1— | KOG | Kongsberg Gruppen ASA | 82 | 85 | 80+2 | 72+7 | high | Kongsberg Gruppen is a standout buy as record European defence budgets drive multi-year order intake growth in missiles and maritime systems, with strong momentum, pristine balance sheet, and earnings upgrades supporting the valuation. | ▼ |
2▲10 | EQNR | Equinor ASA | 74+20 | 68+20 | 78+17 | 67+9 | high | Equinor's integrated LNG and oil portfolio, low break-even costs, and significant buyback programme make it one of the most attractive risk-adjusted plays on the Oslo Børs in the current energy price environment. | ▼ |
3▲10 | AKRBP | Aker BP ASA | 72+24 | 65+23 | 75+23 | 63+18 | high | Aker BP's high-quality Valhall and Johan Sverdrup production base, robust hedge book, and attractive dividend yield offer compelling risk/reward with Brent stable in the mid-$70s. | ▼ |
4▼1 | SUBC | Subsea 7 SA | 71 | 67-3 | 72+3 | 62+4 | high | Subsea 7's strong order backlog, improving SURF margins, and growing renewables installation segment position it well for the 1–4 week horizon as energy capex spending remains elevated globally. | ▼ |
5▼3 | DNB | DNB Bank ASA | 70-2 | 63-4 | 74 | 72+2 | high | DNB continues to generate strong net interest income in a higher-rate Nordic environment, maintains a robust CET1 buffer, and trades at a reasonable P/B with a visible dividend, though slowing mortgage volumes are a modest headwind. | ▼ |
6▼1 | STB | Storebrand ASA | 67-1 | 60-3 | 69-1 | 70+5 | medium | Storebrand's life insurance and pension business benefits from higher rates boosting solvency and investment returns, and the stock's defensive yield characteristics provide stability ahead of any macro softening. | ▼ |
7— | ORK | Orkla ASA | 66+1 | 57-1 | 70+2 | 74+2 | medium | Orkla's defensive consumer-staples profile, strong Nordic brand portfolio, and steady dividend provide stability in an uncertain macro environment, with gradual margin recovery from input-cost normalisation. | ▼ |
8▼2 | MOWI | Mowi ASA | 65-1 | 60-2 | 68+1 | 62+2 | medium | Mowi's global scale and cost discipline make it the best-positioned aquaculture major, with improving spot prices supporting near-term earnings, though regulatory risk and currency exposure keep the score from moving higher. | ▼ |
9▼1 | TEL | Telenor ASA | 64+1 | 53-2 | 66+4 | 75+1 | medium | Telenor's stable Nordic and Asian telecoms cash flows, progressive dividend, and ongoing cost-efficiency programme offer defensive income characteristics, with moderate near-term upside as NOK strength slightly pressures reported Asian earnings. | ▼ |
10▼6 | SALM | SalMar ASA | 63-7 | 58-10 | 65-6 | 57+2 | medium | SalMar's efficient Norwegian farming operations and Iceland exposure provide a solid earnings base as spot prices recover, but the resource-rent tax and elevated capex cycle weigh on free cash flow visibility. | ▼ |
11▼2 | AUSS | Austevoll Seafood ASA | 62 | 55 | 63 | 58+1 | medium | Austevoll benefits from firm salmon and whitefish prices and a diversified revenue base, but the resource-rent tax overhang and modest balance-sheet headroom limit upside conviction. | ▼ |
12▼2 | BWLPG | BW LPG Limited | 55-3 | 52-1 | 58-6 | 45-5 | medium | BW LPG benefits from solid LPG shipping demand driven by US propane exports and Asian petrochemical appetite, but spot rate volatility and fleet oversupply risk temper conviction to a moderate level. | ▼ |
13▲1 | NHY | Norsk Hydro ASA | 45+1 | 42+2 | 48+2 | 50+2 | medium | Norsk Hydro's aluminium operations face compressed margins from lower LME prices and high European energy costs, though the downstream extrusion and recycling business provides partial offset and the balance sheet remains solid. | ▼ |
14▲1 | YAR | Yara International ASA | 38 | 35+1 | 40 | 42 | low | Yara faces persistent headwinds from weak global fertiliser prices, high European gas costs, and structural overcapacity, making near-term earnings recovery uncertain and limiting near-term upside. | ▼ |
15▼4 | SCATC | Scatec ASA | 36-19 | 33-19 | 38-10 | 35-3 | low | Scatec is hampered by higher-for-longer interest rates squeezing project IRRs, execution risk across emerging-market solar and hydro projects, and elevated debt leverage that limits near-term upside. | ▼ |