Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies278
  • 7D1.9%
  • 3M16.0%
  • 1Y23.5%
  • YTD11.9%

The market has climbed 1.9% in the last 7 days, lead by the Energy sector with a gain of 5.7%. The market is up 23% over the last 12 months. Looking forward, 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
Fri, 06 Mar 2026NOK 4.7tNOK 3.1tNOK 249.0b13.7x18.7x1.5x
Sun, 01 Feb 2026NOK 4.4tNOK 3.2tNOK 261.7b14.8x16.9x1.4x
Tue, 30 Dec 2025NOK 4.2tNOK 3.3tNOK 267.4b14.4x15.8x1.3x
Thu, 27 Nov 2025NOK 4.0tNOK 3.3tNOK 272.2b13.3x14.8x1.2x
Sat, 25 Oct 2025NOK 4.1tNOK 3.2tNOK 296.0b12.4x13.9x1.3x
Mon, 22 Sep 2025NOK 4.2tNOK 3.2tNOK 294.0b12.5x14.2x1.3x
Wed, 20 Aug 2025NOK 4.0tNOK 3.2tNOK 304.3b12.6x13.3x1.2x
Fri, 18 Jul 2025NOK 4.1tNOK 3.3tNOK 300.7b12.9x13.6x1.2x
Sun, 15 Jun 2025NOK 4.1tNOK 3.2tNOK 299.0b12.5x13.6x1.3x
Tue, 13 May 2025NOK 3.8tNOK 3.3tNOK 315.9b12.1x12x1.2x
Thu, 10 Apr 2025NOK 3.5tNOK 3.3tNOK 320.0b11.5x10.9x1.1x
Sat, 08 Mar 2025NOK 3.8tNOK 3.3tNOK 328.4b11.6x11.7x1.2x
Mon, 03 Feb 2025NOK 3.9tNOK 3.5tNOK 338.3b11.9x11.6x1.1x
Wed, 01 Jan 2025NOK 3.7tNOK 3.5tNOK 340.5b11.5x10.9x1.1x
Fri, 29 Nov 2024NOK 3.8tNOK 3.4tNOK 334.7b11.6x11.3x1.1x
Sun, 27 Oct 2024NOK 3.8tNOK 3.4tNOK 326.4b10.9x11.8x1.1x
Tue, 24 Sep 2024NOK 3.7tNOK 3.3tNOK 305.1b11.3x12.2x1.1x
Thu, 22 Aug 2024NOK 3.8tNOK 3.3tNOK 298.0b10.9x12.7x1.2x
Sat, 20 Jul 2024NOK 3.9tNOK 3.3tNOK 297.5b11.3x13x1.2x
Mon, 17 Jun 2024NOK 3.8tNOK 3.3tNOK 287.0b11.3x13.3x1.2x
Wed, 15 May 2024NOK 4.1tNOK 3.3tNOK 286.9b11.9x14.3x1.2x
Fri, 12 Apr 2024NOK 4.0tNOK 3.4tNOK 299.7b11.7x13.3x1.2x
Sun, 10 Mar 2024NOK 3.8tNOK 3.3tNOK 287.2b11.4x13.3x1.1x
Tue, 06 Feb 2024NOK 3.8tNOK 3.5tNOK 355.7b10.9x10.8x1.1x
Thu, 04 Jan 2024NOK 4.0tNOK 3.5tNOK 346.1b10.7x11.7x1.2x
Sat, 02 Dec 2023NOK 4.0tNOK 3.5tNOK 357.7b10.4x11.3x1.1x
Mon, 30 Oct 2023NOK 4.0tNOK 3.6tNOK 364.0b10.7x11x1.1x
Wed, 27 Sep 2023NOK 4.0tNOK 3.8tNOK 419.7b10.5x9.5x1.1x
Fri, 25 Aug 2023NOK 3.9tNOK 3.7tNOK 419.4b10.2x9.2x1x
Sun, 23 Jul 2023NOK 3.8tNOK 3.7tNOK 454.9b10.7x8.4x1x
Tue, 20 Jun 2023NOK 3.9tNOK 3.8tNOK 501.9b11.5x7.8x1x
Thu, 18 May 2023NOK 3.9tNOK 3.8tNOK 554.2b11.8x7x1x
Sat, 15 Apr 2023NOK 4.0tNOK 3.7tNOK 500.7b11.9x8x1.1x
Mon, 13 Mar 2023NOK 4.0tNOK 3.8tNOK 557.3b11.8x7.2x1.1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 557.3bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.1x202420252026
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 12.1x.
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 6.6% 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 Market1.88%
Energy5.70%
Materials2.70%
Utilities1.49%
Tech1.19%
Industrials0.98%
Telecom0.75%
Healthcare0.63%
Consumer Discretionary0.61%
Consumer Staples-0.76%
Financials-1.44%
Real Estate-1.88%
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 281x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.4%, 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 37% 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 307.3010.1%
+NOK 70.3b		26.6%PE15.7xEnergy
AKRBP Aker BPNOK 304.508.5%
+NOK 15.0b		39.5%PE150.2xEnergy
VAR Vår EnergiNOK 38.119.4%
+NOK 8.2b		28.4%PE12.6xEnergy
KOG Kongsberg GruppenNOK 388.202.3%
+NOK 7.8b		20.2%PE81.8xIndustrials
NHY Norsk HydroNOK 89.423.1%
+NOK 5.3b		25.1%PE26.2xMaterials
See more

