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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies279
  • 7D0.6%
  • 3M17.0%
  • 1Y20.1%
  • YTD10.7%

In the last week, the market has been flat. Meanwhile, the market is actually up 20% over the past year. 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
Mon, 02 Mar 2026NOK 4.6tNOK 3.1tNOK 246.1b14.6x18.8x1.5x
Wed, 28 Jan 2026NOK 4.4tNOK 3.2tNOK 260.9b14.9x16.8x1.4x
Fri, 26 Dec 2025NOK 4.2tNOK 3.3tNOK 266.8b14.5x15.8x1.3x
Sun, 23 Nov 2025NOK 4.0tNOK 3.3tNOK 271.9b13.4x14.7x1.2x
Tue, 21 Oct 2025NOK 4.1tNOK 3.3tNOK 295.9b12.2x13.8x1.3x
Thu, 18 Sep 2025NOK 4.2tNOK 3.2tNOK 291.8b12.5x14.3x1.3x
Sat, 16 Aug 2025NOK 4.1tNOK 3.3tNOK 307.4b13.3x13.4x1.3x
Mon, 14 Jul 2025NOK 4.0tNOK 3.3tNOK 303.3b12.7x13.2x1.2x
Wed, 11 Jun 2025NOK 4.0tNOK 3.2tNOK 302.5b12.5x13.2x1.2x
Fri, 09 May 2025NOK 3.8tNOK 3.3tNOK 312.4b12.1x12.1x1.1x
Sun, 06 Apr 2025NOK 3.6tNOK 3.3tNOK 320.3b11.5x11.2x1.1x
Tue, 04 Mar 2025NOK 3.9tNOK 3.3tNOK 334.0b11.4x11.6x1.2x
Thu, 30 Jan 2025NOK 3.9tNOK 3.5tNOK 337.6b12x11.5x1.1x
Sat, 28 Dec 2024NOK 3.7tNOK 3.5tNOK 340.9b11.3x10.9x1.1x
Mon, 25 Nov 2024NOK 3.8tNOK 3.4tNOK 330.0b11.4x11.5x1.1x
Wed, 23 Oct 2024NOK 3.8tNOK 3.3tNOK 316.6b11.5x12x1.1x
Fri, 20 Sep 2024NOK 3.7tNOK 3.3tNOK 305.3b11.3x12.2x1.1x
Sun, 18 Aug 2024NOK 3.8tNOK 3.3tNOK 299.7b11x12.8x1.2x
Tue, 16 Jul 2024NOK 3.8tNOK 3.3tNOK 292.3b11.2x13.1x1.2x
Thu, 13 Jun 2024NOK 3.9tNOK 3.3tNOK 285.3b11.5x13.5x1.2x
Sat, 11 May 2024NOK 4.1tNOK 3.3tNOK 287.3b11.7x14.3x1.2x
Mon, 08 Apr 2024NOK 4.0tNOK 3.3tNOK 297.6b12.2x13.4x1.2x
Wed, 06 Mar 2024NOK 3.8tNOK 3.3tNOK 291.0b11.1x13x1.1x
Fri, 02 Feb 2024NOK 3.9tNOK 3.5tNOK 347.8b11.3x11.3x1.1x
Sun, 31 Dec 2023NOK 4.0tNOK 3.5tNOK 341.0b10.9x11.9x1.2x
Tue, 28 Nov 2023NOK 4.1tNOK 3.5tNOK 357.0b10.2x11.4x1.1x
Thu, 26 Oct 2023NOK 4.0tNOK 3.8tNOK 431.8b10.7x9.2x1x
Sat, 23 Sep 2023NOK 4.1tNOK 3.8tNOK 416.6b10.6x9.8x1.1x
Mon, 21 Aug 2023NOK 3.9tNOK 3.7tNOK 423.2b10.4x9.2x1x
Wed, 19 Jul 2023NOK 3.8tNOK 3.8tNOK 474.6b10.6x7.9x1x
Fri, 16 Jun 2023NOK 3.9tNOK 3.8tNOK 500.2b11.5x7.8x1x
Sun, 14 May 2023NOK 3.9tNOK 3.8tNOK 549.2b11.8x7x1x
Tue, 11 Apr 2023NOK 3.9tNOK 3.8tNOK 504.8b11.5x7.7x1x
Thu, 09 Mar 2023NOK 4.1tNOK 3.8tNOK 558.4b12x7.3x1.1x
Price to Earnings Ratio

