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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 12, 2025
DataAggregated Company Financials
Companies285
  • 7D0.7%
  • 3M-0.7%
  • 1Y7.0%
  • YTD6.2%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 3.1%. As for the longer term, the market has risen 6.2% in the past 12 months. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 12 Dec 2025NOK 4.1tNOK 3.3tNOK 267.7b13.7x15.5x1.3x
Sun, 09 Nov 2025NOK 4.0tNOK 3.3tNOK 273.0b12.8x14.8x1.2x
Tue, 07 Oct 2025NOK 4.2tNOK 3.2tNOK 293.2b12.4x14.4x1.3x
Thu, 04 Sep 2025NOK 4.1tNOK 3.2tNOK 295.5b12.4x13.8x1.3x
Sat, 02 Aug 2025NOK 4.1tNOK 3.3tNOK 305.6b13.1x13.3x1.2x
Mon, 30 Jun 2025NOK 4.0tNOK 3.2tNOK 302.4b12.5x13.3x1.2x
Wed, 28 May 2025NOK 3.9tNOK 3.2tNOK 301.7b12x13x1.2x
Fri, 25 Apr 2025NOK 3.7tNOK 3.3tNOK 317.7b12x11.7x1.1x
Sun, 23 Mar 2025NOK 4.0tNOK 3.3tNOK 319.3b12.1x12.4x1.2x
Tue, 18 Feb 2025NOK 3.8tNOK 3.3tNOK 327.7b11.2x11.6x1.2x
Thu, 16 Jan 2025NOK 3.9tNOK 3.5tNOK 338.0b12.2x11.5x1.1x
Sat, 14 Dec 2024NOK 3.7tNOK 3.4tNOK 336.7b11.2x11.1x1.1x
Mon, 11 Nov 2024NOK 3.7tNOK 3.4tNOK 326.9b11.1x11.3x1.1x
Wed, 09 Oct 2024NOK 3.7tNOK 3.3tNOK 308.1b11.2x12.2x1.1x
Fri, 06 Sep 2024NOK 3.7tNOK 3.3tNOK 307.3b10.9x12x1.1x
Sun, 04 Aug 2024NOK 3.8tNOK 3.3tNOK 300.2b10.8x12.6x1.1x
Tue, 02 Jul 2024NOK 3.9tNOK 3.3tNOK 286.6b11.3x13.7x1.2x
Thu, 30 May 2024NOK 4.1tNOK 3.3tNOK 281.6b11.3x14.5x1.2x
Sat, 27 Apr 2024NOK 4.0tNOK 3.4tNOK 278.0b11.4x14.4x1.2x
Mon, 25 Mar 2024NOK 3.9tNOK 3.4tNOK 300.5b11.3x13x1.2x
Wed, 21 Feb 2024NOK 3.8tNOK 3.3tNOK 265.4b11.3x14.2x1.1x
Fri, 19 Jan 2024NOK 3.9tNOK 3.5tNOK 350.7b10.8x11.2x1.1x
Sun, 17 Dec 2023NOK 4.0tNOK 3.5tNOK 350.0b10.4x11.4x1.1x
Tue, 14 Nov 2023NOK 4.1tNOK 3.6tNOK 365.2b10.3x11.2x1.1x
Thu, 12 Oct 2023NOK 4.1tNOK 3.8tNOK 420.9b10.7x9.6x1.1x
Sat, 09 Sep 2023NOK 4.0tNOK 3.8tNOK 414.0b10.8x9.6x1.1x
Mon, 07 Aug 2023NOK 3.9tNOK 3.6tNOK 401.2b11.1x9.7x1.1x
Wed, 05 Jul 2023NOK 3.9tNOK 3.8tNOK 501.2b11.1x7.7x1x
Fri, 02 Jun 2023NOK 3.8tNOK 3.9tNOK 522.3b11.4x7.3x1x
Sun, 30 Apr 2023NOK 4.0tNOK 3.8tNOK 546.5b12.1x7.3x1x
Tue, 28 Mar 2023NOK 3.8tNOK 3.8tNOK 548.8b11.6x6.9x1x
Thu, 23 Feb 2023NOK 4.0tNOK 3.7tNOK 576.0b11.4x7x1.1x
Sat, 21 Jan 2023NOK 3.9tNOK 3.6tNOK 486.7b11.6x8.1x1.1x
Mon, 19 Dec 2022NOK 4.0tNOK 3.6tNOK 485.8b11.6x8.1x1.1x
Price to Earnings Ratio

