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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies279
  • 7D0.3%
  • 3M20.9%
  • 1Y40.5%
  • YTD20.7%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 4.0%. As for the longer term, the market has risen 40% in the past 12 months. Earnings are forecast to grow by 11% 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, 08 Apr 2026NOK 4.9tNOK 3.1tNOK 250.6b14.7x19.6x1.6x
Fri, 06 Mar 2026NOK 4.7tNOK 3.1tNOK 249.0b13.7x18.7x1.5x
Sun, 01 Feb 2026NOK 4.4tNOK 3.2tNOK 261.7b14.8x16.9x1.4x
Tue, 30 Dec 2025NOK 4.2tNOK 3.3tNOK 267.4b14.4x15.8x1.3x
Thu, 27 Nov 2025NOK 4.0tNOK 3.3tNOK 272.2b13.3x14.8x1.2x
Sat, 25 Oct 2025NOK 4.1tNOK 3.2tNOK 296.0b12.4x13.9x1.3x
Mon, 22 Sep 2025NOK 4.2tNOK 3.2tNOK 294.0b12.5x14.2x1.3x
Wed, 20 Aug 2025NOK 4.0tNOK 3.2tNOK 304.3b12.6x13.3x1.2x
Fri, 18 Jul 2025NOK 4.1tNOK 3.3tNOK 300.7b12.9x13.6x1.2x
Sun, 15 Jun 2025NOK 4.1tNOK 3.2tNOK 299.0b12.5x13.6x1.3x
Tue, 13 May 2025NOK 3.8tNOK 3.3tNOK 315.9b12.1x12x1.2x
Thu, 10 Apr 2025NOK 3.5tNOK 3.3tNOK 320.0b11.5x10.9x1.1x
Sat, 08 Mar 2025NOK 3.8tNOK 3.3tNOK 328.4b11.6x11.7x1.2x
Mon, 03 Feb 2025NOK 3.9tNOK 3.5tNOK 338.3b11.9x11.6x1.1x
Wed, 01 Jan 2025NOK 3.7tNOK 3.5tNOK 340.5b11.5x10.9x1.1x
Fri, 29 Nov 2024NOK 3.8tNOK 3.4tNOK 334.7b11.6x11.3x1.1x
Sun, 27 Oct 2024NOK 3.8tNOK 3.4tNOK 326.4b10.9x11.8x1.1x
Tue, 24 Sep 2024NOK 3.7tNOK 3.3tNOK 305.1b11.3x12.2x1.1x
Thu, 22 Aug 2024NOK 3.8tNOK 3.3tNOK 298.0b10.9x12.7x1.2x
Sat, 20 Jul 2024NOK 3.9tNOK 3.3tNOK 297.5b11.3x13x1.2x
Mon, 17 Jun 2024NOK 3.8tNOK 3.3tNOK 287.0b11.3x13.3x1.2x
Wed, 15 May 2024NOK 4.1tNOK 3.3tNOK 286.9b11.9x14.3x1.2x
Fri, 12 Apr 2024NOK 4.0tNOK 3.4tNOK 299.7b11.7x13.3x1.2x
Sun, 10 Mar 2024NOK 3.8tNOK 3.3tNOK 287.2b11.4x13.3x1.1x
Tue, 06 Feb 2024NOK 3.8tNOK 3.5tNOK 355.7b10.9x10.8x1.1x
Thu, 04 Jan 2024NOK 4.0tNOK 3.5tNOK 346.1b10.7x11.7x1.2x
Sat, 02 Dec 2023NOK 4.0tNOK 3.5tNOK 357.7b10.4x11.3x1.1x
Mon, 30 Oct 2023NOK 4.0tNOK 3.6tNOK 364.0b10.7x11x1.1x
Wed, 27 Sep 2023NOK 4.0tNOK 3.8tNOK 419.7b10.5x9.5x1.1x
Fri, 25 Aug 2023NOK 3.9tNOK 3.7tNOK 419.4b10.2x9.2x1x
Sun, 23 Jul 2023NOK 3.8tNOK 3.7tNOK 454.9b10.7x8.4x1x
Tue, 20 Jun 2023NOK 3.9tNOK 3.8tNOK 501.9b11.5x7.8x1x
Thu, 18 May 2023NOK 3.9tNOK 3.8tNOK 554.2b11.8x7x1x
Sat, 15 Apr 2023NOK 4.0tNOK 3.7tNOK 500.7b11.9x8x1.1x
Price to Earnings Ratio

