{"id":64709,"date":"2025-01-20T14:15:35","date_gmt":"2025-01-20T13:15:35","guid":{"rendered":"https:\/\/www.nordnet.dk\/blog\/?p=64709"},"modified":"2026-03-11T15:42:52","modified_gmt":"2026-03-11T14:42:52","slug":"thorleif-jackson-magnificent-seven-under-luppen","status":"publish","type":"post","link":"https:\/\/www.nordnet.dk\/blog\/thorleif-jackson-magnificent-seven-under-luppen\/","title":{"rendered":"Thorleif Jackson: Magnificent Seven under luppen."},"content":{"rendered":"\n<div class=\"wp-block-coblocks-author\" style=\"font-size:16px\"><figure class=\"wp-block-coblocks-author__avatar\"><img decoding=\"async\" class=\"wp-block-coblocks-author__avatar-img\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2023\/09\/Thorleif_Jackson_2023_1000x1000.jpg\" alt=\"Om Thorleif Jackson\" \/><\/figure><div class=\"wp-block-coblocks-author__content\"><span class=\"wp-block-coblocks-author__name\">Om Thorleif Jackson<\/span><p class=\"wp-block-coblocks-author__biography\">Thorleif Jackson kendt som foredragsholder og freelance skribent for Dansk Aktion\u00e6rforening, hvor han har bidraget med over 200 artikler om <a href=\"https:\/\/www.nordnet.dk\/academy\/forste-investering\">investering<\/a> til medlemsbladet <em>Aktion\u00e6ren<\/em>. Han administrerer blandt andet en dansk modelportef\u00f8lje, der siden januar 2004 har leveret signifikant bedre afkast end markedet, og en nordisk udbytteportef\u00f8lje, som siden 2010 ogs\u00e5 har sl\u00e5et markedet.<br \/><br \/>Thorleif Jackson begyndte i 2006 at arbejde fuldtid med aktieanalyse og formueforvaltning. Han er selvl\u00e6rt inden for disse omr\u00e5der og har opn\u00e5et sin erfaring ved at l\u00e6se utallige investeringsb\u00f8ger og handle online for egne midler frem til karriereskiftet i 2006.<\/p><\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Alle taler om Magnificent Seven.<\/strong><br><strong>Jeg vil i dag se n\u00e6rmere p\u00e5 disse syv superaktier og deres aktuelle priss\u00e6tning og potentiale.<\/strong><\/p>\n\n\n\n<p>De syv mest v\u00e6rdifulde <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\">aktier<\/a> i MSCI All Countries World Index (ACWI) pr. 31. december 2024 var <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/apple-aapl-xnas\">Apple<\/a> (4,91%), Nvidia (4,25%), <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/microsoft-msft-xnas\">Microsoft<\/a> (3,84%), <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/alphabet-c-goog-xnas\">Alphabet<\/a> (2,67%), <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/amazon0com-amzn-xnas\">Amazon<\/a> (2,67%), Meta Platforms (1,65%) og <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/tesla-tsla-xnas\">Tesla<\/a> (1,50%). Tilsammen v\u00e6gter de 21,5% i verdensindekset, mens alle kinesiske b\u00f8rsnoterede aktier tilsammen v\u00e6gter 2,75%. De syv aktier har alle oplevet markante kursstigninger gennem \u00e5rene.<\/p>\n\n\n\n<p>Nedenst\u00e5ende figur viser afkastet for Magnificent Seven (M7) over de seneste fem \u00e5r.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"898\" height=\"422\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7.png\" alt=\"\" class=\"wp-image-64725\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7.png 898w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-620x291.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-150x70.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-768x361.png 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-500x235.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-800x376.png 800w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-370x174.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-270x127.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-570x268.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-740x348.png 740w\" sizes=\"auto, (max-width: 898px) 100vw, 898px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/em><\/p>\n\n\n\n<p>Som det fremg\u00e5r, har Nvidia og Tesla haft de st\u00f8rste stigninger med henholdsvis 87% p.a. og 72% p.a. De \u00f8vrige fem aktier er steget mere moderat mellem 19% p.a. (Amazon) og 25% p.a. (Apple) siden december 2019.