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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies289
  • 7D0.9%
  • 3M-1.3%
  • 1Y6.5%
  • YTD4.6%

The Real Estate sector gained 8.4% while the market remained flat over the last week. Meanwhile, the market is actually up 6.5% over the past year. Looking forward, 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
Sat, 15 Nov 2025NOK 4.1tNOK 3.3tNOK 270.2b13.1x15.1x1.2x
Mon, 13 Oct 2025NOK 4.2tNOK 3.3tNOK 296.4b12.4x14x1.3x
Wed, 10 Sep 2025NOK 4.1tNOK 3.2tNOK 295.1b12.5x14x1.3x
Fri, 08 Aug 2025NOK 4.1tNOK 3.3tNOK 305.3b13.1x13.4x1.2x
Sun, 06 Jul 2025NOK 4.0tNOK 3.2tNOK 301.8b12.8x13.3x1.2x
Tue, 03 Jun 2025NOK 3.9tNOK 3.2tNOK 303.6b12.2x12.9x1.2x
Thu, 01 May 2025NOK 3.7tNOK 3.3tNOK 321.8b12.1x11.6x1.2x
Sat, 29 Mar 2025NOK 3.9tNOK 3.3tNOK 319.1b12.1x12.2x1.2x
Mon, 24 Feb 2025NOK 3.9tNOK 3.3tNOK 336.7b11.3x11.5x1.2x
Wed, 22 Jan 2025NOK 3.8tNOK 3.5tNOK 337.5b11.6x11.4x1.1x
Fri, 20 Dec 2024NOK 3.7tNOK 3.5tNOK 342.3b11.4x10.7x1x
Sun, 17 Nov 2024NOK 3.8tNOK 3.4tNOK 330.2b10.8x11.4x1.1x
Tue, 15 Oct 2024NOK 3.8tNOK 3.3tNOK 307.8b11.5x12.4x1.2x
Thu, 12 Sep 2024NOK 3.7tNOK 3.3tNOK 311.4b11x11.7x1.1x
Sat, 10 Aug 2024NOK 3.8tNOK 3.3tNOK 298.1b10.9x12.6x1.1x
Mon, 08 Jul 2024NOK 3.8tNOK 3.2tNOK 278.8b11.5x13.7x1.2x
Wed, 05 Jun 2024NOK 3.9tNOK 3.3tNOK 284.3b11.5x13.7x1.2x
Fri, 03 May 2024NOK 4.0tNOK 3.4tNOK 290.1b11.4x13.7x1.2x
Sun, 31 Mar 2024NOK 3.9tNOK 3.4tNOK 303.2b11.7x13x1.2x
Tue, 27 Feb 2024NOK 3.8tNOK 3.3tNOK 268.0b11.6x14x1.1x
Thu, 25 Jan 2024NOK 3.9tNOK 3.5tNOK 347.1b11.3x11.4x1.1x
Sat, 23 Dec 2023NOK 4.0tNOK 3.5tNOK 344.1b10.5x11.7x1.2x
Mon, 20 Nov 2023NOK 4.0tNOK 3.6tNOK 357.9b10.2x11.3x1.1x
Wed, 18 Oct 2023NOK 4.1tNOK 3.8tNOK 424.0b10.7x9.7x1.1x
Fri, 15 Sep 2023NOK 4.1tNOK 3.8tNOK 415.9b10.8x9.8x1.1x
Sun, 13 Aug 2023NOK 3.9tNOK 3.7tNOK 410.3b11.1x9.6x1.1x
Tue, 11 Jul 2023NOK 3.8tNOK 3.8tNOK 495.7b11x7.7x1x
Thu, 08 Jun 2023NOK 3.9tNOK 3.9tNOK 519.8b11.4x7.5x1x
Sat, 06 May 2023NOK 3.9tNOK 3.7tNOK 543.1b11.4x7.2x1x
Mon, 03 Apr 2023NOK 3.9tNOK 3.8tNOK 544.4b11.6x7.1x1x
Wed, 01 Mar 2023NOK 4.1tNOK 3.7tNOK 577.2b11.8x7.1x1.1x
Fri, 27 Jan 2023NOK 3.9tNOK 3.6tNOK 486.2b11.3x8x1.1x
Sun, 25 Dec 2022NOK 4.0tNOK 3.6tNOK 485.2b11.5x8.3x1.1x
Tue, 22 Nov 2022NOK 3.9tNOK 3.7tNOK 497.5b10.5x7.9x1.1x
Price to Earnings Ratio

