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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies283
  • 7D1.4%
  • 3M1.0%
  • 1Y8.6%
  • YTD5.8%

Over the last 7 days, the market has risen 1.4%, driven by gains in every sector, especially the Energy sector. In the last year, the market has climbed 8.6%. 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, 02 Jan 2026NOK 4.3tNOK 3.3tNOK 267.9b14.6x15.9x1.3x
Sun, 30 Nov 2025NOK 4.1tNOK 3.3tNOK 271.3b13.4x15x1.2x
Tue, 28 Oct 2025NOK 4.1tNOK 3.2tNOK 296.6b12.4x13.9x1.3x
Thu, 25 Sep 2025NOK 4.2tNOK 3.2tNOK 294.0b12.6x14.3x1.3x
Sat, 23 Aug 2025NOK 4.2tNOK 3.2tNOK 303.1b13.2x13.8x1.3x
Mon, 21 Jul 2025NOK 4.1tNOK 3.3tNOK 302.9b13x13.5x1.3x
Wed, 18 Jun 2025NOK 4.1tNOK 3.2tNOK 299.6b12.6x13.7x1.3x
Fri, 16 May 2025NOK 3.9tNOK 3.3tNOK 311.0b12.5x12.4x1.2x
Sun, 13 Apr 2025NOK 3.6tNOK 3.3tNOK 318.9b11.5x11.3x1.1x
Tue, 11 Mar 2025NOK 3.8tNOK 3.3tNOK 327.4b11.6x11.7x1.2x
Thu, 06 Feb 2025NOK 3.9tNOK 3.4tNOK 336.3b12x11.6x1.1x
Sat, 04 Jan 2025NOK 3.8tNOK 3.5tNOK 339.6b11.7x11.2x1.1x
Mon, 02 Dec 2024NOK 3.8tNOK 3.4tNOK 329.6b11.5x11.4x1.1x
Wed, 30 Oct 2024NOK 3.8tNOK 3.4tNOK 326.0b11.4x11.7x1.1x
Fri, 27 Sep 2024NOK 3.7tNOK 3.3tNOK 305.7b11.1x12x1.1x
Sun, 25 Aug 2024NOK 3.8tNOK 3.3tNOK 301.5b11.2x12.6x1.2x
Tue, 23 Jul 2024NOK 3.9tNOK 3.3tNOK 303.1b11.2x12.8x1.2x
Thu, 20 Jun 2024NOK 3.8tNOK 3.3tNOK 285.1b11.2x13.5x1.2x
Sat, 18 May 2024NOK 4.1tNOK 3.3tNOK 285.7b11.8x14.2x1.2x
Mon, 15 Apr 2024NOK 4.1tNOK 3.4tNOK 301.7b11.7x13.5x1.2x
Wed, 13 Mar 2024NOK 3.8tNOK 3.3tNOK 288.8b11.2x13.2x1.1x
Fri, 09 Feb 2024NOK 3.7tNOK 3.4tNOK 282.9b11.7x13.3x1.1x
Sun, 07 Jan 2024NOK 4.1tNOK 3.5tNOK 345.1b10.9x11.8x1.2x
Tue, 05 Dec 2023NOK 4.0tNOK 3.6tNOK 361.1b10.2x11.1x1.1x
Thu, 02 Nov 2023NOK 4.0tNOK 3.6tNOK 366.1b10.6x11.1x1.1x
Sat, 30 Sep 2023NOK 4.0tNOK 3.7tNOK 415.0b10.5x9.8x1.1x
Mon, 28 Aug 2023NOK 3.9tNOK 3.7tNOK 411.9b10.5x9.4x1x
Wed, 26 Jul 2023NOK 3.9tNOK 3.7tNOK 448.6b10.8x8.6x1x
Fri, 23 Jun 2023NOK 3.8tNOK 3.8tNOK 500.9b11.4x7.6x1x
Sun, 21 May 2023NOK 3.9tNOK 3.9tNOK 558.2b11.7x7x1x
Tue, 18 Apr 2023NOK 4.0tNOK 3.8tNOK 504.9b11.8x7.9x1.1x
Thu, 16 Mar 2023NOK 3.8tNOK 3.8tNOK 560.1b11.3x6.8x1x
Sat, 11 Feb 2023NOK 4.1tNOK 3.6tNOK 553.2b11.4x7.4x1.1x
Mon, 09 Jan 2023NOK 3.9tNOK 3.6tNOK 490.9b11.8x8x1.1x
Price to Earnings Ratio

8x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 490.9bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.5x202420252026
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 15.9x which is higher than its 3-year average PE of 11.5x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 18% per year over the last three years.
  • Revenues have also declined 3.1% 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 Market1.39%
Telecom2.69%
Consumer Discretionary2.45%
Energy2.01%
Tech1.77%
Consumer Staples1.39%
Industrials1.23%
Healthcare1.19%
Real Estate1.17%
Utilities0.67%
Materials0.65%
Financials0.47%
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 285x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 35.1% 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 50% over the next 5 years.
  • This is better than its past earnings growth rate of 40% 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
EQNR EquinorNOK 237.002.2%
+NOK 12.5b		-16.7%PE10.3xEnergy
AKRBP Aker BPNOK 256.902.6%
+NOK 4.2b		8.1%PE19.2xEnergy
TEL TelenorNOK 146.702.0%
+NOK 4.0b		12.9%PE19.8xTelecom
VAR Vår EnergiNOK 33.004.4%
+NOK 3.5b		-13.5%PE14.1xEnergy
VEND Vend MarketplacesNOK 280.005.1%
+NOK 2.9b		-15.7%PE40.6xTelecom
See more