<\/p>\n\n\n\n<p>Jeg har beregnet udvalgte n\u00f8gletal for M7, som fremg\u00e5r af nedenst\u00e5ende tabel.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"268\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-1024x268.png\" alt=\"\" class=\"wp-image-64735\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-1024x268.png 1024w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-620x162.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-150x39.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-768x201.png 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-500x131.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-800x209.png 800w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-370x97.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-270x71.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-570x149.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal-740x193.png 740w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nogletal.png 1102w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/p>\n\n\n\n<p>Som det fremg\u00e5r, er M7 som gruppe aktuelt prissat med P\/E2024=59,2, P\/E2025=44,8 og P\/E2026=37,2. Til sammenligning er MSCI ACWI pr. 31. december 2024 prissat med P\/E2024=22,0 og P\/E2025=18,0. Dette giver M7 en pr\u00e6mie p\u00e5 169% m\u00e5lt p\u00e5 P\/E2024 og 149% m\u00e5lt p\u00e5 P\/E2025. Dog er ikke alle aktier lige h\u00f8jt prissat. For eksempel er Alphabet prissat med en pr\u00e6mie p\u00e5 kun 10% (P\/E2024) og 19% (P\/E2025), mens Tesla er afsindigt h\u00f8jt prissat med P\/E2024=197 og P\/E2025=138.<\/p>\n\n\n\n<p>I det f\u00f8lgende vil jeg se n\u00e6rmere p\u00e5 hver af de syv aktier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"apple\"><br><a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/apple-aapl-xnas\">Apple.<\/a><\/h2>\n\n\n\n<p>Apple er verdens mest v\u00e6rdifulde aktie med en svimlende markedsv\u00e6rdi p\u00e5 25.050 mia. kroner. Oms\u00e6tningen og indtjeningen er steget markant gennem \u00e5rene, men er faldet fra 2022 til 2024. Fra 2024 til 2027 forventes en oms\u00e6tningsv\u00e6kst p\u00e5 7% p.a. og en indtjeningsv\u00e6kst p\u00e5 14,6% p.a. Med svage resultater i 2023 og 2024 og moderat v\u00e6kst fremadrettet kunne man forvente en gennemsnitlig priss\u00e6tning i januar 2025. Med en aktuel kurs p\u00e5 228,3 USD er Apple dog relativt h\u00f8jt prissat med P\/E2024=37,5 og P\/E2025=30,9. Til sammenligning er Apple gennem de seneste 20 \u00e5r prim\u00e6rt blevet handlet i en kurskanal mellem P\/E=10 og P\/E=30, som vist i nedenst\u00e5ende graf.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"732\" height=\"376\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple.png\" alt=\"\" class=\"wp-image-64737\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple.png 732w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple-620x318.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple-150x77.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple-500x257.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple-370x190.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple-270x139.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple-585x300.png 585w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-apple-570x293.png 570w\" sizes=\"auto, (max-width: 732px) 100vw, 732px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/p>\n\n\n\n<p>Hvis aktien handles midt i kurskanalen i september 2027, svarende til P\/E2027=20, forventes en kurs p\u00e5 omkring 183 USD. Det er 20% lavere end den aktuelle kurs. Jeg mener, at Apple er overraskende h\u00f8jt prissat i januar 2025, og jeg tvivler p\u00e5, om aktien bliver en god investering i de kommende \u00e5r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"nvidia\"><br><a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/nvidia-nvda-xnas\">Nvidia.