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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 18, 2026
DataAggregated Company Financials
Companies279
  • 7D-0.4%
  • 3M15.0%
  • 1Y15.5%
  • YTD6.8%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector declined by 7.5%. As for the longer term, the market has risen 16% in the past 12 months. Looking forward, 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
Wed, 18 Feb 2026NOK 4.4tNOK 3.1tNOK 246.8b13.4x18x1.4x
Fri, 16 Jan 2026NOK 4.4tNOK 3.3tNOK 268.0b14.5x16.2x1.3x
Sun, 14 Dec 2025NOK 4.2tNOK 3.3tNOK 268.6b13.8x15.5x1.3x
Tue, 11 Nov 2025NOK 4.0tNOK 3.3tNOK 272.8b12.8x14.8x1.2x
Thu, 09 Oct 2025NOK 4.2tNOK 3.2tNOK 294.0b12.7x14.2x1.3x
Sat, 06 Sep 2025NOK 4.1tNOK 3.2tNOK 295.7b12.4x13.9x1.3x
Mon, 04 Aug 2025NOK 4.1tNOK 3.3tNOK 305.8b12.9x13.3x1.2x
Wed, 02 Jul 2025NOK 4.1tNOK 3.2tNOK 302.2b12.6x13.4x1.3x
Fri, 30 May 2025NOK 3.9tNOK 3.2tNOK 303.9b11.9x12.8x1.2x
Sun, 27 Apr 2025NOK 3.7tNOK 3.3tNOK 320.5b11.9x11.6x1.1x
Tue, 25 Mar 2025NOK 3.9tNOK 3.3tNOK 318.8b12.1x12.4x1.2x
Thu, 20 Feb 2025NOK 3.8tNOK 3.3tNOK 328.5b11.2x11.6x1.1x
Sat, 18 Jan 2025NOK 3.9tNOK 3.5tNOK 339.4b12.2x11.4x1.1x
Mon, 16 Dec 2024NOK 3.7tNOK 3.4tNOK 336.4b11.1x11.1x1.1x
Wed, 13 Nov 2024NOK 3.7tNOK 3.4tNOK 329.2b11x11.2x1.1x
Fri, 11 Oct 2024NOK 3.8tNOK 3.3tNOK 308.4b11.4x12.3x1.1x
Sun, 08 Sep 2024NOK 3.7tNOK 3.3tNOK 308.9b11x11.9x1.1x
Tue, 06 Aug 2024NOK 3.7tNOK 3.4tNOK 302.0b10.7x12.1x1.1x
Thu, 04 Jul 2024NOK 3.9tNOK 3.3tNOK 284.2b11.4x13.6x1.2x
Sat, 01 Jun 2024NOK 4.1tNOK 3.3tNOK 280.0b11.5x14.6x1.2x
Mon, 29 Apr 2024NOK 4.0tNOK 3.4tNOK 277.7b11.4x14.4x1.2x
Wed, 27 Mar 2024NOK 3.9tNOK 3.4tNOK 302.2b11.6x13x1.2x
Fri, 23 Feb 2024NOK 3.8tNOK 3.3tNOK 265.9b11.6x14.2x1.1x
Sun, 21 Jan 2024NOK 3.9tNOK 3.5tNOK 349.5b10.8x11.3x1.1x
Tue, 19 Dec 2023NOK 4.0tNOK 3.5tNOK 348.6b10.5x11.5x1.1x
Thu, 16 Nov 2023NOK 4.1tNOK 3.6tNOK 359.4b10.3x11.3x1.1x
Sat, 14 Oct 2023NOK 4.1tNOK 3.8tNOK 424.1b10.7x9.7x1.1x
Mon, 11 Sep 2023NOK 4.0tNOK 3.8tNOK 414.4b10.8x9.6x1.1x
Wed, 09 Aug 2023NOK 3.8tNOK 3.6tNOK 406.0b10.7x9.4x1.1x
Fri, 07 Jul 2023NOK 3.8tNOK 3.9tNOK 505.1b11x7.5x1x
Sun, 04 Jun 2023NOK 3.9tNOK 3.9tNOK 520.8b11.5x7.4x1x
Tue, 02 May 2023NOK 4.0tNOK 3.7tNOK 546.7b11.7x7.3x1.1x
Thu, 30 Mar 2023NOK 3.8tNOK 3.8tNOK 544.2b11.6x7x1x
Sat, 25 Feb 2023NOK 4.0tNOK 3.7tNOK 578.2b11.7x7x1.1x
Price to Earnings Ratio

