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Norwegian (OSEAX) Market Analysis & Valuation

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies282
  • 7D2.9%
  • 3M11.5%
  • 1Y14.6%
  • YTD6.2%

Over the last 7 days, the market has risen 2.9%, driven by gains of 5.2% in the Industrials sector. As for the past 12 months, the market is up 15%. As for the next few years, earnings are expected to grow by 17% 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
Mon, 09 Feb 2026NOK 4.5tNOK 3.2tNOK 249.9b15x18.2x1.4x
Wed, 07 Jan 2026NOK 4.3tNOK 3.3tNOK 267.3b14.7x16x1.3x
Fri, 05 Dec 2025NOK 4.1tNOK 3.3tNOK 267.9b13.7x15.4x1.3x
Sun, 02 Nov 2025NOK 4.1tNOK 3.3tNOK 265.9b12.5x15.3x1.2x
Tue, 30 Sep 2025NOK 4.2tNOK 3.2tNOK 294.4b12.7x14.3x1.3x
Thu, 28 Aug 2025NOK 4.2tNOK 3.2tNOK 297.8b12.4x14x1.3x
Sat, 26 Jul 2025NOK 4.1tNOK 3.3tNOK 303.3b13x13.5x1.2x
Mon, 23 Jun 2025NOK 4.1tNOK 3.2tNOK 302.7b12.3x13.6x1.3x
Wed, 21 May 2025NOK 3.9tNOK 3.3tNOK 304.7b12x12.8x1.2x
Fri, 18 Apr 2025NOK 3.7tNOK 3.3tNOK 315.7b11.8x11.8x1.1x
Sun, 16 Mar 2025NOK 3.9tNOK 3.2tNOK 322.2b11.5x12x1.2x
Tue, 11 Feb 2025NOK 3.8tNOK 3.4tNOK 311.6b12.1x12.3x1.1x
Thu, 09 Jan 2025NOK 3.8tNOK 3.5tNOK 339.9b11.9x11.2x1.1x
Sat, 07 Dec 2024NOK 3.8tNOK 3.4tNOK 337.2b11.3x11.2x1.1x
Mon, 04 Nov 2024NOK 3.8tNOK 3.4tNOK 329.8b11x11.4x1.1x
Wed, 02 Oct 2024NOK 3.8tNOK 3.3tNOK 307.1b11.3x12.2x1.1x
Fri, 30 Aug 2024NOK 3.8tNOK 3.3tNOK 305.3b11x12.5x1.2x
Sun, 28 Jul 2024NOK 3.8tNOK 3.4tNOK 301.5b11.1x12.7x1.1x
Tue, 25 Jun 2024NOK 3.9tNOK 3.3tNOK 284.7b11.3x13.6x1.2x
Thu, 23 May 2024NOK 4.1tNOK 3.3tNOK 283.9b11.6x14.3x1.2x
Sat, 20 Apr 2024NOK 4.0tNOK 3.4tNOK 303.3b11.4x13x1.2x
Mon, 18 Mar 2024NOK 3.9tNOK 3.3tNOK 290.3b11.1x13.3x1.2x
Wed, 14 Feb 2024NOK 3.7tNOK 3.3tNOK 272.8b11.7x13.7x1.1x
Fri, 12 Jan 2024NOK 4.0tNOK 3.5tNOK 345.3b10.6x11.5x1.1x
Sun, 10 Dec 2023NOK 4.0tNOK 3.6tNOK 360.6b10.2x11.1x1.1x
Tue, 07 Nov 2023NOK 4.1tNOK 3.6tNOK 366.1b10.7x11.1x1.1x
Thu, 05 Oct 2023NOK 4.0tNOK 3.8tNOK 421.1b10.5x9.5x1.1x
Sat, 02 Sep 2023NOK 4.0tNOK 3.8tNOK 414.3b10.3x9.6x1.1x
Mon, 31 Jul 2023NOK 3.8tNOK 3.6tNOK 402.7b11.1x9.6x1.1x
Wed, 28 Jun 2023NOK 3.8tNOK 3.8tNOK 504.1b11x7.5x1x
Fri, 26 May 2023NOK 3.9tNOK 3.9tNOK 519.4b11.4x7.5x1x
Sun, 23 Apr 2023NOK 3.9tNOK 3.8tNOK 548.2b11.6x7.2x1x
Tue, 21 Mar 2023NOK 3.8tNOK 3.8tNOK 555.2b11.5x6.8x1x
Thu, 16 Feb 2023NOK 4.1tNOK 3.7tNOK 566.9b11.8x7.2x1.1x
Price to Earnings Ratio

