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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies279
  • 7D0.3%
  • 3M14.8%
  • 1Y16.0%
  • YTD7.1%

The market has been flat in the last week, however the Materials sector is down 4.4%. More promisingly, the market is up 16% over the past year. Looking forward, 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
Tue, 17 Feb 2026NOK 4.5tNOK 3.1tNOK 243.4b13.7x18.3x1.5x
Thu, 15 Jan 2026NOK 4.4tNOK 3.3tNOK 267.2b14.6x16.3x1.3x
Sat, 13 Dec 2025NOK 4.2tNOK 3.3tNOK 268.8b13.8x15.4x1.3x
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
Price to Earnings Ratio

7x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 576.3bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.9x202420252026
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 18.3x which is higher than its 3-year average PE of 11.9x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 25% per year over the last three years.
  • Revenues have also declined 6.2% 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 Market0.32%
Energy1.70%
Consumer Staples1.47%
Financials1.03%
Real Estate0.79%
Consumer Discretionary0.62%
Industrials-0.26%
Telecom-0.64%
Utilities-2.97%
Tech-3.73%
Healthcare-4.22%
Materials-4.38%
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 273x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.4% 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 50% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 3.1% 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
COSH Constellation Oil Services HoldingNOK 130.007.7%
+NOK 14.0b		n/aPS38.6xEnergy
DNB DNB BankNOK 296.502.5%
+NOK 10.3b		22.1%PB1.5xFinancials
ORK OrklaNOK 128.706.8%
+NOK 8.1b		19.2%PE19.9xConsumer Staples
TEL TelenorNOK 177.102.1%
+NOK 4.9b		27.8%PE22.2xTelecom
WAWI Wallenius WilhelmsenNOK 121.805.3%
+NOK 2.6b		26.4%PE4.8xIndustrials
See more

Market Insights

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Latest News

DNB
NOK 296.50
DNB Bank
7D
2.5%
1Y
22.1%
KOG
NOK 370.90
Kongsberg Gruppen
7D
-2.3%
1Y
50.8%
TOM
NOK 122.80
Tomra Systems
7D
-6.0%
1Y
-34.0%
ORK
NOK 128.70
Orkla
7D
6.8%
1Y
19.2%

ORK: Higher Discount Rate And Revised Assumptions Will Shape A Balanced Outlook

Analysts now estimate Orkla’s fair value at NOK 122.00, up from NOK 115.40. This reflects updated assumptions for slightly higher revenue growth, stronger profit margins and a modestly lower future P/E, even as they apply a higher discount rate to their cash flow estimates.
KIT
NOK 95.00
Kitron
7D
10.0%
1Y
149.3%

This Just In: Analysts Are Boosting Their Kitron ASA (OB:KIT) Outlook for This Year

Feb 15
This Just In: Analysts Are Boosting Their Kitron ASA (OB:KIT) Outlook for This Year
SB1NO
NOK 204.00
SpareBank 1 Sør-Norge
7D
2.8%
1Y
29.9%

SpareBank 1 Sør-Norge ASA (OB:SB1NO) Full-Year Results: Here's What Analysts Are Forecasting For This Year

Feb 15
SpareBank 1 Sør-Norge ASA (OB:SB1NO) Full-Year Results: Here's What Analysts Are Forecasting For This Year
TGS
NOK 113.00
TGS
7D
10.5%
1Y
-1.8%

TGS ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Feb 15
TGS ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
TEL
NOK 177.10
Telenor
7D
2.1%
1Y
27.8%
NHY
NOK 84.44
Norsk Hydro
7D
-5.7%
1Y
25.1%
YAR
NOK 446.00
Yara International
7D
-3.4%
1Y
36.3%
PROT
NOK 493.00
Protector Forsikring
7D
-6.3%
1Y
57.8%

PROT: Future Story Will Center On Margin Strength And Dividend Visibility

Analysts have lifted their price target for Protector Forsikring to NOK600 from NOK578.33, citing updated assumptions around revenue growth, profit margins, a slightly higher discount rate, and a lower expected future P/E multiple. What's in the News Protector Forsikring ASA declared a dividend of NOK 6.00 per share, with the last day including rights on 2 February 2026 (Key Developments).
GJF
NOK 268.00
Gjensidige Forsikring
7D
-3.8%
1Y
16.5%

GJF: Rebased Earnings Assumptions And Special Dividend Will Shape Future Returns

Narrative Update on Gjensidige Forsikring Analysts have trimmed their price target on Gjensidige Forsikring by NOK 10, reflecting updated views on future P/E assumptions, profit margins and growth after recent research moves, including a target cut and a downgrade. Analyst Commentary Recent research suggests that analysts are reassessing their assumptions on valuation and earnings power for Gjensidige Forsikring, which is feeding through to trimmed price targets and at least one downgrade.
ELK
NOK 26.86
Elkem
7D
-9.6%
1Y
15.9%

ELK: Safety Reforms After Saint Fons Incident Will Support Upbeat Outlook

Narrative Update on Elkem Analysts have kept their fair value estimate for Elkem steady at NOK 31.85. They explain the unchanged price target by slightly adjusting their assumptions for discount rate, revenue growth, profit margin and future P/E expectations, rather than changing their overall view of the company’s valuation.
VEND
NOK 238.00
Vend Marketplaces
7D
-11.9%
1Y
-24.4%
WAWI
NOK 121.80
Wallenius Wilhelmsen
7D
5.3%
1Y
26.4%

WAWI: Future Contract Wins Will Mask Softer Revenue Outlook

Analysts have trimmed their price target for Wallenius Wilhelmsen to around $88.60 from about $89.04, citing updated assumptions that include a slightly lower discount rate, softer revenue growth, stronger profit margins, and a lower future P/E multiple. What's in the News Entered a one-year shipping contract starting in 2026 with a leading Asian vehicle and heavy equipment manufacturer, estimated at around US$130 million based on contractual volumes (Key Developments).
COSH
NOK 130.00
Constellation Oil Services Holding
7D
7.7%
1Y
n/a