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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedNov 24, 2025
DataAggregated Company Financials
Companies288
  • 7D0.8%
  • 3M-2.6%
  • 1Y4.3%
  • YTD4.2%

The Consumer Discretionary sector gained 4.8% while the market remained flat over the last week. Meanwhile, the market is actually up 4.3% over the past year. Earnings are forecast to grow by 17% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Norwegian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 28 Nov 2025NOK 4.0tNOK 3.3tNOK 271.6b13.5x14.7x1.2x
Sun, 26 Oct 2025NOK 4.1tNOK 3.3tNOK 297.1b12.3x13.9x1.3x
Tue, 23 Sep 2025NOK 4.2tNOK 3.2tNOK 293.7b12.5x14.1x1.3x
Thu, 21 Aug 2025NOK 4.1tNOK 3.2tNOK 303.1b13.1x13.4x1.3x
Sat, 19 Jul 2025NOK 4.1tNOK 3.3tNOK 297.3b13x13.8x1.3x
Mon, 16 Jun 2025NOK 4.1tNOK 3.2tNOK 299.0b12.5x13.6x1.3x
Wed, 14 May 2025NOK 3.8tNOK 3.3tNOK 314.2b12.1x12.1x1.2x
Fri, 11 Apr 2025NOK 3.6tNOK 3.3tNOK 320.2b11.5x11.2x1.1x
Sun, 09 Mar 2025NOK 3.8tNOK 3.3tNOK 329.6b11.6x11.6x1.2x
Tue, 04 Feb 2025NOK 3.9tNOK 3.5tNOK 340.2b11.9x11.5x1.1x
Thu, 02 Jan 2025NOK 3.7tNOK 3.5tNOK 340.4b11.5x10.9x1.1x
Sat, 30 Nov 2024NOK 3.8tNOK 3.4tNOK 335.8b11.5x11.3x1.1x
Mon, 28 Oct 2024NOK 3.8tNOK 3.4tNOK 326.4b10.9x11.8x1.1x
Wed, 25 Sep 2024NOK 3.7tNOK 3.3tNOK 303.5b11.2x12.3x1.1x
Fri, 23 Aug 2024NOK 3.8tNOK 3.3tNOK 303.1b10.8x12.5x1.2x
Sun, 21 Jul 2024NOK 3.9tNOK 3.3tNOK 300.8b11.4x12.9x1.2x
Tue, 18 Jun 2024NOK 3.8tNOK 3.3tNOK 286.8b11.2x13.3x1.2x
Thu, 16 May 2024NOK 4.1tNOK 3.3tNOK 283.7b11.9x14.3x1.2x
Sat, 13 Apr 2024NOK 4.1tNOK 3.4tNOK 301.2b11.7x13.5x1.2x
Mon, 11 Mar 2024NOK 3.8tNOK 3.3tNOK 287.3b11.3x13.3x1.1x
Wed, 07 Feb 2024NOK 3.9tNOK 3.5tNOK 353.4b10.7x10.9x1.1x
Fri, 05 Jan 2024NOK 4.1tNOK 3.5tNOK 344.4b10.9x11.9x1.2x
Sun, 03 Dec 2023NOK 4.0tNOK 3.6tNOK 356.9b10.4x11.3x1.1x
Tue, 31 Oct 2023NOK 4.0tNOK 3.6tNOK 363.0b10.8x11x1.1x
Thu, 28 Sep 2023NOK 4.1tNOK 3.8tNOK 417.6b10.6x9.7x1.1x
Sat, 26 Aug 2023NOK 3.9tNOK 3.8tNOK 417.1b10.3x9.3x1x
Mon, 24 Jul 2023NOK 3.8tNOK 3.7tNOK 454.9b10.7x8.4x1x
Wed, 21 Jun 2023NOK 3.9tNOK 3.8tNOK 503.8b11.5x7.7x1x
Fri, 19 May 2023NOK 3.9tNOK 3.8tNOK 558.6b11.7x6.9x1x
Sun, 16 Apr 2023NOK 4.0tNOK 3.7tNOK 499.5b11.9x8x1.1x
Tue, 14 Mar 2023NOK 3.9tNOK 3.8tNOK 554.5b11.6x7x1x
Thu, 09 Feb 2023NOK 4.1tNOK 3.7tNOK 504.7b11.8x8.1x1.1x
Sat, 07 Jan 2023NOK 3.9tNOK 3.6tNOK 491.6b11.7x8x1.1x
Mon, 05 Dec 2022NOK 4.0tNOK 3.5tNOK 481.4b11.5x8.4x1.1x
Price to Earnings Ratio

8.4x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 481.4bTotal Revenue: NOK 3.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.3x202320242025
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 14.7x which is higher than its 3-year average PE of 11.3x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 17% per year over the last three years.
  • Revenues have also declined 2.2% 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 Market0.76%
Consumer Discretionary4.78%
Healthcare3.92%
Consumer Staples3.05%
Financials2.34%
Materials2.22%
Real Estate1.91%
Industrials1.51%
Telecom1.35%
Utilities0.78%
Tech0.72%
Energy-1.99%
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 293x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 38.3% 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 51% over the next 5 years.
  • This is better than its past earnings growth rate of 34% 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
COSH Constellation Oil Services HoldingNOK 112.508.2%
+NOK 12.9b		n/aPS31.2xEnergy
DNB DNB BankNOK 270.502.2%
+NOK 8.6b		17.3%PB1.4xFinancials
KOG Kongsberg GruppenNOK 239.703.4%
+NOK 7.0b		-7.7%PE29.9xIndustrials
MOWI MowiNOK 229.605.1%
+NOK 5.9b		14.6%PE26xConsumer Staples
AUTO AutoStore HoldingsNOK 11.0614.7%
+NOK 4.8b		-10.6%PE45.1xIndustrials
See more

