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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies280
  • 7D4.3%
  • 3M21.1%
  • 1Y28.3%
  • YTD20.3%

The market is up 4.3% over the last week, with the Energy sector leading the way, up 11%. The market is up 28% over the last 12 months. Looking forward, earnings are forecast to grow by 11% 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, 31 Mar 2026NOK 4.8tNOK 3.1tNOK 253.8b14.3x19x1.5x
Thu, 26 Feb 2026NOK 4.6tNOK 3.1tNOK 243.2b14.2x18.9x1.5x
Sat, 24 Jan 2026NOK 4.4tNOK 3.2tNOK 263.4b14.8x16.6x1.4x
Mon, 22 Dec 2025NOK 4.2tNOK 3.3tNOK 268.6b14.1x15.6x1.3x
Wed, 19 Nov 2025NOK 4.0tNOK 3.3tNOK 269.6b12.9x14.8x1.2x
Fri, 17 Oct 2025NOK 4.1tNOK 3.3tNOK 295.6b12.2x14x1.3x
Sun, 14 Sep 2025NOK 4.2tNOK 3.2tNOK 292.5b12.6x14.2x1.3x
Tue, 12 Aug 2025NOK 4.1tNOK 3.3tNOK 307.4b13.1x13.2x1.2x
Thu, 10 Jul 2025NOK 4.0tNOK 3.2tNOK 302.7b12.6x13.2x1.2x
Sat, 07 Jun 2025NOK 4.0tNOK 3.2tNOK 302.3b12.2x13.1x1.2x
Mon, 05 May 2025NOK 3.8tNOK 3.3tNOK 325.0b11.9x11.7x1.1x
Wed, 02 Apr 2025NOK 3.9tNOK 3.3tNOK 318.6b12.1x12.3x1.2x
Fri, 28 Feb 2025NOK 3.8tNOK 3.4tNOK 337.9b11.5x11.4x1.1x
Sun, 26 Jan 2025NOK 3.8tNOK 3.4tNOK 335.4b12.1x11.5x1.1x
Tue, 24 Dec 2024NOK 3.7tNOK 3.5tNOK 340.6b11.2x10.8x1.1x
Thu, 21 Nov 2024NOK 3.8tNOK 3.4tNOK 330.2b10.5x11.4x1.1x
Sat, 19 Oct 2024NOK 3.7tNOK 3.3tNOK 315.2b10.8x11.9x1.1x
Mon, 16 Sep 2024NOK 3.7tNOK 3.3tNOK 308.4b11.2x12.1x1.1x
Wed, 14 Aug 2024NOK 3.8tNOK 3.3tNOK 296.9b11x12.9x1.2x
Fri, 12 Jul 2024NOK 3.8tNOK 3.3tNOK 287.1b11.4x13.4x1.2x
Sun, 09 Jun 2024NOK 3.9tNOK 3.3tNOK 287.8b11.4x13.5x1.2x
Tue, 07 May 2024NOK 4.0tNOK 3.3tNOK 287.2b11.5x14x1.2x
Thu, 04 Apr 2024NOK 4.0tNOK 3.3tNOK 297.7b12.1x13.4x1.2x
Sat, 02 Mar 2024NOK 3.8tNOK 3.3tNOK 288.9b11.5x13.1x1.1x
Mon, 29 Jan 2024NOK 4.0tNOK 3.5tNOK 345.9b11.2x11.5x1.1x
Wed, 27 Dec 2023NOK 4.0tNOK 3.5tNOK 343.8b10.6x11.7x1.2x
Fri, 24 Nov 2023NOK 4.1tNOK 3.6tNOK 358.3b10.2x11.3x1.1x
Sun, 22 Oct 2023NOK 4.0tNOK 3.8tNOK 425.7b10.8x9.5x1.1x
Tue, 19 Sep 2023NOK 4.1tNOK 3.8tNOK 419.3b10.7x9.7x1.1x
Thu, 17 Aug 2023NOK 3.9tNOK 3.7tNOK 419.1b10.8x9.4x1.1x
Sat, 15 Jul 2023NOK 3.8tNOK 3.7tNOK 475.9b10.6x7.9x1x
Mon, 12 Jun 2023NOK 3.9tNOK 3.8tNOK 510.0b11.5x7.6x1x
Wed, 10 May 2023NOK 3.9tNOK 3.7tNOK 544.7b11.4x7.1x1x
Fri, 07 Apr 2023NOK 3.9tNOK 3.8tNOK 541.0b11.4x7.2x1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 541.0bTotal Revenue: NOK 3.8tTotal 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 19.0x which is higher than its 3-year average PE of 12.3x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 22% per year over the last three years.
  • Revenues have also declined 6.1% 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 Market4.32%
Materials13.06%
Energy10.52%
Utilities6.75%
Consumer Staples2.74%
Industrials-0.34%
Telecom-0.40%
Consumer Discretionary-0.48%
Financials-1.66%
Real Estate-1.75%
Healthcare-2.02%
Tech-2.10%
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 289x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.4%, 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 33% 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 4.2% 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 420.2012.2%
+NOK 113.6b		50.8%PE21.3xEnergy
NHY Norsk HydroNOK 101.4516.2%
+NOK 27.8b		68.2%PE29.7xMaterials
AKRBP Aker BPNOK 362.4010.0%
+NOK 20.8b		45.3%PE177.3xEnergy
YAR Yara InternationalNOK 559.8013.4%
+NOK 16.9b		77.2%PE10.7xMaterials
VAR Vår EnergiNOK 50.4612.2%
+NOK 13.7b		48.8%PE16.6xEnergy
See more

