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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies284
  • 7D0.9%
  • 3M1.1%
  • 1Y10.3%
  • YTD8.4%

In the last week, the market has been flat. More promisingly, the market is up 10% over the past year. Earnings are forecast to grow by 16% 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, 30 Dec 2025NOK 4.2tNOK 3.3tNOK 267.4b14.4x15.8x1.3x
Thu, 27 Nov 2025NOK 4.0tNOK 3.3tNOK 272.2b13.3x14.8x1.2x
Sat, 25 Oct 2025NOK 4.1tNOK 3.2tNOK 296.0b12.4x13.9x1.3x
Mon, 22 Sep 2025NOK 4.2tNOK 3.2tNOK 294.0b12.5x14.2x1.3x
Wed, 20 Aug 2025NOK 4.0tNOK 3.2tNOK 304.3b12.6x13.3x1.2x
Fri, 18 Jul 2025NOK 4.1tNOK 3.3tNOK 300.7b12.9x13.6x1.2x
Sun, 15 Jun 2025NOK 4.1tNOK 3.2tNOK 299.0b12.5x13.6x1.3x
Tue, 13 May 2025NOK 3.8tNOK 3.3tNOK 315.9b12.1x12x1.2x
Thu, 10 Apr 2025NOK 3.5tNOK 3.3tNOK 320.0b11.5x10.9x1.1x
Sat, 08 Mar 2025NOK 3.8tNOK 3.3tNOK 328.4b11.6x11.7x1.2x
Mon, 03 Feb 2025NOK 3.9tNOK 3.5tNOK 338.3b11.9x11.6x1.1x
Wed, 01 Jan 2025NOK 3.7tNOK 3.5tNOK 340.5b11.5x10.9x1.1x
Fri, 29 Nov 2024NOK 3.8tNOK 3.4tNOK 334.7b11.6x11.3x1.1x
Sun, 27 Oct 2024NOK 3.8tNOK 3.4tNOK 326.4b10.9x11.8x1.1x
Tue, 24 Sep 2024NOK 3.7tNOK 3.3tNOK 305.1b11.3x12.2x1.1x
Thu, 22 Aug 2024NOK 3.8tNOK 3.3tNOK 298.0b10.9x12.7x1.2x
Sat, 20 Jul 2024NOK 3.9tNOK 3.3tNOK 297.5b11.3x13x1.2x
Mon, 17 Jun 2024NOK 3.8tNOK 3.3tNOK 287.0b11.3x13.3x1.2x
Wed, 15 May 2024NOK 4.1tNOK 3.3tNOK 286.9b11.9x14.3x1.2x
Fri, 12 Apr 2024NOK 4.0tNOK 3.4tNOK 299.7b11.7x13.3x1.2x
Sun, 10 Mar 2024NOK 3.8tNOK 3.3tNOK 287.2b11.4x13.3x1.1x
Tue, 06 Feb 2024NOK 3.8tNOK 3.5tNOK 355.7b10.9x10.8x1.1x
Thu, 04 Jan 2024NOK 4.0tNOK 3.5tNOK 346.1b10.7x11.7x1.2x
Sat, 02 Dec 2023NOK 4.0tNOK 3.5tNOK 357.7b10.4x11.3x1.1x
Mon, 30 Oct 2023NOK 4.0tNOK 3.6tNOK 364.0b10.7x11x1.1x
Wed, 27 Sep 2023NOK 4.0tNOK 3.8tNOK 419.7b10.5x9.5x1.1x
Fri, 25 Aug 2023NOK 3.9tNOK 3.7tNOK 419.4b10.2x9.2x1x
Sun, 23 Jul 2023NOK 3.8tNOK 3.7tNOK 454.9b10.7x8.4x1x
Tue, 20 Jun 2023NOK 3.9tNOK 3.8tNOK 501.9b11.5x7.8x1x
Thu, 18 May 2023NOK 3.9tNOK 3.8tNOK 554.2b11.8x7x1x
Sat, 15 Apr 2023NOK 4.0tNOK 3.7tNOK 500.7b11.9x8x1.1x
Mon, 13 Mar 2023NOK 4.0tNOK 3.8tNOK 557.3b11.8x7.2x1.1x
Wed, 08 Feb 2023NOK 3.9tNOK 3.7tNOK 504.7b11.7x7.8x1.1x
Fri, 06 Jan 2023NOK 3.9tNOK 3.7tNOK 500.3b11.6x7.8x1.1x
Price to Earnings Ratio

