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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies280
  • 7D5.1%
  • 3M22.6%
  • 1Y29.7%
  • YTD21.8%

Over the last 7 days, the market has risen 5.1%, driven by gains of 7.9% in the Energy sector. In the last year, the market has climbed 30%. Looking forward, 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, 01 Apr 2026NOK 4.9tNOK 3.1tNOK 252.7b14.5x19.3x1.6x
Fri, 27 Feb 2026NOK 4.6tNOK 3.1tNOK 246.9b14.3x18.5x1.5x
Sun, 25 Jan 2026NOK 4.4tNOK 3.2tNOK 262.9b14.8x16.6x1.4x
Tue, 23 Dec 2025NOK 4.2tNOK 3.3tNOK 268.2b14.2x15.6x1.3x
Thu, 20 Nov 2025NOK 4.0tNOK 3.3tNOK 270.4b13.3x14.7x1.2x
Sat, 18 Oct 2025NOK 4.1tNOK 3.2tNOK 294.9b12.2x13.8x1.3x
Mon, 15 Sep 2025NOK 4.2tNOK 3.2tNOK 292.5b12.6x14.2x1.3x
Wed, 13 Aug 2025NOK 4.0tNOK 3.3tNOK 306.0b13.1x13.2x1.2x
Fri, 11 Jul 2025NOK 4.0tNOK 3.2tNOK 302.3b12.6x13.3x1.2x
Sun, 08 Jun 2025NOK 3.9tNOK 3.2tNOK 302.4b12.2x13.1x1.2x
Tue, 06 May 2025NOK 3.8tNOK 3.3tNOK 324.6b12.2x11.7x1.1x
Thu, 03 Apr 2025NOK 3.9tNOK 3.3tNOK 317.6b12.1x12.2x1.2x
Sat, 01 Mar 2025NOK 3.8tNOK 3.3tNOK 334.9b11.8x11.5x1.1x
Mon, 27 Jan 2025NOK 3.8tNOK 3.4tNOK 335.7b12.1x11.5x1.1x
Wed, 25 Dec 2024NOK 3.7tNOK 3.5tNOK 340.7b11.2x10.8x1.1x
Fri, 22 Nov 2024NOK 3.8tNOK 3.4tNOK 329.8b10.6x11.5x1.1x
Sun, 20 Oct 2024NOK 3.7tNOK 3.3tNOK 314.9b10.8x11.9x1.1x
Tue, 17 Sep 2024NOK 3.7tNOK 3.3tNOK 305.5b11.2x12.2x1.1x
Thu, 15 Aug 2024NOK 3.9tNOK 3.3tNOK 295.4b11.1x13x1.2x
Sat, 13 Jul 2024NOK 3.9tNOK 3.3tNOK 290.7b11.1x13.3x1.2x
Mon, 10 Jun 2024NOK 3.9tNOK 3.3tNOK 287.6b11.4x13.6x1.2x
Wed, 08 May 2024NOK 4.0tNOK 3.3tNOK 288.1b11.6x14x1.2x
Fri, 05 Apr 2024NOK 4.0tNOK 3.3tNOK 297.9b12.1x13.4x1.2x
Sun, 03 Mar 2024NOK 3.8tNOK 3.3tNOK 289.8b11.5x13.1x1.1x
Tue, 30 Jan 2024NOK 4.0tNOK 3.5tNOK 346.2b11.2x11.4x1.1x
Thu, 28 Dec 2023NOK 4.0tNOK 3.4tNOK 340.5b10.7x11.9x1.2x
Sat, 25 Nov 2023NOK 4.1tNOK 3.6tNOK 356.7b10.2x11.4x1.1x
Mon, 23 Oct 2023NOK 4.0tNOK 3.8tNOK 425.7b10.8x9.5x1.1x
Wed, 20 Sep 2023NOK 4.1tNOK 3.8tNOK 417.6b10.7x9.8x1.1x
Fri, 18 Aug 2023NOK 3.9tNOK 3.7tNOK 422.8b10.8x9.3x1.1x
Sun, 16 Jul 2023NOK 3.8tNOK 3.8tNOK 479.5b10.7x7.9x1x
Tue, 13 Jun 2023NOK 3.9tNOK 3.9tNOK 511.5b11.5x7.6x1x
Thu, 11 May 2023NOK 3.9tNOK 3.7tNOK 542.6b11.5x7.2x1x
Sat, 08 Apr 2023NOK 3.9tNOK 3.8tNOK 504.6b11.5x7.7x1x
Price to Earnings Ratio

