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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies282
  • 7D-0.9%
  • 3M0.4%
  • 1Y17.7%
  • YTD12.1%

Over the last 7 days, the market has remained flat, although notably the Consumer Staples sector declined by 5.0%. As for the longer term, the market has risen 18% in the past 12 months. As for the next few years, earnings are expected to grow by 9.7% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Jun 2026NOK 4.5tNOK 3.1tNOK 269.0b13.8x16.8x1.5x
Fri, 08 May 2026NOK 4.6tNOK 3.0tNOK 252.1b14.4x18.3x1.5x
Sun, 05 Apr 2026NOK 4.8tNOK 3.1tNOK 252.7b14.5x19.2x1.6x
Tue, 03 Mar 2026NOK 4.6tNOK 3.1tNOK 246.1b14.6x18.8x1.5x
Thu, 29 Jan 2026NOK 4.4tNOK 3.2tNOK 261.1b14.8x16.8x1.4x
Sat, 27 Dec 2025NOK 4.2tNOK 3.3tNOK 266.8b14.5x15.8x1.3x
Mon, 24 Nov 2025NOK 4.0tNOK 3.3tNOK 271.6b13.5x14.7x1.2x
Wed, 22 Oct 2025NOK 4.1tNOK 3.2tNOK 295.5b12.3x13.8x1.3x
Fri, 19 Sep 2025NOK 4.2tNOK 3.2tNOK 292.9b12.4x14.2x1.3x
Sun, 17 Aug 2025NOK 4.1tNOK 3.3tNOK 306.7b13.3x13.4x1.3x
Tue, 15 Jul 2025NOK 4.0tNOK 3.3tNOK 304.0b12.9x13.2x1.2x
Thu, 12 Jun 2025NOK 4.0tNOK 3.2tNOK 301.9b12.6x13.3x1.2x
Sat, 10 May 2025NOK 3.8tNOK 3.3tNOK 314.4b12x12x1.2x
Mon, 07 Apr 2025NOK 3.6tNOK 3.3tNOK 320.3b11.5x11.2x1.1x
Wed, 05 Mar 2025NOK 3.8tNOK 3.3tNOK 334.7b11x11.2x1.1x
Fri, 31 Jan 2025NOK 3.9tNOK 3.5tNOK 337.5b12.3x11.5x1.1x
Sun, 29 Dec 2024NOK 3.7tNOK 3.5tNOK 340.8b11.3x10.9x1.1x
Tue, 26 Nov 2024NOK 3.8tNOK 3.4tNOK 330.5b11.5x11.5x1.1x
Thu, 24 Oct 2024NOK 3.8tNOK 3.4tNOK 318.7b11x11.9x1.1x
Sat, 21 Sep 2024NOK 3.7tNOK 3.3tNOK 305.3b11.3x12.1x1.1x
Mon, 19 Aug 2024NOK 3.8tNOK 3.3tNOK 299.5b11x12.8x1.2x
Wed, 17 Jul 2024NOK 3.8tNOK 3.3tNOK 292.2b11.3x13.1x1.2x
Fri, 14 Jun 2024NOK 3.9tNOK 3.3tNOK 286.4b11.4x13.5x1.2x
Sun, 12 May 2024NOK 4.1tNOK 3.3tNOK 287.3b11.7x14.3x1.2x
Tue, 09 Apr 2024NOK 4.0tNOK 3.3tNOK 296.9b12.4x13.4x1.2x
Thu, 07 Mar 2024NOK 3.8tNOK 3.3tNOK 289.5b11.3x13.1x1.1x
Sat, 03 Feb 2024NOK 3.9tNOK 3.6tNOK 353.2b11.3x11.1x1.1x
Mon, 01 Jan 2024NOK 4.0tNOK 3.5tNOK 341.0b10.9x11.9x1.2x
Wed, 29 Nov 2023NOK 4.0tNOK 3.5tNOK 356.6b10.2x11.3x1.1x
Fri, 27 Oct 2023NOK 4.0tNOK 3.8tNOK 423.2b10.7x9.4x1x
Sun, 24 Sep 2023NOK 4.1tNOK 3.8tNOK 417.8b10.5x9.7x1.1x
Tue, 22 Aug 2023NOK 3.9tNOK 3.7tNOK 421.1b10.3x9.2x1x
Thu, 20 Jul 2023NOK 3.8tNOK 3.7tNOK 452.9b10.6x8.3x1x
Sat, 17 Jun 2023NOK 3.9tNOK 3.8tNOK 498.2b11.5x7.9x1x
Price to Earnings Ratio

7.9x


Total Market Cap: NOK 3.9tTotal Earnings: NOK 498.2bTotal Revenue: NOK 3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 13.1x202420252026
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 17.0x which is higher than its 3-year average PE of 13.0x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 19% per year over the last three years.
  • Revenues have also declined 6.6% 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 Market-1.00%
Consumer Discretionary1.62%
Financials0.87%
Real Estate0.20%
Energy-0.37%
Industrials-0.67%
Telecom-0.67%
Healthcare-1.28%
Consumer Staples-3.24%
Tech-4.75%
Materials-4.97%
Utilities-5.19%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 97.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 46.8% which is higher than its past year's earnings decline of 36.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings decline of 36% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 5.0% 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
WAWI Wallenius WilhelmsenNOK 131.208.2%
+NOK 4.2b		57.8%PE6.1xIndustrials
SUBC Subsea 7NOK 332.804.1%
+NOK 3.9b		76.7%PE21xEnergy
GJF Gjensidige ForsikringNOK 252.802.3%
+NOK 2.9b		-1.4%PE19.4xFinancials
BWLPG BWGNOK 201.208.3%
+NOK 2.4b		80.8%PE8.9xEnergy
HAUTO Höegh AutolinersNOK 149.408.7%
+NOK 2.3b		66.0%PE6.5xIndustrials
See more

