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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies278
  • 7D-4.7%
  • 3M12.9%
  • 1Y28.3%
  • YTD14.6%

Over the last 7 days, the market has dropped 4.7%, driven by a pullback of 9.7% in the Energy sector. On the other hand, the Information Technology has risen by 6.1%. As for the longer term, the market has actually risen by 28% in the last year. Earnings are forecast to grow by 12% 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, 20 Apr 2026NOK 4.6tNOK 3.0tNOK 246.1b14.7x18.7x1.5x
Wed, 18 Mar 2026NOK 4.8tNOK 3.1tNOK 248.0b14.2x19.5x1.6x
Fri, 13 Feb 2026NOK 4.5tNOK 3.0tNOK 245.0b14.8x18.3x1.5x
Sun, 11 Jan 2026NOK 4.3tNOK 3.3tNOK 267.9b14.6x16x1.3x
Tue, 09 Dec 2025NOK 4.1tNOK 3.3tNOK 267.3b13.9x15.5x1.3x
Thu, 06 Nov 2025NOK 4.1tNOK 3.3tNOK 266.2b12.9x15.2x1.2x
Sat, 04 Oct 2025NOK 4.2tNOK 3.2tNOK 293.5b12.5x14.3x1.3x
Mon, 01 Sep 2025NOK 4.2tNOK 3.2tNOK 297.2b12.6x14x1.3x
Wed, 30 Jul 2025NOK 4.1tNOK 3.3tNOK 303.8b13.1x13.6x1.3x
Fri, 27 Jun 2025NOK 4.0tNOK 3.2tNOK 302.2b12.5x13.2x1.2x
Sun, 25 May 2025NOK 3.9tNOK 3.2tNOK 300.8b12x12.8x1.2x
Tue, 22 Apr 2025NOK 3.7tNOK 3.3tNOK 315.5b11.8x11.8x1.1x
Thu, 20 Mar 2025NOK 4.0tNOK 3.3tNOK 320.7b11.9x12.4x1.2x
Sat, 15 Feb 2025NOK 3.8tNOK 3.3tNOK 322.3b11.5x11.8x1.2x
Mon, 13 Jan 2025NOK 3.9tNOK 3.5tNOK 340.3b11.9x11.3x1.1x
Wed, 11 Dec 2024NOK 3.8tNOK 3.4tNOK 337.2b11.3x11.2x1.1x
Fri, 08 Nov 2024NOK 3.7tNOK 3.4tNOK 321.1b11.5x11.5x1.1x
Sun, 06 Oct 2024NOK 3.8tNOK 3.3tNOK 307.0b11.2x12.4x1.2x
Tue, 03 Sep 2024NOK 3.8tNOK 3.3tNOK 305.5b11.8x12.4x1.2x
Thu, 01 Aug 2024NOK 3.9tNOK 3.3tNOK 299.5b11.2x13x1.2x
Sat, 29 Jun 2024NOK 3.9tNOK 3.3tNOK 286.6b11.3x13.6x1.2x
Mon, 27 May 2024NOK 4.1tNOK 3.3tNOK 282.9b11.6x14.4x1.2x
Wed, 24 Apr 2024NOK 3.9tNOK 3.4tNOK 297.7b11.6x13.2x1.2x
Fri, 22 Mar 2024NOK 3.9tNOK 3.3tNOK 293.1b11.5x13.3x1.2x
Sun, 18 Feb 2024NOK 3.8tNOK 3.3tNOK 265.8b11.8x14.2x1.1x
Tue, 16 Jan 2024NOK 4.0tNOK 3.5tNOK 346.4b11x11.5x1.1x
Thu, 14 Dec 2023NOK 4.0tNOK 3.6tNOK 361.0b10.3x11x1.1x
Sat, 11 Nov 2023NOK 4.0tNOK 3.6tNOK 367.5b10.4x11x1.1x
Mon, 09 Oct 2023NOK 3.9tNOK 3.8tNOK 422.5b10.5x9.3x1x
Wed, 06 Sep 2023NOK 4.0tNOK 3.8tNOK 415.3b10.4x9.6x1.1x
Fri, 04 Aug 2023NOK 3.9tNOK 3.6tNOK 404.3b11.1x9.5x1.1x
Sun, 02 Jul 2023NOK 3.8tNOK 3.8tNOK 504.4b11.2x7.6x1x
Tue, 30 May 2023NOK 3.8tNOK 3.9tNOK 525.1b11.4x7.3x1x
Thu, 27 Apr 2023NOK 3.9tNOK 3.8tNOK 545.7b11.4x7.2x1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 545.7bTotal 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 18.7x 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 23% per year over the last three years.
  • Revenues have also declined 7.1% 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 Market-4.66%
Tech6.12%
Healthcare2.61%
Real Estate0.79%
Consumer Staples-0.12%
Consumer Discretionary-0.19%
Financials-0.68%
Telecom-2.50%
Industrials-3.69%
Materials-6.81%
Utilities-8.65%
Energy-9.74%
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 295x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 28.4%, 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 32% 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 4.7% 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
NOD Nordic SemiconductorNOK 182.5011.0%
+NOK 3.6b		69.0%PE236.8xTech
AUTO AutoStore HoldingsNOK 11.0010.2%
+NOK 3.4b		48.6%PE48.5xIndustrials
VEND Vend MarketplacesNOK 262.006.5%
+NOK 3.4b		-12.0%PS8.7xTelecom
TGS TGSNOK 137.8011.0%
+NOK 2.7b		83.2%PE158.5xEnergy
SALM SalMarNOK 561.503.2%
+NOK 2.4b		11.4%PE68.9xConsumer Staples
See more

