Nordic Strategy: Outlook 2020
We expect 2020 to be another year of disappointing EPS growth, as we believe margin pressure is more structural than transitory. Economic growth should be sufficiently resilient to avoid a recession but not enough to generate more than modest equity-market returns, given that markets are already pricing in a solid rebound in earnings. A mature cycle, valuations at a premium, and downside risk to estimates present an asymmetric risk profile, so we recommend a moderate underweight for 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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