Market Insights

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Latest News

NAS
NOK 14.19
Norwegian Air Shuttle
7D
-14.2%
1Y
3.9%
BWLPG
NOK 201.20
BWG
7D
8.3%
1Y
80.8%
EQNR
NOK 346.20
Equinor
7D
-1.2%
1Y
36.2%
AKRBP
NOK 344.70
Aker BP
7D
0.7%
1Y
35.7%
MOWI
NOK 190.30
Mowi
7D
-4.1%
1Y
-1.1%
GJF
NOK 252.80
Gjensidige Forsikring
7D
2.3%
1Y
-1.4%
Narrative Update • Jun 07

GJF: Fair Value View Will Reflect Upgrades And Capital Return Commitments

Gjensidige Forsikring's updated analyst price target has moved modestly higher to NOK 265 from NOK 250, as analysts point to a reassessment of Nordic insurers, slightly stronger revenue and profit margin assumptions, and a small upward shift in the expected future P/E multiple. Analyst Commentary Recent research points to a more balanced stance on Gjensidige Forsikring, with some firms shifting to neutral ratings and a price target of NOK 265.
DNB
NOK 285.80
DNB Bank
7D
0.5%
1Y
3.1%
Narrative Update • Jun 07

DNB: Future Returns Will Reflect Conflicting Views And Capital Return Execution

Analysts have edged their fair value estimate for DNB Bank slightly lower to about NOK 302 from NOK 303, as recent cuts to published price targets, including reductions such as NOK 296 to NOK 276 and NOK 296 to NOK 267, sit alongside several fresh upgrades and point to a more mixed research backdrop. Analyst Commentary Recent research on DNB Bank reflects a split view, with some firms trimming price targets while others are turning more positive and upgrading the stock.
YAR
NOK 473.90
Yara International
7D
-6.1%
1Y
28.9%
Narrative Update • Jun 06

YAR: Rising Margin Expectations Will Drive Re Rating Over Time

Analysts have raised their average price target on Yara International by NOK 21 to NOK 650, reflecting mixed but generally constructive research updates that balance more cautious revenue growth assumptions with firmer profit margin expectations and a slightly lower P/E multiple outlook. Analyst Commentary Recent research has highlighted a mix of upgrades, downgrades and price target revisions for Yara International, with bullish analysts focusing on higher valuation ranges and improved execution potential, while more cautious voices flag risks around future earnings and sector conditions.
WAWI
NOK 131.20
Wallenius Wilhelmsen
7D
8.2%
1Y
57.8%
Narrative Update • Jun 06

WAWI: Updated Revenue And Margin Assumptions Will Shape Balanced Upside Case

Analysts have raised their price target on Wallenius Wilhelmsen to around NOK 139, up from roughly NOK 133, citing updated assumptions on revenue trends, profit margins and a higher expected future P/E multiple. What's in the News No recent company specific news items were provided in the sources listed above, so the latest price target update reflects analyst model changes rather than clearly identified new announcements.
SUBC
NOK 332.80
Subsea 7
7D
4.1%
1Y
76.7%
NOD
NOK 189.20
Nordic Semiconductor
7D
-8.3%
1Y
38.4%
Narrative Update • Jun 04

NOD: Edge AI And Cloud Services Will Underpin Future Earnings Re Rating

The analyst price target for Nordic Semiconductor has been lifted by NOK 10 to reflect a fair value move from NOK 225 to NOK 235, as analysts factor in updated growth, margin and P/E assumptions, alongside recent NOK 185 target revisions from several banks and a more cautious stance from SEB Equities. Analyst Commentary Recent Street research on Nordic Semiconductor shows a split view, with several bullish analysts lifting price targets while SEB Equities has turned more cautious with a downgrade.
HAUTO
NOK 149.40
Höegh Autoliners
7D
8.7%
1Y
66.0%
Narrative Update • Jun 02

HAUTO: Future Returns Will Reflect Dividend Payouts And Moderating Revenue Pressures

Analysts have lifted their price target on Höegh Autoliners from NOK129.75 to NOK148.37, citing updated assumptions around the discount rate, revenue trajectory, profit margin and future P/E that they now see as better aligned with recent company data. What's in the News Höegh Autoliners ASA announced a planned dividend distribution totaling US$94 million, according to company disclosures.
NHY
NOK 113.10
Norsk Hydro
7D
-5.3%
1Y
103.5%
Narrative Update • Jun 02

NHY: Future Aluminum Price Optimism Will Likely Outrun Earnings Delivery Risks

The analyst fair value estimate for Norsk Hydro has been revised from NOK 50.26 to NOK 69.52. Analysts cite a series of recent price target increases, upgrades and conviction list additions as they factor in updated expectations for revenue growth, profit margins and a higher future P/E multiple.
SALM
NOK 521.50
SalMar
7D
-7.0%
1Y
9.9%
Narrative Update • May 31

SALM: Higher Future P E Multiple Will Likely Strain Earnings Cushion

Analysts have raised their SalMar price target by NOK 30 to NOK 509.74, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Bearish analysts are highlighting that the higher NOK 509.74 price target still rests on a set of assumptions around discount rates, revenue growth, profit margins and future P/E multiples that may prove demanding if conditions turn less supportive.
ORK
NOK 99.20
Orkla
7D
2.3%
1Y
-13.7%
AUTO
NOK 11.57
AutoStore Holdings
7D
-12.1%
1Y
113.5%