7x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 578.2bTotal 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 18.0x 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 6.2% 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 Market-0.37%
Consumer Staples2.47%
Financials0.65%
Real Estate0.61%
Energy0.036%
Industrials-0.025%
Telecom-1.24%
Consumer Discretionary-1.95%
Utilities-4.11%
Tech-4.88%
Materials-5.93%
Healthcare-7.51%
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 273x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.7%, which is higher than its past year's earnings growth of 7.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 3.3% 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
ORK OrklaNOK 129.807.5%
+NOK 8.8b		21.8%PE20.1xConsumer Staples
DNB DNB BankNOK 298.901.5%
+NOK 6.1b		22.6%PB1.5xFinancials
COSH Constellation Oil Services HoldingNOK 131.502.9%
+NOK 5.6b		n/aPS38.7xEnergy
TEL TelenorNOK 176.301.9%
+NOK 4.5b		26.7%PE22.1xTelecom
WAWI Wallenius WilhelmsenNOK 122.805.2%
+NOK 2.6b		27.4%PE4.8xIndustrials
See more

Market Insights

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Latest News

KIT
NOK 96.40
Kitron
7D
12.5%
1Y
148.6%
DNB
NOK 298.90
DNB Bank
7D
1.5%
1Y
22.6%
TOM
NOK 118.80
Tomra Systems
7D
-11.0%
1Y
-36.3%
ORK
NOK 129.80
Orkla
7D
7.5%
1Y
21.8%

ORK: Higher Discount Rate And Revised Assumptions Will Shape A Balanced Outlook

Analysts now estimate Orkla’s fair value at NOK 122.00, up from NOK 115.40. This reflects updated assumptions for slightly higher revenue growth, stronger profit margins and a modestly lower future P/E, even as they apply a higher discount rate to their cash flow estimates.
SB1NO
NOK 208.50
SpareBank 1 Sør-Norge
7D
3.5%
1Y
32.5%

SpareBank 1 Sør-Norge ASA (OB:SB1NO) Full-Year Results: Here's What Analysts Are Forecasting For This Year

Feb 15
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WWI
NOK 737.00
Wilh. Wilhelmsen Holding
7D
7.6%
1Y
81.5%
TEL
NOK 176.30
Telenor
7D
1.9%
1Y
26.7%
NHY
NOK 82.02
Norsk Hydro
7D
-8.5%
1Y
24.5%
YAR
NOK 445.00
Yara International
7D
-4.6%
1Y
35.0%
PROT
NOK 490.00
Protector Forsikring
7D
-6.0%
1Y
56.1%

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 267.20
Gjensidige Forsikring
7D
-3.0%
1Y
16.6%

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.
EQNR
NOK 259.30
Equinor
7D
-2.2%
1Y
2.5%

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 227.40
Vend Marketplaces
7D
-14.3%
1Y
-26.7%
WAWI
NOK 122.80
Wallenius Wilhelmsen
7D
5.2%
1Y
27.4%

WAWI: Future Contract Wins Will Mask Softer Revenue Outlook

Analysts have trimmed their price target for Wallenius Wilhelmsen to around $88.60 from about $89.04, citing updated assumptions that include a slightly lower discount rate, softer revenue growth, stronger profit margins, and a lower future P/E multiple. What's in the News Entered a one-year shipping contract starting in 2026 with a leading Asian vehicle and heavy equipment manufacturer, estimated at around US$130 million based on contractual volumes (Key Developments).
NOD
NOK 137.10
Nordic Semiconductor
7D
-10.5%
1Y
-6.7%

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.
COSH
NOK 131.50
Constellation Oil Services Holding
7D
2.9%
1Y
n/a