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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies282
  • 7D1.0%
  • 3M4.0%
  • 1Y7.9%
  • YTD0.02%

The Industrials sector gained 5.1% while the market remained flat over the last week. More promisingly, the market is up 7.2% over the past year. Earnings are forecast to grow by 15% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Fri, 20 Jan 2023NOK 3.9tNOK 3.6tNOK 488.0b11.6x8x1.1x
Price to Earnings Ratio

8x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 488.0bTotal Revenue: NOK 3.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.6x202420252026
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 16.0x which is higher than its 3-year average PE of 11.6x.
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 2.8% 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 Market0.97%
Industrials4.77%
Utilities4.67%
Energy2.31%
Tech1.87%
Healthcare0.79%
Real Estate0.34%
Telecom0.21%
Consumer Discretionary-0.082%
Materials-1.07%
Financials-1.62%
Consumer Staples-1.79%
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 282x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 34.7% 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 51% over the next 5 years.
  • This is better than its past earnings growth rate of 40% per year.
  • In contrast, the Real Estate sector is expected to see its earnings grow by 3.2% 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
KOG Kongsberg GruppenNOK 304.459.5%
+NOK 23.3b		24.9%PE38xIndustrials
EQNR EquinorNOK 240.201.1%
+NOK 6.0b		-19.4%PE10.4xEnergy
COSH Constellation Oil Services HoldingNOK 116.023.5%
+NOK 5.9b		n/aPS32.5xEnergy
AKRBP Aker BPNOK 262.802.8%
+NOK 4.5b		2.6%PE19.6xEnergy
AUTO AutoStore HoldingsNOK 12.737.9%
+NOK 3.1b		24.9%PE52.4xIndustrials
See more

Market Insights

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Which Markets Will Sink or Swim in 2026? 🌍
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Richard Bowman
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What research teams agree on – and where they don’t – heading into 2026.
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Three Sectors Expected to Rally in 2026 📈
Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

VAR
NOK 33.59
Vår Energi
7D
3.1%
1Y
-14.5%

VAR: Dividend And New Projects Will Support Stronger 2030 Production Profile

Narrative Update Analysts have nudged their price target on Vår Energi higher, with one recent update moving from NOK 33 to NOK 34. This reflects adjusted views on discount rates, revenue growth, profit margins and future P/E assumptions.
GJF
NOK 282.60
Gjensidige Forsikring
7D
-5.2%
1Y
37.1%

GJF: Capital Markets Day Will Clarify Earnings Quality And Risk Profile

Analysts have lifted their price target on Gjensidige Forsikring from NOK 310 to NOK 330, pointing to adjusted assumptions around the discount rate, revenue growth, profit margins and future P/E as the key drivers behind the change. What's in the News Gjensidige Forsikring is holding a Capital Markets Day, flagged as an Analyst/Investor Day event, which typically focuses on updating investors on the business and financial priorities (Key Developments).
MOWI
NOK 232.20
Mowi
7D
-3.3%
1Y
20.0%

MOWI: Harvest Volumes And Dividends Will Support Returns After Hold Downgrade

Analysts have trimmed their price target on Mowi slightly to about €256 from roughly €257, citing updated assumptions for revenue growth, profit margins and future P/E, alongside a recent shift in Street ratings toward a Hold stance. Analyst Commentary Recent Street commentary around Mowi has turned more cautious, with the latest move being a downgrade to Hold.
EQNR
NOK 240.20
Equinor
7D
1.1%
1Y
-19.4%

EQNR: Renewables Execution Risks And Capital Returns Will Guide Future Cash Generation

Narrative Update on Equinor Our analyst price target for Equinor has been reduced by NOK 3.51 to NOK 238.78, as analysts factor in lower Street targets and concerns around renewables execution risk and capital distribution capacity highlighted in recent research updates. Analyst Commentary Recent Street research on Equinor leans cautious overall, with several firms trimming price targets and questioning the balance between growth plans and capital returns.
SALM
NOK 579.50
SalMar
7D
-3.3%
1Y
7.8%

