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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies284
  • 7D1.9%
  • 3M-0.5%
  • 1Y11.2%
  • YTD7.6%

The market is up 1.9% in the last 7 days, led by the Energy and Financials sectors. As for the past 12 months, the market is up 11%. As for the next few years, earnings are expected to grow by 16% 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, 25 Dec 2025NOK 4.2tNOK 3.3tNOK 267.5b14.4x15.7x1.3x
Sat, 22 Nov 2025NOK 4.0tNOK 3.3tNOK 271.9b13.4x14.7x1.2x
Mon, 20 Oct 2025NOK 4.1tNOK 3.3tNOK 295.6b12.2x13.8x1.3x
Wed, 17 Sep 2025NOK 4.2tNOK 3.2tNOK 291.1b12.7x14.3x1.3x
Fri, 15 Aug 2025NOK 4.0tNOK 3.3tNOK 306.4b13.2x13.2x1.2x
Sun, 13 Jul 2025NOK 4.0tNOK 3.3tNOK 303.3b12.7x13.2x1.2x
Tue, 10 Jun 2025NOK 3.9tNOK 3.2tNOK 302.5b12.2x13.1x1.2x
Thu, 08 May 2025NOK 3.8tNOK 3.3tNOK 310.1b12.2x12.2x1.1x
Sat, 05 Apr 2025NOK 3.6tNOK 3.3tNOK 320.8b11.2x11.2x1.1x
Mon, 03 Mar 2025NOK 3.8tNOK 3.4tNOK 335.8b11.5x11.4x1.1x
Wed, 29 Jan 2025NOK 3.9tNOK 3.5tNOK 337.7b12.1x11.4x1.1x
Fri, 27 Dec 2024NOK 3.7tNOK 3.5tNOK 340.3b11.2x10.8x1.1x
Sun, 24 Nov 2024NOK 3.8tNOK 3.4tNOK 330.1b11x11.5x1.1x
Tue, 22 Oct 2024NOK 3.8tNOK 3.3tNOK 315.4b11.5x11.9x1.1x
Thu, 19 Sep 2024NOK 3.7tNOK 3.3tNOK 307.2b11.3x12x1.1x
Sat, 17 Aug 2024NOK 3.8tNOK 3.3tNOK 298.9b11.2x12.8x1.2x
Mon, 15 Jul 2024NOK 3.9tNOK 3.3tNOK 290.9b11.1x13.3x1.2x
Wed, 12 Jun 2024NOK 3.9tNOK 3.3tNOK 287.2b11.4x13.4x1.2x
Fri, 10 May 2024NOK 4.0tNOK 3.3tNOK 288.0b11.4x14x1.2x
Sun, 07 Apr 2024NOK 4.0tNOK 3.3tNOK 297.7b12.2x13.4x1.2x
Tue, 05 Mar 2024NOK 3.8tNOK 3.3tNOK 291.4b11.2x13x1.1x
Thu, 01 Feb 2024NOK 3.9tNOK 3.5tNOK 349.1b11.3x11.3x1.1x
Sat, 30 Dec 2023NOK 4.0tNOK 3.4tNOK 340.1b11x11.9x1.2x
Mon, 27 Nov 2023NOK 4.1tNOK 3.6tNOK 357.7b10.2x11.4x1.1x
Wed, 25 Oct 2023NOK 4.0tNOK 3.8tNOK 427.4b10.9x9.3x1x
Fri, 22 Sep 2023NOK 4.1tNOK 3.8tNOK 418.0b10.6x9.7x1.1x
Sun, 20 Aug 2023NOK 3.9tNOK 3.7tNOK 423.2b10.4x9.2x1x
Tue, 18 Jul 2023NOK 3.7tNOK 3.8tNOK 473.6b10.6x7.9x1x
Thu, 15 Jun 2023NOK 3.9tNOK 3.8tNOK 502.0b11.5x7.8x1x
Sat, 13 May 2023NOK 3.9tNOK 3.8tNOK 548.7b11.8x7.1x1x
Mon, 10 Apr 2023NOK 3.9tNOK 3.8tNOK 504.8b11.5x7.7x1x
Wed, 08 Mar 2023NOK 4.1tNOK 3.8tNOK 559.0b11.9x7.3x1.1x
Fri, 03 Feb 2023NOK 3.9tNOK 3.6tNOK 491.4b11.6x8x1.1x
Sun, 01 Jan 2023NOK 4.0tNOK 3.6tNOK 483.0b11.5x8.3x1.1x
Price to Earnings Ratio

