Morning Comment Norway-06/22/2026

Research evidence excerpt

Morning Comment Norway-06/22/2026

Morning Comment Norway

22 JUN 2026

Foreign markets S&P 500 intraday

7,520

• US – US equities finished higher in Thursday trading and was closed on

Friday for Juneteenth. US and Iran held high level talks in Switzerland 7,500

focused on issues including nuclear deal, keeping Strait of Hormuz open, 7,480

release of frozen assets. Both sides described progress in talks, which are

set to resume today. 7,460

• Asia – Asia equities largely higher in Monday early trading session, with 7,440

Nikkei up 1.66%, now up ~44% YTD. In macro developments, China left 1Y 7,420

and 5Y loan prime rate unchanged, as expected. South Korea exports over

first 20 days of June maintained prior month’s strong growth amid booming 7,400

16:00 17:00 18:00 19:00 20:00 21:00

chip shipments.

• Oil prices – Iran announced a new closure on the Strait of Hormuz on

Saturday, following Israeli attacks in Libya, citing that the ceasefire had been US and Asia indices (at time of publication)

violated by Israel due to the attacks. CENTCOM responded that Iran no 2.50%

longer controls the Strait – “Traffic continues to flow, and US forces are 2.00% 1.91% 1.66%

monitoring the situation”. 1.50% 1.44%

1.08%

Today’s research focus 1.00%

• VEND – We expect another solid quarter for VEND with Q2 EBITDA of NOK 0.50% 0.14%

707m (+21% y/y) on continued margin expansion (+6pp y/y), reinforcing that 0.00%

the profitability transformation remains on track. We expect ARPA-driven -0.50%

strength in Real Estate, while Jobs and Mobility will be more muted on the -1.00% -0.64%

latest volume development. We make minimal estimate changes and Dow S&P 500 Nasdaq Nikkei 225 Hang Seng Shanghai

continue to find VEND attractive at pro-forma ~14-9x EV/EBITDA for ’26-28e.

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