<\/a><\/h2>\n\n\n\n<p>Nvidia er verdens n\u00e6stmest v\u00e6rdifulde aktie med en markedsv\u00e6rdi p\u00e5 23.750 mia. kroner. Aktiekursen er 430-doblet p\u00e5 12 \u00e5r, svarende til eventyrlige afkast p\u00e5 66% p.a. Oms\u00e6tningen forventes at stige med 84% fra 2024 til 2026, og indtjeningen pr. aktie forventes at vokse med 87% i samme periode. Med en aktuel kurs p\u00e5 133,6 USD er Nvidia prissat til P\/E2024=47,0, P\/E2025=31,7 og P\/E2026=25,2. Det er usikkert, om Nvidias ekstraordin\u00e6re v\u00e6kst kan forts\u00e6tte. Et kvalificeret bud er, at v\u00e6ksten vil aftage til 15-20% p.a. efter 2026, og at priss\u00e6tningen vil falde til intervallet P\/E=20 til P\/E=40, som illustreret i nedenst\u00e5ende graf.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"790\" height=\"402\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia.png\" alt=\"\" class=\"wp-image-64740\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia.png 790w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia-620x315.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia-150x76.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia-768x391.png 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia-500x254.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia-370x188.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia-270x137.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia-570x290.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-nvidia-740x377.png 740w\" sizes=\"auto, (max-width: 790px) 100vw, 790px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/p>\n\n\n\n<p>Hvis indtjeningen udvikler sig som forventet, og aktien handles midt i den skitserede kurskanal i december 2026, svarende til P\/E2026=30, forventes en kurs p\u00e5 omkring 159 USD om to \u00e5r. Nvidia-aktien har dermed et kurspotentiale p\u00e5 ca. 19% eller 9% p.a. Udbytteafkastet er under 0,1%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"microsoft\"><br><a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/microsoft-msft-xnas\">Microsoft.<\/a><\/h2>\n\n\n\n<p>Microsoft er verdens tredjemest v\u00e6rdifulde aktie med en markedsv\u00e6rdi p\u00e5 22.910 mia. kroner. Oms\u00e6tningen er de seneste 10 \u00e5r vokset med 11% \u00e5rligt, mens indtjeningen er vokset med 16% \u00e5rligt. I de kommende \u00e5r forventes en tilsvarende h\u00f8j v\u00e6kst, hvilket kan berettige en h\u00f8j priss\u00e6tning. Med en aktuel kurs p\u00e5 425 USD er Microsoft prissat til P\/E2024=36,0 og P\/E2025=32,6. Historisk har aktien for det meste v\u00e6ret handlet i en kurskanal mellem P\/E=20 og P\/E=40, som vist i nedenst\u00e5ende graf.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"386\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft.png\" alt=\"\" class=\"wp-image-64741\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft.png 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft-620x312.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft-150x75.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft-500x251.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft-370x186.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft-270x136.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft-570x286.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-microsoft-740x372.png 740w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/p>\n\n\n\n<p>Hvis indtjeningen udvikler sig som forventet, og aktien fortsat handles midt i kurskanalen, svarende til P\/E2027=30, forventes en kurs p\u00e5 omkring 535 USD i juli 2027, hvilket svarer til et kurspotentiale p\u00e5 ca. 10% \u00e5rligt. Aktion\u00e6rerne kan desuden forvente et udbytteafkast p\u00e5 ca. 0,7% om \u00e5ret.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"alphabet\"><br><a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/alphabet-a-googl-xnas\">Alphabet.