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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies279
  • 7D0.6%
  • 3M17.0%
  • 1Y20.1%
  • YTD10.7%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. Meanwhile, the market is actually up 20% over the past year. Looking forward, 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
Tue, 03 Mar 2026NOK 4.6tNOK 3.1tNOK 246.1b14.6x18.8x1.5x
Thu, 29 Jan 2026NOK 4.4tNOK 3.2tNOK 261.1b14.8x16.8x1.4x
Sat, 27 Dec 2025NOK 4.2tNOK 3.3tNOK 266.8b14.5x15.8x1.3x
Mon, 24 Nov 2025NOK 4.0tNOK 3.3tNOK 271.6b13.5x14.7x1.2x
Wed, 22 Oct 2025NOK 4.1tNOK 3.2tNOK 295.5b12.3x13.8x1.3x
Fri, 19 Sep 2025NOK 4.2tNOK 3.2tNOK 292.9b12.4x14.2x1.3x
Sun, 17 Aug 2025NOK 4.1tNOK 3.3tNOK 306.7b13.3x13.4x1.3x
Tue, 15 Jul 2025NOK 4.0tNOK 3.3tNOK 304.0b12.9x13.2x1.2x
Thu, 12 Jun 2025NOK 4.0tNOK 3.2tNOK 301.9b12.6x13.3x1.2x
Sat, 10 May 2025NOK 3.8tNOK 3.3tNOK 314.4b12x12x1.2x
Mon, 07 Apr 2025NOK 3.6tNOK 3.3tNOK 320.3b11.5x11.2x1.1x
Wed, 05 Mar 2025NOK 3.8tNOK 3.3tNOK 334.7b11x11.2x1.1x
Fri, 31 Jan 2025NOK 3.9tNOK 3.5tNOK 337.5b12.3x11.5x1.1x
Sun, 29 Dec 2024NOK 3.7tNOK 3.5tNOK 340.8b11.3x10.9x1.1x
Tue, 26 Nov 2024NOK 3.8tNOK 3.4tNOK 330.5b11.5x11.5x1.1x
Thu, 24 Oct 2024NOK 3.8tNOK 3.4tNOK 318.7b11x11.9x1.1x
Sat, 21 Sep 2024NOK 3.7tNOK 3.3tNOK 305.3b11.3x12.1x1.1x
Mon, 19 Aug 2024NOK 3.8tNOK 3.3tNOK 299.5b11x12.8x1.2x
Wed, 17 Jul 2024NOK 3.8tNOK 3.3tNOK 292.2b11.3x13.1x1.2x
Fri, 14 Jun 2024NOK 3.9tNOK 3.3tNOK 286.4b11.4x13.5x1.2x
Sun, 12 May 2024NOK 4.1tNOK 3.3tNOK 287.3b11.7x14.3x1.2x
Tue, 09 Apr 2024NOK 4.0tNOK 3.3tNOK 296.9b12.4x13.4x1.2x
Thu, 07 Mar 2024NOK 3.8tNOK 3.3tNOK 289.5b11.3x13.1x1.1x
Sat, 03 Feb 2024NOK 3.9tNOK 3.6tNOK 353.2b11.3x11.1x1.1x
Mon, 01 Jan 2024NOK 4.0tNOK 3.5tNOK 341.0b10.9x11.9x1.2x
Wed, 29 Nov 2023NOK 4.0tNOK 3.5tNOK 356.6b10.2x11.3x1.1x
Fri, 27 Oct 2023NOK 4.0tNOK 3.8tNOK 423.2b10.7x9.4x1x
Sun, 24 Sep 2023NOK 4.1tNOK 3.8tNOK 417.8b10.5x9.7x1.1x
Tue, 22 Aug 2023NOK 3.9tNOK 3.7tNOK 421.1b10.3x9.2x1x
Thu, 20 Jul 2023NOK 3.8tNOK 3.7tNOK 452.9b10.6x8.3x1x
Sat, 17 Jun 2023NOK 3.9tNOK 3.8tNOK 498.2b11.5x7.9x1x
Mon, 15 May 2023NOK 3.9tNOK 3.8tNOK 549.2b11.8x7x1x
Wed, 12 Apr 2023NOK 3.9tNOK 3.8tNOK 507.8b11.9x7.8x1x
Fri, 10 Mar 2023NOK 4.0tNOK 3.8tNOK 557.5b11.9x7.2x1.1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 557.5bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12x202420252026
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 18.8x which is higher than its 3-year average PE of 12.0x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 24% 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 Market0.60%
Utilities2.78%
Consumer Discretionary1.89%
Materials1.76%
Energy1.75%
Telecom1.17%
Healthcare0.89%
Consumer Staples-0.054%
Tech-0.13%
Real Estate-0.20%
Financials-0.25%
Industrials-0.74%
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 280x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.9%, which is higher than its past year's earnings growth of 7.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 37% 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 4.2% 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
EQNR EquinorNOK 304.609.8%
+NOK 67.3b		17.4%PE15.7xEnergy
COSH Constellation Oil Services HoldingNOK 136.004.6%
+NOK 9.1b		n/aPS39.9xEnergy
AKRBP Aker BPNOK 296.204.4%
+NOK 7.8b		27.4%PE147.3xEnergy
VAR Vår EnergiNOK 37.638.5%
+NOK 7.4b		18.8%PE12.5xEnergy
NHY Norsk HydroNOK 90.363.4%
+NOK 5.8b		34.3%PE26.4xMaterials
See more

