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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 02, 2026
DataAggregated Company Financials
Companies282
  • 7D1.3%
  • 3M9.5%
  • 1Y10.8%
  • YTD3.4%

Over the last 7 days, the market has risen 1.3%, driven by gains of 2.6% in the Energy sector. The market is up 11% over the last 12 months. As for the next few years, earnings are expected to grow by 15% per annum.

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 Feb 2026NOK 4.4tNOK 3.2tNOK 261.7b14.8x16.9x1.4x
Wed, 31 Dec 2025NOK 4.3tNOK 3.3tNOK 267.2b14.6x16x1.3x
Fri, 28 Nov 2025NOK 4.1tNOK 3.3tNOK 271.7b13.4x15x1.2x
Sun, 26 Oct 2025NOK 4.1tNOK 3.3tNOK 297.1b12.3x13.9x1.3x
Tue, 23 Sep 2025NOK 4.2tNOK 3.2tNOK 293.7b12.5x14.1x1.3x
Thu, 21 Aug 2025NOK 4.1tNOK 3.2tNOK 303.1b13.1x13.4x1.3x
Sat, 19 Jul 2025NOK 4.1tNOK 3.3tNOK 297.3b13x13.8x1.3x
Mon, 16 Jun 2025NOK 4.1tNOK 3.2tNOK 299.0b12.5x13.6x1.3x
Wed, 14 May 2025NOK 3.8tNOK 3.3tNOK 314.2b12.1x12.1x1.2x
Fri, 11 Apr 2025NOK 3.6tNOK 3.3tNOK 320.2b11.5x11.2x1.1x
Sun, 09 Mar 2025NOK 3.8tNOK 3.3tNOK 329.6b11.6x11.6x1.2x
Tue, 04 Feb 2025NOK 3.9tNOK 3.5tNOK 340.2b11.9x11.5x1.1x
Thu, 02 Jan 2025NOK 3.7tNOK 3.5tNOK 340.4b11.5x10.9x1.1x
Sat, 30 Nov 2024NOK 3.8tNOK 3.4tNOK 335.8b11.5x11.3x1.1x
Mon, 28 Oct 2024NOK 3.8tNOK 3.4tNOK 326.4b10.9x11.8x1.1x
Wed, 25 Sep 2024NOK 3.7tNOK 3.3tNOK 303.5b11.2x12.3x1.1x
Fri, 23 Aug 2024NOK 3.8tNOK 3.3tNOK 303.1b10.8x12.5x1.2x
Sun, 21 Jul 2024NOK 3.9tNOK 3.3tNOK 300.8b11.4x12.9x1.2x
Tue, 18 Jun 2024NOK 3.8tNOK 3.3tNOK 286.8b11.2x13.3x1.2x
Thu, 16 May 2024NOK 4.1tNOK 3.3tNOK 283.7b11.9x14.3x1.2x
Sat, 13 Apr 2024NOK 4.1tNOK 3.4tNOK 301.2b11.7x13.5x1.2x
Mon, 11 Mar 2024NOK 3.8tNOK 3.3tNOK 287.3b11.3x13.3x1.1x
Wed, 07 Feb 2024NOK 3.9tNOK 3.5tNOK 353.4b10.7x10.9x1.1x
Fri, 05 Jan 2024NOK 4.1tNOK 3.5tNOK 344.4b10.9x11.9x1.2x
Sun, 03 Dec 2023NOK 4.0tNOK 3.6tNOK 356.9b10.4x11.3x1.1x
Tue, 31 Oct 2023NOK 4.0tNOK 3.6tNOK 363.0b10.8x11x1.1x
Thu, 28 Sep 2023NOK 4.1tNOK 3.8tNOK 417.6b10.6x9.7x1.1x
Sat, 26 Aug 2023NOK 3.9tNOK 3.8tNOK 417.1b10.3x9.3x1x
Mon, 24 Jul 2023NOK 3.8tNOK 3.7tNOK 454.9b10.7x8.4x1x
Wed, 21 Jun 2023NOK 3.9tNOK 3.8tNOK 503.8b11.5x7.7x1x
Fri, 19 May 2023NOK 3.9tNOK 3.8tNOK 558.6b11.7x6.9x1x
Sun, 16 Apr 2023NOK 4.0tNOK 3.7tNOK 499.5b11.9x8x1.1x
Tue, 14 Mar 2023NOK 3.9tNOK 3.8tNOK 554.5b11.6x7x1x
Thu, 09 Feb 2023NOK 4.1tNOK 3.7tNOK 504.7b11.8x8.1x1.1x
Price to Earnings Ratio

8.1x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 504.7bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.7x202420252026
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 16.9x which is higher than its 3-year average PE of 11.7x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 20% per year over the last three years.
  • Revenues have also declined 4.5% 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 Market1.26%
Consumer Staples3.31%
Energy2.62%
Industrials2.11%
Telecom1.12%
Real Estate0.072%
Materials-0.71%
Consumer Discretionary-0.92%
Financials-0.93%
Tech-0.95%
Healthcare-1.52%
Utilities-2.28%
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 277x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 33.6%, which is higher than its past year's earnings growth of 1.7% 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 257.003.2%
+NOK 19.6b		-6.0%PE11.6xEnergy
KOG Kongsberg GruppenNOK 330.553.8%
+NOK 10.6b		23.5%PE41.2xIndustrials
TEL TelenorNOK 162.003.2%
+NOK 6.8b		17.2%PE21.9xTelecom
SALM SalMarNOK 573.007.2%
+NOK 5.2b		-0.3%PE67.5xConsumer Staples
MOWI MowiNOK 221.403.9%
+NOK 4.4b		1.2%PE25.8xConsumer Staples
See more