<\/a><\/h2>\n\n\n\n<p>Alphabet (tidl. Google) er verdens fjerdemest v\u00e6rdifulde aktie med en markedsv\u00e6rdi p\u00e5 17.150 mia. kroner. Oms\u00e6tningen er de seneste 10 \u00e5r vokset med 18% \u00e5rligt, mens indtjeningen n\u00e6sten er vokset med 23% \u00e5rligt. I de kommende to \u00e5r forventes en oms\u00e6tningsv\u00e6kst p\u00e5 11% og en indtjeningsv\u00e6kst p\u00e5 13-14% \u00e5rligt. Med en aktuel kurs p\u00e5 193 USD er Alphabet prissat til P\/E2024=24,1 og P\/E2025=21,5. Historisk er aktien for det meste blevet handlet i en kurskanal mellem P\/E=18 og P\/E=30, som vist i nedenst\u00e5ende graf.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"762\" height=\"358\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet.png\" alt=\"\" class=\"wp-image-64742\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet.png 762w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet-620x291.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet-150x70.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet-500x235.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet-370x174.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet-270x127.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet-570x268.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-alphabet-740x348.png 740w\" sizes=\"auto, (max-width: 762px) 100vw, 762px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/p>\n\n\n\n<p>Hvis indtjeningen udvikler sig som forventet, og aktien handles midt i kurskanalen, svarende til P\/E2026=24, forventes en kurs p\u00e5 omkring 247 USD i december 2026. Dette svarer til et kurspotentiale p\u00e5 28% eller 13% \u00e5rligt. Alphabets aktion\u00e6rer kan desuden forvente et udbytteafkast p\u00e5 ca. 0,4% om \u00e5ret.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"amazon\"><br><a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/amazon0com-amzn-xnas\">Amazon.<\/a><\/h2>\n\n\n\n<p>Amazon er verdens femtemest v\u00e6rdifulde aktie med en markedsv\u00e6rdi p\u00e5 16.850 mia. kroner. Oms\u00e6tningen er de seneste 10 \u00e5r vokset med 22% \u00e5rligt, mens indtjeningen er steget fra et lille underskud til et stort overskud p\u00e5 5,14 USD pr. aktie. I de kommende to \u00e5r forventes en oms\u00e6tningsv\u00e6kst p\u00e5 11% og en indtjeningsv\u00e6kst p\u00e5 21% \u00e5rligt, idet EBIT-overskudsgraden forventes at forbedres fra ca. 10,4% i 2024 til ca. 12,7% i 2026. Med en aktuel kurs p\u00e5 220,7 USD er Amazon prissat til P\/E2024=42,9 og P\/E2025=35,7. Det er usikkert, om Amazons h\u00f8je v\u00e6kst kan forts\u00e6tte. Et kvalificeret bud er, at v\u00e6ksten vil aftage til 15-20% \u00e5rligt efter 2026, og at priss\u00e6tningen fremover vil ligge i intervallet P\/E=20 til P\/E=40, som illustreret i nedenst\u00e5ende graf.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"757\" height=\"337\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon.png\" alt=\"\" class=\"wp-image-64743\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon.png 757w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon-620x276.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon-150x67.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon-500x223.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon-370x165.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon-270x120.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon-570x254.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-amazon-740x329.png 740w\" sizes=\"auto, (max-width: 757px) 100vw, 757px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/p>\n\n\n\n<p>Hvis indtjeningen udvikler sig som forventet, og aktien handles midt i den skitserede kurskanal, svarende til P\/E2026=30, forventes en kurs p\u00e5 omkring 227 USD i december 2026. Det er kun 3% h\u00f8jere end den aktuelle kurs. Jeg mener, at Amazon er h\u00f8jt prissat i januar 2025, og jeg tvivler p\u00e5, om aktien vil blive en god investering i de kommende \u00e5r<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"meta-platforms\"><br><a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/meta-platforms-a-meta-xnas\">Meta Platforms.