SALM: Higher Harvest Volumes And Margin Resilience Will Support Future Earnings

The analyst price target on SalMar has been reduced from NOK 700 to NOK 680. Analysts attribute the adjustment to slightly lower assumptions for revenue growth and profit margins, partially offset by recent target and rating changes from the Street in the NOK 500 to NOK 570 range.
YAR
NOK 397.50
Yara International
7D
-4.0%
1Y
25.3%

YAR: Raised NOK 430 Expectation Will Expose Execution Risks Ahead

Narrative Update on Yara International Analysts have lifted their price target for Yara International to NOK 430 from NOK 387. This reflects updated views on fair value, discount rate, revenue expectations, profit margins and future P/E assumptions.
AKRBP
NOK 262.80
Aker BP
7D
2.8%
1Y
2.6%

AKRBP: Revised Earnings Assumptions Will Support Higher Future P/E Multiple

Analysts have lifted their fair value estimate for Aker BP to $320 from $300, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E that they see as better reflecting the stock's current risk and earnings profile. Analyst Commentary Bullish analysts point to the revised fair value estimate of $320 as a sign that updated assumptions on discount rates, revenue growth, profit margins and future P/E now align more closely with how they see Aker BP's risk and earnings profile.
ORK
NOK 112.10
Orkla
7D
2.8%
1Y
13.2%
DNB
NOK 277.50
DNB Bank
7D
-1.1%
1Y
19.6%

DNB: Future Returns Will Reflect Legal Uncertainty And Stable Profitability Assumptions

The analyst price target for DNB Bank has shifted slightly higher to NOK 276.80 from NOK 275.60. Analysts attribute this to updated views on revenue growth, profit margins, discount rates and future P/E multiples, following recent target revisions from NOK 286 to NOK 283 and from NOK 252 to NOK 265.
WAWI
NOK 105.20
Wallenius Wilhelmsen
7D
6.2%
1Y
10.4%

WAWI: Contract Wins And Rating Upgrade Will Support Future Share Upside

Analysts have trimmed their fair value estimate for Wallenius Wilhelmsen from NOK 120.08 to NOK 118.55, reflecting updated assumptions for weaker revenue growth, lower profit margins and a higher future P/E, in line with a recent shift in Street views that includes an upgrade to Hold with an NOK 84 price target. Analyst Commentary Recent Street research has shifted to a more neutral stance, with bullish analysts moving from a Sell view to Hold and setting an NOK 84 price target.
NAS
NOK 15.78
Norwegian Air Shuttle
7D
-9.5%
1Y
57.5%

There's No Escaping Norwegian Air Shuttle ASA's (OB:NAS) Muted Earnings

Jan 08
There's No Escaping Norwegian Air Shuttle ASA's (OB:NAS) Muted Earnings
BAKKA
NOK 480.00
P/F Bakkafrost
7D
-5.8%
1Y
-20.5%

BAKKA: NOK 540 Outlook Will Highlight Steady Operations And Execution Risk

Analysts have slightly raised their price target on P/F Bakkafrost to about NOK 540 from roughly NOK 538, citing updated assumptions around fair value and future P/E, while keeping core growth and margin expectations broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts see the NOK 540 price target as aligned with their fair value work, suggesting current pricing assumptions and P/E expectations still support the investment case.
KOG
NOK 304.45
Kongsberg Gruppen
7D
9.5%
1Y
24.9%

KOG: Upgraded Ratings And Demerger Plan Will Reshape Future Return Profile

The analyst price target for Kongsberg Gruppen has been revised from NOK 420 to NOK 329, with analysts pointing to adjusted expectations for revenue growth, profit margins, and future P/E, alongside recent rating changes across the Street. Analyst Commentary Recent Street research on Kongsberg Gruppen reflects a mixed but generally improving stance, with several bullish analysts moving their ratings higher while setting a range of price targets in NOK 252 to NOK 285.
COSH
NOK 116.02
Constellation Oil Services Holding
7D
3.5%
1Y
n/a
AUTO
NOK 12.73
AutoStore Holdings
7D
7.9%
1Y
24.9%

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
TEL
NOK 143.20
Telenor
7D
-0.9%
1Y
12.0%