Market Insights

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Richard Bowman
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In this piece, we’ll cover the key defensive sectors across the US, Canada, the UK, Europe, and Australia, compare their valuations to the broader market, and highlight where “safety” might actually be expensive risk in disguise.
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COSH
NOK 112.50
Constellation Oil Services Holding
7D
8.2%
1Y
n/a
AKRBP
NOK 246.30
Aker BP
7D
-1.8%
1Y
8.8%

AKRBP: Future Returns Will Rely On Execution Amid Mixed Industry Outlook

Analysts have slightly increased their price target for Aker BP from NOK 261.41 to NOK 262.00, citing the company's stable profit margins, as well as modest improvements in both revenue growth outlook and future valuation multiples. Analyst Commentary Analyst perspectives on Aker BP remain mixed, reflecting a balance between the company’s strong performance indicators and industry-wide dynamics.
EQNR
NOK 233.10
Equinor
7D
-0.8%
1Y
-12.8%

EQNR: Renewables Execution Risks and Capital Distribution Will Shape Future Performance

Equinor's fair value target was modestly increased to NOK 246.41 from NOK 245.80, as analysts cite persistent execution risks and subdued operational outlooks for the company, despite minor adjustments to financial assumptions. Analyst Commentary Recent street research highlights a cautious shift in sentiment toward Equinor, as several analysts have lowered their outlook and price targets.
NHY
NOK 72.38
Norsk Hydro
7D
2.6%
1Y
6.0%

NHY: Cost Reductions And Power Investment Will Define Fair Performance Ahead

Norsk Hydro’s analyst price target has risen by NOK 2 to NOK 72.13, as analysts cite improved forecasts for fair value and revenue growth as the main drivers behind this update. Analyst Commentary Recent adjustments to Norsk Hydro’s price target reflect a mix of bullish optimism and cautious perspectives among market analysts.
TGS
NOK 86.95
TGS
7D
-2.1%
1Y
-19.5%

TGS: Execution Of Contract Extensions And Cost Focus Will Guide Future Outlook

Analysts have lowered their price target for TGS from NOK 87.90 to NOK 70.00, citing recent downward revisions in sector outlook and updated discount rate assumptions. Analyst Commentary Following the price target adjustment, analyst perspectives on TGS highlight both encouraging factors and notable challenges affecting the company's outlook and valuation.
DNB
NOK 270.50
DNB Bank
7D
2.2%
1Y
17.3%

DNB: Future Performance Will Weigh Resilient Margins Against Macro Risks

The analyst price target for DNB Bank has been slightly lowered, as recent updates reflect a NOK 0.20 decrease in fair value. This change comes as analysts factor in marginal adjustments to growth, profitability, and discount rate assumptions.
KOG
NOK 239.70
Kongsberg Gruppen
7D
3.4%
1Y
-7.7%
SALM
NOK 591.00
SalMar
7D
4.0%
1Y
3.0%

SALM: Future Harvest Volumes Will Drive Reassessment Of Profit Margin Direction

SalMar's analyst fair value price target has increased by NOK 12.50 to NOK 605.00. Analysts cite improved profit margin projections and recently raised targets from several banks as key drivers for the update.
MOWI
NOK 229.60
Mowi
7D
5.1%
1Y
14.6%

MOWI: Elevated Harvest Volumes And Dividend Plans Will Offset Margin Concerns

Narrative Update on Mowi: Analyst Price Target Revision Analysts have raised their price target for Mowi from €236.47 to €242.97. This revision reflects recent research updates that incorporate higher projected revenue growth.
VAR
NOK 31.63
Vår Energi
7D
-1.4%
1Y
-12.8%

VAR: Production Will Outperform Consensus As Project Pipeline Expands

The average analyst price target for Vår Energi has increased modestly from NOK 38.49 to NOK 38.80. This change reflects improved growth expectations and a lower perceived discount rate according to recent analyst research.
GJF
NOK 283.20
Gjensidige Forsikring
7D
2.7%
1Y
44.2%

GJF: Higher Insurance Prices Will Drive Steady Performance Amid Changing Market Conditions

Gjensidige Forsikring’s analyst price target has been raised substantially, reflecting a positive outlook as analysts cite the company’s benefit from higher Norwegian insurance prices and adjust their fair value estimate to NOK 279.83 per share. Analyst Commentary Bullish Takeaways Bullish analysts point to the continued rise in Norwegian insurance prices as a key driver supporting Gjensidige Forsikring’s improved valuation.
STB
NOK 157.40
Storebrand
7D
-0.6%
1Y
29.9%
DOFG
NOK 94.10
DOF Group
7D
-1.6%
1Y
10.7%

DOFG: Expanded Brazilian Contracts Will Drive Earnings Momentum Into 2027

Analysts have raised their price target on DOF Group from NOK 125 to NOK 131.33, citing adjustments to discount rates and updated profit expectations. This comes despite a more conservative outlook on revenue growth and profit margins.
AUTO
NOK 11.06
AutoStore Holdings
7D
14.7%
1Y
-10.6%
HAFNI
NOK 60.92
Hafnia
7D
-6.0%
1Y
-4.4%
SDNS
NOK 21.00
Shelf Drilling (North Sea)
7D
-29.3%
1Y
-31.6%