Morning Comment Norway-05/12/2026

Research evidence excerpt

Morning Comment Norway-05/12/2026

Morning Comment Norway

12 MAY 2026

Today’s research focus S&P 500 intraday

7,430

• NOBA IOC – We initiate coverage on the leading Nordic-focused specialist 7,425

bank, NOBA Group, with a Buy recommendation and target price of SEK 110. 7,420

The bank has a well-established product offering across consumer lending, 7,415

credit cards, specialist and equity release mortgages and has recently 7,410

entered SME lending. We believe NOBA has durable scale advantages in

7,405

these segments related to costs, distribution and underwriting that are worth

7,400

paying a sector premium for. At SEK 81.4, NOBA trades at 9.9x/8.2x P/E

7,395

2026-27E, too low given the platform and continued high EPS growth outlook

7,390

(18% CAGR in 26-28E). BUY, TP SEK 110. Link

7,385

• ODL – Odfjell Drilling reported Q1 EBITDA ~5% ahead of expectations, while 16:00 17:00 18:00 19:00 20:00 21:00

cash flow was in line. The dividend was increased to USD 25 cents per share

(as expected), corresponding to a ~9.5% yield. Deepsea Atlantic remains off- US and Asia indices (at time of publication)

hire, with the company now estimating 3-4 months of downtime, implying an 0.80%

8-10% downside to our 2026 EBITDA estimates. We believe this is largely in 0.62%

line with market expectations (our initial expectation was ~100 days), noting 0.60%

uncertainty remains. Link 0.40%

0.19% 0.19%

• LSG – LSG reported Op. EBIT of NOK 858m, +3% vs Infront (833m) but in 0.20% 0.10%

line with PAS at NOK 857m. Farming margin landed at NOK 13.9/kg below 0.00%

PAS at NOK 14.1/kg. Wild catch saw a meaningful beat (+65/17% vs -0.20% -0.02%

cons/PAS), and FY26 Op. EBIT guidance is lifted ~NOK 100m. Overall, the

report ticks most boxes, although we would have expected a slightly more -0.40% -0.42%