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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies282
  • 7D-0.2%
  • 3M3.4%
  • 1Y7.5%
  • YTD-0.2%

Over the last 7 days, the market has remained flat, although notably the Industrials sector gained 4.7% in that time. More promisingly, the market is up 7.5% over the past year. Earnings are forecast to grow by 15% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026NOK 4.3tNOK 3.3tNOK 267.9b14.6x16x1.3x
Tue, 09 Dec 2025NOK 4.1tNOK 3.3tNOK 267.3b13.9x15.5x1.3x
Thu, 06 Nov 2025NOK 4.1tNOK 3.3tNOK 266.2b12.9x15.2x1.2x
Sat, 04 Oct 2025NOK 4.2tNOK 3.2tNOK 293.5b12.5x14.3x1.3x
Mon, 01 Sep 2025NOK 4.2tNOK 3.2tNOK 297.2b12.6x14x1.3x
Wed, 30 Jul 2025NOK 4.1tNOK 3.3tNOK 303.8b13.1x13.6x1.3x
Fri, 27 Jun 2025NOK 4.0tNOK 3.2tNOK 302.2b12.5x13.2x1.2x
Sun, 25 May 2025NOK 3.9tNOK 3.2tNOK 300.8b12x12.8x1.2x
Tue, 22 Apr 2025NOK 3.7tNOK 3.3tNOK 315.5b11.8x11.8x1.1x
Thu, 20 Mar 2025NOK 4.0tNOK 3.3tNOK 320.7b11.9x12.4x1.2x
Sat, 15 Feb 2025NOK 3.8tNOK 3.3tNOK 322.3b11.5x11.8x1.2x
Mon, 13 Jan 2025NOK 3.9tNOK 3.5tNOK 340.3b11.9x11.3x1.1x
Wed, 11 Dec 2024NOK 3.8tNOK 3.4tNOK 337.2b11.3x11.2x1.1x
Fri, 08 Nov 2024NOK 3.7tNOK 3.4tNOK 321.1b11.5x11.5x1.1x
Sun, 06 Oct 2024NOK 3.8tNOK 3.3tNOK 307.0b11.2x12.4x1.2x
Tue, 03 Sep 2024NOK 3.8tNOK 3.3tNOK 305.5b11.8x12.4x1.2x
Thu, 01 Aug 2024NOK 3.9tNOK 3.3tNOK 299.5b11.2x13x1.2x
Sat, 29 Jun 2024NOK 3.9tNOK 3.3tNOK 286.6b11.3x13.6x1.2x
Mon, 27 May 2024NOK 4.1tNOK 3.3tNOK 282.9b11.6x14.4x1.2x
Wed, 24 Apr 2024NOK 3.9tNOK 3.4tNOK 297.7b11.6x13.2x1.2x
Fri, 22 Mar 2024NOK 3.9tNOK 3.3tNOK 293.1b11.5x13.3x1.2x
Sun, 18 Feb 2024NOK 3.8tNOK 3.3tNOK 265.8b11.8x14.2x1.1x
Tue, 16 Jan 2024NOK 4.0tNOK 3.5tNOK 346.4b11x11.5x1.1x
Thu, 14 Dec 2023NOK 4.0tNOK 3.6tNOK 361.0b10.3x11x1.1x
Sat, 11 Nov 2023NOK 4.0tNOK 3.6tNOK 367.5b10.4x11x1.1x
Mon, 09 Oct 2023NOK 3.9tNOK 3.8tNOK 422.5b10.5x9.3x1x
Wed, 06 Sep 2023NOK 4.0tNOK 3.8tNOK 415.3b10.4x9.6x1.1x
Fri, 04 Aug 2023NOK 3.9tNOK 3.6tNOK 404.3b11.1x9.5x1.1x
Sun, 02 Jul 2023NOK 3.8tNOK 3.8tNOK 504.4b11.2x7.6x1x
Tue, 30 May 2023NOK 3.8tNOK 3.9tNOK 525.1b11.4x7.3x1x
Thu, 27 Apr 2023NOK 3.9tNOK 3.8tNOK 545.7b11.4x7.2x1x
Sat, 25 Mar 2023NOK 3.7tNOK 3.8tNOK 549.8b11.6x6.8x1x
Mon, 20 Feb 2023NOK 4.0tNOK 3.7tNOK 572.5b11.6x7.1x1.1x
Wed, 18 Jan 2023NOK 3.9tNOK 3.6tNOK 485.7b11.8x8.1x1.1x
Price to Earnings Ratio

