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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies279
  • 7D2.2%
  • 3M18.6%
  • 1Y22.9%
  • YTD14.6%

The market is up 2.2% over the last week, with the Energy sector leading the way, up 3.4%. As for the past 12 months, the market is up 23%. 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
Mon, 16 Mar 2026NOK 4.8tNOK 3.1tNOK 250.3b13.9x19.1x1.5x
Wed, 11 Feb 2026NOK 4.6tNOK 3.1tNOK 248.6b15x18.4x1.5x
Fri, 09 Jan 2026NOK 4.2tNOK 3.3tNOK 268.1b14.5x15.8x1.3x
Sun, 07 Dec 2025NOK 4.1tNOK 3.3tNOK 267.0b13.8x15.5x1.3x
Tue, 04 Nov 2025NOK 4.1tNOK 3.3tNOK 265.4b12.8x15.4x1.2x
Thu, 02 Oct 2025NOK 4.2tNOK 3.2tNOK 293.4b12.7x14.4x1.3x
Sat, 30 Aug 2025NOK 4.2tNOK 3.2tNOK 296.7b12.5x14x1.3x
Mon, 28 Jul 2025NOK 4.1tNOK 3.3tNOK 303.3b13x13.5x1.2x
Wed, 25 Jun 2025NOK 4.0tNOK 3.2tNOK 303.0b12.2x13.3x1.2x
Fri, 23 May 2025NOK 3.9tNOK 3.2tNOK 303.0b11.8x12.7x1.2x
Sun, 20 Apr 2025NOK 3.7tNOK 3.3tNOK 315.7b11.8x11.8x1.1x
Tue, 18 Mar 2025NOK 3.9tNOK 3.2tNOK 320.6b11.6x12.2x1.2x
Thu, 13 Feb 2025NOK 3.8tNOK 3.4tNOK 311.0b11.8x12.3x1.1x
Sat, 11 Jan 2025NOK 3.9tNOK 3.5tNOK 340.6b12x11.3x1.1x
Mon, 09 Dec 2024NOK 3.8tNOK 3.4tNOK 337.2b11.3x11.2x1.1x
Wed, 06 Nov 2024NOK 3.7tNOK 3.4tNOK 324.8b11.1x11.5x1.1x
Fri, 04 Oct 2024NOK 3.8tNOK 3.3tNOK 306.3b11x12.4x1.2x
Sun, 01 Sep 2024NOK 3.8tNOK 3.3tNOK 305.9b11.6x12.5x1.2x
Tue, 30 Jul 2024NOK 3.9tNOK 3.4tNOK 301.2b11.2x12.8x1.2x
Thu, 27 Jun 2024NOK 3.9tNOK 3.3tNOK 286.6b11.2x13.5x1.2x
Sat, 25 May 2024NOK 4.1tNOK 3.3tNOK 281.5b11.5x14.5x1.2x
Mon, 22 Apr 2024NOK 3.9tNOK 3.4tNOK 302.1b11.5x13x1.2x
Wed, 20 Mar 2024NOK 3.9tNOK 3.3tNOK 290.5b11.4x13.4x1.2x
Fri, 16 Feb 2024NOK 3.7tNOK 3.3tNOK 266.9b11.6x14x1.1x
Sun, 14 Jan 2024NOK 4.0tNOK 3.5tNOK 344.7b10.9x11.7x1.2x
Tue, 12 Dec 2023NOK 4.0tNOK 3.6tNOK 362.2b10.1x11.1x1.1x
Thu, 09 Nov 2023NOK 4.0tNOK 3.6tNOK 369.7b10.3x10.8x1.1x
Sat, 07 Oct 2023NOK 3.9tNOK 3.8tNOK 422.7b10.5x9.3x1x
Mon, 04 Sep 2023NOK 4.0tNOK 3.8tNOK 414.3b10.3x9.6x1.1x
Wed, 02 Aug 2023NOK 3.9tNOK 3.6tNOK 403.6b11x9.6x1.1x
Fri, 30 Jun 2023NOK 3.8tNOK 3.9tNOK 506.8b11.2x7.6x1x
Sun, 28 May 2023NOK 3.8tNOK 3.9tNOK 525.1b11.4x7.3x1x
Tue, 25 Apr 2023NOK 4.0tNOK 3.8tNOK 547.6b11.6x7.3x1x
Thu, 23 Mar 2023NOK 3.8tNOK 3.8tNOK 547.7b11.4x7x1x
Price to Earnings Ratio

7x


Total Market Cap: NOK 3.8tTotal Earnings: NOK 547.7bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12.2x202420252026
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 19.1x which is higher than its 3-year average PE of 12.2x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 23% per year over the last three years.
  • Revenues have also declined 6.1% 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 Market2.23%
Materials8.34%
Energy3.40%
Utilities2.95%
Healthcare1.43%
Financials1.19%
Telecom0.91%
Tech0.75%
Consumer Staples0.74%
Real Estate0.68%
Industrials0.18%
Consumer Discretionary-0.31%
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 284x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.3%, which is higher than its past year's earnings growth of 7.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 33% 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
EQNR EquinorNOK 348.307.0%
+NOK 56.8b		33.4%PE17.8xEnergy
AKRBP Aker BPNOK 335.207.7%
+NOK 15.2b		43.3%PE165.5xEnergy
YAR Yara InternationalNOK 552.8010.8%
+NOK 13.8b		66.3%PE10.6xMaterials
KOG Kongsberg GruppenNOK 412.952.8%
+NOK 10.0b		23.3%PE87xIndustrials
NHY Norsk HydroNOK 94.045.2%
+NOK 9.2b		36.7%PE27.5xMaterials
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
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What the next 25 years will look like 🔮

