OSEBX weekly valuation monitor

Research evidence excerpt

OSEBX weekly valuation monitor

Strategy

OSEBX – Detailed forecast per sector

OSEBX sector valuation based on FactSet estimates

OSEBX Market Cap Earnings Book values

Sector 2025 2026e 2027e 2028e 2025 2026e PE 25 PE 26e PE 27e PE 28e P/B 25e P/B 26e

Oil & Gas 450,193 37,570 62,264 49,036 44,942 218,337 262,154 12.0 7.2 9.2 10.0 2.06 1.72

Oil services 144,982 9,933 12,521 14,400 13,825 83,950 90,512 14.6 11.6 10.1 10.5 1.73 1.60

Finance 485,885 36,219 35,232 37,034 38,143 238,117 254,780 13.4 13.8 13.1 12.7 2.04 1.91

Real Estate 11,148 326 591 659 691 14,738 13,855 34.2 18.9 16.9 16.1 0.76 0.80

Materials 196,516 15,626 23,736 21,117 18,966 127,319 139,610 12.6 8.3 9.3 10.4 1.54 1.41

Telecom 87,561 5,262 5,394 5,139 5,388 32,227 34,784 16.6 16.2 17.0 16.3 2.72 2.52

Industrials 270,934 7,022 9,023 12,380 13,844 36,672 31,983 38.6 30.0 21.9 19.6 7.39 8.47

Seafood 150,132 5,664 10,136 13,948 15,884 76,421 81,682 26.5 14.8 10.8 9.5 1.96 1.84

Consumer 167,075 9,513 9,844 11,522 12,629 69,179 69,328 17.6 17.0 14.5 13.2 2.42 2.41

IT 64,573 1,215 2,213 2,767 3,405 13,440 16,561 53.1 29.2 23.3 19.0 4.80 3.90

Shipping 128,772 14,880 23,149 14,727 12,656 80,800 94,726 8.7 5.6 8.7 10.2 1.59 1.36

Health Care 3,109 -115 -75 -105 -105 1,330 1,157 Na Na Na Na 2.34 2.69

Total 2,160,881 143,114 194,029 182,623 180,267 992,529 1,091,132 15.1 11.1 11.8 12.0 2.18 1.98

Source: Factset, ABG Sundal Collier

OSEBX sector valuation based on ABGSC estimates

Sector 2025 2026e 2027e 2028e 2025 2026e PE 25 PE 26e PE 27e PE 28e P/B25e P/B25e

Oil & Gas 450,193 37,570 57,272 42,923 42,772 218,337 262,154 12.0 7.9 10.5 10.5 2.06 1.72

Oil services 144,982 9,933 12,630 15,192 15,341 83,950 90,512 14.6 11.5 9.5 9.5 1.73 1.60