7.9x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 497.5bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.2x202320242025
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 15.1x which is higher than its 3-year average PE of 11.2x.
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 3.5% 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 Market0.91%
Real Estate8.36%
Materials6.02%
Consumer Discretionary3.02%
Financials1.89%
Industrials0.67%
Energy0.62%
Consumer Staples-0.023%
Utilities-0.059%
Healthcare-0.88%
Tech-1.94%
Telecom-5.08%
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 296x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 38.2% 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 46% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • 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
OLT Olav Thon EiendomsselskapNOK 332.0023.9%
+NOK 6.5b		51.6%PE13.9xReal Estate
DNB DNB BankNOK 263.701.7%
+NOK 6.3b		14.3%PB1.4xFinancials
ORK OrklaNOK 107.105.9%
+NOK 6.0b		9.1%PE17.9xConsumer Staples
NHY Norsk HydroNOK 72.804.2%
+NOK 5.8b		3.1%PE13.1xMaterials
YAR Yara InternationalNOK 373.204.6%
+NOK 4.2b		16.8%PE12.8xMaterials
See more

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ORK
NOK 107.10
Orkla
7D
5.9%
1Y
9.1%
BWLPG
NOK 129.40
BWG
7D
-4.9%
1Y
-10.3%

BWLPG Dividend Outlook Will Support Shareholder Returns Amid Stable Margins

Narrative Update on BWG: Analyst Price Target Adjustment Analysts have raised their price target for BWG from NOK 163.62 to NOK 164.21. This change reflects updated risk and reward assessments in light of recent market developments.
TEL
NOK 145.00
Telenor
7D
-2.6%
1Y
9.8%
OLT
NOK 332.00
Olav Thon Eiendomsselskap
7D
23.9%
1Y
51.6%
AKRBP
NOK 262.30
Aker BP
7D
1.8%
1Y
14.2%

AKRBP: Future Performance Will Depend On Project Execution And Market Conditions

Aker BP's analyst price target has seen a modest increase to NOK 261.41 from NOK 260.53, as analysts highlight the company's stable profitability and refined growth outlook as key factors supporting the updated valuation. Analyst Commentary Recent analyst attention has focused on Aker BP's strengths and ongoing challenges as the company navigates a competitive oil and gas landscape.
VEND
NOK 303.60
Vend Marketplaces
7D
-5.9%
1Y
-11.7%
BAKKA
NOK 474.00
P/F Bakkafrost
7D
-4.4%
1Y
-25.9%

BAKKA: Production Strength And Improved Margins Will Shape Outlook Amid Industry Challenges

The analyst fair value estimate for P/F Bakkafrost has increased from NOK 509.27 to NOK 532.01. Analysts cite improved profit margins and recent upgrades to their outlook on the company as reasons for this change.
YAR
NOK 373.20
Yara International
7D
4.6%
1Y
16.8%

YAR: Future Margins And Cost Control Will Shape Near-Term Outlook

Yara International’s analyst price target has increased modestly from NOK 370.35 to NOK 380.17. Analysts are factoring in improved profit margins and a lower future price-to-earnings ratio, despite tempered revenue growth expectations.
DNB
NOK 263.70
DNB Bank
7D
1.7%
1Y
14.3%

DNB: Future Performance Will Reflect Stable Margins and Sector Shifts Ahead

DNB Bank's analyst price target saw a slight decrease to NOK 275.13 as analysts cite minor adjustments in revenue growth expectations and discount rates, balanced by stable profit margins and future valuation metrics. Analyst Commentary Recent analyst updates reflect a range of perspectives on DNB Bank's outlook, balancing optimism regarding valuation and growth prospects with some caution around execution and sector dynamics.
EQNR
NOK 244.60
Equinor
7D
-0.5%
1Y
-9.8%

EQNR: Renewables Execution Risks and Capital Distribution Will Determine Performance

Equinor’s analyst price target has decreased significantly, dropping from approximately NOK 325 to NOK 230. Analysts point to rising execution risks in renewables, as well as concerns over the company’s future capital framework and distribution capacity.
MOWI
NOK 221.40
Mowi
7D
-0.9%
1Y
12.9%
AUTO
NOK 10.10
AutoStore Holdings
7D
-3.3%
1Y
-14.4%
KOG
NOK 244.90
Kongsberg Gruppen
7D
-0.9%
1Y
2.0%

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AKER
NOK 804.00
Aker
7D
2.7%
1Y
40.1%
NHY
NOK 72.80
Norsk Hydro
7D
4.2%
1Y
3.1%

NHY: Future Cost Cuts and Margin Resilience Are Set to Shape Performance

The consensus analyst price target for Norsk Hydro has increased slightly from NOK 69 to approximately NOK 70.13. This change reflects updated expectations for the company's profit margins and ongoing positive sentiment from recent analyst reviews.
SUBC
NOK 188.20
Subsea 7
7D
3.2%
1Y
3.7%

SUBC: Recent Contract Wins And Dividend Initiatives Will Drive Upside Momentum

Analysts have modestly raised their average price target for Subsea 7, now forecasting NOK 229.88 per share. They note the company's stable outlook is supported by steady profit margins and a slight uptick in the discount rate.