1— | KOG | Kongsberg Gruppen ASA | 88+6 | 90+5 | 84+4 | 72 | high | Kongsberg Gruppen is the standout conviction buy — record-high European defence budgets, a multi-year order backlog in missiles and maritime systems, and strong earnings momentum create a compelling 1–4 week setup. | ▼ |
2▲8 | SALM | SalMar ASA | 70+7 | 68+10 | 72+7 | 57 | high | SalMar's low-cost Norwegian farming operations and InnovaMar processing capacity position it to capture outsized margin expansion in the current spot price upswing. | ▼ |
3▲2 | DNB | DNB Bank ASA | 68-2 | 60-3 | 72-2 | 70-2 | medium | DNB's dominant Nordic retail and corporate banking franchise, solid capital ratios, and attractive dividend yield make it a core defensive holding in an uncertain macro environment. | ▼ |
4▲4 | MOWI | Mowi ASA | 67+2 | 64+4 | 68 | 60-2 | medium | Mowi's global scale and improving biological performance support earnings recovery as spot prices firm, making it the most liquid pure-play aquaculture compounder at a reasonable valuation. | ▼ |
5▲1 | STB | Storebrand ASA | 66-1 | 62+2 | 67-2 | 65-5 | medium | Storebrand's growing unit-linked savings and pension business benefits from positive equity markets and Solvency II tailwinds, with improving return-on-equity supporting modest re-rating. | ▼ |
6▲1 | ORK | Orkla ASA | 65-1 | 55-2 | 70 | 75+1 | medium | Orkla's branded consumer-staples portfolio offers defensive earnings stability and a reliable dividend, with modest organic-growth momentum supporting a hold-to-mild-buy view. | ▼ |
7▲2 | TEL | Telenor ASA | 63-1 | 50-3 | 65-1 | 78+3 | medium | Telenor's Scandinavian and Asian telecoms franchises provide stable free cash flow and a well-covered dividend, making it a low-beta defensive option, though growth catalysts remain limited near-term. | ▼ |
8▲3 | AUSS | Austevoll Seafood ASA | 62 | 57+2 | 63 | 55-3 | medium | Austevoll benefits from recovering salmon spot prices and diversified seafood exposure, but mid-cap liquidity and modest balance-sheet headroom cap near-term upside. | ▼ |
9▼5 | SUBC | Subsea 7 SA | 60-11 | 58-9 | 62-10 | 52-10 | medium | Subsea 7 enjoys a strong EPCI backlog and rising offshore-wind project activity, though near-term margin visibility is clouded by contract mix and potential Brent-driven client spending reviews. | ▼ |
10▲2 | BWLPG | BW LPG Limited | 55 | 52 | 58 | 46+1 | medium | BW LPG benefits from resilient LPG shipping rates supported by US propane export volumes, though fleet oversupply risk and spot rate volatility limit upside conviction over the next month. | ▼ |
11▲2 | NHY | Norsk Hydro ASA | 53+8 | 48+6 | 56+8 | 52+2 | medium | Norsk Hydro's integrated aluminium and renewables businesses offer medium-term appeal, but soft LME aluminium prices and near-term European demand uncertainty temper short-term conviction. | ▼ |
12▼10 | EQNR | Equinor ASA | 52-22 | 46-22 | 62-16 | 58-9 | medium | Equinor's integrated model and strong cash generation provide a floor, but Brent weakness and the evolving energy-transition capex narrative limit re-rating potential over the next month. | ▼ |
13▼10 | AKRBP | Aker BP ASA | 48-24 | 42-23 | 55-20 | 45-18 | medium | Aker BP's high-quality asset base is increasingly offset by softer Brent prices and elevated capex commitments on Valhall and NOAKA, creating a near-term earnings headwind. | ▼ |
14▲1 | SCATC | Scatec ASA | 45+9 | 43+10 | 42+4 | 35 | medium | Scatec's emerging-market solar and wind project pipeline is attractive structurally, but high financial leverage, currency risk in key markets, and execution uncertainty weigh on near-term risk-reward. | ▼ |
15▼1 | YAR | Yara International ASA | 44+6 | 38+3 | 46+6 | 42 | low | Yara faces persistent margin compression from elevated European natural-gas input costs and weakening global fertiliser prices, with no near-term catalysts to reverse the earnings downtrend. | ▼ |