7.7x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 504.6bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.3x202420252026
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 19.3x which is higher than its 3-year average PE of 12.3x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 21% per year over the last three years.
  • Revenues have also declined 6.3% 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 Market5.15%
Materials11.77%
Energy7.93%
Utilities7.75%
Consumer Staples4.20%
Industrials2.60%
Financials2.28%
Telecom2.20%
Consumer Discretionary1.76%
Tech1.15%
Healthcare0.68%
Real Estate-0.42%
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 289x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.4%, 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 4.2% 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
EQNR EquinorNOK 420.409.4%
+NOK 89.9b		50.5%PE21.4xEnergy
NHY Norsk HydroNOK 102.5016.7%
+NOK 28.9b		70.9%PE30xMaterials
KOG Kongsberg GruppenNOK 412.755.9%
+NOK 20.3b		31.9%PE87xIndustrials
DNB DNB BankNOK 301.204.4%
+NOK 18.3b		10.0%PB1.5xFinancials
AKRBP Aker BPNOK 361.105.5%
+NOK 11.9b		45.1%PE178xEnergy
See more

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Latest News

AKRBP
NOK 361.10
Aker BP
7D
5.5%
1Y
45.1%
KOG
NOK 412.75
Kongsberg Gruppen
7D
5.9%
1Y
31.9%
PROT
NOK 467.00
Protector Forsikring
7D
-1.6%
1Y
36.2%

PROT: Future Returns Will Rely On Index Inclusion And Reliable Dividend Power

Analysts are keeping their NOK 600 price target for Protector Forsikring unchanged, reflecting only fine tuning in assumptions around revenue growth, profit margin and future P/E rather than a shift in the overall view. What's in the News Protector Forsikring ASA is being added to the Oslo OBX Total Return Index, which may increase the stock's visibility with index trackers and institutional investors (Key Developments).
YAR
NOK 564.00
Yara International
7D
8.6%
1Y
77.8%
GJF
NOK 252.00
Gjensidige Forsikring
7D
-1.3%
1Y
4.6%
WWI
NOK 725.00
Wilh. Wilhelmsen Holding
7D
-3.2%
1Y
90.5%

WWI: Prospective Additional Dividend And Updated Assumptions Signal Balanced Future Outlook

Analysts have raised their price target for Wilh. Wilhelmsen Holding from NOK 705.10 to NOK 825.97 as they incorporate updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E.
EQNR
NOK 420.40
Equinor
7D
9.4%
1Y
50.5%

EQNR: Higher Commodity Assumptions And Renewables Execution Will Likely Restrain Future Returns

Equinor's updated analyst price target has moved higher by NOK 49 to NOK 287. Analysts point to revised oil and gas price assumptions, slightly less severe expected revenue declines, a modestly stronger profit margin outlook, and a higher assumed future P/E multiple as key drivers of the change.
VAR
NOK 50.54
Vår Energi
7D
9.7%
1Y
47.9%
DNB
NOK 301.20
DNB Bank
7D
4.4%
1Y
10.0%

DNB: Future Returns Will Depend On Execution And Dividend Capital Return Choices

Analysts have adjusted their DNB Bank price targets, with recent NOK 10 to NOK 15 upward moves from several firms set against earlier modest trims, as they refine assumptions around discount rates, profitability, and future P/E levels. Analyst Commentary Recent research shows a split view on DNB Bank, with several price target increases in the NOK 10 to NOK 15 range contrasted with at least one downgrade and a small target cut to NOK 281.
NHY
NOK 102.50
Norsk Hydro
7D
16.7%
1Y
70.9%

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

Norsk Hydro’s analyst fair value estimate has been raised from NOK 102.0 to NOK 110.0, reflecting updated views on revenue growth, profit margins and forward P/E after a mix of recent target hikes and rating changes across the Street. Analyst Commentary Recent Street research on Norsk Hydro shows a split view, but with a clear cluster of bullish analysts lifting price targets and ratings as they reassess the company’s earnings power and valuation.
CAPT
NOK 124.44
Capital Tankers
7D
-3.2%
1Y
n/a
SUBC
NOK 300.40
Subsea 7
7D
12.3%
1Y
81.6%

SUBC: Offshore Backlog And Margin Sustainability Will Shape Balanced Future Prospects

The updated analyst price target for Subsea 7 rises from NOK 228.39 to NOK 274.67, reflecting analysts' higher NOK 254 to NOK 320 price targets that cite Q4 results with high utilization and firmer margins as key support. Analyst Commentary Recent research updates show a wide range of views on Subsea 7, with several bullish analysts lifting price targets while others have moved to more cautious stances.
AUTO
NOK 9.40
AutoStore Holdings
7D
-5.2%
1Y
5.7%
AFG
NOK 170.00
AF Gruppen
7D
-2.9%
1Y
21.6%
EISP
NOK 565.00
Eiendomsspar
7D
-2.6%
1Y
31.4%
HITV
NOK 100.00
HitecVision
7D
-23.1%
1Y
-23.1%