8.1x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 485.7bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.6x202420252026
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 16.0x which is higher than its 3-year average PE of 11.6x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 18% per year over the last three years.
  • Revenues have also declined 2.8% 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-0.15%
Industrials4.72%
Tech2.40%
Healthcare0.94%
Real Estate0.79%
Utilities0.57%
Energy0.26%
Materials0.12%
Telecom-0.11%
Consumer Discretionary-0.13%
Financials-2.94%
Consumer Staples-4.18%
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 283x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 34.7% which is higher than its past year's earnings decline of 0.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 51% over the next 5 years.
  • This is better than its past earnings growth rate of 40% per year.
  • In contrast, the Real Estate sector is expected to see its earnings grow by 3.2% 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
KOG Kongsberg GruppenNOK 299.2511.2%
+NOK 26.4b		20.0%PE37.3xIndustrials
NHY Norsk HydroNOK 81.682.8%
+NOK 4.4b		26.9%PE14.7xMaterials
HAFNI HafniaNOK 58.0610.5%
+NOK 2.7b		-14.0%PE9.2xEnergy
VEND Vend MarketplacesNOK 291.003.7%
+NOK 2.2b		-12.5%PE42.2xTelecom
OET Okeanis Eco TankersNOK 380.5017.3%
+NOK 2.0b		40.7%PE17.4xEnergy
See more

Market Insights

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Latest News

YAR
NOK 396.20
Yara International
7D
-3.5%
1Y
26.1%

YAR: Raised NOK 430 Expectation Will Expose Execution Risks Ahead

Narrative Update on Yara International Analysts have lifted their price target for Yara International to NOK 430 from NOK 387. This reflects updated views on fair value, discount rate, revenue expectations, profit margins and future P/E assumptions.
SALM
NOK 579.50
SalMar
7D
-6.4%
1Y
7.7%

Is SalMar ASA (OB:SALM) Potentially Undervalued?

Jan 10
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AKRBP
NOK 262.50
Aker BP
7D
1.0%
1Y
4.1%

AKRBP: Revised Earnings Assumptions Will Support Higher Future P/E Multiple

Analysts have lifted their fair value estimate for Aker BP to $320 from $300, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E that they see as better reflecting the stock's current risk and earnings profile. Analyst Commentary Bullish analysts point to the revised fair value estimate of $320 as a sign that updated assumptions on discount rates, revenue growth, profit margins and future P/E now align more closely with how they see Aker BP's risk and earnings profile.
OET
NOK 380.50
Okeanis Eco Tankers
7D
17.3%
1Y
40.7%
DNB
NOK 276.20
DNB Bank
7D
-2.6%
1Y
20.4%

DNB: Future Returns Will Reflect Legal Uncertainty And Stable Profitability Assumptions

The analyst price target for DNB Bank has shifted slightly higher to NOK 276.80 from NOK 275.60. Analysts attribute this to updated views on revenue growth, profit margins, discount rates and future P/E multiples, following recent target revisions from NOK 286 to NOK 283 and from NOK 252 to NOK 265.
WAWI
NOK 103.80
Wallenius Wilhelmsen
7D
3.3%
1Y
7.0%

