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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedNov 05, 2025
DataAggregated Company Financials
Companies291
  • 7D-1.6%
  • 3M-2.2%
  • 1Y5.1%
  • YTD3.7%

Over the last 7 days, the market has dropped 1.2%, driven by a pullback of 4.4% in the Industrials sector. In contrast to the last week, the market is actually up 6.4% over the past year. Looking forward, earnings are forecast to grow by 17% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Norwegian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 05 Nov 2025NOK 4.0tNOK 3.3tNOK 266.3b12.7x15.2x1.2x
Fri, 03 Oct 2025NOK 4.2tNOK 3.2tNOK 294.2b12.5x14.2x1.3x
Sun, 31 Aug 2025NOK 4.2tNOK 3.2tNOK 297.2b12.6x14x1.3x
Tue, 29 Jul 2025NOK 4.1tNOK 3.3tNOK 303.7b13.1x13.5x1.3x
Thu, 26 Jun 2025NOK 4.0tNOK 3.2tNOK 303.1b12.4x13.2x1.2x
Sat, 24 May 2025NOK 3.9tNOK 3.2tNOK 300.8b11.9x12.8x1.2x
Mon, 21 Apr 2025NOK 3.7tNOK 3.3tNOK 315.7b11.8x11.8x1.1x
Wed, 19 Mar 2025NOK 3.9tNOK 3.3tNOK 320.6b11.6x12.3x1.2x
Fri, 14 Feb 2025NOK 3.8tNOK 3.3tNOK 323.3b11.6x11.8x1.1x
Sun, 12 Jan 2025NOK 3.9tNOK 3.5tNOK 340.4b11.9x11.3x1.1x
Tue, 10 Dec 2024NOK 3.8tNOK 3.4tNOK 336.1b11.3x11.2x1.1x
Thu, 07 Nov 2024NOK 3.7tNOK 3.4tNOK 326.9b11.2x11.3x1.1x
Sat, 05 Oct 2024NOK 3.8tNOK 3.3tNOK 307.0b11.2x12.4x1.2x
Mon, 02 Sep 2024NOK 3.8tNOK 3.3tNOK 305.9b11.6x12.5x1.2x
Wed, 31 Jul 2024NOK 3.9tNOK 3.4tNOK 300.5b11.1x12.9x1.2x
Fri, 28 Jun 2024NOK 3.9tNOK 3.3tNOK 286.4b11.2x13.5x1.2x
Sun, 26 May 2024NOK 4.1tNOK 3.3tNOK 282.5b11.6x14.4x1.2x
Tue, 23 Apr 2024NOK 3.9tNOK 3.4tNOK 302.1b11.5x13x1.2x
Thu, 21 Mar 2024NOK 3.9tNOK 3.3tNOK 289.1b11.8x13.4x1.2x
Sat, 17 Feb 2024NOK 3.8tNOK 3.3tNOK 268.0b11.8x14.1x1.1x
Mon, 15 Jan 2024NOK 4.0tNOK 3.5tNOK 344.7b10.9x11.7x1.2x
Wed, 13 Dec 2023NOK 4.0tNOK 3.6tNOK 362.4b10.2x11x1.1x
Fri, 10 Nov 2023NOK 4.0tNOK 3.6tNOK 369.4b10.4x10.9x1.1x
Sun, 08 Oct 2023NOK 3.9tNOK 3.8tNOK 422.5b10.5x9.3x1x
Tue, 05 Sep 2023NOK 4.0tNOK 3.7tNOK 413.3b10.3x9.6x1.1x
Thu, 03 Aug 2023NOK 3.8tNOK 3.6tNOK 405.5b11.1x9.5x1.1x
Sat, 01 Jul 2023NOK 3.8tNOK 3.8tNOK 504.4b11.2x7.6x1x
Mon, 29 May 2023NOK 3.8tNOK 3.9tNOK 525.1b11.4x7.3x1x
Wed, 26 Apr 2023NOK 3.9tNOK 3.8tNOK 552.6b11.5x7.1x1x
Fri, 24 Mar 2023NOK 3.8tNOK 3.7tNOK 545.3b11.6x7x1x
Sun, 19 Feb 2023NOK 4.0tNOK 3.7tNOK 572.5b11.6x7.1x1.1x
Tue, 17 Jan 2023NOK 3.9tNOK 3.6tNOK 487.1b11.8x8x1.1x
Thu, 15 Dec 2022NOK 4.0tNOK 3.5tNOK 480.4b11.6x8.4x1.1x
Sat, 12 Nov 2022NOK 4.0tNOK 3.6tNOK 483.3b12.2x8.4x1.1x
Price to Earnings Ratio

