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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies280
  • 7D5.1%
  • 3M22.6%
  • 1Y29.7%
  • YTD21.8%

The market has climbed 5.1% in the last 7 days, lead by the Energy sector with a gain of 7.9%. The market is up 30% over the last 12 months. Looking forward, earnings are forecast to grow by 11% 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, 02 Apr 2026NOK 4.9tNOK 3.1tNOK 252.7b14.5x19.3x1.6x
Sat, 28 Feb 2026NOK 4.6tNOK 3.1tNOK 247.6b14.6x18.7x1.5x
Mon, 26 Jan 2026NOK 4.4tNOK 3.2tNOK 262.9b14.8x16.6x1.4x
Wed, 24 Dec 2025NOK 4.2tNOK 3.3tNOK 267.5b14.4x15.7x1.3x
Fri, 21 Nov 2025NOK 4.0tNOK 3.3tNOK 270.7b13.5x14.9x1.2x
Sun, 19 Oct 2025NOK 4.1tNOK 3.3tNOK 295.3b12.2x13.8x1.3x
Tue, 16 Sep 2025NOK 4.2tNOK 3.2tNOK 292.0b12.7x14.3x1.3x
Thu, 14 Aug 2025NOK 4.0tNOK 3.3tNOK 306.6b13.3x13.1x1.2x
Sat, 12 Jul 2025NOK 4.0tNOK 3.2tNOK 302.3b12.6x13.3x1.2x
Mon, 09 Jun 2025NOK 3.9tNOK 3.2tNOK 302.6b12.2x13.1x1.2x
Wed, 07 May 2025NOK 3.8tNOK 3.3tNOK 322.7b12x11.7x1.2x
Fri, 04 Apr 2025NOK 3.8tNOK 3.2tNOK 317.8b11.9x11.9x1.2x
Sun, 02 Mar 2025NOK 3.8tNOK 3.4tNOK 336.0b11.5x11.4x1.1x
Tue, 28 Jan 2025NOK 3.8tNOK 3.4tNOK 336.8b12.1x11.4x1.1x
Thu, 26 Dec 2024NOK 3.7tNOK 3.5tNOK 340.3b11.2x10.8x1.1x
Sat, 23 Nov 2024NOK 3.8tNOK 3.4tNOK 330.8b11.2x11.5x1.1x
Mon, 21 Oct 2024NOK 3.7tNOK 3.3tNOK 314.9b10.8x11.9x1.1x
Wed, 18 Sep 2024NOK 3.7tNOK 3.3tNOK 307.4b11.1x12.1x1.1x
Fri, 16 Aug 2024NOK 3.9tNOK 3.3tNOK 297.4b11.2x12.9x1.2x
Sun, 14 Jul 2024NOK 3.9tNOK 3.3tNOK 296.1b11x13.1x1.2x
Tue, 11 Jun 2024NOK 3.9tNOK 3.3tNOK 286.4b11.5x13.6x1.2x
Thu, 09 May 2024NOK 4.0tNOK 3.3tNOK 287.7b11.6x14x1.2x
Sat, 06 Apr 2024NOK 4.0tNOK 3.3tNOK 297.7b12.2x13.4x1.2x
Mon, 04 Mar 2024NOK 3.8tNOK 3.3tNOK 289.8b11.5x13.1x1.1x
Wed, 31 Jan 2024NOK 3.9tNOK 3.5tNOK 347.2b11.3x11.4x1.1x
Fri, 29 Dec 2023NOK 4.0tNOK 3.5tNOK 342.9b10.7x11.8x1.2x
Sun, 26 Nov 2023NOK 4.1tNOK 3.6tNOK 357.7b10.2x11.4x1.1x
Tue, 24 Oct 2023NOK 4.0tNOK 3.8tNOK 426.4b10.8x9.3x1x
Thu, 21 Sep 2023NOK 4.1tNOK 3.8tNOK 416.1b10.8x9.8x1.1x
Sat, 19 Aug 2023NOK 3.9tNOK 3.7tNOK 422.9b10.4x9.2x1x
Mon, 17 Jul 2023NOK 3.8tNOK 3.8tNOK 479.5b10.7x7.9x1x
Wed, 14 Jun 2023NOK 3.9tNOK 3.8tNOK 505.6b11.5x7.8x1x
Fri, 12 May 2023NOK 3.8tNOK 3.8tNOK 547.5b11.8x7x1x
Sun, 09 Apr 2023NOK 3.9tNOK 3.8tNOK 504.8b11.5x7.7x1x
Price to Earnings Ratio

