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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies279
  • 7D1.3%
  • 3M19.2%
  • 1Y24.4%
  • YTD16.7%

The market has climbed 1.3% in the last 7 days, lead by the Energy sector with a gain of 10%. Meanwhile, the Materials sector has underperformed, shrinking 8.4% in that time. As for the past 12 months, the market is up 24%. 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
Tue, 24 Mar 2026NOK 4.9tNOK 3.1tNOK 247.6b13.7x19.7x1.6x
Thu, 19 Feb 2026NOK 4.5tNOK 3.1tNOK 246.1b13.6x18.4x1.5x
Sat, 17 Jan 2026NOK 4.4tNOK 3.3tNOK 267.8b14.5x16.5x1.3x
Mon, 15 Dec 2025NOK 4.2tNOK 3.3tNOK 268.5b13.8x15.5x1.3x
Wed, 12 Nov 2025NOK 4.1tNOK 3.3tNOK 270.8b13.4x15.1x1.2x
Fri, 10 Oct 2025NOK 4.2tNOK 3.2tNOK 295.5b12.2x14.1x1.3x
Sun, 07 Sep 2025NOK 4.1tNOK 3.2tNOK 295.7b12.4x13.9x1.3x
Tue, 05 Aug 2025NOK 4.1tNOK 3.3tNOK 306.0b13.1x13.4x1.2x
Thu, 03 Jul 2025NOK 4.0tNOK 3.2tNOK 302.0b12.7x13.2x1.2x
Sat, 31 May 2025NOK 3.9tNOK 3.3tNOK 305.7b12.1x12.7x1.2x
Mon, 28 Apr 2025NOK 3.7tNOK 3.3tNOK 320.3b12x11.6x1.1x
Wed, 26 Mar 2025NOK 4.0tNOK 3.3tNOK 319.5b12.2x12.4x1.2x
Fri, 21 Feb 2025NOK 3.8tNOK 3.3tNOK 328.6b11.3x11.7x1.2x
Sun, 19 Jan 2025NOK 3.9tNOK 3.5tNOK 340.1b12.2x11.4x1.1x
Tue, 17 Dec 2024NOK 3.7tNOK 3.4tNOK 336.5b11.3x11x1.1x
Thu, 14 Nov 2024NOK 3.7tNOK 3.4tNOK 330.4b10.6x11.1x1.1x
Sat, 12 Oct 2024NOK 3.8tNOK 3.3tNOK 307.8b11.5x12.4x1.2x
Mon, 09 Sep 2024NOK 3.7tNOK 3.3tNOK 308.9b11x11.9x1.1x
Wed, 07 Aug 2024NOK 3.7tNOK 3.3tNOK 299.6b10.7x12.3x1.1x
Fri, 05 Jul 2024NOK 3.9tNOK 3.3tNOK 284.7b11.4x13.6x1.2x
Sun, 02 Jun 2024NOK 4.0tNOK 3.3tNOK 281.9b11.7x14x1.2x
Tue, 30 Apr 2024NOK 4.0tNOK 3.4tNOK 277.2b11.4x14.4x1.2x
Thu, 28 Mar 2024NOK 3.9tNOK 3.4tNOK 302.6b11.8x13x1.2x
Sat, 24 Feb 2024NOK 3.8tNOK 3.3tNOK 267.7b11.7x14.1x1.1x
Mon, 22 Jan 2024NOK 3.9tNOK 3.5tNOK 349.5b10.8x11.3x1.1x
Wed, 20 Dec 2023NOK 4.0tNOK 3.5tNOK 345.4b10.5x11.6x1.2x
Fri, 17 Nov 2023NOK 4.1tNOK 3.6tNOK 360.6b10.4x11.3x1.1x
Sun, 15 Oct 2023NOK 4.1tNOK 3.8tNOK 423.2b10.7x9.7x1.1x
Tue, 12 Sep 2023NOK 4.0tNOK 3.7tNOK 413.2b10.8x9.7x1.1x
Thu, 10 Aug 2023NOK 3.9tNOK 3.6tNOK 403.5b10.9x9.8x1.1x
Sat, 08 Jul 2023NOK 3.8tNOK 3.8tNOK 499.3b11.1x7.6x1x
Mon, 05 Jun 2023NOK 3.9tNOK 3.9tNOK 520.8b11.5x7.4x1x
Wed, 03 May 2023NOK 3.9tNOK 3.8tNOK 555.3b11.6x7x1x
Fri, 31 Mar 2023NOK 3.9tNOK 3.7tNOK 545.3b11.6x7.1x1x
Price to Earnings Ratio

7.1x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 545.3bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.3x202420252026
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 19.7x which is higher than its 3-year average PE of 12.2x.
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 6.4% 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 Market1.27%
Energy10.28%
Healthcare-0.79%
Real Estate-1.60%
Financials-1.74%
Industrials-1.78%
Utilities-2.47%
Consumer Discretionary-3.19%
Telecom-3.96%
Tech-4.26%
Consumer Staples-5.25%
Materials-8.38%
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 287x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.2%, which is higher than its past year's earnings growth of 13.3% 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 4.3% 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 374.507.5%
+NOK 65.3b		39.4%PE19xEnergy
VAR Vår EnergiNOK 44.985.7%
+NOK 6.1b		37.8%PE14.8xEnergy
BWLPG BWGNOK 154.3014.3%
+NOK 2.9b		27.5%PE9.9xEnergy
HAFNI HafniaNOK 69.807.4%
+NOK 2.4b		50.9%PE10.5xEnergy
SUBC Subsea 7NOK 263.802.4%
+NOK 1.8b		55.2%PE19.5xEnergy
See more

