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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 27, 2026
DataAggregated Company Financials
Companies279
  • 7D0.1%
  • 3M15.7%
  • 1Y18.9%
  • YTD9.8%

Over the last 7 days, the market has risen 1.2%, driven by gains of 2.8% in the Energy sector. The market is up 19% over the last 12 months. Looking forward, earnings are forecast to grow by 16% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Mon, 06 Mar 2023NOK 4.1tNOK 3.7tNOK 548.7b11.9x7.5x1.1x
Price to Earnings Ratio

7.5x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 548.7bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 12x202420252026
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 18.9x which is higher than its 3-year average PE of 12.0x.
Past Earnings Growth
  • The earnings for companies in the Norwegian industry have declined 24% per year over the last three years.
  • Revenues have also declined 6.0% 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 Market0.14%
Materials3.19%
Utilities2.54%
Financials1.49%
Consumer Discretionary1.14%
Healthcare0.54%
Energy0.22%
Tech-0.048%
Consumer Staples-0.42%
Real Estate-0.45%
Telecom-1.81%
Industrials-1.89%
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 278x.
    • 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 7.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 39% 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 4.1% 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
DNB DNB BankNOK 303.601.7%
+NOK 7.1b		17.4%PB1.5xFinancials
NHY Norsk HydroNOK 86.723.6%
+NOK 5.9b		29.6%PE25.4xMaterials
YAR Yara InternationalNOK 473.402.9%
+NOK 3.4b		44.0%PE9.2xMaterials
ORK OrklaNOK 129.902.0%
+NOK 2.6b		19.9%PE20.1xConsumer Staples
OET Okeanis Eco TankersNOK 493.5012.2%
+NOK 2.1b		108.7%PE16.4xEnergy
See more

Market Insights

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NHY
NOK 86.72
Norsk Hydro
7D
3.6%
1Y
29.6%
HAUTO
NOK 132.00
Höegh Autoliners
7D
8.6%
1Y
73.1%
HAFNI
NOK 71.14
Hafnia
7D
4.5%
1Y
46.9%
OET
NOK 493.50
Okeanis Eco Tankers
7D
12.2%
1Y
108.7%
SALM
NOK 566.50
SalMar
7D
-2.3%
1Y
1.8%
AKRBP
NOK 280.70
Aker BP
7D
-1.9%
1Y
20.4%

AKRBP: Higher Cash Returns And Discoveries Will Challenge Cautious 2026 Oil Outlook

The analyst fair value estimate for Aker BP has shifted from NOK 320 to NOK 330 as analysts adjust their models for higher projected revenue growth, a slightly higher discount rate, firmer profit margins, and a lower future P/E multiple, set against a mixed backdrop of recent price target changes and rating downgrades on the stock. Analyst Commentary Recent Street research on Aker BP has been mixed, with several downgrades and price target cuts sitting alongside more constructive views.
YAR
NOK 473.40
Yara International
7D
2.9%
1Y
44.0%

YAR: Higher Fair Value Will Expose Execution Risk In Low Emission Ammonia

Analysts have lifted their average price target for Yara International to NOK 310 from around NOK 298, reflecting updated models that factor in a slightly higher assumed profit margin, a modestly higher future P/E multiple, and recent mixed rating changes including both downgrades and upgrades, alongside incremental target increases from the Street. Analyst Commentary Recent Street research on Yara International has been mixed, with some firms turning more cautious even as others see room for upside.
DOFG
NOK 127.70
DOF Group
7D
5.5%
1Y
43.6%
DNB
NOK 303.60
DNB Bank
7D
1.7%
1Y
17.4%

DNB: Future Returns Will Balance Mixed Broker Views And Execution Risk

The analyst price target for DNB Bank has moved from NOK 289.27 to NOK 296.80. Analysts generally point to modestly higher revenue and profit margin assumptions, as well as a lower future P/E, as key reasons for the shift.
AUTO
NOK 11.12
AutoStore Holdings
7D
-7.9%
1Y
2.2%
ORK
NOK 129.90
Orkla
7D
2.0%
1Y
19.9%
TOM
NOK 116.70
Tomra Systems
7D
-2.8%
1Y
-31.3%

TOM: Higher Future P E Multiple Will Support Further Upside Ahead

Analysts have slightly lowered their price target on Tomra Systems to NOK 150.25 from NOK 150.96, citing updated assumptions for revenue growth, profit margins, and a higher expected future P/E multiple. Valuation Changes Fair Value: NOK 150.25, down slightly from NOK 150.96, reflecting modestly updated model inputs.
KOG
NOK 379.30
Kongsberg Gruppen
7D
-3.5%
1Y
41.0%

KOG: Downgrade And Thin Execution Cushion Will Pressure Future Upside

Analysts now set their fair value estimate for Kongsberg Gruppen at NOK 290, up from NOK 250, reflecting updated views on revenue growth, profit margins and a lower future P/E multiple following recent Street research, including the Kepler Cheuvreux downgrade. Analyst Commentary Bearish analysts are using the recent downgrade to flag that the current NOK 290 fair value estimate already bakes in a lot of optimism on revenue growth and margins, while also assuming a lower future P/E multiple.
AKER
NOK 903.00
Aker
7D
-3.2%
1Y
46.8%
MOWI
NOK 224.00
Mowi
7D
-2.4%
1Y
7.0%
TEL
NOK 172.10
Telenor
7D
-2.2%
1Y
19.0%