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Norwegian (OSEAX) Financials Sector Analysis

UpdatedJun 26, 2026
DataAggregated Company Financials
Companies49
  • 7D0.4%
  • 3M2.1%
  • 1Y8.1%
  • YTD-1.4%

Last week, the Financials industry hasn't moved much but Storebrand is up 3.2% in that time. As for the the longer term, the industry is up 8.1% over the past 12 months. Looking forward, earnings are forecast to grow by 5.7% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Jun 2026NOK 920.8bNOK 295.7bNOK 75.6b12x12.2x3.1x
Sun, 24 May 2026NOK 911.4bNOK 295.7bNOK 75.6b12.1x12.1x3.1x
Tue, 21 Apr 2026NOK 948.9bNOK 281.4bNOK 77.6b12.6x12.2x3.4x
Thu, 19 Mar 2026NOK 939.9bNOK 281.5bNOK 78.2b11.6x12x3.3x
Sat, 14 Feb 2026NOK 924.4bNOK 278.4bNOK 79.1b11.4x11.7x3.3x
Mon, 12 Jan 2026NOK 901.7bNOK 270.2bNOK 76.1b11.7x11.8x3.3x
Wed, 10 Dec 2025NOK 890.3bNOK 270.9bNOK 76.3b11.3x11.7x3.3x
Fri, 07 Nov 2025NOK 840.3bNOK 269.3bNOK 76.2b10.8x11x3.1x
Sun, 05 Oct 2025NOK 862.9bNOK 261.5bNOK 77.7b11x11.1x3.3x
Tue, 02 Sep 2025NOK 852.1bNOK 261.5bNOK 77.7b11.1x11x3.3x
Thu, 31 Jul 2025NOK 847.5bNOK 257.8bNOK 76.2b11.5x11.1x3.3x
Sat, 28 Jun 2025NOK 849.1bNOK 241.8bNOK 76.1b11.5x11.2x3.5x
Mon, 26 May 2025NOK 841.4bNOK 241.9bNOK 76.1b11x11.1x3.5x
Wed, 23 Apr 2025NOK 789.6bNOK 287.6bNOK 74.7b10.8x10.6x2.7x
Fri, 21 Mar 2025NOK 828.0bNOK 287.8bNOK 75.5b10.7x11x2.9x
Sun, 16 Feb 2025NOK 733.4bNOK 227.0bNOK 81.5b9.7x9x3.2x
Tue, 14 Jan 2025NOK 698.7bNOK 294.7bNOK 73.2b10x9.5x2.4x
Thu, 12 Dec 2024NOK 686.4bNOK 295.9bNOK 74.1b9.8x9.3x2.3x
Sat, 09 Nov 2024NOK 681.6bNOK 294.7bNOK 73.9b8.9x9.2x2.3x
Mon, 07 Oct 2024NOK 641.1bNOK 274.0bNOK 68.2b9.2x9.4x2.3x
Wed, 04 Sep 2024NOK 649.2bNOK 277.2bNOK 69.0b9.3x9.4x2.3x
Fri, 02 Aug 2024NOK 657.5bNOK 275.3bNOK 68.5b9.5x9.6x2.4x
Sun, 30 Jun 2024NOK 632.7bNOK 271.5bNOK 65.3b9x9.7x2.3x
Tue, 28 May 2024NOK 638.3bNOK 271.4bNOK 65.7b8.9x9.7x2.4x
Thu, 25 Apr 2024NOK 621.3bNOK 267.9bNOK 64.6b9.5x9.6x2.3x
Sat, 23 Mar 2024NOK 618.4bNOK 249.3bNOK 65.4b9.2x9.5x2.5x
Mon, 19 Feb 2024NOK 616.2bNOK 264.1bNOK 65.8b8.7x9.4x2.3x
Wed, 17 Jan 2024NOK 620.3bNOK 297.0bNOK 64.9b9.4x9.6x2.1x
Fri, 15 Dec 2023NOK 619.7bNOK 296.9bNOK 64.9b9.2x9.5x2.1x
Sun, 12 Nov 2023NOK 592.6bNOK 296.6bNOK 64.9b9.2x9.1x2x
Tue, 10 Oct 2023NOK 605.5bNOK 287.0bNOK 62.2b9.5x9.7x2.1x
Thu, 07 Sep 2023NOK 603.1bNOK 286.6bNOK 62.0b9.6x9.7x2.1x
Sat, 05 Aug 2023NOK 604.0bNOK 284.0bNOK 61.0b10x9.9x2.1x
Mon, 03 Jul 2023NOK 593.7bNOK 220.5bNOK 58.5b9.8x10.2x2.7x
Price to Earnings Ratio

