Morning Comment Norway-06/04/2026

Research evidence excerpt

Morning Comment Norway-06/04/2026

me down

recently, but we still see downside to Q2 estimates, which mostly sit north of Telecom -3.8%

NOK 80/kg. Link to report. Software -4.0%

• CLAS – Clas Ohlson’s Q4 report fell short of expectations due to higher

costs, despite delivering rock-solid gross margins. The CMD also included Commodities, FX, rates and volatility

updated financial targets (5% organic growth and an EBIT margin of ~12%), Key Items Last 5 days Latest +/- % YTD%

which were slightly more conservative than expected given the recent Brent 97.1 -0.74 -0.8 85.8

performance. We continue to model organic growth above the target in FY WTIN. Gas (TTF) 48.995.4 -0.640.00 -0.70.0 73.581.7

2026/27e, before normalising towards it thereafter. Despite this, we view the Gold 4 497.9 31.00 0.7 1.4

current valuation as fair at 12.5x EV/EBIT 2026e. Hence, we reiterate our USD/NOK 9.30 0.03 0.3 -7.8

Hold recommendation and lower our TP to SEK 400. Link to report. EUR/NOKUS 10Y 10.804.49 0.010.04 0.10.8 -8.87.6

Please see Morning Update for relevant share prices and market SOFRVix 3M 3.6616.1 0.000.29 0.051.8 0.117.4

Dollar Index 99.5 0.31 0.3 1.2

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