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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies278
  • 7D-0.9%
  • 3M19.6%
  • 1Y37.7%
  • YTD19.7%

The Information Technology sector gained 4.9% while the market remained flat over the last week. As for the longer term, the market has risen 38% in the past 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Apr 2026NOK 4.8tNOK 3.1tNOK 247.9b14.6x19.3x1.6x
Tue, 10 Mar 2026NOK 4.7tNOK 3.1tNOK 248.4b13.6x18.9x1.5x
Thu, 05 Feb 2026NOK 4.4tNOK 3.2tNOK 262.2b14.8x16.9x1.4x
Sat, 03 Jan 2026NOK 4.3tNOK 3.3tNOK 267.5b14.6x16x1.3x
Mon, 01 Dec 2025NOK 4.1tNOK 3.3tNOK 271.2b13.7x15x1.2x
Wed, 29 Oct 2025NOK 4.1tNOK 3.2tNOK 296.6b12.4x13.8x1.3x
Fri, 26 Sep 2025NOK 4.2tNOK 3.2tNOK 295.5b12.5x14.2x1.3x
Sun, 24 Aug 2025NOK 4.2tNOK 3.2tNOK 302.8b13.4x13.8x1.3x
Tue, 22 Jul 2025NOK 4.1tNOK 3.3tNOK 307.7b13x13.3x1.3x
Thu, 19 Jun 2025NOK 4.1tNOK 3.2tNOK 300.4b12.3x13.7x1.3x
Sat, 17 May 2025NOK 3.9tNOK 3.3tNOK 310.4b12.3x12.6x1.2x
Mon, 14 Apr 2025NOK 3.6tNOK 3.3tNOK 318.6b11.5x11.4x1.1x
Wed, 12 Mar 2025NOK 3.8tNOK 3.2tNOK 325.3b11.5x11.7x1.2x
Fri, 07 Feb 2025NOK 3.9tNOK 3.4tNOK 332.8b11.9x11.6x1.1x
Sun, 05 Jan 2025NOK 3.8tNOK 3.5tNOK 339.1b11.7x11.3x1.1x
Tue, 03 Dec 2024NOK 3.8tNOK 3.4tNOK 331.3b11.5x11.4x1.1x
Thu, 31 Oct 2024NOK 3.8tNOK 3.4tNOK 326.1b11.3x11.7x1.1x
Sat, 28 Sep 2024NOK 3.7tNOK 3.3tNOK 305.1b11.1x12.2x1.1x
Mon, 26 Aug 2024NOK 3.8tNOK 3.3tNOK 301.6b11.2x12.6x1.2x
Wed, 24 Jul 2024NOK 3.9tNOK 3.3tNOK 302.5b11.2x12.8x1.2x
Fri, 21 Jun 2024NOK 3.9tNOK 3.3tNOK 284.8b11.3x13.6x1.2x
Sun, 19 May 2024NOK 4.1tNOK 3.3tNOK 283.9b11.6x14.3x1.2x
Tue, 16 Apr 2024NOK 4.0tNOK 3.4tNOK 302.5b11.5x13.3x1.2x
Thu, 14 Mar 2024NOK 3.8tNOK 3.3tNOK 287.6b11.3x13.4x1.2x
Sat, 10 Feb 2024NOK 3.8tNOK 3.3tNOK 280.9b11.7x13.4x1.1x
Mon, 08 Jan 2024NOK 4.1tNOK 3.5tNOK 345.1b10.9x11.8x1.2x
Wed, 06 Dec 2023NOK 4.0tNOK 3.6tNOK 364.1b10.2x11x1.1x
Fri, 03 Nov 2023NOK 4.1tNOK 3.6tNOK 365.6b10.6x11.1x1.1x
Sun, 01 Oct 2023NOK 4.0tNOK 3.8tNOK 416.0b10.6x9.7x1.1x
Tue, 29 Aug 2023NOK 3.9tNOK 3.8tNOK 413.0b10.3x9.5x1x
Thu, 27 Jul 2023NOK 3.8tNOK 3.7tNOK 450.8b10.7x8.5x1x
Sat, 24 Jun 2023NOK 3.8tNOK 3.9tNOK 509.2b11.2x7.4x1x
Mon, 22 May 2023NOK 3.9tNOK 3.9tNOK 558.2b11.5x7x1x
Wed, 19 Apr 2023NOK 4.0tNOK 3.8tNOK 504.7b11.9x7.9x1.1x
Price to Earnings Ratio

7.9x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 504.7bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.5x202420252026
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 19.3x which is higher than its 3-year average PE of 12.5x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 21% 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 Market-0.88%
Tech4.87%
Healthcare3.53%
Materials3.18%
Financials2.08%
Utilities1.55%
Real Estate0.75%
Consumer Discretionary0.37%
Telecom0.099%
Industrials-0.089%
Consumer Staples-1.59%
Energy-4.56%
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 293x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 28.1%, which is higher than its past year's earnings growth of 14.5% 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 4.5% 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
NHY Norsk HydroNOK 108.806.0%
+NOK 12.2b		104.4%PE31.8xMaterials
DNB DNB BankNOK 308.501.4%
+NOK 6.1b		23.6%PB1.5xFinancials
GJF Gjensidige ForsikringNOK 265.204.2%
+NOK 5.4b		11.3%PE21.1xFinancials
SUBC Subsea 7NOK 311.406.2%
+NOK 5.4b		120.2%PE23.6xEnergy
SB1NO SpareBank 1 Sør-NorgeNOK 218.503.8%
+NOK 3.0b		40.1%PB1.5xFinancials
See more

Market Insights

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Latest News

SNI
NOK 309.00
Stolt-Nielsen
7D
-7.1%
1Y
40.8%

Stolt-Nielsen Limited Just Missed Earnings - But Analysts Have Updated Their Models

