Aktienyt. Aktienyt. 15 marts Assistant Equity Analyst Rasmus Broeng Jacobsgaard

Aktienyt Investment Research Aktienyt 15 marts 2017 Generelle tendenser på aktiemarkedet Mens biotekselskabet Genmab kørte endnu en rekord i land tirsdag, var de danske aktier generelt mere delt på midten. Stemningen i Europa var til den svage side, men takket være mange fint præsterende defensive papirer i C20 Cap-indekset endte det alligevel med en lille stigning på 0,1 pct. herhjemme. Det brede paneuropæiske Stoxx 600-indeks faldt med 0,4 pct. efter tøven fra investorerne inden det hollandske parlamentsvalg og renteudmelding fra den amerikanske centralbank. Tirsdag var der ligeledes kursfald i USA, hvor særligt olieselskaberne og luftfartsselskaberne trak ned. Samlet set endte S&P 500-indekset med et minus på godt 0,3 pct. Onsdag morgen følger de asiatiske aktiemarkeder udviklingen på Wall Street. Selskabsspecifikke nyheder Danmark Det kriseramte færøske olieselskab Atlantic Petroleum har omlagt gæld og fået adgang til ny finansiering på sammenlagt op til DKK 68 mio. Der er tale om en næsten ti måneder gammel låneaftale med samarbejdspartneren London Oil & Gas, som nu effektueres efter, at alle vilkår er blevet mødt. Låneaftalen blev indgået i maj sidste år med henblik på at sikre Atlantic Petroleum arbejdskapital og finansiering af fremtidige opkøb i primært Østeuropa og Eurasien. Aktien blev handlet 3,70 pct. højere tirsdag. Vestas-aktien steg med marginale 0,19 pct. efter, at selskabet har fået en ordre på 31 megawatt (MW) til det sydlige Tyskland. Det er Uhl Windkraft, der har bestilt ni møller af typen V136-3,45 MW til Kohlenstrasse-vindparken i Baden-Württemberg. Ordren indeholder også en idriftsættelse af vindmøller samt en 15-årig servicekontrakt, oplyser Vestas. Vestas har nu krydset 1000 MW i ordrer i 2017 Det er nødvendigt, at Novo Nordisk og den øvrige medicinalbranche samarbejder med de amerikanske indkøbsforeninger, hvis man skal løse nogle af de udfordringer, det amerikanske sundhedssystem står overfor. En stor patientgruppe får ikke gavn af de rabatter, indkøbsforeningerne forhandler hjem, men må betale medicinalselskabernes listepriser. Og det er et stort problem, siger Novos administrerende direktør, Lars Fruergaard Jørgensen, i et interview med Bloomberg News. OMXC20 Dow Jones S&P 500 Eurostoxx 600 0.22% -0.21% -0.34% -0.32% Skandinaviske indeks Lukkekurs Kursudv. OMX Copenhagen 20 911.0 0.22% OMX Stockholm 30 1,586.0-0.55% Norway OSE Benchmark 694.7-0.79% OMX Helsinki 25 3,756.2 0.00% Toneangivende indeks Lukkekurs Kursudv. S&P 500 2,365.5-0.34% DJ Industrial Average 20,837.4-0.21% Stoxx Europe 600 373.5-0.32% NASDAQ Composite 5,856.8-0.32% Europæiske indeks Lukkekurs Kursudv. France CAC 40 4,974.3-0.51% Germany DAX (TR) 11,988.8-0.01% FTSE 100 7,357.9-0.13% Relativ kursudvikling 