Morning Comment Sweden-06/04/2026

Research evidence excerpt

Morning Comment Sweden-06/04/2026

the consumer space. LINK

• Investment platforms: May data was solid for both Avanza (Buy, TP SEK S&P sector performance

418) and Nordnet (Hold, TP SEK 338), with Avanza showing savings -6.0% -4.0% -2.0% 0.0% 2.0% 4.0%

capital +5% m/m and trading turnover +6% m/m, while Nordnet reported Oil E&P 1.9%

savings capital +5% m/m, trading turnover +3% m/m and no. of trades

Oil Integrated 1.7%

+6% m/m. Avanza is down 3.3% YTD while Nordnet is up 18.3%, leaving

Avanza trading at a 22% discount to Nordnet, with the relative valuation Chemicals 1.1%

spread now at historically elevated levels. We continue to prefer Avanza Pharma 0.8%

given lower expectations, +6%/+4% EPS upside vs. Q2/FY26 cons., its Media & Entertainment 0.2%

strong market position and the Denmark expansion, which supports long- Oil Services -0.1%

term growth. LINK

Utilities -0.5%

• Nordic Defense: In a document published on Tuesday, Denmark's new Semiconductors -0.6%

government pledges to strengthen Nordic defense cooperation with a

Banks -0.6%

stronger emphasis on equipment using Danish, Nordic and European

suppliers, marking a shift from Denmark's traditionally transatlantic Technology & Hardware -0.9%

approach. Denmark allocates 3.3% of GDP to defense and plans to Insurance -1.0%

increase share to 3.5% by 2030. Procurement pipeline focuses on air Gold -1.2%

defense, drones, and naval fleet upgrades (considering joint frigate Aerospace & Defence -1.4%

partnership with Sweden, positive for Saab). Mildef is the most

embedded, having delivered rugged IT to Denmark's new artillery system, Retail -1.6%

and any new Danish vehicle, artillery, naval or air-defense platform is a Airlines -2.5%

realistic potential MilDef subcontract. we argue. Telecom -3.8%

Software -4.0%