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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 16, 2026
DataAggregated Company Financials
Companies276
  • 7D-0.4%
  • 3M16.0%
  • 1Y32.1%
  • YTD18.0%

The Information Technology sector gained 6.1% while the market remained flat over the last week. More promisingly, the market is up 32% over the past year. 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
Thu, 16 Apr 2026NOK 4.7tNOK 3.0tNOK 246.2b14.6x19.2x1.6x
Sat, 14 Mar 2026NOK 4.8tNOK 3.1tNOK 250.2b13.9x19.1x1.5x
Mon, 09 Feb 2026NOK 4.5tNOK 3.2tNOK 249.9b15x18.2x1.4x
Wed, 07 Jan 2026NOK 4.3tNOK 3.3tNOK 267.3b14.7x16x1.3x
Fri, 05 Dec 2025NOK 4.1tNOK 3.3tNOK 267.9b13.7x15.4x1.3x
Sun, 02 Nov 2025NOK 4.1tNOK 3.3tNOK 265.9b12.5x15.3x1.2x
Tue, 30 Sep 2025NOK 4.2tNOK 3.2tNOK 294.4b12.7x14.3x1.3x
Thu, 28 Aug 2025NOK 4.2tNOK 3.2tNOK 297.8b12.4x14x1.3x
Sat, 26 Jul 2025NOK 4.1tNOK 3.3tNOK 303.3b13x13.5x1.2x
Mon, 23 Jun 2025NOK 4.1tNOK 3.2tNOK 302.7b12.3x13.6x1.3x
Wed, 21 May 2025NOK 3.9tNOK 3.3tNOK 304.7b12x12.8x1.2x
Fri, 18 Apr 2025NOK 3.7tNOK 3.3tNOK 315.7b11.8x11.8x1.1x
Sun, 16 Mar 2025NOK 3.9tNOK 3.2tNOK 322.2b11.5x12x1.2x
Tue, 11 Feb 2025NOK 3.8tNOK 3.4tNOK 311.6b12.1x12.3x1.1x
Thu, 09 Jan 2025NOK 3.8tNOK 3.5tNOK 339.9b11.9x11.2x1.1x
Sat, 07 Dec 2024NOK 3.8tNOK 3.4tNOK 337.2b11.3x11.2x1.1x
Mon, 04 Nov 2024NOK 3.8tNOK 3.4tNOK 329.8b11x11.4x1.1x
Wed, 02 Oct 2024NOK 3.8tNOK 3.3tNOK 307.1b11.3x12.2x1.1x
Fri, 30 Aug 2024NOK 3.8tNOK 3.3tNOK 305.3b11x12.5x1.2x
Sun, 28 Jul 2024NOK 3.8tNOK 3.4tNOK 301.5b11.1x12.7x1.1x
Tue, 25 Jun 2024NOK 3.9tNOK 3.3tNOK 284.7b11.3x13.6x1.2x
Thu, 23 May 2024NOK 4.1tNOK 3.3tNOK 283.9b11.6x14.3x1.2x
Sat, 20 Apr 2024NOK 4.0tNOK 3.4tNOK 303.3b11.4x13x1.2x
Mon, 18 Mar 2024NOK 3.9tNOK 3.3tNOK 290.3b11.1x13.3x1.2x
Wed, 14 Feb 2024NOK 3.7tNOK 3.3tNOK 272.8b11.7x13.7x1.1x
Fri, 12 Jan 2024NOK 4.0tNOK 3.5tNOK 345.3b10.6x11.5x1.1x
Sun, 10 Dec 2023NOK 4.0tNOK 3.6tNOK 360.6b10.2x11.1x1.1x
Tue, 07 Nov 2023NOK 4.1tNOK 3.6tNOK 366.1b10.7x11.1x1.1x
Thu, 05 Oct 2023NOK 4.0tNOK 3.8tNOK 421.1b10.5x9.5x1.1x
Sat, 02 Sep 2023NOK 4.0tNOK 3.8tNOK 414.3b10.3x9.6x1.1x
Mon, 31 Jul 2023NOK 3.8tNOK 3.6tNOK 402.7b11.1x9.6x1.1x
Wed, 28 Jun 2023NOK 3.8tNOK 3.8tNOK 504.1b11x7.5x1x
Fri, 26 May 2023NOK 3.9tNOK 3.9tNOK 519.4b11.4x7.5x1x
Sun, 23 Apr 2023NOK 3.9tNOK 3.8tNOK 548.2b11.6x7.2x1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 548.2bTotal 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 19.2x 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-0.40%
Tech6.06%
Healthcare4.09%
Materials1.90%
Financials1.59%
Consumer Discretionary-0.24%
Energy-0.32%
Real Estate-0.95%
Industrials-2.04%
Consumer Staples-3.56%
Telecom-3.61%
Utilities-3.89%
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 28.1%, 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
AKRBP Aker BPNOK 339.005.8%
+NOK 11.7b		54.0%PE172.3xEnergy
DNB DNB BankNOK 310.201.9%
+NOK 8.6b		19.4%PB1.5xFinancials
NHY Norsk HydroNOK 107.952.0%
+NOK 4.1b		104.3%PE31.6xMaterials
YAR Yara InternationalNOK 551.002.6%
+NOK 3.6b		76.8%PE10.9xMaterials
NOD Nordic SemiconductorNOK 174.6010.5%
+NOK 3.3b		61.7%PE225.3xTech
See more

