Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies282
  • 7D3.8%
  • 3M12.1%
  • 1Y13.8%
  • YTD7.0%

The market has climbed 3.3% in the last 7 days, lead by the Industrials sector with a gain of 6.8%. The market is up 15% over the last 12 months. As for the next few years, earnings are expected to grow by 16% 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
Wed, 11 Feb 2026NOK 4.6tNOK 3.1tNOK 248.6b15x18.4x1.5x
Fri, 09 Jan 2026NOK 4.2tNOK 3.3tNOK 268.1b14.5x15.8x1.3x
Sun, 07 Dec 2025NOK 4.1tNOK 3.3tNOK 267.0b13.8x15.5x1.3x
Tue, 04 Nov 2025NOK 4.1tNOK 3.3tNOK 265.4b12.8x15.4x1.2x
Thu, 02 Oct 2025NOK 4.2tNOK 3.2tNOK 293.4b12.7x14.4x1.3x
Sat, 30 Aug 2025NOK 4.2tNOK 3.2tNOK 296.7b12.5x14x1.3x
Mon, 28 Jul 2025NOK 4.1tNOK 3.3tNOK 303.3b13x13.5x1.2x
Wed, 25 Jun 2025NOK 4.0tNOK 3.2tNOK 303.0b12.2x13.3x1.2x
Fri, 23 May 2025NOK 3.9tNOK 3.2tNOK 303.0b11.8x12.7x1.2x
Sun, 20 Apr 2025NOK 3.7tNOK 3.3tNOK 315.7b11.8x11.8x1.1x
Tue, 18 Mar 2025NOK 3.9tNOK 3.2tNOK 320.6b11.6x12.2x1.2x
Thu, 13 Feb 2025NOK 3.8tNOK 3.4tNOK 311.0b11.8x12.3x1.1x
Sat, 11 Jan 2025NOK 3.9tNOK 3.5tNOK 340.6b12x11.3x1.1x
Mon, 09 Dec 2024NOK 3.8tNOK 3.4tNOK 337.2b11.3x11.2x1.1x
Wed, 06 Nov 2024NOK 3.7tNOK 3.4tNOK 324.8b11.1x11.5x1.1x
Fri, 04 Oct 2024NOK 3.8tNOK 3.3tNOK 306.3b11x12.4x1.2x
Sun, 01 Sep 2024NOK 3.8tNOK 3.3tNOK 305.9b11.6x12.5x1.2x
Tue, 30 Jul 2024NOK 3.9tNOK 3.4tNOK 301.2b11.2x12.8x1.2x
Thu, 27 Jun 2024NOK 3.9tNOK 3.3tNOK 286.6b11.2x13.5x1.2x
Sat, 25 May 2024NOK 4.1tNOK 3.3tNOK 281.5b11.5x14.5x1.2x
Mon, 22 Apr 2024NOK 3.9tNOK 3.4tNOK 302.1b11.5x13x1.2x
Wed, 20 Mar 2024NOK 3.9tNOK 3.3tNOK 290.5b11.4x13.4x1.2x
Fri, 16 Feb 2024NOK 3.7tNOK 3.3tNOK 266.9b11.6x14x1.1x
Sun, 14 Jan 2024NOK 4.0tNOK 3.5tNOK 344.7b10.9x11.7x1.2x
Tue, 12 Dec 2023NOK 4.0tNOK 3.6tNOK 362.2b10.1x11.1x1.1x
Thu, 09 Nov 2023NOK 4.0tNOK 3.6tNOK 369.7b10.3x10.8x1.1x
Sat, 07 Oct 2023NOK 3.9tNOK 3.8tNOK 422.7b10.5x9.3x1x
Mon, 04 Sep 2023NOK 4.0tNOK 3.8tNOK 414.3b10.3x9.6x1.1x
Wed, 02 Aug 2023NOK 3.9tNOK 3.6tNOK 403.6b11x9.6x1.1x
Fri, 30 Jun 2023NOK 3.8tNOK 3.9tNOK 506.8b11.2x7.6x1x
Sun, 28 May 2023NOK 3.8tNOK 3.9tNOK 525.1b11.4x7.3x1x
Tue, 25 Apr 2023NOK 4.0tNOK 3.8tNOK 547.6b11.6x7.3x1x
Thu, 23 Mar 2023NOK 3.8tNOK 3.8tNOK 547.7b11.4x7x1x
Sat, 18 Feb 2023NOK 4.0tNOK 3.6tNOK 572.0b11.8x7.1x1.1x
Price to Earnings Ratio

