Arctic Securities

Euroports: Periodic review by moodys Corem: The independent committee does not recommend M2’s bid Heimstaden Bostad: Prices a EUR 800m perpetual bond Polarcus: Financial default Kongsberg Automative: Appoints new CEO

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Oil markets: Week starts with offsetting demand and supply worries Nel: Positioned to remain an industry leader Otovo/EDEA read-x: Sunlight Financial goes public via SPAC merger Petrobras: Looking to issue large seismic tender Retirement of three deepwater floaters

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Dorian LPG – Strong guidance for fiscal Q3/21 Tankers – Trying to move off lows DSME merger deadline extended

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NEL ASA

We raise our TP in Nel to NOK 35 (25) based on a combination of further positive developments in the hydrogen space and insights gained at the company’s CMD. Since our previous update, more countries have launched hydrogen strategies, earmarked sizeable funds to stimulate demand and Nel has demonstrated its strong position through e.g. the Iberdrola contract. In our base case, we find the current share price fair, hence downgrade to Hold.

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Prices under pressure from Covid, but supported by Iraq output cuts Demand concerns to downside in in China, upside in US Inventory data expected to be supportive

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Equities rotating back to Covid-19 winners More contagious SARS-Cov-2 mutations increase time uncertainty Ongoing slowing in early 2021 European service sector taking another berating

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