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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 15, 2026
DataAggregated Company Financials
Companies280
  • 7D0.6%
  • 3M12.5%
  • 1Y15.9%
  • YTD6.9%

In the last week, the market has been flat, with a notable exception in the Information Technology sector dropping 3.8%. As for the longer term, the market has risen 16% in the past 12 months. Earnings are forecast to grow by 16% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Feb 2026NOK 4.5tNOK 3.1tNOK 243.9b14.2x18.2x1.5x
Tue, 13 Jan 2026NOK 4.3tNOK 3.3tNOK 267.5b14.5x16x1.3x
Thu, 11 Dec 2025NOK 4.1tNOK 3.3tNOK 268.6b13.6x15.3x1.3x
Sat, 08 Nov 2025NOK 4.0tNOK 3.3tNOK 269.2b12.8x15x1.2x
Mon, 06 Oct 2025NOK 4.2tNOK 3.2tNOK 293.5b12.5x14.3x1.3x
Wed, 03 Sep 2025NOK 4.1tNOK 3.2tNOK 295.4b12.4x14x1.3x
Fri, 01 Aug 2025NOK 4.1tNOK 3.3tNOK 306.1b13x13.4x1.2x
Sun, 29 Jun 2025NOK 4.0tNOK 3.2tNOK 302.4b12.5x13.3x1.2x
Tue, 27 May 2025NOK 3.9tNOK 3.2tNOK 300.8b12x13x1.2x
Thu, 24 Apr 2025NOK 3.7tNOK 3.3tNOK 319.8b11.9x11.6x1.1x
Sat, 22 Mar 2025NOK 4.0tNOK 3.3tNOK 319.3b12x12.4x1.2x
Mon, 17 Feb 2025NOK 3.8tNOK 3.3tNOK 327.8b11.2x11.7x1.2x
Wed, 15 Jan 2025NOK 3.8tNOK 3.5tNOK 338.9b12.1x11.3x1.1x
Fri, 13 Dec 2024NOK 3.8tNOK 3.4tNOK 336.2b11.1x11.2x1.1x
Sun, 10 Nov 2024NOK 3.7tNOK 3.4tNOK 326.9b11.1x11.3x1.1x
Tue, 08 Oct 2024NOK 3.8tNOK 3.3tNOK 307.0b11.2x12.4x1.2x
Thu, 05 Sep 2024NOK 3.7tNOK 3.3tNOK 307.4b11x12x1.1x
Sat, 03 Aug 2024NOK 3.8tNOK 3.3tNOK 300.2b10.8x12.6x1.1x
Mon, 01 Jul 2024NOK 3.9tNOK 3.3tNOK 286.9b11.3x13.6x1.2x
Wed, 29 May 2024NOK 4.1tNOK 3.3tNOK 281.2b11.7x14.6x1.2x
Fri, 26 Apr 2024NOK 4.0tNOK 3.4tNOK 278.2b11.4x14.3x1.2x
Sun, 24 Mar 2024NOK 3.9tNOK 3.4tNOK 300.5b11.3x13x1.2x
Tue, 20 Feb 2024NOK 3.8tNOK 3.3tNOK 265.3b11.3x14.3x1.1x
Thu, 18 Jan 2024NOK 3.9tNOK 3.5tNOK 350.1b10.7x11.2x1.1x
Sat, 16 Dec 2023NOK 4.0tNOK 3.5tNOK 350.0b10.4x11.4x1.1x
Mon, 13 Nov 2023NOK 4.0tNOK 3.6tNOK 368.5b10.3x11x1.1x
Wed, 11 Oct 2023NOK 4.1tNOK 3.8tNOK 419.0b10.8x9.7x1.1x
Fri, 08 Sep 2023NOK 4.0tNOK 3.8tNOK 415.4b10.8x9.5x1.1x
Sun, 06 Aug 2023NOK 3.9tNOK 3.6tNOK 401.2b11.1x9.7x1.1x
Tue, 04 Jul 2023NOK 3.9tNOK 3.8tNOK 502.7b11.1x7.7x1x
Thu, 01 Jun 2023NOK 3.8tNOK 3.9tNOK 528.2b11.5x7.2x1x
Sat, 29 Apr 2023NOK 4.0tNOK 3.8tNOK 541.3b12.2x7.3x1x
Mon, 27 Mar 2023NOK 3.7tNOK 3.8tNOK 548.6b11.6x6.8x1x
Wed, 22 Feb 2023NOK 4.0tNOK 3.7tNOK 576.2b11.5x7x1.1x
Price to Earnings Ratio

