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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJul 08, 2025
DataAggregated Company Financials
Companies298
  • 7D0.9%
  • 3M12.7%
  • 1Y7.8%
  • YTD6.4%

Over the last 7 days, the market has risen 1.5%, driven by gains of 3.0% in the Energy sector. As for the past 12 months, the market is up 6.8%. Earnings are forecast to grow by 9.1% 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, 08 Jul 2025NOK 4.0tNOK 3.2tNOK 303.1b12.8x13.3x1.2x
Thu, 05 Jun 2025NOK 3.9tNOK 3.2tNOK 302.2b12.3x13x1.2x
Sat, 03 May 2025NOK 3.8tNOK 3.3tNOK 325.7b11.9x11.7x1.1x
Mon, 31 Mar 2025NOK 3.9tNOK 3.3tNOK 319.1b12.1x12.2x1.2x
Wed, 26 Feb 2025NOK 3.8tNOK 3.3tNOK 334.8b11.5x11.5x1.2x
Fri, 24 Jan 2025NOK 3.9tNOK 3.5tNOK 336.8b12x11.5x1.1x
Sun, 22 Dec 2024NOK 3.6tNOK 3.5tNOK 339.9b11.4x10.7x1x
Tue, 19 Nov 2024NOK 3.7tNOK 3.4tNOK 331.2b10.5x11.3x1.1x
Thu, 17 Oct 2024NOK 3.8tNOK 3.3tNOK 313.6b11.1x12.1x1.1x
Sat, 14 Sep 2024NOK 3.7tNOK 3.3tNOK 308.4b11.2x12.1x1.1x
Mon, 12 Aug 2024NOK 3.8tNOK 3.3tNOK 299.0b10.9x12.7x1.1x
Wed, 10 Jul 2024NOK 3.8tNOK 3.2tNOK 279.9b11.4x13.5x1.2x
Fri, 07 Jun 2024NOK 3.9tNOK 3.3tNOK 285.1b11.5x13.6x1.2x
Sun, 05 May 2024NOK 4.0tNOK 3.3tNOK 287.8b11.5x13.8x1.2x
Tue, 02 Apr 2024NOK 3.9tNOK 3.4tNOK 303.6b11.7x13x1.2x
Thu, 29 Feb 2024NOK 3.8tNOK 3.3tNOK 269.9b11.6x14x1.1x
Sat, 27 Jan 2024NOK 4.0tNOK 3.5tNOK 346.7b11.2x11.5x1.1x
Mon, 25 Dec 2023NOK 4.0tNOK 3.5tNOK 344.0b10.5x11.7x1.2x
Wed, 22 Nov 2023NOK 4.0tNOK 3.5tNOK 355.1b10.3x11.3x1.1x
Fri, 20 Oct 2023NOK 4.1tNOK 3.8tNOK 427.3b10.8x9.5x1.1x
Sun, 17 Sep 2023NOK 4.1tNOK 3.8tNOK 417.5b10.6x9.7x1.1x
Tue, 15 Aug 2023NOK 3.9tNOK 3.7tNOK 411.6b11.1x9.5x1.1x
Thu, 13 Jul 2023NOK 3.8tNOK 3.7tNOK 481.6b10.9x8x1x
Sat, 10 Jun 2023NOK 3.9tNOK 3.8tNOK 509.7b11.5x7.6x1x
Mon, 08 May 2023NOK 3.9tNOK 3.7tNOK 544.2b11.4x7.2x1x
Wed, 05 Apr 2023NOK 3.9tNOK 3.7tNOK 538.1b11.6x7.3x1x
Fri, 03 Mar 2023NOK 4.1tNOK 3.8tNOK 551.1b11.9x7.4x1.1x
Sun, 29 Jan 2023NOK 4.0tNOK 3.6tNOK 486.0b11.8x8.1x1.1x
Tue, 27 Dec 2022NOK 4.0tNOK 3.6tNOK 485.2b11.5x8.3x1.1x
Thu, 24 Nov 2022NOK 4.0tNOK 3.6tNOK 488.2b10.8x8.3x1.1x
Sat, 22 Oct 2022NOK 3.9tNOK 3.4tNOK 394.6b11.9x9.8x1.1x
Mon, 19 Sep 2022NOK 4.0tNOK 3.3tNOK 380.9b12.7x10.5x1.2x
Wed, 17 Aug 2022NOK 4.2tNOK 3.2tNOK 344.1b12.6x12.3x1.3x
Fri, 15 Jul 2022NOK 3.9tNOK 3.0tNOK 302.3b12x12.8x1.3x
Price to Earnings Ratio