7.2x


Total Market Cap: NOK 4.1tTotal Earnings: NOK 566.9bTotal Revenue: NOK 3.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Market Price to Earnings3Y Average 11.8x202420252026
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 18.2x which is higher than its 3-year average PE of 11.8x.
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 4.7% 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 Market2.94%
Industrials5.23%
Telecom5.22%
Consumer Staples4.25%
Financials2.24%
Energy2.24%
Materials1.61%
Tech1.41%
Utilities-0.12%
Real Estate-0.31%
Consumer Discretionary-0.37%
Healthcare-2.37%
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 275x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 31.6%, which is higher than its past year's earnings growth of 1.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 51% over the next 5 years.
  • This is better than its past earnings growth rate of 40% per year.
  • In contrast, the Real Estate industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
KOG Kongsberg GruppenNOK 379.5515.1%
+NOK 43.8b		67.5%PE80xIndustrials
EQNR EquinorNOK 264.004.5%
+NOK 28.2b		-3.1%PE13.5xEnergy
TEL TelenorNOK 173.506.6%
+NOK 14.6b		25.0%PE21.8xTelecom
DNB DNB BankNOK 289.203.0%
+NOK 12.1b		20.3%PB1.4xFinancials
NHY Norsk HydroNOK 89.504.0%
+NOK 6.8b		33.2%PE16.1xMaterials
See more

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KOG
NOK 379.55
Kongsberg Gruppen
7D
15.1%
1Y
67.5%
BRG
NOK 176.00
Borregaard
7D
-7.6%
1Y
-10.0%

BRG: Dividend Policy And Higher Margins Will Support Future Fair Value

Analysts have reduced their fair value estimate for Borregaard from NOK 211.40 to NOK 200.00, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E following recent research, including a downgrade from SEB Equities. Analyst Commentary Bullish Takeaways Bullish analysts see the revised fair value of NOK 200.00 as still implying room for execution on revenue growth and margins, even after accounting for a higher discount rate and more cautious P/E assumptions.
EQNR
NOK 264.00
Equinor
7D
4.5%
1Y
-3.1%

EQNR: Capital Returns Will Face Renewables Execution Test At Current Pricing

Analysts have nudged their fair value estimate for Equinor higher to about NOK 240. This reflects recent shifts in their price targets and a mix of upgrade and downgrade commentary on earnings quality, growth expectations and valuation, including references to an updated forward P/E framework.
DNO
NOK 15.50
DNO
7D
-3.9%
1Y
23.3%
LINK
NOK 26.55
LINK Mobility Group Holding
7D
-20.5%
1Y
16.4%

LINK: Steady Fair Value And Higher Future P/E Will Support Upside

Analysts have kept their fair value estimate for LINK Mobility Group Holding steady at €40.00, while updating their assumptions to reflect a slightly higher discount rate, a lower revenue growth outlook, a reduced profit margin and a higher future P/E multiple, which together explain the unchanged price target. What's in the News An extraordinary general meeting is scheduled for February 3, 2026, at 10:00 W.
DNB
NOK 289.20
DNB Bank
7D
3.0%
1Y
20.3%

DNB: Future Returns Will Reflect Cautious Pricing And Execution Risk

Analysts have nudged their fair value estimate for DNB Bank higher to NOK 289.27 from NOK 283.53, reflecting updated assumptions on discount rates, revenue growth, profit margin and future P/E, even though recent Street price targets have moved slightly lower. Analyst Commentary Recent Street research has become a bit more cautious on DNB Bank, with price targets adjusted slightly lower even as our fair value estimate has been nudged higher.
TEL
NOK 173.50
Telenor
7D
6.6%
1Y
25.0%
NHY
NOK 89.50
Norsk Hydro
7D
4.0%
1Y
33.2%

NHY: Restructuring And Hydropower Expansion Will Support Higher Future Earnings Multiples

Norsk Hydro's analyst price target has moved up to NOK 99. Analysts point to updated assumptions for the discount rate, revenue trajectory, profit margins and future P/E expectations to support the new level.
NOD
NOK 151.40
Nordic Semiconductor
7D
17.8%
1Y
7.5%

NOD: Edge AI Rollout Will Support Re Rated Long Term Earnings Potential

Analysts have raised their price target on Nordic Semiconductor to €200.00, pointing to updated assumptions for slightly higher revenue growth and a modest adjustment in the discount rate and future P/E expectations following a more positive stance in recent research. Analyst Commentary Bullish analysts are leaning into a more constructive view on Nordic Semiconductor, using the recent research update to justify a higher price target and a more supportive stance on the shares.
ORK
NOK 120.50
Orkla
7D
5.0%
1Y
15.5%

There's Reason For Concern Over Orkla ASA's (OB:ORK) Price

Feb 05
There's Reason For Concern Over Orkla ASA's (OB:ORK) Price
VAR
NOK 33.87
Vår Energi
7D
-1.5%
1Y
-2.7%
PROT
NOK 526.00
Protector Forsikring
7D
-1.3%
1Y
68.3%

Protector Forsikring (OB:PROT) Will Pay A Larger Dividend Than Last Year At NOK6.00

Feb 02
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AKRBP
NOK 267.50
Aker BP
7D
-3.2%
1Y
6.3%

AKRBP: Higher Future P/E Will Reflect Mixed Views On 2026 Oil Outlook

Narrative update on Aker BP Analysts have trimmed their average price targets on Aker BP, with one large bank cutting its view to NOK 210 from NOK 220, while another lifted its stance to Buy with a NOK 280 target. This reflects mixed opinions driven by cautious sector views on 2026 oil prices and differing assessments of the company’s earnings potential.
AGLX
NOK 14.20
Agilyx
7D
-33.5%
1Y
-51.0%
COSH
NOK 120.76
Constellation Oil Services Holding
7D
3.2%
1Y
n/a
ATEA
NOK 148.40
Atea
7D
-4.6%
1Y
13.1%