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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJan 22, 2026
DataAggregated Company Financials
Companies282
  • 7D0.2%
  • 3M5.0%
  • 1Y9.8%
  • YTD1.9%

The market has stayed flat over the 7 days. More promisingly, the market is up 9.8% over the past year. As for the next few years, earnings are expected to grow by 15% 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
Thu, 22 Jan 2026NOK 4.4tNOK 3.3tNOK 265.4b14.5x16.4x1.3x
Sat, 20 Dec 2025NOK 4.2tNOK 3.3tNOK 268.4b14.1x15.6x1.3x
Mon, 17 Nov 2025NOK 4.1tNOK 3.3tNOK 269.2b12.8x15.1x1.2x
Wed, 15 Oct 2025NOK 4.1tNOK 3.3tNOK 296.9b12.1x13.8x1.3x
Fri, 12 Sep 2025NOK 4.2tNOK 3.2tNOK 292.9b12.6x14.2x1.3x
Sun, 10 Aug 2025NOK 4.1tNOK 3.3tNOK 307.9b13.1x13.3x1.2x
Tue, 08 Jul 2025NOK 4.0tNOK 3.2tNOK 303.1b12.8x13.3x1.2x
Thu, 05 Jun 2025NOK 3.9tNOK 3.2tNOK 302.2b12.3x13x1.2x
Sat, 03 May 2025NOK 3.8tNOK 3.3tNOK 325.7b11.9x11.7x1.1x
Mon, 31 Mar 2025NOK 3.9tNOK 3.3tNOK 319.1b12.1x12.2x1.2x
Wed, 26 Feb 2025NOK 3.8tNOK 3.3tNOK 334.8b11.5x11.5x1.2x
Fri, 24 Jan 2025NOK 3.9tNOK 3.5tNOK 336.8b12x11.5x1.1x
Sun, 22 Dec 2024NOK 3.6tNOK 3.5tNOK 339.9b11.4x10.7x1x
Tue, 19 Nov 2024NOK 3.7tNOK 3.4tNOK 331.2b10.5x11.3x1.1x
Thu, 17 Oct 2024NOK 3.8tNOK 3.3tNOK 313.6b11.1x12.1x1.1x
Sat, 14 Sep 2024NOK 3.7tNOK 3.3tNOK 308.4b11.2x12.1x1.1x
Mon, 12 Aug 2024NOK 3.8tNOK 3.3tNOK 299.0b10.9x12.7x1.1x
Wed, 10 Jul 2024NOK 3.8tNOK 3.2tNOK 279.9b11.4x13.5x1.2x
Fri, 07 Jun 2024NOK 3.9tNOK 3.3tNOK 285.1b11.5x13.6x1.2x
Sun, 05 May 2024NOK 4.0tNOK 3.3tNOK 287.8b11.5x13.8x1.2x
Tue, 02 Apr 2024NOK 3.9tNOK 3.4tNOK 303.6b11.7x13x1.2x
Thu, 29 Feb 2024NOK 3.8tNOK 3.3tNOK 269.9b11.6x14x1.1x
Sat, 27 Jan 2024NOK 4.0tNOK 3.5tNOK 346.7b11.2x11.5x1.1x
Mon, 25 Dec 2023NOK 4.0tNOK 3.5tNOK 344.0b10.5x11.7x1.2x
Wed, 22 Nov 2023NOK 4.0tNOK 3.5tNOK 355.1b10.3x11.3x1.1x
Fri, 20 Oct 2023NOK 4.1tNOK 3.8tNOK 427.3b10.8x9.5x1.1x
Sun, 17 Sep 2023NOK 4.1tNOK 3.8tNOK 417.5b10.6x9.7x1.1x
Tue, 15 Aug 2023NOK 3.9tNOK 3.7tNOK 411.6b11.1x9.5x1.1x
Thu, 13 Jul 2023NOK 3.8tNOK 3.7tNOK 481.6b10.9x8x1x
Sat, 10 Jun 2023NOK 3.9tNOK 3.8tNOK 509.7b11.5x7.6x1x
Mon, 08 May 2023NOK 3.9tNOK 3.7tNOK 544.2b11.4x7.2x1x
Wed, 05 Apr 2023NOK 3.9tNOK 3.7tNOK 538.1b11.6x7.3x1x
Fri, 03 Mar 2023NOK 4.1tNOK 3.8tNOK 551.1b11.9x7.4x1.1x
Sun, 29 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 11.7x202420252026
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 16.4x which is higher than its 3-year average PE of 11.7x.
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 Market0.25%
Industrials2.79%
Utilities1.12%
Telecom0.92%
Energy0.67%
Tech0.53%
Consumer Discretionary-0.22%
Materials-0.28%
Real Estate-0.41%
Financials-0.85%
Healthcare-1.78%
Consumer Staples-2.94%
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 280x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 35.2% 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 sector is expected to see its earnings grow by 3.1% 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 330.8010.0%
+NOK 26.5b		23.4%PE41.3xIndustrials
EQNR EquinorNOK 253.301.3%
+NOK 7.8b		-7.2%PE11.1xEnergy
TEL TelenorNOK 146.401.4%
+NOK 2.7b		10.1%PE19.8xTelecom
AKRBP Aker BPNOK 279.701.5%
+NOK 2.6b		12.7%PE21.1xEnergy
AKER AkerNOK 836.003.5%
+NOK 2.1b		41.9%PE869.7xIndustrials
See more

