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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies280
  • 7D0.2%
  • 3M19.4%
  • 1Y24.9%
  • YTD17.1%

Over the last 7 days, the market has remained flat, although notably the Materials sector gained 5.1% in that time. Meanwhile, the market is actually up 25% over the past year. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 29 Mar 2026NOK 4.7tNOK 3.1tNOK 253.7b14.1x18.5x1.5x
Tue, 24 Feb 2026NOK 4.6tNOK 3.1tNOK 244.6b13.9x18.7x1.5x
Thu, 22 Jan 2026NOK 4.4tNOK 3.3tNOK 265.4b14.5x16.4x1.3x
Sat, 20 Dec 2025NOK 4.2tNOK 3.3tNOK 268.4b14.1x15.6x1.3x
Mon, 17 Nov 2025NOK 4.1tNOK 3.3tNOK 269.2b12.8x15.1x1.2x
Wed, 15 Oct 2025NOK 4.1tNOK 3.3tNOK 296.9b12.1x13.8x1.3x
Fri, 12 Sep 2025NOK 4.2tNOK 3.2tNOK 292.9b12.6x14.2x1.3x
Sun, 10 Aug 2025NOK 4.1tNOK 3.3tNOK 307.9b13.1x13.3x1.2x
Tue, 08 Jul 2025NOK 4.0tNOK 3.2tNOK 303.1b12.8x13.3x1.2x
Thu, 05 Jun 2025NOK 3.9tNOK 3.2tNOK 302.2b12.3x13x1.2x
Sat, 03 May 2025NOK 3.8tNOK 3.3tNOK 325.7b11.9x11.7x1.1x
Mon, 31 Mar 2025NOK 3.9tNOK 3.3tNOK 319.1b12.1x12.2x1.2x
Wed, 26 Feb 2025NOK 3.8tNOK 3.3tNOK 334.8b11.5x11.5x1.2x
Fri, 24 Jan 2025NOK 3.9tNOK 3.5tNOK 336.8b12x11.5x1.1x
Sun, 22 Dec 2024NOK 3.6tNOK 3.5tNOK 339.9b11.4x10.7x1x
Tue, 19 Nov 2024NOK 3.7tNOK 3.4tNOK 331.2b10.5x11.3x1.1x
Thu, 17 Oct 2024NOK 3.8tNOK 3.3tNOK 313.6b11.1x12.1x1.1x
Sat, 14 Sep 2024NOK 3.7tNOK 3.3tNOK 308.4b11.2x12.1x1.1x
Mon, 12 Aug 2024NOK 3.8tNOK 3.3tNOK 299.0b10.9x12.7x1.1x
Wed, 10 Jul 2024NOK 3.8tNOK 3.2tNOK 279.9b11.4x13.5x1.2x
Fri, 07 Jun 2024NOK 3.9tNOK 3.3tNOK 285.1b11.5x13.6x1.2x
Sun, 05 May 2024NOK 4.0tNOK 3.3tNOK 287.8b11.5x13.8x1.2x
Tue, 02 Apr 2024NOK 3.9tNOK 3.4tNOK 303.6b11.7x13x1.2x
Thu, 29 Feb 2024NOK 3.8tNOK 3.3tNOK 269.9b11.6x14x1.1x
Sat, 27 Jan 2024NOK 4.0tNOK 3.5tNOK 346.7b11.2x11.5x1.1x
Mon, 25 Dec 2023NOK 4.0tNOK 3.5tNOK 344.0b10.5x11.7x1.2x
Wed, 22 Nov 2023NOK 4.0tNOK 3.5tNOK 355.1b10.3x11.3x1.1x
Fri, 20 Oct 2023NOK 4.1tNOK 3.8tNOK 427.3b10.8x9.5x1.1x
Sun, 17 Sep 2023NOK 4.1tNOK 3.8tNOK 417.5b10.6x9.7x1.1x
Tue, 15 Aug 2023NOK 3.9tNOK 3.7tNOK 411.6b11.1x9.5x1.1x
Thu, 13 Jul 2023NOK 3.8tNOK 3.7tNOK 481.6b10.9x8x1x
Sat, 10 Jun 2023NOK 3.9tNOK 3.8tNOK 509.7b11.5x7.6x1x
Mon, 08 May 2023NOK 3.9tNOK 3.7tNOK 544.2b11.4x7.2x1x
Wed, 05 Apr 2023NOK 3.9tNOK 3.7tNOK 538.1b11.6x7.3x1x
Price to Earnings Ratio

