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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 12, 2025
DataAggregated Company Financials
Companies285
  • 7D0.7%
  • 3M-0.7%
  • 1Y7.0%
  • YTD6.2%

The market has stayed flat over the 7 days. More promisingly, the market is up 7.0% over the past year. 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, 13 Dec 2025NOK 4.1tNOK 3.3tNOK 267.7b13.7x15.5x1.3x
Mon, 10 Nov 2025NOK 4.0tNOK 3.3tNOK 273.0b12.8x14.8x1.2x
Wed, 08 Oct 2025NOK 4.2tNOK 3.2tNOK 294.0b12.3x14.2x1.3x
Fri, 05 Sep 2025NOK 4.1tNOK 3.3tNOK 296.2b12.4x13.9x1.3x
Sun, 03 Aug 2025NOK 4.1tNOK 3.3tNOK 305.8b13.1x13.3x1.2x
Tue, 01 Jul 2025NOK 4.1tNOK 3.2tNOK 302.2b12.6x13.4x1.3x
Thu, 29 May 2025NOK 3.9tNOK 3.2tNOK 305.1b11.9x12.8x1.2x
Sat, 26 Apr 2025NOK 3.7tNOK 3.3tNOK 318.8b11.9x11.6x1.1x
Mon, 24 Mar 2025NOK 4.0tNOK 3.3tNOK 319.3b12.1x12.4x1.2x
Wed, 19 Feb 2025NOK 3.8tNOK 3.3tNOK 328.5b11.2x11.6x1.1x
Fri, 17 Jan 2025NOK 3.9tNOK 3.5tNOK 338.2b12x11.4x1.1x
Sun, 15 Dec 2024NOK 3.7tNOK 3.4tNOK 336.6b11.2x11.1x1.1x
Tue, 12 Nov 2024NOK 3.7tNOK 3.4tNOK 327.4b11.1x11.3x1.1x
Thu, 10 Oct 2024NOK 3.8tNOK 3.3tNOK 309.4b11.4x12.1x1.1x
Sat, 07 Sep 2024NOK 3.7tNOK 3.3tNOK 308.9b11x11.9x1.1x
Mon, 05 Aug 2024NOK 3.8tNOK 3.3tNOK 300.2b10.8x12.6x1.1x
Wed, 03 Jul 2024NOK 3.9tNOK 3.3tNOK 286.5b11.4x13.5x1.2x
Fri, 31 May 2024NOK 4.1tNOK 3.3tNOK 280.8b11.5x14.5x1.2x
Sun, 28 Apr 2024NOK 4.0tNOK 3.4tNOK 277.6b11.4x14.4x1.2x
Tue, 26 Mar 2024NOK 3.9tNOK 3.4tNOK 300.1b11.4x13.1x1.2x
Thu, 22 Feb 2024NOK 3.8tNOK 3.3tNOK 264.9b11.3x14.2x1.1x
Sat, 20 Jan 2024NOK 3.9tNOK 3.5tNOK 349.6b10.8x11.3x1.1x
Mon, 18 Dec 2023NOK 4.0tNOK 3.5tNOK 350.0b10.4x11.4x1.1x
Wed, 15 Nov 2023NOK 4.1tNOK 3.6tNOK 361.5b10.3x11.2x1.1x
Fri, 13 Oct 2023NOK 4.1tNOK 3.8tNOK 424.5b10.7x9.7x1.1x
Sun, 10 Sep 2023NOK 4.0tNOK 3.8tNOK 414.4b10.8x9.6x1.1x
Tue, 08 Aug 2023NOK 3.9tNOK 3.6tNOK 401.9b11.1x9.6x1.1x
Thu, 06 Jul 2023NOK 3.8tNOK 3.8tNOK 502.6b11.1x7.7x1x
Sat, 03 Jun 2023NOK 3.9tNOK 3.9tNOK 521.1b11.5x7.4x1x
Mon, 01 May 2023NOK 4.0tNOK 3.8tNOK 546.5b12.1x7.3x1x
Wed, 29 Mar 2023NOK 3.8tNOK 3.7tNOK 543.1b11.7x7x1x
Fri, 24 Feb 2023NOK 4.1tNOK 3.7tNOK 576.3b11.7x7x1.1x
Sun, 22 Jan 2023NOK 3.9tNOK 3.6tNOK 485.8b11.6x8.1x1.1x
Tue, 20 Dec 2022NOK 4.0tNOK 3.6tNOK 485.8b11.5x8.2x1.1x
Price to Earnings Ratio

