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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies279
  • 7D3.1%
  • 3M18.6%
  • 1Y18.7%
  • YTD10.3%

The market is up 3.1% in the last 7 days, led by the Energy and Industrials sectors. The market is up 19% over the last 12 months. Looking forward, earnings are forecast to grow by 16% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Feb 2026NOK 4.6tNOK 3.1tNOK 244.2b13.8x18.8x1.5x
Tue, 20 Jan 2026NOK 4.3tNOK 3.3tNOK 267.4b14.5x16.2x1.3x
Thu, 18 Dec 2025NOK 4.2tNOK 3.3tNOK 269.7b14x15.4x1.3x
Sat, 15 Nov 2025NOK 4.1tNOK 3.3tNOK 271.3b12.8x15x1.2x
Mon, 13 Oct 2025NOK 4.2tNOK 3.3tNOK 296.4b12.4x14x1.3x
Wed, 10 Sep 2025NOK 4.1tNOK 3.2tNOK 295.1b12.5x14x1.3x
Fri, 08 Aug 2025NOK 4.1tNOK 3.3tNOK 305.3b13.1x13.4x1.2x
Sun, 06 Jul 2025NOK 4.0tNOK 3.2tNOK 301.8b12.8x13.3x1.2x
Tue, 03 Jun 2025NOK 3.9tNOK 3.2tNOK 303.6b12.2x12.9x1.2x
Thu, 01 May 2025NOK 3.7tNOK 3.3tNOK 321.8b12.1x11.6x1.2x
Sat, 29 Mar 2025NOK 3.9tNOK 3.3tNOK 319.1b12.1x12.2x1.2x
Mon, 24 Feb 2025NOK 3.9tNOK 3.3tNOK 336.7b11.3x11.5x1.2x
Wed, 22 Jan 2025NOK 3.8tNOK 3.5tNOK 337.5b11.6x11.4x1.1x
Fri, 20 Dec 2024NOK 3.7tNOK 3.5tNOK 342.3b11.4x10.7x1x
Sun, 17 Nov 2024NOK 3.8tNOK 3.4tNOK 330.2b10.8x11.4x1.1x
Tue, 15 Oct 2024NOK 3.8tNOK 3.3tNOK 307.8b11.5x12.4x1.2x
Thu, 12 Sep 2024NOK 3.7tNOK 3.3tNOK 311.4b11x11.7x1.1x
Sat, 10 Aug 2024NOK 3.8tNOK 3.3tNOK 298.1b10.9x12.6x1.1x
Mon, 08 Jul 2024NOK 3.8tNOK 3.2tNOK 278.8b11.5x13.7x1.2x
Wed, 05 Jun 2024NOK 3.9tNOK 3.3tNOK 284.3b11.5x13.7x1.2x
Fri, 03 May 2024NOK 4.0tNOK 3.4tNOK 290.1b11.4x13.7x1.2x
Sun, 31 Mar 2024NOK 3.9tNOK 3.4tNOK 303.2b11.7x13x1.2x
Tue, 27 Feb 2024NOK 3.8tNOK 3.3tNOK 268.0b11.6x14x1.1x
Thu, 25 Jan 2024NOK 3.9tNOK 3.5tNOK 347.1b11.3x11.4x1.1x
Sat, 23 Dec 2023NOK 4.0tNOK 3.5tNOK 344.1b10.5x11.7x1.2x
Mon, 20 Nov 2023NOK 4.0tNOK 3.6tNOK 357.9b10.2x11.3x1.1x
Wed, 18 Oct 2023NOK 4.1tNOK 3.8tNOK 424.0b10.7x9.7x1.1x
Fri, 15 Sep 2023NOK 4.1tNOK 3.8tNOK 415.9b10.8x9.8x1.1x
Sun, 13 Aug 2023NOK 3.9tNOK 3.7tNOK 410.3b11.1x9.6x1.1x
Tue, 11 Jul 2023NOK 3.8tNOK 3.8tNOK 495.7b11x7.7x1x
Thu, 08 Jun 2023NOK 3.9tNOK 3.9tNOK 519.8b11.4x7.5x1x
Sat, 06 May 2023NOK 3.9tNOK 3.7tNOK 543.1b11.4x7.2x1x
Mon, 03 Apr 2023NOK 3.9tNOK 3.8tNOK 544.4b11.6x7.1x1x
Wed, 01 Mar 2023NOK 4.1tNOK 3.7tNOK 577.2b11.8x7.1x1.1x
Price to Earnings Ratio

