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Norwegian (OSEAX) Financials Sector Analysis

UpdatedAug 10, 2026
DataAggregated Company Financials
Companies48
  • 7D0.6%
  • 3M10.7%
  • 1Y12.7%
  • YTD4.5%

In the last week, Financials has been flat. The past year has been better, since the industry has gained 13% in that time. As for the next few years, earnings are expected to grow by 6.2% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Aug 2026NOK 974.5bNOK 331.7bNOK 74.8b13.2x13x2.9x
Thu, 09 Jul 2026NOK 941.8bNOK 295.8bNOK 75.5b12.2x12.5x3.2x
Sat, 06 Jun 2026NOK 888.1bNOK 295.6bNOK 75.6b12.2x11.8x3x
Mon, 04 May 2026NOK 903.6bNOK 295.0bNOK 75.9b12.2x11.9x3.1x
Wed, 01 Apr 2026NOK 931.7bNOK 281.6bNOK 78.0b11.3x11.9x3.3x
Fri, 27 Feb 2026NOK 956.9bNOK 281.6bNOK 78.8b11.4x12.1x3.4x
Sun, 25 Jan 2026NOK 898.5bNOK 270.2bNOK 76.1b11.7x11.8x3.3x
Tue, 23 Dec 2025NOK 924.7bNOK 270.9bNOK 76.3b11.7x12.1x3.4x
Thu, 20 Nov 2025NOK 838.5bNOK 270.9bNOK 76.9b10x10.9x3.1x
Sat, 18 Oct 2025NOK 859.2bNOK 261.7bNOK 77.7b10.9x11.1x3.3x
Mon, 15 Sep 2025NOK 857.9bNOK 261.5bNOK 77.7b11.1x11x3.3x
Wed, 13 Aug 2025NOK 792.8bNOK 259.8bNOK 77.0b11.1x10.3x3.1x
Fri, 11 Jul 2025NOK 873.9bNOK 241.9bNOK 76.1b11.5x11.5x3.6x
Sun, 08 Jun 2025NOK 845.5bNOK 241.7bNOK 76.1b11.4x11.1x3.5x
Tue, 06 May 2025NOK 807.8bNOK 285.7bNOK 74.7b11.1x10.8x2.8x
Thu, 03 Apr 2025NOK 821.2bNOK 287.6bNOK 75.2b10.5x10.9x2.9x
Sat, 01 Mar 2025NOK 785.2bNOK 227.0bNOK 78.4b9.9x10x3.5x
Mon, 27 Jan 2025NOK 733.4bNOK 293.2bNOK 73.4b10.5x10x2.5x
Wed, 25 Dec 2024NOK 682.5bNOK 296.3bNOK 74.1b10x9.2x2.3x
Fri, 22 Nov 2024NOK 683.2bNOK 295.9bNOK 74.6b8.7x9.2x2.3x
Sun, 20 Oct 2024NOK 659.8bNOK 274.1bNOK 68.2b9.5x9.7x2.4x
Tue, 17 Sep 2024NOK 648.2bNOK 277.1bNOK 69.0b9.3x9.4x2.3x
Thu, 15 Aug 2024NOK 648.4bNOK 276.5bNOK 69.0b9.4x9.4x2.3x
Sat, 13 Jul 2024NOK 651.1bNOK 274.5bNOK 67.0b9.1x9.7x2.4x
Mon, 10 Jun 2024NOK 630.9bNOK 271.5bNOK 65.3b9.1x9.7x2.3x
Wed, 08 May 2024NOK 628.7bNOK 269.2bNOK 64.8b9.5x9.7x2.3x
Fri, 05 Apr 2024NOK 623.7bNOK 249.2bNOK 65.3b9.3x9.5x2.5x
Sun, 03 Mar 2024NOK 624.6bNOK 264.3bNOK 65.9b8.8x9.5x2.4x
Tue, 30 Jan 2024NOK 621.7bNOK 296.8bNOK 63.6b9.5x9.8x2.1x
Thu, 28 Dec 2023NOK 625.7bNOK 296.9bNOK 64.9b9.2x9.6x2.1x
Sat, 25 Nov 2023NOK 609.7bNOK 297.0bNOK 64.9b9x9.4x2.1x
Mon, 23 Oct 2023NOK 596.9bNOK 292.8bNOK 64.2b9.5x9.3x2x
Wed, 20 Sep 2023NOK 618.3bNOK 287.0bNOK 62.3b9.3x9.9x2.2x
Fri, 18 Aug 2023NOK 607.8bNOK 286.2bNOK 63.5b9.1x9.6x2.1x
Price to Earnings Ratio