Market Insights

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With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
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Latest News

PYRUM
NOK 329.00
Pyrum Innovations
7D
-13.6%
1Y
-0.6%
AGLX
NOK 24.50
Agilyx
7D
-4.9%
1Y
-32.1%
ANDF
NOK 24.60
Andfjord Salmon Group
7D
-5.0%
1Y
-40.1%
MOWI
NOK 243.20
Mowi
7D
1.2%
1Y
23.2%

Mowi ASA's (OB:MOWI) Earnings Haven't Escaped The Attention Of Investors

Dec 31
Mowi ASA's (OB:MOWI) Earnings Haven't Escaped The Attention Of Investors
GJF
NOK 302.00
Gjensidige Forsikring
7D
1.1%
1Y
48.0%

GJF: Higher Pricing And Fair Valuation Will Shape Future Returns

Analysts have raised their price target for Gjensidige Forsikring significantly, from NOK 185 to NOK 321, citing the company's improving outlook, which is supported by rising Norwegian insurance prices. Analyst Commentary Bullish analysts point to the substantial increase in the price target as evidence that the market has been underestimating Gjensidige Forsikring's earnings power in a firming pricing environment.
EQNR
NOK 237.00
Equinor
7D
2.2%
1Y
-14.9%

EQNR: Renewables Execution Will Drive Long-Term Upside Despite Recent Downgrade

Analysts have lowered their price target on Equinor from NOK 325 to NOK 230, citing concerns about elevated execution risk in renewables, stretched distribution capacity, and a less favorable medium term capital framework relative to peers. Analyst Commentary While the latest revision in price target reflects a more cautious stance on Equinor's near to medium term outlook, some market participants still highlight elements of the story that could support upside over a longer horizon.
AKRBP
NOK 256.90
Aker BP
7D
2.6%
1Y
10.3%

AKRBP: Future Returns Will Depend On Exploration Delivery And Disciplined Capital Allocation

Analysts have nudged their price target on Aker BP slightly higher to approximately NOK 264 from NOK 261, citing a marginally lower discount rate and still solid long term earnings prospects, despite slightly softer expectations for revenue growth and profit margins. Analyst Commentary Bullish Takeaways Bullish analysts highlight that the modest price target increase, even amid trimmed growth and margin assumptions, signals confidence in Aker BP's resilience and earnings quality.
YAR
NOK 414.00
Yara International
7D
-0.7%
1Y
35.8%

YAR: Low Carbon Ammonia Projects And Margin Headwinds Will Shape Future Performance

Analysts have nudged their price target for Yara International higher to approximately $386 per share from about $379, reflecting a slightly lower perceived risk profile and marginally richer future valuation multiples, despite softer expectations for revenue growth and profit margins. What's in the News Yara and Air Products entered advanced negotiations to partner on large scale low emission ammonia projects in the United States, aiming to diversify Yara's energy position and enhance competitiveness of its European nitrate operations (Key Developments).
DNB
NOK 281.50
DNB Bank
7D
-0.3%
1Y
22.7%

DNB: Future Returns Will Balance Profitability Strength Against Macro And Execution Risks

Analysts have nudged their price target on DNB Bank slightly higher to NOK 275.60 from about NOK 274.93, citing modestly stronger profit margin expectations despite mixed recent target revisions across the Street. Analyst Commentary Recent Street updates on DNB Bank present a mixed but generally constructive picture, with price targets adjusting in a relatively tight range and reflecting differing views on execution and earnings momentum.
VEND
NOK 280.00
Vend Marketplaces
7D
5.1%
1Y
-16.3%
AUTO
NOK 11.81
AutoStore Holdings
7D
7.7%
1Y
8.2%

AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price

Dec 17
AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price
KOG
NOK 258.60
Kongsberg Gruppen
7D
-0.8%
1Y
1.6%

The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested

Dec 17
The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested
VAR
NOK 33.00
Vår Energi
7D
4.4%
1Y
-11.4%

VAR: Project Pipeline Will Lift 2030 Production 18% Above Market Estimates

Analysts have nudged their price target on Vår Energi slightly higher, reflecting an upward bias from NOK 33 to NOK 34 at the lower end, and a more bullish NOK 46 target, supported by expectations of a steadily expanding project pipeline and production profile through 2030. Analyst Commentary Recent research updates present a mixed but constructive picture, with price targets now clustered in the mid 30s to mid 40s.
SUBC
NOK 203.20
Subsea 7
7D
-0.9%
1Y
7.2%
TEL
NOK 146.70
Telenor
7D
2.0%
1Y
13.3%
AFISH
NOK 32.00
Arctic Fish Holding
7D
-8.6%
1Y
-55.6%