1 | KOG | Kongsberg Gruppen ASA | 82 | 85+85 | 78+78 | 65+65 | high | Kongsberg Gruppen is a premier beneficiary of surging European defence budgets, with its Naval Strike Missile and Protector systems in strong demand and order intake at record highs. | ▼ |
2 | DNB | DNB Bank ASA | 72+4 | 67+67 | 74+74 | 70+70 | high | DNB's dominant Norwegian franchise, robust net interest margins in a still-elevated rate environment, and strong capital returns make it one of the most attractive risk-adjusted setups in the index. | ▼ |
3 | SUBC | Subsea 7 SA | 71+30 | 70+70 | 69+69 | 58+58 | high | Subsea 7 is riding a multi-year offshore installation supercycle with a record backlog, pricing power, and improving EBITDA margins as legacy low-margin contracts roll off. | ▼ |
4 | SALM | SalMar ASA | 70+5 | 68+68 | 71+71 | 55+55 | high | SalMar offers the best near-term operational leverage to higher spot prices with strong Norwegian farming volumes and the InnovaMar facility driving unit-cost improvements. | ▼ |
5 | STB | Storebrand ASA | 68+17 | 63+63 | 70+70 | 65+65 | medium | Storebrand's life insurance and pension operations benefit from higher-for-longer rates and growing Nordic defined-contribution inflows, with a reasonable valuation and strong capital generation. | ▼ |
6 | MOWI | Mowi ASA | 66-5 | 62+62 | 67+67 | 60+60 | medium | Mowi's global scale and cost discipline provide resilience as spot prices recover toward seasonal highs, though the resource rent tax overhang keeps valuation multiples compressed. | ▼ |
7 | ORK | Orkla ASA | 65+11 | 58+58 | 68+68 | 72+72 | medium | Orkla's branded consumer staples portfolio provides defensive earnings visibility and a solid dividend yield, with gradual margin recovery from input-cost normalisation. | ▼ |
8 | TEL | Telenor ASA | 63+16 | 55+55 | 62+62 | 74+74 | medium | Telenor offers a defensive dividend yield and stable Nordic subscriber trends, with modest upside from Asian market monetisation, but limited growth catalysts keep the score range-bound. | ▼ |
9 | AUSS | Austevoll Seafood ASA | 62+24 | 55+55 | 63+63 | 57+57 | medium | Austevoll benefits from recovering salmon spot prices and a diversified fishmeal/pelagic business, but resource rent tax uncertainty and modest leverage limit upside. | ▼ |
10 | BWLPG | BW LPG Limited | 58+30 | 53+53 | 64+64 | 50+50 | medium | BW LPG benefits from healthy LPG trade flows and a strong balance sheet with substantial shareholder returns, though spot VLGC rates have softened from 2025 peaks, capping near-term upside. | ▼ |
11 | SCATC | Scatec ASA | 55+23 | 52+52 | 48+48 | 38+38 | medium | Scatec's emerging-market solar and battery pipeline offers long-term growth, but near-term execution risk, currency exposure in key markets, and dilutive project financing weigh on the score. | ▼ |
12 | EQNR | Equinor ASA | 54-22 | 48+48 | 61+61 | 58+58 | medium | Equinor's diversified energy mix, strong balance sheet, and buyback programme provide a floor, but subdued oil prices and European gas-price volatility limit near-term re-rating. | ▼ |
13 | AKRBP | Aker BP ASA | 48-10 | 42+42 | 52+52 | 45+45 | medium | Aker BP's high-quality Valhall/Johan Sverdrup assets are offset by Brent softness near $71 and elevated capex commitments, creating near-term free-cash-flow pressure. | ▼ |
14 | NHY | Norsk Hydro ASA | 44-17 | 40+40 | 46+46 | 48+48 | low | Norsk Hydro is squeezed between soft aluminium spot prices and high European energy costs, with limited near-term catalyst despite longer-term green-aluminium positioning. | ▼ |
15 | YAR | Yara International ASA | 38-6 | 34+34 | 40+40 | 42+42 | low | Yara faces continued margin pressure from elevated European gas costs, weak urea prices, and structural overcapacity from new Middle Eastern and North American supply. | ▼ |