Market Insights

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Latest News

PROT
NOK 523.00
Protector Forsikring
7D
-3.1%
1Y
61.9%

Protector Forsikring (OB:PROT) Will Pay A Larger Dividend Than Last Year At NOK6.00

Feb 02
Protector Forsikring (OB:PROT) Will Pay A Larger Dividend Than Last Year At NOK6.00
SCATC
NOK 115.30
Scatec
7D
-4.9%
1Y
49.2%
WAWI
NOK 111.70
Wallenius Wilhelmsen
7D
8.0%
1Y
25.2%

Shareholders Would Enjoy A Repeat Of Wallenius Wilhelmsen's (OB:WAWI) Recent Growth In Returns

Jan 30
Shareholders Would Enjoy A Repeat Of Wallenius Wilhelmsen's (OB:WAWI) Recent Growth In Returns
SNI
NOK 302.50
Stolt-Nielsen
7D
-11.5%
1Y
5.8%
KOG
NOK 330.55
Kongsberg Gruppen
7D
3.8%
1Y
23.5%
SALM
NOK 573.00
SalMar
7D
7.2%
1Y
-0.3%

SalMar ASA (OB:SALM) Not Lagging Market On Growth Or Pricing

Jan 28
SalMar ASA (OB:SALM) Not Lagging Market On Growth Or Pricing
MOWI
NOK 221.40
Mowi
7D
3.9%
1Y
1.2%

MOWI: Cost Savings And Harvest Volumes Will Support Returns After Downgrades

Mowi's updated analyst price target has shifted from NOK 256.36 to NOK 246.72, as analysts factor in slightly softer assumptions for revenue growth and profit margins, along with recent downgrades from Buy to Hold by multiple firms. Analyst Commentary Recent research updates point to a more cautious stance on Mowi, with multiple downgrades to Hold as analysts reassess the balance between growth expectations, margins, and current valuation.
AKRBP
NOK 281.40
Aker BP
7D
2.0%
1Y
19.2%

AKRBP: Higher Future P/E Will Reflect Mixed Views On 2026 Oil Outlook

Narrative update on Aker BP Analysts have trimmed their average price targets on Aker BP, with one large bank cutting its view to NOK 210 from NOK 220, while another lifted its stance to Buy with a NOK 280 target. This reflects mixed opinions driven by cautious sector views on 2026 oil prices and differing assessments of the company’s earnings potential.
EQNR
NOK 257.00
Equinor
7D
3.2%
1Y
-6.0%

EQNR: Renewables Execution And Capital Returns Will Shape Balanced Future Cash Generation

Analysts have trimmed their fair value estimate for Equinor to NOK 229.79 from NOK 238.78, aligning with recent price target reductions and concerns around execution risk in renewables and capital distribution capacity. Analyst Commentary Recent research updates cluster around a tighter valuation range for Equinor, with price targets between NOK 214 and NOK 230 and ratings skewed toward neutral to cautious.
DNB
NOK 276.70
DNB Bank
7D
-1.4%
1Y
16.2%

DNB: Future Returns Will Reflect Cautious Pricing And Ongoing Legal Uncertainty

Analysts now see fair value for DNB Bank at NOK 283.53, a modest NOK 6.73 shift that reflects slight adjustments to long term revenue growth, profit margin and future P/E assumptions, alongside recent Street price target trims to NOK 281 and NOK 283. Analyst Commentary Recent Street commentary around DNB Bank has centered on small trims to price targets, with the latest updates pointing to NOK 281 and NOK 283.
TEL
NOK 162.00
Telenor
7D
3.2%
1Y
17.2%
VEND
NOK 266.20
Vend Marketplaces
7D
-5.9%
1Y
-20.0%

Vend Marketplaces (OB:VEND) Seems To Use Debt Rather Sparingly

Jan 21
Vend Marketplaces (OB:VEND) Seems To Use Debt Rather Sparingly
SUBC
NOK 245.60
Subsea 7
7D
4.5%
1Y
33.4%

SUBC: Future Contract Pipeline Will Support Earnings Multiple Reassessment

Analysts have trimmed their price expectations for Subsea 7, with JPMorgan lowering its target from NOK 212 to NOK 208. Our updated fair value framework now reflects more conservative assumptions on growth and margins, along with a higher future P/E multiple.
AUTO
NOK 11.24
AutoStore Holdings
7D
-9.8%
1Y
13.1%

Risks To Shareholder Returns Are Elevated At These Prices For AutoStore Holdings Ltd. (OB:AUTO)

Jan 15
Risks To Shareholder Returns Are Elevated At These Prices For AutoStore Holdings Ltd. (OB:AUTO)
COSH
NOK 118.00
Constellation Oil Services Holding
7D
-0.8%
1Y
n/a
STB
NOK 168.50
Storebrand
7D
-1.1%
1Y
27.3%

STB: Future Profit Margins And Leadership Changes Will Shape Outlook

Analysts have raised their price target for Storebrand from NOK 147.50 to NOK 157.75, citing stronger profit margins and a recent upgrade to Buy from Hold as key factors. Analyst Commentary Recent analyst updates reflect increasing confidence in Storebrand's earnings outlook and market positioning.