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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies280
  • 7D3.7%
  • 3M20.4%
  • 1Y23.3%
  • YTD16.8%

Over the last 7 days, the market has risen 3.7%, driven by gains of 7.5% in the Energy sector. As for the past 12 months, the market is up 23%. 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
Thu, 19 Mar 2026NOK 4.9tNOK 3.1tNOK 248.1b14.2x19.7x1.6x
Sat, 14 Feb 2026NOK 4.4tNOK 3.1tNOK 246.4b14.8x18.1x1.5x
Mon, 12 Jan 2026NOK 4.3tNOK 3.3tNOK 267.9b14.6x16x1.3x
Wed, 10 Dec 2025NOK 4.1tNOK 3.3tNOK 268.6b13.8x15.4x1.3x
Fri, 07 Nov 2025NOK 4.0tNOK 3.3tNOK 269.3b12.4x15x1.2x
Sun, 05 Oct 2025NOK 4.2tNOK 3.2tNOK 293.5b12.5x14.3x1.3x
Tue, 02 Sep 2025NOK 4.2tNOK 3.2tNOK 295.2b12.5x14.1x1.3x
Thu, 31 Jul 2025NOK 4.1tNOK 3.3tNOK 305.7b13.1x13.4x1.2x
Sat, 28 Jun 2025NOK 4.0tNOK 3.2tNOK 302.4b12.5x13.3x1.2x
Mon, 26 May 2025NOK 3.9tNOK 3.2tNOK 300.7b12x12.8x1.2x
Wed, 23 Apr 2025NOK 3.7tNOK 3.3tNOK 314.4b11.8x11.7x1.1x
Fri, 21 Mar 2025NOK 4.0tNOK 3.3tNOK 320.4b11.9x12.4x1.2x
Sun, 16 Feb 2025NOK 3.8tNOK 3.3tNOK 327.6b11.1x11.7x1.1x
Tue, 14 Jan 2025NOK 3.9tNOK 3.5tNOK 340.4b11.9x11.3x1.1x
Thu, 12 Dec 2024NOK 3.8tNOK 3.4tNOK 336.6b11.4x11.2x1.1x
Sat, 09 Nov 2024NOK 3.7tNOK 3.4tNOK 325.5b11.5x11.3x1.1x
Mon, 07 Oct 2024NOK 3.8tNOK 3.3tNOK 307.1b11.2x12.4x1.2x
Wed, 04 Sep 2024NOK 3.7tNOK 3.3tNOK 308.3b11.5x12x1.1x
Fri, 02 Aug 2024NOK 3.9tNOK 3.3tNOK 300.2b11.1x13x1.2x
Sun, 30 Jun 2024NOK 3.9tNOK 3.3tNOK 286.6b11.3x13.6x1.2x
Tue, 28 May 2024NOK 4.1tNOK 3.3tNOK 281.1b11.6x14.6x1.3x
Thu, 25 Apr 2024NOK 4.0tNOK 3.4tNOK 302.4b11.5x13.1x1.2x
Sat, 23 Mar 2024NOK 3.9tNOK 3.4tNOK 294.8b11.3x13.3x1.2x
Mon, 19 Feb 2024NOK 3.8tNOK 3.3tNOK 265.8b11.8x14.2x1.1x
Wed, 17 Jan 2024NOK 4.0tNOK 3.5tNOK 349.2b10.8x11.4x1.1x
Fri, 15 Dec 2023NOK 4.0tNOK 3.5tNOK 349.8b10.3x11.5x1.1x
Sun, 12 Nov 2023NOK 4.0tNOK 3.6tNOK 368.4b10.3x11x1.1x
Tue, 10 Oct 2023NOK 4.0tNOK 3.8tNOK 418.7b10.7x9.6x1.1x
Thu, 07 Sep 2023NOK 4.0tNOK 3.8tNOK 416.2b10.6x9.6x1.1x
Sat, 05 Aug 2023NOK 3.9tNOK 3.6tNOK 400.0b11.1x9.7x1.1x
Mon, 03 Jul 2023NOK 3.8tNOK 3.8tNOK 504.4b11.2x7.6x1x
Wed, 31 May 2023NOK 3.8tNOK 3.9tNOK 529.1b11.4x7.2x1x
Fri, 28 Apr 2023NOK 3.9tNOK 3.8tNOK 545.6b11.8x7.2x1x
Sun, 26 Mar 2023NOK 3.7tNOK 3.8tNOK 548.6b11.6x6.8x1x
Price to Earnings Ratio

