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Norwegian (OSEAX) Financials Sector Analysis

UpdatedJun 10, 2026
DataAggregated Company Financials
Companies49
  • 7D0.9%
  • 3M-4.4%
  • 1Y5.1%
  • YTD-4.0%

Over the last 7 days, the Financials industry has remained flat. As for the the longer term, the industry is up 5.1% over the past 12 months. Looking forward, earnings are forecast to grow by 5.5% annually.

Sector Valuation and Performance

Has the Norwegian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Jun 2026NOK 895.7bNOK 295.7bNOK 75.6b12x11.8x3x
Fri, 08 May 2026NOK 899.1bNOK 296.1bNOK 76.3b12x11.8x3x
Sun, 05 Apr 2026NOK 938.5bNOK 281.5bNOK 77.8b11.7x12.1x3.3x
Tue, 03 Mar 2026NOK 955.4bNOK 281.6bNOK 78.2b11.6x12.2x3.4x
Thu, 29 Jan 2026NOK 900.8bNOK 270.2bNOK 76.1b11.6x11.8x3.3x
Sat, 27 Dec 2025NOK 928.7bNOK 270.9bNOK 76.3b11.8x12.2x3.4x
Mon, 24 Nov 2025NOK 846.6bNOK 270.9bNOK 76.8b10.4x11x3.1x
Wed, 22 Oct 2025NOK 859.8bNOK 261.6bNOK 77.7b10.9x11.1x3.3x
Fri, 19 Sep 2025NOK 853.1bNOK 261.5bNOK 77.7b10.8x11x3.3x
Sun, 17 Aug 2025NOK 867.2bNOK 261.1bNOK 77.5b11.2x11.2x3.3x
Tue, 15 Jul 2025NOK 859.0bNOK 261.9bNOK 76.4b11.5x11.2x3.3x
Thu, 12 Jun 2025NOK 846.7bNOK 241.8bNOK 76.1b11.4x11.1x3.5x
Sat, 10 May 2025NOK 809.2bNOK 241.8bNOK 76.1b11.2x10.6x3.3x
Mon, 07 Apr 2025NOK 756.9bNOK 287.6bNOK 74.7b10.6x10.1x2.6x
Wed, 05 Mar 2025NOK 776.0bNOK 227.0bNOK 78.4b9.6x9.9x3.4x
Fri, 31 Jan 2025NOK 749.2bNOK 293.2bNOK 73.4b10.9x10.2x2.6x
Sun, 29 Dec 2024NOK 687.8bNOK 296.3bNOK 74.1b10.1x9.3x2.3x
Tue, 26 Nov 2024NOK 688.4bNOK 295.9bNOK 74.4b9.3x9.2x2.3x
Thu, 24 Oct 2024NOK 689.5bNOK 306.1bNOK 71.5b9.7x9.6x2.3x
Sat, 21 Sep 2024NOK 650.4bNOK 277.1bNOK 69.0b9.3x9.4x2.3x
Mon, 19 Aug 2024NOK 652.2bNOK 277.2bNOK 69.4b8.8x9.4x2.4x
Wed, 17 Jul 2024NOK 640.7bNOK 275.2bNOK 68.5b9.1x9.4x2.3x
Fri, 14 Jun 2024NOK 632.2bNOK 271.4bNOK 65.3b8.9x9.7x2.3x
Sun, 12 May 2024NOK 635.6bNOK 270.5bNOK 64.9b9.4x9.8x2.3x
Tue, 09 Apr 2024NOK 630.2bNOK 249.2bNOK 65.2b9.3x9.7x2.5x
Thu, 07 Mar 2024NOK 622.6bNOK 264.3bNOK 65.8b8.8x9.5x2.4x
Sat, 03 Feb 2024NOK 618.6bNOK 299.6bNOK 65.5b9.5x9.4x2.1x
Mon, 01 Jan 2024NOK 633.3bNOK 296.9bNOK 64.9b9.4x9.8x2.1x
Wed, 29 Nov 2023NOK 606.5bNOK 297.0bNOK 64.9b8.9x9.3x2x
Fri, 27 Oct 2023NOK 588.5bNOK 292.6bNOK 64.5b9.6x9.1x2x
Sun, 24 Sep 2023NOK 618.4bNOK 287.0bNOK 62.2b9.7x9.9x2.2x
Tue, 22 Aug 2023NOK 601.5bNOK 286.2bNOK 62.5b9.1x9.6x2.1x
Thu, 20 Jul 2023NOK 589.5bNOK 284.0bNOK 61.0b9.7x9.7x2.1x
Sat, 17 Jun 2023NOK 585.1bNOK 220.4bNOK 58.5b9.9x10x2.7x
Price to Earnings Ratio

10x


Total Market Cap: NOK 585.1bTotal Earnings: NOK 58.5bTotal Revenue: NOK 220.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Financials Sector Price to Earnings3Y Average 10.3x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 11.8x which is higher than its 3-year average PE of 10.3x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 9.0% per year over the last three years.
  • Revenues for these companies have grown 10% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Norwegian Financials sector?

