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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies278
  • 7D-4.1%
  • 3M13.6%
  • 1Y29.0%
  • YTD15.2%

Over the last 7 days, the market has dropped 4.1%, driven by a loss of 8.1% in the Energy sector. On the other hand, the Information Technology has risen by 5.0%. In contrast to the last week, the market is actually up 29% over the past year. Looking forward, 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, 21 Apr 2026NOK 4.6tNOK 3.0tNOK 245.2b14.5x18.8x1.5x
Thu, 19 Mar 2026NOK 4.9tNOK 3.1tNOK 248.1b14.2x19.7x1.6x
Sat, 14 Feb 2026NOK 4.4tNOK 3.1tNOK 246.4b14.8x18.1x1.5x
Mon, 12 Jan 2026NOK 4.3tNOK 3.3tNOK 267.9b14.6x16x1.3x
Wed, 10 Dec 2025NOK 4.1tNOK 3.3tNOK 268.6b13.8x15.4x1.3x
Fri, 07 Nov 2025NOK 4.0tNOK 3.3tNOK 269.3b12.4x15x1.2x
Sun, 05 Oct 2025NOK 4.2tNOK 3.2tNOK 293.5b12.5x14.3x1.3x
Tue, 02 Sep 2025NOK 4.2tNOK 3.2tNOK 295.2b12.5x14.1x1.3x
Thu, 31 Jul 2025NOK 4.1tNOK 3.3tNOK 305.7b13.1x13.4x1.2x
Sat, 28 Jun 2025NOK 4.0tNOK 3.2tNOK 302.4b12.5x13.3x1.2x
Mon, 26 May 2025NOK 3.9tNOK 3.2tNOK 300.7b12x12.8x1.2x
Wed, 23 Apr 2025NOK 3.7tNOK 3.3tNOK 314.4b11.8x11.7x1.1x
Fri, 21 Mar 2025NOK 4.0tNOK 3.3tNOK 320.4b11.9x12.4x1.2x
Sun, 16 Feb 2025NOK 3.8tNOK 3.3tNOK 327.6b11.1x11.7x1.1x
Tue, 14 Jan 2025NOK 3.9tNOK 3.5tNOK 340.4b11.9x11.3x1.1x
Thu, 12 Dec 2024NOK 3.8tNOK 3.4tNOK 336.6b11.4x11.2x1.1x
Sat, 09 Nov 2024NOK 3.7tNOK 3.4tNOK 325.5b11.5x11.3x1.1x
Mon, 07 Oct 2024NOK 3.8tNOK 3.3tNOK 307.1b11.2x12.4x1.2x
Wed, 04 Sep 2024NOK 3.7tNOK 3.3tNOK 308.3b11.5x12x1.1x
Fri, 02 Aug 2024NOK 3.9tNOK 3.3tNOK 300.2b11.1x13x1.2x
Sun, 30 Jun 2024NOK 3.9tNOK 3.3tNOK 286.6b11.3x13.6x1.2x
Tue, 28 May 2024NOK 4.1tNOK 3.3tNOK 281.1b11.6x14.6x1.3x
Thu, 25 Apr 2024NOK 4.0tNOK 3.4tNOK 302.4b11.5x13.1x1.2x
Sat, 23 Mar 2024NOK 3.9tNOK 3.4tNOK 294.8b11.3x13.3x1.2x
Mon, 19 Feb 2024NOK 3.8tNOK 3.3tNOK 265.8b11.8x14.2x1.1x
Wed, 17 Jan 2024NOK 4.0tNOK 3.5tNOK 349.2b10.8x11.4x1.1x
Fri, 15 Dec 2023NOK 4.0tNOK 3.5tNOK 349.8b10.3x11.5x1.1x
Sun, 12 Nov 2023NOK 4.0tNOK 3.6tNOK 368.4b10.3x11x1.1x
Tue, 10 Oct 2023NOK 4.0tNOK 3.8tNOK 418.7b10.7x9.6x1.1x
Thu, 07 Sep 2023NOK 4.0tNOK 3.8tNOK 416.2b10.6x9.6x1.1x
Sat, 05 Aug 2023NOK 3.9tNOK 3.6tNOK 400.0b11.1x9.7x1.1x
Mon, 03 Jul 2023NOK 3.8tNOK 3.8tNOK 504.4b11.2x7.6x1x
Wed, 31 May 2023NOK 3.8tNOK 3.9tNOK 529.1b11.4x7.2x1x
Fri, 28 Apr 2023NOK 3.9tNOK 3.8tNOK 545.6b11.8x7.2x1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 545.6bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.6x202420252026
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 18.8x which is higher than its 3-year average PE of 12.6x.
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 7.3% 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-4.09%
Tech5.03%
Healthcare3.08%
Consumer Discretionary1.03%
Real Estate0.30%
Telecom0.0078%
Financials-0.57%
Consumer Staples-1.39%
Industrials-4.37%
Materials-5.70%
Energy-8.06%
Utilities-8.19%
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 296x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 28.1%, 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
NOD Nordic SemiconductorNOK 182.5011.0%
+NOK 3.6b		69.0%PE237.3xTech
AUTO AutoStore HoldingsNOK 11.0010.2%
+NOK 3.4b		48.6%PE48.5xIndustrials
VEND Vend MarketplacesNOK 262.006.5%
+NOK 3.4b		-12.0%PS8.7xTelecom
TGS TGSNOK 137.8011.0%
+NOK 2.7b		83.2%PE158.8xEnergy
SALM SalMarNOK 561.503.2%
+NOK 2.4b		11.4%PE68.9xConsumer Staples
See more

