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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedSep 17, 2025
DataAggregated Company Financials
Companies292
  • 7D1.1%
  • 3M0.5%
  • 1Y10.2%
  • YTD7.2%

The market has climbed 1.1% in the last 7 days, lead by the Industrials sector with a gain of 2.8%. As for the past 12 months, the market is up 10%. Earnings are forecast to grow by 13% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Sep 2025NOK 4.2tNOK 3.2tNOK 291.1b12.7x14.3x1.3x
Sat, 16 Aug 2025NOK 4.1tNOK 3.3tNOK 307.4b13.3x13.4x1.3x
Mon, 14 Jul 2025NOK 4.0tNOK 3.3tNOK 303.3b12.7x13.2x1.2x
Wed, 11 Jun 2025NOK 4.0tNOK 3.2tNOK 302.5b12.5x13.2x1.2x
Fri, 09 May 2025NOK 3.8tNOK 3.3tNOK 312.4b12.1x12.1x1.1x
Sun, 06 Apr 2025NOK 3.6tNOK 3.3tNOK 320.3b11.5x11.2x1.1x
Tue, 04 Mar 2025NOK 3.9tNOK 3.3tNOK 334.0b11.4x11.6x1.2x
Thu, 30 Jan 2025NOK 3.9tNOK 3.5tNOK 337.6b12x11.5x1.1x
Sat, 28 Dec 2024NOK 3.7tNOK 3.5tNOK 340.9b11.3x10.9x1.1x
Mon, 25 Nov 2024NOK 3.8tNOK 3.4tNOK 330.0b11.4x11.5x1.1x
Wed, 23 Oct 2024NOK 3.8tNOK 3.3tNOK 316.6b11.5x12x1.1x
Fri, 20 Sep 2024NOK 3.7tNOK 3.3tNOK 305.3b11.3x12.2x1.1x
Sun, 18 Aug 2024NOK 3.8tNOK 3.3tNOK 299.7b11x12.8x1.2x
Tue, 16 Jul 2024NOK 3.8tNOK 3.3tNOK 292.3b11.2x13.1x1.2x
Thu, 13 Jun 2024NOK 3.9tNOK 3.3tNOK 285.3b11.5x13.5x1.2x
Sat, 11 May 2024NOK 4.1tNOK 3.3tNOK 287.3b11.7x14.3x1.2x
Mon, 08 Apr 2024NOK 4.0tNOK 3.3tNOK 297.6b12.2x13.4x1.2x
Wed, 06 Mar 2024NOK 3.8tNOK 3.3tNOK 291.0b11.1x13x1.1x
Fri, 02 Feb 2024NOK 3.9tNOK 3.5tNOK 347.8b11.3x11.3x1.1x
Sun, 31 Dec 2023NOK 4.0tNOK 3.5tNOK 341.0b10.9x11.9x1.2x
Tue, 28 Nov 2023NOK 4.1tNOK 3.5tNOK 357.0b10.2x11.4x1.1x
Thu, 26 Oct 2023NOK 4.0tNOK 3.8tNOK 431.8b10.7x9.2x1x
Sat, 23 Sep 2023NOK 4.1tNOK 3.8tNOK 416.6b10.6x9.8x1.1x
Mon, 21 Aug 2023NOK 3.9tNOK 3.7tNOK 423.2b10.4x9.2x1x
Wed, 19 Jul 2023NOK 3.8tNOK 3.8tNOK 474.6b10.6x7.9x1x
Fri, 16 Jun 2023NOK 3.9tNOK 3.8tNOK 500.2b11.5x7.8x1x
Sun, 14 May 2023NOK 3.9tNOK 3.8tNOK 549.2b11.8x7x1x
Tue, 11 Apr 2023NOK 3.9tNOK 3.8tNOK 504.8b11.5x7.7x1x
Thu, 09 Mar 2023NOK 4.1tNOK 3.8tNOK 558.4b12x7.3x1.1x
Sat, 04 Feb 2023NOK 4.0tNOK 3.7tNOK 499.1b11.5x8x1.1x
Mon, 02 Jan 2023NOK 4.0tNOK 3.6tNOK 483.0b11.5x8.2x1.1x
Wed, 30 Nov 2022NOK 4.1tNOK 3.6tNOK 487.8b10.9x8.4x1.1x
Fri, 28 Oct 2022NOK 4.0tNOK 3.4tNOK 393.5b12.2x10.1x1.2x
Sun, 25 Sep 2022NOK 3.8tNOK 3.4tNOK 390.8b12.3x9.6x1.1x
Price to Earnings Ratio

9.6x


Total Market Cap: NOK 3.8tTotal Earnings: NOK 390.8bTotal Revenue: NOK 3.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 10.9x202320242025
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 14.3x which is higher than its 3-year average PE of 10.9x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 9.3% per year over the last three years.
  • Revenues have also declined 2.2% 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 Market1.06%
Industrials2.84%
Consumer Staples2.41%
Consumer Discretionary2.12%
Financials1.82%
Tech1.56%
Healthcare1.01%
Utilities0.27%
Materials0.24%
Energy-0.13%
Real Estate-0.51%
Telecom-0.67%
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 330x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 33.3% which is higher than its past year's earnings decline of 11.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 7.6% 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
COSH Constellation Oil Services HoldingNOK 102.963.0%
+NOK 4.5b		n/aPS29.8xEnergy
SALM SalMarNOK 563.005.2%
+NOK 3.8b		2.4%PE67.3xConsumer Staples
MOWI MowiNOK 218.002.8%
+NOK 3.1b		18.3%PE29xConsumer Staples
BAKKA P/F BakkafrostNOK 483.607.5%
+NOK 2.0b		-17.0%PE80.5xConsumer Staples
AUTO AutoStore HoldingsNOK 9.334.5%
+NOK 1.4b		-3.4%PE40xIndustrials
See more