Market Insights

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Latest News

DNB
NOK 310.20
DNB Bank
7D
1.9%
1Y
19.4%
SNI
NOK 303.00
Stolt-Nielsen
7D
-9.8%
1Y
35.9%
VAR
NOK 44.45
Vår Energi
7D
1.9%
1Y
52.6%
EQNR
NOK 352.50
Equinor
7D
-2.6%
1Y
42.7%
AKRBP
NOK 339.00
Aker BP
7D
5.8%
1Y
54.0%
KOG
NOK 397.10
Kongsberg Gruppen
7D
-4.6%
1Y
23.5%
PROT
NOK 504.00
Protector Forsikring
7D
4.8%
1Y
53.4%

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 211.20
Mowi
7D
-5.7%
1Y
11.7%

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.
STB
NOK 174.20
Storebrand
7D
-2.6%
1Y
46.9%
YAR
NOK 551.00
Yara International
7D
2.6%
1Y
76.8%
GJF
NOK 263.40
Gjensidige Forsikring
7D
2.2%
1Y
6.4%

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 543.50
SalMar
7D
-6.2%
1Y
7.8%

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.
WAWI
NOK 122.20
Wallenius Wilhelmsen
7D
-4.5%
1Y
73.5%

WAWI: Rich Multiple Will Persist Despite New Auto Shipping Contracts

Analysts have nudged their price target for Wallenius Wilhelmsen higher, with fair value moving from NOK 108.56 to NOK 110.47, reflecting updated assumptions around the discount rate, revenue trends, profit margins and future P/E. What's in the News Renewed contract with a global automotive distributor, with an estimated net freight value of around US$190 million over a firm two year period, plus a one year mutual extension option and a fixed surcharge for multi fuel use (Client announcement).
NHY
NOK 107.95
Norsk Hydro
7D
2.0%
1Y
104.3%

NHY: Extrusion Restructuring And Dividend Will Support Higher Future Earnings Multiples

Norsk Hydro's updated fair value estimate moves to NOK 120 from NOK 110, as analysts factor in slightly higher assumed revenue growth, modestly stronger profit margins, a lower discount rate, and a higher future P/E multiple, supported by a recent series of price target increases and rating upgrades across the Street. Analyst Commentary Recent research on Norsk Hydro shows a mixed set of opinions, but there has been a clear cluster of more constructive views alongside the latest fair value update.
NOD
NOK 174.60
Nordic Semiconductor
7D
10.5%
1Y
61.7%

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.
TEL
NOK 160.70
Telenor
7D
-5.3%
1Y
7.6%