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Norwegian (OSEAX) Financials Sector Analysis

UpdatedMay 11, 2026
DataAggregated Company Financials
Companies49
  • 7D-1.8%
  • 3M-4.0%
  • 1Y9.7%
  • YTD-4.4%

Over the last 7 days, the Financials industry has dropped 1.8%, driven by a pullback from Gjensidige Forsikring of 3.8%. In the past year, the industry has gained 9.7%. As for the next few years, earnings are expected to grow by 5.6% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 11 May 2026NOK 887.4bNOK 295.8bNOK 76.1b11.7x11.7x3x
Wed, 08 Apr 2026NOK 943.3bNOK 281.4bNOK 77.8b11.7x12.1x3.4x
Fri, 06 Mar 2026NOK 942.9bNOK 281.6bNOK 78.2b11.6x12.1x3.3x
Sun, 01 Feb 2026NOK 897.6bNOK 271.6bNOK 76.8b11.6x11.7x3.3x
Tue, 30 Dec 2025NOK 924.7bNOK 270.9bNOK 76.3b12x12.1x3.4x
Thu, 27 Nov 2025NOK 861.6bNOK 270.9bNOK 76.7b10.7x11.2x3.2x
Sat, 25 Oct 2025NOK 834.6bNOK 267.9bNOK 76.8b10.8x10.9x3.1x
Mon, 22 Sep 2025NOK 860.2bNOK 261.5bNOK 77.7b11x11.1x3.3x
Wed, 20 Aug 2025NOK 801.9bNOK 214.2bNOK 73.5b10.2x10.9x3.7x
Fri, 18 Jul 2025NOK 851.9bNOK 257.8bNOK 76.4b11.4x11.1x3.3x
Sun, 15 Jun 2025NOK 840.6bNOK 241.7bNOK 76.1b11.3x11x3.5x
Tue, 13 May 2025NOK 809.1bNOK 241.8bNOK 76.1b11.1x10.6x3.3x
Thu, 10 Apr 2025NOK 735.9bNOK 287.6bNOK 74.7b10.5x9.8x2.6x
Sat, 08 Mar 2025NOK 791.6bNOK 227.0bNOK 78.3b9.8x10.1x3.5x
Mon, 03 Feb 2025NOK 743.6bNOK 293.2bNOK 73.4b11x10.1x2.5x
Wed, 01 Jan 2025NOK 687.9bNOK 295.1bNOK 73.3b10.3x9.4x2.3x
Fri, 29 Nov 2024NOK 687.2bNOK 295.9bNOK 74.1b9.5x9.3x2.3x
Sun, 27 Oct 2024NOK 691.4bNOK 292.9bNOK 72.1b9.7x9.6x2.4x
Tue, 24 Sep 2024NOK 650.4bNOK 277.1bNOK 69.0b9.3x9.4x2.3x
Thu, 22 Aug 2024NOK 650.1bNOK 277.0bNOK 69.3b8.9x9.4x2.3x
Sat, 20 Jul 2024NOK 644.3bNOK 275.3bNOK 68.4b9.3x9.4x2.3x
Mon, 17 Jun 2024NOK 632.8bNOK 271.4bNOK 65.3b8.9x9.7x2.3x
Wed, 15 May 2024NOK 634.3bNOK 270.5bNOK 64.9b9.5x9.8x2.3x
Fri, 12 Apr 2024NOK 624.7bNOK 249.2bNOK 65.2b9.3x9.6x2.5x
Sun, 10 Mar 2024NOK 624.5bNOK 264.3bNOK 65.9b8.8x9.5x2.4x
Tue, 06 Feb 2024NOK 613.4bNOK 300.0bNOK 64.4b9.5x9.5x2x
Thu, 04 Jan 2024NOK 627.0bNOK 296.9bNOK 64.9b9.3x9.7x2.1x
Sat, 02 Dec 2023NOK 610.9bNOK 296.9bNOK 64.9b9x9.4x2.1x
Mon, 30 Oct 2023NOK 589.4bNOK 294.6bNOK 65.6b9.4x9x2x
Wed, 27 Sep 2023NOK 610.7bNOK 287.0bNOK 62.3b9.3x9.8x2.1x
Fri, 25 Aug 2023NOK 602.8bNOK 286.5bNOK 62.1b9x9.7x2.1x
Sun, 23 Jul 2023NOK 599.1bNOK 284.0bNOK 61.0b9.9x9.8x2.1x
Tue, 20 Jun 2023NOK 583.2bNOK 220.4bNOK 58.5b9.8x10x2.6x
Thu, 18 May 2023NOK 567.0bNOK 184.7bNOK 58.5b10.3x9.7x3.1x
Price to Earnings Ratio