7.1x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 572.0bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.8x202420252026
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 18.3x which is higher than its 3-year average PE of 11.8x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 24% per year over the last three years.
  • Revenues have also declined 4.2% 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 Market3.77%
Telecom9.35%
Industrials5.95%
Tech5.55%
Energy3.74%
Consumer Discretionary3.21%
Materials2.52%
Financials2.31%
Consumer Staples1.28%
Utilities1.06%
Healthcare0.87%
Real Estate0.26%
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 275x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 31.2%, which is higher than its past year's earnings growth of 1.7% 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 2.0% 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 376.6512.9%
+NOK 37.9b		66.2%PE79.4xIndustrials
EQNR EquinorNOK 265.205.3%
+NOK 33.1b		-5.8%PE13.8xEnergy
TEL TelenorNOK 173.0010.1%
+NOK 21.6b		24.0%PE21.7xTelecom
COSH Constellation Oil Services HoldingNOK 127.8410.2%
+NOK 18.0b		n/aPS37.8xEnergy
DNB DNB BankNOK 294.503.9%
+NOK 15.8b		22.1%PB1.5xFinancials
See more

Market Insights

Header cover image
Why alternative investments are making a splash 🖼️
Richard Bowman avatar
Richard Bowman
|
|
Is it the time to invest in alternatives? Here's how you can get exposure.
Continue reading
Why longer lifespans could reshape portfolios 🧓
Last Week

Why longer lifespans could reshape portfolios 🧓

Latest News

ORK
NOK 120.80
Orkla
7D
4.0%
1Y
15.6%
KOG
NOK 376.65
Kongsberg Gruppen
7D
12.9%
1Y
66.2%

Why Investors Shouldn't Be Surprised By Kongsberg Gruppen ASA's (OB:KOG) 27% Share Price Surge

Feb 10
Why Investors Shouldn't Be Surprised By Kongsberg Gruppen ASA's (OB:KOG) 27% Share Price Surge
WWI
NOK 685.00
Wilh. Wilhelmsen Holding
7D
-1.4%
1Y
61.6%

WWI: Stable Assumptions And Discount Rate Shift Will Shape Balanced Long-Term Potential

Analysts have kept their price target for Wilh. Wilhelmsen Holding broadly steady at around NOK 695, pointing to largely unchanged assumptions for revenue growth, profit margin and future P/E, while making only minor adjustments to discount rate inputs.
AKRBP
NOK 263.30
Aker BP
7D
-3.8%
1Y
2.2%

AKRBP: Sector Caution And Execution Risks Will Pressure Shares

The updated analyst price target for Aker BP has been revised lower to about NOK 166.63 from NOK 191.33, as analysts factor in a reduced fair value estimate, a slightly lower discount rate, more measured profit margins, and a lower future P/E. The revision also reflects recent sector cautiousness and mixed ratings across the Street.
YAR
NOK 466.60
Yara International
7D
4.8%
1Y
45.8%

YAR: Low Emission Ammonia Projects Will Shape A Measured Outlook

Narrative Update on Yara International The analyst fair value estimate for Yara International has moved from NOK 450 to NOK 490. This reflects updated views on revenue growth, margin assumptions and future P/E multiples following recent price target raises and upgrades from several covering analysts.
BRG
NOK 175.00
Borregaard
7D
-9.5%
1Y
-11.2%

BRG: Dividend Policy And Higher Margins Will Support Future Fair Value

Analysts have reduced their fair value estimate for Borregaard from NOK 211.40 to NOK 200.00, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E following recent research, including a downgrade from SEB Equities. Analyst Commentary Bullish Takeaways Bullish analysts see the revised fair value of NOK 200.00 as still implying room for execution on revenue growth and margins, even after accounting for a higher discount rate and more cautious P/E assumptions.
EQNR
NOK 265.20
Equinor
7D
5.3%
1Y
-5.8%

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.
DNO
NOK 15.54
DNO
7D
-4.0%
1Y
23.8%
DNB
NOK 294.50
DNB Bank
7D
3.9%
1Y
22.1%

DNB: Future Returns Will Reflect Cautious Pricing And Execution Risk

Analysts have nudged their fair value estimate for DNB Bank higher to NOK 289.27 from NOK 283.53, reflecting updated assumptions on discount rates, revenue growth, profit margin and future P/E, even though recent Street price targets have moved slightly lower. Analyst Commentary Recent Street research has become a bit more cautious on DNB Bank, with price targets adjusted slightly lower even as our fair value estimate has been nudged higher.
TEL
NOK 173.00
Telenor
7D
10.1%
1Y
24.0%
NOD
NOK 153.20
Nordic Semiconductor
7D
22.6%
1Y
6.4%

NOD: Edge AI Rollout Will Support Re Rated Long Term Earnings Potential

Analysts have raised their price target on Nordic Semiconductor to €200.00, pointing to updated assumptions for slightly higher revenue growth and a modest adjustment in the discount rate and future P/E expectations following a more positive stance in recent research. Analyst Commentary Bullish analysts are leaning into a more constructive view on Nordic Semiconductor, using the recent research update to justify a higher price target and a more supportive stance on the shares.
AKER
NOK 893.00
Aker
7D
-1.5%
1Y
46.4%
GJF
NOK 275.60
Gjensidige Forsikring
7D
-0.6%
1Y
19.4%
SMCRT
NOK 17.75
SmartCraft
7D
-13.4%
1Y
-36.2%
AGLX
NOK 12.62
Agilyx
7D
-21.0%
1Y
-56.2%
COSH
NOK 127.84
Constellation Oil Services Holding
7D
10.2%
1Y
n/a