1— | KOG | Kongsberg Gruppen ASA | 85-1 | 88 | 82 | 72 | high | Kongsberg Gruppen is the standout conviction buy, with record defence order intake driven by European NATO re-armament, a stellar backlog covering multiple years, and accelerating earnings growth. | ▼ |
2— | SALM | SalMar ASA | 75-3 | 70-6 | 78-1 | 62-1 | high | SalMar is the highest-quality pure-play salmon farmer with superior EBIT/kg margins and the Iceland Seafood integration progressing well, making it the top aquaculture pick into Q2 results. | ▼ |
3▲3 | DNB | DNB Bank ASA | 74+6 | 68+3 | 76+6 | 70 | high | DNB is a high-quality Nordic financial with strong net interest income, improving capital returns via buybacks, and low credit losses in a still-resilient Norwegian economy. | ▼ |
4▼1 | MOWI | Mowi ASA | 72-2 | 65-7 | 72-2 | 63+1 | high | Mowi's scale and cost discipline position it well as Atlantic salmon spot prices recover toward 80–85 NOK/kg, with Q2 volumes tracking in line and a supportive dividend narrative. | ▼ |
5▲2 | STB | Storebrand ASA | 70+4 | 63+1 | 72+4 | 66-6 | high | Storebrand's life insurance and asset management franchise benefits from higher-for-longer Nordic rates and strong structural growth in defined-contribution pension inflows. | ▼ |
6▼2 | AUSS | Austevoll Seafood ASA | 68-4 | 58-10 | 65-7 | 60 | medium | Austevoll offers diversified aquaculture exposure with improving salmon spot prices and a solid dividend yield, though smaller size and fishmeal/oil segment softness cap near-term upside. | ▼ |
7▼2 | SUBC | Subsea 7 SA | 67-3 | 60-8 | 66-4 | 57-5 | medium | Subsea 7 holds a solid offshore services backlog with improving EBITDA margins as day-rates firm, though any further crude oil price weakness could slow new contract awards. | ▼ |
8▲1 | TEL | Telenor ASA | 63+2 | 52-3 | 64+1 | 75-1 | medium | Telenor provides stable defensive cash flows and a high dividend yield, with its Nordic core business resilient, though Asian market risks and limited growth prospects cap the score. | ▼ |
9▲1 | BWLPG | BW LPG Limited | 60+1 | 55 | 62 | 50-2 | medium | BW LPG offers an attractive dividend yield and benefits from firm LPG freight rates, though the fleet renewal programme adds capex uncertainty and spot rate volatility remains elevated. | ▼ |
10▼2 | ORK | Orkla ASA | 58-5 | 48-7 | 60-5 | 74-4 | medium | Orkla's branded consumer staples provide defensive ballast with stable cash flows, but sluggish Nordic consumer spending and limited earnings growth potential keep conviction moderate. | ▼ |
11▲1 | EQNR | Equinor ASA | 55 | 50 | 65+3 | 58-2 | medium | Equinor's diversified integrated model and strong balance sheet provide resilience, but range-bound oil prices and the ongoing strategic shift toward renewables create near-term earnings uncertainty. | ▼ |
12▼1 | NHY | Norsk Hydro ASA | 55-2 | 50-4 | 56-2 | 55 | medium | Norsk Hydro benefits from aluminium price stabilisation and its downstream extrusions margins, though energy cost headwinds in Europe and weak automotive demand limit near-term upside. | ▼ |
13— | AKRBP | Aker BP ASA | 52 | 45-3 | 62+4 | 52-3 | medium | Aker BP's high-quality Johan Sverdrup asset base and strong free cash flow generation are partially offset by Brent crude softness and elevated capex from ongoing field development programmes. | ▼ |
14— | SCATC | Scatec ASA | 40-4 | 38-4 | 36-4 | 35-3 | low | Scatec carries meaningful emerging-market currency risk, project execution uncertainty, and a stretched balance sheet that keeps near-term risk/reward unattractive despite renewable energy tailwinds. | ▼ |
15— | YAR | Yara International ASA | 38 | 35 | 40 | 44-1 | low | Yara faces structurally compressed fertiliser margins due to high European gas costs and global urea oversupply, with limited near-term catalysts to drive a meaningful re-rating. | ▼ |