7x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 576.2bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.9x202420252026
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 18.1x which is higher than its 3-year average PE of 11.9x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 25% per year over the last three years.
  • Revenues have also declined 6.0% 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 Market0.59%
Energy2.35%
Consumer Staples1.41%
Industrials0.46%
Consumer Discretionary0.42%
Telecom0.19%
Real Estate0.029%
Financials-0.51%
Utilities-1.68%
Materials-1.75%
Healthcare-2.86%
Tech-3.75%
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 274x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.0%, 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 51% over the next 5 years.
  • This is better than its past earnings growth rate of 27% per year.
  • In contrast, the Utilities industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
COSH Constellation Oil Services HoldingNOK 128.007.6%
+NOK 13.7b		n/aPS38xEnergy
ORK OrklaNOK 129.807.4%
+NOK 8.7b		20.7%PE20.1xConsumer Staples
EQNR EquinorNOK 267.700.8%
+NOK 4.9b		3.9%PE13.9xEnergy
TEL TelenorNOK 177.002.0%
+NOK 4.8b		27.7%PE22.2xTelecom
AUTO AutoStore HoldingsNOK 12.4110.6%
+NOK 4.0b		9.7%PE53.7xIndustrials
See more

Market Insights

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Last Week

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Latest News

AUTO
NOK 12.41
AutoStore Holdings
7D
10.6%
1Y
9.7%

Results: AutoStore Holdings Ltd. Beat Earnings Expectations And Analysts Now Have New Forecasts

Feb 15
Results: AutoStore Holdings Ltd. Beat Earnings Expectations And Analysts Now Have New Forecasts
ORK
NOK 129.80
Orkla
7D
7.4%
1Y
20.7%
TEL
NOK 177.00
Telenor
7D
2.0%
1Y
27.7%
AKRBP
NOK 274.00
Aker BP
7D
2.3%
1Y
11.5%
KOG
NOK 368.40
Kongsberg Gruppen
7D
-0.8%
1Y
60.0%
NHY
NOK 85.82
Norsk Hydro
7D
-2.8%
1Y
30.4%
SALM
NOK 586.00
SalMar
7D
-1.8%
1Y
-2.3%

SalMar ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Feb 13
SalMar ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
PROT
NOK 491.50
Protector Forsikring
7D
-6.0%
1Y
56.5%

PROT: Future Story Will Center On Margin Strength And Dividend Visibility

Analysts have lifted their price target for Protector Forsikring to NOK600 from NOK578.33, citing updated assumptions around revenue growth, profit margins, a slightly higher discount rate, and a lower expected future P/E multiple. What's in the News Protector Forsikring ASA declared a dividend of NOK 6.00 per share, with the last day including rights on 2 February 2026 (Key Developments).
GJF
NOK 266.60
Gjensidige Forsikring
7D
-5.1%
1Y
16.8%

GJF: Rebased Earnings Assumptions And Special Dividend Will Shape Future Returns

Narrative Update on Gjensidige Forsikring Analysts have trimmed their price target on Gjensidige Forsikring by NOK 10, reflecting updated views on future P/E assumptions, profit margins and growth after recent research moves, including a target cut and a downgrade. Analyst Commentary Recent research suggests that analysts are reassessing their assumptions on valuation and earnings power for Gjensidige Forsikring, which is feeding through to trimmed price targets and at least one downgrade.
ELK
NOK 25.00
Elkem
7D
-10.6%
1Y
9.2%

ELK: Safety Reforms After Saint Fons Incident Will Support Upbeat Outlook

Narrative Update on Elkem Analysts have kept their fair value estimate for Elkem steady at NOK 31.85. They explain the unchanged price target by slightly adjusting their assumptions for discount rate, revenue growth, profit margin and future P/E expectations, rather than changing their overall view of the company’s valuation.
EQNR
NOK 267.70
Equinor
7D
0.8%
1Y
3.9%

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.
VEND
NOK 241.40
Vend Marketplaces
7D
-7.5%
1Y
-23.8%
DNB
NOK 292.80
DNB Bank
7D
0.9%
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.
NOD
NOK 142.20
Nordic Semiconductor
7D
-8.4%
1Y
-0.7%

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.
SUBC
NOK 251.80
Subsea 7
7D
3.4%
1Y
39.0%

SUBC: Contract Backlog And Margin Outlook Will Support Earnings Multiple Reassessment

Analysts have lifted their price target on Subsea 7 by NOK 17 to NOK 208, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that align with recent Street research revisions. Analyst Commentary Recent Street commentary on Subsea 7 has focused on how updated valuation assumptions feed into revised price targets, with JPMorgan playing a visible role in the latest adjustments.
COSH
NOK 128.00
Constellation Oil Services Holding
7D
7.6%
1Y
n/a