1 år 30% 20% 21% 10% 8% 0% -10% Mar-16 Jun-16 Sep-16 Dec-16 Mar-17-8% -20% -30% OMXC 20 Stoxx 600 Dow Jones Pandoras finansdirektør Peter Vekslund udtalte tirsdag, at den danske smykkekoncerns ledelses mål er at købe flere distributører, når de eksisterende kontrakter skal fornyes. Det skriver Bloomberg News med henvisning til et interview med finansdirektøren, der fremhæver, at tilbagebetalingen på sådanne handler normalt er god. Pandora har allerede opkøbt en god del af distributørerne, men oplyser at der stadig mangler nogle større distributører i Rusland og Spanien. Aktien faldt med lige under 1 pct. efter nyheden. Øvrige skandinaviske marked Nordea vil måske flytte hovedkontor, hvis Sverige løfter bankbeskatningen. Det udtaler Nordea s koncernchef Casper von Koskull til den svenske avis Dagens Industri efter, at den svenske regering over en længere periode har arbejdet på at indføre en ny bankbeskatning. Nordea har tidligere været opkøbsinteresseret i hollandske ANB Amro med det formål at kunne flytte hovedkontoret til Holland. Aker Solutions aktier åbnede med et brag og blev handlet 16 pct. højere efter, at opkøbsrygter florerede i den norske avis Dagens Næringsliv. Amerikanske Halliburton kan være tæt på at lancere et opkøbstilbud på selskabet skriver Dagens Næringsliv. Aktien lukkede med en stigning på hele 8,55 pct. Assistant Equity Analyst Rasmus Broeng Jacobsgaard rjac@danskebank.dk Selskabsspecifikke nyheder øvrige udland Det japanske konglomerat Toshiba har endnu engang ikke kunne holde, hvad det har lovet, da man igen ikke formåede at fremlægge et regnskab på den annoncerede dato. Det kunne ses på aktiekursen, som hurtigt tirsdag faldt med 8 pct. Siden har aktien dog rettet sig. Toshiba oplever i øjeblikket store problemer efter en nedskrivning på sin amerikanske atomforretning på hele USD 6,3 mia. 1 Aktienyt www.danskemarketsequities.com

Russiske Gazprom er nået til et foreløbigt kompromis med EU-Kommissionen, hvilket vil afslutte efterforskningen af energiselskabets konkurrencebegrænsende adfærd i Østeuropa. Kartelsagen var en af de største i EU's historie, og beslutningen om et forlig skaber harme i østeuropæiske og baltiske lande, som støttede en hård linje over for Gazprom. Selskabets aktie faldt med 1,26 pct. oven på nyheden. Den portugisiske energiforsyningskoncern Energies de Portugals direktør Nunes Mexia beretter, at præsident Trump ikke kan stoppe væksten i vedvarende energi i USA. Nunes Mexia planlægger fortsat at investere 70 pct. af de samlede investeringer i vedvarende energi. Nunes Mexia venter, at støtten (PTC) vil fortsætte i tre år for derefter at blive udfaset. Energies de Portugals er en af de store spillere på det amerikanske marked for vedvarende energi. 2 Aktienyt www.danskemarketsequities.com