8x


Total Market Cap: NOK 4.0tTotal Earnings: NOK 500.7bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.4x202420252026
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 19.2x which is higher than its 3-year average PE of 12.4x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 20% per year over the last three years.
  • Revenues have also declined 5.7% 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 Market0.33%
Tech3.95%
Industrials3.79%
Consumer Discretionary3.72%
Healthcare3.45%
Consumer Staples2.78%
Financials2.70%
Utilities2.37%
Telecom1.80%
Real Estate1.61%
Materials0.81%
Energy-3.96%
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 291x.
    • 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 14.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings growth rate of 18% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.3% 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
YAR Yara InternationalNOK 596.805.8%
+NOK 8.4b		97.3%PE11.5xMaterials
NHY Norsk HydroNOK 106.754.1%
+NOK 8.4b		97.3%PE31.2xMaterials
DNB DNB BankNOK 305.801.5%
+NOK 6.7b		25.3%PB1.5xFinancials
KOG Kongsberg GruppenNOK 420.001.8%
+NOK 6.4b		39.9%PE88.5xIndustrials
WAWI Wallenius WilhelmsenNOK 127.004.3%
+NOK 2.2b		87.2%PE5.5xIndustrials
See more

Market Insights

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Latest News

SEA1
NOK 31.35
Sea1 Offshore
7D
-10.8%
1Y
82.1%
YAR
NOK 596.80
Yara International
7D
5.8%
1Y
97.3%
KOG
NOK 420.00
Kongsberg Gruppen
7D
1.8%
1Y
39.9%
EQNR
NOK 411.80
Equinor
7D
-2.0%
1Y
63.7%

EQNR: Offshore Wind Progress And Mixed Ratings Will Shape Measured Long-Term Case

Analysts have raised Equinor’s fair value estimate from NOK 307.98 to approximately NOK 416.72. They cite a series of recent price target increases and upgrades that reflect updated views on margins, valuation multiples and the broader oil and gas backdrop.
DNB
NOK 305.80
DNB Bank
7D
1.5%
1Y
25.3%

DNB: Future Returns Will Hinge On Execution And Ongoing Capital Return Choices

Analysts have nudged the DNB Bank price target higher to NOK 301.27 from NOK 298.47, citing refreshed models that reflect slightly adjusted assumptions for revenue growth, profit margins, discount rate and future P/E, along with a series of recent target changes across the Street, including revisions from Morgan Stanley, JPMorgan, Citi and Pareto. Analyst Commentary Recent Street research on DNB Bank shows a mix of optimism and caution, with several fresh price target moves and one downgrade shaping how analysts think about valuation, earnings power and execution risks.
TGS
NOK 128.40
TGS
7D
-2.7%
1Y
61.1%

TGS: Heavy NGL Project Dependence Will Pressure Future Share Performance

Analysts have raised their TGS price target by NOK 2 to NOK 46, citing updated expectations for higher returns from the company’s largest NGL project following recent clarifications with management. Analyst Commentary The latest move to adjust the TGS price target to NOK 46 reflects updated expectations around the company’s largest NGL project, following recent clarifications with management.
HAFNI
NOK 78.80
Hafnia
7D
5.7%
1Y
86.7%

