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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies280
  • 7D-0.6%
  • 3M19.8%
  • 1Y25.0%
  • YTD17.6%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 6.1% in that time. As for the longer term, the market has risen 24% in the past 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
Fri, 27 Mar 2026NOK 4.9tNOK 3.1tNOK 249.1b14.1x19.7x1.6x
Sun, 22 Feb 2026NOK 4.6tNOK 3.1tNOK 244.2b13.8x18.8x1.5x
Tue, 20 Jan 2026NOK 4.3tNOK 3.3tNOK 267.4b14.5x16.2x1.3x
Thu, 18 Dec 2025NOK 4.2tNOK 3.3tNOK 269.7b14x15.4x1.3x
Sat, 15 Nov 2025NOK 4.1tNOK 3.3tNOK 271.3b12.8x15x1.2x
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
Price to Earnings Ratio

7.1x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 544.4bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.3x202420252026
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 19.7x which is higher than its 3-year average PE of 12.3x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 23% per year over the last three years.
  • Revenues have also declined 6.3% 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-0.64%
Utilities2.42%
Materials1.96%
Consumer Staples1.66%
Consumer Discretionary0.87%
Energy0.17%
Healthcare-1.07%
Financials-1.36%
Tech-1.52%
Telecom-1.71%
Real Estate-3.03%
Industrials-3.33%
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 287x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.4%, which is higher than its past year's earnings growth of 13.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 31% 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 4.3% 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
NHY Norsk HydroNOK 91.106.5%
+NOK 10.9b		44.6%PE26.7xMaterials
SUBC Subsea 7NOK 279.4010.3%
+NOK 7.7b		61.5%PE20.7xEnergy
ORK OrklaNOK 119.103.7%
+NOK 4.1b		5.5%PE18.4xConsumer Staples
HAFNI HafniaNOK 74.1010.3%
+NOK 3.4b		63.7%PE11.2xEnergy
BWLPG BWGNOK 165.507.7%
+NOK 1.8b		42.2%PE10.7xEnergy
See more

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Latest News

COSH
NOK 135.74
Constellation Oil Services Holding
7D
0.7%
1Y
50.8%

Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets

Mar 27
Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets
ORK
NOK 119.10
Orkla
7D
3.7%
1Y
5.5%
OET
NOK 486.00
Okeanis Eco Tankers
7D
7.9%
1Y
106.4%
AKER
NOK 1,086.00
Aker
7D
-4.2%
1Y
72.7%
KOG
NOK 390.00
Kongsberg Gruppen
7D
-5.4%
1Y
24.9%
ELK
NOK 28.40
Elkem
7D
9.2%
1Y
29.8%

ELK: New Structure And Cost Cuts Will Support Future Upside

Analysts have kept their Elkem price target steady at NOK 32.83. They cite essentially unchanged assumptions for the discount rate, revenue growth, profit margin and future P/E as the basis for reaffirming their view.
YAR
NOK 533.60
Yara International
7D
-2.4%
1Y
66.8%

YAR: DOJ Price Fixing Probe Will Test Execution Risk In Fertilizer Markets

Analysts have slightly trimmed their fair value estimate for Yara International while supporting higher Street price targets, including the recent move to NOK 550 and incremental target increases, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E. Analyst Commentary Recent research shows a split view on Yara International, with some firms lifting ratings and price targets while others are more cautious.
AKRBP
NOK 347.80
Aker BP
7D
-5.2%
1Y
41.4%

AKRBP: Geopolitical Risk Premium And Cash Returns Will Shape 2026 Oil Outlook

Analyst price targets for Aker BP have shifted, with recent updates clustering around NOK 275 to NOK 330 as analysts reframe their views on geopolitical risk for oil prices and the stock's role as an "undervalued vehicle" for sector exposure. Analyst Commentary Recent research on Aker BP shows a mix of views, with several firms cutting ratings while others highlight the stock as an appealing way to gain exposure to oil.
ELO
NOK 37.00
Elopak
7D
-23.6%
1Y
-4.9%

ELO: Future Upside Will Depend On CEO Transition Stability

Analysts have trimmed their price target on Elopak from NOK 56.37 to NOK 54.03, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News CEO Thomas Körmendi has decided to step down from his position due to personal reasons related to his planned relocation to Denmark, and the Board of Directors has begun the search for a new CEO (Key Developments).
VAR
NOK 47.57
Vår Energi
7D
-4.8%
1Y
42.2%
DNB
NOK 289.90
DNB Bank
7D
-1.4%
1Y
3.6%

DNB: Future Returns Will Depend On Execution And Dividend Capital Return Choices

Analysts have adjusted their DNB Bank price targets, with recent NOK 10 to NOK 15 upward moves from several firms set against earlier modest trims, as they refine assumptions around discount rates, profitability, and future P/E levels. Analyst Commentary Recent research shows a split view on DNB Bank, with several price target increases in the NOK 10 to NOK 15 range contrasted with at least one downgrade and a small target cut to NOK 281.
HAFNI
NOK 74.10
Hafnia
7D
10.3%
1Y
63.7%

HAFNI: Future Dividend Plan And Hold Rating Will Shape Balanced Returns

Analysts have trimmed their Hafnia price target from NOK 74.25 to NOK 72.50, reflecting a more cautious stance following a downgrade to Hold and updated expectations around fair value, profit margins and future P/E assumptions. Analyst Commentary Recent research reflects a more neutral stance, with the stock now rated Hold and the price target set at NOK 73.
NHY
NOK 91.10
Norsk Hydro
7D
6.5%
1Y
44.6%

NHY: Extrusion Restructuring And Dividend Plans Will Support Higher Future Earnings Multiples

Norsk Hydro’s analyst fair value estimate has been raised from NOK 102.0 to NOK 110.0, reflecting updated views on revenue growth, profit margins and forward P/E after a mix of recent target hikes and rating changes across the Street. Analyst Commentary Recent Street research on Norsk Hydro shows a split view, but with a clear cluster of bullish analysts lifting price targets and ratings as they reassess the company’s earnings power and valuation.
SUBC
NOK 279.40
Subsea 7
7D
10.3%
1Y
61.5%

SUBC: Offshore Backlog And Margin Sustainability Will Shape Balanced Future Prospects

The updated analyst price target for Subsea 7 rises from NOK 228.39 to NOK 274.67, reflecting analysts' higher NOK 254 to NOK 320 price targets that cite Q4 results with high utilization and firmer margins as key support. Analyst Commentary Recent research updates show a wide range of views on Subsea 7, with several bullish analysts lifting price targets while others have moved to more cautious stances.
TEL
NOK 166.00
Telenor
7D
-1.4%
1Y
11.1%
BWLPG
NOK 165.50
BWG
7D
7.7%
1Y
42.2%