12.8x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 302.3bTotal Revenue: NOK 3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 10.9x202320242025
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 13.3x which is higher than its 3-year average PE of 10.9x.
Past Earnings Growth
  • The earnings for Norwegian listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 2.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Norwegian Market?

NO Market0.94%
Utilities3.33%
Energy2.55%
Materials2.12%
Consumer Discretionary1.60%
Healthcare1.35%
Financials0.95%
Telecom0.48%
Tech0.36%
Real Estate-0.28%
Industrials-0.69%
Consumer Staples-1.37%
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 382x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 36.4% which is higher than its past year's earnings decline of 8.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 56% over the next 5 years.
  • This is better than its past earnings decline of 18% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 11% 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 85.004.9%
+NOK 6.1b		n/aPS23.6xEnergy
NHY Norsk HydroNOK 59.283.0%
+NOK 3.4b		-10.9%PE12.1xMaterials
DNB DNB BankNOK 280.900.8%
+NOK 3.4b		34.1%PB1.4xFinancials
AKRBP Aker BPNOK 261.301.4%
+NOK 2.2b		-1.2%PE10.1xEnergy
VAR Vår EnergiNOK 33.292.7%
+NOK 2.2b		-9.7%PE13.3xEnergy
See more

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COSH
NOK 85.00
Constellation Oil Services Holding
7D
4.9%
1Y
n/a
VAR
NOK 33.29
Vår Energi
7D
2.7%
1Y
-9.7%

Risks To Shareholder Returns Are Elevated At These Prices For Vår Energi AS (OB:VAR)

Jul 07
Risks To Shareholder Returns Are Elevated At These Prices For Vår Energi AS (OB:VAR)
SNI
NOK 290.50
Stolt-Nielsen
7D
13.5%
1Y
-37.2%

Stolt-Nielsen Limited Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

Jul 07
Stolt-Nielsen Limited Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year
VENDA
NOK 363.00
Vend Marketplaces
7D
2.3%
1Y
11.9%
DNB
NOK 280.90
DNB Bank
7D
0.8%
1Y
34.1%
AKRBP
NOK 261.30
Aker BP
7D
1.4%
1Y
-1.2%
ORK
NOK 107.10
Orkla
7D
-2.3%
1Y
25.8%

Here's Why Orkla (OB:ORK) Can Manage Its Debt Responsibly

Jul 01
Here's Why Orkla (OB:ORK) Can Manage Its Debt Responsibly
EQNR
NOK 259.40
Equinor
7D
1.7%
1Y
-11.9%
MOWI
NOK 191.10
Mowi
7D
-1.8%
1Y
7.7%

We Think Mowi (OB:MOWI) Is Taking Some Risk With Its Debt

Jun 30
We Think Mowi (OB:MOWI) Is Taking Some Risk With Its Debt
NHY
NOK 59.28
Norsk Hydro
7D
3.0%
1Y
-10.9%

Norsk Hydro ASA's (OB:NHY) P/E Is On The Mark

Jun 30
Norsk Hydro ASA's (OB:NHY) P/E Is On The Mark
SPOL
NOK 189.28
SpareBank 1 Østlandet
7D
-2.8%
1Y
35.6%
KOG
NOK 371.25
Kongsberg Gruppen
7D
-5.0%
1Y
109.7%
ENTRA
NOK 127.40
Entra
7D
-4.6%
1Y
10.6%
SALM
NOK 428.80
SalMar
7D
-1.8%
1Y
-25.0%
SUBC
NOK 195.50
Subsea 7
7D
3.3%
1Y
-1.8%
SDNS
NOK 21.00
Shelf Drilling (North Sea)
7D
-29.3%
1Y
-31.6%