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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies277
  • 7D-0.5%
  • 3M19.0%
  • 1Y35.6%
  • YTD20.1%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 6.0%. More promisingly, the market is up 36% over the past year. Earnings are forecast to grow by 12% 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, 14 Apr 2026NOK 4.8tNOK 3.1tNOK 246.9b14.8x19.5x1.6x
Thu, 12 Mar 2026NOK 4.7tNOK 3.1tNOK 249.9b13.7x18.8x1.5x
Sat, 07 Feb 2026NOK 4.5tNOK 3.2tNOK 251.4b15x18.1x1.4x
Mon, 05 Jan 2026NOK 4.3tNOK 3.3tNOK 267.6b14.6x16x1.3x
Wed, 03 Dec 2025NOK 4.1tNOK 3.3tNOK 273.6b13.3x14.8x1.2x
Fri, 31 Oct 2025NOK 4.1tNOK 3.3tNOK 266.9b12.5x15.2x1.2x
Sun, 28 Sep 2025NOK 4.2tNOK 3.2tNOK 294.3b12.5x14.4x1.3x
Tue, 26 Aug 2025NOK 4.2tNOK 3.3tNOK 300.5b13.1x13.9x1.3x
Thu, 24 Jul 2025NOK 4.1tNOK 3.3tNOK 308.1b13x13.2x1.3x
Sat, 21 Jun 2025NOK 4.1tNOK 3.2tNOK 302.7b12.3x13.6x1.3x
Mon, 19 May 2025NOK 3.9tNOK 3.3tNOK 310.4b12x12.6x1.2x
Wed, 16 Apr 2025NOK 3.7tNOK 3.3tNOK 318.5b11.8x11.7x1.1x
Fri, 14 Mar 2025NOK 3.8tNOK 3.2tNOK 322.9b11.6x11.9x1.2x
Sun, 09 Feb 2025NOK 3.8tNOK 3.4tNOK 312.3b12x12.3x1.1x
Tue, 07 Jan 2025NOK 3.8tNOK 3.5tNOK 337.6b12x11.3x1.1x
Thu, 05 Dec 2024NOK 3.8tNOK 3.4tNOK 334.8b11.2x11.4x1.1x
Sat, 02 Nov 2024NOK 3.8tNOK 3.4tNOK 328.2b11x11.4x1.1x
Mon, 30 Sep 2024NOK 3.7tNOK 3.3tNOK 305.1b11.1x12.2x1.1x
Wed, 28 Aug 2024NOK 3.8tNOK 3.3tNOK 303.6b11.2x12.6x1.2x
Fri, 26 Jul 2024NOK 3.8tNOK 3.4tNOK 301.4b11x12.7x1.1x
Sun, 23 Jun 2024NOK 3.8tNOK 3.3tNOK 285.3b11.2x13.5x1.2x
Tue, 21 May 2024NOK 4.1tNOK 3.3tNOK 283.7b11.6x14.3x1.2x
Thu, 18 Apr 2024NOK 4.0tNOK 3.4tNOK 303.6b11.4x13.1x1.2x
Sat, 16 Mar 2024NOK 3.9tNOK 3.4tNOK 290.3b11.1x13.3x1.1x
Mon, 12 Feb 2024NOK 3.8tNOK 3.3tNOK 275.8b11.7x13.6x1.1x
Wed, 10 Jan 2024NOK 4.0tNOK 3.5tNOK 346.1b10.7x11.6x1.2x
Fri, 08 Dec 2023NOK 4.0tNOK 3.6tNOK 360.1b10.2x11.1x1.1x
Sun, 05 Nov 2023NOK 4.0tNOK 3.6tNOK 366.7b10.6x11x1.1x
Tue, 03 Oct 2023NOK 4.0tNOK 3.8tNOK 419.9b10.6x9.6x1.1x
Thu, 31 Aug 2023NOK 3.9tNOK 3.7tNOK 408.2b10.3x9.6x1.1x
Sat, 29 Jul 2023NOK 3.8tNOK 3.6tNOK 401.7b11.1x9.6x1.1x
Mon, 26 Jun 2023NOK 3.8tNOK 3.9tNOK 507.9b11.2x7.5x1x
Wed, 24 May 2023NOK 3.9tNOK 3.9tNOK 560.8b11.5x7x1x
Fri, 21 Apr 2023NOK 4.0tNOK 3.8tNOK 547.7b11.7x7.2x1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 547.7bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.5x202420252026
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 12.5x.
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 6.9% 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-0.49%
Tech5.99%
Materials4.32%
Healthcare3.64%
Financials1.62%
Utilities0.54%
Consumer Discretionary0.49%
Industrials-0.35%
Real Estate-0.61%
Telecom-2.10%
Energy-2.48%
Consumer Staples-3.21%
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 294x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 28.2%, which is higher than its past year's earnings growth of 14.5% 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 4.5% 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 109.807.0%
+NOK 14.2b		103.1%PE32.1xMaterials
AKRBP Aker BPNOK 350.002.9%
+NOK 6.2b		60.8%PE176.8xEnergy
SUBC Subsea 7NOK 311.206.1%
+NOK 5.3b		113.9%PE23.7xEnergy
DNB DNB BankNOK 307.000.9%
+NOK 3.9b		19.0%PB1.5xFinancials
GJF Gjensidige ForsikringNOK 261.402.8%
+NOK 3.5b		8.5%PE20.8xFinancials
See more

