Report
Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo
Underlyings
Assa Abloy

Cargotec Oyj Class B

Cargotec is a provider of cargo handling solutions. Co. has three business areas: MacGregor, Kalmar and Hiab. MacGregor provides integrated cargo and load handling solutions and services for the maritime transportation and offshore industries. Kalmar offering consists of container and cargo handling equipment and related services, automation, software and integration solutions as well as Navis terminal operating systems, Bromma spreaders and Siwertell bulk handling systems. Hiab is a provider of on-road load handling equipment and services. Hiab provides products, services and spare parts that are used in on-road transport and delivery.

Essity AB Class B

Europris ASA

Europris ASA is a Norway-based discount retailer. The Company offers a broad assortment of brand name merchandise and own labels. Its offering is divided in 12 product categories: Home & Kitchen, Groceries, House & Garden, Electronics, Personal Care, Clothes & Shoes, Handyman, Hobby & Office, Candy & Chocolate, Laundry & Cleaning, Pets, and Travel, Leisure & Sport. The Europris chain comprises more than 220 stores across Norway. Its business model is based on direct ownership and franchise.

Gjensidige Forsikring ASA

Gjensidige Forskring provides insurance products to private and commercial customers in Norway, Denmark, Sweden and the Baltic states. Co.'s activities are divided into six segments in addition to the asset management unit which manages Co.'s investment portfolio. The Private segment provides a range of general insurance products besides banking, savings and investment products. The Commercial segment provides a range of general insurance products to the commercial and municipality markets. Co.'s investment portfolio includes all investment funds in Co. except for investment funds in the Pension and Savings and Retail Bank segments. Co.'s other segments include Nordic and Baltics.

Handicare Group AB

Handicare Group is a global provider of mobility solutions in the accessibility and patient handling markets measured by revenue. Co.'s objective is to operate and invest in businesses within the health and rehabilitation sector, own and manage real and personal property and conduct any business compatible therewith.

Loomis AB

Loomis AB is a holding company. Through its subsidiaries, Co. provides solutions for cash handling in the U.S., majority parts of Europe and in Argentina. Co. provides cash in transit (CIT), cash management services (CMS) and solutions which integrate CIT with CMS. The CIT service transports cash to and from stores, banks and automated teller machines (ATMs). The CMS service counts, quality controls and packages bills and coins in Co.'s cash centers. Co. also provides solutions for retail outlets and for maintenance of ATMs, as well as analysis, forecasting and reporting of customers' cash flow. The services are targeted at banks, retailers, commercial enterprises and the public sector.

Medistim ASA

Medistim is engaged in the developing, producing, service, leasing and distribution of medical devices. Co. develops, manufactures and brings to market the quality assessment systems VeriQ™ and VeriQ C™ for cardiac, vascular and transplant surgery. In addition, Co. is a distributor of other medical devices through its subsidiaries: Medistim Norge AS, Medistim Danmark Aps and Medistim Deutschland GmbH. The products distributed are mainly medical devices within all types of surgery.Minus income tax paidInbound VAT receivable

Neles Oyj

Metso is a global services, products and systems provider. Co. serves its customers in mining, oil and gas as well as aggregates industries. Co. serves also some other process industries, such as pulp and paper industry. Co.'s offerings to the mining industry include grinding mills, mill linings and grinding media; as well as crushers and screens. Co.'s offerings to the aggregates industry include crushers; as well as screens, feeders and conveyors. Co.'s offerings to the oil and gas industry include control valves, on-off valves; intelligent safety valves; intelligent valve controllers and limit switches; intelligent field services; spare and wear parts; as well as performance services.

Recipharm publ AB

Recipharm AB and its subsidiaries is engaged as a manufacture pharmaceuticals and perform contract development services for pharmaceutical companies. Co.'s segment are Manufacturing Solids & Others, Manufacturing Steriles, Development & Technology and Other. The manufacturing segments consist of contract manufacturing of pharmaceuticals. The Development & Technology segment provides services to pharmaceutical companies in the drug development phase for new pharmaceuticals.

Sparebanken More

Sparebanken More (the Bank) is a Norway-based regional bank. The Bank's primary market area are the More and Romsdal regions in Norway. Its product and service offering includes loans, cards, payment services, savings accounts, pension funds, life and non-life insurance, investment services and investment advice. As of December 31, 2011, the Bank had four wholly owned subsidiaries: More Finans AS, offering leasing services; Sparebankeiendom AS, a company responsible for the management of the Bank's commercial properties; More Boligkreditt AS, which funded loans secured by residential and commercial properties, and as More Eiendomsmegling AS, engaged in the real estate services for both private customers and trade. As of December 31, 2011, its largest shareholder was Sparebankstiftelsen Tingvoll (10.27%).

