1— | KOG | Kongsberg Gruppen ASA | 86-1 | 88 | 82-1 | 72 | high | Kongsberg Gruppen is a top conviction buy as accelerating European defense budgets, Naval Strike Missile demand, and a burgeoning digital twin backlog drive multi-year earnings upgrades. | ▼ |
2— | SALM | SalMar ASA | 78 | 76+1 | 79+1 | 63 | high | SalMar's superior cost structure and strong Norwegian volume growth make it the highest-conviction aquaculture pick as spot prices hold firm above NOK 80/kg. | ▼ |
3— | MOWI | Mowi ASA | 74-2 | 72 | 74-1 | 62-4 | high | Mowi's global scale and best-in-class biology position it well to capture elevated summer spot prices, with recent Q1 beats supporting near-term momentum. | ▼ |
4— | AUSS | Austevoll Seafood ASA | 72 | 68+3 | 72+4 | 60+2 | high | Austevoll benefits from firm salmon spot prices and solid herring/fishmeal diversification, though the Norwegian resource tax overhang limits upside conviction. | ▼ |
5— | SUBC | Subsea 7 SA | 70+2 | 68+3 | 70+3 | 62+4 | high | Subsea 7 is well-positioned in a multi-year offshore capex upcycle with a healthy backlog and improving EBITDA margins supporting near-term price appreciation. | ▼ |
6— | DNB | DNB Bank ASA | 68+1 | 65+5 | 70-2 | 70 | medium | DNB's robust net interest margins in a higher-for-longer Nordic rate environment and disciplined credit quality support solid earnings, though macro slowdown risk warrants some caution. | ▼ |
7▲1 | STB | Storebrand ASA | 66+3 | 62+4 | 68+3 | 72+10 | medium | Storebrand's growing savings and insurance AUM benefits from sustained Norwegian pension reform tailwinds, offering steady compounding with moderate valuation appeal. | ▼ |
8▼1 | ORK | Orkla ASA | 63-1 | 55 | 65-1 | 78 | medium | Orkla's defensive consumer staples portfolio and Nordic pricing power offer stability, but modest organic growth and limited catalysts cap near-term upside. | ▼ |
9— | TEL | Telenor ASA | 61 | 55+2 | 63 | 76+1 | medium | Telenor's stable Nordic telecoms cash flows and attractive 6%+ dividend yield provide defensive appeal, though subdued top-line growth and Asian market exposure keep conviction moderate. | ▼ |
10— | BWLPG | BW LPG Limited | 59+4 | 55+5 | 62+2 | 52+4 | medium | BW LPG benefits from resilient LPG shipping demand and fleet optionality via dual-fuel propulsion, though softening VLGC freight rates and Middle East supply uncertainty introduce near-term noise. | ▼ |
11▲2 | NHY | Norsk Hydro ASA | 57+13 | 54+14 | 58+10 | 55+5 | medium | Norsk Hydro benefits from stabilizing aluminium prices and green premium demand for recycled aluminium, though high European energy costs and oversupply from China limit meaningful upside. | ▼ |
12▼1 | EQNR | Equinor ASA | 55+5 | 50+6 | 62 | 60+5 | medium | Equinor's diversified oil, gas, and renewables portfolio provides resilience, but softening Brent and US offshore wind headwinds keep the setup only moderately constructive. | ▼ |
13▼1 | AKRBP | Aker BP ASA | 52+7 | 48+10 | 58 | 55+10 | medium | Aker BP's high-quality Valhall and Johan Sverdrup production is partially offset by Brent in the low $70s and elevated capex commitments reducing free cash flow visibility. | ▼ |
14— | SCATC | Scatec ASA | 44+2 | 42-3 | 40+2 | 38+6 | low | Scatec faces a mixed setup with project execution risks in emerging markets and refinancing headwinds partly offset by a growing renewable capacity pipeline and improving power prices. | ▼ |
15— | YAR | Yara International ASA | 38 | 35+2 | 40 | 45+3 | low | Yara faces persistent margin compression from elevated European natural gas costs and weak global fertilizer prices, with no clear near-term catalyst for a meaningful recovery. | ▼ |