% -45.8% n.m -12.6% n.m. n.m. Petroleum Geo-Services 24.7 0.4% -7.2% -15.3% -62.0% -90.9% n.m. n.m. Polarcus 0.4-10.3% -2.8% -23.9% n.m -56.4% n.m. n.m. Prosafe 36.5-6.4% 2.2% -1.4% n.m -86.7% n.m. n.m. REC Silicon 1.2 0.1% -4.1% 8.8% -56.0% -68.5% n.m. n.m. RenoNorden 1.0-2.0% -28.7% -16.1% -66.4% 5.7% 6.4 6.1 SalMar 206.7-1.5% -13.7% -19.9% 18.1% 4.5% 9.5 9.1 Schibsted 218.8-0.7% -4.1% 10.4% 89.6% 53.2% 44.6 29.1 Scottish Salmon Company 8.5 0.0% -13.7% -11.5% 78.2% 51.2% 10.8 7.1 Seadrill 10.6-24.4% -23.7% -64.6% n.m n.m n.m. n.m. Sevan Drilling 4.7-15.1% -23.3% -14.9% 31.2% 22.6% n.m. n.m. Songa Offshore 31.8-5.6% 3.6% 1.0% -20.6% 94.9% 5.5 2.8 Spectrum ASA 40.3 3.3% 2.3% 43.9% n.m 40.0% 10.8 7.7 Stolt-Nielsen 138.0 0.7% 8.2% 30.2% -12.5% 30.2% 8.9 6.8 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 Storebrand 58.0 0.3% 8.2% 26.3% -17.5% 7.8% 13.4 12.4 Subsea 7 127.0 2.8% 11.9% 16.2% -68.7% -8.8% 30.6 33.6 TGS 187.6 0.9% -1.3% -2.1% n.m 92.9% 36.8 19.1 Tomra Systems 93.0-0.3% 2.2% 2.8% -5.1% 9.5% 19.9 18.2 Wilh. Wilhelmsen ASA 40.6-0.2% 0.2% 20.1% 62.4% 31.7% 8.8 6.7 Yara International 322.6 0.5% -6.3% -5.1% 8.5% 21.8% 14.4 11.8 XXL 92.5 0.0% -1.6% -5.6% 27.7% 26.4% 19.9 15.7 Ocean Yield 64.8 3.2% 1.6% -0.4% 20.7% 6.7% 7.8 7.3 Golden Ocean 58.0-2.6% 26.6% 45.4% -43.9% -87.2% n.m. n.m. Höegh LNG Partners 161.6-0.8% -0.5% 0.5% 36.2% 12.8% 10.8 9.6 DNO 7.9 3.3% -5.7% -6.6% n.m 57.9% 7.0 4.4 Europris 37.5 0.5% 10.3% 1.6% 4.6% 12.3% 14.5 12.9 Hexagon Composites 27.1 0.0% -1.1% 0.7% 19.9% 49.8% 35.1 23.5 Navig8 Chemical Tankers 0.0% 0.0% n.m. n.m. n.m. n.m. Team Tankers 11.5-10.2% -0.9% -2.5% -7.7% 33.3% 11.3 8.5 Aker BP 148.6 0.7% -6.7% -3.8% n.m 12.3% 16.1 14.3 Statoil 148.4 0.1% 0.6% -6.3% n.m 22.4% 16.9 13.8 LINK Mobility 129.5 4.9% -14.0% -6.8% n.m 50.3% 17.1 11.3 Source: FactSet 10 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 22.5-0.3% -8.2% -11.0% 12.4% 15.1% 16.9 14.7 Basware 36.9-0.3% 7.3% 1.5% -34.5% n.m n.m. 160.8 Atria 10.9-1.5% -4.6% -5.2% 29.0% 17.6% 13.1 11.2 Cargotec Corp 48.0 2.0% 9.3% 12.0% 8.9% 14.5% 17.0 14.9 Caverion 6.8 1.0% -6.3% -14.8% n.m 67.6% 24.0 14.3 Citycon 2.2-0.8% -5.1% -4.1% 