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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies284
  • 7D0.9%
  • 3M1.1%
  • 1Y10.3%
  • YTD8.4%

The market has stayed flat over the 7 days. Meanwhile, the market is actually up 10% over the past year. 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, 31 Dec 2025NOK 4.2tNOK 3.3tNOK 267.4b14.4x15.8x1.3x
Fri, 28 Nov 2025NOK 4.1tNOK 3.3tNOK 271.7b13.4x15x1.2x
Sun, 26 Oct 2025NOK 4.1tNOK 3.3tNOK 297.1b12.3x13.9x1.3x
Tue, 23 Sep 2025NOK 4.2tNOK 3.2tNOK 293.7b12.5x14.1x1.3x
Thu, 21 Aug 2025NOK 4.1tNOK 3.2tNOK 303.1b13.1x13.4x1.3x
Sat, 19 Jul 2025NOK 4.1tNOK 3.3tNOK 297.3b13x13.8x1.3x
Mon, 16 Jun 2025NOK 4.1tNOK 3.2tNOK 299.0b12.5x13.6x1.3x
Wed, 14 May 2025NOK 3.8tNOK 3.3tNOK 314.2b12.1x12.1x1.2x
Fri, 11 Apr 2025NOK 3.6tNOK 3.3tNOK 320.2b11.5x11.2x1.1x
Sun, 09 Mar 2025NOK 3.8tNOK 3.3tNOK 329.6b11.6x11.6x1.2x
Tue, 04 Feb 2025NOK 3.9tNOK 3.5tNOK 340.2b11.9x11.5x1.1x
Thu, 02 Jan 2025NOK 3.7tNOK 3.5tNOK 340.4b11.5x10.9x1.1x
Sat, 30 Nov 2024NOK 3.8tNOK 3.4tNOK 335.8b11.5x11.3x1.1x
Mon, 28 Oct 2024NOK 3.8tNOK 3.4tNOK 326.4b10.9x11.8x1.1x
Wed, 25 Sep 2024NOK 3.7tNOK 3.3tNOK 303.5b11.2x12.3x1.1x
Fri, 23 Aug 2024NOK 3.8tNOK 3.3tNOK 303.1b10.8x12.5x1.2x
Sun, 21 Jul 2024NOK 3.9tNOK 3.3tNOK 300.8b11.4x12.9x1.2x
Tue, 18 Jun 2024NOK 3.8tNOK 3.3tNOK 286.8b11.2x13.3x1.2x
Thu, 16 May 2024NOK 4.1tNOK 3.3tNOK 283.7b11.9x14.3x1.2x
Sat, 13 Apr 2024NOK 4.1tNOK 3.4tNOK 301.2b11.7x13.5x1.2x
Mon, 11 Mar 2024NOK 3.8tNOK 3.3tNOK 287.3b11.3x13.3x1.1x
Wed, 07 Feb 2024NOK 3.9tNOK 3.5tNOK 353.4b10.7x10.9x1.1x
Fri, 05 Jan 2024NOK 4.1tNOK 3.5tNOK 344.4b10.9x11.9x1.2x
Sun, 03 Dec 2023NOK 4.0tNOK 3.6tNOK 356.9b10.4x11.3x1.1x
Tue, 31 Oct 2023NOK 4.0tNOK 3.6tNOK 363.0b10.8x11x1.1x
Thu, 28 Sep 2023NOK 4.1tNOK 3.8tNOK 417.6b10.6x9.7x1.1x
Sat, 26 Aug 2023NOK 3.9tNOK 3.8tNOK 417.1b10.3x9.3x1x
Mon, 24 Jul 2023NOK 3.8tNOK 3.7tNOK 454.9b10.7x8.4x1x
Wed, 21 Jun 2023NOK 3.9tNOK 3.8tNOK 503.8b11.5x7.7x1x
Fri, 19 May 2023NOK 3.9tNOK 3.8tNOK 558.6b11.7x6.9x1x
Sun, 16 Apr 2023NOK 4.0tNOK 3.7tNOK 499.5b11.9x8x1.1x
Tue, 14 Mar 2023NOK 3.9tNOK 3.8tNOK 554.5b11.6x7x1x
Thu, 09 Feb 2023NOK 4.1tNOK 3.7tNOK 504.7b11.8x8.1x1.1x
Sat, 07 Jan 2023NOK 3.9tNOK 3.6tNOK 491.6b11.7x8x1.1x
Price to Earnings Ratio

8x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 491.6bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.5x20242025
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 15.8x which is higher than its 3-year average PE of 11.5x.
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 3.2% 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 Market0.94%
Utilities2.51%
Telecom2.48%
Tech1.73%
Industrials1.64%
Energy1.19%
Consumer Discretionary1.11%
Real Estate0.85%
Materials0.30%
Consumer Staples0.26%
Financials0.083%
Healthcare0.033%
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 286x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 37.7% 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 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
EQNR EquinorNOK 237.002.2%
+NOK 12.5b		-10.7%PE10.3xEnergy
AKRBP Aker BPNOK 256.902.6%
+NOK 4.2b		15.9%PE19.3xEnergy
TEL TelenorNOK 146.702.0%
+NOK 4.0b		15.6%PE19.8xTelecom
VAR Vår EnergiNOK 33.004.4%
+NOK 3.5b		-6.5%PE14.1xEnergy
VEND Vend MarketplacesNOK 280.005.1%
+NOK 2.9b		-16.2%PE40.6xTelecom
See more