Latest News

VAR
NOK 42.54
Vår Energi
7D
6.6%
1Y
33.9%
ORK
NOK 119.40
Orkla
7D
-3.9%
1Y
8.7%

ORK: Cautious Research Tone And Capital Returns Will Shape A Balanced Outlook

Analysts have nudged their price target for Orkla down from NOK124.60 to NOK122.60, reflecting slightly adjusted assumptions on future revenue growth, profit margins and P/E multiples, as well as a more cautious stance in recent research. Analyst Commentary Bullish Takeaways Bullish analysts view the adjusted price target of NOK122.60 as still supportive of Orkla’s current positioning, suggesting that the stock can remain reasonably aligned with their updated assumptions on revenue and margins.
YAR
NOK 552.80
Yara International
7D
10.8%
1Y
66.3%
MOWI
NOK 225.60
Mowi
7D
4.7%
1Y
10.7%

MOWI: Cost Savings And Harvest Volumes Will Shape Returns Despite Softer Sentiment

Analysts have nudged their price target for Mowi slightly higher to around NOK 246, reflecting modest adjustments to fair value assumptions, even as recent Street research has turned more cautious on the shares. Analyst Commentary Bullish Takeaways Bullish analysts still see room for upside to their fair value estimates around NOK 246, suggesting they view the current share price as not fully reflecting Mowi's earnings power.
SNI
NOK 316.00
Stolt-Nielsen
7D
-5.4%
1Y
21.5%

SNI: Recent Downgrades And Softer Assumptions Will Pressure Future Return Potential

Narrative Update on Stolt-Nielsen The analyst price target for Stolt-Nielsen has been trimmed slightly from NOK 276.57 to NOK 274.43, as analysts factor in a modestly higher discount rate, slightly softer long term revenue growth and profit margin assumptions, and a lower future P/E multiple following recent broker downgrades. Analyst Commentary Recent Street research has turned more cautious on Stolt-Nielsen, with several bearish analysts shifting their stance and trimming expectations.
BWLPG
NOK 135.00
BWG
7D
-18.9%
1Y
14.9%
KOG
NOK 412.95
Kongsberg Gruppen
7D
2.8%
1Y
23.3%
HAFNI
NOK 65.00
Hafnia
7D
-9.7%
1Y
40.0%
SALM
NOK 597.50
SalMar
7D
8.1%
1Y
12.1%

SALM: Dividend And Harvest Guidance Will Shape Fairly Valued Outlook

Analysts have kept their NOK price target for SalMar broadly unchanged at around NOK 600.8. This reflects steady assumptions on discount rate, revenue growth, profit margins and future P/E that support a consistent view of the company’s valuation. What's in the News SalMar kept its 2026 production guidance for Norway, Ocean and Iceland at 296,000 tonnes, with Scottish Sea Farms adjusted to 43,000 tonnes on a 100% basis (Corporate Guidance).
AKRBP
NOK 335.20
Aker BP
7D
7.7%
1Y
43.3%

AKRBP: Soft Longer Term Oil Outlook Will Pressure Shares

Aker BP’s updated fair value estimate has been raised to NOK 178.50 from NOK 166.63 as analysts reset price targets toward the NOK 280 to NOK 330 range and factor in a sustained geopolitical risk premium for oil prices, along with views that the shares offer an undervalued way to add sector exposure. Analyst Commentary Recent research on Aker BP shows a split tape, with several firms lifting ratings and targets while others keep a tighter rein on expectations.
EQNR
NOK 348.30
Equinor
7D
7.0%
1Y
33.4%

EQNR: Offshore Wind Execution And Mixed Ratings Will Shape Measured Long-Term Upside

Analysts have lifted their implied fair value for Equinor from about NOK 298 to around NOK 308, aligning with a series of recent price target moves that now span roughly NOK 214 to NOK 285 as views evolve on its revenue, margin profile, and future P/E. Analyst Commentary Recent Street research on Equinor points to a split view, with some high profile houses tightening their targets at the upper end of the current range while others hold more conservative stances.
WAWI
NOK 117.50
Wallenius Wilhelmsen
7D
-12.6%
1Y
25.5%

WAWI: Rich Multiple And Lower Margins Will Outweigh New Contract Wins

Analysts have raised their price target for Wallenius Wilhelmsen from NOK 88.60 to NOK 108.56, citing updated assumptions on discount rates, revenue trends, margins, and a higher future P/E multiple. What's in the News The Board declared a dividend of US$1.01 per share for the second half of 2025, corresponding to 50% of underlying net profit plus an extraordinary element of US$200 million.
NHY
NOK 94.04
Norsk Hydro
7D
5.2%
1Y
36.7%

NHY: Restructuring And Upstream Exposure Will Shape Balanced Returns Ahead

The updated analyst price target for Norsk Hydro moves to NOK 82.63 from NOK 79.25, with the change broadly supported by recent Street research. Several firms increased their NOK-based targets, while others flagged demand and downstream recovery risks.
SUBC
NOK 257.60
Subsea 7
7D
-1.6%
1Y
55.8%
HAUTO
NOK 123.50
Höegh Autoliners
7D
-7.6%
1Y
47.9%
OET
NOK 433.00
Okeanis Eco Tankers
7D
-7.0%
1Y
81.9%

OET: Equity Raise, Dividend And Higher Margins Will Shape Future Balanced Returns

Analysts have lifted their price target on Okeanis Eco Tankers to NOK468 from roughly NOK435, citing updated assumptions that pair a higher fair value estimate with revised expectations for revenue, profitability and a future P/E of about 13.2x. What's in the News The board declared a fourth quarter 2025 dividend of US$1.55 per common share, with NOK distribution for shares registered in Euronext VPS.