Nordic equity strategy chart book
While better than expected GDP growth YTD has pulled global interest rates higher, consensus EPS estimates at the start of the year were already so optimistic that better macro data has not been sufficient to ward off estimate cuts. This leaves unattractive equity market valuations relative to rates, but, in the absence of any catalysts, we believe this valuation premium may persist. We remain cautiously pessimistic on the risk/reward for Nordic equities.
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.
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