9.7x


Total Market Cap: NOK 567.0bTotal Earnings: NOK 58.5bTotal Revenue: NOK 184.7bTotal 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 11.6x 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 9.2% per year over the last three years.
  • Revenues for these companies have grown 17% 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-2.98%
Financials-1.80%
Consumer Finance1.73%
Mortgage Finance0%0
Banks-1.68%
Diversified Financial-1.68%
Capital Markets-2.20%
Insurance-2.26%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry which is trading above its 3-year average PE ratio of 28.6x.
    • 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 13% over the next 5 years.
  • However this is lower than its past earnings growth rate of 124% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 3.8% 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
DNB DNB BankNOK 280.100.6%
+NOK 2.5b		6.4%PB1.4x
B2I B2 ImpactNOK 24.003.0%
+NOK 259.6m		99.3%PE14.3x
PROT Protector ForsikringNOK 469.000.5%
+NOK 198.0m		20.9%PE19.1x
ACR AxactorNOK 5.418.2%
+NOK 123.9m		-3.7%PE4.2x
MORG Sparebanken MøreNOK 114.001.3%
+NOK 71.4m		11.5%PB0.6x

Latest News

NONG
NOK 146.60
SpareBank 1 Nord-Norge
7D
-4.8%
1Y
1.2%
SB1NO
NOK 191.00
SpareBank 1 Sør-Norge
7D
-3.3%
1Y
8.0%
KRAB
NOK 14.50
Kraft Bank
7D
8.2%
1Y
70.6%
GJF
NOK 249.80
Gjensidige Forsikring
7D
-3.8%
1Y
-1.3%
Narrative Update • May 07

GJF: Upgraded Views And Dividend Payouts Will Support Medium-Term Upside Potential

The analyst fair value estimate for Gjensidige Forsikring has shifted from NOK 330 to NOK 321, as analysts weigh more bullish views from recent upgrades against updated assumptions for the discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent Street research around Gjensidige Forsikring reflects a split in opinion, with two bullish analysts upgrading the stock and one more cautious voice issuing a downgrade.
PROT
NOK 469.00
Protector Forsikring
7D
0.5%
1Y
20.9%
SBNOR
NOK 192.00
Sparebanken Norge
7D
-0.7%
1Y
33.9%
PARB
NOK 64.90
Pareto Bank
7D
-3.0%
1Y
-16.7%
STB
NOK 176.80
Storebrand
7D
-1.1%
1Y
39.2%
ACR
NOK 5.41
Axactor
7D
8.2%
1Y
-3.7%
APRILA
NOK 10.30
Aprila Bank
7D
8.4%
1Y
66.1%
DNB
NOK 280.10
DNB Bank
7D
0.6%
1Y
6.4%
SPOL
NOK 190.96
SpareBank 1 Østlandet
7D
-6.2%
1Y
8.6%
Narrative Update • Apr 25

SPOL: Dividend Timeline And Stable Assumptions Will Shape A Balanced Outlook

Analysts have kept the SpareBank 1 Østlandet price target steady at NOK 206.67, with slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E supporting an unchanged view on fair value. What's in the News SpareBank 1 Østlandet announced an annual dividend of NOK 12.70 per share.
MORG
NOK 114.00
Sparebanken Møre
7D
1.3%
1Y
11.5%
MING
NOK 194.20
SpareBank 1 SMN
7D
-5.0%
1Y
3.3%
RING
NOK 439.00
SpareBank 1 Ringerike Hadeland
7D
0.7%
1Y
16.8%
B2I
NOK 24.00
B2 Impact
7D
3.0%
1Y
99.3%
Analysis Article • Feb 15

B2 Impact (OB:B2I) Has Announced That It Will Be Increasing Its Dividend To NOK1.90

The board of B2 Impact ASA ( OB:B2I ) has announced that it will be paying its dividend of NOK1.90 on the 3rd of June...