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Latest News

GSF
NOK 34.28
Grieg Seafood
7D
-52.6%
1Y
-39.2%
TGS
NOK 137.80
TGS
7D
11.0%
1Y
83.2%

TGS: Rich Future P/E Will Outrun Softer Profit Margin Outlook

Analysts have raised their NOK price target on TGS to NOK104.49 from NOK95.57, citing updated assumptions on discount rates, revenue trends, profit margins and future P/E that align with the more positive research tone seen in recent upgrades and target increases across the sector. Analyst Commentary Recent research on TGS points to a more constructive tone, with the higher NOK104.49 price target reflecting updated views on risk, earnings power and valuation multiples.
VAR
NOK 43.20
Vår Energi
7D
-7.0%
1Y
48.4%

VAR: Higher 2026 Volumes And Rising Production Targets Will Drive Returns

Analysts have adjusted the fair value estimate for Vår Energi to NOK 47.22 from NOK 44.72 as updated revenue growth, profit margin and forward P/E assumptions have shifted, alongside a slightly lower discount rate. Analyst Commentary Recent Street research on Vår Energi shows a mix of optimism and caution, with several price target revisions and rating changes that feed directly into how analysts think about valuation, execution risk and growth potential.
NOD
NOK 182.50
Nordic Semiconductor
7D
11.0%
1Y
69.0%

NOD: Edge AI And Cloud Services Will Support Future Earnings Re Rating

Analysts have nudged their price target for Nordic Semiconductor higher to NOK 225 from NOK 220, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, as well as recent upward revisions and upgrades in Street research. Analyst Commentary Recent Street research has leaned more positive on Nordic Semiconductor, with bullish analysts adjusting their views and price targets in a way that points to increased confidence in the company’s execution and earnings power.
NHY
NOK 104.30
Norsk Hydro
7D
-5.0%
1Y
97.4%

NHY: Extrusion Restructuring And Dividend Policy Will Support Future Re-Rating

Analysts have lifted the fair value estimate for Norsk Hydro from NOK 120 to about NOK 139. This reflects updated assumptions for higher revenue growth and profit margins, even as recent research shows a mix of upgraded price targets and fresh downgrades on concerns around downstream recovery and demand headwinds.
AKRBP
NOK 329.80
Aker BP
7D
-5.8%
1Y
49.8%
EQNR
NOK 336.10
Equinor
7D
-10.6%
1Y
36.1%
TOM
NOK 124.30
Tomra Systems
7D
2.7%
1Y
-17.4%

TOM: Modest P/E Adjustment Will Still Support Further Upside Potential

Analysts now set a slightly lower price target for Tomra Systems at about NOK 148, compared with roughly NOK 150 previously. This change reflects updated assumptions for the discount rate, revenue growth, profit margins and future P/E expectations.
KOG
NOK 370.10
Kongsberg Gruppen
7D
-9.5%
1Y
15.1%

KOG: Fair Value View Balances Defence Contracts With Execution And Pricing Risks

Analysts have raised their fair value estimate for Kongsberg Gruppen to NOK 417.75, up from NOK 401.00, citing updated assumptions around revenue growth, profit margins, discount rates and future P/E levels in recent research. Analyst Commentary Recent Street research on Kongsberg Gruppen points to a split view, with some analysts focusing on upside potential and others calling out risks to execution and valuation.
SUBC
NOK 293.20
Subsea 7
7D
-5.8%
1Y
101.5%

SUBC: Rising Multiples And Weaker Margins Will Constrain Future Share Price Upside

The analyst price target for Subsea 7 has been increased from NOK 174.64 to NOK 192.81 as analysts factor in higher Street targets in the NOK 254 to NOK 320 range, supported by research citing strong recent utilization, firmer margins and expectations that these operational trends will persist into FY26. Analyst Commentary Recent Street research shows a mix of optimism on Subsea 7, with several large houses lifting price targets into the NOK 254 to NOK 320 range, while keeping ratings such as Buy, Overweight, Neutral and Sector Perform.
YAR
NOK 523.40
Yara International
7D
-8.2%
1Y
68.0%
RECSI
NOK 0.24
REC Silicon
7D
-9.0%
1Y
-86.0%
SALM
NOK 561.50
SalMar
7D
3.2%
1Y
11.4%

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.
VEND
NOK 262.00
Vend Marketplaces
7D
6.5%
1Y
-12.0%
AUTO
NOK 11.00
AutoStore Holdings
7D
10.2%
1Y
48.6%
AFK
NOK 195.50
Arendals Fossekompani
7D
15.0%
1Y
57.7%