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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies279
  • 7D3.0%
  • 3M16.9%
  • 1Y19.0%
  • YTD10.0%

The market is up 3.0% over the last week, with the Energy sector leading the way, up 5.7%. The market is up 19% over the last 12 months. 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
Wed, 25 Feb 2026NOK 4.6tNOK 3.1tNOK 244.5b13.9x18.8x1.5x
Fri, 23 Jan 2026NOK 4.3tNOK 3.2tNOK 264.2b14.7x16.4x1.3x
Sun, 21 Dec 2025NOK 4.2tNOK 3.3tNOK 268.6b14.1x15.6x1.3x
Tue, 18 Nov 2025NOK 4.1tNOK 3.3tNOK 269.1b13x15.2x1.2x
Thu, 16 Oct 2025NOK 4.1tNOK 3.3tNOK 296.1b12.2x14x1.3x
Sat, 13 Sep 2025NOK 4.2tNOK 3.2tNOK 292.5b12.6x14.2x1.3x
Mon, 11 Aug 2025NOK 4.1tNOK 3.3tNOK 307.9b13.1x13.3x1.2x
Wed, 09 Jul 2025NOK 4.0tNOK 3.2tNOK 302.8b12.7x13.3x1.2x
Fri, 06 Jun 2025NOK 3.9tNOK 3.2tNOK 301.8b12.2x13.1x1.2x
Sun, 04 May 2025NOK 3.8tNOK 3.3tNOK 325.0b11.9x11.7x1.1x
Tue, 01 Apr 2025NOK 3.9tNOK 3.3tNOK 319.6b12.1x12.3x1.2x
Thu, 27 Feb 2025NOK 3.9tNOK 3.3tNOK 334.9b11.5x11.5x1.2x
Sat, 25 Jan 2025NOK 3.8tNOK 3.4tNOK 335.1b12.1x11.5x1.1x
Mon, 23 Dec 2024NOK 3.6tNOK 3.5tNOK 340.0b11.4x10.7x1x
Wed, 20 Nov 2024NOK 3.7tNOK 3.4tNOK 328.7b10.5x11.4x1.1x
Fri, 18 Oct 2024NOK 3.8tNOK 3.3tNOK 315.2b11.1x12x1.1x
Sun, 15 Sep 2024NOK 3.7tNOK 3.3tNOK 308.4b11.2x12.1x1.1x
Tue, 13 Aug 2024NOK 3.8tNOK 3.3tNOK 298.9b10.9x12.8x1.2x
Thu, 11 Jul 2024NOK 3.8tNOK 3.3tNOK 286.8b11.2x13.3x1.2x
Sat, 08 Jun 2024NOK 3.9tNOK 3.3tNOK 287.7b11.4x13.6x1.2x
Mon, 06 May 2024NOK 4.0tNOK 3.3tNOK 287.8b11.5x13.8x1.2x
Wed, 03 Apr 2024NOK 4.0tNOK 3.4tNOK 299.9b12x13.2x1.2x
Fri, 01 Mar 2024NOK 3.8tNOK 3.3tNOK 272.5b11.4x13.8x1.1x
Sun, 28 Jan 2024NOK 4.0tNOK 3.5tNOK 346.7b11.2x11.5x1.1x
Tue, 26 Dec 2023NOK 4.0tNOK 3.5tNOK 344.0b10.5x11.7x1.2x
Thu, 23 Nov 2023NOK 4.0tNOK 3.6tNOK 358.2b10x11.1x1.1x
Sat, 21 Oct 2023NOK 4.0tNOK 3.8tNOK 427.6b10.7x9.4x1.1x
Mon, 18 Sep 2023NOK 4.1tNOK 3.8tNOK 418.3b10.6x9.7x1.1x
Wed, 16 Aug 2023NOK 3.9tNOK 3.7tNOK 413.1b11.4x9.5x1.1x
Fri, 14 Jul 2023NOK 3.8tNOK 3.7tNOK 476.2b10.8x8x1x
Sun, 11 Jun 2023NOK 3.9tNOK 3.8tNOK 510.0b11.5x7.6x1x
Tue, 09 May 2023NOK 3.9tNOK 3.7tNOK 540.8b11.7x7.3x1.1x
Thu, 06 Apr 2023NOK 3.9tNOK 3.7tNOK 538.0b11.6x7.3x1x
Sat, 04 Mar 2023NOK 4.1tNOK 3.7tNOK 549.9b11.9x7.5x1.1x
Price to Earnings Ratio