HAFNI: Hold Downgrade And Upcoming Dividend Will Guide Balanced Return Outlook

Analysts have reduced their price target on Hafnia to NOK 73.00. The shift to a Hold stance reflects their updated view of the shares relative to prior expectations.
WAWI
NOK 127.00
Wallenius Wilhelmsen
7D
4.3%
1Y
87.2%

WAWI: Rich Multiple Will Persist Despite New Auto Shipping Contracts

Analysts have nudged their price target for Wallenius Wilhelmsen higher, with fair value moving from NOK 108.56 to NOK 110.47, reflecting updated assumptions around the discount rate, revenue trends, profit margins and future P/E. What's in the News Renewed contract with a global automotive distributor, with an estimated net freight value of around US$190 million over a firm two year period, plus a one year mutual extension option and a fixed surcharge for multi fuel use (Client announcement).
AKER
NOK 1,060.00
Aker
7D
-0.9%
1Y
87.6%

We Think Aker's (OB:AKER) Profit Is Only A Baseline For What They Can Achieve

Apr 04
We Think Aker's (OB:AKER) Profit Is Only A Baseline For What They Can Achieve
NHY
NOK 106.75
Norsk Hydro
7D
4.1%
1Y
97.3%

NHY: Extrusion Restructuring And Dividend Will Support Higher Future Earnings Multiples

Norsk Hydro's updated fair value estimate moves to NOK 120 from NOK 110, as analysts factor in slightly higher assumed revenue growth, modestly stronger profit margins, a lower discount rate, and a higher future P/E multiple, supported by a recent series of price target increases and rating upgrades across the Street. Analyst Commentary Recent research on Norsk Hydro shows a mixed set of opinions, but there has been a clear cluster of more constructive views alongside the latest fair value update.
NOD
NOK 148.80
Nordic Semiconductor
7D
-2.7%
1Y
37.3%

NOD: Edge AI Execution Will Support Higher Earnings Power Re Rating

Analysts have lifted their price target for Nordic Semiconductor to NOK 155 from NOK 150, citing refreshed views on revenue growth, profit margins and future P/E assumptions that are now reflected in updated models. Analyst Commentary Bullish analysts are signaling a more constructive stance on Nordic Semiconductor, reflected in fresh research that incorporates updated views on revenue, margins and the P/E multiple used in valuation work.
VAR
NOK 49.34
Vår Energi
7D
-2.4%
1Y
70.3%

VAR: Higher 2026 Volumes And Mixed Execution Risks Will Shape Returns

Analysts have raised the implied fair value for Vår Energi from NOK 38.93 to NOK 44.72, citing updated assumptions on growth, margins and future P/E multiples, as well as a mix of both higher and lower price targets in recent research. Analyst Commentary Recent research on Vår Energi shows a split view, with some analysts lifting price targets and ratings while others are taking a more cautious stance with downgrades and lower targets.
TOM
NOK 113.30
Tomra Systems
7D
-1.9%
1Y
-21.0%

TOM: Higher Risk Assumptions Will Support Re Rating Potential

Analysts have adjusted their price target for Tomra Systems to NOK 193.78, down from NOK 198.37, citing updated assumptions that include a higher discount rate, a different profit margin outlook, a revised revenue growth view, and a higher future P/E multiple. Valuation Changes Fair Value: NOK 193.78, reduced slightly from NOK 198.37.
AKRBP
NOK 355.60
Aker BP
7D
-1.5%
1Y
62.6%
SB1NO
NOK 214.00
SpareBank 1 Sør-Norge
7D
1.7%
1Y
39.3%

SB1NO: Dividend Timeline And Updated Fair Value Will Support A Balanced Outlook

Analysts have raised the price target for SpareBank 1 Sør-Norge from NOK 213.75 to NOK 225.00, reflecting updated inputs for the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News SpareBank 1 Sør-Norge ASA announced an annual dividend of NOK 12.00 per share.
GJF
NOK 256.00
Gjensidige Forsikring
7D
1.6%
1Y
10.7%