Market Insights

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Latest News

VAR
NOK 43.20
Vår Energi
7D
-7.0%
1Y
48.4%

VAR: Higher 2026 Volumes And Rising Production Targets Will Drive Returns

Analysts have adjusted the fair value estimate for Vår Energi to NOK 47.22 from NOK 44.72 as updated revenue growth, profit margin and forward P/E assumptions have shifted, alongside a slightly lower discount rate. Analyst Commentary Recent Street research on Vår Energi shows a mix of optimism and caution, with several price target revisions and rating changes that feed directly into how analysts think about valuation, execution risk and growth potential.
NOD
NOK 182.50
Nordic Semiconductor
7D
11.0%
1Y
69.0%

NOD: Edge AI And Cloud Services Will Support Future Earnings Re Rating

Analysts have nudged their price target for Nordic Semiconductor higher to NOK 225 from NOK 220, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, as well as recent upward revisions and upgrades in Street research. Analyst Commentary Recent Street research has leaned more positive on Nordic Semiconductor, with bullish analysts adjusting their views and price targets in a way that points to increased confidence in the company’s execution and earnings power.
NHY
NOK 104.30
Norsk Hydro
7D
-5.0%
1Y
97.4%

NHY: Extrusion Restructuring And Dividend Policy Will Support Future Re-Rating

Analysts have lifted the fair value estimate for Norsk Hydro from NOK 120 to about NOK 139. This reflects updated assumptions for higher revenue growth and profit margins, even as recent research shows a mix of upgraded price targets and fresh downgrades on concerns around downstream recovery and demand headwinds.
AKRBP
NOK 329.80
Aker BP
7D
-5.8%
1Y
49.8%
EQNR
NOK 336.10
Equinor
7D
-10.6%
1Y
36.1%
TOM
NOK 124.30
Tomra Systems
7D
2.7%
1Y
-17.4%

TOM: Modest P/E Adjustment Will Still Support Further Upside Potential

Analysts now set a slightly lower price target for Tomra Systems at about NOK 148, compared with roughly NOK 150 previously. This change reflects updated assumptions for the discount rate, revenue growth, profit margins and future P/E expectations.
KOG
NOK 370.10
Kongsberg Gruppen
7D
-9.5%
1Y
15.1%

KOG: Fair Value View Balances Defence Contracts With Execution And Pricing Risks

Analysts have raised their fair value estimate for Kongsberg Gruppen to NOK 417.75, up from NOK 401.00, citing updated assumptions around revenue growth, profit margins, discount rates and future P/E levels in recent research. Analyst Commentary Recent Street research on Kongsberg Gruppen points to a split view, with some analysts focusing on upside potential and others calling out risks to execution and valuation.
SUBC
NOK 293.20
Subsea 7
7D
-5.8%
1Y
101.5%

SUBC: Rising Multiples And Weaker Margins Will Constrain Future Share Price Upside

The analyst price target for Subsea 7 has been increased from NOK 174.64 to NOK 192.81 as analysts factor in higher Street targets in the NOK 254 to NOK 320 range, supported by research citing strong recent utilization, firmer margins and expectations that these operational trends will persist into FY26. Analyst Commentary Recent Street research shows a mix of optimism on Subsea 7, with several large houses lifting price targets into the NOK 254 to NOK 320 range, while keeping ratings such as Buy, Overweight, Neutral and Sector Perform.
GSF
NOK 34.28
Grieg Seafood
7D
-52.6%
1Y
-39.2%
YAR
NOK 523.40
Yara International
7D
-8.2%
1Y
68.0%
RECSI
NOK 0.24
REC Silicon
7D
-9.0%
1Y
-86.0%
SALM
NOK 561.50
SalMar
7D
3.2%
1Y
11.4%

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.
TGS
NOK 137.80
TGS
7D
11.0%
1Y
83.2%

TGS: Heavy NGL Project Dependence Will Pressure Future Share Performance

Analysts have raised their TGS price target by NOK 2 to NOK 46, citing updated expectations for higher returns from the company’s largest NGL project following recent clarifications with management. Analyst Commentary The latest move to adjust the TGS price target to NOK 46 reflects updated expectations around the company’s largest NGL project, following recent clarifications with management.
VEND
NOK 262.00
Vend Marketplaces
7D
6.5%
1Y
-12.0%
AUTO
NOK 11.00
AutoStore Holdings
7D
10.2%
1Y
48.6%
AFK
NOK 195.50
Arendals Fossekompani
7D
15.0%
1Y
57.7%