2.2% 2.1% 13.4 13.1 Cramo 20.7 0.0% -4.3% -12.9% 11.4% 3.9% 11.0 10.6 Elisa 32.3 0.9% 4.1% 4.3% 8.7% 5.1% 18.2 17.3 Fortum 14.8-1.2% 4.2% 1.6% 22.3% 0.1% 21.1 21.0 HKScan 3.3-0.6% 0.0% 4.7% n.m n.m 42.4 17.9 Huhtamaki 34.2 0.1% 0.4% -3.1% 9.5% 10.5% 17.1 15.5 Kemira 12.1-0.4% 2.1% -0.1% 9.7% 13.7% 15.2 13.4 Kesko 43.4-0.2% -4.0% -8.6% 18.3% 10.5% 17.6 15.9 Kone 40.6-0.2% 0.4% -4.7% -3.1% 3.9% 21.0 20.2 Konecranes 34.2 0.8% 1.7% 1.3% -15.3% 46.4% 26.2 17.9 Lassila & Tikanoja 18.7-0.3% -1.4% -2.5% 0.1% 7.8% 17.3 16.1 Lemminkäinen 19.2-1.2% 6.2% -5.8% 28.0% 24.2% 14.0 11.3 Metsä Board 6.3-0.6% 1.7% -7.7% 61.0% 20.0% 14.8 12.4 Metso 28.2-1.5% 0.2% 4.0% 17.1% 13.7% 22.7 20.0 Munksjö 15.4-1.5% 7.8% -2.4% 24.9% 11.5% 12.7 11.4 Neste 33.8-0.3% 3.6% -7.3% -15.1% 1.5% 12.9 12.7 Nokia 4.9-1.3% 8.1% 7.1% 2.8% 40.3% 22.1 15.7 Nokian Tyres 38.9 1.7% 6.4% 9.7% 9.5% 11.0% 19.1 17.2 Oriola-KD 4.1 2.5% -5.1% -5.8% 0.5% 9.3% 16.1 14.7 Outokumpu 9.6-2.4% -1.7% 12.4% n.m -4.2% 11.3 11.8 Outotec 5.7 4.1% 6.8% 14.8% n.m 56.3% 43.9 28.1 PKC Group 23.4 0.1% 0.3% 48.0% 38.9% 38.1% 26.9 19.5 Raisio 3.5-0.6% -1.4% -2.8% -16.6% 16.0% 16.5 14.2 Ramirent 7.9-0.1% 14.6% 7.4% 23.7% 16.7% 16.9 14.5 Sampo 43.1-1.3% -0.3% 1.1% -6.8% 4.2% 15.8 15.2 Sanoma 8.2-1.7% 6.3% -0.2% 24.3% 2.7% 12.6 12.3 Sponda 4.0-2.8% -3.5% -9.7% -5.5% 5.9% 12.2 11.5 Stockmann 7.4-3.6% 6.3% 4.2% n.m n.m 38.8 19.3 Stora Enso 10.4-0.2% 7.6% 2.3% 14.0% 12.9% 15.0 13.3 Tieto 26.3 0.2% 2.8% 1.4% 5.2% 4.6% 15.9 15.2 Tikkurila 19.0 1.2% 1.2% 1.2% 4.7% 8.9% 17.8 16.3 UPM-Kymmene 22.9-1.0% 5.0% -2.0% -2.3% 0.2% 14.2 14.2 Uponor 16.1-0.4% -3.2% -2.6% 13.2% 14.8% 17.9 15.6 Valmet 15.1 0.3% 7.7% 8.0% 35.4% 10.7% 15.7 14.2 Wärtsilä 47.8-0.5% -1.9% 12.0% 11.9% 8.9% 20.3 18.6 YIT 6.6 2.3% -0.4% -13.0% 98.8% 35.4% 14.2 10.5 Asiakastieto 18.5-1.9% -8.4% -3.9% 9.5% 7.4% 18.0 16.8 Pihlajalinna 17.4 0.2% 2.2% -5.4% 46.2% 28.9% 24.9 19.3 Basware 36.9-0.3% 7.3% 1.5% -34.5% n.m n.m. 160.8 Consti 14.7-2.4% -3.7% -0.1% 21.3% 15.5% 11.6 10.0 F-Secure 3.3-0.3% -1.2% -6.3% -8.5% 47.2% 35.4 24.0 DNA 11.9 0.2% 5.7% 17.1% 16.0% 9.7% 16.9 15.4 Source: FactSet 11 Aktienyt www.danskemarketsequities.com