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Latest News

SHLF
NOK 18.24
Shelf Drilling
7D
31.0%
1Y
-0.3%
VAR
NOK 32.58
Vår Energi
7D
-3.7%
1Y
0.1%

Jotun FPSO And Johan Castberg Ramps Will Boost Industry Potential

A sharp increase in Vår Energi’s future P/E ratio, likely reflecting lower earnings expectations, has driven a slight decrease in the consensus analyst price target from NOK38.07 to NOK37.05. What's in the News Jotun FPSO reached peak production ahead of schedule, now producing over 80 kboepd gross, supporting ongoing development of the Balder field, with Balder Phase V and VI projects underway to maintain high output.
ODF
NOK 130.60
Odfjell
7D
12.2%
1Y
-12.3%
VENDA
NOK 385.20
Vend Marketplaces
7D
-2.3%
1Y
19.6%

Are Vend Marketplaces ASA (OB:VENDA) Investors Paying Above The Intrinsic Value?

Sep 12
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AUTO
NOK 9.33
AutoStore Holdings
7D
4.5%
1Y
-3.4%

AutoStore Holdings Ltd.'s (OB:AUTO) P/E Is Still On The Mark Following 28% Share Price Bounce

Sep 06
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BAKKA
NOK 483.60
P/F Bakkafrost
7D
7.5%
1Y
-17.0%
TOM
NOK 154.00
Tomra Systems
7D
3.0%
1Y
-1.9%
MOWI
NOK 218.00
Mowi
7D
2.8%
1Y
18.3%

Normalized Supply And Efficiency Will Unlock Salmon Value

Mowi’s future P/E has risen sharply, suggesting higher growth expectations or a potential earnings decline, while net profit margin is stable, resulting in an unchanged analyst price target of NOK221.64. What's in the News Mowi ASA declared a decreased quarterly dividend of NOK 1.45 per share.
SALM
NOK 563.00
SalMar
7D
5.2%
1Y
2.4%

Integration With Wilsgård AS Will Expand Presence In Northern Norway

SalMar’s valuation outlook remains steady, with both the forward P/E and consensus revenue growth forecasts showing minimal change, resulting in the analyst price target holding firm at NOK527.14. What's in the News SalMar launched a share repurchase program to buy back up to 13.4 million shares (10% of capital) by June 2026, with an additional program to repurchase up to 100,000 shares for NOK 65 million by end-September 2025 to facilitate employee share-based incentives.
DNB
NOK 265.40
DNB Bank
7D
-0.7%
1Y
24.0%

Norwegian And European Low Rates Will Erode Net Margins

Analysts remain cautious on DNB Bank due to ongoing macroeconomic uncertainties and moderated interest rate expectations, balancing slightly improved capital and fee income outlooks, resulting in an unchanged consensus price target at NOK269.57. Analyst Commentary Mixed adjustments reflect shifting sentiment after recent earnings, with some analysts citing modestly improved outlooks while others remain cautious on sector fundamentals.
KOG
NOK 304.50
Kongsberg Gruppen
7D
-0.8%
1Y
50.9%

European Tensions Will Constrain Defense Orders And Lift Maritime Prospects

Analysts cite downside earnings risks, stretched valuation, a mixed outlook across business segments, and limited near-term catalysts, resulting in a maintained consensus price target of NOK336.20 for Kongsberg Gruppen. Analyst Commentary Analysts highlight downside risk to consensus estimates, suggesting earnings may not meet current market expectations.
EQNR
NOK 242.20
Equinor
7D
-0.5%
1Y
-8.8%

Accelerated Decarbonization Will Undermine Oil Revenues And Gas Cash Flows

Equinor’s consensus price target was revised downward to NOK257.48 amid analyst concerns over weaker commodity prices, constrained growth, rising gearing, and increased valuation risks. Analyst Commentary Bearish analysts point to expectations of lower commodity prices and disappointing earnings for Equinor over the next few years.
COSH
NOK 102.96
Constellation Oil Services Holding
7D
3.0%
1Y
n/a
TEL
NOK 167.20
Telenor
7D
-0.8%
1Y
23.4%

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Aug 30
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AKRBP
NOK 246.30
Aker BP
7D
-0.9%
1Y
8.7%

Yggdrasil Will Sustain Production But Profit Margins May Shrink Amid Emission Costs

Aker BP’s consensus price target was revised marginally lower as a sharp increase in its future P/E signals reduced earnings expectations despite stable discount rates. What's in the News Aker BP completed the Omega Alfa exploration campaign in the Norwegian North Sea, discovering 96-134 mmboe and significantly increasing resources in the Yggdrasil area.
ORK
NOK 107.30
Orkla
7D
-5.1%
1Y
9.8%

There's Reason For Concern Over Orkla ASA's (OB:ORK) Price

Aug 18
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