DnB Markets

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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.

 

Christoffer Wang Bjørnsen
  • Christoffer Wang Bjørnsen
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AIRX AIRTHINGS AS

Airthings (No_rec, TP: NOK) - Recommendation and target price withdraw...

As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.

05/09/25 May 9, 2025 1 EN
Håkon Astrup
  • Håkon Astrup
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HELG Sparebank 1 Hel...

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower...

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we co...

HELG SPAREBANK 1 HELGELAND
05/09/25 May 9, 2025 1 EN
Christoffer Wang Bjørnsen
  • Christoffer Wang Bjørnsen
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SMOP SMARTOPTICS

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.

05/09/25 May 9, 2025 1 EN
Jørgen Lian
  • Jørgen Lian
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TNK TEEKAY TANKERS

Teekay Tankers (Buy, TP: USD63.00) - Limited risk, solid upside potent...

Tanker freight markets appear healthy to us, with potential catalysts on more OPEC+ volumes and further pressure on the large shadow fleet. We like the Teekay Tankers case, with its cash balance and scrap values covering 65% of its share price, and the former plus the value of its fleet offering 30% potential upside at current asset values, before accounting for other parts of the business. We reiterate our BUY and USD63 target price.

05/09/25 May 9, 2025 1 EN
Jørgen Lian
  • Jørgen Lian
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WWI Wilhelm Wilhelm...

Wilh. Wilhelmsen Holding (Buy, TP: NOK525.00) - Set to receive ample d...

We believe the company is set to receive ample cash distributions from its Wallenius Wilhelmsen stake, in addition to other cash flow, which accounts for 73% of its current market cap by end-2027e. Hence, we see highly attractive value in the stock, as we expect a tightening valuation gap given it does not make sense to us to apply the ~50% discount on a building cash pile. We reiterate our BUY, but have cut our target price to NOK525 (605) on our updated value of its holdings.

WWI WILHELM WILHELMSEN HOLDING
05/09/25 May 9, 2025 1 EN

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