10.2x


Total Market Cap: NOK 593.7bTotal Earnings: NOK 58.5bTotal Revenue: NOK 220.5bTotal 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 12.2x 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 3.1x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 8.9% 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-0.59%
Financials0.37%
Consumer Finance2.44%
Insurance1.80%
Capital Markets0.78%
Mortgage Finance0%0
Diversified Financial-0.17%
Banks-0.21%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry which is trading above its 3-year average PE ratio of 35.4x.
    • 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 9.1x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 24% 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
STB StorebrandNOK 182.803.2%
+NOK 2.4b		31.0%PE16.6x
GJF Gjensidige ForsikringNOK 268.401.2%
+NOK 1.6b		5.8%PE20.6x
PROT Protector ForsikringNOK 480.801.2%
+NOK 478.5m		12.3%PE19.5x
B2I B2 ImpactNOK 22.703.2%
+NOK 259.6m		61.2%PE12.7x
SB1NO SpareBank 1 Sør-NorgeNOK 191.800.3%
+NOK 225.2m		5.8%PB1.3x

Latest News

SB1NO
NOK 191.80
SpareBank 1 Sør-Norge
7D
0.3%
1Y
5.8%
PROT
NOK 480.80
Protector Forsikring
7D
1.2%
1Y
12.3%
Narrative Update • Jun 25

PROT: Future Upside Will Rely On Capital Returns And Affirmed Credit Strength

Analysts have kept their NOK 581.25 price target for Protector Forsikring unchanged, citing stable assumptions around the discount rate, revenue growth, profit margin and future P/E in their latest update. What’s in the News for Protector Forsikring AM Best affirmed Protector Forsikring ASA’s Financial Strength Rating at A- (Excellent) and Long-Term Issuer Credit Rating at "a-" (Excellent), with a stable outlook, citing a strong balance sheet, robust operating performance, a neutral business profile and effective enterprise risk management.
GJF
NOK 268.40
Gjensidige Forsikring
7D
1.2%
1Y
5.8%
Narrative Update • Jun 24

GJF: Dividends And Sector Re Rating Will Drive Balanced Future Returns

Gjensidige Forsikring’s updated analyst price target has been trimmed slightly to about NOK 290, with analysts pointing to modestly adjusted growth and discount rate assumptions, partly offset by expectations for a somewhat stronger profit margin and a lower future P/E multiple after recent rating upgrades in the sector. Analyst Commentary Recent research on Gjensidige Forsikring shows a clear shift toward a more neutral stance, with price targets in the NOK 250 to NOK 290 range and commentary that the earlier de-rating of Nordic insurers may have gone too far.
SPOL
NOK 188.08
SpareBank 1 Østlandet
7D
-0.9%
1Y
-1.5%
Narrative Update • Jun 23

SPOL: Dividend Profile And Steady Assumptions Will Support A Balanced Outlook

Analysts have kept their price target for SpareBank 1 Østlandet steady at NOK 205, citing only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in their overall view of the stock. What's in the News No recent company specific news items for SpareBank 1 Østlandet were identified in the provided sources.
DNB
NOK 293.00
DNB Bank
7D
-0.3%
1Y
6.8%
Narrative Update • Jun 23

DNB: Future Returns Will Balance Capital Strength With Execution Uncertainty

DNB Bank’s updated fair value estimate has edged up slightly to NOK 302.47, even as the average analyst price target has moved lower toward NOK 276. This reflects a mix of recent target cuts and upgrades that weigh modestly higher profit margin and revenue growth assumptions against more cautious pricing.
SBNOR
NOK 184.04
Sparebanken Norge
7D
-0.2%
1Y
16.8%
Analysis Article • Jun 20

Sparebanken Norge (OB:SBNOR) Stock Could Be 67% Below Fair Value After Transformation Plan

Sparebanken Norge (OB:SBNOR) has kicked off a broad transformation programme, combining technology upgrades, greater use of artificial intelligence and workforce changes with plans to enter new market areas as competition and inflation pressures remain. See our latest analysis for Sparebanken Norge. At a share price of NOK185.06, Sparebanken Norge has seen its one month share price return decline 3.63% and its year to date share price return fall 5.49%. A 12 month total shareholder return of...
B2I
NOK 22.70
B2 Impact
7D
3.2%
1Y
61.2%
ACR
NOK 4.75
Axactor
7D
0.8%
1Y
-32.3%
Narrative Update • Jun 11

ACR: Rights Offering And Capital Restructuring Will Support Future Earnings Power

Analysts now see Axactor’s fair value closer to NOK 5.61, down from NOK 8.58. This reflects updated assumptions around discount rates, revenue growth, profit margins and a lower future P/E multiple.
ROGS
NOK 144.00
Rogaland Sparebank
7D
-2.1%
1Y
-0.7%
RING
NOK 438.95
SpareBank 1 Ringerike Hadeland
7D
1.2%
1Y
14.9%
SOAG
NOK 441.00
SpareBank 1 Østfold Akershus
7D
-0.9%
1Y
5.8%
NONG
NOK 152.20
SpareBank 1 Nord-Norge
7D
1.0%
1Y
5.2%
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...
PARB
NOK 68.80
Pareto Bank
7D
-1.3%
1Y
-16.0%
HELG
NOK 157.86
SpareBank 1 Helgeland
7D
-1.3%
1Y
-9.3%
STB
NOK 182.80
Storebrand
7D
3.2%
1Y
31.0%
MING
NOK 189.68
SpareBank 1 SMN
7D
-0.3%
1Y
-0.4%