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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies284
  • 7D0.3%
  • 3M-1.3%
  • 1Y7.2%
  • YTD6.2%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. As for the longer term, the market has risen 7.2% in the past 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
Mon, 15 Dec 2025NOK 4.2tNOK 3.3tNOK 268.6b13.8x15.5x1.3x
Wed, 12 Nov 2025NOK 4.1tNOK 3.3tNOK 270.8b13.4x15.1x1.2x
Fri, 10 Oct 2025NOK 4.2tNOK 3.2tNOK 295.5b12.2x14.1x1.3x
Sun, 07 Sep 2025NOK 4.1tNOK 3.2tNOK 295.7b12.4x13.9x1.3x
Tue, 05 Aug 2025NOK 4.1tNOK 3.3tNOK 306.0b13.1x13.4x1.2x
Thu, 03 Jul 2025NOK 4.0tNOK 3.2tNOK 302.0b12.7x13.2x1.2x
Sat, 31 May 2025NOK 3.9tNOK 3.3tNOK 305.7b12.1x12.7x1.2x
Mon, 28 Apr 2025NOK 3.7tNOK 3.3tNOK 320.3b12x11.6x1.1x
Wed, 26 Mar 2025NOK 4.0tNOK 3.3tNOK 319.5b12.2x12.4x1.2x
Fri, 21 Feb 2025NOK 3.8tNOK 3.3tNOK 328.6b11.3x11.7x1.2x
Sun, 19 Jan 2025NOK 3.9tNOK 3.5tNOK 340.1b12.2x11.4x1.1x
Tue, 17 Dec 2024NOK 3.7tNOK 3.4tNOK 336.5b11.3x11x1.1x
Thu, 14 Nov 2024NOK 3.7tNOK 3.4tNOK 330.4b10.6x11.1x1.1x
Sat, 12 Oct 2024NOK 3.8tNOK 3.3tNOK 307.8b11.5x12.4x1.2x
Mon, 09 Sep 2024NOK 3.7tNOK 3.3tNOK 308.9b11x11.9x1.1x
Wed, 07 Aug 2024NOK 3.7tNOK 3.3tNOK 299.6b10.7x12.3x1.1x
Fri, 05 Jul 2024NOK 3.9tNOK 3.3tNOK 284.7b11.4x13.6x1.2x
Sun, 02 Jun 2024NOK 4.0tNOK 3.3tNOK 281.9b11.7x14x1.2x
Tue, 30 Apr 2024NOK 4.0tNOK 3.4tNOK 277.2b11.4x14.4x1.2x
Thu, 28 Mar 2024NOK 3.9tNOK 3.4tNOK 302.6b11.8x13x1.2x
Sat, 24 Feb 2024NOK 3.8tNOK 3.3tNOK 267.7b11.7x14.1x1.1x
Mon, 22 Jan 2024NOK 3.9tNOK 3.5tNOK 349.5b10.8x11.3x1.1x
Wed, 20 Dec 2023NOK 4.0tNOK 3.5tNOK 345.4b10.5x11.6x1.2x
Fri, 17 Nov 2023NOK 4.1tNOK 3.6tNOK 360.6b10.4x11.3x1.1x
Sun, 15 Oct 2023NOK 4.1tNOK 3.8tNOK 423.2b10.7x9.7x1.1x
Tue, 12 Sep 2023NOK 4.0tNOK 3.7tNOK 413.2b10.8x9.7x1.1x
Thu, 10 Aug 2023NOK 3.9tNOK 3.6tNOK 403.5b10.9x9.8x1.1x
Sat, 08 Jul 2023NOK 3.8tNOK 3.8tNOK 499.3b11.1x7.6x1x
Mon, 05 Jun 2023NOK 3.9tNOK 3.9tNOK 520.8b11.5x7.4x1x
Wed, 03 May 2023NOK 3.9tNOK 3.8tNOK 555.3b11.6x7x1x
Fri, 31 Mar 2023NOK 3.9tNOK 3.7tNOK 545.3b11.6x7.1x1x
Sun, 26 Feb 2023NOK 4.0tNOK 3.7tNOK 579.1b11.5x7x1.1x
Tue, 24 Jan 2023NOK 4.0tNOK 3.6tNOK 483.9b11.8x8.2x1.1x
Thu, 22 Dec 2022NOK 4.0tNOK 3.6tNOK 484.6b11.4x8.3x1.1x
Price to Earnings Ratio

8.3x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 484.6bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.4x202320242025
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 15.5x which is higher than its 3-year average PE of 11.4x.
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 2.7% 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 Market0.31%
Consumer Discretionary2.24%
Materials1.84%
Tech1.82%
Financials1.49%
Industrials0.98%
Healthcare0.78%
Telecom0.50%
Utilities0.32%
Consumer Staples-0.20%
Real Estate-0.62%
Energy-1.15%
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 290x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 38.0% 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 51% 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
GJF Gjensidige ForsikringNOK 291.603.1%
+NOK 4.4b		42.4%PE23.6xFinancials
KOG Kongsberg GruppenNOK 251.102.0%
+NOK 4.3b		-2.4%PE31.3xIndustrials
STB StorebrandNOK 165.805.7%
+NOK 3.8b		35.5%PE14.5xFinancials
NHY Norsk HydroNOK 75.802.5%
+NOK 3.6b		16.4%PE13.6xMaterials
WAWI Wallenius WilhelmsenNOK 104.108.8%
+NOK 3.6b		0.9%PE3.9xIndustrials
See more

