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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies282
  • 7D0.7%
  • 3M8.8%
  • 1Y9.7%
  • YTD3.1%

The Consumer Staples sector gained 3.8% while the market remained flat over the last week. More promisingly, the market is up 9.7% over the past year. 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
Thu, 05 Feb 2026NOK 4.4tNOK 3.2tNOK 261.8b14.8x16.8x1.4x
Sat, 03 Jan 2026NOK 4.3tNOK 3.3tNOK 267.5b14.6x16x1.3x
Mon, 01 Dec 2025NOK 4.1tNOK 3.3tNOK 271.2b13.7x15x1.2x
Wed, 29 Oct 2025NOK 4.1tNOK 3.2tNOK 296.6b12.4x13.8x1.3x
Fri, 26 Sep 2025NOK 4.2tNOK 3.2tNOK 295.5b12.5x14.2x1.3x
Sun, 24 Aug 2025NOK 4.2tNOK 3.2tNOK 302.8b13.4x13.8x1.3x
Tue, 22 Jul 2025NOK 4.1tNOK 3.3tNOK 307.7b13x13.3x1.3x
Thu, 19 Jun 2025NOK 4.1tNOK 3.2tNOK 300.4b12.3x13.7x1.3x
Sat, 17 May 2025NOK 3.9tNOK 3.3tNOK 310.4b12.3x12.6x1.2x
Mon, 14 Apr 2025NOK 3.6tNOK 3.3tNOK 318.6b11.5x11.4x1.1x
Wed, 12 Mar 2025NOK 3.8tNOK 3.2tNOK 325.3b11.5x11.7x1.2x
Fri, 07 Feb 2025NOK 3.9tNOK 3.4tNOK 332.8b11.9x11.6x1.1x
Sun, 05 Jan 2025NOK 3.8tNOK 3.5tNOK 339.1b11.7x11.3x1.1x
Tue, 03 Dec 2024NOK 3.8tNOK 3.4tNOK 331.3b11.5x11.4x1.1x
Thu, 31 Oct 2024NOK 3.8tNOK 3.4tNOK 326.1b11.3x11.7x1.1x
Sat, 28 Sep 2024NOK 3.7tNOK 3.3tNOK 305.1b11.1x12.2x1.1x
Mon, 26 Aug 2024NOK 3.8tNOK 3.3tNOK 301.6b11.2x12.6x1.2x
Wed, 24 Jul 2024NOK 3.9tNOK 3.3tNOK 302.5b11.2x12.8x1.2x
Fri, 21 Jun 2024NOK 3.9tNOK 3.3tNOK 284.8b11.3x13.6x1.2x
Sun, 19 May 2024NOK 4.1tNOK 3.3tNOK 283.9b11.6x14.3x1.2x
Tue, 16 Apr 2024NOK 4.0tNOK 3.4tNOK 302.5b11.5x13.3x1.2x
Thu, 14 Mar 2024NOK 3.8tNOK 3.3tNOK 287.6b11.3x13.4x1.2x
Sat, 10 Feb 2024NOK 3.8tNOK 3.3tNOK 280.9b11.7x13.4x1.1x
Mon, 08 Jan 2024NOK 4.1tNOK 3.5tNOK 345.1b10.9x11.8x1.2x
Wed, 06 Dec 2023NOK 4.0tNOK 3.6tNOK 364.1b10.2x11x1.1x
Fri, 03 Nov 2023NOK 4.1tNOK 3.6tNOK 365.6b10.6x11.1x1.1x
Sun, 01 Oct 2023NOK 4.0tNOK 3.8tNOK 416.0b10.6x9.7x1.1x
Tue, 29 Aug 2023NOK 3.9tNOK 3.8tNOK 413.0b10.3x9.5x1x
Thu, 27 Jul 2023NOK 3.8tNOK 3.7tNOK 450.8b10.7x8.5x1x
Sat, 24 Jun 2023NOK 3.8tNOK 3.9tNOK 509.2b11.2x7.4x1x
Mon, 22 May 2023NOK 3.9tNOK 3.9tNOK 558.2b11.5x7x1x
Wed, 19 Apr 2023NOK 4.0tNOK 3.8tNOK 504.7b11.9x7.9x1.1x
Fri, 17 Mar 2023NOK 3.8tNOK 3.8tNOK 560.2b11.3x6.8x1x
Sun, 12 Feb 2023NOK 4.1tNOK 3.7tNOK 569.2b11.7x7.2x1.1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 569.2bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.8x202420252026
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 16.8x which is higher than its 3-year average PE of 11.8x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 22% per year over the last three years.
  • Revenues have also declined 4.3% 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 Market0.70%
Consumer Staples3.84%
Industrials1.44%
Materials1.05%
Energy0.91%
Financials0.23%
Real Estate-0.078%
Telecom-1.72%
Utilities-2.35%
Consumer Discretionary-3.58%
Healthcare-3.72%
Tech-5.42%
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 276x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.9%, 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 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
DNB DNB BankNOK 292.905.0%
+NOK 20.3b		20.5%PB1.5xFinancials
KOG Kongsberg GruppenNOK 330.052.8%
+NOK 8.0b		26.0%PE41.2xIndustrials
MOWI MowiNOK 226.604.5%
+NOK 5.2b		4.2%PE26.3xConsumer Staples
ORK OrklaNOK 117.604.0%
+NOK 4.2b		14.6%PE18xConsumer Staples
COSH Constellation Oil Services HoldingNOK 117.002.0%
+NOK 3.6b		n/aPS34xEnergy
See more