7.3x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 538.1bTotal Revenue: NOK 3.7tTotal 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 18.8x 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 23% per year over the last three years.
  • Revenues have also declined 5.8% 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 Market0.24%
Materials5.08%
Utilities4.13%
Energy2.51%
Consumer Staples1.15%
Consumer Discretionary-0.31%
Telecom-0.72%
Healthcare-0.97%
Tech-2.20%
Real Estate-2.43%
Financials-2.54%
Industrials-2.90%
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 288x.
    • 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 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 401.701.7%
+NOK 16.7b		46.8%PE20.4xEnergy
NHY Norsk HydroNOK 92.627.8%
+NOK 13.2b		50.2%PE27.1xMaterials
SUBC Subsea 7NOK 281.4010.6%
+NOK 8.0b		66.2%PE20.8xEnergy
YAR Yara InternationalNOK 539.004.4%
+NOK 5.8b		71.5%PE10.3xMaterials
ORK OrklaNOK 118.703.5%
+NOK 3.9b		4.8%PE18.3xConsumer Staples
See more

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Latest News

AKRBP
NOK 354.60
Aker BP
7D
0.9%
1Y
45.3%
KOG
NOK 380.00
Kongsberg Gruppen
7D
-5.1%
1Y
25.6%
YAR
NOK 539.00
Yara International
7D
4.4%
1Y
71.5%
SPOL
NOK 189.00
SpareBank 1 Østlandet
7D
-6.2%
1Y
14.9%

SPOL: Dividend Timing And Earnings Assumptions Will Guide A Steady Outlook

The analyst price target for SpareBank 1 Østlandet has been adjusted slightly higher from NOK 205.67 to NOK 206.67, as analysts factor in updated assumptions on the discount rate, modest revenue growth expectations, profit margin estimates, and future P/E levels. What's in the News SpareBank 1 Østlandet announced an annual dividend of NOK 12.70 per share, with payment scheduled for April 8, 2026 (Key Developments).
GJF
NOK 241.80
Gjensidige Forsikring
7D
-7.5%
1Y
0.9%
COSH
NOK 135.00
Constellation Oil Services Holding
7D
-1.5%
1Y
50.0%

Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets

Mar 27
Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets
ORK
NOK 118.70
Orkla
7D
3.5%
1Y
4.8%
ELO
NOK 36.00
Elopak
7D
-24.8%
1Y
-8.3%

ELO: Future Upside Will Depend On CEO Transition Stability

Analysts have trimmed their price target on Elopak from NOK 56.37 to NOK 54.03, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News CEO Thomas Körmendi has decided to step down from his position due to personal reasons related to his planned relocation to Denmark, and the Board of Directors has begun the search for a new CEO (Key Developments).
PROT
NOK 459.00
Protector Forsikring
7D
-12.4%
1Y
33.2%
EQNR
NOK 401.70
Equinor
7D
1.7%
1Y
46.8%

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 48.83
Vår Energi
7D
1.8%
1Y
47.4%
HAFNI
NOK 73.44
Hafnia
7D
8.6%
1Y
67.2%

HAFNI: Future Dividend Plan And Hold Rating Will Shape Balanced Returns

Analysts have trimmed their Hafnia price target from NOK 74.25 to NOK 72.50, reflecting a more cautious stance following a downgrade to Hold and updated expectations around fair value, profit margins and future P/E assumptions. Analyst Commentary Recent research reflects a more neutral stance, with the stock now rated Hold and the price target set at NOK 73.
NHY
NOK 92.62
Norsk Hydro
7D
7.8%
1Y
50.2%

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.
SUBC
NOK 281.40
Subsea 7
7D
10.6%
1Y
66.2%

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.
VEND
NOK 228.20
Vend Marketplaces
7D
-5.2%
1Y
-16.5%
AUTO
NOK 9.13
AutoStore Holdings
7D
-8.7%
1Y
-5.1%