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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 04, 2025
DataAggregated Company Financials
Companies288
  • 7D1.3%
  • 3M-1.0%
  • 1Y3.9%
  • YTD4.6%

The market is up 1.3% in the last 7 days, led by the Energy and Industrials sectors. As for the past 12 months, the market is up 3.9%. 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
Thu, 04 Dec 2025NOK 4.1tNOK 3.3tNOK 268.7b13.7x15.2x1.2x
Sat, 01 Nov 2025NOK 4.1tNOK 3.3tNOK 268.5b12.6x15.1x1.2x
Mon, 29 Sep 2025NOK 4.2tNOK 3.2tNOK 294.3b12.5x14.4x1.3x
Wed, 27 Aug 2025NOK 4.2tNOK 3.3tNOK 300.4b12.6x13.9x1.3x
Fri, 25 Jul 2025NOK 4.1tNOK 3.3tNOK 302.6b13x13.6x1.3x
Sun, 22 Jun 2025NOK 4.1tNOK 3.2tNOK 302.7b12.3x13.6x1.3x
Tue, 20 May 2025NOK 3.9tNOK 3.3tNOK 308.8b12x12.6x1.2x
Thu, 17 Apr 2025NOK 3.7tNOK 3.3tNOK 318.2b11.8x11.7x1.1x
Sat, 15 Mar 2025NOK 3.9tNOK 3.2tNOK 322.2b11.5x12x1.2x
Mon, 10 Feb 2025NOK 3.8tNOK 3.4tNOK 312.3b12x12.3x1.1x
Wed, 08 Jan 2025NOK 3.8tNOK 3.5tNOK 338.7b12x11.3x1.1x
Fri, 06 Dec 2024NOK 3.8tNOK 3.4tNOK 335.2b11.3x11.4x1.1x
Sun, 03 Nov 2024NOK 3.8tNOK 3.4tNOK 329.6b11x11.4x1.1x
Tue, 01 Oct 2024NOK 3.7tNOK 3.3tNOK 306.0b11.2x12.2x1.1x
Thu, 29 Aug 2024NOK 3.8tNOK 3.3tNOK 304.0b11x12.5x1.2x
Sat, 27 Jul 2024NOK 3.8tNOK 3.4tNOK 301.5b11.1x12.7x1.1x
Mon, 24 Jun 2024NOK 3.8tNOK 3.3tNOK 285.3b11.2x13.5x1.2x
Wed, 22 May 2024NOK 4.1tNOK 3.3tNOK 283.0b11.4x14.4x1.2x
Fri, 19 Apr 2024NOK 4.0tNOK 3.4tNOK 303.3b11.4x13x1.2x
Sun, 17 Mar 2024NOK 3.9tNOK 3.4tNOK 290.3b11.1x13.3x1.2x
Tue, 13 Feb 2024NOK 3.8tNOK 3.3tNOK 274.0b11.7x13.8x1.1x
Thu, 11 Jan 2024NOK 4.0tNOK 3.5tNOK 346.2b10.6x11.6x1.1x
Sat, 09 Dec 2023NOK 4.0tNOK 3.6tNOK 361.0b10.2x11.1x1.1x
Mon, 06 Nov 2023NOK 4.0tNOK 3.6tNOK 366.7b10.6x11x1.1x
Wed, 04 Oct 2023NOK 4.0tNOK 3.8tNOK 420.8b10.6x9.5x1.1x
Fri, 01 Sep 2023NOK 3.9tNOK 3.7tNOK 412.5b10.4x9.5x1x
Sun, 30 Jul 2023NOK 3.8tNOK 3.6tNOK 402.8b11.1x9.6x1.1x
Tue, 27 Jun 2023NOK 3.8tNOK 3.8tNOK 504.3b11.2x7.5x1x
Thu, 25 May 2023NOK 3.9tNOK 3.9tNOK 519.4b11.4x7.5x1x
Sat, 22 Apr 2023NOK 3.9tNOK 3.8tNOK 548.8b11.6x7.2x1x
Mon, 20 Mar 2023NOK 3.8tNOK 3.8tNOK 557.4b11.3x6.8x1x
Wed, 15 Feb 2023NOK 4.1tNOK 3.7tNOK 566.3b11.9x7.2x1.1x
Fri, 13 Jan 2023NOK 3.9tNOK 3.6tNOK 488.0b11.7x8.1x1.1x
Sun, 11 Dec 2022NOK 4.0tNOK 3.6tNOK 488.3b11.6x8.2x1.1x
Price to Earnings Ratio