Market Insights

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Latest News

PROT
NOK 547.00
Protector Forsikring
7D
4.2%
1Y
73.1%
KOG
NOK 330.80
Kongsberg Gruppen
7D
10.0%
1Y
23.4%

KOG: Post Selloff Rating Upgrades And Demerger Plan Will Shape Future Returns

Analysts have lifted their price target on Kongsberg Gruppen from NOK 289.14 to NOK 320.75, reflecting updated assumptions on growth, profitability and future P/E multiples, alongside a recent cluster of rating upgrades from SEB Equities, Nordea and Kepler Cheuvreux. Analyst Commentary Recent rating changes show a clear shift in how analysts are framing Kongsberg Gruppen, with several moving up their recommendations while setting price targets in a relatively tight NOK 252 to NOK 285 range compared with the updated NOK 320.75 target.
TOM
NOK 126.40
Tomra Systems
7D
-5.3%
1Y
-21.9%

TOM: Poland Rollout And Index Inclusion Will Support Further Upside Ahead

Narrative Update The analyst price target for Tomra Systems has been adjusted slightly lower to reflect a fair value move from NOK 154.14 to NOK 150.96, with analysts pointing to modestly updated assumptions on discount rate, revenue growth, profit margin and future P/E as the key drivers. Valuation Changes Fair Value: Analyst fair value estimate eased slightly from NOK 154.14 to NOK 150.96.
HAFNI
NOK 57.48
Hafnia
7D
-5.2%
1Y
0.5%

HAFNI: Stable Dividend Outlook Will Support Returns As Valuation Stays Attractive

Analysts have kept their price target for Hafnia unchanged, citing steady fair value estimates, a consistent discount rate, and little movement in projected margins and future P/E as reasons to hold their existing view. What's in the News Hafnia Limited announced a quarterly dividend of US$0.1470 per share, with a record date of 9 December 2025.
SUBC
NOK 226.20
Subsea 7
7D
2.4%
1Y
15.2%

SUBC: Future Contract Pipeline Will Support Earnings Multiple Reassessment

Analysts have trimmed their price expectations for Subsea 7, with JPMorgan lowering its target from NOK 212 to NOK 208. Our updated fair value framework now reflects more conservative assumptions on growth and margins, along with a higher future P/E multiple.
AUTO
NOK 12.43
AutoStore Holdings
7D
-4.2%
1Y
16.6%

Risks To Shareholder Returns Are Elevated At These Prices For AutoStore Holdings Ltd. (OB:AUTO)

Jan 15
Risks To Shareholder Returns Are Elevated At These Prices For AutoStore Holdings Ltd. (OB:AUTO)
MOWI
NOK 214.60
Mowi
7D
-4.9%
1Y
1.4%

MOWI: Harvest Volumes And Dividends Will Support Returns After Hold Downgrade

Analysts have trimmed their price target on Mowi slightly to about €256 from roughly €257, citing updated assumptions for revenue growth, profit margins and future P/E, alongside a recent shift in Street ratings toward a Hold stance. Analyst Commentary Recent Street commentary around Mowi has turned more cautious, with the latest move being a downgrade to Hold.
EQNR
NOK 253.30
Equinor
7D
1.3%
1Y
-7.2%

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 547.00
SalMar
7D
-3.9%
1Y
-4.3%

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.
AKRBP
NOK 279.70
Aker BP
7D
1.5%
1Y
12.7%

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.
DNB
NOK 279.20
DNB Bank
7D
-1.2%
1Y
17.1%

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 102.50
Wallenius Wilhelmsen
7D
-3.4%
1Y
14.8%

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.
NHY
NOK 85.10
Norsk Hydro
7D
0.9%
1Y
27.6%

NHY: Restructuring And Hydropower Expansion Are Expected To Support Higher Multiples

Narrative Update The analyst price target for Norsk Hydro has moved to NOK 99 from NOK 79. Analysts attribute this change to updated views on long-term fair value, margins and future P/E support, as reflected in recent target increases across the Street.
BWE
NOK 42.60
BW Energy
7D
-11.3%
1Y
62.9%
TEL
NOK 146.40
Telenor
7D
1.4%
1Y
10.1%
AKER
NOK 836.00
Aker
7D
3.5%
1Y
41.9%