7.3x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 558.4bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12x202420252026
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 18.8x which is higher than its 3-year average PE of 12.0x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 24% per year over the last three years.
  • Revenues have also declined 7.0% 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 Market0.60%
Utilities2.78%
Consumer Discretionary1.89%
Materials1.76%
Energy1.75%
Telecom1.17%
Healthcare0.89%
Consumer Staples-0.054%
Tech-0.13%
Real Estate-0.20%
Financials-0.25%
Industrials-0.74%
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 280x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.9%, 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 37% 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
EQNR EquinorNOK 281.601.5%
+NOK 10.0b		8.5%PE14.6xEnergy
SUBC Subsea 7NOK 274.806.8%
+NOK 5.2b		63.6%PE20.8xEnergy
TEL TelenorNOK 176.301.6%
+NOK 3.9b		20.8%PE22.1xTelecom
YAR Yara InternationalNOK 480.703.3%
+NOK 3.9b		51.6%PE9.4xMaterials
HAUTO Höegh AutolinersNOK 132.509.8%
+NOK 2.3b		75.3%PE5.2xIndustrials
See more

Market Insights

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SUBC
NOK 274.80
Subsea 7
7D
6.8%
1Y
63.6%
EQNR
NOK 281.60
Equinor
7D
1.5%
1Y
8.5%
BONHR
NOK 252.50
Bonheur
7D
-8.0%
1Y
5.9%
HAUTO
NOK 132.50
Höegh Autoliners
7D
9.8%
1Y
75.3%
AKRBP
NOK 286.20
Aker BP
7D
0.8%
1Y
23.1%
DNB
NOK 301.50
DNB Bank
7D
-0.8%
1Y
15.1%
STB
NOK 180.20
Storebrand
7D
-1.3%
1Y
44.9%
ENH
NOK 8.80
SED Energy Holdings
7D
-6.4%
1Y
n/a

Backlog Visibility And Offshore Demand Will Support Steady Cash Generation Over The Coming Years

Catalysts About SED Energy Holdings SED Energy Holdings is an industrial holding company focused on offshore energy services through its Energy Drilling and SeaBird Exploration subsidiaries. What are the underlying business or industry changes driving this perspective?
GJF
NOK 268.40
Gjensidige Forsikring
7D
-0.4%
1Y
15.5%

GJF: Special Dividend And Lower Future P E Will Shape Returns

The analyst price target for Gjensidige Forsikring has been reduced by around NOK 4 to reflect slightly lower fair value assumptions and a modestly reduced future P/E, as several recent research updates have turned more cautious on the shares. Analyst Commentary Bullish Takeaways Bullish analysts still see support for the investment case at the updated price targets, even after the recent reductions in fair value assumptions.
YAR
NOK 480.70
Yara International
7D
3.3%
1Y
51.6%

YAR: Higher Fair Value Will Expose Execution Risk In Low Emission Ammonia

Analysts have lifted their average price target for Yara International to NOK 310 from around NOK 298, reflecting updated models that factor in a slightly higher assumed profit margin, a modestly higher future P/E multiple, and recent mixed rating changes including both downgrades and upgrades, alongside incremental target increases from the Street. Analyst Commentary Recent Street research on Yara International has been mixed, with some firms turning more cautious even as others see room for upside.
WAWI
NOK 131.50
Wallenius Wilhelmsen
7D
3.1%
1Y
52.5%

WAWI: Softer Revenue And Margin Outlook Will Likely Pressure Shares

Analysts have trimmed their price target for Wallenius Wilhelmsen to NOK83.43 from NOK84.24. This reflects updated assumptions for slightly softer revenue trends, a small reduction in expected profit margins, a modestly higher discount rate, and a higher future P/E of 13.10x.
AUTO
NOK 10.90
AutoStore Holdings
7D
-7.5%
1Y
8.5%
KOG
NOK 385.80
Kongsberg Gruppen
7D
-1.5%
1Y
21.9%

KOG: Downgrade And Thin Execution Cushion Will Pressure Future Upside

Analysts now set their fair value estimate for Kongsberg Gruppen at NOK 290, up from NOK 250, reflecting updated views on revenue growth, profit margins and a lower future P/E multiple following recent Street research, including the Kepler Cheuvreux downgrade. Analyst Commentary Bearish analysts are using the recent downgrade to flag that the current NOK 290 fair value estimate already bakes in a lot of optimism on revenue growth and margins, while also assuming a lower future P/E multiple.
NAS
NOK 16.62
Norwegian Air Shuttle
7D
-2.8%
1Y
44.5%

Q4 2025 Performance &

1. Operating Result (EBIT) • Norwegian reported an operating profit (EBIT) of NOK 21 million in Q4 2025, a turnaround from a loss in the same quarter last year and consistent with internal improvement.
VAR
NOK 35.49
Vår Energi
7D
2.4%
1Y
12.0%

We Think Vår Energi's (OB:VAR) Profit Is Only A Baseline For What They Can Achieve

Feb 17
We Think Vår Energi's (OB:VAR) Profit Is Only A Baseline For What They Can Achieve
TEL
NOK 176.30
Telenor
7D
1.6%
1Y
20.8%