Market Insights

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SUBC
NOK 196.50
Subsea 7
7D
-2.7%
1Y
10.8%

SUBC: Long Term Revenue Concerns Will Restrain Future Share Price Upside

Analysts have modestly trimmed their price target on Subsea 7 to NOK 208 from NOK 212, reflecting slightly lower long term revenue growth expectations, partly offset by improved margin and valuation assumptions. Analyst Commentary Bearish analysts point to the modest price target cut to NOK 208 as a signal that expectations for Subsea 7's long term revenue trajectory are being recalibrated, even as near term fundamentals appear solid.
GJF
NOK 291.60
Gjensidige Forsikring
7D
3.4%
1Y
42.5%

GJF: Higher Pricing And IT Setback Will Shape Future Returns

Analysts have raised their price target for Gjensidige Forsikring by about NOK 4 per share, reflecting improved expectations for revenue growth and profit margins as the company benefits from rising Norwegian insurance prices. Analyst Commentary Bullish analysts view the recent upgrade in rating and substantial increase in the price target as evidence that the market had been underestimating Gjensidige Forsikring's earnings power in a higher pricing environment.
EQNR
NOK 232.70
Equinor
7D
-1.1%
1Y
-8.3%

EQNR: Renewables Execution And Capital Returns Will Shape Future Cash Generation

Analysts have trimmed their fair value estimate for Equinor by about NOK 4 to roughly NOK 242 per share, reflecting slightly weaker long term revenue and margin expectations and growing concerns about execution risk in renewables and the company’s capacity to sustain capital returns. Analyst Commentary Recent Street commentary highlights a clear tilt toward caution on Equinor, with multiple valuation cuts centered on concerns about long term growth visibility, capital allocation, and execution in low carbon projects.
AKRBP
NOK 250.00
Aker BP
7D
-1.4%
1Y
13.7%

AKRBP: Future Returns Will Depend On Execution And Disciplined Capital Allocation

Analysts have slightly trimmed their fair value estimate for Aker BP from NOK 262.00 to about NOK 260.82 per share, reflecting a marginally lower discount rate and refined earnings growth assumptions, while maintaining broadly stable long term profitability and valuation multiples. Analyst Commentary Recent commentary on sector peers underscores a growing emphasis on disciplined capital allocation and prioritizing companies with outsized earnings growth, themes that are directly relevant to Aker BP’s investment case.
VEND
NOK 288.40
Vend Marketplaces
7D
4.0%
1Y
-18.3%
NHY
NOK 75.80
Norsk Hydro
7D
2.0%
1Y
17.3%

NHY: Cost Cuts And Hydropower Expansion Will Drive Balanced Returns Ahead

Norsk Hydro's analyst fair value estimate has been lifted to about NOK 74 from roughly NOK 72, as analysts point to a series of recent price target hikes across major banks. These reflect slightly stronger profit margin expectations and more supportive forward valuation multiples, despite modestly weaker revenue growth assumptions.
DNB
NOK 271.70
DNB Bank
7D
0.4%
1Y
18.4%

DNB: Future Returns Will Reflect Profitability Strength Amid Macro And Capital Risks

Analysts have modestly revised their price target for DNB Bank to NOK 283, reflecting slightly lower long term growth assumptions but improved profitability expectations that keep the stock’s valuation attractive relative to its forward earnings multiple. Analyst Commentary Recent Street research on DNB Bank reflects a mixed but generally constructive stance, with some analysts turning more positive on the bank’s earnings trajectory and capital return potential, while others remain cautious on valuation and macro headwinds.
AUTO
NOK 11.12
AutoStore Holdings
7D
-3.4%
1Y
-4.4%
STB
NOK 165.80
Storebrand
7D
5.7%
1Y
35.5%

STB: Future Profit Margins And Leadership Changes Will Shape Outlook

Analysts have raised their price target for Storebrand from NOK 147.50 to NOK 157.75, citing stronger profit margins and a recent upgrade to Buy from Hold as key factors. Analyst Commentary Recent analyst updates reflect increasing confidence in Storebrand's earnings outlook and market positioning.
MOWI
NOK 233.40
Mowi
7D
-1.8%
1Y
15.0%

Is Mowi (OB:MOWI) A Risky Investment?

Dec 06
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SALM
NOK 604.00
SalMar
7D
-1.3%
1Y
4.0%

SALM: Future Harvest Volumes Will Shape Mixed Views On Earnings Resilience

Analysts have lifted their price target on SalMar to NOK 570 from NOK 510, reflecting a modestly more constructive view on the shares despite mixed rating actions across the Street. Analyst Commentary Street views on SalMar remain divided, with recent target and rating changes underscoring differing expectations for the company’s execution and valuation trajectory.
KOG
NOK 251.10
Kongsberg Gruppen
7D
2.0%
1Y
-2.4%

Estimating The Intrinsic Value Of Kongsberg Gruppen ASA (OB:KOG)

Dec 02
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ORK
NOK 109.20
Orkla
7D
2.2%
1Y
8.8%

Calculating The Fair Value Of Orkla ASA (OB:ORK)

Dec 02
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COSH
NOK 119.00
Constellation Oil Services Holding
7D
0.8%
1Y
n/a
TEL
NOK 144.10
Telenor
7D
-0.6%
1Y
13.2%
AKER
NOK 744.00
Aker
7D
-2.2%
1Y
33.8%