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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies280
  • 7D3.6%
  • 3M19.8%
  • 1Y23.3%
  • YTD16.2%

The market has climbed 3.6% in the last 7 days, lead by the Energy sector with a gain of 8.2%. The market is up 23% over the last 12 months. Looking forward, earnings are forecast to grow by 15% 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, 18 Mar 2026NOK 4.8tNOK 3.1tNOK 248.0b14.2x19.5x1.6x
Fri, 13 Feb 2026NOK 4.5tNOK 3.0tNOK 245.0b14.8x18.3x1.5x
Sun, 11 Jan 2026NOK 4.3tNOK 3.3tNOK 267.9b14.6x16x1.3x
Tue, 09 Dec 2025NOK 4.1tNOK 3.3tNOK 267.3b13.9x15.5x1.3x
Thu, 06 Nov 2025NOK 4.1tNOK 3.3tNOK 266.2b12.9x15.2x1.2x
Sat, 04 Oct 2025NOK 4.2tNOK 3.2tNOK 293.5b12.5x14.3x1.3x
Mon, 01 Sep 2025NOK 4.2tNOK 3.2tNOK 297.2b12.6x14x1.3x
Wed, 30 Jul 2025NOK 4.1tNOK 3.3tNOK 303.8b13.1x13.6x1.3x
Fri, 27 Jun 2025NOK 4.0tNOK 3.2tNOK 302.2b12.5x13.2x1.2x
Sun, 25 May 2025NOK 3.9tNOK 3.2tNOK 300.8b12x12.8x1.2x
Tue, 22 Apr 2025NOK 3.7tNOK 3.3tNOK 315.5b11.8x11.8x1.1x
Thu, 20 Mar 2025NOK 4.0tNOK 3.3tNOK 320.7b11.9x12.4x1.2x
Sat, 15 Feb 2025NOK 3.8tNOK 3.3tNOK 322.3b11.5x11.8x1.2x
Mon, 13 Jan 2025NOK 3.9tNOK 3.5tNOK 340.3b11.9x11.3x1.1x
Wed, 11 Dec 2024NOK 3.8tNOK 3.4tNOK 337.2b11.3x11.2x1.1x
Fri, 08 Nov 2024NOK 3.7tNOK 3.4tNOK 321.1b11.5x11.5x1.1x
Sun, 06 Oct 2024NOK 3.8tNOK 3.3tNOK 307.0b11.2x12.4x1.2x
Tue, 03 Sep 2024NOK 3.8tNOK 3.3tNOK 305.5b11.8x12.4x1.2x
Thu, 01 Aug 2024NOK 3.9tNOK 3.3tNOK 299.5b11.2x13x1.2x
Sat, 29 Jun 2024NOK 3.9tNOK 3.3tNOK 286.6b11.3x13.6x1.2x
Mon, 27 May 2024NOK 4.1tNOK 3.3tNOK 282.9b11.6x14.4x1.2x
Wed, 24 Apr 2024NOK 3.9tNOK 3.4tNOK 297.7b11.6x13.2x1.2x
Fri, 22 Mar 2024NOK 3.9tNOK 3.3tNOK 293.1b11.5x13.3x1.2x
Sun, 18 Feb 2024NOK 3.8tNOK 3.3tNOK 265.8b11.8x14.2x1.1x
Tue, 16 Jan 2024NOK 4.0tNOK 3.5tNOK 346.4b11x11.5x1.1x
Thu, 14 Dec 2023NOK 4.0tNOK 3.6tNOK 361.0b10.3x11x1.1x
Sat, 11 Nov 2023NOK 4.0tNOK 3.6tNOK 367.5b10.4x11x1.1x
Mon, 09 Oct 2023NOK 3.9tNOK 3.8tNOK 422.5b10.5x9.3x1x
Wed, 06 Sep 2023NOK 4.0tNOK 3.8tNOK 415.3b10.4x9.6x1.1x
Fri, 04 Aug 2023NOK 3.9tNOK 3.6tNOK 404.3b11.1x9.5x1.1x
Sun, 02 Jul 2023NOK 3.8tNOK 3.8tNOK 504.4b11.2x7.6x1x
Tue, 30 May 2023NOK 3.8tNOK 3.9tNOK 525.1b11.4x7.3x1x
Thu, 27 Apr 2023NOK 3.9tNOK 3.8tNOK 545.7b11.4x7.2x1x
Sat, 25 Mar 2023NOK 3.7tNOK 3.8tNOK 549.8b11.6x6.8x1x
Price to Earnings Ratio