WAWI: Contract Wins And Rating Upgrade Will Support Future Share Upside

Analysts have trimmed their fair value estimate for Wallenius Wilhelmsen from NOK 120.08 to NOK 118.55, reflecting updated assumptions for weaker revenue growth, lower profit margins and a higher future P/E, in line with a recent shift in Street views that includes an upgrade to Hold with an NOK 84 price target. Analyst Commentary Recent Street research has shifted to a more neutral stance, with bullish analysts moving from a Sell view to Hold and setting an NOK 84 price target.
NHY
NOK 81.68
Norsk Hydro
7D
2.8%
1Y
26.9%

NHY: Restructuring And Hydropower Expansion Are Expected To Support Higher Multiples

Narrative Update The analyst price target for Norsk Hydro has moved to NOK 99 from NOK 79. Analysts attribute this change to updated views on long-term fair value, margins and future P/E support, as reflected in recent target increases across the Street.
BAKKA
NOK 475.40
P/F Bakkafrost
7D
-8.1%
1Y
-22.7%

BAKKA: NOK 540 Outlook Will Highlight Steady Operations And Execution Risk

Analysts have slightly raised their price target on P/F Bakkafrost to about NOK 540 from roughly NOK 538, citing updated assumptions around fair value and future P/E, while keeping core growth and margin expectations broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts see the NOK 540 price target as aligned with their fair value work, suggesting current pricing assumptions and P/E expectations still support the investment case.
KOG
NOK 299.25
Kongsberg Gruppen
7D
11.2%
1Y
20.0%

KOG: Upgraded Ratings And Demerger Plan Will Reshape Future Return Profile

The analyst price target for Kongsberg Gruppen has been revised from NOK 420 to NOK 329, with analysts pointing to adjusted expectations for revenue growth, profit margins, and future P/E, alongside recent rating changes across the Street. Analyst Commentary Recent Street research on Kongsberg Gruppen reflects a mixed but generally improving stance, with several bullish analysts moving their ratings higher while setting a range of price targets in NOK 252 to NOK 285.
HAFNI
NOK 58.06
Hafnia
7D
10.5%
1Y
-14.0%

HAFNI: Future Dividend Stream Will Support Returns Despite Softer Margins

Analysts have kept their price target for Hafnia broadly unchanged, reflecting largely stable assumptions on fair value, discount rate and future P/E, while refining expectations around profit margins and revenue trends. What's in the News Hafnia Limited declared a quarterly dividend of US$0.1470 per share.
MOWI
NOK 231.20
Mowi
7D
-5.3%
1Y
18.4%

Mowi ASA's (OB:MOWI) Earnings Haven't Escaped The Attention Of Investors

Dec 31
Mowi ASA's (OB:MOWI) Earnings Haven't Escaped The Attention Of Investors
GJF
NOK 282.80
Gjensidige Forsikring
7D
-6.3%
1Y
37.8%

GJF: Higher Pricing And Fair Valuation Will Shape Future Returns

Analysts have raised their price target for Gjensidige Forsikring significantly, from NOK 185 to NOK 321, citing the company's improving outlook, which is supported by rising Norwegian insurance prices. Analyst Commentary Bullish analysts point to the substantial increase in the price target as evidence that the market has been underestimating Gjensidige Forsikring's earnings power in a firming pricing environment.
EQNR
NOK 239.70
Equinor
7D
-0.8%
1Y
-18.5%

EQNR: Renewables Execution Will Drive Long-Term Upside Despite Recent Downgrade

Analysts have lowered their price target on Equinor from NOK 325 to NOK 230, citing concerns about elevated execution risk in renewables, stretched distribution capacity, and a less favorable medium term capital framework relative to peers. Analyst Commentary While the latest revision in price target reflects a more cautious stance on Equinor's near to medium term outlook, some market participants still highlight elements of the story that could support upside over a longer horizon.
VEND
NOK 291.00
Vend Marketplaces
7D
3.7%
1Y
-12.5%
AUTO
NOK 12.53
AutoStore Holdings
7D
4.0%
1Y
18.7%

AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price

Dec 17
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TEL
NOK 144.00
Telenor
7D
-1.2%
1Y
12.6%