Rapporteringskalender Mon 13 Mar Tue 14 Mar Wed 15 Mar Thu 16 Mar Fri 17 Mar Zealand Pharma A/S Q4 2016 Scandinavian Tobacco Group Q4 2016 H+H International A/S Q4 2016 Bavarian Nordic A/S Q4 2016 Hennes & Mauritz AB Sales & Rev. 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 20 910.99 0.22% 1.32% -0.22% 6.45% 3.06% -7.76% 0.43% 33.77% OMX Stockholm 30 1,586.00-0.55% 0.65% 1.03% 2.89% 4.53% 11.36% -4.75% 19.53% Norway OSE Benchmark 694.65-0.79% 0.25% -0.91% 2.02% 1.58% 17.83% 13.60% 28.71% OMX Helsinki 25 3,756.25 0.00% -0.11% 0.85% 3.58% 2.07% 15.97% 6.75% 35.26% Toneangivende indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År S&P 500 2,365.45-0.34% -0.12% 1.19% 4.98% 5.66% 17.12% 15.20% 28.48% DJ Industrial Average 20,837.37-0.21% -0.42% 1.62% 5.28% 5.44% 20.94% 17.40% 29.70% Stoxx Europe 600 373.46-0.32% 0.32% 0.88% 4.99% 3.33% 8.36% -5.84% 15.90% NASDAQ Composite Index 5,856.82-0.32% 0.39% 1.28% 7.73% 8.80% 23.29% 20.22% 37.96% Europæiske indeks Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År France CAC 40 4,974.26-0.51% 0.39% 1.60% 4.30% 2.30% 10.38% -0.72% 17.97% Germany DAX (TR) 11,988.79-0.01% 0.19% 1.84% 6.62% 4.42% 20.00% 0.73% 32.38% FTSE 100 7,357.85-0.13% 0.26% 1.23% 5.88% 3.01% 19.16% 9.16% 12.71% Råvarer Lukkekurs 1 Dag 1 Uge 1 Måned 3 Måned ÅTD 1 År 2 År 3 År Brent Crude Oil (ICE $/bbl) 50.92-0.84% -8.94% -9.02% -5.53% -10.38% 28.81% -6.86% -53.10% NY Gold (NYM $/ozt) 1,201.90-0.04% -1.09% -1.80% 3.50% 4.51% -3.42% 4.28% -12.84% London Silver (Fixing $/ozt) 17.00-0.12% -3.95% -5.05% -0.64% 4.68% 8.97% 9.68% -20.41% Aluminum (LME Cash $/t) 1,851.00-1.65% -0.38% -2.22% 5.65% 8.02% 20.78% 6.14% 9.01% Copper (LME Cash $/t) 5,747.00-0.81% -1.03% -6.48% 0.21% 4.47% 15.08% -1.93% -11.45% Nickel (LME Cash $/t) 10,090.00-0.54% -7.60% -6.79% -11.22% 0.80% 15.91% -27.15% -36.16% Zinc (LME Cash $/t) 2,697.00-1.75% -0.19% -8.08% -1.44% 5.23% 49.01% 34.82% 35.46% Source: FactSet 4 Aktienyt www.danskemarketsequities.com

Kalender Makro nøgletal og udgivelser s Onsdag den 15. marts 2017 Periode Danske Bank Konsensus Seneste - USD Gældsloftets suspendering udløber - EUR Hollandsk Folketingsvalg 5:30 JPY Industriproduktion, endelig m/m å/å jan -0.8% 3.2% 8:00 SEK Prospera inflationsforventninger 8:45 FRF HICP m/m å/å feb 0.1% 1.4% 0.1% 1.4% 10:30 GBP Gns. ugelønninger ekskl. bonusser (3 mdr. glis. gns.) å/å jan 2.5% 2.5% 2.6% 10:30 GBP Arbejdsløshedsprocent (3M) % jan 4.8% 4.8% 4.8% 10:30 DKK Kvartalsprognose K1 fra Nationalbanken 4. kvartal 11:00 EUR Beskæftigelse k/k å/å 4. kvartal 0.3% 0.2% 1.2% 11:00 ITL HICP m/m å/å feb... 1.6%... 