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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies279
  • 7D0.4%
  • 3M16.6%
  • 1Y20.3%
  • YTD10.7%

In the last week, the market has been flat. Meanwhile, the market is actually up 20% over the past year. 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
Sun, 01 Mar 2026NOK 4.6tNOK 3.1tNOK 246.3b14.6x18.7x1.5x
Tue, 27 Jan 2026NOK 4.4tNOK 3.2tNOK 262.7b14.9x16.6x1.4x
Thu, 25 Dec 2025NOK 4.2tNOK 3.3tNOK 266.8b14.5x15.8x1.3x
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
Price to Earnings Ratio

7.3x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 559.0bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12x202420252026
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 18.7x which is higher than its 3-year average PE of 12.0x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 24% per year over the last three years.
  • Revenues have also declined 7.1% 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 Market0.43%
Materials2.90%
Utilities2.78%
Energy2.10%
Consumer Discretionary1.97%
Healthcare1.67%
Telecom1.22%
Financials-0.35%
Tech-0.58%
Real Estate-1.28%
Industrials-1.42%
Consumer Staples-2.00%
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 279x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.8%, 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 38% 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 4.2% 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 281.602.9%
+NOK 19.5b		9.4%PE14.6xEnergy
NHY Norsk HydroNOK 88.143.3%
+NOK 5.5b		33.1%PE25.8xMaterials
SUBC Subsea 7NOK 274.805.0%
+NOK 3.8b		59.1%PE20.8xEnergy
YAR Yara InternationalNOK 480.702.8%
+NOK 3.3b		50.4%PE9.4xMaterials
TEL TelenorNOK 176.301.2%
+NOK 3.1b		20.9%PE22.1xTelecom
See more

Market Insights

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Latest News

MOWI
NOK 224.20
Mowi
7D
-3.6%
1Y
7.1%
EQNR
NOK 281.60
Equinor
7D
2.9%
1Y
9.4%
HAUTO
NOK 132.50
Höegh Autoliners
7D
9.4%
1Y
74.0%
AKRBP
NOK 286.20
Aker BP
7D
1.5%
1Y
23.1%
SUBC
NOK 274.80
Subsea 7
7D
5.0%
1Y
59.1%
DNB
NOK 301.50
DNB Bank
7D
-1.2%
1Y
16.4%
NHY
NOK 88.14
Norsk Hydro
7D
3.3%
1Y
33.1%
PUBLI
NOK 23.30
Public Property Invest
7D
-4.9%
1Y
27.6%
SALM
NOK 569.00
SalMar
7D
-4.1%
1Y
2.2%
YAR
NOK 480.70
Yara International
7D
2.8%
1Y
50.4%

YAR: Higher Fair Value Will Expose Execution Risk In Low Emission Ammonia

Analysts have lifted their average price target for Yara International to NOK 310 from around NOK 298, reflecting updated models that factor in a slightly higher assumed profit margin, a modestly higher future P/E multiple, and recent mixed rating changes including both downgrades and upgrades, alongside incremental target increases from the Street. Analyst Commentary Recent Street research on Yara International has been mixed, with some firms turning more cautious even as others see room for upside.
AUTO
NOK 10.90
AutoStore Holdings
7D
-12.9%
1Y
3.4%
KOG
NOK 385.80
Kongsberg Gruppen
7D
-3.0%
1Y
41.3%

KOG: Downgrade And Thin Execution Cushion Will Pressure Future Upside

Analysts now set their fair value estimate for Kongsberg Gruppen at NOK 290, up from NOK 250, reflecting updated views on revenue growth, profit margins and a lower future P/E multiple following recent Street research, including the Kepler Cheuvreux downgrade. Analyst Commentary Bearish analysts are using the recent downgrade to flag that the current NOK 290 fair value estimate already bakes in a lot of optimism on revenue growth and margins, while also assuming a lower future P/E multiple.
NAS
NOK 16.62
Norwegian Air Shuttle
7D
-5.6%
1Y
45.0%

Q4 2025 Performance &

1. Operating Result (EBIT) • Norwegian reported an operating profit (EBIT) of NOK 21 million in Q4 2025, a turnaround from a loss in the same quarter last year and consistent with internal improvement.
VAR
NOK 35.49
Vår Energi
7D
3.3%
1Y
12.0%

We Think Vår Energi's (OB:VAR) Profit Is Only A Baseline For What They Can Achieve

Feb 17
We Think Vår Energi's (OB:VAR) Profit Is Only A Baseline For What They Can Achieve
TEL
NOK 176.30
Telenor
7D
1.2%
1Y
20.9%
COSH
NOK 130.00
Constellation Oil Services Holding
7D
-1.1%
1Y
n/a