8.3x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 483.0bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.5x202320242025
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 15.7x which is higher than its 3-year average PE of 11.4x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 18% per year over the last three years.
  • Revenues have also declined 2.7% 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 Market1.89%
Healthcare5.02%
Materials3.17%
Financials2.58%
Utilities2.40%
Industrials2.13%
Energy1.91%
Consumer Staples1.30%
Tech1.20%
Real Estate0.83%
Consumer Discretionary0.26%
Telecom-1.02%
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 287x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 37.6% 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 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
EQNR EquinorNOK 232.002.2%
+NOK 12.5b		-9.2%PE10.1xEnergy
KOG Kongsberg GruppenNOK 260.705.7%
+NOK 12.3b		1.0%PE32.5xIndustrials
DNB DNB BankNOK 282.402.9%
+NOK 11.6b		25.2%PB1.5xFinancials
AKRBP Aker BPNOK 250.303.3%
+NOK 5.0b		16.6%PE18.7xEnergy
YAR Yara InternationalNOK 416.904.4%
+NOK 4.5b		39.4%PE14.4xMaterials
See more

Market Insights

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HAFNI
NOK 53.52
Hafnia
7D
-3.9%
1Y
-9.1%
DNB
NOK 282.40
DNB Bank
7D
2.4%
1Y
25.2%

DNB: Future Returns Will Balance Profitability Strength Against Macro And Execution Risks

Analysts have nudged their price target on DNB Bank slightly higher to NOK 275.60 from about NOK 274.93, citing modestly stronger profit margin expectations despite mixed recent target revisions across the Street. Analyst Commentary Recent Street updates on DNB Bank present a mixed but generally constructive picture, with price targets adjusting in a relatively tight range and reflecting differing views on execution and earnings momentum.
OET
NOK 328.00
Okeanis Eco Tankers
7D
-8.3%
1Y
47.1%
YAR
NOK 416.90
Yara International
7D
3.5%
1Y
39.4%
WWI
NOK 572.00
Wilh. Wilhelmsen Holding
7D
-2.2%
1Y
41.8%

WWI Will Reward Shareholders Through Prospective Additional Dividend Payout

Analysts have increased their average price target for Wilh. Wilhelmsen Holding from NOK 524 to NOK 705, citing modestly higher assumed revenue growth and valuation multiples, partly offset by more conservative long term margin expectations.
AUTO
NOK 10.97
AutoStore Holdings
7D
7.0%
1Y
-1.7%

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Dec 17
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KOG
NOK 260.70
Kongsberg Gruppen
7D
1.6%
1Y
1.0%

The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested

Dec 17
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SUBC
NOK 205.00
Subsea 7
7D
5.6%
1Y
15.5%
GJF
NOK 298.80
Gjensidige Forsikring
7D
0.9%
1Y
48.7%

GJF: Higher Pricing And IT Setback Will Shape Future Returns

Analysts have raised their price target for Gjensidige Forsikring by about NOK 4 per share, reflecting improved expectations for revenue growth and profit margins as the company benefits from rising Norwegian insurance prices. Analyst Commentary Bullish analysts view the recent upgrade in rating and substantial increase in the price target as evidence that the market had been underestimating Gjensidige Forsikring's earnings power in a higher pricing environment.
SNI
NOK 316.50
Stolt-Nielsen
7D
-4.5%
1Y
10.5%

SNI: Higher Profitability And Capital Returns Will Drive Stronger Future Upside

Analysts have raised their price target for Stolt-Nielsen by approximately NOK 46 to reflect a higher fair value estimate of about NOK 381, citing improved profit margin expectations and a slightly lower discount rate, despite more muted long term revenue growth assumptions. What's in the News CFO Jens F.
WAWI
NOK 99.10
Wallenius Wilhelmsen
7D
-2.0%
1Y
6.9%

WAWI: Neutral Rerating Will Likely Leave Shares Vulnerable To Margin Pressure

Analysts have lifted their price target on Wallenius Wilhelmsen from NOK 75.38 to NOK 84.24, citing a modestly lower discount rate, slightly improved revenue decline expectations, and a higher assumed future price to earnings multiple, despite some compression in projected profit margins. Analyst Commentary Bearish analysts acknowledge that the higher price target reflects a more constructive view on the companys medium term prospects, but they emphasize that the new level still implies limited upside from current trading levels.
AKRBP
NOK 250.30
Aker BP
7D
3.0%
1Y
16.6%

AKRBP: Future Returns Will Depend On Execution And Disciplined Capital Allocation

Analysts have slightly trimmed their fair value estimate for Aker BP from NOK 262.00 to about NOK 260.82 per share, reflecting a marginally lower discount rate and refined earnings growth assumptions, while maintaining broadly stable long term profitability and valuation multiples. Analyst Commentary Recent commentary on sector peers underscores a growing emphasis on disciplined capital allocation and prioritizing companies with outsized earnings growth, themes that are directly relevant to Aker BP’s investment case.
ORK
NOK 112.00
Orkla
7D
-0.5%
1Y
13.6%

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TEL
NOK 143.80
Telenor
7D
-1.2%
1Y
14.6%
ATEA
NOK 155.60
Atea
7D
-3.4%
1Y
12.1%
SB1NO
NOK 196.40
SpareBank 1 Sør-Norge
7D
2.4%
1Y
36.8%

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