1.6% 13:30 USD Detailsalg, kontrolgruppe m/m feb 0.5% 0.1% 0.4% 13:30 USD CPI inflation m/m å/å feb 0.2% 2.6% 0.0% 2.7% 0.6% 2.5% 13:30 USD CPI kerneinflation m/m å/å feb 0.25% 2.3% 0.2% 2.2% 0.3% 2.3% 13:30 USD Empire fremstillings PMI Indeks mar 15.0 18.7 15:00 USD NAHB boligmarkedsindeks Indeks mar 65.0 65.0 15:30 USD DOE U.S. råolielager K 8209 19:00 USD FOMC møde % 1.0% 1.0% 0.75% 19:30 USD FOMC pressekonference 21:00 USD TICS internationalt kapitalflow, Net inflow mia. USD jan -42.8 22:45 NZD GDP k/k å/å 4. kvartal 0.7% 3.2% 1.1% 3.5% 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 11,850.0 0.5% -2.9% 5.1% n.m 26.7% 20.3 16.0 ALK-Abello 955.0-0.2% 3.1% 3.8% -38.6% 46.0% 54.2 37.1 Alm. Brand 56.0-1.8% -2.6% 3.7% -28.8% 6.1% 15.9 15.0 Ambu 297.8 6.4% 1.3% 5.0% 25.6% 23.9% 44.4 35.9 Bang & Olufsen 99.5-3.9% 1.0% 24.4% n.m n.m 3,316.7 28.1 Bavarian Nordic 317.5 1.8% 15.0% 27.5% -39.2% n.m 229.1 13.0 Carlsberg 614.5 0.4% 0.6% 0.8% 24.8% 8.9% 18.5 17.0 Chr. Hansen 423.8 1.6% 0.0% 8.4% 14.7% 12.0% 33.9 30.2 Coloplast 506.5 0.7% 2.3% 6.3% 9.4% 10.9% 26.9 24.2 D/S Norden 140.0-1.1% 7.5% 26.7% n.m n.m 81.4 14.4 Danske Bank 244.1 0.4% 0.7% 14.0% -0.6% 9.5% 12.7 11.6 DFDS 393.4 0.7% 2.8% 21.9% 10.6% 8.4% 13.9 12.8 DONG Energy 256.0 1.6% -1.8% -4.3% -6.3% 18.1% 11.8 10.0 DSV 350.5 1.3% 0.1% 11.6% 22.1% 17.0% 21.4 18.3 FLSmidth & Co 358.6 1.4% 1.4% 22.4% 16.8% 27.7% 22.3 17.4 G4S 25.5 1.4% 11.8% 25.6% n.m. n.m. n.m. n.m. Genmab 1,443.0 3.7% 0.9% 23.0% 12.3% 71.9% 66.7 38.8 GN Store Nord 165.1-0.6% 2.8% 12.8% 17.7% 16.1% 19.2 16.5 H+H International 77.5-0.6% -0.6% 2.6% n.m 10.9% 10.8 9.7 Hafnia Tankers 0.0% 0.0% -70.1% n.m n.m. n.m. Harboe 133.5 0.4% -7.3% -4.0% -6.0% 27.3% 18.6 14.6 Højgaard Holding 240.0-2.8% -10.8% 7.1% n.m 19.2% 11.1 9.3 IC Group 168.0-1.2% -3.2% 13.5% -22.5% 36.5% 18.9 13.9 ISS 273.9-0.4% 7.5% 14.9% 5.4% 5.9% 16.8 15.8 Jyske Bank 371.9-0.8% -2.5% 10.5% -7.6% 12.7% 12.1 10.7 Lundbeck 304.9 3.5% 5.6% 6.1% 17.9% 34.2% 23.0 17.2 Matas 99.0-1.0% -6.6% 2.6% 0.8% 1.7% 9.4 9.2 Monberg & Thorsen 275.5-0.9% 0.2% 19.8% n.m 26.3% 14.3 11.3 NKT Holding 495.4-0.7% -11.6% -0.7% n.m 39.4% 16.7 12.0 NNIT 192.0 0.0% 1.3% -5.9% 6.9% 6.3% 20.3 19.1 Novo Nordisk 236.9 0.6% -2.0% -7.0% 1.3% 11.1% 15.6 14.0 Pandora 829.0 0.1% -1.0% -10.3% 13.6% 16.0% 13.9 12.0 Per Aarsleff 159.0-1.2% -9.7% -9.7% 8.1% 18.9% 10.1 8.5 Ringkjøbing Landbobank 1,483.0-1.7% -1.7% 1.4% 1.4% 8.3% 12.6 11.7 Rockwool International 1,195.0-1.2% -4.2% -4.1% 4.1% 13.8% 20.1 17.7 Royal Unibrew 293.3-0.8% 8.2% 7.6% 9.4% 7.3% 19.0 17.7 Scandinavian Tobacco Gro 123.0 0.2% -1.8% 3.4% 5.7% 6.3% 13.3 12.5 SimCorp 406.0 2.4% 13.3% 18.0% 26.5% 12.5% 31.6 28.1 Solar 394.0-0.8% 3.3% 9.1% 19.9% 25.1% 16.8 13.4 Spar Nord 78.8-0.1% -1.6% -2.7% 1.5% 9.3% 12.0 11.0 Sydbank 252.3-0.5% 1.3% 15.1% -0.2% 6.7% 12.0 11.2 TDC 36.1-0.4% -3.1% -0.5% -16.5% 8.2% 13.3 12.3 Topdanmark 178.7-0.8% -1.3% -0.3% -20.3% 2.2% 13.5 13.2 Torm 66.5-2.9% 3.1% 4.7% n.m n.m 33.9 8.4 Tryg 123.7-0.5% -7.3% -3.1% -6.1% 2.4% 15.4 15.0 Veloxis Pharmaceuticals 1.1 0.0% 0.9% 3.7% -86.8% n.m n.m. 17.9 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 