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Latest News

EQNR
NOK 253.20
Equinor
7D
-0.2%
1Y
-4.9%
LINK
NOK 25.20
LINK Mobility Group Holding
7D
-27.1%
1Y
9.3%
VAR
NOK 33.49
Vår Energi
7D
-3.3%
1Y
-3.1%
PROT
NOK 520.00
Protector Forsikring
7D
-3.5%
1Y
61.5%

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
ORK
NOK 117.60
Orkla
7D
4.0%
1Y
14.6%

ORK: Share Repurchases And Refined Assumptions Will Shape A Measured Outlook

Analysts have nudged their price target on Orkla up from NOK 111.50 to NOK 115.40, citing updated assumptions for revenue growth, profit margins and future P/E multiples. What's in the News Orkla ASA has announced a share repurchase program of up to 80,000,000 shares for NOK 4,000m, with the stated aim of returning excess capital to shareholders by reducing the company’s share capital, and a program end date of December 31, 2026 (Key Developments).
WAWI
NOK 113.90
Wallenius Wilhelmsen
7D
5.9%
1Y
26.0%

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
KOG
NOK 330.05
Kongsberg Gruppen
7D
2.8%
1Y
26.0%
SALM
NOK 580.00
SalMar
7D
4.6%
1Y
1.4%

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 226.60
Mowi
7D
4.5%
1Y
4.2%

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 264.20
Aker BP
7D
-4.5%
1Y
7.8%

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.
DNB
NOK 292.90
DNB Bank
7D
5.0%
1Y
20.5%

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.
NHY
NOK 88.60
Norsk Hydro
7D
1.4%
1Y
34.0%

NHY: Restructuring And Hydropower Investment Will Shape Balanced Returns Ahead

Narrative Update Analysts have lifted their implied fair value estimate for Norsk Hydro from NOK 74.13 to NOK 79.25, reflecting higher Street price targets in the NOK 75 to NOK 99 range and updated assumptions on discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Street research on Norsk Hydro has leaned constructive in recent months, with several firms adjusting their price targets upward into the NOK 75 to NOK 99 range.
TOM
NOK 126.70
Tomra Systems
7D
-3.9%
1Y
-23.6%

TOM: Poland Rollout And Index Inclusion Will Support Further Upside Ahead

Narrative Update The analyst price target for Tomra Systems has been adjusted slightly lower to reflect a fair value move from NOK 154.14 to NOK 150.96, with analysts pointing to modestly updated assumptions on discount rate, revenue growth, profit margin and future P/E as the key drivers. Valuation Changes Fair Value: Analyst fair value estimate eased slightly from NOK 154.14 to NOK 150.96.
VEND
NOK 242.40
Vend Marketplaces
7D
-11.4%
1Y
-26.6%

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

Jan 21
Vend Marketplaces (OB:VEND) Seems To Use Debt Rather Sparingly
AUTO
NOK 10.89
AutoStore Holdings
7D
-8.0%
1Y
10.0%

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 117.00
Constellation Oil Services Holding
7D
2.0%
1Y
n/a