1— | KOG | Kongsberg Gruppen ASA | 85-3 | 88-2 | 82-2 | 68-4 | high | Kongsberg Gruppen is the standout conviction call, driven by surging European defence budgets, a record order backlog, and continued earnings upgrades with clear 1–4 week positive momentum. | ▼ |
2— | SALM | SalMar ASA | 75+5 | 74+6 | 73+1 | 62+5 | high | SalMar offers the most attractive blend of Norwegian production growth and improving spot price momentum, with strong operational leverage to a recovering price cycle. | ▼ |
3▲1 | MOWI | Mowi ASA | 72+5 | 68+4 | 70+2 | 65+5 | high | Mowi's global scale and cost discipline position it well as Atlantic salmon spot prices recover toward seasonal highs, though NOK strength and feed cost pressures cap upside. | ▼ |
4▼1 | DNB | DNB Bank ASA | 70+2 | 66+6 | 74+2 | 72+2 | high | DNB remains well-capitalised with resilient net interest margins in a stable Norwegian rate environment and a reliable dividend, making it one of the more attractive risk-reward setups in the portfolio. | ▼ |
5▲3 | AUSS | Austevoll Seafood ASA | 68+6 | 62+5 | 65+2 | 58+3 | medium | Austevoll benefits from recovering salmon spot prices and diversified seafood exposure, though relatively modest scale and some balance sheet leverage temper conviction. | ▼ |
6▼1 | STB | Storebrand ASA | 67+1 | 63+1 | 68+1 | 70+5 | medium | Storebrand's insurance and pension platform benefits from higher-for-longer rates boosting solvency buffers and return on equity, with a reasonable valuation relative to book. | ▼ |
7▲2 | SUBC | Subsea 7 SA | 66+6 | 64+6 | 65+3 | 57+5 | medium | Subsea 7 continues to benefit from a robust offshore EPCI order backlog and strong day-rate environment, though execution risk on large projects and oil price sensitivity temper conviction. | ▼ |
8▼1 | TEL | Telenor ASA | 65+2 | 58+8 | 66+1 | 76-2 | medium | Telenor's stable Nordic and Asian telecom operations, high dividend yield, and defensive earnings profile offer a solid risk-adjusted hold, with modest upside from continued Asian market monetisation. | ▼ |
9▼3 | ORK | Orkla ASA | 63-2 | 55 | 66-4 | 78+3 | medium | Orkla's defensive consumer staples profile and Nordic pricing power provide earnings stability, but limited near-term catalysts and modest growth constrain upside. | ▼ |
10▲2 | EQNR | Equinor ASA | 61+9 | 56+10 | 67+5 | 62+4 | medium | Equinor's diversified energy portfolio and robust cash generation provide support, though oil price range-trading and energy transition capex overhang keep sentiment neutral-to-mildly positive. | ▼ |
11▲2 | AKRBP | Aker BP ASA | 58+10 | 52+10 | 64+9 | 55+10 | medium | Aker BP's strong production base and generous dividend yield are attractive, but flat Brent crude around $73–76/bbl and elevated capex on major projects limit near-term re-rating. | ▼ |
12▼2 | BWLPG | BW LPG Limited | 55 | 53+1 | 58 | 45-1 | medium | BW LPG benefits from resilient LPG shipping demand tied to US propane exports, but spot rate volatility and fleet overcapacity risk in H2 2026 create a balanced risk-reward profile. | ▼ |
13▼2 | NHY | Norsk Hydro ASA | 52-1 | 50+2 | 53-3 | 50-2 | medium | Norsk Hydro is stabilising as aluminium prices recover modestly and green aluminium premiums improve, but European energy cost headwinds and Chinese supply pressure keep the setup mixed. | ▼ |
14— | SCATC | Scatec ASA | 42-3 | 40-3 | 38-4 | 36+1 | low | Scatec faces a challenging near-term environment with elevated global interest rates compressing project economics and currency risk across its emerging-market project portfolio. | ▼ |
15— | YAR | Yara International ASA | 38-6 | 34-4 | 40-6 | 42 | low | Yara faces persistent margin compression from elevated European natural gas costs and weak global fertiliser prices, with no near-term catalyst to break the downward earnings revision trend. | ▼ |