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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies282
  • 7D0.9%
  • 3M3.7%
  • 1Y7.2%
  • YTD-0.2%

Over the last 7 days, the market has remained flat, although notably the Industrials sector gained 5.1% in that time. Meanwhile, the market is actually up 7.2% 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
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
Sun, 26 Mar 2023NOK 3.7tNOK 3.8tNOK 548.6b11.6x6.8x1x
Tue, 21 Feb 2023NOK 4.1tNOK 3.7tNOK 570.6b11.4x7.1x1.1x
Thu, 19 Jan 2023NOK 4.0tNOK 3.6tNOK 486.0b11.8x8.1x1.1x
Price to Earnings Ratio

8.1x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 486.0bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.6x202420252026
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 16.0x which is higher than its 3-year average PE of 11.6x.
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 2.8% 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 Market0.93%
Industrials5.08%
Tech3.11%
Energy2.31%
Utilities2.18%
Healthcare1.89%
Consumer Discretionary0.68%
Real Estate0.62%
Telecom0.60%
Materials-1.27%
Financials-1.99%
Consumer Staples-2.21%
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 282x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 34.7% 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 40% per year.
  • In contrast, the Real Estate sector is expected to see its earnings grow by 3.2% 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
KOG Kongsberg GruppenNOK 299.2511.2%
+NOK 26.4b		20.0%PE37.3xIndustrials
COSH Constellation Oil Services HoldingNOK 119.006.1%
+NOK 10.5b		n/aPS33.2xEnergy
EQNR EquinorNOK 239.700.8%
+NOK 4.8b		-19.6%PE10.4xEnergy
AKRBP Aker BPNOK 262.502.7%
+NOK 4.4b		2.5%PE19.6xEnergy
HAFNI HafniaNOK 58.069.4%
+NOK 2.5b		-16.0%PE9.2xEnergy
See more

Market Insights

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Which Markets Will Sink or Swim in 2026? 🌍
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What research teams agree on – and where they don’t – heading into 2026.
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Three Sectors Expected to Rally in 2026 📈
Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

EQNR
NOK 239.70
Equinor
7D
0.8%
1Y
-19.6%

EQNR: Renewables Execution Risks And Capital Returns Will Guide Future Cash Generation

Narrative Update on Equinor Our analyst price target for Equinor has been reduced by NOK 3.51 to NOK 238.78, as analysts factor in lower Street targets and concerns around renewables execution risk and capital distribution capacity highlighted in recent research updates. Analyst Commentary Recent Street research on Equinor leans cautious overall, with several firms trimming price targets and questioning the balance between growth plans and capital returns.
SALM
NOK 579.50
SalMar
7D
-3.3%
1Y
7.8%

SALM: Higher Harvest Volumes And Margin Resilience Will Support Future Earnings

The analyst price target on SalMar has been reduced from NOK 700 to NOK 680. Analysts attribute the adjustment to slightly lower assumptions for revenue growth and profit margins, partially offset by recent target and rating changes from the Street in the NOK 500 to NOK 570 range.
YAR
NOK 396.20
Yara International
7D
-4.3%
1Y
24.9%

YAR: Raised NOK 430 Expectation Will Expose Execution Risks Ahead

Narrative Update on Yara International Analysts have lifted their price target for Yara International to NOK 430 from NOK 387. This reflects updated views on fair value, discount rate, revenue expectations, profit margins and future P/E assumptions.
AKRBP
NOK 262.50
Aker BP
7D
2.7%
1Y
2.5%

AKRBP: Revised Earnings Assumptions Will Support Higher Future P/E Multiple

Analysts have lifted their fair value estimate for Aker BP to $320 from $300, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E that they see as better reflecting the stock's current risk and earnings profile. Analyst Commentary Bullish analysts point to the revised fair value estimate of $320 as a sign that updated assumptions on discount rates, revenue growth, profit margins and future P/E now align more closely with how they see Aker BP's risk and earnings profile.
ORK
NOK 111.00
Orkla
7D
1.8%
1Y
12.1%
DNB
NOK 276.20
DNB Bank
7D
-1.5%
1Y
19.0%