7.1x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 577.2bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.9x202420252026
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 18.8x which is higher than its 3-year average PE of 11.9x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 25% per year over the last three years.
  • Revenues have also declined 6.2% 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 Market3.13%
Industrials5.69%
Tech5.04%
Financials3.59%
Energy3.36%
Real Estate2.96%
Materials1.72%
Consumer Staples1.26%
Consumer Discretionary1.03%
Utilities0.89%
Healthcare-1.30%
Telecom-1.68%
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 276x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.9%, 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 40% 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 4.1% 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 397.607.9%
+NOK 25.7b		48.7%PE83.8xIndustrials
DNB DNB BankNOK 305.104.2%
+NOK 17.6b		20.8%PB1.5xFinancials
EQNR EquinorNOK 273.702.2%
+NOK 14.7b		6.0%PE14.2xEnergy
COSH Constellation Oil Services HoldingNOK 131.502.7%
+NOK 5.3b		n/aPS38.9xEnergy
AKRBP Aker BPNOK 281.902.9%
+NOK 5.0b		18.3%PE141.3xEnergy
See more

Market Insights

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DNB
NOK 305.10
DNB Bank
7D
4.2%
1Y
20.8%

DNB: Future Returns Will Balance Mixed Broker Views And Execution Risk

The analyst price target for DNB Bank has moved from NOK 289.27 to NOK 296.80. Analysts generally point to modestly higher revenue and profit margin assumptions, as well as a lower future P/E, as key reasons for the shift.
ELMRA
NOK 32.20
Elmera Group
7D
-9.8%
1Y
0%
NHY
NOK 85.36
Norsk Hydro
7D
-0.5%
1Y
28.5%

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

Analysts have raised their fair value estimate for Norsk Hydro from NOK 99 to NOK 102. This reflects updated assumptions for revenue growth, margins and a lower future P/E, even as several recent broker downgrades highlight concerns around demand, currency and the pace of downstream recovery.
SB1NO
NOK 213.00
SpareBank 1 Sør-Norge
7D
6.0%
1Y
34.8%
LINK
NOK 20.85
LINK Mobility Group Holding
7D
-4.8%
1Y
-10.5%
TOM
NOK 119.70
Tomra Systems
7D
-2.2%
1Y
-31.6%

TOM: Higher Future P E Multiple Will Support Further Upside Ahead

Analysts have slightly lowered their price target on Tomra Systems to NOK 150.25 from NOK 150.96, citing updated assumptions for revenue growth, profit margins, and a higher expected future P/E multiple. Valuation Changes Fair Value: NOK 150.25, down slightly from NOK 150.96, reflecting modestly updated model inputs.
AKRBP
NOK 281.90
Aker BP
7D
2.9%
1Y
18.3%

Aker BP's (OB:AKRBP) Soft Earnings Are Actually Better Than They Appear

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KOG
NOK 397.60
Kongsberg Gruppen
7D
7.9%
1Y
48.7%

KOG: Downgrade And Thin Execution Cushion Will Pressure Future Upside

Analysts now set their fair value estimate for Kongsberg Gruppen at NOK 290, up from NOK 250, reflecting updated views on revenue growth, profit margins and a lower future P/E multiple following recent Street research, including the Kepler Cheuvreux downgrade. Analyst Commentary Bearish analysts are using the recent downgrade to flag that the current NOK 290 fair value estimate already bakes in a lot of optimism on revenue growth and margins, while also assuming a lower future P/E multiple.
WWI
NOK 774.00
Wilh. Wilhelmsen Holding
7D
13.0%
1Y
95.7%
TRMED
NOK 4.38
Thor Medical
7D
-14.4%
1Y
80.8%

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TEL
NOK 174.20
Telenor
7D
-1.6%
1Y
23.4%
EQNR
NOK 273.70
Equinor
7D
2.2%
1Y
6.0%

EQNR: Capital Returns Will Face Renewables Execution Test At Current Pricing

Analysts have nudged their fair value estimate for Equinor higher to about NOK 240. This reflects recent shifts in their price targets and a mix of upgrade and downgrade commentary on earnings quality, growth expectations and valuation, including references to an updated forward P/E framework.
VEND
NOK 235.40
Vend Marketplaces
7D
-2.5%
1Y
-22.7%
WAWI
NOK 128.00
Wallenius Wilhelmsen
7D
8.5%
1Y
37.6%

WAWI: Future Contract Wins Will Mask Softer Revenue Outlook

Analysts have trimmed their price target for Wallenius Wilhelmsen to around $88.60 from about $89.04, citing updated assumptions that include a slightly lower discount rate, softer revenue growth, stronger profit margins, and a lower future P/E multiple. What's in the News Entered a one-year shipping contract starting in 2026 with a leading Asian vehicle and heavy equipment manufacturer, estimated at around US$130 million based on contractual volumes (Key Developments).
COSH
NOK 131.50
Constellation Oil Services Holding
7D
2.7%
1Y
n/a
NORDH
NOK 30.00
Nordhealth
7D
-10.2%
1Y
-21.1%