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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies277
  • 7D-0.5%
  • 3M19.0%
  • 1Y35.6%
  • YTD20.1%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 6.0%. Meanwhile, the market is actually up 36% over the past year. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Norwegian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026NOK 4.8tNOK 3.1tNOK 246.9b14.8x19.5x1.6x
Fri, 13 Mar 2026NOK 4.8tNOK 3.1tNOK 249.5b14x19.1x1.5x
Sun, 08 Feb 2026NOK 4.5tNOK 3.2tNOK 249.9b15x18.2x1.4x
Tue, 06 Jan 2026NOK 4.2tNOK 3.3tNOK 267.2b14.5x15.9x1.3x
Thu, 04 Dec 2025NOK 4.1tNOK 3.3tNOK 268.7b13.7x15.2x1.2x
Sat, 01 Nov 2025NOK 4.1tNOK 3.3tNOK 268.5b12.6x15.1x1.2x
Mon, 29 Sep 2025NOK 4.2tNOK 3.2tNOK 294.3b12.5x14.4x1.3x
Wed, 27 Aug 2025NOK 4.2tNOK 3.3tNOK 300.4b12.6x13.9x1.3x
Fri, 25 Jul 2025NOK 4.1tNOK 3.3tNOK 302.6b13x13.6x1.3x
Sun, 22 Jun 2025NOK 4.1tNOK 3.2tNOK 302.7b12.3x13.6x1.3x
Tue, 20 May 2025NOK 3.9tNOK 3.3tNOK 308.8b12x12.6x1.2x
Thu, 17 Apr 2025NOK 3.7tNOK 3.3tNOK 318.2b11.8x11.7x1.1x
Sat, 15 Mar 2025NOK 3.9tNOK 3.2tNOK 322.2b11.5x12x1.2x
Mon, 10 Feb 2025NOK 3.8tNOK 3.4tNOK 312.3b12x12.3x1.1x
Wed, 08 Jan 2025NOK 3.8tNOK 3.5tNOK 338.7b12x11.3x1.1x
Fri, 06 Dec 2024NOK 3.8tNOK 3.4tNOK 335.2b11.3x11.4x1.1x
Sun, 03 Nov 2024NOK 3.8tNOK 3.4tNOK 329.6b11x11.4x1.1x
Tue, 01 Oct 2024NOK 3.7tNOK 3.3tNOK 306.0b11.2x12.2x1.1x
Thu, 29 Aug 2024NOK 3.8tNOK 3.3tNOK 304.0b11x12.5x1.2x
Sat, 27 Jul 2024NOK 3.8tNOK 3.4tNOK 301.5b11.1x12.7x1.1x
Mon, 24 Jun 2024NOK 3.8tNOK 3.3tNOK 285.3b11.2x13.5x1.2x
Wed, 22 May 2024NOK 4.1tNOK 3.3tNOK 283.0b11.4x14.4x1.2x
Fri, 19 Apr 2024NOK 4.0tNOK 3.4tNOK 303.3b11.4x13x1.2x
Sun, 17 Mar 2024NOK 3.9tNOK 3.4tNOK 290.3b11.1x13.3x1.2x
Tue, 13 Feb 2024NOK 3.8tNOK 3.3tNOK 274.0b11.7x13.8x1.1x
Thu, 11 Jan 2024NOK 4.0tNOK 3.5tNOK 346.2b10.6x11.6x1.1x
Sat, 09 Dec 2023NOK 4.0tNOK 3.6tNOK 361.0b10.2x11.1x1.1x
Mon, 06 Nov 2023NOK 4.0tNOK 3.6tNOK 366.7b10.6x11x1.1x
Wed, 04 Oct 2023NOK 4.0tNOK 3.8tNOK 420.8b10.6x9.5x1.1x
Fri, 01 Sep 2023NOK 3.9tNOK 3.7tNOK 412.5b10.4x9.5x1x
Sun, 30 Jul 2023NOK 3.8tNOK 3.6tNOK 402.8b11.1x9.6x1.1x
Tue, 27 Jun 2023NOK 3.8tNOK 3.8tNOK 504.3b11.2x7.5x1x
Thu, 25 May 2023NOK 3.9tNOK 3.9tNOK 519.4b11.4x7.5x1x
Sat, 22 Apr 2023NOK 3.9tNOK 3.8tNOK 548.8b11.6x7.2x1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 548.8bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.5x202420252026
Current Market PE
  • Investors are optimistic on the Norwegian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 19.5x which is higher than its 3-year average PE of 12.5x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 23% per year over the last three years.
  • Revenues have also declined 7.0% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market-0.49%
Tech5.99%
Materials4.32%
Healthcare3.64%
Financials1.62%
Utilities0.54%
Consumer Discretionary0.49%
Industrials-0.35%
Real Estate-0.61%
Telecom-2.10%
Energy-2.48%
Consumer Staples-3.21%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 294x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 28.2%, which is higher than its past year's earnings growth of 14.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings growth rate of 18% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
DNB DNB BankNOK 312.702.3%
+NOK 10.0b		20.3%PB1.5xFinancials
NOD Nordic SemiconductorNOK 169.8014.1%
+NOK 4.2b		55.5%PE217.7xTech
GJF Gjensidige ForsikringNOK 262.802.7%
+NOK 3.4b		7.6%PE20.9xFinancials
PROT Protector ForsikringNOK 502.007.5%
+NOK 2.9b		50.3%PE15.8xFinancials
AUTO AutoStore HoldingsNOK 10.498.5%
+NOK 2.8b		39.6%PE45.7xIndustrials
See more