9.6x


Total Market Cap: NOK 607.8bTotal Earnings: NOK 63.5bTotal Revenue: NOK 286.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Financials Sector Price to Earnings3Y Average 10.5x202420252026
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 13.0x which is higher than its 3-year average PE of 10.5x.
  • The industry is trading close to its 3-year average PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 5.6% per year over the last three years.
  • Revenues for these companies have grown 5.0% 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 Market0.067%
Financials0.64%
Consumer Finance6.29%
Insurance1.03%
Banks0.40%
Mortgage Finance0%0
Capital Markets-0.099%
Diversified Financial-0.30%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry which is trading above its 3-year average PE ratio of 43.0x.
    • 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 4.4% 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 204.801.7%
+NOK 1.4b		36.0%PE17.7x
B2I B2 ImpactNOK 26.004.4%
+NOK 408.0m		56.3%PE14.5x
ACR AxactorNOK 5.155.6%
+NOK 221.6m		-40.8%PE13.9x
SOAG SpareBank 1 Østfold AkershusNOK 440.002.3%
+NOK 123.3m		6.0%PB1.1x
PARB Pareto BankNOK 62.501.1%
+NOK 53.7m		-33.3%PB0.9x

Latest News

ACR
NOK 5.15
Axactor
7D
5.6%
1Y
-40.8%
Narrative Update • Aug 07

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

Analysts have trimmed their Axactor price target to NOK 6.60 from NOK 7.54, as they factor in a slightly higher discount rate and a modestly lower future P/E assumption, while keeping revenue growth and profit margin expectations broadly unchanged. What’s in the News for Axactor Axactor ASA has completed a follow on equity offering of NOK 219.05 million through a rights offering of 46,606,383 common shares at NOK 4.70 per share.
PARB
NOK 62.50
Pareto Bank
7D
1.1%
1Y
-33.3%
STB
NOK 204.80
Storebrand
7D
1.7%
1Y
36.0%
DNB
NOK 306.10
DNB Bank
7D
-0.3%
1Y
14.9%
Analysis Article • Jul 17

Analyst Estimates: Here's What Brokers Think Of DNB Bank ASA (OB:DNB) After Its Second-Quarter Report

The quarterly results for DNB Bank ASA ( OB:DNB ) were released last week, making it a good time to revisit its...
GJF
NOK 279.40
Gjensidige Forsikring
7D
-1.2%
1Y
-0.6%
PROT
NOK 483.00
Protector Forsikring
7D
-1.5%
1Y
-1.7%
B2I
NOK 26.00
B2 Impact
7D
4.4%
1Y
56.3%
Narrative Update • Jul 10

B2I: Higher Margin Outlook Will Support Stronger Forward Earnings Multiple

Analysts have raised their price target for B2 Impact from NOK 18.65 to NOK 27.43, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E as the main drivers of the new estimate. What's in the News No recent company-specific news for B2 Impact was provided in the available sources.
SB1NO
NOK 208.50
SpareBank 1 Sør-Norge
7D
-1.7%
1Y
17.5%
SPOL
NOK 188.20
SpareBank 1 Østlandet
7D
-3.0%
1Y
0.5%
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.
SBNOR
NOK 194.00
Sparebanken Norge
7D
-1.9%
1Y
22.4%
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...
VVL
NOK 446.00
Voss Veksel- og Landmandsbank
7D
2.3%
1Y
16.1%
SOAG
NOK 440.00
SpareBank 1 Østfold Akershus
7D
2.3%
1Y
6.0%
TINDE
NOK 115.50
Tinde Sparebank
7D
3.6%
1Y
-7.6%
SB68
NOK 217.00
Sparebank 68° Nord
7D
8.0%
1Y
21.6%
NONG
NOK 157.62
SpareBank 1 Nord-Norge
7D
-1.3%
1Y
11.0%
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...
MING
NOK 196.72
SpareBank 1 SMN
7D
-0.5%
1Y
2.2%