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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedAug 11, 2026
DataAggregated Company Financials
Companies283
  • 7D0.9%
  • 3M2.1%
  • 1Y19.6%
  • YTD15.3%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 4.5% in that time. Meanwhile, the market is actually up 20% over the past year. Earnings are forecast to grow by 7.8% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Aug 2026NOK 4.8tNOK 3.4tNOK 351.5b14.1x13.5x1.4x
Thu, 09 Jul 2026NOK 4.5tNOK 3.2tNOK 276.4b13.6x16.2x1.4x
Sat, 06 Jun 2026NOK 4.6tNOK 3.1tNOK 268.2b14.1x17x1.5x
Mon, 04 May 2026NOK 4.7tNOK 3.0tNOK 248.2b14.5x18.9x1.5x
Wed, 01 Apr 2026NOK 4.9tNOK 3.1tNOK 252.7b14.5x19.3x1.6x
Fri, 27 Feb 2026NOK 4.6tNOK 3.1tNOK 246.9b14.3x18.5x1.5x
Sun, 25 Jan 2026NOK 4.4tNOK 3.2tNOK 262.9b14.8x16.6x1.4x
Tue, 23 Dec 2025NOK 4.2tNOK 3.3tNOK 268.2b14.2x15.6x1.3x
Thu, 20 Nov 2025NOK 4.0tNOK 3.3tNOK 270.4b13.3x14.7x1.2x
Sat, 18 Oct 2025NOK 4.1tNOK 3.2tNOK 294.9b12.2x13.8x1.3x
Mon, 15 Sep 2025NOK 4.2tNOK 3.2tNOK 292.5b12.6x14.2x1.3x
Wed, 13 Aug 2025NOK 4.0tNOK 3.3tNOK 306.0b13.1x13.2x1.2x
Fri, 11 Jul 2025NOK 4.0tNOK 3.2tNOK 302.3b12.6x13.3x1.2x
Sun, 08 Jun 2025NOK 3.9tNOK 3.2tNOK 302.4b12.2x13.1x1.2x
Tue, 06 May 2025NOK 3.8tNOK 3.3tNOK 324.6b12.2x11.7x1.1x
Thu, 03 Apr 2025NOK 3.9tNOK 3.3tNOK 317.6b12.1x12.2x1.2x
Sat, 01 Mar 2025NOK 3.8tNOK 3.3tNOK 334.9b11.8x11.5x1.1x
Mon, 27 Jan 2025NOK 3.8tNOK 3.4tNOK 335.7b12.1x11.5x1.1x
Wed, 25 Dec 2024NOK 3.7tNOK 3.5tNOK 340.7b11.2x10.8x1.1x
Fri, 22 Nov 2024NOK 3.8tNOK 3.4tNOK 329.8b10.6x11.5x1.1x
Sun, 20 Oct 2024NOK 3.7tNOK 3.3tNOK 314.9b10.8x11.9x1.1x
Tue, 17 Sep 2024NOK 3.7tNOK 3.3tNOK 305.5b11.2x12.2x1.1x
Thu, 15 Aug 2024NOK 3.9tNOK 3.3tNOK 295.4b11.1x13x1.2x
Sat, 13 Jul 2024NOK 3.9tNOK 3.3tNOK 290.7b11.1x13.3x1.2x
Mon, 10 Jun 2024NOK 3.9tNOK 3.3tNOK 287.6b11.4x13.6x1.2x
Wed, 08 May 2024NOK 4.0tNOK 3.3tNOK 288.1b11.6x14x1.2x
Fri, 05 Apr 2024NOK 4.0tNOK 3.3tNOK 297.9b12.1x13.4x1.2x
Sun, 03 Mar 2024NOK 3.8tNOK 3.3tNOK 289.8b11.5x13.1x1.1x
Tue, 30 Jan 2024NOK 4.0tNOK 3.5tNOK 346.2b11.2x11.4x1.1x
Thu, 28 Dec 2023NOK 4.0tNOK 3.4tNOK 340.5b10.7x11.9x1.2x
Sat, 25 Nov 2023NOK 4.1tNOK 3.6tNOK 356.7b10.2x11.4x1.1x
Mon, 23 Oct 2023NOK 4.0tNOK 3.8tNOK 425.7b10.8x9.5x1.1x
Wed, 20 Sep 2023NOK 4.1tNOK 3.8tNOK 417.6b10.7x9.8x1.1x
Fri, 18 Aug 2023NOK 3.9tNOK 3.7tNOK 422.8b10.8x9.3x1.1x
Price to Earnings Ratio

9.3x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 422.8bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 13.4x202420252026
Current Market PE
  • Investors are relatively neutral on the Norwegian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 13.4x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 6.0% per year over the last three years.
  • Revenues have also declined 2.9% 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 Market0.90%
Tech4.48%
Materials3.03%
Industrials2.72%
Energy1.07%
Utilities0.72%
Consumer Discretionary0.078%
Healthcare-0.33%
Financials-0.46%
Consumer Staples-1.07%
Real Estate-1.53%
Telecom-2.05%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading close to its 3-year average PE ratio of 108x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 42.0% which is higher than its past year's earnings decline of 36.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 81% over the next 5 years.
  • However this is lower than its past earnings growth rate of 280% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 4.7% 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
EQNR EquinorNOK 390.204.6%
+NOK 41.1b		55.7%PE10.8xEnergy
KOG Kongsberg GruppenNOK 320.704.1%
+NOK 11.0b		7.0%PE53.5xIndustrials
AKRBP Aker BPNOK 343.804.1%
+NOK 8.5b		39.0%PE16.1xEnergy
AKER AkerNOK 1.39k6.6%
+NOK 6.4b		100.0%PE3.7xIndustrials
NHY Norsk HydroNOK 92.423.3%
+NOK 5.8b		42.3%PE18.6xMaterials
See more