Market Insights

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Latest News

VAR
NOK 44.89
Vår Energi
7D
-9.0%
1Y
55.6%
EQNR
NOK 360.60
Equinor
7D
-12.4%
1Y
45.7%
AKRBP
NOK 344.70
Aker BP
7D
-3.1%
1Y
58.2%
KOG
NOK 398.50
Kongsberg Gruppen
7D
-5.1%
1Y
22.4%
PROT
NOK 502.00
Protector Forsikring
7D
7.5%
1Y
50.3%

PROT: Future Returns Will Rely On Index Inclusion And Steady Dividend Power

Analysts have maintained their NOK 600 price target for Protector Forsikring, reflecting steady assumptions around the discount rate, revenue growth, profit margin and future P/E, even after a recent review of the investment case. What's in the News Protector Forsikring ASA is being added to the Oslo OBX Total Return Index, which places the company among a select group of heavily followed Norwegian stocks (Key Developments).
MOWI
NOK 212.80
Mowi
7D
-3.0%
1Y
12.8%

MOWI: Future P/E And Revenue Outlook Will Drive Returns Forward

Mowi's analyst price target has been adjusted slightly to NOK 248.67 from NOK 250.00, as analysts balance a higher revenue outlook and updated P/E assumptions with mixed recent research that includes both a Berenberg price target increase and a more cautious stance from Pareto. Analyst Commentary Recent research reflects a split view on Mowi, with one group of bullish analysts lifting their price targets and more cautious analysts turning increasingly wary on the shares.
YAR
NOK 542.60
Yara International
7D
-9.1%
1Y
75.7%
SB1NO
NOK 220.50
SpareBank 1 Sør-Norge
7D
3.0%
1Y
36.3%

SB1NO: Stable Dividend Timeline And Steady Outlook Will Support Measured Future Returns

Analysts have kept their price target for SpareBank 1 Sør-Norge steady at NOK 225, citing only small tweaks to inputs such as the discount rate and future P/E assumptions, rather than a change in their overall view of the shares. What's in the News SpareBank 1 Sør-Norge ASA announced an annual dividend of NOK 12.00 per share, with payment scheduled for May 4, 2026 (Key Developments).
GJF
NOK 262.80
Gjensidige Forsikring
7D
2.7%
1Y
7.6%

GJF: Dividend Payouts And Slightly Higher P E Multiple Will Underpin Returns

The analyst price target for Gjensidige Forsikring has been trimmed by NOK 10 to reflect more cautious views from recent research, as analysts factor in slightly softer revenue growth assumptions and marginally lower profit margin expectations, along with a modestly higher future P/E multiple. Analyst Commentary Recent research around Gjensidige Forsikring has turned more cautious, with price targets adjusted and ratings cut as analysts reassess the balance between earnings expectations and the valuation investors are being asked to pay.
SALM
NOK 545.00
SalMar
7D
-4.0%
1Y
10.1%

SALM: Revised Margin Profile And Higher P/E Will Support Future Returns

Narrative Update on SalMar Analysts have raised their SalMar price target by NOK 15 to NOK 680, citing updated assumptions that include a revised profit margin profile and a higher future P/E multiple. Analyst Commentary Recent Street research on SalMar points to a constructive tone, with bullish analysts adjusting price targets and refining their views on the company’s valuation and earnings profile.
DNB
NOK 312.70
DNB Bank
7D
2.3%
1Y
20.3%

DNB: Future Returns Will Hinge On Execution And Ongoing Capital Return Choices

Analysts have nudged the DNB Bank price target higher to NOK 301.27 from NOK 298.47, citing refreshed models that reflect slightly adjusted assumptions for revenue growth, profit margins, discount rate and future P/E, along with a series of recent target changes across the Street, including revisions from Morgan Stanley, JPMorgan, Citi and Pareto. Analyst Commentary Recent Street research on DNB Bank shows a mix of optimism and caution, with several fresh price target moves and one downgrade shaping how analysts think about valuation, earnings power and execution risks.
NOD
NOK 169.80
Nordic Semiconductor
7D
14.1%
1Y
55.5%

NOD: Edge AI Execution Will Support Higher Earnings Power Re Rating

Analysts have lifted their price target for Nordic Semiconductor to NOK 155 from NOK 150, citing refreshed views on revenue growth, profit margins and future P/E assumptions that are now reflected in updated models. Analyst Commentary Bullish analysts are signaling a more constructive stance on Nordic Semiconductor, reflected in fresh research that incorporates updated views on revenue, margins and the P/E multiple used in valuation work.
TOM
NOK 122.20
Tomra Systems
7D
7.9%
1Y
-19.8%

TOM: Higher Risk Assumptions Will Support Re Rating Potential

Analysts have adjusted their price target for Tomra Systems to NOK 193.78, down from NOK 198.37, citing updated assumptions that include a higher discount rate, a different profit margin outlook, a revised revenue growth view, and a higher future P/E multiple. Valuation Changes Fair Value: NOK 193.78, reduced slightly from NOK 198.37.
SUBC
NOK 311.60
Subsea 7
7D
3.0%
1Y
113.6%

SUBC: High Utilization And New Contracts Will Support Future Multiple Reassessment

The updated analyst price target for Subsea 7 moves higher in value, supported by a series of recent target increases from NOK 254 to NOK 320 by major banks, along with analyst commentary around utilization, margins and earnings expectations. Analyst Commentary Recent research points to a cluster of more optimistic views on Subsea 7, with several bullish analysts lifting price targets and highlighting operational execution and earnings potential as key supports for valuation.
TEL
NOK 165.70
Telenor
7D
-2.6%
1Y
13.0%
AUTO
NOK 10.49
AutoStore Holdings
7D
8.5%
1Y
39.6%