NO Market-1.00%
Financials0.87%
Insurance1.98%
Diversified Financial0.63%
Banks0.50%
Capital Markets0.34%
Mortgage Finance0%0
Consumer Finance-0.74%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry which is trading above its 3-year average PE ratio of 32.5x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 9.0x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 15% over the next 5 years.
  • However this is lower than its past earnings growth rate of 113% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 3.9% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
GJF Gjensidige ForsikringNOK 252.802.3%
+NOK 2.9b		-1.4%PE19.4x
DNB DNB BankNOK 285.800.5%
+NOK 1.9b		3.1%PB1.4x
PROT Protector ForsikringNOK 452.002.9%
+NOK 1.0b		11.2%PE18.4x
SB1NO SpareBank 1 Sør-NorgeNOK 188.801.2%
+NOK 825.6m		4.7%PB1.3x
STB StorebrandNOK 175.600.9%
+NOK 672.4m		29.7%PE16x

Latest News

SPOL
NOK 189.60
SpareBank 1 Østlandet
7D
0.5%
1Y
1.9%
Narrative Update • Jun 09

SPOL: Dividend Profile And Assumption Tweaks Will Support A Balanced Outlook

Analysts have kept the price target for SpareBank 1 Østlandet steady at NOK205, reflecting updated views on a slightly higher discount rate, modestly lower revenue growth and profit margin assumptions, and a marginally higher future P/E multiple. What's in the News No recent company specific news items were identified for SpareBank 1 Østlandet in the provided sources, so current price target views are based on valuation and assumption updates rather than new public announcements.
PROT
NOK 452.00
Protector Forsikring
7D
2.9%
1Y
11.2%
Narrative Update • Jun 07

PROT: Future Upside Will Rely On Index Inclusion And Capital Returns

Analysts kept their fair value estimate for Protector Forsikring unchanged at NOK 581.25, reflecting stable assumptions around revenue growth, profit margins and future P/E. This signals that recent research has not provided a clear reason to adjust the prior price target.
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.
SB1NO
NOK 188.80
SpareBank 1 Sør-Norge
7D
1.2%
1Y
4.7%
Narrative Update • Jun 06

SB1NO: Dividend Flexibility And Capital Changes Will Support Balanced Future Returns

Analysts now see fair value for SpareBank 1 Sør-Norge at NOK 207.00, down from NOK 221.25, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E. What's in the News At the AGM on 23 April 2026, shareholders authorised the Board to decide on distributions of up to NOK 5 per share in dividends on one or more occasions, based on the approved 2025 financial statements.
VVL
NOK 490.00
Voss Veksel- og Landmandsbank
7D
-3.9%
1Y
33.9%
SKUE
NOK 326.00
Skue Sparebank
7D
-2.4%
1Y
-0.6%
RING
NOK 434.00
SpareBank 1 Ringerike Hadeland
7D
-1.3%
1Y
9.0%
SOAG
NOK 436.10
SpareBank 1 Østfold Akershus
7D
-1.0%
1Y
3.8%
B2I
NOK 21.55
B2 Impact
7D
-0.7%
1Y
71.0%
NONG
NOK 150.38
SpareBank 1 Nord-Norge
7D
2.3%
1Y
-0.03%
Analysis Article • May 11

SpareBank 1 Nord-Norge (OB:NONG) Just Reported First-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

SpareBank 1 Nord-Norge ( OB:NONG ) shareholders are probably feeling a little disappointed, since its shares fell 4.8...
ROGS
NOK 144.50
Rogaland Sparebank
7D
-2.2%
1Y
0.3%
SBNOR
NOK 183.98
Sparebanken Norge
7D
-0.3%
1Y
16.1%
STB
NOK 175.60
Storebrand
7D
0.9%
1Y
29.7%
MORG
NOK 111.72
Sparebanken Møre
7D
-0.8%
1Y
6.3%
MING
NOK 189.48
SpareBank 1 SMN
7D
1.3%
1Y
-2.5%