8.4x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 483.3bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.1x202320242025
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 15.4x which is higher than its 3-year average PE of 11.1x.
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 3.2% 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 Market-1.63%
Energy1.15%
Healthcare0.80%
Financials0.30%
Utilities-0.94%
Materials-1.11%
Consumer Staples-2.82%
Real Estate-2.85%
Tech-4.66%
Industrials-5.73%
Telecom-6.38%
Consumer Discretionary-9.51%
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 297x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 36.9% which is higher than its past year's earnings decline of 2.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings growth rate of 27% 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
COSH Constellation Oil Services HoldingNOK 102.422.4%
+NOK 3.7b		n/aPS28.5xEnergy
DNB DNB BankNOK 262.000.8%
+NOK 3.2b		13.8%PB1.4xFinancials
AKRBP Aker BPNOK 258.001.7%
+NOK 2.8b		13.1%PE19xEnergy
EQNR EquinorNOK 243.100.5%
+NOK 2.8b		-6.6%PE10.5xEnergy
VAR Vår EnergiNOK 33.731.9%
+NOK 1.6b		-2.7%PE14.2xEnergy
See more

Market Insights

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Latest News

AKER
NOK 804.00
Aker
7D
2.7%
1Y
42.8%
SB1NO
NOK 176.00
SpareBank 1 Sør-Norge
7D
1.6%
1Y
22.2%

SpareBank 1 Sør-Norge ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year

Nov 03
SpareBank 1 Sør-Norge ASA Beat Analyst Estimates: See What The Consensus Is Forecasting For Next Year
KOG
NOK 256.20
Kongsberg Gruppen
7D
-12.8%
1Y
12.9%

Here's What Analysts Are Forecasting For Kongsberg Gruppen ASA (OB:KOG) Following Its Earnings Miss

Nov 03
Here's What Analysts Are Forecasting For Kongsberg Gruppen ASA (OB:KOG) Following Its Earnings Miss
LSG
NOK 46.46
Lerøy Seafood Group
7D
-6.0%
1Y
-9.3%

These 4 Measures Indicate That Lerøy Seafood Group (OB:LSG) Is Using Debt Extensively

Nov 02
These 4 Measures Indicate That Lerøy Seafood Group (OB:LSG) Is Using Debt Extensively
EPR
NOK 84.20
Europris
7D
-17.5%
1Y
26.5%
TEL
NOK 148.60
Telenor
7D
-8.8%
1Y
9.2%
BNOR
NOK 472.00
BlueNord
7D
10.5%
1Y
-15.9%
VAR
NOK 33.73
Vår Energi
7D
1.9%
1Y
-2.7%

VAR: Production Pipeline Expansion Will Drive Output Higher Through The Decade

Vår Energi's analyst price target has been revised slightly lower, dropping from NOK 39.15 to NOK 38.49, as analysts consider more measured expectations for revenue growth and profit margins. This comes despite an ongoing split in outlooks across the Street.
EQNR
NOK 243.10
Equinor
7D
0.5%
1Y
-6.6%
NOD
NOK 142.90
Nordic Semiconductor
7D
-14.3%
1Y
37.3%
SALM
NOK 565.50
SalMar
7D
-3.9%
1Y
3.4%
AKRBP
NOK 258.00
Aker BP
7D
1.7%
1Y
13.1%

Production Will Remain Resilient As Margins Face Pressure From Sector Shifts

Analysts have slightly raised their price target for Aker BP from NOK 259.41 to NOK 260.53. They cite expectations of an improved revenue growth outlook, despite a marginally lower profit margin and discount rate in updated forecasts.
DNB
NOK 262.00
DNB Bank
7D
0.8%
1Y
13.8%

Higher Revenue And Margin Forecasts Will Offset Impact Of Low Rates

The average analyst price target for DNB Bank has increased modestly, rising from NOK 272.33 to NOK 275.47. Analysts cite higher expected revenue growth and improved profit margins as key drivers behind their more optimistic outlook.
NHY
NOK 67.38
Norsk Hydro
7D
-1.8%
1Y
-4.1%

Analysts Raise Norsk Hydro Price Targets Amid Cost Cuts and Improved Profit Outlook

The analyst fair value estimate for Norsk Hydro has increased from NOK 66.87 to NOK 69.00. This change reflects analysts' improved outlook following multiple recent upward price target revisions by major firms.
ORK
NOK 103.70
Orkla
7D
-2.0%
1Y
1.7%

These 4 Measures Indicate That Orkla (OB:ORK) Is Using Debt Reasonably Well

Oct 10
These 4 Measures Indicate That Orkla (OB:ORK) Is Using Debt Reasonably Well
COSH
NOK 102.42
Constellation Oil Services Holding
7D
2.4%
1Y
n/a

We Think Constellation Oil Services Holding (OB:COSH) Has A Fair Chunk Of Debt

Sep 20
We Think Constellation Oil Services Holding (OB:COSH) Has A Fair Chunk Of Debt