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Latest News

KIT
NOK 91.90
Kitron
7D
-5.5%
1Y
105.7%
ORK
NOK 120.00
Orkla
7D
3.8%
1Y
4.1%

ORK: Cautious Research Tone And Capital Returns Will Shape A Balanced Outlook

Narrative Update on Orkla Analysts have lifted their price target for Orkla from NOK 122.60 to around NOK 128.80, citing updated assumptions on revenue growth, profit margins and future P/E, even as at least one firm has turned more cautious on the shares. Analyst Commentary Recent research reflects a mix of optimism on Orkla's valuation potential and caution on execution risks, with at least one firm turning more bearish even as others lift their price assumptions.
AKRBP
NOK 362.40
Aker BP
7D
10.0%
1Y
45.3%
KOG
NOK 397.80
Kongsberg Gruppen
7D
-0.4%
1Y
29.6%
PROT
NOK 457.50
Protector Forsikring
7D
-10.6%
1Y
35.0%

PROT: Future Returns Will Rely On Index Inclusion And Reliable Dividend Power

Analysts are keeping their NOK 600 price target for Protector Forsikring unchanged, reflecting only fine tuning in assumptions around revenue growth, profit margin and future P/E rather than a shift in the overall view. What's in the News Protector Forsikring ASA is being added to the Oslo OBX Total Return Index, which may increase the stock's visibility with index trackers and institutional investors (Key Developments).
YAR
NOK 559.80
Yara International
7D
13.4%
1Y
77.2%
SPOL
NOK 195.74
SpareBank 1 Østlandet
7D
-4.7%
1Y
19.0%

SPOL: Dividend Timing And Earnings Assumptions Will Guide A Steady Outlook

The analyst price target for SpareBank 1 Østlandet has been adjusted slightly higher from NOK 205.67 to NOK 206.67, as analysts factor in updated assumptions on the discount rate, modest revenue growth expectations, profit margin estimates, and future P/E levels. What's in the News SpareBank 1 Østlandet announced an annual dividend of NOK 12.70 per share, with payment scheduled for April 8, 2026 (Key Developments).
GJF
NOK 247.80
Gjensidige Forsikring
7D
-5.4%
1Y
2.5%
COSH
NOK 134.98
Constellation Oil Services Holding
7D
2.1%
1Y
47.9%

Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets

Mar 27
Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets
EQNR
NOK 420.20
Equinor
7D
12.2%
1Y
50.8%

EQNR: Higher Commodity Assumptions And Renewables Execution Will Likely Restrain Future Returns

Equinor's updated analyst price target has moved higher by NOK 49 to NOK 287. Analysts point to revised oil and gas price assumptions, slightly less severe expected revenue declines, a modestly stronger profit margin outlook, and a higher assumed future P/E multiple as key drivers of the change.
VAR
NOK 50.46
Vår Energi
7D
12.2%
1Y
48.8%
NHY
NOK 101.45
Norsk Hydro
7D
16.2%
1Y
68.2%

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.
DNO
NOK 21.90
DNO
7D
14.9%
1Y
57.0%

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.
SUBC
NOK 292.00
Subsea 7
7D
10.7%
1Y
74.2%

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.
VEND
NOK 232.00
Vend Marketplaces
7D
-4.4%
1Y
-14.9%
AUTO
NOK 9.40
AutoStore Holdings
7D
-8.0%
1Y
1.7%