<\/a><\/h2>\n\n\n\n<p>Meta Platforms (tidl. <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/meta-platforms-a-meta-xnas\">Facebook<\/a>) er verdens sjettemest v\u00e6rdifulde aktie med en markedsv\u00e6rdi p\u00e5 11.200 mia. kroner. Oms\u00e6tningen er de seneste 10 \u00e5r vokset med 29% \u00e5rligt, mens indtjeningen n\u00e6sten er vokset med 35% \u00e5rligt. I de kommende to \u00e5r forventes en oms\u00e6tningsv\u00e6kst p\u00e5 14% og en indtjeningsv\u00e6kst p\u00e5 13% \u00e5rligt. Med en aktuel kurs p\u00e5 611 USD er Meta Platforms prissat til P\/E2024=27,0 og P\/E2025=24,1. Historisk er aktien for det meste siden 2017 blevet handlet i en kurskanal mellem P\/E=15 og P\/E=30, som vist i nedenst\u00e5ende graf.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"767\" height=\"372\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta.png\" alt=\"\" class=\"wp-image-64744\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta.png 767w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta-620x301.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta-150x73.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta-500x243.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta-370x179.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta-270x131.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta-570x276.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-meta-740x359.png 740w\" sizes=\"auto, (max-width: 767px) 100vw, 767px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/p>\n\n\n\n<p>Hvis indtjeningen udvikler sig som forventet, og aktien handles midt i kurskanalen, svarende til P\/E2026=22,5, forventes en kurs p\u00e5 omkring 651 USD i december 2026. Dette svarer til et potentiale p\u00e5 godt 3% \u00e5rligt. Meta Platforms\u2019 aktion\u00e6rer kan desuden forvente et udbytteafkast p\u00e5 ca. 0,3% om \u00e5ret.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"tesla\"><br><a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/tesla-tsla-xnas\">Tesla.<\/a><\/h2>\n\n\n\n<p>Tesla er verdens syvendemest v\u00e6rdifulde aktie med en markedsv\u00e6rdi p\u00e5 9.650 mia. kroner. Selskabet oplevede h\u00f8j v\u00e6kst, men havde underskud hvert \u00e5r frem til og med 2019. Driftsindtjeningen steg markant i 2020, 2021 og 2022, hvor Tesla opn\u00e5ede en EBIT-overskudsgrad p\u00e5 16,8% \u2013 bedre end stort set alle konkurrenter i autobranchen. De gode tider synes dog at v\u00e6re forbi for Tesla. Driftsindtjeningen faldt betydeligt i 2023, og produktionen faldt yderligere i 2024 sammenlignet med 2023. Teslas globale markedsandele og l\u00f8nsomhed faldt tilsvarende i 2024.<\/p>\n\n\n\n<p>Markedet forventer fornyet fremgang i 2025 og 2026, men dette st\u00e5r i kontrast til realiteterne om tabte markedsandele og faldende l\u00f8nsomhed. Med en aktuel kurs p\u00e5 413,8 USD er Tesla-aktien ekstremt h\u00f8jt prissat med P\/E2024=197 og P\/E2025=137. Jeg ser Tesla som en bilproducent og mener, at aktien p\u00e5 sigt b\u00f8r priss\u00e6ttes som en bilproducent, med en multipel p\u00e5 h\u00f8jst P\/E=10 til P\/E=20, som illustreret i nedenst\u00e5ende graf.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla.png\" target=\"_blank\" rel=\" noreferrer noopener nofollow\"><img loading=\"lazy\" decoding=\"async\" width=\"712\" height=\"352\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla.png\" alt=\"\" class=\"wp-image-64745\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla.png 712w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla-620x307.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla-150x74.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla-500x247.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla-370x183.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla-270x133.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-tesla-570x282.png 570w\" sizes=\"auto, (max-width: 712px) 100vw, 712px\" \/><\/a><\/figure><\/div>\n\n\n<p class=\"has-text-align-center\"><em>Estimater if\u00f8lge marketscreener.com. Estimater er ingen garanti for fremtidig udvikling.