Vestas Wind Systems 525.5 0.1% 1.3% 14.5% 0.3% 9.8% 15.9 14.5 William Demant Holding 144.3-1.0% 9.0% 17.5% 14.1% 10.5% 21.1 19.1 Zealand Pharma 117.0 0.0% -2.9% 9.9% 3.6% 12.8% n.m. n.m. Össur 26.2-2.6% 2.0% 4.2% 18.3% 16.3% 24.8 21.4 Nets 108.9-1.2% -9.0% -11.9% n.m 11.2% 13.7 12.3 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 201.9-0.2% -1.0% 5.3% 8.8% 12.8% 18.4 16.3 Alfa Laval 161.8-0.7% -1.9% 7.3% -12.0% 7.1% 20.6 19.2 Assa Abloy 174.6 1.2% 0.8% 3.3% 12.2% 8.5% 21.9 20.2 AstraZeneca 528.6 1.5% 3.6% 9.4% -14.1% 8.4% 16.0 14.7 Atlas Copco 300.4-0.3% 1.9% 8.3% 14.5% 7.0% 22.4 20.9 Autoliv 935.9 0.1% -2.8% -7.6% -7.8% 13.3% 16.1 14.2 Axfood 140.9-0.6% 3.9% -1.6% 2.3% 6.1% 19.6 18.5 Balder 183.1-1.0% -6.4% -0.5% 5.5% 6.6% 16.5 15.5 Beijer Alma 246.0 0.2% -0.8% 5.6% 14.7% 7.7% 19.5 18.1 BillerudKorsnäs 141.1-1.0% -6.2% -7.8% 12.1% 7.5% 14.4 13.4 Boliden 264.6 1.8% -7.6% 11.2% 61.6% -3.9% 10.6 11.0 Castellum 118.0 0.3% -5.1% -5.5% 12.4% 7.0% 13.9 13.0 Cloetta 35.2 0.9% 20.5% 22.6% 20.3% 10.4% 18.6 16.8 Concentric 133.3 1.9% 1.9% 17.1% 9.4% 10.3% 19.7 17.8 Creades 291.5 1.6% 1.7% 24.3% n.m. n.m. n.m. n.m. Capio 46.5 0.4% 0.0% -3.3% 4.6% 14.3% 13.9 12.2 Electrolux 245.7 0.9% 4.7% 8.6% 6.3% 9.0% 14.6 13.4 Elekta 84.8 0.4% 1.9% 5.2% 43.4% 35.3% 34.2 25.3 Ericsson 58.9-1.5% 13.2% 10.0% -2.7% 35.8% 23.3 17.1 Fabege 144.7 0.0% -6.1% -2.8% 45.5% 17.9% 27.8 23.6 Getinge 156.2 1.0% 7.1% 6.9% 17.9% 16.0% 14.0 12.0 Gränges 80.8-0.6% -2.1% -6.1% 5.4% 7.9% 10.7 9.9 Hennes & Mauritz 246.5 2.0% 1.6% -2.7% 11.2% 11.2% 19.8 17.8 Hexagon 355.6 0.5% -3.8% 9.2% 12.8% 11.6% 20.9 18.7 HiQ International 66.0-1.5% -0.8% 7.3% 6.8% 8.1% 20.7 19.2 Holmen 353.9 0.5% 2.3% 8.3% -0.1% 3.5% 18.2 17.6 Hufvudstaden 135.1 0.1% -7.4% -6.1% 6.3% 4.5% 28.3 27.1 Husqvarna 77.0-0.1% 2.7% 8.6% 25.6% 14.6% 16.8 14.6 ICA Gruppen 298.1-0.8% 3.2% 7.3% 1.2% 2.4% 16.8 16.4 Industrivärden 196.5 0.9% 2.8% 9.0% -75.7% -15.1% 22.7 26.7 Intrum Justitia 333.0 0.6% 5.7% 8.3% 7.1% 13.2% 15.8 14.0 Investor 366.0 0.1% 2.0% 7.5% -36.0% -9.9% 12.9 14.4 ITAB Shop Concept 75.8-0.3% -1.6% -6.8% 29.3% 11.0% 20.0 18.1 JM 282.6 0.0% -1.2% 7.4% 13.1% 4.8% 12.3 11.7 Klövern 8.9 0.1% -6.0% -6.9% -55.2% 3.8% 9.4 9.1 Kungsleden 49.3-0.6% -8.1% -12.8% -6.4% 5.6% 10.0 9.4 Latour 352.2-0.7% 0.0% 2.9% n.m. n.m. n.m. n.m. Lindab 73.1-1.3% -5.4% 0.1% 26.1% 15.5% 14.4 12.5 Loomis 286.0-0.7% 4.0% 5.5% 7.2% 4.8% 15.7 15.0 Lundbergföretagen 584.0 0.4% 0.3% 4.6% n.m. n.m. n.m. n.m. Lundin Petroleum 176.4-1.3% -10.4% -11.0% n.m -6.3% 24.3 26.0 Melker Schörling 539.5 0.5% -4.9% 0.4% n.m. n.m. n.m. n.m. Millicom 496.0 0.0% 1.9% 27.4% 0.0% 0.0% 0.0 0.0 NCC 212.0-0.1% -1.8% -5.9% 28.4% 5.9% 15.0 14.2 Nibe 71.2-0.1% -1.6% -0.8% 8.2% 16.0% 24.2 20.9 Nobia 88.3 0.1% -0.5% 4.0% 4.7% 6.7% 14.7 13.7 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 