6.8x


Total Market Cap: NOK 3.7tTotal Earnings: NOK 548.6bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.2x202420252026
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 19.7x which is higher than its 3-year average PE of 12.2x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 23% per year over the last three years.
  • Revenues have also declined 6.5% 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 Market3.73%
Energy7.50%
Industrials4.01%
Tech3.63%
Consumer Staples1.79%
Materials1.39%
Financials0.92%
Healthcare0.31%
Real Estate0.084%
Utilities-0.081%
Consumer Discretionary-0.20%
Telecom-0.62%
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 285x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.4%, 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 33% 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 4.3% 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 359.0011.6%
+NOK 92.3b		34.3%PE18.4xEnergy
KOG Kongsberg GruppenNOK 419.706.8%
+NOK 23.7b		29.2%PE88.5xIndustrials
AKRBP Aker BPNOK 342.9010.5%
+NOK 20.5b		40.6%PE170.3xEnergy
VAR Vår EnergiNOK 44.3412.9%
+NOK 12.6b		34.7%PE14.8xEnergy
YAR Yara InternationalNOK 559.208.8%
+NOK 11.6b		63.0%PE10.8xMaterials
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
Continue reading
What the next 25 years will look like 🔮

Latest News

SB1NO
NOK 205.00
SpareBank 1 Sør-Norge
7D
-1.7%
1Y
21.3%
AKRBP
NOK 342.90
Aker BP
7D
10.5%
1Y
40.6%
SUBC
NOK 256.20
Subsea 7
7D
-0.7%
1Y
51.8%

SUBC: Offshore Backlog And Margin Sustainability Will Shape Balanced Future Prospects

The updated analyst price target for Subsea 7 rises from NOK 228.39 to NOK 274.67, reflecting analysts' higher NOK 254 to NOK 320 price targets that cite Q4 results with high utilization and firmer margins as key support. Analyst Commentary Recent research updates show a wide range of views on Subsea 7, with several bullish analysts lifting price targets while others have moved to more cautious stances.
VAR
NOK 44.34
Vår Energi
7D
12.9%
1Y
34.7%
YAR
NOK 559.20
Yara International
7D
8.8%
1Y
63.0%
SPOL
NOK 208.70
SpareBank 1 Østlandet
7D
-1.6%
1Y
20.5%

SPOL: Dividend Timing And Profitability Assumptions Will Shape A Balanced Outlook

Analysts have nudged their price target on SpareBank 1 Østlandet up by NOK 5 to NOK 205.67, citing updated assumptions that combine a slightly higher discount rate and marginally lower revenue growth with a higher profit margin and a small adjustment to the expected future P/E multiple. What's in the News SpareBank 1 Østlandet announced an annual dividend of NOK 12.70 per share, scheduled for payment on April 8, 2026 (Key Developments).
DNB
NOK 296.80
DNB Bank
7D
2.0%
1Y
8.3%
NOD
NOK 160.80
Nordic Semiconductor
7D
8.4%
1Y
19.1%
CADLR
NOK 57.80
Cadeler
7D
-3.4%
1Y
7.4%

CADLR: Nexra Contracts And Hold Rating Will Support More Balanced Future Returns

Analysts have lowered their Cadeler price target to NOK 59, reflecting slightly reduced fair value estimates along with updated assumptions for the discount rate, revenue growth, profit margins and forward P/E. This adjustment is also consistent with a recent move to a Hold rating in Street research.
VEND
NOK 248.40
Vend Marketplaces
7D
-3.6%
1Y
-12.1%
KOG
NOK 419.70
Kongsberg Gruppen
7D
6.8%
1Y
29.2%
HAFNI
NOK 66.78
Hafnia
7D
-5.2%
1Y
38.2%
SALM
NOK 588.50
SalMar
7D
4.3%
1Y
9.0%

SALM: Dividend And Harvest Guidance Will Shape Fairly Valued Outlook

Analysts have kept their NOK price target for SalMar broadly unchanged at around NOK 600.8. This reflects steady assumptions on discount rate, revenue growth, profit margins and future P/E that support a consistent view of the company’s valuation. What's in the News SalMar kept its 2026 production guidance for Norway, Ocean and Iceland at 296,000 tonnes, with Scottish Sea Farms adjusted to 43,000 tonnes on a 100% basis (Corporate Guidance).
EQNR
NOK 359.00
Equinor
7D
11.6%
1Y
34.3%

EQNR: Offshore Wind Execution And Mixed Ratings Will Shape Measured Long-Term Upside

Analysts have lifted their implied fair value for Equinor from about NOK 298 to around NOK 308, aligning with a series of recent price target moves that now span roughly NOK 214 to NOK 285 as views evolve on its revenue, margin profile, and future P/E. Analyst Commentary Recent Street research on Equinor points to a split view, with some high profile houses tightening their targets at the upper end of the current range while others hold more conservative stances.
NHY
NOK 90.44
Norsk Hydro
7D
-2.8%
1Y
30.2%

NHY: Restructuring And Upstream Exposure Will Shape Balanced Returns Ahead

The updated analyst price target for Norsk Hydro moves to NOK 82.63 from NOK 79.25, with the change broadly supported by recent Street research. Several firms increased their NOK-based targets, while others flagged demand and downstream recovery risks.
B2I
NOK 23.85
B2 Impact
7D
-5.0%
1Y
128.0%

B2 Impact (OB:B2I) Has Announced That It Will Be Increasing Its Dividend To NOK1.90

Feb 15
B2 Impact (OB:B2I) Has Announced That It Will Be Increasing Its Dividend To NOK1.90