8.1x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 485.8bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.4x202320242025
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 15.3x which is higher than its 3-year average PE of 11.4x.
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 2.7% 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 Market0.74%
Materials2.28%
Financials2.16%
Tech2.12%
Industrials1.51%
Consumer Discretionary1.44%
Healthcare1.40%
Telecom0.46%
Consumer Staples0.23%
Utilities-0.55%
Energy-0.70%
Real Estate-0.97%
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 291x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 38.6% 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 industry is expected to see its earnings growth to stay flat 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 273.601.9%
+NOK 7.5b		19.6%PB1.4xFinancials
WAWI Wallenius WilhelmsenNOK 107.1011.6%
+NOK 4.7b		7.2%PE4xIndustrials
NHY Norsk HydroNOK 75.862.6%
+NOK 3.8b		15.8%PE13.7xMaterials
KOG Kongsberg GruppenNOK 250.051.7%
+NOK 3.7b		-3.7%PE31.2xIndustrials
GJF Gjensidige ForsikringNOK 290.002.5%
+NOK 3.5b		43.3%PE23.5xFinancials
See more

Market Insights

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VEND
NOK 284.00
Vend Marketplaces
7D
5.0%
1Y
-19.2%
NHY
NOK 75.86
Norsk Hydro
7D
2.6%
1Y
15.8%

NHY: Cost Cuts And Hydropower Expansion Will Drive Balanced Returns Ahead

Norsk Hydro's analyst fair value estimate has been lifted to about NOK 74 from roughly NOK 72, as analysts point to a series of recent price target hikes across major banks. These reflect slightly stronger profit margin expectations and more supportive forward valuation multiples, despite modestly weaker revenue growth assumptions.
HAFNI
NOK 57.64
Hafnia
7D
-3.9%
1Y
-3.1%
NOD
NOK 130.10
Nordic Semiconductor
7D
-4.9%
1Y
25.2%

NOD: Future Demand Recovery Will Support Shares Amid Mixed Sector Sentiment

Analysts have slightly reduced their price target on Nordic Semiconductor, with our fair value estimate decreasing from NOK 146.77 to NOK 145.70. This revision reflects modestly lower assumptions for top line growth and adjusted sector multiples, while long term profitability and valuation frameworks remain supportive.
YAR
NOK 397.00
Yara International
7D
3.2%
1Y
21.6%

YAR: Lower Multiple And Margin Outlook Will Shape Future Share Performance

Analysts have nudged their price target on Yara International slightly lower, trimming it by about NOK 25 to around NOK 365. Modestly improved margin and growth assumptions are offset by a lower valuation multiple and a slightly reduced fair value estimate.
DNB
NOK 273.60
DNB Bank
7D
1.9%
1Y
19.6%

DNB: Future Returns Will Reflect Profitability Strength Amid Macro And Capital Risks

Analysts have modestly revised their price target for DNB Bank to NOK 283, reflecting slightly lower long term growth assumptions but improved profitability expectations that keep the stock’s valuation attractive relative to its forward earnings multiple. Analyst Commentary Recent Street research on DNB Bank reflects a mixed but generally constructive stance, with some analysts turning more positive on the bank’s earnings trajectory and capital return potential, while others remain cautious on valuation and macro headwinds.
WAWI
NOK 107.10
Wallenius Wilhelmsen
7D
11.6%
1Y
7.2%
BWLPG
NOK 119.50
BWG
7D
-5.3%
1Y
-4.2%
STB
NOK 165.60
Storebrand
7D
5.1%
1Y
37.2%

STB: Future Profit Margins And Leadership Changes Will Shape Outlook

Analysts have raised their price target for Storebrand from NOK 147.50 to NOK 157.75, citing stronger profit margins and a recent upgrade to Buy from Hold as key factors. Analyst Commentary Recent analyst updates reflect increasing confidence in Storebrand's earnings outlook and market positioning.
EQNR
NOK 231.60
Equinor
7D
-1.5%
1Y
-10.9%
AKRBP
NOK 249.70
Aker BP
7D
-0.8%
1Y
11.9%
KOG
NOK 250.05
Kongsberg Gruppen
7D
1.7%
1Y
-3.7%

Estimating The Intrinsic Value Of Kongsberg Gruppen ASA (OB:KOG)

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TOM
NOK 133.80
Tomra Systems
7D
-1.8%
1Y
-10.6%

TOM: Poland Market Entry Will Drive Upside Amid Competitive Headwinds Ahead

Analysts have revised Tomra Systems' price target downward from NOK 155 to NOK 135. This change reflects concerns about persistent rollout challenges in deposit return systems, rising competition, and continued softness in the recycling segment.
GJF
NOK 290.00
Gjensidige Forsikring
7D
2.5%
1Y
43.3%

GJF: Upgrades Will Support Shareholder Value as Insurance Prices Stay Elevated

Analysts have increased their fair value estimate for Gjensidige Forsikring from NOK 279.83 to NOK 288.14, citing stronger profit margins and the positive impact of rising insurance prices in Norway. Analyst Commentary Bullish Takeaways Bullish analysts have upgraded their outlook on Gjensidige Forsikring, reflecting confidence in the company's ability to capture higher margins due to favorable developments in insurance pricing.
TEL
NOK 143.80
Telenor
7D
-0.8%
1Y
13.9%
AKER
NOK 749.00
Aker
7D
-1.3%
1Y
30.7%