Market Insights

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Latest News

ANDF
NOK 24.60
Andfjord Salmon Group
7D
-5.0%
1Y
-40.0%
GJF
NOK 302.00
Gjensidige Forsikring
7D
1.1%
1Y
50.2%

GJF: Higher Pricing And Fair Valuation Will Shape Future Returns

Analysts have raised their price target for Gjensidige Forsikring significantly, from NOK 185 to NOK 321, citing the company's improving outlook, which is supported by rising Norwegian insurance prices. Analyst Commentary Bullish analysts point to the substantial increase in the price target as evidence that the market has been underestimating Gjensidige Forsikring's earnings power in a firming pricing environment.
PYRUM
NOK 329.00
Pyrum Innovations
7D
-13.6%
1Y
1.9%
EQNR
NOK 237.00
Equinor
7D
2.2%
1Y
-10.7%

EQNR: Renewables Execution Will Drive Long-Term Upside Despite Recent Downgrade

Analysts have lowered their price target on Equinor from NOK 325 to NOK 230, citing concerns about elevated execution risk in renewables, stretched distribution capacity, and a less favorable medium term capital framework relative to peers. Analyst Commentary While the latest revision in price target reflects a more cautious stance on Equinor's near to medium term outlook, some market participants still highlight elements of the story that could support upside over a longer horizon.
AKRBP
NOK 256.90
Aker BP
7D
2.6%
1Y
15.9%

AKRBP: Future Returns Will Depend On Exploration Delivery And Disciplined Capital Allocation

Analysts have nudged their price target on Aker BP slightly higher to approximately NOK 264 from NOK 261, citing a marginally lower discount rate and still solid long term earnings prospects, despite slightly softer expectations for revenue growth and profit margins. Analyst Commentary Bullish Takeaways Bullish analysts highlight that the modest price target increase, even amid trimmed growth and margin assumptions, signals confidence in Aker BP's resilience and earnings quality.
YAR
NOK 414.00
Yara International
7D
-0.7%
1Y
37.6%

YAR: Low Carbon Ammonia Projects And Margin Headwinds Will Shape Future Performance

Analysts have nudged their price target for Yara International higher to approximately $386 per share from about $379, reflecting a slightly lower perceived risk profile and marginally richer future valuation multiples, despite softer expectations for revenue growth and profit margins. What's in the News Yara and Air Products entered advanced negotiations to partner on large scale low emission ammonia projects in the United States, aiming to diversify Yara's energy position and enhance competitiveness of its European nitrate operations (Key Developments).
DNB
NOK 281.50
DNB Bank
7D
-0.3%
1Y
24.1%

DNB: Future Returns Will Balance Profitability Strength Against Macro And Execution Risks

Analysts have nudged their price target on DNB Bank slightly higher to NOK 275.60 from about NOK 274.93, citing modestly stronger profit margin expectations despite mixed recent target revisions across the Street. Analyst Commentary Recent Street updates on DNB Bank present a mixed but generally constructive picture, with price targets adjusting in a relatively tight range and reflecting differing views on execution and earnings momentum.
MOWI
NOK 243.20
Mowi
7D
1.2%
1Y
24.9%

MOWI: Future Harvest Volumes And Dividends Will Offset Downgrade And Execution Risks

Analysts have raised their price target on Mowi by approximately NOK 10 to around NOK 257 per share, reflecting a modestly higher fair value despite slightly softer growth and margin assumptions and a recent downgrade to Hold. Analyst Commentary Analysts acknowledge that Mowi remains a high quality salmon producer with solid fundamentals, but the recent downgrade to Hold and modest price target increase signal a more balanced risk reward profile.
VEND
NOK 280.00
Vend Marketplaces
7D
5.1%
1Y
-16.2%
AUTO
NOK 11.81
AutoStore Holdings
7D
7.7%
1Y
6.3%

AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price

Dec 17
AutoStore Holdings Ltd.'s (OB:AUTO) Intrinsic Value Is Potentially 98% Above Its Share Price
KOG
NOK 258.60
Kongsberg Gruppen
7D
-0.8%
1Y
1.0%

The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested

Dec 17
The Trend Of High Returns At Kongsberg Gruppen (OB:KOG) Has Us Very Interested
VAR
NOK 33.00
Vår Energi
7D
4.4%
1Y
-6.5%

VAR: Project Pipeline Will Lift 2030 Production 18% Above Market Estimates

Analysts have nudged their price target on Vår Energi slightly higher, reflecting an upward bias from NOK 33 to NOK 34 at the lower end, and a more bullish NOK 46 target, supported by expectations of a steadily expanding project pipeline and production profile through 2030. Analyst Commentary Recent research updates present a mixed but constructive picture, with price targets now clustered in the mid 30s to mid 40s.
SUBC
NOK 203.20
Subsea 7
7D
-0.9%
1Y
12.8%
AGLX
NOK 24.50
Agilyx
7D
-4.9%
1Y
-31.9%
TEL
NOK 146.70
Telenor
7D
2.0%
1Y
15.6%
AFISH
NOK 32.00
Arctic Fish Holding
7D
-8.6%
1Y
-54.0%