<\/em><\/p>\n\n\n\n<p>Den aktuelle indtjening skal 10-15-dobles inden for f\u00e5 \u00e5r for at retf\u00e6rdigg\u00f8re den nuv\u00e6rende kurs, hvilket jeg er skeptisk overfor.<strong> <\/strong>Hvis indtjeningen udvikler sig som forventet, og aktien handles inden for den skitserede kurskanal i december 2026, forventes en kurs mellem 37 USD og 75 USD, svarende til et kursfald p\u00e5 82-91%. Hvis Tesla tvinges til at nedjustere, kan kursen potentielt falde endnu mere. Som det fremg\u00e5r, forventer jeg, at Tesla-aktien f\u00e5r det meget sv\u00e6rt i de kommende \u00e5r.<\/p>\n\n\n\n<p>Jeg har hverken en kort eller en lang position i Tesla. Den eneste M7-aktie, jeg ejer, er Alphabet (tidl. Google). Denne artikel udg\u00f8r hverken en k\u00f8bs- eller en salgsanbefaling af M7 eller de enkelte aktier.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"is-style-squared wp-block-button is-style-circular\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.nordnet.dk\/blog\/stoerre-justering-i-global-portefoelje-har-europa-mere-at-byde-paa-end-usa\/\">Se ogs\u00e5 Thorleifs justering i sin globale portef\u00f8lje<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Thorleif Jackson ejer aktier i Alphabet via Jackson FamilieInvest.<\/em><\/p>\n\n\n\n<p><em>Dette materiale er udarbejdet af Thorleif Jackson og indeholder information, der kan anses for at v\u00e6re en investeringsanbefaling i henhold til Markedsmisbrugsforordningen (Europa-Parlamentets og R\u00e5dets forordning 596\/2014), dvs. information som anbefaler eller foresl\u00e5r en investeringsstrategi. Nordnet Bank, filial af Nordnet Bank AB, Sverige (Nordnet), har ikke deltaget i udarbejdelsen, gennemg\u00e5et eller foretaget \u00e6ndringer i materialet. Thorleif Jackson har ansvaret for materialets indhold, og at det lever op til g\u00e6ldende lovgivning og regler.<\/em><\/p>\n\n\n\n<p><em>Materialet har ikke v\u00e6ret forelagt de omtalte selskaber.<\/em><\/p>\n\n\n\n<p><em>Dette materiale blev offentliggjort f\u00f8rste gang den 20. januar 2025 kl. 14.15.<\/em><\/p>\n\n\n\n<p><em>Indholdet i dette materiale udg\u00f8r ikke personlig investeringsr\u00e5dgivning. Det er vigtigt, at du som investor tr\u00e6ffer dine investeringsbeslutninger ud fra din egen vurdering af information fra forskellige kilder. Nordnet p\u00e5tager sig intet ansvar for direkte eller indirekte tab som f\u00f8lge af brug af information fra dette materiale. Materialet m\u00e5 ikke gengives uden Nordnets udtrykkelige samtykke.<\/em><\/p>\n\n\n\n<p><em>Thorleif Jackson modtager honorar fra Nordnet. Honoraret er aftalt p\u00e5 forh\u00e5nd og er ikke afh\u00e6ngig af materialets indhold eller de virksomheder, som er omtalt heri.<br>Det kan forekomme, at Nordnet har positioner i v\u00e6rdipapirer, der omtales i materialet. En s\u00e5dan beholdning er da alene af administrative hensyn og uden fortjeneste for Nordnet.<\/em><\/p>\n\n\n\n<p><em>Nordnet er under tilsyn af Finansinspektionen i Sverige og det danske Finanstilsyn. Der er altid en risiko forbundet med at investere. Historiske afkast er ikke en garanti for fremtidige afkast. Finansielle instrumenter kan b\u00e5de stige og falde i v\u00e6rdi. Der er en risiko for, at du ikke f\u00e5r de investerede penge tilbage.<\/em><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Magnificent 7 udg\u00f8r tilsammen 21,5% af verdensindekset. Thorleif Jackson analyserer i indl\u00e6gget de syv superaktier, deres aktuelle priss\u00e6tning og potentiale <\/p>\n","protected":false},"author":40009,"featured_media":64758,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[1291],"tags":[3336,2310],"class_list":["post-64709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-aktieinspiration","tag-tophistorier"],"acf":[],"all_images":{"thumbnail":{"src":"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-hero1200x430-150x54.png","width":150,"height":54,"crop":true,"srcset":"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2025\/01\/thorleif-magnificent7-hero1200x430-150x54.png 150w, 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