DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.


Ingvild Borgen Gjerde
  • Ingvild Borgen Gjerde

DNB Markets Week Ahead: Fed, ECB and BoE set to hike further

DNB Markets Week Ahead: Fed, ECB and BoE set to hike further (2 pages)

Joachim Gunell
  • Joachim Gunell

The weekly navigator

Key takeaways from last week: 1) we believe VEF offers a high beta if market sentiment improves; 2) Creades and Oresund reported Q4 results; and 3) Creades lowered its valuation of Kinnevik co-owned Instabee by 26% QOQ in its Q4 NAV.

Steffen Evjen
  • Steffen Evjen

Aker BP (Buy, TP: NOK390.00) - Strong finish to the year

The trading update showed Q4 production of 432kboed, above our estimate and consensus, implying production above guidance for H2. With limited impact from Johan Sverdrup phase 2 during Q4, we highlight the strong production from Aker BP’s entire portfolio heading into 2023. We have only slightly adjusted our Q4e EBITDA. However, we have included a non-cash impairment of USD600m–700m related to Wisting in Q4, and higher depreciation on accounting technicalities for 2023 and onwards, which has red...

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