8.2x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 488.3bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.3x202320242025
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 15.2x which is higher than its 3-year average PE of 11.3x.
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 Market1.26%
Tech3.26%
Healthcare3.20%
Materials2.54%
Consumer Staples2.12%
Industrials2.07%
Consumer Discretionary1.81%
Financials1.20%
Energy1.06%
Utilities0.82%
Real Estate0.53%
Telecom-2.96%
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 292x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 37.7% 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 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
EQNR EquinorNOK 234.401.4%
+NOK 8.3b		-12.2%PE10.2xEnergy
KOG Kongsberg GruppenNOK 240.502.9%
+NOK 5.9b		-10.9%PE30xIndustrials
DNB DNB BankNOK 273.001.5%
+NOK 5.8b		17.2%PB1.4xFinancials
MOWI MowiNOK 233.804.7%
+NOK 5.5b		15.2%PE26.5xConsumer Staples
AKRBP Aker BPNOK 250.102.4%
+NOK 3.7b		8.4%PE18.7xEnergy
See more

Market Insights

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In this piece, we’ll cover the key defensive sectors across the US, Canada, the UK, Europe, and Australia, compare their valuations to the broader market, and highlight where “safety” might actually be expensive risk in disguise.
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KOG
NOK 240.50
Kongsberg Gruppen
7D
2.9%
1Y
-10.9%

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

Dec 02
Estimating The Intrinsic Value Of Kongsberg Gruppen ASA (OB:KOG)
ORK
NOK 107.10
Orkla
7D
-1.1%
1Y
4.5%

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

Dec 02
Calculating The Fair Value Of Orkla ASA (OB:ORK)
YAR
NOK 380.00
Yara International
7D
3.6%
1Y
17.6%

We Think Yara International (OB:YAR) Can Stay On Top Of Its Debt

Dec 02
We Think Yara International (OB:YAR) Can Stay On Top Of Its Debt
VEND
NOK 269.60
Vend Marketplaces
7D
-5.4%
1Y
-25.8%

Should You Investigate Vend Marketplaces ASA (OB:VEND) At kr281?

Dec 01
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MOWI
NOK 233.80
Mowi
7D
4.7%
1Y
15.2%
SUBC
NOK 191.30
Subsea 7
7D
-2.2%
1Y
6.9%

SUBC: Margin Expansion And Major Offshore Contracts Will Drive Share Performance

The analyst price target for Subsea 7 has been adjusted downward by NOK 4 to NOK 208. Analysts cite evolving revenue growth and industry-wide preferences for companies with stronger growth prospects.
AKRBP
NOK 250.10
Aker BP
7D
2.4%
1Y
8.4%

AKRBP: Future Returns Will Rely On Execution Amid Mixed Industry Outlook

Analysts have slightly increased their price target for Aker BP from NOK 261.41 to NOK 262.00, citing the company's stable profit margins, as well as modest improvements in both revenue growth outlook and future valuation multiples. Analyst Commentary Analyst perspectives on Aker BP remain mixed, reflecting a balance between the company’s strong performance indicators and industry-wide dynamics.
EQNR
NOK 234.40
Equinor
7D
1.4%
1Y
-12.2%

EQNR: Renewables Execution Risks and Capital Distribution Will Shape Future Performance

Equinor's fair value target was modestly increased to NOK 246.41 from NOK 245.80, as analysts cite persistent execution risks and subdued operational outlooks for the company, despite minor adjustments to financial assumptions. Analyst Commentary Recent street research highlights a cautious shift in sentiment toward Equinor, as several analysts have lowered their outlook and price targets.
NHY
NOK 72.90
Norsk Hydro
7D
2.4%
1Y
4.6%

NHY: Cost Reductions And Power Investment Will Define Fair Performance Ahead

Norsk Hydro’s analyst price target has risen by NOK 2 to NOK 72.13, as analysts cite improved forecasts for fair value and revenue growth as the main drivers behind this update. Analyst Commentary Recent adjustments to Norsk Hydro’s price target reflect a mix of bullish optimism and cautious perspectives among market analysts.
DNB
NOK 273.00
DNB Bank
7D
1.5%
1Y
17.2%

DNB: Future Performance Will Weigh Resilient Margins Against Macro Risks

The analyst price target for DNB Bank has been slightly lowered, as recent updates reflect a NOK 0.20 decrease in fair value. This change comes as analysts factor in marginal adjustments to growth, profitability, and discount rate assumptions.
SALM
NOK 603.50
SalMar
7D
3.1%
1Y
3.4%

SALM: Future Harvest Volumes Will Drive Reassessment Of Profit Margin Direction

SalMar's analyst fair value price target has increased by NOK 12.50 to NOK 605.00. Analysts cite improved profit margin projections and recently raised targets from several banks as key drivers for the update.
STB
NOK 155.70
Storebrand
7D
-1.7%
1Y
25.5%
TEL
NOK 143.90
Telenor
7D
-2.2%
1Y
13.1%
NORCO
NOK 43.90
Norconsult
7D
-3.4%
1Y
4.2%
AKER
NOK 765.00
Aker
7D
-1.2%
1Y
29.4%
SDNS
NOK 21.00
Shelf Drilling (North Sea)
7D
-29.3%
1Y
-31.6%