107.3-1.8% -1.2% 5.9% -2.5% 7.6% 13.1 12.2 Opus Group 7.0-1.4% -15.7% 7.7% -8.4% 36.9% 24.9 18.2 Oriflame 364.3-1.1% 24.5% 32.4% 36.5% 18.5% 23.4 19.7 Peab 86.2-0.1% 5.5% 19.2% 0.2% 4.4% 14.9 14.3 Qliro Group 13.1-2.2% 6.5% 50.9% n.m n.m 55.5 16.9 Ratos 42.0-0.1% -11.2% -2.7% 100.0% 24.3% 18.2 14.7 SAAB 359.4 0.2% 0.6% 5.6% 47.1% 20.0% 22.5 18.7 Tele2 82.7 0.1% 6.3% 13.1% 29.8% 36.5% 26.4 19.3 Sandvik 126.6 1.0% 3.9% 12.3% 15.9% 9.2% 19.9 18.3 SCA 284.9-0.1% 5.4% 10.7% 13.7% 5.5% 19.9 18.8 Eltel 51.0 2.0% -0.5% -18.4% n.m 48.4% 13.2 8.9 Scandi Standard 52.8-1.9% -3.7% -7.5% 30.3% 52.7% 16.0 10.5 SEB 105.1-0.6% 0.9% 10.0% 54.2% 6.8% 14.0 13.1 Securitas 137.1 0.3% 3.3% -4.4% 9.0% 7.3% 15.8 14.7 Semcon 55.8-1.8% -5.1% 21.2% 10.7% 14.0% 12.5 11.0 Skanska 210.4-1.8% -4.0% -2.2% -14.9% -2.4% 16.5 16.9 SKF 176.8 1.0% 4.1% 5.5% 16.4% 9.1% 16.3 14.9 SkiStar 152.0 0.3% -3.8% -0.3% 14.0% 4.8% 19.0 18.2 SSAB 35.7 1.9% -8.4% 3.3% 40.5% 35.5% 22.0 16.2 Svenska Handelsbanken 125.7-1.2% -5.2% -0.7% 0.4% 5.0% 15.7 14.9 Svolder 205.5-1.9% 0.2% 7.0% n.m. n.m. n.m. n.m. Swedbank 220.4-0.4% -4.0% 0.0% -0.6% 5.2% 13.6 12.9 Swedish Match 285.8 0.1% 1.1% -1.4% 2.2% 9.1% 18.0 16.5 Swedish Orphan Biovitrum 124.6 0.6% 7.4% 16.8% 26.9% 57.8% 29.6 18.7 Swedol 27.3 1.5% 5.0% 5.4% 20.1% 17.4% 12.9 11.0 Thule Group 147.3 0.6% 0.5% 3.4% 8.4% 6.1% 19.9 18.7 Trelleborg 187.0-0.1% 2.8% 4.3% 17.5% 8.4% 16.6 15.3 Volvo 124.6 1.4% 4.9% 17.1% 12.8% 10.5% 16.8 15.2 Vostok New Ventures 69.3 3.7% -6.7% -7.0% n.m 100.0% n.m. n.m. Wihlborgs 169.2 0.5% -5.4% -0.1% 5.7% 5.8% 12.7 12.0 Öresund 151.5 1.0% -1.6% -0.7% n.m. n.m. n.m. n.m. Nobina 54.3-0.5% -0.9% 6.9% 12.4% 16.9% 17.3 14.8 Hexpol 91.3-0.5% 2.5% 8.2% 4.9% 4.9% 21.4 20.4 Betsson 79.4-1.9% -3.5% -9.7% 3.6% -9.9% 12.1 13.4 Kambi 93.5-0.8% -6.0% -30.1% 23.4% 46.6% 31.9 21.7 NetEnt 73.8-1.1% -2.4% 5.0% 16.6% 17.0% 30.2 25.8 Kindred Group 87.6-0.5% 4.5% 2.4% 23.6% -11.2% 16.6 18.6 Mycronic 92.0-4.2% -14.4% -6.1% 3.9% 11.5% 16.5 14.8 Addtech 146.5-0.3% 0.3% 2.8% 42.1% 11.2% 20.8 18.7 Indutrade 171.8 2.0% 0.1% -6.1% 10.5% 8.8% 17.7 16.3 Attendo 87.5 1.3% 2.9% 11.0% 8.9% 9.5% 18.6 17.0 Eltel 51.0 2.0% -0.5% -18.4% n.m 48.4% 13.2 8.9 Capio 46.5 0.4% 0.0% -3.3% 4.6% 14.3% 13.9 12.2 Tele2 82.7 0.1% 6.3% 13.1% 29.8% 36.5% 26.4 19.3 Telia 36.0-1.6% 3.3% -1.9% -7.5% 3.9% 12.1 11.6 Humana 69.5-2.1% -9.7% -3.1% 20.8% 11.0% 13.1 11.8 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 159.0 0.3% 0.6% 2.9% 4.1% 10.8% 20.1 18.2 Akastor 13.0 0.8% -13.0% -19.8% -67.9% -59.4% n.m. n.m. Aker Solutions 51.8 9.2% 10.5% 25.2% -70.9% 46.5% 77.2 52.7 Atea 99.8 3.9% 10.8% 25.5% 14.1% 12.1% 17.6 15.7 Austevoll 71.5 3.2% -3.7% -14.6% 32.1% -0.2% 7.3 7.3 Avance Gas 31.3 5.0% 15.5% 18.1% 24.7% n.m n.m. 17.6 Awilco Drilling 33.6-1.5% -10.4% -17.6% n.m -93.1% 1.8 27.0 Awilco LNG 7.1 0.1% 2.9% 