Stora Enso Oyj Class R

Stora Enso is a provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets. Co.'s reporting segments are: Consumer Board, which develops and provides consumer packaging boards for printing and packaging applications; Packaging Solutions, which develops fibre-based packaging; Biomaterials, which provides a variety of pulp grades for paper, board, tissue, textile and hygiene product producers; Wood Products, which provides wood-based solutions for building and housing; Paper, which provides paper solutions for print media and office use; as well as Other, which includes Co.'s shareholding in the energy company, Pohjolan Voima.

Swedbank AB Class A

Swedbank provides financial services and products in its home markets of Sweden, Estonia, Latvia and Lithuania. Co. has four segments: Swedish Banking, which is responsible for all its Swedish customers except corporates and financial institutions; Large Corporates and Institutions, which is responsible for large corporates, financial institutions and banks as well as for trading and capital market products; Baltic Banking, which operates in Estonia, Latvia and Lithuania; and Group Functions and Other. At Dec 31 2013, Co. had 731 branches and 1,396 automated teller machines. Also as of such date, Co. had total assets of SEK1.82 trillion and deposits of SEK620.85 billion.

Swedish Orphan Biovitrum AB

Swedish Orphan Biovitrum AB is a healthcare company focused on rare diseases. Co. develops, manufactures and commercializes treatments with a particular focus on four therapeutic areas: Inflammation, Genetics & Metabolism, Haemophilia and Neonatology. Co. also markets a portfolio of rare disease products for partner companies. Co.'s pipeline programmes include research and development focused on recombinant protein drugs in late preclinical and clinical phase for indications.

TOMRA Systems ASA

Tomra Systems is a creator of sensor-based solutions for optimal resource productivity within the business streams of reverse vending, material recovery, compaction, recycling, mining, and food. Co.'s operating structure comprises two business areas and six business streams. The TOMRA Collection Solutions businesss area consists of three business streams: reverse vending, material recovery, as well as compaction. The TOMRA Sorting Solutions, business area consists of three business streams: food, recycling, and mining.

Topdanmark A/S

Topdanmark A/S is a Denmark-based insurance company engaged in the insurance and pension fund business. The Company's activities are divided into such segments, as Personal, and SME (Small and Medium Enterprises) and Industrial. The Personal segment sells policies for individual households in Denmark. The SME and Industrial segment offers policies for Denmark-based SME, agricultural and industrial businesses. The Company's private insurance offering includes such insurance products, as home, vehicle, accident, pet, child and life and health insurance, as well as pension funds. Its corporate insurance offering includes property insurance, insurance of goods and equipment, and car insurance, among others. As of December 31, 2012, it had subsidiaries responsible for life and non-life insurance, as well as for asset management, investment and property-related activities.

Vestas Wind Systems A/S

Vestas Wind Systems is an industrial machinery and equipment manufacturing company based in Denmark. Co. is engaged in the production of wind turbines. Co.'s main activities comprise development, manufacture, sale, marketing and maintenance of installations that use wind energy to generate electricity. Co. supplies products, from individual turbines to the delivery of turnkey wind power installations globally. Co. supplies guidance services to its customers in connection with the development, financing and ownership of wind turbine projects. Co.'s main customers are utilities and energy companies.

Wihlborgs Fastigheter AB

Wihlborgs Fastigheter AB is a Sweden-based company active within the real estate sector. The Company is engaged in the ownership, management and development of primarily commercial real estate properties in the Swedish cities of Malmo, Lund and Helsingborg, as well as Copenhagen in Denmark. The Company operates two divisions, namely Property Management, which is organized in nine geographically defined sub-areas, and Business Development, which consists of two units: Project & Development, and Transactions. Projects & Development deals with new build and redevelopment projects, as well as procurement, while Transactions manages all the Company's purchases and sales of properties.

Provider
DnB Markets
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.

 

Analysts
Eivind Sars Veddeng

Håkon Astrup

Jimi Lehtonen

Jon Berggren

Karl-Johan Bonnevier

Mattias Holmberg

Niclas Gehin

Nicolas McBeath

Ole Martin Westgaard

Ole-Andreas Krohn

Olof Larshammar

Patrik Ling

Rune Majlund Dahl

Simen Mortensen

Stefan Gauffin

Tomi Railo

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