Apr 12
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PROT
NOK 494.00
Protector Forsikring
7D
6.0%
1Y
52.0%
MOWI
NOK 215.80
Mowi
7D
-3.6%
1Y
16.3%

MOWI: Future P/E And Revenue Outlook Will Drive Returns Forward

Mowi's analyst price target has been adjusted slightly to NOK 248.67 from NOK 250.00, as analysts balance a higher revenue outlook and updated P/E assumptions with mixed recent research that includes both a Berenberg price target increase and a more cautious stance from Pareto. Analyst Commentary Recent research reflects a split view on Mowi, with one group of bullish analysts lifting their price targets and more cautious analysts turning increasingly wary on the shares.
SB1NO
NOK 218.50
SpareBank 1 Sør-Norge
7D
3.8%
1Y
40.1%

SB1NO: Stable Dividend Timeline And Steady Outlook Will Support Measured Future Returns

Analysts have kept their price target for SpareBank 1 Sør-Norge steady at NOK 225, citing only small tweaks to inputs such as the discount rate and future P/E assumptions, rather than a change in their overall view of the shares. What's in the News SpareBank 1 Sør-Norge ASA announced an annual dividend of NOK 12.00 per share, with payment scheduled for May 4, 2026 (Key Developments).
CADLR
NOK 61.90
Cadeler
7D
9.2%
1Y
17.3%

CADLR: Mixed Broker Views And Taiwan Contracts Will Shape Future Earnings Profile

Analysts have trimmed their Cadeler price target to about NOK 67 from around NOK 68, reflecting slightly lower fair value and profit margin assumptions, partly offset by a modestly lower discount rate and a higher future P/E multiple, along with mixed recent broker ratings. Analyst Commentary Recent research on Cadeler shows a split view, with some bullish analysts turning more positive on the shares and bearish analysts taking a more cautious stance on upside from current levels.
EQNR
NOK 367.70
Equinor
7D
-7.9%
1Y
50.2%
VAR
NOK 45.69
Vår Energi
7D
-5.1%
1Y
63.3%
DNO
NOK 18.90
DNO
7D
-8.9%
1Y
62.3%
GJF
NOK 265.20
Gjensidige Forsikring
7D
4.2%
1Y
11.3%

GJF: Dividend Payouts And Slightly Higher P E Multiple Will Underpin Returns

The analyst price target for Gjensidige Forsikring has been trimmed by NOK 10 to reflect more cautious views from recent research, as analysts factor in slightly softer revenue growth assumptions and marginally lower profit margin expectations, along with a modestly higher future P/E multiple. Analyst Commentary Recent research around Gjensidige Forsikring has turned more cautious, with price targets adjusted and ratings cut as analysts reassess the balance between earnings expectations and the valuation investors are being asked to pay.
SALM
NOK 554.00
SalMar
7D
-4.2%
1Y
11.0%

SALM: Revised Margin Profile And Higher P/E Will Support Future Returns

Narrative Update on SalMar Analysts have raised their SalMar price target by NOK 15 to NOK 680, citing updated assumptions that include a revised profit margin profile and a higher future P/E multiple. Analyst Commentary Recent Street research on SalMar points to a constructive tone, with bullish analysts adjusting price targets and refining their views on the company’s valuation and earnings profile.
KOG
NOK 406.60
Kongsberg Gruppen
7D
-2.9%
1Y
33.6%
DNB
NOK 308.50
DNB Bank
7D
1.4%
1Y
23.6%

DNB: Future Returns Will Hinge On Execution And Ongoing Capital Return Choices

Analysts have nudged the DNB Bank price target higher to NOK 301.27 from NOK 298.47, citing refreshed models that reflect slightly adjusted assumptions for revenue growth, profit margins, discount rate and future P/E, along with a series of recent target changes across the Street, including revisions from Morgan Stanley, JPMorgan, Citi and Pareto. Analyst Commentary Recent Street research on DNB Bank shows a mix of optimism and caution, with several fresh price target moves and one downgrade shaping how analysts think about valuation, earnings power and execution risks.
NHY
NOK 108.80
Norsk Hydro
7D
6.0%
1Y
104.4%

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

Norsk Hydro's updated fair value estimate moves to NOK 120 from NOK 110, as analysts factor in slightly higher assumed revenue growth, modestly stronger profit margins, a lower discount rate, and a higher future P/E multiple, supported by a recent series of price target increases and rating upgrades across the Street. Analyst Commentary Recent research on Norsk Hydro shows a mixed set of opinions, but there has been a clear cluster of more constructive views alongside the latest fair value update.
TOM
NOK 126.30
Tomra Systems
7D
8.5%
1Y
-14.2%

TOM: Higher Risk Assumptions Will Support Re Rating Potential

Analysts have adjusted their price target for Tomra Systems to NOK 193.78, down from NOK 198.37, citing updated assumptions that include a higher discount rate, a different profit margin outlook, a revised revenue growth view, and a higher future P/E multiple. Valuation Changes Fair Value: NOK 193.78, reduced slightly from NOK 198.37.
SUBC
NOK 311.40
Subsea 7
7D
6.2%
1Y
120.2%

SUBC: High Utilization And New Contracts Will Support Future Multiple Reassessment

The updated analyst price target for Subsea 7 moves higher in value, supported by a series of recent target increases from NOK 254 to NOK 320 by major banks, along with analyst commentary around utilization, margins and earnings expectations. Analyst Commentary Recent research points to a cluster of more optimistic views on Subsea 7, with several bullish analysts lifting price targets and highlighting operational execution and earnings potential as key supports for valuation.
TEL
NOK 169.20
Telenor
7D
-0.6%
1Y
18.5%