7.8x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 500.3bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.5x20242025
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 15.8x which is higher than its 3-year average PE of 11.5x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 19% per year over the last three years.
  • Revenues have also declined 3.7% 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 Market0.94%
Utilities2.51%
Telecom2.48%
Tech1.73%
Industrials1.64%
Energy1.19%
Consumer Discretionary1.11%
Real Estate0.85%
Materials0.30%
Consumer Staples0.26%
Financials0.083%
Healthcare0.033%
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 286x.
    • 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 50% 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 235.202.2%
+NOK 12.1b		-11.4%PE10.2xEnergy
TEL TelenorNOK 146.202.1%
+NOK 4.1b		15.2%PE19.7xTelecom
AUTO AutoStore HoldingsNOK 11.7410.8%
+NOK 3.8b		5.7%PE48.4xIndustrials
VEND Vend MarketplacesNOK 278.004.4%
+NOK 2.5b		-16.8%PE40.3xTelecom
VAR Vår EnergiNOK 32.352.4%
+NOK 1.9b		-8.3%PE13.8xEnergy
See more

Market Insights

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Latest News

WAWI
NOK 100.40
Wallenius Wilhelmsen
7D
2.4%
1Y
7.4%

Are Investors Undervaluing Wallenius Wilhelmsen ASA (OB:WAWI) By 37%?

Dec 30
Are Investors Undervaluing Wallenius Wilhelmsen ASA (OB:WAWI) By 37%?
COSH
NOK 119.00
Constellation Oil Services Holding
7D
-0.8%
1Y
n/a
EQNR
NOK 235.20
Equinor
7D
2.2%
1Y
-11.4%

EQNR: Renewables Execution Will Drive Long-Term Upside Despite Recent Downgrade

Analysts have lowered their price target on Equinor from NOK 325 to NOK 230, citing concerns about elevated execution risk in renewables, stretched distribution capacity, and a less favorable medium term capital framework relative to peers. Analyst Commentary While the latest revision in price target reflects a more cautious stance on Equinor's near to medium term outlook, some market participants still highlight elements of the story that could support upside over a longer horizon.
NHY
NOK 77.28
Norsk Hydro
7D
-0.3%
1Y
23.6%

NHY: Rising Aluminum Price Hopes Will Likely Prove Overly Optimistic

The analyst fair value estimate for Norsk Hydro has been raised from approximately NOK 46.0 to NOK 50.3. This change reflects analysts' upward revisions to price targets following continued Overweight and Outperform ratings, as well as a stronger outlook for profitability despite modestly weaker revenue growth assumptions. Analyst Commentary Recent research updates have generally reflected a constructive stance on Norsk Hydro, with multiple price target increases signalling confidence in the companys earnings resilience and balance sheet strength.
DNB
NOK 280.30
DNB Bank
7D
-0.2%
1Y
23.5%

DNB: Future Returns Will Balance Profitability Strength Against Macro And Execution Risks

Analysts have nudged their price target on DNB Bank slightly higher to NOK 275.60 from about NOK 274.93, citing modestly stronger profit margin expectations despite mixed recent target revisions across the Street. Analyst Commentary Recent Street updates on DNB Bank present a mixed but generally constructive picture, with price targets adjusting in a relatively tight range and reflecting differing views on execution and earnings momentum.
SALM
NOK 613.00
SalMar
7D
-0.8%
1Y
13.4%

SalMar (OB:SALM) Takes On Some Risk With Its Use Of Debt

Dec 23
SalMar (OB:SALM) Takes On Some Risk With Its Use Of Debt
MOWI
NOK 242.80
Mowi
7D
-0.2%
1Y
24.7%

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 278.00
Vend Marketplaces
7D
4.4%
1Y
-16.8%
AUTO
NOK 11.74
AutoStore Holdings
7D
10.8%
1Y
5.7%

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 258.85
Kongsberg Gruppen
7D
-0.3%
1Y
1.1%

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
TOM
NOK 135.30
Tomra Systems
7D
2.9%
1Y
-7.7%

Should You Think About Buying Tomra Systems ASA (OB:TOM) Now?

Dec 16
Should You Think About Buying Tomra Systems ASA (OB:TOM) Now?
VAR
NOK 32.35
Vår Energi
7D
2.4%
1Y
-8.3%

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.
SUBC
NOK 201.00
Subsea 7
7D
-2.2%
1Y
11.6%
PROT
NOK 519.00
Protector Forsikring
7D
-1.0%
1Y
82.1%
TEL
NOK 146.20
Telenor
7D
2.1%
1Y
15.2%
AKER
NOK 756.00
Aker
7D
1.6%
1Y
37.7%