3.6% -20.3% -83.9% n.m. n.m. Bakkafrost 305.0 0.8% -2.6% -11.0% 31.5% 2.0% 10.7 10.5 BW LPG 44.1-2.0% 20.8% 21.3% n.m n.m n.m. 10.2 BW Offshore 23.0-4.2% 2.2% -17.0% n.m n.m 154.9 5.8 DNB 137.8-1.7% -4.2% 7.3% 0.3% 13.9% 12.4 10.9 EMGS 5.3-4.5% -12.8% -39.0% -27.1% n.m n.m. 97.1 Entra 93.0-0.3% 0.8% 8.5% 10.7% 8.9% 16.6 15.3 Fred. Olsen Energy 22.0 0.5% 8.9% -30.6% n.m 9.3% n.m. n.m. Frontline 57.5-0.1% -1.1% -7.3% -76.1% n.m 23.7 11.1 Gjensidige 130.1-1.8% -3.3% -5.0% -11.6% 3.2% 15.8 15.3 Golar LNG Ltd 227.2-3.6% -3.2% 15.2% -57.9% n.m n.m. 38.3 Grieg Seafood 75.8 0.8% 10.3% -7.3% 20.5% 6.7% 8.7 8.1 Höegh LNG 87.5-0.3% -5.9% -9.3% n.m n.m 28.9 14.4 Kongsberg Gruppen 136.0-1.4% -2.5% 9.2% 4.2% 30.8% 19.0 14.5 Lerøy Seafood 431.3 0.5% -4.0% -10.4% 37.4% -0.1% 8.6 8.6 Marine Harvest 140.0 0.0% -3.2% -10.1% 39.8% 3.1% 10.0 9.7 Norsk Hydro 50.5-1.0% 3.4% 22.3% 73.3% 7.0% 15.9 14.9 North Atlantic Drilling 10.7-6.2% -41.0% -60.9% n.m 24.0% n.m. n.m. Norway Royal Salmon 164.5-0.9% -9.1% -20.5% 2.5% 9.1% 10.2 9.4 Norwegian Air Shuttle 266.9 2.7% -5.0% -7.0% -14.6% 50.6% 16.5 11.0 Ocean Rig UDW 5.6-2.8% -46.4% -62.4% n.m n.m n.m. n.m. Odfjell Drilling 15.9 8.2% 3.2% -8.1% n.m -20.2% 14.4 18.0 Odfjell SE 31.2 0.6% -2.5% 6.5% -40.0% 67.8% 8.4 5.0 Opera Software 38.1-1.8% 3.8% 2.1% -52.7% n.m 37.8 18.6 Orkla 77.0 1.3% 3.3% -1.6% -3.4% 5.8% 18.4 17.4 Pacific Drilling 17.0-6.3% -39.4% -51.2% n.m -13.5% n.m. n.m. Petroleum Geo-Services 22.5 0.1% -13.9% -22.8% -60.6% -89.1% n.m. n.m. Polarcus 0.3 0.0% -10.5% -26.1% n.m -57.0% n.m. n.m. Prosafe 34.3-3.4% -17.9% -7.3% n.m -86.7% n.m. n.m. REC Silicon 1.1-4.4% -13.4% 0.0% -56.0% -68.5% n.m. n.m. RenoNorden 1.1 6.0% -15.2% -8.3% -66.5% 5.7% 7.0 6.7 SalMar 210.5-0.5% -5.6% -18.4% 18.1% 4.5% 9.7 9.3 Schibsted 223.0 0.2% 1.0% 12.6% 89.6% 53.2% 45.4 29.7 Scottish Salmon Company 8.6 1.2% -8.5% -10.4% 78.2% 51.2% 10.8 7.1 Seadrill 11.1 3.1% -37.5% -62.7% n.m n.m n.m. n.m. Sevan Drilling 4.4-1.8% -16.2% -19.9% 71.1% 22.6% n.m. n.m. Songa Offshore 31.0-1.9% -4.6% -1.6% -20.6% 94.9% 5.3 2.7 Spectrum ASA 38.1-2.6% -5.9% 36.1% n.m 40.0% 10.1 7.2 Stolt-Nielsen 150.0 5.6% 14.5% 41.5% -12.5% 30.2% 9.5 7.3 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 58.6-1.2% 6.2% 27.6% -17.5% 7.8% 13.5 12.5 Subsea 7 127.5-1.3% 7.7% 16.7% -62.3% -11.1% 25.3 28.4 TGS 188.2-0.5% -3.3% -1.8% n.m 92.9% 36.3 18.8 Tomra Systems 93.8 0.0% 2.7% 3.6% -5.1% 9.5% 20.1 18.3 Wilh. Wilhelmsen ASA 40.2 1.0% -3.1% 18.9% 76.6% 31.2% 8.6 6.5 Yara International 327.1 0.0% -1.7% -3.8% 8.5% 21.8% 14.6 12.0 XXL 93.0-1.1% -1.3% -5.1% 27.5% 26.7% 20.0 15.8 Ocean Yield 63.5-1.2% 0.4% -2.3% 20.7% 6.7% 7.5 7.0 Golden Ocean 60.4 3.3% 21.7% 49.0% -43.9% -89.4% n.m. n.m. Höegh LNG Partners 167.7-0.1% -0.3% 2.6% 36.0% 15.5% 10.8 9.4 DNO 7.2-5.6% -10.0% -14.9% n.m 62.4% 6.3 3.9 Europris 38.3-0.3% 9.4% 3.8% 4.6% 