Market Insights

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Latest News

EQNR
NOK 376.00
Equinor
7D
-5.8%
1Y
51.7%
AKRBP
NOK 350.00
Aker BP
7D
2.9%
1Y
60.8%
KOG
NOK 409.10
Kongsberg Gruppen
7D
-2.3%
1Y
29.5%
VAR
NOK 46.46
Vår Energi
7D
-3.5%
1Y
61.8%
ORK
NOK 121.10
Orkla
7D
-1.3%
1Y
3.7%

ORK: Cooler Research Tone And Capital Returns Will Shape A Measured Outlook

Analysts have trimmed their price target on Orkla to NOK 128.83. The adjustment reflects slightly lower revenue growth, slimmer profit margin expectations and a modestly reduced future P/E assumption following more cautious views such as the recent downgrade from Kepler Cheuvreux.
SNI
NOK 306.00
Stolt-Nielsen
7D
-8.0%
1Y
37.2%

Stolt-Nielsen Limited Just Missed Earnings - But Analysts Have Updated Their Models

Apr 12
Stolt-Nielsen Limited Just Missed Earnings - But Analysts Have Updated Their Models
MOWI
NOK 211.60
Mowi
7D
-5.5%
1Y
13.0%

MOWI: Future P/E And Revenue Outlook Will Drive Returns Forward

Mowi's analyst price target has been adjusted slightly to NOK 248.67 from NOK 250.00, as analysts balance a higher revenue outlook and updated P/E assumptions with mixed recent research that includes both a Berenberg price target increase and a more cautious stance from Pareto. Analyst Commentary Recent research reflects a split view on Mowi, with one group of bullish analysts lifting their price targets and more cautious analysts turning increasingly wary on the shares.
YAR
NOK 570.20
Yara International
7D
1.6%
1Y
84.4%
SB1NO
NOK 219.50
SpareBank 1 Sør-Norge
7D
4.3%
1Y
37.2%

SB1NO: Stable Dividend Timeline And Steady Outlook Will Support Measured Future Returns

Analysts have kept their price target for SpareBank 1 Sør-Norge steady at NOK 225, citing only small tweaks to inputs such as the discount rate and future P/E assumptions, rather than a change in their overall view of the shares. What's in the News SpareBank 1 Sør-Norge ASA announced an annual dividend of NOK 12.00 per share, with payment scheduled for May 4, 2026 (Key Developments).
GJF
NOK 261.40
Gjensidige Forsikring
7D
2.8%
1Y
8.5%

GJF: Dividend Payouts And Slightly Higher P E Multiple Will Underpin Returns

The analyst price target for Gjensidige Forsikring has been trimmed by NOK 10 to reflect more cautious views from recent research, as analysts factor in slightly softer revenue growth assumptions and marginally lower profit margin expectations, along with a modestly higher future P/E multiple. Analyst Commentary Recent research around Gjensidige Forsikring has turned more cautious, with price targets adjusted and ratings cut as analysts reassess the balance between earnings expectations and the valuation investors are being asked to pay.
SALM
NOK 544.00
SalMar
7D
-5.9%
1Y
10.2%

SALM: Revised Margin Profile And Higher P/E Will Support Future Returns

Narrative Update on SalMar Analysts have raised their SalMar price target by NOK 15 to NOK 680, citing updated assumptions that include a revised profit margin profile and a higher future P/E multiple. Analyst Commentary Recent Street research on SalMar points to a constructive tone, with bullish analysts adjusting price targets and refining their views on the company’s valuation and earnings profile.
DNB
NOK 307.00
DNB Bank
7D
0.9%
1Y
19.0%

DNB: Future Returns Will Hinge On Execution And Ongoing Capital Return Choices

Analysts have nudged the DNB Bank price target higher to NOK 301.27 from NOK 298.47, citing refreshed models that reflect slightly adjusted assumptions for revenue growth, profit margins, discount rate and future P/E, along with a series of recent target changes across the Street, including revisions from Morgan Stanley, JPMorgan, Citi and Pareto. Analyst Commentary Recent Street research on DNB Bank shows a mix of optimism and caution, with several fresh price target moves and one downgrade shaping how analysts think about valuation, earnings power and execution risks.
NHY
NOK 109.80
Norsk Hydro
7D
7.0%
1Y
103.1%

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

Norsk Hydro's updated fair value estimate moves to NOK 120 from NOK 110, as analysts factor in slightly higher assumed revenue growth, modestly stronger profit margins, a lower discount rate, and a higher future P/E multiple, supported by a recent series of price target increases and rating upgrades across the Street. Analyst Commentary Recent research on Norsk Hydro shows a mixed set of opinions, but there has been a clear cluster of more constructive views alongside the latest fair value update.
NOD
NOK 164.40
Nordic Semiconductor
7D
7.7%
1Y
51.8%

NOD: Edge AI Execution Will Support Higher Earnings Power Re Rating

Analysts have lifted their price target for Nordic Semiconductor to NOK 155 from NOK 150, citing refreshed views on revenue growth, profit margins and future P/E assumptions that are now reflected in updated models. Analyst Commentary Bullish analysts are signaling a more constructive stance on Nordic Semiconductor, reflected in fresh research that incorporates updated views on revenue, margins and the P/E multiple used in valuation work.
SUBC
NOK 311.20
Subsea 7
7D
6.1%
1Y
113.9%

SUBC: High Utilization And New Contracts Will Support Future Multiple Reassessment

The updated analyst price target for Subsea 7 moves higher in value, supported by a series of recent target increases from NOK 254 to NOK 320 by major banks, along with analyst commentary around utilization, margins and earnings expectations. Analyst Commentary Recent research points to a cluster of more optimistic views on Subsea 7, with several bullish analysts lifting price targets and highlighting operational execution and earnings potential as key supports for valuation.
TEL
NOK 165.30
Telenor
7D
-2.9%
1Y
13.8%