DNB: Future Returns Will Reflect Legal Uncertainty And Stable Profitability Assumptions

The analyst price target for DNB Bank has shifted slightly higher to NOK 276.80 from NOK 275.60. Analysts attribute this to updated views on revenue growth, profit margins, discount rates and future P/E multiples, following recent target revisions from NOK 286 to NOK 283 and from NOK 252 to NOK 265.
WAWI
NOK 103.80
Wallenius Wilhelmsen
7D
4.7%
1Y
9.0%

WAWI: Contract Wins And Rating Upgrade Will Support Future Share Upside

Analysts have trimmed their fair value estimate for Wallenius Wilhelmsen from NOK 120.08 to NOK 118.55, reflecting updated assumptions for weaker revenue growth, lower profit margins and a higher future P/E, in line with a recent shift in Street views that includes an upgrade to Hold with an NOK 84 price target. Analyst Commentary Recent Street research has shifted to a more neutral stance, with bullish analysts moving from a Sell view to Hold and setting an NOK 84 price target.
BAKKA
NOK 475.40
P/F Bakkafrost
7D
-6.7%
1Y
-21.2%

BAKKA: NOK 540 Outlook Will Highlight Steady Operations And Execution Risk

Analysts have slightly raised their price target on P/F Bakkafrost to about NOK 540 from roughly NOK 538, citing updated assumptions around fair value and future P/E, while keeping core growth and margin expectations broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts see the NOK 540 price target as aligned with their fair value work, suggesting current pricing assumptions and P/E expectations still support the investment case.
KOG
NOK 299.25
Kongsberg Gruppen
7D
11.2%
1Y
20.0%

KOG: Upgraded Ratings And Demerger Plan Will Reshape Future Return Profile

The analyst price target for Kongsberg Gruppen has been revised from NOK 420 to NOK 329, with analysts pointing to adjusted expectations for revenue growth, profit margins, and future P/E, alongside recent rating changes across the Street. Analyst Commentary Recent Street research on Kongsberg Gruppen reflects a mixed but generally improving stance, with several bullish analysts moving their ratings higher while setting a range of price targets in NOK 252 to NOK 285.
HAFNI
NOK 58.06
Hafnia
7D
9.4%
1Y
-16.0%

HAFNI: Future Dividend Stream Will Support Returns Despite Softer Margins

Analysts have kept their price target for Hafnia broadly unchanged, reflecting largely stable assumptions on fair value, discount rate and future P/E, while refining expectations around profit margins and revenue trends. What's in the News Hafnia Limited declared a quarterly dividend of US$0.1470 per share.
MOWI
NOK 231.20
Mowi
7D
-3.7%
1Y
19.5%

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
COSH
NOK 119.00
Constellation Oil Services Holding
7D
6.1%
1Y
n/a
GJF
NOK 282.80
Gjensidige Forsikring
7D
-5.1%
1Y
37.1%

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.
LSG
NOK 48.34
Lerøy Seafood Group
7D
-5.0%
1Y
-1.8%

LSG Future Returns Will Be Driven By Stable Harvest Volumes Execution

Analysts have slightly lowered their price target for Lerøy Seafood Group from NOK 55.33 to NOK 54.67, reflecting a more cautious stance following recent rating changes, even as long term valuation metrics remain broadly stable. Analyst Commentary Recent research updates highlight a more balanced stance on Lerøy Seafood Group, with the shift to a Hold recommendation reflecting a reassessment of near term risk and reward rather than a fundamental break in the long term investment case.
SBNOR
NOK 187.28
Sparebanken Norge
7D
-4.4%
1Y
30.6%
VEND
NOK 291.00
Vend Marketplaces
7D
3.7%
1Y
-12.5%