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Latest News

EQNR
NOK 390.20
Equinor
7D
4.6%
1Y
55.7%
Narrative Update • Aug 08

EQNR: Gas Price Reliance Will Intensify Pressure On Long Dated Cash Flows

Analysts have trimmed the Equinor fair value estimate from NOK 281.29 to NOK 274.66 as they factor in lower modeled revenue growth, a slightly higher discount rate, and updated views on commodity driven earnings quality reflected in recent price target changes across the Street. Analyst Commentary Recent research on Equinor shows a mixed but increasingly cautious tone, with several bearish analysts trimming price targets and questioning how much upside is left after the stock's recent strength.
VAR
NOK 48.61
Vår Energi
7D
3.6%
1Y
42.1%
Narrative Update • Aug 07

VAR: BlueNord Merger And Rising Leverage Will Pressure Future Returns

Analysts have trimmed their fair value estimate for Vår Energi, with the implied price target moving from about NOK 39.18 to roughly NOK 41.37. This reflects updated views on balance sheet pressure following the BlueNord acquisition and a higher expected future P/E multiple despite softer revenue growth and profit margins.
AKRBP
NOK 343.80
Aker BP
7D
4.1%
1Y
39.0%
Narrative Update • Aug 05

AKRBP: Future Returns Will Hinge On Project Execution And Capital Discipline

Analysts have lifted their fair value estimate for Aker BP to NOK 329.25 from NOK 320.11, reflecting updated assumptions on revenue growth, profit margins and future P/E expectations after the recent NOK 306 price target and a rating change to Hold from SEB Equities. Analyst Commentary Recent research on Aker BP highlights a shift in tone as some bearish views soften and valuation work is refreshed.
AKER
NOK 1,394.00
Aker
7D
6.6%
1Y
100.0%
New Narrative • Aug 02

Aker's Stake in Nscale Will Boost Intrinsic Value to NOK 1,800

Key Assumptions & Valuation Logic: Net Asset Value (NAV) Revaluation: Baseline Q2 2026 NAV of NOK 1,429 per share is adjusted upward to reflect the implied market valuation of AI infrastructure provider Nscale at a target IPO valuation of $25B (~NOK 262.5B). Nscale Ownership Contribution: Aker’s 22.7% stake in Nscale is valued at ~NOK 59.6B (~NOK 802/share).
ORK
NOK 103.90
Orkla
7D
-1.0%
1Y
-6.4%
NHY
NOK 92.42
Norsk Hydro
7D
3.3%
1Y
42.3%
Narrative Update • Jul 30

NHY: Slovalco Restart And Execution Risks Will Likely Cap Future Returns

Norsk Hydro's fair value estimate has been revised slightly lower to NOK 61.71, reflecting a series of reduced analyst price targets in the NOK 93 to NOK 116 range and updated assumptions on discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research on Norsk Hydro points to a more cautious stance from several bearish analysts.
TEL
NOK 133.60
Telenor
7D
-1.0%
1Y
-17.2%
Analysis Article • Jul 24

Impressive Earnings May Not Tell The Whole Story For Telenor (OB:TEL)

Last week's profit announcement from Telenor ASA ( OB:TEL ) was underwhelming for investors, despite headline numbers...
KOG
NOK 320.70
Kongsberg Gruppen
7D
4.1%
1Y
7.0%
DNB
NOK 306.30
DNB Bank
7D
-0.5%
1Y
15.5%
Analysis Article • Jul 17

Analyst Estimates: Here's What Brokers Think Of DNB Bank ASA (OB:DNB) After Its Second-Quarter Report

The quarterly results for DNB Bank ASA ( OB:DNB ) were released last week, making it a good time to revisit its...
GJF
NOK 278.20
Gjensidige Forsikring
7D
-1.7%
1Y
-1.2%
SALM
NOK 530.00
SalMar
7D
3.6%
1Y
13.4%
HAFNI
NOK 70.25
Hafnia
7D
-2.6%
1Y
27.3%
SB1NO
NOK 207.50
SpareBank 1 Sør-Norge
7D
-2.8%
1Y
15.5%
SPOL
NOK 186.70
SpareBank 1 Østlandet
7D
-4.6%
1Y
-1.0%
Narrative Update • Jun 23

SPOL: Dividend Profile And Steady Assumptions Will Support A Balanced Outlook

Analysts have kept their price target for SpareBank 1 Østlandet steady at NOK 205, citing only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in their overall view of the stock. What's in the News No recent company specific news items for SpareBank 1 Østlandet were identified in the provided sources.
SBNOR
NOK 194.50
Sparebanken Norge
7D
-2.5%
1Y
16.6%
Analysis Article • Jun 20

Sparebanken Norge (OB:SBNOR) Stock Could Be 67% Below Fair Value After Transformation Plan

Sparebanken Norge (OB:SBNOR) has kicked off a broad transformation programme, combining technology upgrades, greater use of artificial intelligence and workforce changes with plans to enter new market areas as competition and inflation pressures remain. See our latest analysis for Sparebanken Norge. At a share price of NOK185.06, Sparebanken Norge has seen its one month share price return decline 3.63% and its year to date share price return fall 5.49%. A 12 month total shareholder return of...
AUTO
NOK 13.46
AutoStore Holdings
7D
8.9%
1Y
94.2%