8.2x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 485.8bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.4x202320242025
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 15.5x which is higher than its 3-year average PE of 11.4x.
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 2.8% 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 Market0.74%
Materials2.28%
Financials2.16%
Tech2.12%
Industrials1.51%
Consumer Discretionary1.44%
Healthcare1.40%
Telecom0.46%
Consumer Staples0.23%
Utilities-0.55%
Energy-0.70%
Real Estate-0.97%
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 291x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 38.0% 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 51% 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
GJF Gjensidige ForsikringNOK 291.603.1%
+NOK 4.4b		42.4%PE23.6xFinancials
KOG Kongsberg GruppenNOK 251.102.0%
+NOK 4.3b		-2.4%PE31.3xIndustrials
STB StorebrandNOK 165.805.7%
+NOK 3.8b		35.5%PE14.5xFinancials
NHY Norsk HydroNOK 75.802.5%
+NOK 3.6b		16.4%PE13.6xMaterials
WAWI Wallenius WilhelmsenNOK 104.108.8%
+NOK 3.6b		0.9%PE3.9xIndustrials
See more

Market Insights

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NOK 250.00
Aker BP
7D
-1.2%
1Y
11.7%

AKRBP: Future Returns Will Depend On Execution And Disciplined Capital Allocation

Analysts have slightly trimmed their fair value estimate for Aker BP from NOK 262.00 to about NOK 260.82 per share, reflecting a marginally lower discount rate and refined earnings growth assumptions, while maintaining broadly stable long term profitability and valuation multiples. Analyst Commentary Recent commentary on sector peers underscores a growing emphasis on disciplined capital allocation and prioritizing companies with outsized earnings growth, themes that are directly relevant to Aker BP’s investment case.
VEND
NOK 288.40
Vend Marketplaces
7D
4.0%
1Y
-18.3%
NHY
NOK 75.80
Norsk Hydro
7D
2.5%
1Y
16.4%

NHY: Cost Cuts And Hydropower Expansion Will Drive Balanced Returns Ahead

Norsk Hydro's analyst fair value estimate has been lifted to about NOK 74 from roughly NOK 72, as analysts point to a series of recent price target hikes across major banks. These reflect slightly stronger profit margin expectations and more supportive forward valuation multiples, despite modestly weaker revenue growth assumptions.
HAFNI
NOK 57.22
Hafnia
7D
-5.0%
1Y
-3.3%
DNB
NOK 271.70
DNB Bank
7D
0.6%
1Y
18.4%

DNB: Future Returns Will Reflect Profitability Strength Amid Macro And Capital Risks

Analysts have modestly revised their price target for DNB Bank to NOK 283, reflecting slightly lower long term growth assumptions but improved profitability expectations that keep the stock’s valuation attractive relative to its forward earnings multiple. Analyst Commentary Recent Street research on DNB Bank reflects a mixed but generally constructive stance, with some analysts turning more positive on the bank’s earnings trajectory and capital return potential, while others remain cautious on valuation and macro headwinds.
AUTO
NOK 11.12
AutoStore Holdings
7D
-4.1%
1Y
-8.6%
WAWI
NOK 104.10
Wallenius Wilhelmsen
7D
8.8%
1Y
0.9%
STB
NOK 165.80
Storebrand
7D
5.7%
1Y
35.5%

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.
MOWI
NOK 233.40
Mowi
7D
-1.4%
1Y
12.7%

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EQNR
NOK 232.70
Equinor
7D
-1.2%
1Y
-9.6%
KOG
NOK 251.10
Kongsberg Gruppen
7D
2.0%
1Y
-2.4%

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ORK
NOK 109.20
Orkla
7D
1.5%
1Y
6.7%

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GJF
NOK 291.60
Gjensidige Forsikring
7D
3.1%
1Y
42.4%

GJF: Upgrades Will Support Shareholder Value as Insurance Prices Stay Elevated

Analysts have increased their fair value estimate for Gjensidige Forsikring from NOK 279.83 to NOK 288.14, citing stronger profit margins and the positive impact of rising insurance prices in Norway. Analyst Commentary Bullish Takeaways Bullish analysts have upgraded their outlook on Gjensidige Forsikring, reflecting confidence in the company's ability to capture higher margins due to favorable developments in insurance pricing.
COSH
NOK 119.00
Constellation Oil Services Holding
7D
-0.8%
1Y
n/a
TEL
NOK 144.10
Telenor
7D
-0.6%
1Y
13.2%
AKER
NOK 744.00
Aker
7D
-2.4%
1Y
30.8%