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Latest News

VAR
NOK 44.98
Vår Energi
7D
5.7%
1Y
37.8%
YAR
NOK 493.60
Yara International
7D
-10.7%
1Y
48.1%
DNB
NOK 294.00
DNB Bank
7D
0.4%
1Y
7.8%

DNB: Future Returns Will Depend On Execution And Dividend Capital Return Choices

Analysts have adjusted their DNB Bank price targets, with recent NOK 10 to NOK 15 upward moves from several firms set against earlier modest trims, as they refine assumptions around discount rates, profitability, and future P/E levels. Analyst Commentary Recent research shows a split view on DNB Bank, with several price target increases in the NOK 10 to NOK 15 range contrasted with at least one downgrade and a small target cut to NOK 281.
HAFNI
NOK 69.80
Hafnia
7D
7.4%
1Y
50.9%

HAFNI: Future Dividend Plan And Hold Rating Will Shape Balanced Returns

Analysts have trimmed their Hafnia price target from NOK 74.25 to NOK 72.50, reflecting a more cautious stance following a downgrade to Hold and updated expectations around fair value, profit margins and future P/E assumptions. Analyst Commentary Recent research reflects a more neutral stance, with the stock now rated Hold and the price target set at NOK 73.
EQNR
NOK 374.50
Equinor
7D
7.5%
1Y
39.4%
NHY
NOK 87.28
Norsk Hydro
7D
-7.2%
1Y
30.8%

NHY: Extrusion Restructuring And Dividend Plans Will Support Higher Future Earnings Multiples

Norsk Hydro’s analyst fair value estimate has been raised from NOK 102.0 to NOK 110.0, reflecting updated views on revenue growth, profit margins and forward P/E after a mix of recent target hikes and rating changes across the Street. Analyst Commentary Recent Street research on Norsk Hydro shows a split view, but with a clear cluster of bullish analysts lifting price targets and ratings as they reassess the company’s earnings power and valuation.
GJF
NOK 262.00
Gjensidige Forsikring
7D
-2.9%
1Y
12.0%
DNO
NOK 19.06
DNO
7D
6.3%
1Y
41.5%

DNO: Stable North Sea Cash Flows And Acquisitions Will Shape Outlook

Analysts now set a higher price target for DNO at NOK 21.00, up from NOK 18.50. They point to updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.
KOG
NOK 399.45
Kongsberg Gruppen
7D
-3.3%
1Y
27.9%

KOG: Higher Fair Value And Defence Contract Wins Will Shape Future Returns

Analysts now see fair value for Kongsberg Gruppen at NOK 401.00, up from NOK 320.75, citing updated assumptions on revenue growth, profit margins, a lower future P/E multiple, and recent price target changes on the Street. Analyst Commentary Bullish Takeaways Bullish analysts highlight that the higher fair value and recent price target set at NOK 360 still sit below the NOK 401 fair value estimate, which they see as leaving some room for execution upside if current assumptions on revenue and margins are met.
ORK
NOK 115.60
Orkla
7D
-3.2%
1Y
3.8%
SUBC
NOK 263.80
Subsea 7
7D
2.4%
1Y
55.2%

SUBC: Offshore Backlog And Margin Sustainability Will Shape Balanced Future Prospects

The updated analyst price target for Subsea 7 rises from NOK 228.39 to NOK 274.67, reflecting analysts' higher NOK 254 to NOK 320 price targets that cite Q4 results with high utilization and firmer margins as key support. Analyst Commentary Recent research updates show a wide range of views on Subsea 7, with several bullish analysts lifting price targets while others have moved to more cautious stances.
HAUTO
NOK 131.40
Höegh Autoliners
7D
6.4%
1Y
60.0%

HAUTO: Upgraded To Hold As Future Earnings Execution Faces Tighter Room For Error

Analysts have raised their price target for Höegh Autoliners from NOK 65.37 to NOK 120.38, citing updated views on fair value, growth, margins and P/E assumptions reflected in recent research, including the NOK 130 target associated with the shift from Sell to Hold. Analyst Commentary Recent research has framed the higher NOK 120.38 target as still sitting below the NOK 130 level used in the shift to Hold.
TEL
NOK 167.30
Telenor
7D
-3.2%
1Y
12.7%
MOWI
NOK 212.40
Mowi
7D
-5.9%
1Y
3.1%

MOWI: Cost Savings And Harvest Volumes Will Shape Returns Despite Softer Sentiment

Analysts have nudged their price target for Mowi slightly higher to around NOK 246, reflecting modest adjustments to fair value assumptions, even as recent Street research has turned more cautious on the shares. Analyst Commentary Bullish Takeaways Bullish analysts still see room for upside to their fair value estimates around NOK 246, suggesting they view the current share price as not fully reflecting Mowi's earnings power.
BWLPG
NOK 154.30
BWG
7D
14.3%
1Y
27.5%
SALM
NOK 545.00
SalMar
7D
-8.8%
1Y
2.6%

SALM: Dividend And Harvest Guidance Will Shape Fairly Valued Outlook

Analysts have kept their NOK price target for SalMar broadly unchanged at around NOK 600.8. This reflects steady assumptions on discount rate, revenue growth, profit margins and future P/E that support a consistent view of the company’s valuation. What's in the News SalMar kept its 2026 production guidance for Norway, Ocean and Iceland at 296,000 tonnes, with Scottish Sea Farms adjusted to 43,000 tonnes on a 100% basis (Corporate Guidance).