Morning Comment Norway-05/12/2026

研报英文原文证据摘录

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

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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

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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

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• 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%