6.8x


Total Market Cap: NOK 3.7tTotal Earnings: NOK 549.8bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.2x202420252026
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 19.5x which is higher than its 3-year average PE of 12.2x.
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 6.6% 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 Market3.64%
Energy8.22%
Materials6.37%
Consumer Staples2.79%
Tech2.62%
Utilities1.01%
Telecom0.63%
Consumer Discretionary0.30%
Industrials0.17%
Financials0.085%
Real Estate-0.033%
Healthcare-0.20%
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 285x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.5%, 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 33% 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
EQNR EquinorNOK 355.1013.4%
+NOK 104.3b		34.7%PE18.3xEnergy
AKRBP Aker BPNOK 341.7012.3%
+NOK 23.6b		41.8%PE170.2xEnergy
YAR Yara InternationalNOK 556.4012.8%
+NOK 16.1b		63.4%PE10.8xMaterials
VAR Vår EnergiNOK 43.8713.9%
+NOK 13.3b		36.1%PE14.6xEnergy
NHY Norsk HydroNOK 93.524.4%
+NOK 7.7b		34.7%PE27.4xMaterials
See more

Market Insights

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From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
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What the next 25 years will look like 🔮

Latest News

SB1NO
NOK 201.00
SpareBank 1 Sør-Norge
7D
-3.4%
1Y
19.1%
AKRBP
NOK 341.70
Aker BP
7D
12.3%
1Y
41.8%
SUBC
NOK 256.40
Subsea 7
7D
-2.0%
1Y
53.1%

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.
VAR
NOK 43.87
Vår Energi
7D
13.9%
1Y
36.1%
HAUTO
NOK 126.90
Höegh Autoliners
7D
-5.6%
1Y
50.6%

HAUTO: Upgraded To Hold As Future Earnings Execution Faces Tighter Room For Error

Analysts have raised their price target for Höegh Autoliners from NOK 65.37 to NOK 120.38, citing updated views on fair value, growth, margins and P/E assumptions reflected in recent research, including the NOK 130 target associated with the shift from Sell to Hold. Analyst Commentary Recent research has framed the higher NOK 120.38 target as still sitting below the NOK 130 level used in the shift to Hold.
YAR
NOK 556.40
Yara International
7D
12.8%
1Y
63.4%
BWLPG
NOK 139.40
BWG
7D
-16.3%
1Y
17.7%
VEND
NOK 250.60
Vend Marketplaces
7D
-2.3%
1Y
-11.6%
KOG
NOK 408.00
Kongsberg Gruppen
7D
1.4%
1Y
27.0%
HAFNI
NOK 63.74
Hafnia
7D
-10.7%
1Y
35.7%
SALM
NOK 595.50
SalMar
7D
6.9%
1Y
10.6%

SALM: Dividend And Harvest Guidance Will Shape Fairly Valued Outlook

Analysts have kept their NOK price target for SalMar broadly unchanged at around NOK 600.8. This reflects steady assumptions on discount rate, revenue growth, profit margins and future P/E that support a consistent view of the company’s valuation. What's in the News SalMar kept its 2026 production guidance for Norway, Ocean and Iceland at 296,000 tonnes, with Scottish Sea Farms adjusted to 43,000 tonnes on a 100% basis (Corporate Guidance).
EQNR
NOK 355.10
Equinor
7D
13.4%
1Y
34.7%

EQNR: Offshore Wind Execution And Mixed Ratings Will Shape Measured Long-Term Upside

Analysts have lifted their implied fair value for Equinor from about NOK 298 to around NOK 308, aligning with a series of recent price target moves that now span roughly NOK 214 to NOK 285 as views evolve on its revenue, margin profile, and future P/E. Analyst Commentary Recent Street research on Equinor points to a split view, with some high profile houses tightening their targets at the upper end of the current range while others hold more conservative stances.
WAWI
NOK 119.90
Wallenius Wilhelmsen
7D
-3.3%
1Y
27.9%

WAWI: Rich Multiple And Lower Margins Will Outweigh New Contract Wins

Analysts have raised their price target for Wallenius Wilhelmsen from NOK 88.60 to NOK 108.56, citing updated assumptions on discount rates, revenue trends, margins, and a higher future P/E multiple. What's in the News The Board declared a dividend of US$1.01 per share for the second half of 2025, corresponding to 50% of underlying net profit plus an extraordinary element of US$200 million.
NHY
NOK 93.52
Norsk Hydro
7D
4.4%
1Y
34.7%

NHY: Restructuring And Upstream Exposure Will Shape Balanced Returns Ahead

The updated analyst price target for Norsk Hydro moves to NOK 82.63 from NOK 79.25, with the change broadly supported by recent Street research. Several firms increased their NOK-based targets, while others flagged demand and downstream recovery risks.
OET
NOK 441.00
Okeanis Eco Tankers
7D
-8.0%
1Y
83.8%

OET: Equity Raise, Dividend And Higher Margins Will Shape Future Balanced Returns

Analysts have lifted their price target on Okeanis Eco Tankers to NOK468 from roughly NOK435, citing updated assumptions that pair a higher fair value estimate with revised expectations for revenue, profitability and a future P/E of about 13.2x. What's in the News The board declared a fourth quarter 2025 dividend of US$1.55 per common share, with NOK distribution for shares registered in Euronext VPS.
COSH
NOK 133.98
Constellation Oil Services Holding
7D
1.5%
1Y
40.4%