Market Insights

Header cover image
What the next 25 years will look like 🔮
Richard Bowman avatar
Richard Bowman
The first 25 years of this century were shaped by a few notable themes: China, Tech, and low interest rates. Let's now look at the themes shaping the next quarter of the century.
Continue reading
Three contrarian investing ideas for a new market

Latest News

VEND
NOK 254.40
Vend Marketplaces
7D
9.1%
1Y
-9.8%
KOG
NOK 388.20
Kongsberg Gruppen
7D
2.3%
1Y
20.2%

KOG: Defence Contracts Will Drive Future Upside Despite Recent Downgrade

Analysts have raised their fair value estimate for Kongsberg Gruppen from NOK 390.00 to NOK 500.00, citing updated assumptions regarding revenue growth, profit margins, and a lower expected future P/E multiple, even as one firm recently downgraded the stock. Analyst Commentary Even with a recent downgrade from one research house, the move to lift the fair value estimate to NOK 500.00 highlights how some bullish analysts still see meaningful upside potential in Kongsberg Gruppen based on their updated assumptions.
SUBC
NOK 253.60
Subsea 7
7D
-4.3%
1Y
60.2%
VAR
NOK 38.11
Vår Energi
7D
9.4%
1Y
28.4%

VAR: Dividends And 2026 Production Plans Will Support Balanced Outlook

The analyst price target for Vår Energi has been revised from NOK 36.44 to NOK 37.52, with analysts citing updated sector views and mixed broker targets ranging from NOK 25 to NOK 40 as key factors behind the change. Analyst Commentary Recent research on Vår Energi reflects a split view, with some analysts lifting price targets and others moving to more cautious stances.
NHY
NOK 89.42
Norsk Hydro
7D
3.1%
1Y
25.1%
NAS
NOK 15.30
Norwegian Air Shuttle
7D
-10.5%
1Y
29.2%

NAS: Fair Value And Dividend Outlook Will Likely Restrain Further Optimism

Narrative Update Analysts have raised their price target on Norwegian Air Shuttle from NOK 13.49 to NOK 17.00, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, along with a recent NOK 18 target and a downgrade to Hold from Danske Bank. Analyst Commentary Bearish analysts have turned more cautious on Norwegian Air Shuttle, shifting to a Hold stance with a price target of NOK 18.
ORK
NOK 125.20
Orkla
7D
-3.6%
1Y
17.0%

ORK: Margin Execution And Refined P/E Assumptions Will Shape A Balanced Outlook

Analysts have slightly increased their fair value estimate for Orkla, raising the price target from NOK 122.0 to NOK 124.6. This adjustment reflects updated assumptions on future P/E and margins following recent research updates, which include a downgrade from Kepler Cheuvreux. Analyst Commentary Recent research has turned more cautious on Orkla, even as the fair value estimate has been adjusted to NOK 124.6. Here is how analysts are framing the risk and reward around that new target.
EQNR
NOK 307.30
Equinor
7D
10.1%
1Y
26.6%
AKRBP
NOK 304.50
Aker BP
7D
8.5%
1Y
39.5%
DNB
NOK 297.30
DNB Bank
7D
-2.1%
1Y
13.1%
STB
NOK 175.60
Storebrand
7D
-2.3%
1Y
42.0%
GJF
NOK 266.00
Gjensidige Forsikring
7D
-1.1%
1Y
15.6%

GJF: Special Dividend And Lower Future P E Will Shape Returns

The analyst price target for Gjensidige Forsikring has been reduced by around NOK 4 to reflect slightly lower fair value assumptions and a modestly reduced future P/E, as several recent research updates have turned more cautious on the shares. Analyst Commentary Bullish Takeaways Bullish analysts still see support for the investment case at the updated price targets, even after the recent reductions in fair value assumptions.
YAR
NOK 490.70
Yara International
7D
3.7%
1Y
48.1%

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 10.56
AutoStore Holdings
7D
-5.0%
1Y
-3.1%
AKER
NOK 939.00
Aker
7D
4.0%
1Y
63.9%
TEL
NOK 170.30
Telenor
7D
-1.0%
1Y
18.5%