7.5x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 549.9bTotal Revenue: NOK 3.7tTotal 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 6.4% 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 Market2.98%
Energy5.70%
Materials5.25%
Tech4.68%
Industrials2.63%
Healthcare2.43%
Utilities1.97%
Consumer Discretionary1.42%
Consumer Staples1.26%
Financials0.56%
Real Estate0.50%
Telecom-0.72%
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 278x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.7%, 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 40% 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 4.1% 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 280.208.1%
+NOK 51.9b		10.3%PE14.5xEnergy
NHY Norsk HydroNOK 87.586.8%
+NOK 10.9b		31.5%PE25.6xMaterials
AKRBP Aker BPNOK 284.106.4%
+NOK 10.9b		21.5%PE142xEnergy
KOG Kongsberg GruppenNOK 387.603.0%
+NOK 9.9b		43.8%PE81.7xIndustrials
VAR Vår EnergiNOK 35.006.4%
+NOK 5.2b		6.5%PE11.7xEnergy
See more

Market Insights

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Last Week

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Latest News

AKRBP
NOK 284.10
Aker BP
7D
6.4%
1Y
21.5%

AKRBP: Higher Cash Returns And Discoveries Will Challenge Cautious 2026 Oil Outlook

The analyst fair value estimate for Aker BP has shifted from NOK 320 to NOK 330 as analysts adjust their models for higher projected revenue growth, a slightly higher discount rate, firmer profit margins, and a lower future P/E multiple, set against a mixed backdrop of recent price target changes and rating downgrades on the stock. Analyst Commentary Recent Street research on Aker BP has been mixed, with several downgrades and price target cuts sitting alongside more constructive views.
YAR
NOK 464.70
Yara International
7D
4.4%
1Y
42.0%

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.
EQNR
NOK 280.20
Equinor
7D
8.1%
1Y
10.3%

EQNR: Renewables Execution And Margin Pressures Will Likely Restrain Future Capital Returns

Narrative Update on Equinor Our updated analyst price target for Equinor edges down from NOK 240.28 to NOK 237.91, reflecting a slightly lower fair value and profit margin outlook as analysts weigh mixed recent rating actions. These include upgrades at some firms, alongside a lower NOK 214 target and Underweight stance from Morgan Stanley, and a Hold rating with a NOK 220 target from Jefferies.
OET
NOK 488.50
Okeanis Eco Tankers
7D
20.9%
1Y
98.2%
NHY
NOK 87.58
Norsk Hydro
7D
6.8%
1Y
31.5%

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

Analysts have raised their fair value estimate for Norsk Hydro from NOK 99 to NOK 102. This reflects updated assumptions for revenue growth, margins and a lower future P/E, even as several recent broker downgrades highlight concerns around demand, currency and the pace of downstream recovery.
SB1NO
NOK 208.00
SpareBank 1 Sør-Norge
7D
-0.2%
1Y
29.4%
NORCO
NOK 39.30
Norconsult
7D
-2.5%
1Y
-8.1%
TOM
NOK 116.40
Tomra Systems
7D
-2.0%
1Y
-32.0%

TOM: Higher Future P E Multiple Will Support Further Upside Ahead

Analysts have slightly lowered their price target on Tomra Systems to NOK 150.25 from NOK 150.96, citing updated assumptions for revenue growth, profit margins, and a higher expected future P/E multiple. Valuation Changes Fair Value: NOK 150.25, down slightly from NOK 150.96, reflecting modestly updated model inputs.
KOG
NOK 387.60
Kongsberg Gruppen
7D
3.0%
1Y
43.8%

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.
HAFNI
NOK 69.86
Hafnia
7D
9.8%
1Y
28.1%

HAFNI: Future Dividend Plan Will Support Returns As Pricing Outlook Remains Attractive

Analysts have lifted their blended Hafnia price target from NOK 71.67 to NOK 73.33, reflecting updates to their fair value estimate, discount rate, expected revenue growth contraction and an assumed future P/E of 12.47. What's in the News Hafnia Limited declared a quarterly dividend of US$0.1470 per share, with a record date of 9 December 2025.
NAS
NOK 16.85
Norwegian Air Shuttle
7D
-4.4%
1Y
49.3%

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 35.00
Vår Energi
7D
6.4%
1Y
6.5%

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 173.90
Telenor
7D
-1.4%
1Y
19.8%
REACH
NOK 6.40
Reach Subsea
7D
-8.4%
1Y
-12.3%
COSH
NOK 130.52
Constellation Oil Services Holding
7D
-0.7%
1Y
n/a
NORDH
NOK 31.00
Nordhealth
7D
-8.8%
1Y
-22.5%