12.3% 14.8 13.2 Hexagon Composites 25.5-2.3% -8.9% -5.2% 20.0% 49.8% 33.1 22.1 Navig8 Chemical Tankers 0.0% 0.0% n.m. n.m. n.m. n.m. Team Tankers 11.0 0.0% 0.0% -6.8% -7.7% 33.3% 10.7 8.0 Aker BP 141.9-1.5% -10.5% -8.2% n.m 12.3% 15.1 13.5 Statoil 145.5-1.6% -1.4% -8.1% n.m 22.4% 16.3 13.3 LINK Mobility 117.5-3.7% -19.5% -15.5% n.m 50.3% 15.5 10.3 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 22.5-0.5% -4.5% -11.1% 12.8% 15.1% 16.9 14.7 Basware 37.5-0.3% 7.1% 3.3% -34.5% n.m n.m. 163.6 Atria 10.8-1.4% -6.9% -6.4% 29.0% 17.6% 13.0 11.0 Cargotec Corp 47.2-0.5% -0.6% 9.9% 9.4% 14.5% 16.6 14.5 Caverion 7.6 4.2% 6.4% -3.9% n.m 67.8% 27.1 16.2 Citycon 2.2-0.3% -2.7% -5.0% 1.8% 2.1% 13.3 13.0 Cramo 21.5 1.5% 3.3% -9.6% 11.4% 3.9% 11.5 11.0 Elisa 32.7-0.2% 5.5% 5.7% 8.8% 5.1% 18.4 17.5 Fortum 14.3-0.1% 0.1% -1.6% 22.2% 0.5% 20.4 20.3 HKScan 3.4 0.3% 1.8% 7.2% n.m n.m 43.4 18.4 Huhtamaki 34.3 0.1% -5.1% -2.7% 9.5% 10.5% 17.2 15.5 Kemira 12.0-0.8% -0.7% -0.7% 9.7% 13.7% 15.1 13.3 Kesko 43.0-0.8% -2.6% -9.4% 18.3% 10.5% 17.1 15.5 Kone 40.1-0.3% -3.7% -5.9% -3.2% 3.9% 20.8 20.0 Konecranes 33.8-0.6% -2.4% 0.2% -15.3% 46.4% 25.9 17.7 Lassila & Tikanoja 19.7 1.9% 3.7% 2.7% 0.1% 7.8% 18.2 16.9 Lemminkäinen 18.3-3.3% 0.2% -10.2% 28.0% 24.2% 13.3 10.7 Metsä Board 6.3 0.1% -0.5% -7.7% 61.0% 20.0% 14.8 12.3 Metso 27.9 0.8% -4.8% 2.9% 17.1% 13.7% 22.5 19.8 Munksjö 15.6 0.1% 3.2% -1.3% 24.9% 11.5% 12.8 11.5 Neste 33.6-0.6% -2.5% -8.0% -14.6% 0.8% 12.8 12.7 Nokia 5.0-0.2% 6.3% 8.5% 2.8% 40.3% 22.4 16.0 Nokian Tyres 37.4-0.2% 1.2% 5.6% 9.5% 11.0% 18.4 16.6 Oriola-KD 4.1 1.7% 2.0% -4.9% -0.2% 8.8% 17.3 15.9 Outokumpu 9.4 3.0% -6.0% 10.1% n.m -4.4% 10.9 11.4 Outotec 5.4-0.6% -5.2% 8.2% n.m 56.3% 41.3 26.4 PKC Group 23.2-0.3% -0.6% 47.0% 38.9% 38.1% 26.7 19.3 Raisio 3.6 0.0% 1.7% 0.0% -16.6% 16.0% 16.9 14.6 Ramirent 7.8 0.5% 10.4% 5.0% 23.7% 16.7% 16.5 14.2 Sampo 43.3-0.8% -0.2% 1.7% -6.5% 4.3% 15.9 15.2 Sanoma 8.2 0.3% 1.4% -0.3% 24.3% 2.7% 12.6 12.3 Sponda 4.0-0.1% -4.0% -9.7% -5.5% 5.9% 12.2 11.5 Stockmann 7.3-3.3% -1.7% 3.4% n.m n.m 36.5 18.2 Stora Enso 10.8 4.2% 5.2% 6.0% 14.7% 13.0% 15.5 13.7 Tieto 26.2 0.0% 0.9% 1.0% 5.2% 4.6% 15.9 15.2 Tikkurila 19.1-1.6% 2.9% 1.8% 6.0% 8.9% 17.9 16.4 UPM-Kymmene 22.8-0.2% 0.9% -2.5% -2.3% 0.2% 14.2 14.1 Uponor 16.0-1.7% -2.8% -3.0% 13.2% 14.8% 17.8 15.5 Valmet 15.0 0.7% 1.1% 7.6% 35.4% 10.7% 15.7 14.2 Wärtsilä 47.7 0.5% -3.9% 11.6% 12.0% 8.9% 20.2 18.6 YIT 6.7 1.5% 1.5% -11.5% 98.8% 35.4% 14.5 10.7 Asiakastieto 18.5-1.5% -7.9% -3.8% 9.2% 7.4% 17.9 16.7 Pihlajalinna 17.7-0.5% -1.1% -3.9% 46.2% 28.9% 25.3 19.6 Basware 37.5-0.3% 7.1% 3.3% -34.5% n.m n.m. 163.6 Consti 14.5 3.1% -10.9% -1.8% 21.3% 15.5% 11.4 9.8 F-Secure 3.3 0.6% -0.3% -5.2% -8.5% 47.2% 35.8 24.3 DNA 12.0-0.7% 5.5% 18.0% 16.0% 9.7% 17.0 15.5 Source: FactSet 12 Aktienyt www.danskemarketsequities.com