Market Insights

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In many ways, the market is upside down. This new setting might offer some unexpected opportunities for investors.
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Alternatives part 2: 2026 and beyond 🔭

Latest News

ORK
NOK 128.40
Orkla
7D
-1.4%
1Y
17.2%

ORK: Margin Execution And Refined P/E Assumptions Will Shape A Balanced Outlook

Analysts have slightly increased their fair value estimate for Orkla, raising the price target from NOK 122.0 to NOK 124.6. This adjustment reflects updated assumptions on future P/E and margins following recent research updates, which include a downgrade from Kepler Cheuvreux. Analyst Commentary Recent research has turned more cautious on Orkla, even as the fair value estimate has been adjusted to NOK 124.6. Here is how analysts are framing the risk and reward around that new target.
MOWI
NOK 221.00
Mowi
7D
-1.1%
1Y
7.2%
EQNR
NOK 304.60
Equinor
7D
9.8%
1Y
17.4%
BONHR
NOK 247.00
Bonheur
7D
-10.0%
1Y
3.6%
HAUTO
NOK 136.10
Höegh Autoliners
7D
12.8%
1Y
80.0%
AKRBP
NOK 296.20
Aker BP
7D
4.4%
1Y
27.4%
DNB
NOK 301.30
DNB Bank
7D
-0.9%
1Y
15.0%
NHY
NOK 90.36
Norsk Hydro
7D
3.4%
1Y
34.3%
STB
NOK 178.50
Storebrand
7D
-2.2%
1Y
43.5%
SALM
NOK 557.50
SalMar
7D
-2.4%
1Y
1.9%
YAR
NOK 486.70
Yara International
7D
4.6%
1Y
53.5%

YAR: Higher Fair Value Will Expose Execution Risk In Low Emission Ammonia

Analysts have lifted their average price target for Yara International to NOK 310 from around NOK 298, reflecting updated models that factor in a slightly higher assumed profit margin, a modestly higher future P/E multiple, and recent mixed rating changes including both downgrades and upgrades, alongside incremental target increases from the Street. Analyst Commentary Recent Street research on Yara International has been mixed, with some firms turning more cautious even as others see room for upside.
WAWI
NOK 134.70
Wallenius Wilhelmsen
7D
5.6%
1Y
56.2%

WAWI: Softer Revenue And Margin Outlook Will Likely Pressure Shares

Analysts have trimmed their price target for Wallenius Wilhelmsen to NOK83.43 from NOK84.24. This reflects updated assumptions for slightly softer revenue trends, a small reduction in expected profit margins, a modestly higher discount rate, and a higher future P/E of 13.10x.
AUTO
NOK 10.48
AutoStore Holdings
7D
-11.1%
1Y
4.3%
NAS
NOK 15.80
Norwegian Air Shuttle
7D
-7.5%
1Y
37.5%

Q4 2025 Performance &

1. Operating Result (EBIT) • Norwegian reported an operating profit (EBIT) of NOK 21 million in Q4 2025, a turnaround from a loss in the same quarter last year and consistent with internal improvement.
VAR
NOK 37.63
Vår Energi
7D
8.5%
1Y
18.8%

We Think Vår Energi's (OB:VAR) Profit Is Only A Baseline For What They Can Achieve

Feb 17
We Think Vår Energi's (OB:VAR) Profit Is Only A Baseline For What They Can Achieve
COSH
NOK 136.00
Constellation Oil Services Holding
7D
4.6%
1Y
n/a