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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies284
  • 7D0.3%
  • 3M-0.5%
  • 1Y10.4%
  • YTD6.5%

The market has stayed flat over the 7 days. Meanwhile, the market is actually up 10% over the past year. 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, 19 Dec 2025NOK 4.2tNOK 3.3tNOK 268.9b14x15.5x1.3x
Sun, 16 Nov 2025NOK 4.1tNOK 3.3tNOK 269.2b12.8x15.1x1.2x
Tue, 14 Oct 2025NOK 4.1tNOK 3.3tNOK 295.9b12.2x13.9x1.3x
Thu, 11 Sep 2025NOK 4.2tNOK 3.2tNOK 294.0b12.6x14.2x1.3x
Sat, 09 Aug 2025NOK 4.1tNOK 3.3tNOK 306.1b13.1x13.4x1.2x
Mon, 07 Jul 2025NOK 4.0tNOK 3.2tNOK 301.8b12.8x13.3x1.2x
Wed, 04 Jun 2025NOK 3.9tNOK 3.2tNOK 303.0b12x12.9x1.2x
Fri, 02 May 2025NOK 3.7tNOK 3.3tNOK 327.3b11.8x11.5x1.1x
Sun, 30 Mar 2025NOK 3.9tNOK 3.3tNOK 319.1b12.1x12.2x1.2x
Tue, 25 Feb 2025NOK 3.9tNOK 3.3tNOK 334.4b11.5x11.5x1.2x
Thu, 23 Jan 2025NOK 3.8tNOK 3.5tNOK 336.8b11.6x11.4x1.1x
Sat, 21 Dec 2024NOK 3.6tNOK 3.5tNOK 340.2b11.4x10.7x1x
Mon, 18 Nov 2024NOK 3.8tNOK 3.4tNOK 330.7b10.8x11.4x1.1x
Wed, 16 Oct 2024NOK 3.8tNOK 3.3tNOK 311.6b11.7x12.1x1.1x
Fri, 13 Sep 2024NOK 3.7tNOK 3.3tNOK 308.9b11.1x11.9x1.1x
Sun, 11 Aug 2024NOK 3.8tNOK 3.3tNOK 299.0b10.9x12.7x1.1x
Tue, 09 Jul 2024NOK 3.8tNOK 3.2tNOK 280.0b11.5x13.5x1.2x
Thu, 06 Jun 2024NOK 3.9tNOK 3.3tNOK 285.4b11.3x13.6x1.2x
Sat, 04 May 2024NOK 4.0tNOK 3.3tNOK 287.7b11.5x13.8x1.2x
Mon, 01 Apr 2024NOK 3.9tNOK 3.4tNOK 303.2b11.7x13x1.2x
Wed, 28 Feb 2024NOK 3.8tNOK 3.3tNOK 268.3b11.5x14x1.1x
Fri, 26 Jan 2024NOK 3.9tNOK 3.5tNOK 347.1b11.3x11.4x1.1x
Sun, 24 Dec 2023NOK 4.0tNOK 3.5tNOK 344.0b10.5x11.7x1.2x
Tue, 21 Nov 2023NOK 4.1tNOK 3.5tNOK 356.2b10.4x11.4x1.1x
Thu, 19 Oct 2023NOK 4.1tNOK 3.8tNOK 428.2b10.7x9.7x1.1x
Sat, 16 Sep 2023NOK 4.1tNOK 3.8tNOK 415.9b10.8x9.8x1.1x
Mon, 14 Aug 2023NOK 3.9tNOK 3.7tNOK 410.3b11.1x9.6x1.1x
Wed, 12 Jul 2023NOK 3.8tNOK 3.8tNOK 490.5b11x7.8x1x
Fri, 09 Jun 2023NOK 3.9tNOK 3.9tNOK 515.4b11.5x7.5x1x
Sun, 07 May 2023NOK 3.9tNOK 3.7tNOK 544.5b11.4x7.2x1x
Tue, 04 Apr 2023NOK 3.9tNOK 3.7tNOK 537.8b11.5x7.3x1.1x
Thu, 02 Mar 2023NOK 4.1tNOK 3.7tNOK 560.0b11.9x7.3x1.1x
Sat, 28 Jan 2023NOK 4.0tNOK 3.6tNOK 486.3b11.8x8.1x1.1x
Mon, 26 Dec 2022NOK 4.0tNOK 3.6tNOK 485.2b11.5x8.3x1.1x
Price to Earnings Ratio

8.3x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 485.2bTotal 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 15.5x 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 2.6% 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 Market0.32%
Utilities2.30%
Consumer Staples2.02%
Materials1.98%
Financials1.62%
Consumer Discretionary1.25%
Healthcare0.40%
Real Estate-0.16%
Industrials-0.27%
Telecom-0.70%
Tech-0.80%
Energy-0.95%
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 289x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 37.9% 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
KOG Kongsberg GruppenNOK 256.702.7%
+NOK 5.8b		-0.7%PE32xIndustrials
DNB DNB BankNOK 275.800.8%
+NOK 3.2b		22.1%PB1.4xFinancials
GJF Gjensidige ForsikringNOK 296.002.1%
+NOK 3.0b		47.9%PE24xFinancials
NHY Norsk HydroNOK 77.321.9%
+NOK 2.9b		24.0%PE13.9xMaterials
ORK OrklaNOK 112.602.6%
+NOK 2.8b		14.7%PE17.5xConsumer Staples
See more