7.7x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 504.8bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.4x202420252026
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 19.3x which is higher than its 3-year average PE of 12.3x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 21% per year over the last three years.
  • Revenues have also declined 6.3% 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 Market5.15%
Materials11.77%
Energy7.93%
Utilities7.75%
Consumer Staples4.20%
Industrials2.60%
Financials2.28%
Telecom2.20%
Consumer Discretionary1.76%
Tech1.15%
Healthcare0.68%
Real Estate-0.42%
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 27.4%, which is higher than its past year's earnings growth of 14.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 32% 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
NHY Norsk HydroNOK 102.6012.0%
+NOK 21.7b		75.1%PE30xMaterials
KOG Kongsberg GruppenNOK 418.856.0%
+NOK 20.9b		37.6%PE88.3xIndustrials
DNB DNB BankNOK 304.304.9%
+NOK 20.6b		11.4%PB1.5xFinancials
EQNR EquinorNOK 399.101.8%
+NOK 17.2b		44.0%PE20.4xEnergy
YAR Yara InternationalNOK 561.006.2%
+NOK 8.4b		82.2%PE10.8xMaterials
See more

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Latest News

SUBC
NOK 293.20
Subsea 7
7D
8.1%
1Y
81.0%

SUBC: High Utilization And New Contracts Will Support Future Multiple Reassessment

The updated analyst price target for Subsea 7 moves higher in value, supported by a series of recent target increases from NOK 254 to NOK 320 by major banks, along with analyst commentary around utilization, margins and earnings expectations. Analyst Commentary Recent research points to a cluster of more optimistic views on Subsea 7, with several bullish analysts lifting price targets and highlighting operational execution and earnings potential as key supports for valuation.
CADLR
NOK 56.70
Cadeler
7D
-3.1%
1Y
9.9%

Cadeler (OB:CADLR) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

Mar 31
Cadeler (OB:CADLR) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
AKRBP
NOK 340.20
Aker BP
7D
-1.4%
1Y
38.6%
AKER
NOK 1,066.00
Aker
7D
-2.2%
1Y
73.6%
KOG
NOK 418.85
Kongsberg Gruppen
7D
6.0%
1Y
37.6%
YAR
NOK 561.00
Yara International
7D
6.2%
1Y
82.2%
TEL
NOK 170.30
Telenor
7D
2.7%
1Y
14.0%
GJF
NOK 254.40
Gjensidige Forsikring
7D
-1.5%
1Y
5.6%
MOWI
NOK 223.80
Mowi
7D
4.1%
1Y
18.9%

MOWI: Higher Future P/E Assumptions Will Shape Returns Despite Softer Margins

The analyst price target for Mowi has shifted to NOK 250 from NOK 246. Analysts cite updated assumptions around slightly lower revenue growth, a modestly softer profit margin, and a higher expected future P/E multiple in light of recent Street research signals, including both a NOK 10 target increase from one firm and a downgrade from another.
WWI
NOK 733.00
Wilh. Wilhelmsen Holding
7D
-1.7%
1Y
95.5%

WWI: Prospective Additional Dividend And Updated Assumptions Signal Balanced Future Outlook

Analysts have raised their price target for Wilh. Wilhelmsen Holding from NOK 705.10 to NOK 825.97 as they incorporate updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E.
ELO
NOK 36.30
Elopak
7D
-5.1%
1Y
-7.6%

ELO: Future Upside Will Depend On CEO Transition Stability

Analysts have trimmed their price target on Elopak from NOK 56.37 to NOK 54.03, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News CEO Thomas Körmendi has decided to step down from his position due to personal reasons related to his planned relocation to Denmark, and the Board of Directors has begun the search for a new CEO (Key Developments).
EQNR
NOK 399.10
Equinor
7D
1.8%
1Y
44.0%

EQNR: Higher Commodity Assumptions And Renewables Execution Will Likely Restrain Future Returns

Equinor's updated analyst price target has moved higher by NOK 49 to NOK 287. Analysts point to revised oil and gas price assumptions, slightly less severe expected revenue declines, a modestly stronger profit margin outlook, and a higher assumed future P/E multiple as key drivers of the change.
DNB
NOK 304.30
DNB Bank
7D
4.9%
1Y
11.4%

DNB: Future Returns Will Depend On Execution And Dividend Capital Return Choices

Analysts have adjusted their DNB Bank price targets, with recent NOK 10 to NOK 15 upward moves from several firms set against earlier modest trims, as they refine assumptions around discount rates, profitability, and future P/E levels. Analyst Commentary Recent research shows a split view on DNB Bank, with several price target increases in the NOK 10 to NOK 15 range contrasted with at least one downgrade and a small target cut to NOK 281.
NHY
NOK 102.60
Norsk Hydro
7D
12.0%
1Y
75.1%

NHY: Extrusion Restructuring And Dividend Plans Will Support Higher Future Earnings Multiples

Norsk Hydro’s analyst fair value estimate has been raised from NOK 102.0 to NOK 110.0, reflecting updated views on revenue growth, profit margins and forward P/E after a mix of recent target hikes and rating changes across the Street. Analyst Commentary Recent Street research on Norsk Hydro shows a split view, but with a clear cluster of bullish analysts lifting price targets and ratings as they reassess the company’s earnings power and valuation.
EISP
NOK 565.00
Eiendomsspar
7D
-2.6%
1Y
31.4%
HITV
NOK 100.00
HitecVision
7D
-23.1%
1Y
-23.1%