Market Insights

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Latest News

MOWI
NOK 239.20
Mowi
7D
1.9%
1Y
22.0%

MOWI: Future Harvest Volumes And Dividends Will Offset Downgrade And Execution Risks

Analysts have raised their price target on Mowi by approximately NOK 10 to around NOK 257 per share, reflecting a modestly higher fair value despite slightly softer growth and margin assumptions and a recent downgrade to Hold. Analyst Commentary Analysts acknowledge that Mowi remains a high quality salmon producer with solid fundamentals, but the recent downgrade to Hold and modest price target increase signal a more balanced risk reward profile.
VEND
NOK 263.00
Vend Marketplaces
7D
-7.4%
1Y
-21.1%
AUTO
NOK 10.25
AutoStore Holdings
7D
-10.2%
1Y
-5.5%

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

Dec 17
AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price
KOG
NOK 256.70
Kongsberg Gruppen
7D
2.7%
1Y
-0.7%

The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested

Dec 17
The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested
VAR
NOK 31.53
Vår Energi
7D
-1.6%
1Y
-7.0%

VAR: Project Pipeline Will Lift 2030 Production 18% Above Market Estimates

Analysts have nudged their price target on Vår Energi slightly higher, reflecting an upward bias from NOK 33 to NOK 34 at the lower end, and a more bullish NOK 46 target, supported by expectations of a steadily expanding project pipeline and production profile through 2030. Analyst Commentary Recent research updates present a mixed but constructive picture, with price targets now clustered in the mid 30s to mid 40s.
GJF
NOK 296.00
Gjensidige Forsikring
7D
2.1%
1Y
47.9%

GJF: Higher Pricing And IT Setback Will Shape Future Returns

Analysts have raised their price target for Gjensidige Forsikring by about NOK 4 per share, reflecting improved expectations for revenue growth and profit margins as the company benefits from rising Norwegian insurance prices. Analyst Commentary Bullish analysts view the recent upgrade in rating and substantial increase in the price target as evidence that the market had been underestimating Gjensidige Forsikring's earnings power in a higher pricing environment.
WAWI
NOK 101.10
Wallenius Wilhelmsen
7D
-5.6%
1Y
13.9%

WAWI: Neutral Rerating Will Likely Leave Shares Vulnerable To Margin Pressure

Analysts have lifted their price target on Wallenius Wilhelmsen from NOK 75.38 to NOK 84.24, citing a modestly lower discount rate, slightly improved revenue decline expectations, and a higher assumed future price to earnings multiple, despite some compression in projected profit margins. Analyst Commentary Bearish analysts acknowledge that the higher price target reflects a more constructive view on the companys medium term prospects, but they emphasize that the new level still implies limited upside from current trading levels.
AKRBP
NOK 243.10
Aker BP
7D
-2.6%
1Y
12.7%

AKRBP: Future Returns Will Depend On Execution And Disciplined Capital Allocation

Analysts have slightly trimmed their fair value estimate for Aker BP from NOK 262.00 to about NOK 260.82 per share, reflecting a marginally lower discount rate and refined earnings growth assumptions, while maintaining broadly stable long term profitability and valuation multiples. Analyst Commentary Recent commentary on sector peers underscores a growing emphasis on disciplined capital allocation and prioritizing companies with outsized earnings growth, themes that are directly relevant to Aker BP’s investment case.
NHY
NOK 77.32
Norsk Hydro
7D
1.9%
1Y
24.0%

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.
TGS
NOK 86.25
TGS
7D
-6.3%
1Y
-21.4%

TGS: Contract Wins And Index Removal Will Shape Balanced Forward Outlook

Analysts have lowered their price target on TGS to NOK 70 from NOK 88, reflecting a slightly higher discount rate and a modestly richer future P E multiple. Together, these factors point to a less favorable risk reward profile.
DNB
NOK 275.80
DNB Bank
7D
0.8%
1Y
22.1%

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.
ORK
NOK 112.60
Orkla
7D
2.6%
1Y
14.7%

Calculating The Fair Value Of Orkla ASA (OB:ORK)

Dec 02
Calculating The Fair Value Of Orkla ASA (OB:ORK)
COSH
NOK 119.00
Constellation Oil Services Holding
7D
-0.8%
1Y
n/a
TEL
NOK 145.60
Telenor
7D
1.3%
1Y
16.1%
AKER
NOK 732.00
Aker
7D
-2.3%
1Y
35.1%
SB1NO
NOK 191.80
SpareBank 1 Sør-Norge
7D
3.5%
1Y
32.6%

SpareBank 1 Sør-Norge ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year

Nov 03
SpareBank 1 Sør-Norge ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year